Who was planning on retirement...
- Thread starter curver16
- Start date
I'm still planning to retire in 2034 just like I was a month ago. But all this time at home has definitely impressed upon me the need to have some activity and purpose in retirement. The few times I've gotten called into the office during this thing were actually kind of enjoyable. Those are the only days that haven't just blended into the others.
After 38 years with the same company and being at work at 5:15 am, I retired last week.
I had started planning about 6 months ago. I had planned to sell my business and do something else and move to the beach. I fear now that all plans will be on hold for some time.
How did you come up with a specific year that far away? I hear you about actually enjoying going into work. I am still working (essential) but I realized the thought of not being able to go in actually bothered me regardless of financial impact. Though I may be able to telework some next week
I have 12 more years. I am hopeful at that time I can downsize the house, pay off any remaining debt and frugally live on my pension. I may get a part time job once I retire just to stay active.
Being in education it makes no sense to work for half of my salary...unless there is a teacher shortage and the ability to draw a retirement check and work check exists. In that case I would work longer if I am in good shape physically.
Being in education it makes no sense to work for half of my salary...unless there is a teacher shortage and the ability to draw a retirement check and work check exists. In that case I would work longer if I am in good shape physically.
Retired Jan 3. No issues. I stashed away about 4 years worth of cash to gap me to Medicare! I had not planned on 18 months of COBRA so that was a very nice surprise. Plan ahead!
I had planned on retiring at the end of this year. The timing is entirely my call. I'm probably putting it off for a while. I lost a bunch of value in my investments and I would like to see that build back up and get it reallocated into safer investment vehicles. I'm already at "full retirement" but Social Security and my pension add up to around half of my current salary (which is safe).
I planned on 12 years from now with pension, 401k and SS. I'm thinking if this continues into summer I won't retire at all.
With the escalating unemployment and the probability of high inflation then the chance of food shortages I'm just going to live day by day.
With the escalating unemployment and the probability of high inflation then the chance of food shortages I'm just going to live day by day.
Ha, when I first started, 2034 did seem far away, but it's only 13.5 years at this point. As for the date, that's when I become eligible for "full" retirement with my employer, so it's just a target date. I might retire before then or continue working a little while. One never knows, but that's my target for planning purposes.
Let us know if you feel the same way in, say, 2030.
I retired 7 years ago after 45 years of work - rarely taking a vacation day. The things I like most about retirement are (1) how well I prepared financially by saving, investing smartly and having one hell of a great company-paid retirement plan and (2) the stress relief from deadlines and now having control over my personal time.
I miss the yearly company-paid for 'conferences' every year which allowed me (and my spouse) to visit parts of the country we might never have had the opportunity to see and (2) ahhhh . . . yes, the company car - I do miss that.
Life has been good to me. Thanks be to God!
What the heck does everyone do here that you all have pensions and paid retirement plans?! Isn’t that pretty much exclusive to teaching and government jobs now?
Can't speak for everyone but I worked for Equifax for 9 years in the 90's and I will have a small pension with them when I turn 65 (~$800/month). I just look at it as a nice raise to SS and my monthly dividends from investment funds. So there were public companies in the 90's who still had pension plans.
Glad I worked when Pensions existed. My wife and I are living very comfortably off my Soc Sec, my 3 Pensions and her Soc Sec, her S.C. Retirement.
My 401Ks, Mutual Fund, and her IRA haven't been touched. I know these have decreased dramatically over the last month+ but I'm in for the long-haul with them. Next year because of my age, I will have to withdraw a small percentage from my 401ks but I hope to simply deposit that distribution into my Mutual Fund account.
My 401Ks, Mutual Fund, and her IRA haven't been touched. I know these have decreased dramatically over the last month+ but I'm in for the long-haul with them. Next year because of my age, I will have to withdraw a small percentage from my 401ks but I hope to simply deposit that distribution into my Mutual Fund account.
I'm a U.S. Government attorney. I'm on the FERS system, which isn't as generous as the old CRSC system. But it's better than retiring with nothing more than SS and a 401(k).
My in-laws use some of their minimum annual withdrawals to pay their church pledge. If you do that you don't have to pay income tax on the withdrawal amount.
I work for the gubment and can officially retire in July of this year. I like my job so I have no plans to actually retire then but it will feel good to know that I could if I needed to for whatever reason.
Good for you. I retired last June after 41 years with DuPont. They hired me as a consultant before I ever left the role. I have a completely different perspective knowing I can tell them to stuff it anytime I want.
I was fortunate to retire with a pension from DuPont, but anyone who hired in after 2008 will never get a pension or spousal benefits.
You do know they raised the age to 72 for mandatory withdrawals from the 401K, right?
My wife (RN) and I (ICU Clerk) both work in UK Healthcare. She has been with UK for 35 years and under the 403B rules has been eligible for UK's retirement for a couple of years. I have been at UK (semi-retired) for 3 years and will not qualify for 403B retirement until age 65.
We had been planning for a decade to retire in 2022 when I qualify for retirement benefits through the Marine Reserve. Our investment/retirement counselor (Fidelity) has said we can retire whenever we wish (including now).
We decided in early February to try to tough if out (My wife really hates being an RN at UK) until the first of the year. Our home (in Lexington) is nearly paid for (about $25k left). If we do retire prior to 2022, we will pay off the house early, saving almost $1k/per month. We have been pretty fortunate. With all the upheaval on Wall Street. Our retirement and investment accounts are only down about 10% from all time highs in January.
Our retirement plan has been to snow bird someplace about 6 months out of the year. Starting right after football season ends. My wife likes the beach. I like playing golf. We've spent the last 5 years vacationing in different areas looking for that perfect spot.
Myrtle Beach - Too touristy and not warm enough in Winter.
Pensacola - Not much there.
Fort Myers - Beaches not great.
The only place we both love is Hilton Head Island. Which is also not far enough South to be "Beachy" most of the Winter. I would be able to golf most weeks. Unless we find somewhere else (Planning on trying Florida's Treasure Coast). We could "vacation" a couple of weeks each Winter in a more tropical location.
Our timeline for any of this has not yet been effected by COVID-19.
We had been planning for a decade to retire in 2022 when I qualify for retirement benefits through the Marine Reserve. Our investment/retirement counselor (Fidelity) has said we can retire whenever we wish (including now).
We decided in early February to try to tough if out (My wife really hates being an RN at UK) until the first of the year. Our home (in Lexington) is nearly paid for (about $25k left). If we do retire prior to 2022, we will pay off the house early, saving almost $1k/per month. We have been pretty fortunate. With all the upheaval on Wall Street. Our retirement and investment accounts are only down about 10% from all time highs in January.
Our retirement plan has been to snow bird someplace about 6 months out of the year. Starting right after football season ends. My wife likes the beach. I like playing golf. We've spent the last 5 years vacationing in different areas looking for that perfect spot.
Myrtle Beach - Too touristy and not warm enough in Winter.
Pensacola - Not much there.
Fort Myers - Beaches not great.
The only place we both love is Hilton Head Island. Which is also not far enough South to be "Beachy" most of the Winter. I would be able to golf most weeks. Unless we find somewhere else (Planning on trying Florida's Treasure Coast). We could "vacation" a couple of weeks each Winter in a more tropical location.
Our timeline for any of this has not yet been effected by COVID-19.
Kind of the same plan for me. Cocoa Beach is where I head now and plan to for longer periods when I retire in a few years. Great area, beaches plus rocket launches.
My wife worked for the state of SC and retired with a very nice pension. I worked for a peivate company with a knock-your-socks-off pension plan AND a handsome matching 401(k) plan.
The CARES Act temporarily waives required minimum distributions (RMDs) from qualified retirement plans and IRAs for the calendar year 2020.
That's nice to know. I'll let the in-laws know. They are in their mid-80s and they are doing fine.
I Work for a global parcel service. I get a pension that grows for every year worked. I also have 401k and a few other things (hopefully SS).
I have a friend that retired to Ft Pierce last year. He and his wife love it. That area (Ft Pierce/Port St Lucie/Vero Beach) was going to be where we were looking next. We'd have to seriously love an area to consider it over HHI.
Plus, since wherever we will live an ocean will be involved. Some serious study of hurricane insurance will be involved. As much as my wife wants to look out onto the ocean from our future home. I don't want to listen to her whine about hurricanes. I have no desire to live close enough to the ocean that storm surge would be a concern.
Oh, I didn't forget about that! It's basically a 401(k) with 5% matching.
My first takeaway is that this board is “mature”. I guess it’s why it’s a board and not social media. But then again, I’m on it, so maybe I’m old too.
I digress...
Anyway, for those who are 10+ years out, you have plenty of great options. The great news is that you are continuing to invest in an artificially down market. There’s time to make money.
For those who planned to retire soon, I feel for you. Hopefully, you were conservatively invested already.
For those who hoped to sell their business, I don’t have a lot of sensitivity. You roll the dice to win or lose...some of you were wayyyy to proud of your businesses (I know this from experience).
For the vast majority of folk (maybe less in this mature board), we have time...
I digress...
Anyway, for those who are 10+ years out, you have plenty of great options. The great news is that you are continuing to invest in an artificially down market. There’s time to make money.
For those who planned to retire soon, I feel for you. Hopefully, you were conservatively invested already.
For those who hoped to sell their business, I don’t have a lot of sensitivity. You roll the dice to win or lose...some of you were wayyyy to proud of your businesses (I know this from experience).
For the vast majority of folk (maybe less in this mature board), we have time...
A few more weeks and your investments will likely be plus territory from the time we had the free fall in March......assuming you didn’t pull it out during the free fall.
Retired military officer with a nice monthly check, but me and the wife still work. We have very nice jobs and can stash stuff away AND still spoil the grandkids at the same time. I’ll keep doing what I’m doing for the next 11-13 years, maybe the last 3-4 as more consultant work. My wife will probably work another 8-9 years and retire early (as in full SS age). We have Tricare for medical so she doesn’t need to wait for Medicare to kick in. We are pretty fortunate. We could hang it up tomorrow, but not really ready yet.
Nice area. In our case the condo is several floors up so the storm surge can't reach that high. It is nice to be able to walk to the beach.
They match up to 5% my salary. So If my salary is $150,000 per year and I contribute at least $7,500 for a year, the government will match the $7,500. I've put around 10% in the fund pretty much every year for 28 years. With the government's contribution, it comes to 15%. It adds up nicely.
I retired last year (I'm 52) and was able to fish, hike, travel, go to the gym, volunteer and sleep late. That worked for about two months before I started feeling detached from humanity. My good friend offered me a job doing pretty much what I did for 24 years (real estate attorney) on my terms. I can go in when I please (normally on days when it is raining, too hot outside, when I'm bored or when I'm needed). I am paid well and like what I do. The best part, like Scuba above, is that I can quit whenever I want to.
Now the last two months have cost me a ton of money in paper losses, and I did sell some stock two weeks ago when I got scared (Haney, that was me). I do believe that ultimately the market will be back, but it will take a couple of years because the ramifications of this virus will be long term. If the country 'opens' on Jun 1st, employment will lag and people won't go out right away and start spending money as they did up to late January. They will be wary until they start believing that everything is back to normal. And I can't wait for everything to be back to normal.
Now the last two months have cost me a ton of money in paper losses, and I did sell some stock two weeks ago when I got scared (Haney, that was me). I do believe that ultimately the market will be back, but it will take a couple of years because the ramifications of this virus will be long term. If the country 'opens' on Jun 1st, employment will lag and people won't go out right away and start spending money as they did up to late January. They will be wary until they start believing that everything is back to normal. And I can't wait for everything to be back to normal.
I lived at the beach in 1995-1996. I moved back to Mauldin and didn't go back. Last year my gf had work at Folly so I went along to help her max out her expense account. I forgot how much I loved walking on the beach and hearing the birds, seeing kids playing, and watching families make memories. Can't wait to go back.
I retired in June 2002. Best 18 years ever since then. (So far)
