Retirement: When would you like to retire? Do you have a plan to get there?

[Pucky Freak]

I’m 39. At 56 I can leave my state job after 30 years and collect 72% of my salary for life. We pay off our house next year, and the mortgage money is going to get socked into extra IRA contributions for the next 15+ years. That makes for plenty of funds to comfortably walk at 56. Health insurance is the biggest variable, and I’ll have to make a strategic plan for swinging that when I get close to pulling the trigger.

In my line of work the median age to hang it up is 51-52 d/t health and burnout. Anyone with a plan to work all the way to SS retirement age of 65 is kidding themselves and better hope to be in the 2-3% of people who are capable of lasting that long.

I enjoy work and after leaving full time I can contract part-time with my professional credentials, or I might flip houses or work as a handyman. Whatever it is, I want something very flexible so I can hunt A LOT.

I get a month of vacation every year now, which is great for hunting trips. I try to keep my focus on living the good life in the present because there are so many unknowns about the future. I log about 60 hunting days every year.

 

[jt13]

I try to keep my focus on living the good life in the present because there are so many unknowns about the future.

This ^^

 

[mdhunter]

I own my business and could hang it up today. A bunch of great people have been along for the ride (various skill levels). I keep "working" because I still enjoy it although I do take A LOT of time off. The joke is I actually retired but Human Resources just hasn't figured it out yet.

 

[mdcrossbow]

No plan as of yet. My son has taken over the wood side of the refinishing shop and I'm in the art, porcelain, and gilding room. I don't see slowing down anytime soon. I love what I do.
Hunting seasons are long and game is plentiful. Starting to get back into fishing.
I have my Harley for long adventures to escape away from the everyday huzzle and painting to settle the restlessness.

 

[utah400elk]

I have a little more than three years left. I can’t retire fast enough. I find my self wishing I could be hunting/fishing all year. I will have 31 years in LE and my wife and I are ready for the next adventure.

 

[Shangobango]

Gonna hit that 1 billion powerball… I just know it.

Lol, seriously. My thoughts are to “retire” as soon as you can financially afford it. I am going on 46. My goal is to retire at 55. Right now I am concentrating on getting my house squared away to where I shouldn’t have to do any major work on it for quite some time. After that happens I am going to really lean into retirement savings and investments full force. I have very little monthly expenses besides utilities, insurance, etc. so I think I am on track.

I don’t know that I will ever fully retire, but I will retire from the corporate rodeo, circus, shitshow, whatever ya wanna call it.

 

[Keep on]

I've got 11 years till I'm 62, that is the goal at this point. I have a retiree health care benefit as will my wife. Between her and my pensions, my 401k and SS we should be looking at a pay raise when we retire.
I've worked terrible hours my whole working life, 12 hour swing shifts for 28 years now. I can do another 11 or so, but don't feel I'll be in any hurry to get another job after I retire.
I'm not wishing any time away, I try and enjoy every day I've got between now and retirement. Both kids are now done with college and mom and I have a lot more time to travel and enjoy some new found freedom and money.

 

[Shangobango]

I try to keep my focus on living the good life in the present because there are so many unknowns about the future.

Right on.

 

[seeth07]

It may be cliche but "if you enjoy what you do, you'll never work a day in your life" and therefore never really have to retire. That's my plan. I'm working hard right now and enjoying the good fortune of being in a booming industry with a nonstop workflow right now and just making bank while its good. I enjoy what I do, just not 60 hours of it every week.

 

[Zellhouse]

Retired 5 years ago at age 62, earlier than planned. It has worked out & I'm thankful for the time. Health insurance was a big issue. Able to find a CO-OP, & utilized it as major medical paying out of pocket for incidentals that didn't meet the $500 per deductable.

Trying to explain how retirement has worked out is different for every one. My experience is that it is not something you cannot expect. Nothing in a normal adult life can prepare you for this experience. Hardest part for me is keeping busy, especially during COVID. That shut down all travel we had planned, we have restarted & had an amazing Euro tour this past May.

As stated earlier I am thankful for the time. Dad passed away 4 years ago & I was able to honor him by settling his estate. That was 6 months of work. My Grandson has become intrested in hunting, & have been able to take him on 2 antelope, a deer, & 2 Javelina hunts. He drew Utah general deer this year, as a senior in High School. We are looking forward to this experience. Have taken up gardening, after a 20 year haietus. That keeps me busy during the offseason.

Realize that I am starting to slow down, don't have the stamina that I did previously. Trips are getting shorter, & less frequent. Developed arthritis in my left shoulder (am left handed), & am currently in PT. It is responding, am hopeful that I can resume current activity levels before the fall. Growing up in Montana, I've hunted my whole life. Can't imagine not being able to participate in the outdoors life style that I love. Things change & you adjust.

 

[SAJ-99]

Talking with a financial advisor is a good idea, just make sure it is a fee-only advisor. Don’t overpay for someone to put data in a model and spit out a result. Below is a timely article.

It seems generally from this thread, government workers are targeting retirement early. I suspect it is because the pension programs still exist for those jobs. The country is in a world of hurt if we can’t find a way to keep knowledgeable people engaged in jobs past 55 or 60.

The Average US Retirement Age: Where Do You Stack Up?

Determining when to retire can be tough. There are various factors to consider, including your financial situation, your health, and the lifestyle you wish to enjoy once you retire. While the decision of when to retire is personal to you, … Continue reading → The post When Do People Retire on...

finance.yahoo.com

In recent years, the average retirement age has risen. In 1986, the average retirement age for men was about 62 and for women about 57. By 2016 the average retirement age for men had climbed to approximately 65 and for women approximately 63. Changes in Social Security, fewer employer pensions, and even extended lifespans can cause many to put retirement off, at least for a few years.

 

[Nameless Range]

If they keep me and I them, I will have 30 years in at the age of 55. For the first decade or so of my career, I kind of had @seeth07 's perspective - it didn't and usually doesn't feel like work. I often pinch myself about that and all the flexibility I have and just kind of dismissed retirement in my own naivety. That said, in recent years I have had glimpses of work not feeling like work maybe not always being the case. Maybe I change, maybe the job does.

The house won't be paid off till I'm 60, but my youngest will be out of the house when I am 51. I could see us drastically changing our lives then - no longer tied to this chunk of earth for school/grandparents. I'm restless about it now and it's over a decade away. My wife, who is one year younger than me (37) has no meaningful retirement outside of a pretty lame company thing, but makes nearly 2x what I do. This thread is a good prompt to go talk to someone about retirement planning ASAP. I think I'll always work to some degree.

One thing I feel strongly about is that when one of us retires the other will. I can't imagine it working out too well for one spouse to retire and the other to keep on working. I've seen it create strange vibrations in family. Last thing, I recently read Peter Attia's Outlive: The Science and Art of Longevity. When I typically hear someone talk about "longevity" I kind of roll my eyes, but aside from the specific tactics he mentions to maximize longevity, it did bring the forefront the fact that not all people in their 60s/70s are created equal, and controlling the things you can control to be capable during those years literally can double the length - and quality - of relationship you have with your kids over the span of your life. Just another piece of the retirement pie I am trying to take seriously between chicken fried steaks.

Good thread. I enjoy seeing the knowledge others are sharing.

 

[hank4elk]

So we have some ballers here. Cool.
Reality is you never know what tomorrow brings.
Bank accounts and plans vanish with the push of a button. With little to no recourse.
Don't get me started on the ins. grift.

I am lucky my small pension is totally solvent. One of the few. Been getting 2-3% COLA's each year.
But I negotiated the contract/MOU. I gambled and left cards on the table.
Poor by most folks grading. But Rio and I are cool with what we have.
Free and clear. Most days. LOL

 

[BOHNTR]

Been retired for 5 years now….retired with 30 years (max) on the job when I was 51. With a true government pension (public employee-safety), I’m able to still do the things I love; bowhunt, scout, fish, travel, and not take orders from anyone! I could never go back to work…..I love retirement and stay plenty busy in the high-country with outdoor activities.

The future is unknown for all of us. If you can financially do it now, go for it. Take advantage of the outdoors (hunt/fish) while you’re still physically able to do so. Good luck to whatever you decide.

 

[Stocker]

 

[Straight Arrow]

Long before I can access my 401k at 59 1/2. Maybe 50 ish.

'Can't speak to that, since SS at 62 retirement age was a critical factor for me. DOD Tricare Medical Insurance, available to us after my military service, was also a strong factor, particularly for my wife who retired at age 56. Another important aspect was an increased fiscal conservative mindset toward expenditures. When shopping, we have a list with the rule that nothing is purchased not on the list. No impulsive buys!

In our seventies now, my wife and I are going strong ... camping, hunting, hiking, backpacking, and chasing grandkid activities. We exercise and watch diet. But what is also a factor is health, so plan on some challenges. Hip replacement for wife after playing basketball in flipflops with grandkids, for me prostatectomy to rid cancer (VN Agent Orange?) and a severed patellar tendon (fell while backpacking), a few setbacks.

Remember Big Fin's wisdom, "Hunt while you can ...."!

 

[Straight Arrow]

View attachment 284537

"Don't let the old man in!" Clint Eastwood

 

[hank4elk]

'Can't speak to that, since SS at 62 retirement age was a critical factor for me. DOD Tricare Medical Insurance, available to us after my military service, was also a strong factor, particularly for my wife who retired at age 56. Another important aspect was an increased fiscal conservative mindset toward expenditures. When shopping, we have a list with the rule that nothing is purchased not on the list. No impulsive buys!

In our seventies now, my wife and I are going strong ... camping, hunting, hiking, backpacking, and chasing grandkid activities. We exercise and watch diet. But what is also a factor is health, so plan on some challenges. Hip replacement for wife after playing basketball in flipflops with grandkids, for me prostatectomy to rid cancer (VN Agent Orange?) and a severed patellar tendon (fell while backpacking), a few setbacks.

Remember Big Fin's widom, "Hunt while you can ...."!

It's all gravy SA!!

 

[RobG]

This is what I've learned so far, broken down into age brackets and geared towards someone with IRA savings. Feel free to correct me.

Before age 59 1/2
Here, there are two issues. 1) Spending money, 2) health insurance.

Regarding 1, You can't touch your traditional IRA (tIRA) (without penalty) until you are 59 1/2 so you need some savings (or a Roth with a decent basis because you cleverly did Roth conversions during low income years).

Health insurance is where things get really tricky: You have two options. a) Medicaid b) Marketplace insurance (ACA aka Obamacare). I don't know if Montana Medicaid is a good deal, but I've been using the Marketplace for my insurance for years and it works for me. If you are low income the insurance is very cheap with the subsidy, but it has a high deductible. Kaiser ACA calculator can give you an idea of the costs.

The dangerous part is that if you sign up for Marketplace and make too little income you lose the ACA subsidy and you'll get stuck for the whole premium - probably a $10k to $15k hit for you. One way to generate enough income is to do a Roth conversion, but you don't want to do more than necessary because the rate that you lose the subsidy is pretty high. This area is where you probably need some advice. Maybe Medicaid is the way to go?

Ages 59 1/2 to 65
Same as before, except you can draw money from your tIRAs

Ages 65 to 73
You have Medicare for health insurance, and can still draw from your tIRAs. Life is pretty good. Consider Roth conversions during this period (or even now). Social security kicks in (best if you can hold off until 70... look at your situation on the SSA website)

Beyond 73
This is the era of RMDs (Required minimum distributions), i.e. you have to start taking about 4% out of your tIRA each year. I've heard so much about how evil these are that I have visions of Mordor when they are mentioned. Turns out people with multi-million dollar IRAs hate these things because it bumps them up into a higher tax bracket or something. For us I don't think it matters.

 

[Deleted member 18333]

Im 50 and some days I really think retirement sounds like it should happen today. Others not so much. I also have a couple kids in high school, senior and junior. Were also building a new home for our retirement place. Want to have kids out of hs and house built before I leave my current job. Imagine I will work part time in retirement. Working at a local Ace Hardware sounds enjoyable. Just enough to help cover health insurance. We have a plan that I administer myself. It works but I assume a professional could optimize. Biggest hurdle will be gap until 59.5. Current plan is dividends from investment accounts. Once 401ks and pensions kick in it will be easy street