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.
Just went through the SS application process.
It takes 4 weeks or more for an online SS application to be processed so apply before that. They let you apply up to 4 months before you are eligible. The online application is easy.
Your first check comes sometime in the second month after your birthday.
Medicare is automatic at 65.
I feel exactly the same way. I don't understand why so many others actually look forward to retirement. Do they not like their jobs? If so, that's sad.
Like you, going to work each day is a pleasure. Don't get me wrong, I like my weekends and vacation like everybody else. But I never dread going back to work on Monday morning and my work energizes me and keeps me young.
My income from work also gives me the ability to make the most of my off-time. I can go to any restaurant I want without worrying about the menu prices. I can book a trip to anywhere I want to go. If I want the latest consumer gadget or a new car, I just go get it. Why would I want to give all that up just so I can sleep late in the morning?
Besides, if you like your job, it's not "work" anyhow.
Yay you. My mother died from breast cancer and I beat it. It really does give you a new outlook. Things and stuff just aren’t that important anymore.
We have a 40 ft sailboat and I would love to sell the house and take off. Hubby won’t. Me being sick didn’t change his outlook I guess.
You will find plenty of things to do. I surely have.
You can go online to social security. The have a thing called “My Social Security”. You can just set that u anytime before or after you retire. It does NOT activate your ss.
It gives you basic information.
When you finally sign up (I am not retired) it is supposed to begin immediately. Or so they say.
Same with Medicare. But you have to learn about what you want on Medicare. READ! Also, if you have an insurance agent, pick their brain. They will want to help you since they want you to sign up for Medicare add-ons. Don’t buy anything. Ask and learn.
Also, community colleges have classes on both ss and Medicare. They are usually about $20 to take a class. There are often local free seminars.
Don’t buy anything ... You’re learning. You can go to a financial planner that only charges for services. Go for a free consultation ... After awhile you will know exactly what to ask.
Plan your finances. Plan for 20 to 30 years.
Go to the library and get books on retirement ... Go to your local senior center to look around. They should be a good source.
Good luck ...we all need it.
Medicare is automatic when you turn 65. You will get a form in the mail to complete. I did not sign up for the optional Part B.
......that’s fine if you plan it that way and are still on a employer plan. But, others should know that if you wait on Part B you can be subject to a 10% penalty for the rest of your premium paying life. Also you give up 24% of your Primary Insurance Amount if you start at 62. Most 62 year olds will live past 80. Better strategy is to look into a file and suspend if your spouse has a PIA, while your benefit will compound at a “risk free” 9.7% next year.
ymmv
1. Out of debt. Mortgage paid off completely. Credit cards zeroed out.
2. Retirement funds. Enough so I can live without SS because that isn't a very good bet these days.
3. Retire TO something, not away from something. If you veg out, you'll die.
4. Have a plan for medical expenses. Whatever it costs today, allow for it to triple because the idiots in government think it's their shiny new toy.
5. Have a will. If you do not, the state will provide one for you. You may not want that.
For me, number (2) above put off retirement fully ten years after I'd originally planned it due to the stock market and poor planning on my part. Better to continue to work at a less than optimal job and build your poke because you don't want to have to start from zero when you're too old to hire. And number (3), well, I have a long list of things I intend to accomplish before I check out, including a bit of writing I've been promising to certain people. If I do it right retirement will be more work than working.
Best of luck to you!
Thanks, those were good and pertinent suggestions. I am working along those lines as we speak.
We are all wired differently. I am in my mid 70’s. I too sold a successful business some 25 years ago and never looked back. Never had any desire to see if I could it again.
I haven’t done anything in particular ever since. There are always plenty of projects to do in my homes. If I feel like working any particular day, I do. Otherwise, I just mess around. I loved building my business, but this phase of my life has also been great.
My wife and I retired from office jobs and a townhouse in Arizona. We paid off all of our bills over the last few years of working and kept just one credit card. We sold our home in Arizona and moved to Florida and started a completely new lifestyle on 25 acres in the country. We built a new house from retirement savings to keep from having a mortgage. We bought two black Angus heifers and started raising beef cattle. We’ve breeded them up to a dozen head now and will grow the herd to about double that. Then we’ll start selling some of the stock at auction to pay our property taxes. We’ve spent out time working improving our property and learning how to raise cows. We had a well drilled. Learning how to use tractors and farm equipment, building and repairing fences, building a barn, sheds, greenhouse, chicken coup, grape arbor, putting in a big garden and lots of fruit trees. We live in the country away from the big city but are close enough to get to town when we need to. We’ve done all this on some savings, our social security and small retirements.
The point is, we didn’t retire and just stop. That’s the secret. You keep going until the road runs out. If you stop, you’ll die. Doing what we’re doing keeps us interested, busy and motivated to get up tomorrow. We are having the time of our lives and enjoying every minute of our retirement. We don’t travel much because we traveled and lived in many locales during our 40 years of marriage. Retirement is not that hard if you have something to get you up every day, something to keep you busy and something to look forward to. Each to his own but our formula for having a productive, happy retirement is working out just fine for us so far.
Good luck with your new life.
That.
I also suggest as a second career, "citizen journalism." As a FReeper, naturally you're interested in politics and conservatism. Start your own news agency on the internet. Go to county commission, school board, city council meetings, and write about what you see and hear. You will be shocked at how much influence you'll have.
I've been doing my own newsblog for five years and have enjoyed it immensely.
If you have had military service, be sure to have your DD214 when you apply for S.S. it makes a difference.
ping for later.
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