Retirement decision?

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3/30/2021 3:05 PM

For those of you that have already or are close...what was your major deciding factor? Financial security or just worn out from the grind?

I'm soon to be 63 and I'm physically getting unable to be the monkey and contortionist required to work on airplanes like I have for 40+ years. I've always taken pride in being a top hand so it's a hit to the ego to not be able to perform at an elite level. I'm as good once as I ever was but I can't knock out those 10/12 hour days any more.

I am definitely not going to have the income from retirement that I do now. My fault for piss poor planning but I only have a $600 mortgage and the usual utilities, insurance, food as far as bills go. My military retirement covers all that. My company retirement/401 gets me about 2k per month. If I file for SS now, I'd get another $1600.

I guess my question is...how is life on that limited of an income? I'm not sure why I'm asking you guys...you all own Bugghati's, have national level tracks in the back yard, and vacation in Fiji twice a year.silly

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If it ain't yer's don't take it, If it ain't the truth dont say it, If it ain't right don't do it...Marcus Aurelius

3/30/2021 3:23 PM

I wish I could tell you, but I am struggling with the same conundrum.
To make matters worse, the plant I planned to retire from is closing in a couple of weeks, and I get to restart at the bottom of the pile again.

Going from 6 weeks off plus 48 hours PPTO, to whatever I can accrue in a few years at a new place.

Ugh.... I want to retire but I have a few years to go, or maybe have to work until death if my 401 tanks.

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Go for it! Don't let a little thing like fear, or common sense hold you back.

3/30/2021 3:32 PM
Edited Date/Time: 3/30/2021 3:33 PM

I used to work on airplanes although have been in IT for the last 30 years. I'm 57 and just retired last month so I can't really say how it's going to go on a lot less income but I can say what motivated me to retire. I think you mentioned the two main reasons. Tired of doing what I was doing and figured with the stress I was on my way to a stroke or heart attack and an early death. Odds are I'll still kick off from cancer or something in the next few years. So with that in mind and also getting pretty lucky in the stock market over the last couple of years I was able to take the leap. My wife wasn't too happy that she couldn't retire first so we still have health insurance through her. We've had everything paid off for a few years now and both have decent chunks saved in 401k plans in addition to the stock market chunk. If you have a 401k with your current employer and are over 55 when you retire you actually can draw money out that 401k penalty free when you retire. I don't plan on drawing out of my 401k but plan on using the stock market money if I need it over what my wife makes. I only spent 15 years in the military so I don't get any from them or any other source other than my wife and I don't qualify for SS. I just don't want to die working. smile

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3/30/2021 3:46 PM

SEEMEFIRST wrote:

I wish I could tell you, but I am struggling with the same conundrum.
To make matters worse, the plant I planned to retire ...more

Sucks don't it?

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If it ain't yer's don't take it, If it ain't the truth dont say it, If it ain't right don't do it...Marcus Aurelius

3/30/2021 3:52 PM
Edited Date/Time: 3/30/2021 3:53 PM

XXVoid MainXX wrote:

I used to work on airplanes although have been in IT for the last 30 years. I'm 57 and just retired last month so I can't ...more

The best decision I ever made was keeping my Tricare insurance when I retired from the Air Force. Reasonable premiums and very comprehensive.

I don't want to live on bologna and Vienna sausages like my Grandpa did. I've got project cars/bikes and home improvements I want to do. The lack of income does worry me.

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If it ain't yer's don't take it, If it ain't the truth dont say it, If it ain't right don't do it...Marcus Aurelius

3/30/2021 4:00 PM

And then there's the wife. She tells me our living room furniture has to go. She wants leather...10k just for the couch. I told her bean bags...she was not amused.

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If it ain't yer's don't take it, If it ain't the truth dont say it, If it ain't right don't do it...Marcus Aurelius

3/30/2021 4:06 PM

Yeah, I'm counting on the stock market giving me what I am missing in income from my old job. Last year it made me over 5 times what my regular job made me. I know I shouldn't count on that continuing but I would like to think I can replace the job income with stock market income (treat it as my new job, but don't work nearly as hard). We're looking at moving into a new house (significant upgrade from our current house of 30 years). But I'm holding off for about a year to make sure things are going to go as I hope they will go before taking that plunge.

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3/30/2021 4:19 PM

Retirement? I'll be workin' until Noon on the day of my funeral. Seriously.

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Lover. Fighter. Wild Bull Rider.

3/30/2021 4:19 PM

I am spending money on stuff I've been putting off. Just had a complete refurb on my old stereo that hasn't worked since 1980. 2k but it was totally worth it. I had forgotten what music can/should sound like. New pressure washer and welder. I got plans for when I don't have to live at work. Gonna put a steel roof on the house. Gonna trade work for some pasture land for calves, sheep, goats, chickens and a truck garden. If I absolutely need cash...I can work at the machine shop next door...if I can figure out how to run a five axis.

It sounds like I have options but it's still scary giving up 7k net a month for hopes and dreams.

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If it ain't yer's don't take it, If it ain't the truth dont say it, If it ain't right don't do it...Marcus Aurelius

3/30/2021 4:39 PM

OG725 wrote:

Retirement? I'll be workin' until Noon on the day of my funeral. Seriously.

That's exactly what I'm trying to avoid. I watch too many people here work till they can't and then go home and die 6 months later.

I want to pan for gold out west. Put an elk in the freezer every year. Catch those blood red salmon. Take my dog to the top of mountains and let him swim in the ocean. Ride a motorcycle from coast to coast on nothing but dirt roads. Perfect my brisket cooking. Learn to replicate a mocking bird song. Find really small town bars and convince them I'm Kevin Costner. I've got shit to do...dying at work ain't on the list.

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If it ain't yer's don't take it, If it ain't the truth dont say it, If it ain't right don't do it...Marcus Aurelius

3/30/2021 4:56 PM

XXVoid MainXX wrote:

I used to work on airplanes although have been in IT for the last 30 years. I'm 57 and just retired last month so I can't ...more

I'm curious why you chose to draw from the stock market money, instead of the 401K? Is it a different/less tax liability? I don't have a stock portfolio, so I'm just genuinely curious.

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3/30/2021 5:04 PM

Well I retired on Dec 31 2018. I was 63 at the time. I had worked hard since I got out of high school. The last few years my back and knee problems increased and the work grind was getting me down. The company I worked for was family owned. They were all not getting along and fighting among themselves making my job harder and more stressful. In early 2019 my Uncle passed away. I didn’t know he had set this up but he had his house that was paid for and his savings in a trust and named me as his beneficiary. Well needless to say inheriting a house in Southern California that was paid for was a game changer for me.

So after debating things for a few months I was close to pulling the pin. One day one of the owners got in my face pointing her finger at me and telling me I worked for her now. Well like I said I was close but that little encounter sealed the deal. I had done my research and knew it was time. Came back from lunch and gave my notice.

My biggest expense I was worried about was health insurance till my Medicare would kick in at 65. I found out I qualified for Obamacare so my insurance was very affordable.

I spent 2019 refurbishing my Uncles house. Enjoyed doing that. Lots of hard work but enjoyed every minute and seeing the finished job. Decided to sell it in Dec 2019. So with that money and the house I am living in now that is paid for I have lots of options.

For me I never regretted retiring early. I don’t miss the daily grind and I now do what I want when I want. I have no schedule. I want to sell the place I am living in now and get something else but not sure if I will leave this area or stay here. This is home. I was born and raised in this area but cost of living here is very high. Housing market is nuts here right now so I may have to wait a while to see if things settle down.

I treat the money from the houses and inheritance like I don’t have it. I live on my SS retirement and my 401k. I get by just fine. I don’t have a extravagant lifestyle so I do ok. You learn to adjust your spending.

It is a hard decision but if you plan well and live within you means you should be ok. Life is short so take a chance and enjoy yourself. My Dad worked hard his whole life and never got to retire. He got sick and died before he could. I wanted to enjoy life away from work while I still could.

Good luck to you.

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3/30/2021 5:08 PM

motoman617 wrote:

Well I retired on Dec 31 2018. I was 63 at the time. I had worked hard since I got out of high school. The last few years my ...more

I guess that's the answer I was looking for. I'm ready to pull the plug.

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If it ain't yer's don't take it, If it ain't the truth dont say it, If it ain't right don't do it...Marcus Aurelius

3/30/2021 5:25 PM

XXVoid MainXX wrote:

I used to work on airplanes although have been in IT for the last 30 years. I'm 57 and just retired last month so I can't ...more

Sully wrote:

I'm curious why you chose to draw from the stock market money, instead of the 401K? Is it a different/less tax liability? I ...more

To be honest I probably don't have a good reason other than I look at my 401k as something I "worked" for and the stock market money was something I gambled for. I plan on continuing to keep my stock market money in much higher risk allocations and if it's all gone tomorrow so be it, I would still have the 401k to fall back on. I figure if all else fails I could go back to work doing something I would really enjoy, like maybe a fork lift operator at Lowes or something.

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3/30/2021 5:53 PM

plowboy wrote:

I guess that's the answer I was looking for. I'm ready to pull the plug.

Glad to help. 😄 you sound like you have done your research and have a good handle on things. I have a friend that went to work at Home Depot after he retired. He was just looking for something to do a few days a weeks. Myself I can keep myself busy, I am making some repairs at my house now and painting. Nice thing is if I get up sore from working the day before I can goof off that day and get back at it the next day.

Above all else, enjoy yourself.

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3/30/2021 5:57 PM

Now my week consists of 6 Saturdays and a Sunday.

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3/30/2021 6:16 PM

plowboy wrote:

And then there's the wife. She tells me our living room furniture has to go. She wants leather...10k just for the couch. I ...more

Folding chairs and TV dinner trays. They even come in sets lol.
I have a ways to go till retirement myself (I’m 43) but, your post does raise something I haven’t thought much about till now. How much money will be enough to retire with and live on? One thing that’s concerning is the fact the cost of living continually rises. Being on a fixed income I imagine will be tough.

I watched my grandfather struggle for years on social security. Everybody pitched in to make it easier for him. I even tried getting him to move in with my wife and I. It’s a shame social security itself isn’t something most people can live on comfortably after working so hard their whole lives.

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3/30/2021 6:22 PM

OG725 wrote:

Retirement? I'll be workin' until Noon on the day of my funeral. Seriously.

plowboy wrote:

That's exactly what I'm trying to avoid. I watch too many people here work till they can't and then go home and die 6 months ...more

Amen!

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Lover. Fighter. Wild Bull Rider.

3/30/2021 6:36 PM

I have zero responsible advice to give as I’m in the same boat as OG. However sounds like you’ve paid your dues and are able to make it happen. Go for it man!

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3/30/2021 7:08 PM
Edited Date/Time: 3/31/2021 9:27 PM

For me it was financial security combined with the fact that I did not like what my company had become, and what my company had turned my job into. I got with a financial advisor and went over all the numbers. We made the determination that I could retire early, so I did, soon after I was eligible for early retirement.

Had my primary job not been changed, (from Design Engineer to a Project Manager for offloaded design work going to Russia), I might have stayed longer. But I really had not liked my job for the last 10-11 years, so I got out as soon as I could.

A lot of my friends told me, "What are you going to do?", "You'll be bored". NOPE, I don't regret retiring when I did.

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“Adhering to 1970’s Standards of Political Correctness”

3/31/2021 1:01 AM

What will you do for health insurance? That's a big factor preventing my father in law from retiring. As a new father I'm discovering the joys of paying for health insurance for three people. Around $800 per month for me.

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Instagram: vanillaice782
Amateur helmet painter

3/31/2021 2:08 AM
Edited Date/Time: 3/31/2021 2:18 AM

smashingpumpkins167 wrote:

What will you do for health insurance? That's a big factor preventing my father in law from retiring. As a new father I'm ...more

There’s so many part time jobs that offer full benefits. Amazon, star bucks, ups, fed ex.

And if you go there as the old man who’s there for the benefits most of these places understand that and won’t kill you. 15ish hours per week for benefits is not a bad deal plus the small pocket money you’ll earn too.


So many guys at my job stay well past their date to collect their full pensions because of benefits and it’s something I don’t understand.

Go be the greeter at Starbucks - collect your pension - and collect a paycheck from Starbucks and work way less hours and way less demanding job.

Get yourself home, and doing the things you want to do as soon as possible. Many never ever get to retire, and many don’t retire with dignity that’s for sure.

I don’t want to work until I literally can’t do it anymore. Hoping to make it out and have some juice still left in me.

I realize working a part time job isn’t exactly being retired, but it sure beats 40 hours a week at a demanding job. And generally it will only be for a few short years until you hit whatever magic age it has to be 62, or 65 etc

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3/31/2021 3:03 AM

yz133rider wrote:

There’s so many part time jobs that offer full benefits. Amazon, star bucks, ups, fed ex.

And if you go there as the old man ...more

That is a solid plan. We have talked to him about doing something similar. He has a lot of years as a police officer and could just do security somewhere for the benefits.

I'm atleast taking a slight break for now, I have been hitting it pretty hard with covid contracts for the part year and now have a one year old at home so I will be going to 24 hours per week with the option to pick up for a lot less money after travel nursing for years. It might feel a little bit like semi retirement. A lot less money and a lot more time at home. I'm excited to get going.

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Instagram: vanillaice782
Amateur helmet painter

3/31/2021 7:55 AM
Edited Date/Time: 3/31/2021 7:56 AM

yz133rider wrote:

There’s so many part time jobs that offer full benefits. Amazon, star bucks, ups, fed ex.

And if you go there as the old man ...more

While that sounds good it's not reality as far as my experience.
Corporate America for years has been looking at ways to cut costs and benefits/health insurance is a major one. Most will hire you as a Temp with no benefits.

If those companies mentioned offer Medical Benefits to part time workers that is news to me and great to hear.

I'll be 63 soon and that is one of the major reasons I can't think of retiring until 65.

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3/31/2021 8:42 AM

smashingpumpkins167 wrote:

What will you do for health insurance? That's a big factor preventing my father in law from retiring. As a new father I'm ...more

yz133rider wrote:

There’s so many part time jobs that offer full benefits. Amazon, star bucks, ups, fed ex.

And if you go there as the old man ...more

G-man wrote:

While that sounds good it's not reality as far as my experience.
Corporate America for years has been looking at ways to cut ...more

Those companies 100% offer benefits to part time workers.

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3/31/2021 10:04 AM
Edited Date/Time: 3/31/2021 10:06 AM

smashingpumpkins167 wrote:

What will you do for health insurance? That's a big factor preventing my father in law from retiring. As a new father I'm ...more

yz133rider wrote:

There’s so many part time jobs that offer full benefits. Amazon, star bucks, ups, fed ex.

And if you go there as the old man ...more

G-man wrote:

While that sounds good it's not reality as far as my experience.
Corporate America for years has been looking at ways to cut ...more

I retired in December 2018 at 63. I would turn 65 in June 2020, then I could get on Medicare. Wasn’t going to have insurance till then so here is what I found out. For that year and a half my only income was my SS check. I didn’t touch any money in my 401K or IRA’s. Only reported income is my SS. So in checking things out and calling the insurance companies since your SS is a small amount of a normal income I qualified for insurance assistance via Obamacare. Instead of paying 800 to 1,000 a month I was going to pay $187 a month for a PPO plan. Had to pay another 40 a month for prescriptions. It was actually better insurance than what I had when I was working.

Qualifying for this insurance was a big part of me having the freedom to go ahead and retire early. Check it out and see if you can qualify. Each state is different and rates change every year but I bet you will be surprised what you can qualify for.

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3/31/2021 10:55 AM

The place to retire is a Beach in California. Looking at hot women, and saving a few from drowning. Pay is good too.
$300,000.00 +

https://www.forbes.com/sites/adamandrzejewski/2021/03/27/top-paid-la-lifeguards-earned-up-to-392000-in-2019/

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3/31/2021 12:04 PM

Plowboy, what's your age for maximum SS distribution? 67? If I were you, I'd work until you reach the age where you get the max from the feds, and then retire.

The one caveat is that you have to gauge how long you expect to live. If you are healthy and won't kick off for another 25 years, you should work a little longer. If you have any health problems and the long-term outlook is a younger death, F it and retire by phone right now.

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Braaapin' aint easy.

3/31/2021 3:36 PM

Both my father and my wife’s father were hard working folk who put off doing bucket list things until retirement age.
Neither one made 60. So in my opinion holding out on living now for more later is not worth putting off the living now.

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4/3/2021 7:58 PM

smashingpumpkins167 wrote:

What will you do for health insurance? That's a big factor preventing my father in law from retiring. As a new father I'm ...more

yz133rider wrote:

There’s so many part time jobs that offer full benefits. Amazon, star bucks, ups, fed ex.

And if you go there as the old man ...more

My father did the same thing. Worked the railroad for 30 years and retired, then worked as a CNA part-time. He switched jobs again and is a bailiff part-time (covid has messed that up though). Either way he’s happier then if he wasn’t working. And he doesn’t have to work if he doesn’t want to.

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