When to hang it up

[Arrowsmith]

We bought a farm in SE Iowa in November 2009. We were not sure how or when we would utilize our new property. As time moved on we got more and more tired of living in the DFW metroplex. I had been in the construction industry for 38 years. I was fed up with the high stress drop dead deadlines, the traffic, the summer heat and the overall craziness of living in the middle of 7 million people. In 2017 we decided to sell out and move to our farm in Iowa. We put the wheels in motion. I started making arrangements to build a home and shop in Iowa. In the summer of 2018 we sold our rental property and then our home. In October 2018 we moved to our farm. We finished our house and shop over the winter/spring of 2019. We moved in in May 2019. It has turned out to be the best decision we have ever made.

I started drawing Social Security at 64 years and 9 months. It would have taken 13 years to make up the difference between drawing at 64 years and 9 months vs. waiting until 66 (I received $33,000 over the 15 months before I turned 66). It's a personal decision, but we felt for us it was best to start drawing early.

Make sure you enroll for Medicare before the month that you turn 65. My advice is that you go original Medicare Part A, Part B, Medicare supplement Part G, and prescription drug supplement Part D. I do not recommend a Medicare advantage plan. Medicare has been great for us. My wife has just had a total knee replacement. I have had several major procedures (MRIs, Physical Therapy for a torn Labrum, colonoscopy, etc.).

We are not rich, but we are living comfortably. Our farm, our home, our shop and all our vehicles are paid off. I think our farm and home are worth about $400,000 at this time and that will only increase. If Mossy Oak Properties listed it I will guarantee you that it would be listed at $500,000+.[emoji16] We have money in the bank and a decent IRA that we don't plan on drawing on until we have to at 70 1/2 years old. Retirement so far has been great. I just hope and pray that we stay healthy and get to enjoy it for quite a few more years.

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[Killer]

3 more years if I can make it. I don't want to work until I cannot enjoy my retirement. I have seen so many of my coworkers work until 62 or 65 retire and die a year or two later. I do not want to be in that group God willing! I am planning on going at 57.

It has already been said, but if you are young and have the opportunity to invest money in a 401k or similar put the max in when you are young. If you do this you will not need to worry about anything later on. Compound Interest is your friend when you are young.

You can never catch up by putting more in later!!

[Killer]

I'd say insurance costs and what you want to do really have an impact on retirement age. It also doesn't help the age to reach full SS benefits is getting up there.

I once heard a financial planner say something to like this -
Retirement age can be broken into a span of 3 decades - 60's, 70's and 80's.
On average, in your 60's you are pretty comfortable doing just about anything you used to do in your 40's and 50's, and you still are in decent health. Traveling around the world is still plausible as well as many of the physical activities involved. That would include exotic hunting/fishing trips, etc.
In your 70's, your health begins to decline and at the same time your dependencies on doctors, medications, etc. increase. With that comes restrictions on your physical capabilities and possibly where and how much you want to travel.
In your 80's, you are much more dependent on medical care and spend more time than ever, going to doctor appointments. Your traveling days might be almost behind you.

What I took from that is retiring in your 60's is the ticket if at all possible. That is unless, you just love to work. A lot of people truly never get to do what they really wanted during retirement as they retired too late. I for one am shooting to retire around 60.

That is straight up right! If you live that long. I see this in my parents lives now.

[Quackerbox]

I was very lucky to start at the Sheriffs dept at 21. Did 33 and retired at 54 making considerably more than I did while i was working and have good insurance. Its been 2 years now and could not be happier! Best thing is my wife also had 33 and did the same thing.



I've been at the lease bumming around for the last couple of days. Waiting on Glen to show up now and fish for a few more. Life is good!

What I like to hear. I also started at 21, have 2 years of tdcrs prior to. I'll be 44 in January

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[Austin]

At 37 I am planning to be out of the workforce by 57-60 years old. We live below our means keep cars 10 years will have the wife’s student loans wrapped up by the end of this year and plan to have the house paid off in 10 or less between myself and the company put 15 % into my 401k wife has TRS and is putting 8% into a 407B. Been contributing to 529’s for the kids since they were born.

Solid cash reserves in the bank (almost enough to payoff the house). Took alittle longer to get to this point than I wanted but making good progress now and are definitely in growth stage. Plan to start investing in some non tax advantages invesrtments as well as maybe some real estate in the next few years

Got a side gig doing some guiding for my mad money

[Speedgoat]

27 years in service. 4 more and I'm done. Well, until the next half of my life gets going.

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[Chew]

4 years military and 28 in law enforcement. Trying to make it a little longer.

Then I'm throwing away all my clothes and buying 3 sets of overalls and moving to the woods.

[lunatic'hunter]

That's good to know. I'll definitely check it out. I'm walking out in June 2021 after 32 years. I turn 65 two months later so I'll do Cobra till then. I'll wait till 66 and 4 months to start drawing SS.

when you and wife turn 65 your health insurance issues are over - medicare plus a good supplement (best ones run around $100 a month per person) is very affordable and good coverage

[armadillophil]

I hung up my first profession 3 years ago at 44. I still work now but no time clock or any Karen's or Richards to deal with.

[SaltwaterSlick]

This has sure been an interesting thread and one that every young person on TBH should read and study!! Some great stories here!!

[mdb]

This has sure been an interesting thread and one that every young person on TBH should read and study!! Some great stories here!!

Yes it has. Some very good information shared from all aspects. And I second that it’s some great advice for those beginning their journey in life. But also some good ideas for us at the other end.
Thanks to all for your input.


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[locolobo]

Been in the chemical industry for a Looooonng time and will be eligible for Medicare soon. I have seen many changes in the industry: federal, state, local and company rules and regulations, Company changes Etc, Etc, Etc. Realized about a year ago that I was not longer remotely satisfied with my employment situation, just did not want to do anything just yet. I began to dread going to work, afraid I was going to make a mistake, violate someone's rule, mess up on some newfangled regulation and risk losing my job right before the finish line. So there was a lot of stress in my life lately.
I decided a few months ago (can't remember the exact day) that now is the time. Will be on Medicare soon anyway, health is not great but for 45+ years breathing chemicals I think I'm fair. I will have a company pension, S S and more money in the 401K than I thought possible 20 yrs ago. SO>
I have 2 weeks before contacting HR for "the package" and will be shooting for 12/31/20 departure date.
O P You will know when it is your time. Plan ahead and hope you have a happy retirement when the time comes

[ccbrown50]

After being home a ton with this 'Rona mess I'm not in a hurry to retire.

Same. I realized if and when I retire I better be rich to keep me occupied. Being retired and poor seems like hell.

[mdb]

locolobo, I totally understand the felling. Called in last Christmas holidays for an issue I had no idea about. Not a joyous Christmas. That got me thinking. Then seeing friends and old workmates not making it to retirement due to the 6ft finish line. That’s another wake up call. I like the analogy of the 3-10 year segments.


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[Lip]

I was laid off a few months ago just before turning 60. I had planned to work at least to 62 and longer if I was enjoying it even though I'm financially able to retire. I'll finish drawing severance and then unemployment unless something comes along that I really want to do. I've done inside and outside sales and sales management (valves) for the past 36 years and I'm confident I could get an outside sales position but don't really want to do outside sales during Covid. If unemployment runs out and I haven't found the right job, I'll retire. Fortunately my wife is a retired Principal so I'll jump on her insurance policy when mine runs out. In the mean time, we're keeping 2 of our grandkids 2 days a week , spending more time at the farm, and finding various projects that "need" to be done. If I do get bored, I'll hopefully find something to keep me busy 3-4 days a week, preferably on the northwest side of town.

I've told younger folks for years that if you currently can't afford to save for retirement, put half of every raise you get into savings until you're saving at least 10-15% in a 401K, 403B, IRA, etc. If you don't have a company plan, get a good financial advisor. This is what I did a number of years ago until I got to 20% saving and it worked out well.