Retire early to hunt more?

[WIbiggame]

I'm in a similar boat to you so will try and add somethings that I am doing. Loved your breakdown and will be stealing a few ideas.


1) I am fortunate in my employer matches 4% of retirement if I put in 5% and depending on how the organization does will add another 3-7%, we have always gotten the 7%. I max out my 401k every year into a Roth IRA. I hope I'm in a higher tax bracket at 55 than I am now at 35.

2) We get a raise + cost of living just about every year usually 3% +/-. Every one of these "raises" for my wife and I (both work at the same place) has always gone into a separate investment account. So basically we are making our starting wage (I've been there for 10yrs wife 12). This money is going to used for retirement until we can draw on our 401k's.

3) My profession allows me to get a second job in the same field. So I do work as I want at this job. I make myself do 48hrs a month Jan-Aug than about 0-12hrs Sept-Dec. My primary job I work 24hr shifts (1day on 4 days off another big perk) so this does allow me time others might not have. Although with you being a LE (THANK YOU) I would assume you are on 10s or 12s? So could maybe pick up a teaching position or 2nd as needed job? EDIT: this money is also invested split between short term, mid term and the majority of it in long term investments to cover retirement until our 401k can be used.

4) I donate plasma to pay for all my hunting licenses and equipment. This comes to about $4k a year after the bonuses and what not. So my hunts are limited now but not taking anything from my end goal.

5) The only debt we currently have is our mortgage, refinanced to 2.3% for 15yrs so foolish to pay that off. We busted our asses the first 10yrs of our marriage to pay off everything else and create a nest egg should the need arise.


You sound like you have an awesome plan in place and I would say make 55 the end goal and if ends up being 60 your doing better than most.

 

[Hem]

Flipside view. Move to Montana at 23. Play hard,make " enough" money.
At 57, if I were to retire tomorrow , there would be no possible way to catch up with the outdoor satisfaction reaped from the last 30 + years.
But , your maturity is impressive. Good luck!

 

[Hawk Tuah]

This is a great thread. Everyone has a different path and different ideas and I like hearing them all. It is never a bad thing to have a plan for the future.

I am 36. At age 25 I was diagnosed with cancer which was a bit of a shock at that age...or any age I imagine. It reaffirmed my mindset that I did not want to put off life for a future day that may never come.

I am an educator in a state with a state pension that is funded very well (90% usually). I save money and have some invested for the future, but I live life now too. I got into bird dogs and hounds right after cancer...I hunt internationally off the money I make in dogs. I like to find a balance, but I error on the side of accumulation of experiences over money. I haven't regretted a trip or a hunt this far.

 

[idahohuntr]

I am also 37 and have a similar goal of retiring in the 55-57 age range - possibly sooner if all goes well. Some of my peers have a lust for early retirement - to the point they definitely sacrifice current opportunity in an effort to save more for retirement/financial independence. I think one big consideration, similar to the "you'll run outta health before you run outta money" mantra, is really looking at the pro's/cons of hunting now vs. saving money. Compounding is a wonderful thing, but aging is not - at least when it comes to outdoor pursuits. I used to wring my hands over various out of state fees...but even by my late 20's I decided I'd rather hunt more now, even if it means not eating lobster dinners in my 70's. Additionally, the trend for hunting leads me to believe I'd rather hunt now than what hunting might look like 2 decades from now. So, while I still invest aggressively I also now put hunting costs and fees almost on par with health insurance, mortgage, etc. I maintain my retirement goal of mid-50's, but I definitely do not sacrifice hunts today for the benefit of 'more hunting later'. If I'm going to skimp on hunts...I'd rather plan fewer for my 60's and 70's than my 30's and 40's.

 

[npaden]

It is interesting to think through the different scenarios with health, money, time, family, etc. all in a giant mixing bowl and trying to figure them all out.

I'm 52 and can retire at 55 at 80% buyout. That goes up 5% each year until 60 when I can retire at 100% buyout. My wife is 50 and doesn't work for a paycheck, my son is 14. I'm at my peak earnings of my life and that will continue for at least another 13 years the way things are currently structured.

I have done very well with my investing and have a solid chunk in my 401k, outside investments and real estate. I think I could retire fairly comfortably at 55 from a financial perspective.

Currently my plan is to continue to work until my son graduates college. I should be able to pay for his college out of pocket and after that I think I will retire even though I would be giving up a few peak earning years. I think that timeline would work well for the business side of things too.

I really don't feel like I'm having to give up much in life other than my time is fairly limited on what I can do. Not terrible, but 4 or 5 weeks of vacation a year is about all I feel right about taking. Some years a little more, some years a little less. I'm slowly but surely realizing that it is actually okay to spend some money of experiences rather than things.

I plan on taking some serious hunting excursions with my son over the next several years as time permits. My limiting factor right now is for sure time.

 

[BuzzH]

Balance is the key IMO.

I'm retirement eligible in just under 4 years...33-34% of my high 3 for pension, plus IRA, plus TSP, plus SS at about 70% of what I'd draw at age 62 between MRA and my 62nd birthday, and a rental income that will be around $1500/month by then.

The best part is health coverage costs are going to be the same I pay now until my wife and I are gone.

Trouble is, I don't really mind my job at all. Keeps me active, seeing tons of country, outdoors a majority of the year. Maxed out on annual leave category which allows me to hunt all I want, carry-over 240 hours of leave a year, plus I never take over-time pay, but choose comp time instead. My time over 40 hours a week is worth wayyyyy more than premium pay, and I don't need the additional money.

Sort of planning on age 60, but I will say, after I reach MRA, 3 bad days in a row at work and I'll file my retirement papers...

I'm lucky, been able to live a lot and do a lot before retiring. Have seen friends so bent on saving to retire early, that they forget to live along the way. Things you can do at 30 that are going to be tougher and less fun to do at 50-60-70 years old.

Have also seen people that totally live for today, have next to nothing for retirement, and I wouldn't want to be them either.

Balance, all about balance.

 

[6mm Remington]

Whatever you folks do, just do it! Get yourself a trip booked that you have always thought about doing but it was too expensive, but something you have dreamed about your whole life. Case in point.

When I did my grizzly bear hunt the fall of 2019 I knew that I was going to have to have surgery on my right shoulder for rotator cuff tears (2), bicep tears (2), and big bone spur. I made it through the hunt okay but then my left shoulder started giving me the goose. It started to get worse than my right. 2020 mid-May had surgery on my left shoulder for same exact problems as the right. I did 5 months of PT and in mid-October I just wasn't getting the range of motion and strength that I should. Doctor did an MRI test again and my rotator cuff had completely torn out of the stitches and retracted so far that he would not be able to just simply repair it. That meant a total shoulder replacement. I waited until the end of November after hunting season closed so at least I would get some hunting in.

December 8 had total left shoulder replacement. Began doing PT again. About January 8 went to the Doctor as I was getting low grade fever at night and my shoulder looked red and just wasn't right. Shoulder infection! P. Acne. The next morning I was in surgery again so the doctor could open up my shoulder again and clean out the infection. He felt he got it all (3 surgeries in 8 months now on that shoulder) but put me on a strong antibiotic and sent me to a disease specialist in town. They took blood and looked at my infection markers. Took medication for two weeks and just had another test a week ago. The one infection marker of concern was up almost half a point. Not good. Hoping it was just a bug I didn't even realize I might have had as I never felt sick during the two week period between blood tests. I go in Friday to have blood work done again.

I see the Doc on Tuesday to see what the results are. If this marker shows another increase, that's not good. Might mean a conversation with the doctor to see what the next move is. If this infection gets to the new shoulder they put in, it sticks/grows on the metal and they cannot get rid of it. That would mean another surgery almost immediately and removing the new shoulder apparatus they put in. They would clean it out and keep me on antibiotics. I will probably be on those for 5 or 6 months as it is. They just clean me out, stitch it back up, and take meds until the infection is killed. If that happens there will not be a new shoulder put in yet. They have to make sure the infection is cleared out first. I will wear a sling and have a completely useless arm for however long it takes for the antibiotics to kill the germs completely. Once the germ is removed then I go back in for a new complete shoulder replacement. The PT again for a few months until I can use my let shoulder. Once that gets to where it can be my primary arm then I go back in and have my right shoulder done. Hope I'm hunting by next fall but I won't be able to archery hunt as there is no way my arms will be strong enough by September to pull my bow back. At least I'll be able to call and I can be a pack mule.

Us crazy outdoorsman folks each have this special trip or thing we have wanted to do and have dreamt about our whole lives. Book that trip and "get er done"!! Do not put it off. Never know what life will throw at you.

David

 

[rwc101]

Add up all the time I've fudged the numbers to go fishing or chase birds before it gets dark and I'll have "retired" early either way.

 

[Gr8bawana]

I'll add my .02¢ worth.
I was able to retire at the age of 52 after 34+ years in my field. My wife retired a few years before me after 37+ years in the same field. We both are able to keep our health insurance through our union until we are 65. Then I guess it's Medicare. Luckily we are both in pretty good health.
Before I retired we discussed where we were at financially and whether it was feasible. We always lived below our means so $$ wise it was quite doable.
Both of us have a nice pension + my wife now gets SS so things are even better now.

Retiring early does give you a lot more time to fish, hunt and camp which is what we like to do. But I did find that many of the people I hunt and fish with are about the same age as me and almost all of them are still working and since many of them seem to be trying to keep up with the Jones' they will be working until they drop dead. So if I want to go with them I have to go when they are able to go.

It's been over 6 years now and I have yet to be bored. Lots of fish to be caught, hills to be climbed and new country to explore for game.
I always tell people it would be a shame to work so long and retire at such an old age that we would die before being able to enjoy our retirement years.
To the OP, good luck with whatever decision you make.

 

[Big Sky Guy]

Thanks a ton, Randy. You are truly an inspiration. I was diagnosed with a heart condition this fall, completely out of the blue, and while it is minor it definitely took a chink out of the bulletproof mentality. If I can enjoy my life surrounded by family and the outdoors I will die a happy man. I kinda doubt I’ll look back and wished I had worked more, accumulated more, etc.

That’s what my grandma would tell me when I was working a lot of overtime right outta college - “No one ever gets to the end of their life and wishes they would have worked more.”

 

[Hem]

I have two aces in the hole which afford my balance. As a contractor I can make as much or little as I want, but I can make money until I keel over. I like this notion.
Other ace...marry a woman who has a good salary job with benefits...and is 12 years younger.

 

[Guy]

On a somewhat morbid note - in my 50's I noticed that some friends, my age, and not much older... were dying...

Heart attacks took three enthusiastic outdoorsmen. One was 60, the other two were in their mid-late 50's. To look at them, you'd think they were hale and hearty men... But... Each had a ticking time bomb. I think one knew he was headed out, he gave away a prized rifle about a year before he died. Another had experienced heart trouble a couple of years earlier, but from his activities and fitness level, you'd never know he had a problem. He died hunting.

Other friends had heart attacks and were close enough to medical help to make it.

Other friends developed cancer, most survived after a hard struggle.

Honestly - these were all guys I'd broken bread with, adventured with... Good, solid, guys. And poof, some of them gone in what seemed like an instant.

So ya - enjoy - do what you want to accomplish - before the opportunity passes.

Guy

 

[MTTW]

My 58 year old knees don't hold a candle to my 55 year old knees. For whatever that is worth.

 

[TheTone]

I’m in a similar boat to you. I can retire at 52 1/2 and am planning to. My wife will have to work another 12 years or so and I’ll mooch off her insurance during that time. I’m thinking of buying a couple years of service to set my on paper retirement at 55. Should increase my monthly retirement a fair amount. My thoughts on to do some type of work after I retire, probably something part time approximately 20 hrs a week and easier/less stressful. Life’s to short to spend it all working and not playing

 

[VikingsGuy]

I think it is great early in your life to make choices that give you choices!

You might be surprised at what you want when you are 50. My wife and I had clear plans at 35 for when we were 55. Now that we are on the cusp of 55 how we want to spend our retirement is very different. We decided to invest more in our cabin and adjoining land and less on global travel. We decided to work 5 more years at peak income to be able to really set our 3 kids up debt free with world class educations and homes of their own and to help out elderly parents that did not plan ahead so well. Not saying our choices are for everbody - just saying as we grow and learn our choices change. So - planning for flexibility and freedom is GREAT - just don't become ridgid in what happiness looks like in 20 years - you have a lot to experience and learn between now and then.

 

[D4570]

OK
I retired after 33 years in a teamster's job at 51.
After 33 years of working 50 to 70 hours a week, you would think the Honey do's would keep you tied till your 65 Wrong.
After getting them all finished up in less than a year you have to start looking for things to do. BUT you got to remember just replacing your income is not enough. You may have to Double your income.
Every hour your not working your spending $$$. AND then your Insurance.
Even with a cobra on the wife's work plan we were paying over $2000 a month. ( we are both on Medicare now ).
Good luck it worked out for us so far, it's been 16 years, but I still can't hunt/fish every day. I do go out 2 or 3 times a week.

 

[Dougfirtree]

Imagine how different this topic could look if health care/insurance wasn't tied to your job...

 

[ida homer]

Great insight above. I learned a few things.

I’m sure my outlook will change multiple times over the next 20 years. Everyone is different, but retiring to hunt more is a little bit of a fallacy, to me.

Tomorrow is not guaranteed, not by a long shot. BIL got diagnosed with testicular cancer last week at 31. Fu***** eye opener.

Grueling dream backpack hunts are tough when you’re young, much less in your 60’s.

If your dream is a 20k outfitted hunt, it will be a lot more difficult to write that check when your nest egg is predominantly declining.

I get bored, I enjoy working. I’ll work 1-3 days a week until I tip over. Whether that’s volunteering or somewhere fun.

In conclusion, I have a healthy rainy day fund, both 401k’s are being maxed out, no car payments, no credit card debt, campers paid for, etc. “Just” the mortgage. Could I be doing more? Should I be more diversified? Certainly, 100%.

But I can hunt 45 days a year now, more if I choose to. Self employed and own 2 small businesses. I get to hang out with my 7 month old son everyday, I’m not stuck at an office. I’m happy, healthy, enjoying the hell out of life, and doing my best to be prepared yet tow that balance line Buzz emphasized. Just the route that I’m taking, everyones situation varies.

 

[MarvB]

I pulled the plug at 60, one year now in I can’t remotely imagine ever being bored. There are short-term jobs and contracts I could take but I’ve yet to be interested in trading more time for money. Started in private industry and then was self employed, but working a govt. job for the final 3 decades gave me the stability the previous had lacked. By that I mean a decent pension , good insurance, sand good friends I’ve met and now hunt with along the way. If you can pull it off, I’d always vote for retiring and doing “your thing” sooner rather than later. Good insurance “helps” the health concerns but there will always be some things in life you only get one bite of the apple at. Good luck to you!

 

[MLC]

I retired from my career job at 55, spent a year fishing Montana and Alaska, then started working a job with less responsibility & ended up doing that for 7 years, actually getting vested in that pension also. I never got bored, but I enjoyed the concept of double dipping. I think dallsheep hit the nail on head regarding getting rid of debt. It’s surprising how much more money you have if you don’t have debt. I wouldn’t go into retirement at any age with a bunch of debt. One thing you may find, or at least I did is many employers will not hire you if they know you’ve retired from another job. They would much rather hire someone younger, even if you as a 55 - 60 year old are far more qualified. In summary, I think retiring at 55 - 60 is a good thing.