Retirement advice needed

[Biosafena]

I couldn't help but notice the number of folks on here that list themselves as retired. Congratulations to all of you! Here is where I am at: I will be able to retire in 2 years if I want to. I will have a total of 28 years in as a government employee and will receive a pension check each month. I will also be eligible for health insurance under my pension plan. I have seen too many people that either stayed and died on the job or stayed way too long and then died shortly after they finally hung it up. I don't want to be one of those people. I am still young and want to do new things. My questions are as follows:
- Are the any surprises that right after you retired you were faced with? I don't like surprises
- Is it right to be scared about leaving a steady job that you have had for more than a quarter of a century?
- I am worried that my hobbies and interests will cost more since I will have more to to devote to them. Has anyone found is to be true?
- Any other tips, tricks, do's or dont's that anyone is willing to offer will be most welcome.
Two years seems like a long time, but I think it will be here before I know it and I want to make a sound decision when the time comes. Thanks in advance to all.


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[Dan McNally]

I couldn't help but notice the number of folks on here that list themselves as retired. Congratulations to all of you! Here is where I am at: I will be able to retire in 2 years if I want to. I will have a total of 28 years in as a government employee and will receive a pension check each month. I will also be eligible for health insurance under my pension plan. I have seen too many people that either stayed and died on the job or stayed way too long and then died shortly after they finally hung it up. I don't want to be one of those people. I am still young and want to do new things. My questions are as follows:
- Are the any surprises that right after you retired you were faced with? I don't like surprises
- Is it right to be scared about leaving a steady job that you have had for more than a quarter of a century?
- I am worried that my hobbies and interests will cost more since I will have more to to devote to them. Has anyone found is to be true?
- Any other tips, tricks, do's or dont's that anyone is willing to offer will be most welcome.
Two years seems like a long time, but I think it will be here before I know it and I want to make a sound decision when the time comes. Thanks in advance to all.


Sent from my iPad using Tapatalk HD

The answer to all your question is: "It depends."
Are the any surprises that right after you retired you were faced with? I don't like surprises Maybe, maybe not . . . it depends.
- Is it right to be scared about leaving a steady job that you have had for more than a quarter of a century? That depends on you - some folks are ready and some aren't.
- I am worried that my hobbies and interests will cost more since I will have more to to devote to them. Has anyone found is to be true? It depends . . . can you stick to a budget?
- Any other tips, tricks, do's or dont's that anyone is willing to offer will be most welcome.
Two years seems like a long time, but I think it will be here before I know it and I want to make a sound decision when the time comes. Thanks in advance to all.

You don't say how old you are or what savings you have . . . I worked full time from the summer between my junior and senior year of high school, until I was sixty-four and a half before I felt it was time to go . . . no one can answer for you, because we are all different.

 

[bruiser]

I retired December 2012, for the second time. I am also retired USAF. I worked my second job 24 years. Yes, it was scary pulling the pin. Some suggestions. Make sure your money is right. By that I mean pay off what ever you can while you still have a steady paycheck. Have enough in savings to cover any emergencies just in case the retirement check is held up. Make sure the medical coverage is in place, which I believe you said was already in place.

I'm still having some problems relaxing. But, when you worked as long as I did... So learn to relax. Enjoy you're family and hobbies. We take day trips as often as we can. Oh, and get rid of the alarm clock. I was used to being in bed NLT 10:00 and up at o dark thirty. Now it's in bed around 11:00 or so and up around 8:00 or so. And did I say relax and enjoy???

 

[Pennyrick]

I couldn't help but notice the number of folks on here that list themselves as retired. Congratulations to all of you! Here is where I am at: I will be able to retire in 2 years if I want to. I will have a total of 28 years in as a government employee and will receive a pension check each month. I will also be eligible for health insurance under my pension plan. I have seen too many people that either stayed and died on the job or stayed way too long and then died shortly after they finally hung it up. I don't want to be one of those people. I am still young and want to do new things. My questions are as follows:
- Are the any surprises that right after you retired you were faced with? I don't like surprises
- Is it right to be scared about leaving a steady job that you have had for more than a quarter of a century?
- I am worried that my hobbies and interests will cost more since I will have more to to devote to them. Has anyone found is to be true?
- Any other tips, tricks, do's or dont's that anyone is willing to offer will be most welcome.
Two years seems like a long time, but I think it will be here before I know it and I want to make a sound decision when the time comes. Thanks in advance to all.


Sent from my iPad using Tapatalk HD

You will probably get a bunch of different responses to this post.

Much depends on you. Your attitude... your energy level.... your outside interests.... etc.

A lot also depends on your partner (if you have one).

In my case I worked for 48 years and retired at age 67. I didn't want to retire but I saw the handwriting on the wall as media companies began downsizing and as a key executive (but not the very top key), I felt I should leave on my own terms since I was vested in couple of pension plans and could afford to do so.

Two year's later I was bored to tears. Even though I am involved with horses, collectible automobiles, motorcycles, kayaking, golf, shooting and other stuff I felt the need to do more. At age 69 I bought a small company that my wife and I now run out of our home. We do business in twelve states and it satisfies my need to manage something more. I did get the urge to write a book and that was successfully published in 2011. I am presently working on another book but I am in no hurry to finish it.

I am now 75 and our little company has grown but not so much that we don't have time for other activities.

Make sure you stay active both physically and mentally. Make sure decisions are made with input from both you and your spouse. Make sure to set a budget both for your financial resources and your time. Make time for your own hobbies and interests but do not neglect sharing.

Just do it!

 

[NancysToy]

Congratulations on reaching an age and a position where you can begin to contemplate retirement. I was able to retire early, as my wife was several years later, and we have never regretted it for a second. Your financial situation and your interests may be different than ours, so it is difficult to give advice, but I will try my best to answer your questions from our points of view.

- Are the any surprises that right after you retired you were faced with? I don't like surprises

The biggest surprise to me was deciding not to go back to work, despite some lucrative offers. I almost did so, but just before I accepted my wife asked me "Why?" I figured if she wasn't worried, I shouldn't either. That being said, our house was paid for, my wife was still working, and I had researched the finances and insurance thoroughly. Do your homework, look at the numbers, and don't underestimate rising costs for health care, food, gasoline, etc. Also be sure you have enough savings tucked away to meet sudden medical or financial emergencies...and hopefully a few new toys. Being prepared is the key to having no surpises. Having plenty of hobbies and interests is the key to not sitting around twiddling your thumbs.

- Is it right to be scared about leaving a steady job that you have had for more than a quarter of a century?

Oh, yea! As retirement approached I got more and more petrified. My wife had the same feelings. I even called the pension office to find out how to rescind my application, which I had to submit 90 days in advance. In the end, I used up my comp time and held my breath until the deadline for backing out had passed. Looking back, neither of us knows what we were so scared about...but when you have worked every day of your life for more than 40 years, it is hard to envision doing anything else. Take a deep breath, have Plan B (an alternate job or career) in mind, and try to get over the hump. In a month or two you'll forget what working was all about.

- I am worried that my hobbies and interests will cost more since I will have more to to devote to them. Has anyone found is to be true?

That is possible...especially in the area of (Spyder) travel. We never were travelers, and never took vacations before we were retired. It took some adjustment. Fortunately, we were very conservative with our financial projections, so we absorbed the differences readily. Realistic planning is the key...don't cut it too close. There will be other increasing costs, too, as inflation and possibly deteriorating health can take their tolls.

- Any other tips, tricks, do's or dont's that anyone is willing to offer will be most welcome.

I don't have any real tricks to offer, other than if you are eligible for Social Security you can figure to start getting it when you reach a point where inflation has overcome your pension. I recommend not including it in your financial calculations, but think of it as a bonus a number of years down the road, instead. If you are not SS eligible due to having a non-contributing government job, or you will receive a reduced SS benefit as a result of government service, be aware of that and consider working a little longer to maximize your pension, or take a look at your investments and rainy day fund to make sure they can sustain you when you need a future "raise". We were both SS eligible, despite our public employment, so we breathed a little easier.

Hopefully my candid answers won't discourage you. I am only suggesting you be very realistic and practical in your planning. Early retirement is a wonderful blessing (as is a conventional pension)...but it is a "fixed income", so you are frozen in time financially, but have more time ahead of you than the average retiree. It pays to plan well...and two years up front is certainly not too early to start your palnning.

 

[Chupaca]

Why not..!!

I have found, through my many relatives of which my mother and myself are the only ones left, keep up your pace just change the direction. As mentioned above once you have things set (health, funds, debts) you can retire. But if you give in to the vacation life things can go wrong. Especially if work has been your life. If this is the case tapering works better..jmo..

 

[Dan_Ashley]

Retirement should mean no debts. Pay everything off before you retire then never borrow money again. I retired 9 years ago at age 55 and no debts. Best decision I ever made.

 

[tobor9]

I retired 7 yrs ago at age 53 after 30yrs as a service tech. with Bellsouth telephone and have been so busy I need a full time job just to get weekends and holidays off! Retirement is what you make it:yes:

 

[Spyder_Cowgirl]

Forced Retirement

For me, I was forced to retire after 32 years with IBM as I got caught up in one of their "resource actions" (fancy way of saying "layoff"), July 2013. nojoke While we are by no means debt free, the severance package was decent and allowed us to payoff one loan and put a good chunk of change away for a rainy day. BTW, I was 56 at the time and able to collect my full pension -- still, things are "tight" until we can pay down some debt and a detailed budget is helping with that. The severance package also included job search counseling, retraining money, and transitional health coverage at a group subsidized rate for 18 months (then I'll switch to "normal" retiree health coverage through IBM). I am taking advantage of ALL of these items, even though I am not sure I want to go back to work. I am, however, using the retraining money to get a 2-year degree in "Petroleum Technology" that may offer a career change somewhere in the early part of 2015 -- IF I CHOOSE TO DO SO (key here is choice).

All good recommendations, above .... and good to start preparing now. I was not prepared for the sudden change and, truthfully, felt a little lost for several months. Now that I've adjusted, I find I am sitting around less and doing more with my time by tackling projects I never seemed to have time for while I was working. :yes:

Good Luck and Best Regards .... Ann

 

[GC Wheeler]

gcwheeler

We are all different and react so. I have retired twice, age 55 and 67 I am now 68 and looking at starting another business with my son. Good luck, I have friends that love retirement but I have to say it doesn't work for me. The only thing I like about it is I can get on my spider when I want and go when I want but because I can, I don't (very often). Road more when I was working and had to fight to find time to ride. I have been a police officer, and Donut maker with three shops, a county commissioner, and a Sheriff and I believe that work has always been my greatest recreation .

 

[Vidman]

I did not read all the replys because your questions/concerns are really personal to all. My main question is your age.

I retired at 52 with a state pension. Although the money lost was covered by the savings in childcare (late in life child) by daddy day care, it was only 3 yrs before the child went to school. Then I faced the reality of loneliness. ALL my friends and relatives were still working. I took part time jobs just to keep busy. That sucked and was even more boring. Nothing in common with co-workers.

10 yrs later......Had to take early SS as my wife retired from LE job also and the loss in that pay (still have a youngster) had to be covered. Financially we are fine. The main thing is BUDGET! Budget Budget. BTW, we still have a mortgage.

Life is full of surprises. Don't let possibilities hold you back. Probabilities should be your concern only.

You are not collecting a check for doing nothing. You are collecting a check for your hard work serving your fellow citizens AND for your life planning choices.

Go for it!

 

[lookerjdc]

I couldn't help but notice the number of folks on here that list themselves as retired. Congratulations to all of you! Here is where I am at: I will be able to retire in 2 years if I want to. I will have a total of 28 years in as a government employee and will receive a pension check each month. I will also be eligible for health insurance under my pension plan. I have seen too many people that either stayed and died on the job or stayed way too long and then died shortly after they finally hung it up. I don't want to be one of those people. I am still young and want to do new things. My questions are as follows:
- Are the any surprises that right after you retired you were faced with? I don't like surprises
- Is it right to be scared about leaving a steady job that you have had for more than a quarter of a century?
- I am worried that my hobbies and interests will cost more since I will have more to to devote to them. Has anyone found is to be true?
- Any other tips, tricks, do's or dont's that anyone is willing to offer will be most welcome.
Two years seems like a long time, but I think it will be here before I know it and I want to make a sound decision when the time comes. Thanks in advance to all.


Sent from my iPad using Tapatalk HD

my biggest surprise was boredom...

I was so used to waking up (whenever), going to work (whenever), and then getting the job done

I wsa a software engineer, 13 years with NASA, 10 years witj Apple, 10 years running my own company

depending on what you do for a living, you may want to think about doing some consulting type wor, or, you may just want to relax for a few years

Im just not ready to play bingo.........

 

[Barlock]

“Advice is what we ask for when we already know the answer, but wish we didn't.” ~ Erica Jong

 

[wyliec]

“Advice is what we ask for when we already know the answer, but wish we didn't.” ~ Erica Jong

Excellent.:thumbup:

 

[JkRbbt]

They say that you retire when you "have enuf" or "you've HAD enuf"! Your tolerance may vary.
Quite honestly, if you leave debt free and have medical insurance for those LARGE, unexpected bills, you are free to choose any direction life presents. And, trust me, you don't have any idea how many opportunities are there. I retired at 56 as jobs in the airline industry took a turn SOUTH! First 6 months of retirement, I was a construction laborer as we remodeled our 1930s home. Then I looked for volunteer work in our community, schools, hospital, etc, and wound up with the police department. 6 1/2 yrs with the local K9 unit is NOT what I expected to be doing at age 65!!

Retirement frees you to do about anything you ever thought about doing. Just look really hard at those two items, your DEBT obligations and MEDICAL INSURANCE. Best of luck! Retirement is the BEST job you will ever have!

 

[Bob Ledford]

Retirement

As others so stated "it all depends on you!" But I think that should be reworded to read, it all depends on how well YOU planned in advance. I was forced into retirement at age 60. But I like to think that our before retirement planning made the difference in everything...

My planning started back at age 18 at my parents insistence that I have a checking and savings account. I later added an IRA. At age 42 I went full Army from the National Guard status that I started in at age 23. When I remarried we talked about retirement planning. She had a State of Florida retirement going for her.. The big plan was to owe nothing to anyone except for the monthly recurring bills. Lights, water license tags and insurances required. If we want something we first research it, shop it then pay for it out the door.

We are doing fine and neither of us does without for very long. A wise financier once stated and I find it to be true, "You will never have any money if you have car payments." Since the day the first wife divorced me I have used that advice and you know, it really works.

 

[Bob Denman]

Sometimes; you just want to face the music :shocked:...
...And dance! :dg1::dg2: :yes:

The fact that you're asking, just tells us that you'll make the right decision for your circumstances! :thumbup:

 

[Sarge707]

I retired at 55 with a Military Pension and had to budget until I received SS at 62 and Now Life is a lot easier BUT I still budget and shop at 2 Stores for groceries.
I have my Spyders, a Jetski, RC Helicopters, Fight simulator and many Musical interests to keep me plenty busy.

My typical day is going to the Gym in the morning, watching Price is Right and talking the rest of the day to do what I want among my hobbies!

If you don,t have the Hobbies or interest to keep your mind busy and yourself satisfied with life you might want to work longer but if you don,t mind retiring Many years before most can even think about it you will have a Blast!!!

 

[spydaman60]

i really can't answer this thread, as i am in the same boat you are, just wondering when to pull the plug as well. the wife and i started buying our retirement toys about four years ago so we also could be totally debt free when the time comes. that's what got us on the spyder!!!nojoke good luck on your decision !!! (412 days and counting for us)

 

[Bob Ledford]

The Day After

I couldn't help but notice the number of folks on here that list themselves as retired
- Are the any surprises that right after you retired you were faced with? I don't like surprises
- Is it right to be scared about leaving a steady job that you have had for more than a quarter of a century?
- I am worried that my hobbies and interests will cost more since I will have more to to devote to them. Has anyone found is to be true?
- Any other tips, tricks, do's or dont's that anyone is willing to offer will be most welcome.
Two years seems like a long time, but I think it will be here before I know it and I want to make a sound decision when the time

The first surprise is the next day. You don't have to work, every day is a Saturday except for Sunday.. You have to start using a calendar daily to keep your appointments from conflicting. You can do as you darn well want to. The only people you have to answer to are those that you want to. After all they can not fire you any longer!

What hobbies are referring to?

You are eligible for the white Velcro sneaker club and senior coffee combined with senior meals out.