You And Your Retirement or Your Retirement In The Future?

[tennisWalt Super Moderator Find all posts View Profile Close tennisWalt]

Are you retired?

Are you soon to be retired?

Sooner or later, most people will retire. However, everyone does it at a different point of their life. Some people take early retirement. Some people never retire. Some people do it when they are able to collect Social Security.

I am 67. I have been practicing Dentistry since July, 1965. I still love what I am doing. I have been working a 4 day week with 36 working hours each week. And I have a 3 day week end each week. I have an office staff of 7 working with me. I still am working 36 hours each week. But I am taking more vacation weeks each year. 7 or 8 weeks of vacation is now the number of vacation weeks I will be taking each year. God willing, I know I will be working at least another 5 years. I will be signing another 5 year lease for my office in December. So for me, now is not the time I want to retire.

I have talked to people that love retirement and others that were sorry they retired when they did.

So what are your views on your retirement or your retirement in the future?

Walt

[RESORT2ME Senior Member Find all posts View Profile Close RESORT2ME]

... Some people do it when they are able to collect Social Security.

... I still love what I am doing. ... I have an office staff of 7 working with me. I still am working 36 hours each week. ...
I have talked to people that love retirement and others that were sorry they retired when they did.

So what are your views on your retirement or your retirement in the future?

Walt

As important as I thought my doing was, I decided others would do if I were no longer there. I just didn't have to die for that to take place.

Most of life, from Marh 1957 till the last day of 2005, had been devoted to making a living. At your age I decided, if I lived to reach 87, that would be twenty years of NOT DOING to make a living. I realized even that was not guarenteed.

A. Can you collect SS? Some can and still continue to work. This increases your income so you can vaction more.

B. Many enjoy what they do. There just comes a time when they decide enough is enough. Apparently you are leaning that way too.

C. Keep that staff in mind. If you close the store, workers may lose. Can you get someone else to fill your shoes, but allow you to come in when you want to get you hands involved?

D. I decided to not punch the clock anymore. I enjoyed what I did, but now enjoy not being concerned with what goes on there anymore.

E. I take more interest in spending time with my darling wife and family. We enjoy nieghbors and friends more.

F. We are landscaping the lot... bought a front loader backhoe.

G. Tour our area more and take in events as seldom before retirement.

H. Stay up till after midnight (sometimes 2AM) and sleep in till 7 or 8, as we wish. Late night, from our deck, we watched bats in the moonlight above the tree tops. Never knew they were out there.

I. Watch late movies. Dine out later than ever.

J. Visit the afflicted.

K. When vacationing, can return home when we like. Don't worry whether the "store" is open. Can stay another week if we want.

L. Take off on a trip or drive, on the spur of the moment. No schedule to arrange.

J. Do for others, older than myself. Never had the time before.

K. Shop Lowes (etc) anytime of day. Set appointments as I see fit... not arranged around my job.

Basically for us, we decided to just do our own thing for as long as we live and not be tied to tasks determined by the workplace.

[Pat H Senior Member Find all posts View Profile Close Pat H]

My plan was to retire at 59 1/2. That would be next month. It ain't happening. It's not that I hate my job. I'm just tired of dealing with liars and crooks after 20 years. So now I have my sights set on end of Dec, 2009 when Social Security kicks in. That's 975 days away!

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Our plan was to purchase a retirement house when I was 55. We did it when I was 49. I just came home one day after putting a rental house back together and said, "That's it. I'm done with em." We just bought and paid for it, to get that part of it out of the way.

We took a couple of years off after we closed our business in 2004, but now I am busier than ever. I've always wanted to work at a golf course, and now I am, the nicest country club around. I believe I'm the youngest permanent guy there!

We've got a house to build and a couple of docks to rehab and sell slips in. The second one just arrived today.

And we just got the break we were waiting for with our soft frozen lemonade business, a well-known 4th of July celebration with 150,000 attendance. The guy there is the guy who does several big events like that. We don't need many.

So, now the days I'm not working, I'm working.

[The Conch Man Past Goumba President & BigFrank's Cigar Buddy! Find all posts View Profile Close The Conch Man]

Been retired for 13 years & we live in FLorida ~~ Southwest to be exact ~~ after two years down here & our fixed incomes ~~ We are slowly givin away our money to Insurance ~~ both Auto & Homeowners along with Real Estate Property Taxes to Florida ~~ They are eatin everything we have ~~ But we live in paradise ~~ Anyone out there can float me a loan? ~~

[riverdees05 Platinum Contributor Find all posts View Profile Close riverdees05]

Retired two years ago from a well known Consumer Products Company. Worked for 33 years and had a one year buyout. Before that worked one year for the phone company, so I figured that I got paid for 35 years of work. I have enjoyed retirement; with traveling to timeshares, working on moving from Missouri to Tennessee, etc. have been plenty busy. My wife retired the same time I did with 38 years of being a teacher and professor. We both like our work, but were ready for a change and slower pace.

[BoardGirl Senior Member Find all posts View Profile Close BoardGirl]

It's not anywhere in sight; I have many more years to go.

My dream had been to retire at 40, but somewhere along the way, the enthusiasm got stomped out of me (some of that was that people near me kept dying, and the professional ambitions slowly withered because there is so much else in this short life).

I don't expect to ever fully retire, but, chucking the day job is likely another 20 years away. Meanwhile, I've been setting up revenue streams as I go, so I could walk out at any time or switch to a less lucrative line of work if the stress is too much. Just this morning, our boss told us she was leaving and I cannot blame her. Moves me up the "target list", tho.

I won't take SS early, I want the full amount, and am meanwhile doing what I can to make the 35 highest earning years the highest I can, without sacrificing my health. I'll never be able to afford to volunteer but I could take lesser paying jobs at organizations whose missions I support.

[Linda74 Member Find all posts View Profile Close Linda74]

My husband retired in 2003 (a deal he could not refuse, free medical for both of us for life), and I retired from teaching last June. I thought I would miss it, but this year we have traveled to St. Lucia, Greece, Mexico, Vermont, New Hampshire and to Prague in a couple of weeks. We have season's ski passes and see many NY shows. Timesharing has helped out with accomodations for skiing and Greece and Mexico. We do what we want to do when we want to. I see all of my work friends often but don't miss the paperwork. I do volunteer tutoring some underpriviledged children and that is incredibly rewarding. Everyday is a blessing. Both my brother and my husband's sister passed away before they had the chance to retire. This weighed heavily on our minds. Now, I have no excuse not to exercise or take the time to cook healthily. We have been able to do a lot for my 85 year old mom, our children who are on their own but appreciate having us do things their work schedules don't allow, and helping a friend with brain cancer. We feel so fortunate after working so hard in our careers for 35 years and doing the best job we could to raise two great kids. It is truly "our time" now.

[tennisWalt Super Moderator Find all posts View Profile Close tennisWalt]

Go To Your Local Social Security Office.

It's not anywhere in sight; I have many more years to go.

My dream had been to retire at 40, but somewhere along the way, the enthusiasm got stomped out of me (some of that was that people near me kept dying, and the professional ambitions slowly withered because there is so much else in this short life).

I don't expect to ever fully retire, but, chucking the day job is likely another 20 years away. Meanwhile, I've been setting up revenue streams as I go, so I could walk out at any time or switch to a less lucrative line of work if the stress is too much. Just this morning, our boss told us she was leaving and I cannot blame her. Moves me up the "target list", tho.

I won't take SS early, I want the full amount, and am meanwhile doing what I can to make the 35 highest earning years the highest I can, without sacrificing my health. I'll never be able to afford to volunteer but I could take lesser paying jobs at organizations whose missions I support.

The best advice I got from anyone was to go to my local Social Security Office about 1 year before my Full Retirement Age. My FRA was 65 and 6 Months (July 2005). This is when I could collect my full SS amount without receiving a deduction in benefits.

However, I was covered by the Medicare Insurance on 1/1/65. Since I am self-employed, I paid over $20,000 in MSA Insurance plan with a $3000 deductable in 2004. So, this was like receiving a pay raise of $20,000 in 2004.

My Local SS office told me to take my SS benefits even if I didn't retire in 2005. If I waited until I was 70 to take the benefits, I would break even when I was 82 to 85 years old.

k-even" point (Example) BREAK EVEN POINTS

Walt



Social Security Online


• If you are under normal (or full) retirement age (FRA): when you start getting your Social Security payments, $1 in benefits will be deducted for each $2 you earn above the annual limit. For 2007 that limit is $12,960 and for 2006, that limit is $12,480. Remember, the earliest age that you can receive Social Security retirement benefits remains 62 even though the FRA is rising.

• In the year you reach your FRA: $1 in benefits will be deducted for each $3 you earn above a different limit, but only counting earnings before the month you reach FRA. For 2007, this limit is $34,440; for 2006, this limit is $33,240

• Starting with the month you reach FRA:, you will get your benefits with NO limit on your earnings.

[Ireland's Call Senior Member Find all posts View Profile Close Ireland's Call]

What will be the "state " pension at 65 ?
Here it will be about $400 per week plus of course your "company pension " (60% of salary) and free travel (bus/rail) and electricity.
Am just about to retire ...will do History degree ( need to keep up with you guys on the Political Forum !)
Enjoy..
Garry

[tennisWalt Super Moderator Find all posts View Profile Close tennisWalt]

It Depends

What will be the "state " pension at 65 ?
Here it will be about $400 per week plus of course your "company pension " (60% of salary) and free travel (bus/rail) and electricity.
Am just about to retire ...will do History degree ( need to keep up with you guys on the Political Forum !)
Enjoy..
Garry

This is not a easy question to answer. It all depends on many factors. See these links.



Walt

Basics- Social Security: Benefit Amounts & COLAs - AOL Money & Finance

Benefit Amounts

[BoardGirl Senior Member Find all posts View Profile Close BoardGirl]

What will be the "state " pension at 65 ?
Here it will be about $400 per week plus of course your "company pension " (60% of salary) and free travel (bus/rail) and electricity.
Am just about to retire ...will do History degree ( need to keep up with you guys on the Political Forum !)
Enjoy..
Garry

Varies. Has to do with your 35 highest earning years. I'm still accumulating those.

I can't speak for the approaching-retirement set, but I can tell you that Americans under 50 are not in a position to trust company pension. Too many companies the last few years have reniged on this obligation. The mother of my best friend had her 20 years service reduced to nothing some 20 years ago, so she's into her 70s and unable to quit working.

I have no pension, I have a 'defined contribution' retirement plan (403b, same as 401k) so I put in money and my company matches it. I'm lucky that this became available to me in my mid-20s. I can start drawing on it without penalty at 59.5 (earlier for qualifying problems like disability).