Financial regrets in retirement?

[rut-ro]

What’s gonna cost to keep up? A good farm ought to be paying you something.

We hope to retire by 55 but I owe the bank quite a bit!

Luckily we’re healthy and make a decent income, so we’re putting a dent in it.
Every situation is different & it doesn’t take me much to be comfortable so hopefully we’ll make it.

one would think. We have about 50 head of cattle on the place and we auction off all but 3 calves a year which we send to the meat processor. we bale our own hay so its cheaper that way

but we spent about 9K in fertilizer this year
about 4K in diesel
close to 3K in gas
insurance for the land, houses and equipment
general maintenance with fence repairs, tractor repairs and just keeping it looking like decent people own it.

So it does provide a little a little income at the end f the year plus all the catfish and crappie I could eat. A couple deer a year and just the peace of mind being there.

[Brazos Hunter]

I was all set to retire in three years. We paid everything off last year and were able to save up a sizable amount. That is until we decided to build a new house at the coast to retire at. I can still retire in three years but we would stay flat broke until I’m buried so I’m going to work 5-6 more years and pay it off. The two pluses is we will retire in a new house that hopefully will not require too much maintenance and my retirement check will be better working a couple years longer.

The only advice I can offer is don’t acquire additional debt before you try to retire and be debt free if possible!




Micheal

[Rick]

Those of you that retired... Do you have any big purchases that you either regret or would advise someone to be cautious before making?

Read an article online this morning, the top 5 regrets retired folks have... Regular lavish travel, dream home, luxury car, boat or RV as well as a 2nd vacation home all top the list...

My own curiousity is getting the best of me. Retirement is still 30+ years away

the key is to start saving for retirement yesterday if you have 30 years to go. And make a commitment to not touch that money before you retire, no 401k loans, nothing, don't touch it

[Rush2Judge]

What is this pension thing of which many of you speak? And a medical insurance bridge to medicare? Forget about it.

My wife and I hit the work force right about the time companies were phasing out pensions. That's fine, we knew the rules and what it would mean in the future.

The future is now. I've worked longer than I intended. My company finally sold this Spring so, I am just working for a few more incentive earn outs. I will retire in November or December and my wife will follow suit a few months later. We don't own a company. We never worked for the government. Just two salaried employees that have been saving a long time.

I just have a question for those that were in similar situations. How did get comfortable enough to make the leap? We have spent too many years working to make the savings number go up. I can't see myself getting comfortable not having a regular income going into the accounts. The net worth number is plenty large but, we have spent our lives pretending that number is not real.

[Big pig]

I think the two big things that cause the savings to not be enough is 1. health care 2. having more time to spend money.

When I worked shift work, it was easy to save money when I was at work. Easy to spend when not working, lol.

Spot on. I am retired but younger wife wants to keep working at the school
Helps with insurance. And she spends less at work!

[tx_basser]

Will be 58 next month and hoping to semi-retire at 62. 401k currently is at 1.2M plus and house here in DFW is paid for and kids are on their own. Wife and I both got brand new vehicles 2-3 years ago so they would be paid for by the time I hit 62. I think we are in good shape, as I can use my VA benefits for healthcare while waiting to age into Medicare.

Wife, will have to figure out something for her but we know we will have to do some level of work till we hit 67 for SS. I am hoping to substitute at local school or some part time job.. but I am tired of the mess at work and just need something to keep some cash coming in. But who knows.. I work with great people, work from home, lots of vacation, etc.. so may just keep going till 63 or 65.. dont know. All I know is that wife and I made some serious sacrafices over the years to get where we are,.. putting a lot of money in our 401k while doing without.

Winter is Coming for those that have not prepared and it will be a meager existence. My mom worked till she was 79 because she had no savings, but she also enjoyed working, so there is that. With the higher cost of living, expensives, medical, etc many people are not going to be happy how things have turned out for them.

[Brazos Hunter]

Winter is Coming for those that have not prepared and it will be a meager existence. My mom worked till she was 79 because she had no savings, but she also enjoyed working, so there is that. With the higher cost of living, expensives, medical, etc many people are not going to be happy how things have turned out for them.

If I haven’t learned anything else it’s that most people who are working past retirement age who say they enjoy it don’t have much of a choice so they had best enjoy it. I’m not speaking ill, just my observation.



Micheal

[tx_basser]

If I haven’t learned anything else it’s that most people who are working past retirement age who say they enjoy it don’t have much of a choice so they had best enjoy it. I’m not speaking ill, just my observation.



Micheal

Yes, I agree. My mom did not have a choice, she never saved a dime... but most women can't seem to. Between Hair appts, clothes, mani-pedis, out to eat, etc. My step dad is a grizzled old ET guy, and my mom said she just could not stand to be home while he was there all day.. so she said work was kind of her relief. Eat out lunch every day with the girls in accounts payable, drive her cadillac, and have money to spend on Grandkids taking them shopping on weekends.

[Throwin Darts]

Threads like this one, are what convinced me to join the military when I was 20. Worked with a bunch of older guys that said their only regret was having not served. Now I get it. After 22+ years, I’m thankful that our health insurance is covered for life. I pay $50 a month for the prime insurance (can always revert to the free plan) for a family of four, with a $3k cat cap. Once the kids are 24, they have to get their own health insurance. I have a very nice pension, and other perks that eliminate expenses that others have mentioned. Although I’m not fully “retired” yet, I don’t foresee any issues if I were to retire today and never work again, at 46 years old. It can be done. But with all plans, some level of sacrifice is required. Set a goal, and achieve it. My current employer offers a 50% match on 401k. If wanted, I could keep adding. But in my situation, there isn’t really a point when I can put that towards paying off the vehicles. And it never hurts when your home is worth twice as much today, as what you purchased it two years ago. And by worth, I mean what homes are actually selling for here. Again, set goals, be realistic, and you can achieve the goal of retiring and enjoying life before your 60s.

If you are forgoing 401k contributions to pay down a car note you really need to rethink that. You never ever get back the missed window towards the annual cap on 401k contributions and the tax benefits it carries. Once it passes for a year and you didn’t contribute to the max it’s gone forever. Please tell me you’re at least contributing to the percentage to get the match.

[goofiefoot]

I've been watching my parents' recent retirements closely, and I don't want to wait that long to get out of the workforce. They're enjoying life, but are running into some health and mobility issues that have affected what they're able to do.

My wife and I have set our daughter's high school graduation as our retirement date - that leaves us 8 more years. I'll be 55, and she'll be 60. We have 2 paid-off rental properties and she'll get a teacher pension, so we'll have some income streams. We worked hard our first few years of marriage to pay off student and credit card debt, and have been focusing the past 20 years on retirement savings and building income with the rentals.

I have 8 more years to imagine what retirement will look like. I may not want to stop working, rather, find ways to make money doing things I actually enjoy. The 9-5 worklife has provided us with a stable lifestyle in which we can comfortably travel some, eat out some, have some nice things, while still being able to put away some savings - but it's never been satisfying. Clocking out at 55, I hope to still have some good time left on this earth to figure out what I want to be when I grow up...

[tps7742]

My parents have been retired for quite a while. They’ve been in their dream home for 30 years, had luxury cars for a while but now prefer a Jeep, have an RV which they drove the he** out of all over the country until my dad’s stroke last year. They enjoyed every bit of it.

My only regret for them is that did not have a long term care plan. And that million dollars? It’s drawing down fast.

It sounds like your parents have enjoyed a wonderful life. That’s great to hear of these type of lifestyles. Sorry for his present health issues. Looking back Imo investing in a long term care plan is as important as life insurance. Myself waited until I had a couple of health issues that disqualified me in getting it. We will just have to deal with it and it’s on my agenda very soon to get with an elder care lawyer or like person to see if there are ways to protect assets if i/we have or need LTC.

[tx_basser]

I'm going to add guys.. because I've seen firsthand how with goes with aging parents..

Mom (85) - Never saved a dime worked till 79 and her and my step dad live 2 houses down from me in a house my brother purchased for them during the real estate bust in the 2000's. She paid partial rent to my brother for 12 years so she could live rent fee after retiring at 79.

Step Dad (92) - Meager SS & Pension and semi-retired at 55 and owned a small pool business for a few years. Enjoyed retirement, played golf, mowed yard, lived just normal quiet retirement here locally living next door to us. Uses VA for healthcare, and seems to have had a full life.

Dad (85) - Prepared well for retirement and made a disasterous decision to pull money out of the market during the financial/housing market crash. Lost a ton of money, then made some poor investments post crash that did not bare any results. Then did not control his spending and pizzed away the rest trying to pay high rollar during 2nd marriage, eating out, travel, home improvements, etc. Then dementia set in, got divorced, lost 1/2 his estate, etc. What little was left I wrestled away control from him and brother invested so we could hopefully help keep paying for his Assisted Living/Memory Care. We have enough for about another 1.5 years and he will be out of money and if he doesn't get approved for Medicaid I will have to cover the additional 1k to 1.5K each month where he lives. He is Legally Blind, Agressive Dementia, Obstinate, Incontinent, and you name it.. I've told my wife he can't live here due to his behavior, so we will have to find a way to pay for where he currently lives. If that means me posposting retirement it will have to be that way until he passes. It is not a good situation.

Just giving you younger guys something to think on, as well as some guys who are taking care of aging parents.

[gingib]

pretty broad brush stroke there bud. I know where my money went and I will work till 65

and I don't find it hilarious at all.

More power to you haha. Majority of people i know don't wanna work until they are 65 to pay bills.

May not be funny to you, but it is to me

There are 2 kind of people: those who know how to manage money or they let it manage them

[gingib]

Will be 58 next month and hoping to semi-retire at 62. 401k currently is at 1.2M plus and house here in DFW is paid for and kids are on their own. Wife and I both got brand new vehicles 2-3 years ago so they would be paid for by the time I hit 62. I think we are in good shape, as I can use my VA benefits for healthcare while waiting to age into Medicare.

Wife, will have to figure out something for her but we know we will have to do some level of work till we hit 67 for SS. I am hoping to substitute at local school or some part time job.. but I am tired of the mess at work and just need something to keep some cash coming in. But who knows.. I work with great people, work from home, lots of vacation, etc.. so may just keep going till 63 or 65.. dont know. All I know is that wife and I made some serious sacrafices over the years to get where we are,.. putting a lot of money in our 401k while doing without.

Winter is Coming for those that have not prepared and it will be a meager existence. My mom worked till she was 79 because she had no savings, but she also enjoyed working, so there is that. With the higher cost of living, expensives, medical, etc many people are not going to be happy how things have turned out for them.

Sounds like you are on the right track. Keep it up

Alot better then most

[tps7742]

I'm going to add guys.. because I've seen firsthand how with goes with aging parents..

Mom (85) - Never saved a dime worked till 79 and her and my step dad live 2 houses down from me in a house my brother purchased for them during the real estate bust in the 2000's. She paid partial rent to my brother for 12 years so she could live rent fee after retiring at 79.

Step Dad (92) - Meager SS & Pension and semi-retired at 55 and owned a small pool business for a few years. Enjoyed retirement, played golf, mowed yard, lived just normal quiet retirement here locally living next door to us. Uses VA for healthcare, and seems to have had a full life.

Dad (85) - Prepared well for retirement and made a disasterous decision to pull money out of the market during the financial/housing market crash. Lost a ton of money, then made some poor investments post crash that did not bare any results. Then did not control his spending and pizzed away the rest trying to pay high rollar during 2nd marriage, eating out, travel, home improvements, etc. Then dementia set in, got divorced, lost 1/2 his estate, etc. What little was left I wrestled away control from him and brother invested so we could hopefully help keep paying for his Assisted Living/Memory Care. We have enough for about another 1.5 years and he will be out of money and if he doesn't get approved for Medicaid I will have to cover the additional 1k to 1.5K each month where he lives. He is Legally Blind, Agressive Dementia, Obstinate, Incontinent, and you name it.. I've told my wife he can't live here due to his behavior, so we will have to find a way to pay for where he currently lives. If that means me posposting retirement it will have to be that way until he passes. It is not a good situation.

Just giving you younger guys something to think on, as well as some guys who are taking care of aging parents.

I can’t say enough how important it helped us in my moms case of using a lawyer that specializes in elder care in Texas in our case. The nursing home recommended him. A trusted lawyer is worth their money. I know this may draw comments. Lol