# With Retirement getting closer, I look at the world differently



## Janderso (Sep 4, 2018)

I am only 61 but I can see the brass ring.
As my wife and I watch our assets grow and our debts shrink, It is beginning to sink in. I am going to retire soon.
I turned 55 about a month ago so I know 65 will be here soon.
I am making plans to improve my shop. I may even build one next to the garage.
We have decided to do some traveling while we can still get around pretty good. She likes travel more than I do.
Heck, flying to London and spending a week sight seeing could pay for a nice refurbished Bridgeport. I would rather have the iron.
I will miss the paycheck but I am working on acquiring while I am still working. I may work part time down at the local hardware store for my consumable expenses.
I get to work earlier and leave earlier to make up for it  
They still love me at the dealership but I am not as stressed out as I use to be. When I had one son in College and the other in Vocational school, stress was high.
Life is short, enjoy each day.


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## rwm (Sep 4, 2018)

I'm in the same boat. Retirement around the corner. My colleagues keep asking me if I will be bored. Meanwhile, I don't have enough time for my hobbies and sporting activities. BTW, I think you underestimate the cost of the London trip...think new Bridgeport with CNC.
Robert


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## Janderso (Sep 4, 2018)

rwm said:


> I'm in the same boat. Retirement around the corner. My colleagues keep asking me if I will be bored. Meanwhile, I don't have enough time for my hobbies and sporting activities. BTW, I think you underestimate the cost of the London trip...think new Bridgeport with CNC.
> Robert



That would explain why she never shares the cost of the trip. She always says, “ Don’t worry about it, the trip is paid for”.
Grrrrr.
I can’t complain, my wife is a retired Assistave Technologist in Education. She is highly respected in her field and has a consulting business. She certainly has a right to do as she pleases.


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## benmychree (Sep 4, 2018)

Retirement is a wonderful thing, it took me all of maybe 5 seconds to get used to it.


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## westerner (Sep 4, 2018)

Janderso said:


> I will miss the paycheck but I am working on acquiring while I am still working. I may work part time down at the local hardware store for my consumable expenses.


Yup, me too. Two years for sure, probably 4 to be sure of finances. Can't wait. The way I have always looked at my job has been different than many I know. There are people I know at work, and in town, who are scared or nervous about retirement, and not the MONEY end of it. I feel sorry for them. Those that have little in their lives *outside* of work are the ones *truly* disadvantaged.
I get it, I do. Many people have devoted so much of their lives to their livelihood, that they have lost track of the difference. My grandfather was a prime example. Dead at 57, to a stress related heart condition. 100 percent work related. I made a promise to myself a long time ago, to not let that happen to me. I will not be able to tour the world on my pension, but I look* forward* to seeing what I* can* afford.


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## JimDawson (Sep 5, 2018)

I'm trying to retire, but that isn't working out so well.  I'm just as busy now as I was when I was working.  Pesky customers just won't let go.   Then my son retired from his job, bought more equipment & moved it into my shop and forced me to work even more.  

I was looking forward to just puttering around in my shop and posting on HM, maybe someday.  Not to interested in traveling, I spent 20 years living on airplanes and in hotels traveling the world so I'm pretty much traveled out.


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## savarin (Sep 5, 2018)

I love retirement so much I decided to go early at 62.
Hate traveling but love the destinations, all the unadulterated bulldust you have to go through to get anywhere takes the shine off.
In my humble opinion you need more than one hobby else its becomes samo samo and you get bored.
Two blokes retired with me, ones dead (drink) and the other lasted 6 weeks before he went back to work again. Huh!
I have no feelings of working ever again but I will be slowing down.


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## Janderso (Sep 5, 2018)

Savarin, I don’t know how it is in Australia, but here, health insurance or the lack of it is financially crippling.
I would go out in a few months at 62 also but I need to wait for Medicare and the supplemental insurance at 65.
By the time I get to 65, they may increase the age. If so, I’ll eat it for a while.
65 is my goal.
I can’t imagine getting bored in my shop but I don’t have time to spend much time tinkering.
I’ll bow to your wisdom. I’m sure my wife has plenty of ides for my retirement days.


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## savarin (Sep 5, 2018)

Janderso said:


> I’m sure my wife has plenty of ides for my retirement days.


Yep! and that reduces shop time by 60%


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## RJSakowski (Sep 5, 2018)

I retired at 69 and that was 5 years ago.  My wife, 14 years my junior, retired a few months after I did.  Our health insurance premiums run over $14K a year.  With six more years to go before she is eligible for Medicare, it is a major concern of ours. 

As to what to do with my time, I face the same issues as many of you.  One of my main reasons for wanting to retire was that, between work and home projects, I was 150% overbooked and was getting to the point where I begrudged any intrusion on my time.  Retirement has eased the crunch somewhat but there is still a long list of projects demanding my time.  Slowly, they are getting marked off but health is declining as well so they don't get done as quickly as they used to.

I don't regret working as long as I did.  My work was satisfying and I looked forward to going into work each day.  If there were any regrets, it would be that I didn't realize how quickly health would go south.  We did take a six week trip to Europe in 2014.  That was my last trip abroad and another isn't likely unless someone from my wife's family passes. Nowadays, a few days away is about all that I can deal with.

If the choice between earlier or later retirement was available now, I would probably opt for the former.


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## AJB (Sep 5, 2018)

The best advice I heard when contemplating retirement was this, “Don’t retire because you want to stop doing something, retire because there is something else you want to do more.”  That statement kept me on the job for several years, until I found a part time position doing something I love that allows enough free time to enjoy life.


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## Dave Smith (Sep 5, 2018)

I retired at age 61 and that was 13 years ago---we live on soc sec(only I had income since my wife was housewife) and a small amt of pension that runs out in two years---the trick is to be debt free and house and autos all paid for---you also have to have no desire to get back in debt---having all my hobbies pay for themselves or save me money is beneficial-----I have lots of extra assets to sell if needed and I am always looking for the good old iron bargains---medicare is our only insurance----I love working in my shops and am happy I have collected enough supplies to last more than my lifetime--when I am gone there will be a huge auction all of you would only dream of attending---you name it I have it!!!---anyway retirement is very enjoyable so don't put it off too long-----very happy Dave


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## PHPaul (Sep 5, 2018)

The second smartest thing I ever did (after marrying my wife...) was stay in the Navy for the retirement.  The pension check is obviously helpful, but what's less obvious is the health coverage.  I retired permanently at 62 six years ago and my retired military health plan covered me until Medicare kicked in and even now eliminates the need for supplemental insurance.

From time to time I briefly consider going back to work part time, but a couple of aspirin and a nap usually cure that aberrant mental pattern.


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## markba633csi (Sep 5, 2018)

I look at the world differently too- more projects than ever to do and even less time to do them!
mark


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## Janderso (Sep 5, 2018)

PHPaul said:


> The second smartest thing I ever did (after marrying my wife...) was stay in the Navy for the retirement.  The pension check is obviously helpful, but what's less obvious is the health coverage.  I retired permanently at 62 six years ago and my retired military health plan covered me until Medicare kicked in and even now eliminates the need for supplemental insurance.
> 
> From time to time I briefly consider going back to work part time, but a couple of aspirin and a nap usually cure that aberrant mental pattern.



My brother spent over 10 years in the Navy then went into the Postal Service. He has good benefits compared to me.
He goes to the VA for his Doctor and meds. , dang near free.


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## TonyRV2 (Sep 9, 2018)

I retired about a year and a half ago at 62.  I still live comfortably with a nice pension, S.S. and good health insurance, but its not near my level of income when I was still working of course.  Buy all of your toys while your still working and make sure you have everything paid off, mortgages, cars, etc., before you retire.  I started planning for my retirement about 3 years prior to actually retiring. Its been a seamless transition and I've never looked back. Its like being a teenager all over again...without the parents looking over your shoulder.


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## BROCKWOOD (Sep 9, 2018)

I'm 55. What I want to do is cash out my 401K to pay off everything, build & outfit my shop. Then get right back into a 401K for 50% of my income. Need to get all the numbers together & find a CPA as I really don't want to pay the taxman. I can handle 10 years of stacking up money.


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## Janderso (Sep 9, 2018)

TonyRV2 said:


> I retired about a year and a half ago at 62.  I still live comfortably with a nice pension, S.S. and good health insurance, but its not near my level of income when I was still working of course.  Buy all of your toys while your still working and make sure you have everything paid off, mortgages, cars, etc., before you retire.  I started planning for my retirement about 3 years prior to actually retiring. Its been a seamless transition and I've never looked back. Its like being a teenager all over again...without the parents looking over your shoulder.



Mr. tony, planning for retirement 3 years before is unusual in my humble opinion.
Based on your statement, “I still live comfortably with a nice pension, S.S. And good health insurance “. You are fortunate and I bow to your good fortune.
My wife and I have been planning and investing for decades.
I agree with you, “buy all of your toys while your still working and pay off, mortgages, cars, etc”.
That is our goal and we are very close.
Thank you for your advice, buy toys now, I need a surface grinder soon. My wife would argue but, I will remind her, we need to acquire while I am working.
We have decided to stay here for a while. I plan on insulating the garage/shop soon. She can still park in the garage but that may need to change .


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## savarin (Sep 9, 2018)

I retired 8 years ago debt free, nice house etc etc.
Good pension that wont last forever but what the hell.
No medical insurance but thats not a problem in Oz.
I was fit and healthy when I retired, cycled every day etc.
BUT, something to seriously think about.
How mobile will you be and for how long.
We live in a high set house (2 story) and in the last 12 months my knee and hip have deteriorated very fast and I find it painful climbing stairs with shopping bags.
This was something that never crossed my mind that would set in so suddenly.
we should have moved to a low set house before this happened.


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## TonyRV2 (Sep 10, 2018)

Janderso said:


> Mr. tony, planning for retirement 3 years before is unusual in my humble opinion.
> Based on your statement, “I still live comfortably with a nice pension, S.S. And good health insurance “. You are fortunate and I bow to your good fortune.
> My wife and I have been planning and investing for decades.
> I agree with you, “buy all of your toys while your still working and pay off, mortgages, cars, etc”.
> ...


I've always tried to have a plan for everything....doesn't always work out mind you, sometimes you need to go to plan B or Plan C.  My thoughts early on were that I wanted to retire seamlessly.  I didn't want to wait for retirement and then try to decide what I wanted to do with the rest of my life. With a little thought I zeroed in on knife making as I'd been a collector for many years.  That led to also doing leatherwork in order to make sheaths for the knives that I'd made.  I find that between the two, there is more than enough to keep my mind and body active. There's a lot of technology involved in making knives. I buy barstock and go from there as I have no interest in forging.  So everything from shaping and grinding to heat treatment to handle materials is on the table...and then the leather work.  My point is, if you want to go into retirement with a goal of operating a serious hobby which can turn into a potential business, one needs to plan to make it go as smoothly as possible. In my case, it may not go anywhere at all, but that's ok too as long as I've got something that I enjoy doing.  I was able to step out of my role as an electronics professor and into a role as Mr. Tony, the knife maker on day one of retirement. And yes, I do feel blessed for have had the ability to do so.


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## JRP (Sep 10, 2018)

BROCKWOOD said:


> I'm 55. What I want to do is cash out my 401K to pay off everything, build & outfit my shop. Then get right back into a 401K for 50% of my income. Need to get all the numbers together & find a CPA as I really don't want to pay the taxman. I can handle 10 years of stacking up money.


If you cash out your 401K you will most likely pay a higher tax rate than what you avoided when you put the money away.  If your plan will let you borrow against your balance  that might be a better way to go.  I'm married so every dollar I pull out that puts my income over 77.400 (after deductions) will give the tax man an extra 10%, so I watch that pretty carefully.  If you are single and you pull out a lump sum you would be paying 24% on anything over 82,500....


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## Janderso (Oct 14, 2018)

I appreciate the comments and wisdom from all of you.
I am not a very sociable person. Having this opportunity to talk to other like minded people helps.
I m really glad I found this forum.
I spoke to my financial guy last week. I told him about my plan of buying new machines when I retire. By new machines, I am referring to a lathe and a knee mill. I’ll sell the old machines.
We decided the account I have at work separate from other investments, 401K etc. will be my mad money account.
I am confident at 65, that account will produce Enough to buy the PM 1440 GT and one of the Taiwan knee mills.
I’ll need a rotary head also with lots of tooling. It should cover the expense.
I am very fortunate, planning and investing for 30 years helps.
I do need to keep my wife of 34 years happy, she provides a good hunk of our retirement planning funds.


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## randyjaco (Oct 14, 2018)

I was fortunate enough to retire 12 years ago at 59. I have seriously enjoyed every moment of it. I spend a lot of time in my shop and we do a big vacation each year. My financial situation is pretty good, but both my wife and I have hobbies that bring in some income, so we have some mad money. She is an artist and I restore old American Iron. So we both have something to do whenever we want, but aren't slaves to or advocations. Too many of my friends hate being retired because they have nothing to do but read and watch TV. Don't fall into that trap. Keep busy with things you enjoy and retirement will be the best time of your life. Oh, and be sure to get plenty of exercise. It will keep you feeling better.

Randy


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## jdedmon91 (Oct 14, 2018)

I am enjoying retirement. Working 7 day weeks stunk


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## pdentrem (Oct 14, 2018)

I have way too many interest to truly be retired. 

I wish that the education system would actually teach about real life after school, but they don’t. 

For all the younger members that are working, start saving for your retirement right away. If you start in your 20s to early 30s, it makes a huge difference on your situation come retirement. Lot easier than trying to catch up in your 50s! Don’t depend on a pension that the company can make disappear at will. I never had a job that had a pension, so had to make my own using a RSP which is similar to an IRA in the states. Just take $100 every month and put it away, 30-40 years later you have a nice little amount to help boost your monthly funds.

Last 2 years, I have been fortunate that with working only a half day on Friday vs 9 hours Monday to Thursday, that I can take the half day vacation very week since Labor Day to the end of the year and enjoy a long weekend until the new year. Gives me a taste of what is ahead shortly.


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## Janderso (Oct 14, 2018)

Pdentrem, has great points. Listen to your elders!
My wife is a retired teacher, when she was around 35 we started a 403 B putting only $200 a month in the account.
When it reached $20,000 we stopped contributing money to that account so I could concentrate on my Roth and 401k.
That fund is over $150,000 today. With enough time, compounded interest really works well for you.


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