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How are your retirement plans turning out?

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

  1. decibel

    decibel Tele-Meister

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    The Mountains
    I retired at 34. I recommend it if you have a lot of hobbies both physical and mental. And if not, keep busy working.
     
  2. Richie Cunningham

    Richie Cunningham Tele-Afflicted

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    I’m planning to die at work in my seventies.
     
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  3. Texicaster

    Texicaster Friend of Leo's

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    It Varies.....
    Heck!

    I "retired" at 32! Started my own "business" and retirement probably not in the cards!

    I heeded the advice to do what you love and you'll never work a day in your life.

    That said my brand is gaining some traction and with the proper maneuvering and luck may be able to sell it for a good bit in the years to come.

    At 60 still having fun and as Merle said:

    Turn me loose, set me free
    Somewhere in the middle of Montana
    And give me all I've got comin' to me
    And keep your retirement
    And your so called social security
    Big city, turn me loose and set me free
     
  4. Tyuk

    Tyuk TDPRI Member

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    BC
    Thank you for the life advice! As someone who studied philosophy as an undergrad, you’d be surprised at how much I think about these sorts of things but will definitely heed your wisdom as I look ahead.

    Case in point, my wife and I got married last October because while we didn’t know when things be normal again, we did know we loved each other and didn’t want to take any chances/waste any time.

    edit: typos
     
    Last edited: Mar 6, 2021
  5. burntfrijoles

    burntfrijoles Poster Extraordinaire

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    Somewhere Over The Rainbow
    Well hell, you can't beat that. I declare you the winner!
     
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  6. Laren

    Laren Tele-Meister

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    West Somerset
    Wow, what happened there? Great response, a lot of really interesting stories.

    I'm waiting until next year for my UK state pension (700ish p/m) luckily I have a small private one (again about 700ish). I had managed to pay of my mortgage and am single (lukily, as far as resources go - not as far as companionship goes - swings and roundabouts), so it covers my needs (wouldn't have if I was still tipping the booze down my neck though).

    I moved down from near London to Exmore and am loving it, took sometime before I got used to walking over the hills though, much fitter now.

    Yes, as a lot of you have stated, it's important to keep busy, physically and mentally. I'm hoping to get better at the guitar making and maybe selling a couple to help pay for 'stuff' to make more. I'd love to end up with a tele, strat and LP that I'm really happy with, and I really must learn to play one!

    Good luck to all.
     
    Rustbucket likes this.
  7. Jimmy Dean

    Jimmy Dean Friend of Leo's

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    Location:
    Portland, OR, houseboat
    Since the wife & I retired, we have no debt, money in the bank & enough money in savings to cover any major car or home repairs. No mortgage, car payments or credit cards.
     
  8. schmee

    schmee Doctor of Teleocity

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    northwest
    Roof over my head, still alive so far... I guess it's working...
     
  9. 7171551

    7171551 Tele-Afflicted

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    Originally West Lothian, Scotland
    Reality looks pretty much unrecognisable from my retirement plan: Brexit and Covid saw to that! But I'm doing okay I suppose...

    The plan was to rent this property out, but to move to Spain to live. Then Brexit began to unfold and the years of uncertainty began. I decided to wait and see how that played out, which may have been a mistake in hindsight, but the financial risk felt just too high...

    Then came the pandemic.

    Even if things get back to "normal" I would no longer have the freedom to travel I had before. It all combines to make the Spanish retirement dream more and more unlikely, which basically sucks.

    However, on the plus side, I own my house, which has a sea view from the kitchen window. I have no debt, some savings, and am living modestly within my means. (NHS superannuation scheme pension). If I'm still around in 6 or so years I'll have the state pension on top of that!

    I have a lot to be thankful for. My father had about one year of retirement before he died.
     
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  10. DADGAD

    DADGAD Friend of Leo's

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    Earth
    Retired four years ago. Planned to work on my home, train my dog, enjoy my vinyl record collection and keep my small music business running.

    Then my plan got blown up. A local church offered me the music director position. I’m on staff with an office and play on the band every week.
     
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  11. Twin52

    Twin52 Tele-Meister

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    Miami
    My 2 cents of advice is: save as much as you can, pay off your house, don’t have any debt at the end before retirement, buy a guitar, amp, nice watch if you are into that,whatever long lasting material thing you want, pay off your car or get payments right and manageable, and then be prepared to live on what cash and income remains. Take social security at full retirement, not early or late at the end, unless you are so well off that the money just isn’t important at 66. If you wait until 70 it could take ten years to break if you had started at 66, and you have to live that long...
     
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  12. Mjark

    Mjark Doctor of Teleocity Silver Supporter

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    I once thought I'd be sailing up and down the intercoastal waterway but I have no desire to own a boat of that size today. I'd like to do some European traveling before I get too old. I guess that's still a ways out. We have a grandson that's our main entertainment and focus now.
     
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  13. darkwaters

    darkwaters Friend of Leo's

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    Everything was going along swimmingly until March 2020...:(
     
  14. Jhengsman

    Jhengsman Tele-Holic

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    Los Angeles
    I am just about to qualify to get into the IRA without penalty. I missed the million dollar in retirement funds goal that I set 25 years ago. But if I average half of the return that I made in what I considered a less aggressive account last year by the time I could get early social security I will make that goal.

    With the pension and social security I should be okay. Jheng is already searching for the retirement home closer to the granddaughter
     
  15. blue metalflake

    blue metalflake Doctor of Teleocity

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    ireland
    In UK & Ireland, the so called “final salary” schemes were pitched to pay 2/3 salary. Most of these closed 10 years or more back, but I had close on 30 years in the bank.
    Small state pension brings it up a bit more, but lack of inflationary rises on the company schemes make it tighter as time goes on.
     
  16. omahaaudio

    omahaaudio Friend of Leo's

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    Location:
    France
    Loving retirement.
    We sold up everything (house, cars, furniture) and moved to an excellent city in France.
    Fresh food from a local (street) market six days a week, excellent public transportation (although we've recently bought a small car for post-Covid expeditions), affordable apartment, fresh baguettes daily...
    The people are nice, the food and wine excellent, and our total costs for health insurance and health care works out to be $1500 a year each.
    Oh yeah, France doesn't tax retirement income, whatever the source (although we still pay US taxes on Social Security payments and IRA withdrawals).
     
    Last edited: Mar 7, 2021
  17. burntfrijoles

    burntfrijoles Poster Extraordinaire

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    To me, the essential key was to pay off my house which I did a couple of years before I retired. In fact, I should have done it sooner. I was no longer getting a tax break on the mortgage interest. The interest that I was paying was higher than CD rates.

    I probably hung on a little longer than I should have but I waited for Medicare. COBRA was too expensive (and more than ACA).

    That’s not necessarily true for everyone. There are plenty of tools online to assess the financial pros and cons. At the time of my retirement, the nominal payback period for waiting was about 17+ years. I might not make it 17 years. It really depends on a variety of factors.

    That makes no sense unless one is wealthy. Most downsize. I almost bought a larger house about 10 years before I retired. I am so glad I just remodeled my current house which the perfect size for a single retiree.

    I’ve been encouraging my daughter to maximize her 403b etc. She’s 35 and she finally gets it. She’s making better financial decisions now.
     
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  18. tycobb73

    tycobb73 TDPRI Member

    Age:
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    Location:
    Michigan
    Thrown for a loop.

    Accountant whose legally blind. Have 2 masters. Worked on and off for 10 years, being fired 5 times. Being blind i couldn't work fast without mistakes. Got enough work credits to qualify for early retirement, ssdi, and retired. The rules are different on ssdi for blind people. Need a lot less work hours, money you can make before monthly payment is affected is a lot harder. Now I'm a stay at home husband. I work a couple hundred hours a year for my own clients, play guitar 2 or 3 hours a day, clean the house, and make sure the kids are on track at school.
     
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  19. 1293

    1293 Poster Extraordinaire

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    I started investing big time straight out of college. Got in with a biotech company with great stock option grants. Stock went through the roof. Retired at age 46. What happens is what you make happen.
     
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  20. That Cal Webway

    That Cal Webway Friend of Leo's Silver Supporter

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    Minot
    Great
    Single, so my social life was set bk from c19.

    Is wha it is. I jus played more gtr!
     
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