Retirement decision?

el moto diablo

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el moto diablo 4/7/2021 12:40pm

4/7/2021 12:40pm

Are you planning to retire or just get out of the regular workforce? My parents retired we ended up turning hobbies into secondary sources of income. Just stepping out of the grind might open up new opportunities for you I wouldn't pull the trigger on Social Security early though but that's just me.

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KennyT

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KennyT 4/7/2021 1:56pm

4/7/2021 1:56pm

plowboy wrote:

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...

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.

I’ll tune into this thread. 61 here and still remodeling houses and doing most of the manual work myself. I’ll end working until I am no longer able to move. I have done well to not have much debt at all but I will be on a real small fixed income. It’s the damn utilizes n taxes that have me worried

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plowboy

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plowboy 4/7/2021 2:10pm

4/7/2021 2:10pm

Sorry I haven't revisited this topic in a bit. You guys raise some good points.

Health insurance - I'm lucky that I kept my military insurance (tri-care) after I retired from the Air Force. I do need to research and see if I can keep it when I file for SS. If not...I may wait a while before filing.

A quick crunch of numbers reveals that my military retirement, company retirement and 401k will cover all my bills with a bit left over. Social security would be a cushion and provide goofing money.

I ain't a sitting around person. I have most of the tools for woodworking, plumbing, electric, automotive...etc. I figure I can make some extra cash being a handyman around my little burg. Flip a car now and then. Build some fence. If that plan fails...my work has offered to hire me back as a contractor.

I don't plan on leaving my kids anything but a bunch of crap to fight over. When I check out and the bank account reads 0 and the bills are also a goose egg...I win.

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34moto894

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34moto894 4/10/2021 7:08pm

4/10/2021 7:08pm

plowboy wrote:

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...

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.

Pull the plug and enjoy what you have while you can. My dad always said he would never work a day over 60. Got cancer at 58, passed away at 60 and a half.

You'll get bored and have an itch to work, just make it on your own terms. Hell, mow some lawns or something for walk around money. a few times a week, you'll find a way to bring in cash if you need it.

More importantly, find something meaningful to do. Maybe grab some kids at the local high school/tech school and teach them what you know. Lord knows not enough kids want to work hard and get into trades.

Good luck with the decision.