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How are your retirement plans turning out?

Discussion in 'Bad Dog Cafe' started by Laren, Mar 5, 2021.

  1. DesmoDog

    DesmoDog Tele-Afflicted

    Apr 28, 2010
    SE Michigan, USA
    May 28th, 2021

    After a couple false starts that's now the day that's quickly becoming official. I can hardly wait... Truth be told I should have done this earlier but I was afraid to give up my toy fund. But now I'm so sick of this company/industry/career that I just want it to be over.

    I'm 58, my wife is a little older and quit her job right before all this madness started last year. No kids, no debt to speak of. We'll be fine.

    Retirement plans include getting back to trying to learn how to play guitar. Walking the dog more often. Taking trips that don't have to fit in a two week window. Getting back to work on the two motorcycle projects I'm keeping. Continuing to sell crap I'll never use.

    And not waking up to a fooking alarm. Oh man that will be nice...
  2. Warren Pederson

    Warren Pederson Friend of Leo's Silver Supporter

    Mar 16, 2004
    Kelowna B.C., Canada
    Since I had no plan I guess it’s okay
  3. Wyzsard

    Wyzsard Friend of Leo's

    Jun 22, 2009
    Falls City
    Retired in March 2020. Just in time to have my first spring and summer plans screwed by Covid. Did stuff at home that needed to be done instead and got stir crazy in late July so I got a part time job 16 hrs a week just to get out of the house and see people. Other than grocery store people.

    Gained 17 lbs but got 10 of it off in the last couple weeks eating right and doing more stuff at the house.

    Oh, and Covid got me in Nov. That stunk but it didn't get in my lungs much. Tore my gastric system a new one and I felt a different kind of fatigue.

    Scared me enough to toss my smokes the first day Covid hit me though. First couple of weeks was a breeze. Too dang sick to smoke. 119 days today since I quit. So something good come of it.

    2021 is looking better. Had a few of what my doc and me thought was angina. EchoWhatever they called it and nuke stress test found nothing wrong with my ticker. While I was waiting for my nuke stress test results I figured out the chest tightness. Must be acid reflux. Once I suspected it was that while having a miserable chest tightness episode, I tried Pepto Bismal. 6 doses over 3 hours and it went away. I started avoiding what might trigger AR and raised the head of my bed. Hasn't happened since.

    Bought a bike a couple days ago. Gonna lose 60 more pounds by Thanksgiving. However many miles it takes. And hike. Got a private forest with trails nearby.

    So this summer looks to be better than my first one in retirement. First one stunk. Did I mention that ?
  4. telestratosonic

    telestratosonic Friend of Leo's Silver Supporter

    Mar 5, 2011
    Alberta, Canada
    71 year old guy who retired in 2015. Knees are worn out but they're replaceable. Otherwise good.

    Stay healthy.
  5. El Marin

    El Marin Friend of Leo's

    Mar 19, 2014
    Pärnu, Estonia, EU
    I retired five years ago, at 44. Because I wanted and because I could. Been dedicated to music and guitar since then and become a landlord. Instead of spending my money on cars booze and drugs, I didn't bought any car, I bought flats and now I rent them:lol:

    BUT I am starting to work again, at least for some years, something between 5 and 10 years before retiring again and forever this time. Well I will keep on playing and gigging in a professional way, but for me, that's not "working"
  6. stepvan

    stepvan Tele-Afflicted Silver Supporter

    Nov 15, 2018
    out there somewhere
    I hope it goes up in a nice happy cloud of smoke!;)
  7. MrCairo46

    MrCairo46 Friend of Leo's Gold Supporter

    Jul 17, 2009
    Baltimore, Maryland Hon!
    That’s a good start and now max it out.
    Decide how much you think you’ll need. I use an investment calculator , there are several online. Put in how much you have, how much you plan to save each month, year or quarter, for how long till you retire and then a return rate on investment.
    Next find a good reputable advisor who is a fiduciary. These are brokers who make money when you do and have better fees that some other large groups ( I lost a bit on stupid stuff I didn’t understand back in 2008 with a different Invest Co.). Find some who you will trust long term and let. Them work .
    Next, if you are doing the above , relax and enjoy life an let the money grow without touching it for 20 years and then around 57, start preparing for the downsizing and vacation of life.
    Remember 401K is best for retirement, savings account to for big purchases, college, and vacations now. Try and keep them separate.
  8. harleytech

    harleytech TDPRI Member

    Jun 5, 2017
    Ok I guess... Retired - 58yrs old...
  9. Dave Hicks

    Dave Hicks Friend of Leo's

    Mar 28, 2003
    Northeastern Indiana
    I didn't have much in the way of plans, but due to the ongoing, even those haven't really worked out. All the musical events I planned on going to were cancelled or postponed for literally years. I did read some books and record some music - even wrote a few songs, which I hadn't done before.

  10. Wrighty

    Wrighty Friend of Leo's

    Aug 17, 2013
    Essex UK
    Well done, you have your priorities right. Gas is ruining the planet!
    24 track likes this.
  11. PCollen

    PCollen Friend of Leo's

    May 7, 2010
    1. Never dip into that 401K again until you MUST, unless its a matter of life of death.
    2. Try to build up a "emergency" savings of 3-4 months salary to avoid going to the 401K.
    3. Live economically and smart. If you NEED it, buy it. If you just want it, think twice about what that money could be worth 10 years from now in a good mutual fund. ( Example: Go to T. Rowe Price web site or similar and look at historical fund data:


    4. Increase your 401K contributions a little each year with the goal of maxing out...25% of your income.
    5. If your employer contributes (matching) to your IRA, always contribute at least enough to get that.
    6. You are going to pay taxes on that money now, or later. And it looks like taxes are not going to get any lower and likely higher in the future. Consider a Roth IRA for extra savings if you can take the tax hit now .
    7. Work at least until you are at the Soc Sec. full retirement age if you can, then take it. Don't take it early at 63 or wait until you're 72. If you are lucky enough to be able to work longer, you can use that SS money to pay on or pay off your house mortgage, car, and other bills so you won't be saddled with debt in your retirement.

    Depending on your total annual household adjusted gross income , up to 85% of your social security income may be subject to taxation.
    Last edited: Mar 6, 2021
  12. Harry Styron

    Harry Styron Friend of Leo's Gold Supporter

    Aug 2, 2011
    Branson, Mo
    Many of those responding are those who were prudent, are early into retirement, and not derailed by tragedy. In other words, we see the bias of those who are still here and able to talk about retirement. We can learn from these stories.

    There are alternative stories that are also instructive, though common, which involve people of retirement age stepping up to take care of disabled parents, spouses, and offspring, or becoming incapacitated themselves. Another common story is retirees helping with or taking full responsibility for grandchildren or using retirement funds to fund an ill-fated venture.

    A common and foreseeable situation that I see, living in a popular retirement area, is retirees investing in a large home in a scenic place that is distant from adult children and basic services such as medical care and a supermarket. As the retirees get into their mid-70s, and are unable to maintain the dream home (with its inevitable flaws), and needing frequent medical care, their lives become difficult.
    P Thought, Jimy, catdaddy and 5 others like this.
  13. Telekarster

    Telekarster Tele-Afflicted

    Aug 14, 2019
    This is very good advice and very true. I swear I could literally do 20 years standing on my head... My Dad worked his whole life, retired at 65 and built his dream home, only to drop dead of a heart attack after only 10 years of being retired. I'm not yet close enough for retirement age, about 10 years out for me, but I'm seriously thinking of pullling the trigger anyway, damn the torpedos so to speak, and at least get some time in to do the things I want to do before I croke... just sort of afraid to do it, but I know tempus fugit is reality. I've made some good investments over the years that, if I sold them, I'd probably be OK $$$ wise for a while, just not sure how long I'd have to stretch that $$$ out...
    Last edited: Mar 6, 2021
    SRHmusic, Toto'sDad and Harry Styron like this.
  14. Gardo

    Gardo Tele-Afflicted Silver Supporter

    Dec 3, 2019
    Lancaster Pa
    We traveled a bit and now I’m building my wife a nice vegetable garden. But it seems garden boxes are like guitars, we always need to add just one more.
    I work when I feel like it and play guitar when I don’t.
    People say I look younger now.
    P Thought, Tommy Biggs and SRHmusic like this.
  15. Peegoo

    Peegoo Poster Extraordinaire

    Oct 11, 2019
    Between the Raindrops
    Retirement happenedfor me about five years earlier than I originally planned, but it's going far better than I ever could've expected.

    Even with the current Human Malware Sitchyation.
  16. mfguitar

    mfguitar Tele-Afflicted Silver Supporter

    Aug 12, 2008
    I "retired" from my 40 year career that never paid all that well, now I make twice as much and work 1/2 as hard, less actually. I can keep up this pace for another 10 years or so.
    Harry Styron and Telekarster like this.
  17. chulaivet1966

    chulaivet1966 Tele-Afflicted

    Nov 17, 2011
    The Heartland.....Kansas
    Ha....I hear you.

    I got "out of the trenches" a couple of months before I turned 64....back on 12/26/10.
    Wife retired 2 years ago.
    Only debt is a credit card amount due to our moving from the left coast to far more affordable location....the moving part was hell.
    We aren't rolling around in buckaroos but we are comfortably paying our bills and eating well and we woke up above dirt this morning.
    So...no whining from me.

    Our general expenses have decreased due to our new location and everything we need is very close by....even a VA clinic about 30 minutes away.

    In the two weeks that followed this big decision I wrote this song dedicated to us fortunate retired fossils:

    Have a great weekend everyone....
    Harry Styron likes this.
  18. Jim_in_PA

    Jim_in_PA Friend of Leo's Silver Supporter

    May 31, 2019
    SE PA near New Hope PA
    I "did the right thing" for many years and was able to very comfortably retire at age 60 just over three years ago. Professor Dr. SWMBO will be in the same place in a couple of years...we do need her health insurance until then, however.

    So yes, my retirement plans/expectations were met very nicely. And I'm busier than ever since cutting the cord from my employer of 21+ years of 38+ years largely in the tech/IT/telecom space. Of course, had I started "doing the right thing" earlier than when I did, I could probably retired even sooner. That's what I'm drumming into our daughters, particularly the younger who is about to graduate from college. Putting a little out every month now into 401K or other retirement accounts will pay off in a major way down the line.
    Telekarster likes this.
  19. lathoto

    lathoto Tele-Meister

    Dec 18, 2020
    I do volunteer work and pay as much forward as I can. I'm learning to build Partscasters, reading all the Pulitzers, and occasionally moving chalk marks on my humble Scotch collection.
    P Thought and Harry Styron like this.
  20. Still54

    Still54 TDPRI Member

    Jan 12, 2014
    planned to retire Mar 20 then covid. Been working from home since then. Kinda like being retired while getting paid. Except for the BS of of the "workzoom" is a good time to be working. Been building amps; below is number 5 housed in packard radio cab. My son has been building guitars from blocks of wood. Thinking of trying my hand at building a 59 Epi Coronet or Wilshire. Still will retire when I can travel again. Today is vaccine #2 for me. 0306210639.jpg 0304211708_HDR.jpg
    Telekarster likes this.
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