Posted on 10/22/2014 2:53:18 PM PDT by A Cyrenian
Any Freepers preparing to retire in the next 5 to 10 years?
What are you plans?
What are you doing to get ready to enter the next level of your life?
I'm considering retiring in 3 - 5 years and I feel like I don't have all my ducks in a row.
Know what I mean? I'm not asking about financial advise, but would like to know what one should do to be ready to sleep in the first day of retirement.
I’m preparing my husband for his retirement....reminding him that means...he gets to do all the cooking, cleaning, shopping, errand running, etc....so I can finally do WHAT I WANT....seems he isn’t so excited about “retirement” anymore....
Point 1: Be aware that you will not have enough time in any given day to do what you want to do. Point 2: Whenever possible take a nap!
My advice - think about ‘interesting’ stuff to do in retirement. Yes, there is plenty to do around the house, etc. but there is also around 12 hours a day to fill - 7 days a week. Of course, vacations speak for themselves as within the interest stuff category.
Extra money is needed in most cases. Hobbies like golf and tennis and even volunteering can fill the ‘interesting’ time. If you are handy, having a shop can be a real plus - woodworking, classic car maintenance, etc.
Retirement is all about time and money. Hopefully, sufficient money is available that tends to help fill the time with interesting thing to do - sort of like a long bucket list.
My husband and I set the clock and get up every day at 6:00AM. We both keep a calendar of “to-do’s” and we make sure we keep busy. I make breakfast and dinner but we’re on our own for lunch. We try to do things together, but not everything.
Retirement is probably 5 years, 2 months and 10 days away. I am fully vested in a 401K, have military retirement and will help to suck social security dry. No mortgage. Will buy our last car for cash about 6 months before retirement. I work out every morning at 4:30 and plan to keep that up. Will intensify the gardening and probably many short vacations. Might even start a part time job at a home improvement or farm supply company. Doing that would be something I think I would enjoy.
Men identify with their job.It is also how we identify ourselves to others. A job can be status, a title can infer a high place in the pecking order. The accoutrements of an office and/or staff can be something that is part of our work identity.
But who you are at work is not the REAL you.
You, the person, is what you are after you get the gold watch and the party is over.
Work was what earned you the ability to retire. It is not your life.
The most important thing in life is time.
What will become new to you is that you have control over your time, not others.
You must be prepared to live without that imposed artificial structure.
So, to do that well, you have to know who you really are as a person, with no title, no office, no staff, no telephone ringing, no meetings that must be attended, no sales calls.
You have to realize that the old props are now gone, and you are in a new phase of your life.
The freedom and the lowering of stress are wonderful things you can look forward to.
But this is a time to make your life count to your family, to your friends, to your community,and to God.
And do yourself a favor—don't look back.
Embrace your freedom and use it wisely. Greet each day a s a gift, and a blank page to write upon.
Love those closest to you in a more intense way, for they are the ones who help to define you and make life worth living.
And do the things you have been waiting to do, go to those places you have wanted to see.
And be grateful that have lived to enjoy this new chapter in your life.
All else will follow.
btt
I have a financial advisor and have contributed to my 401K as much as I can.
My retirement is as good as it is going to get financially.
What I'm asking is, how much time do you allow when you apply for social security? Medicare? What else am I missing? Any thoughts?
GO ROYALS!!!
yah, me too. I can’t wait to be done with work. Wish I could go now !
I’m having too much fun at work to retire. It amazes me I get paid this much to have this much fun. I’m 62, but will likely keep my current job until I croak.
Don’t take this the wrong way, no disrespect intended, but, I would not look forward to retiring to a long list of household chores.
Buy Scotch now
Sound advice.
When I stock up, I always ask the clerk for a “deal” if I buy a full case - Johnny Red - they usually will cut a few dollars off the per-bottle price.
First of all, you do not have to retire. You can get another job or work part time. Retirement was only for the very rich until Roosevelt’s Social Security came about.
Calculate now to see if you can afford to retire.
My days are very full-I have no more time for being a couch potato than I did when working full time.
Grand kids, Great grand kids, Volunteer work, Gardening, Reading and last but not least, FReeping.LOL
The local community college will let an 65 year old audit any class they want for free-so I could add learning stuff that I didn’t have a chance to if I have any free time down the road.
I retired in May of 2013. Left California and moved to north Georgia to be near my daughter. I love it here. Paid $2.99a gallon for gas last night. Do miss the fresh fruits and vegetables tha California offers but am adjusting to the local offerings. Hit up Harry’s every now and again to fill my cravings. like Holiday grapes and good asparagus. Send to Boudins for SF sourdough....nothing like it
Funny, you should ask. I just got out of a two-day seminar for federal employees getting ready to retire. The comments by others below are right on point. You need to keep busy and not just become a couch potato.
You need to figure out what you will get from social security and if you have a spouse, will she be entitled to a spousal benefit. If you are divorced, you need to find out a(by looking at the divorce decree) whether the former spouse will be able to claim the spousal benefit.
Our presenter recommended that for people who will be relying on a 401(k) and social security alone to also have investments and savings worth 10 times their salary.
Also, create a budget, pay down debt and then keep out of debt. You must ascertain if you have enough saved up and in pensions to be able to afford to retire.
Good luck.
I've been laid up for many weeks and am feeling absolutely bored out of my head. I've got "projects" but nothing compared to my occupation that makes me happy.
bflr
Hmmm. My wife probably has a similar plan in mind.
Thanks for the warning.
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