Retiring early..How much?

[Sleek-Jet]

My mom drove a catering truck most her life( tough living) then decided she wanted to drive a big rig and pulled up in front of my house one day in a 18 wheeler i was blown away, she did almost every state then settled down driving a bus in idaho right up until the day she passed away from cancer at 68 years old. My pops worked construction all his life right up to the day he couldn't get up and do it anymore health wise, he has made it until 70 but he really hasn't done anything since he stopped working but sit around because that's all he can do, but he would still be working if he could. So i figure 70 is a good number for me, like to get a few years in there not punching the time clock.

There is a lot to this. My family has reasonable longevity, nearly all have lived into their mid-80's in good health and were active up until their passing. So working until 70, or late 60's still leaves time to go play.

I could get hit by a bus tomorrow though, it's all kind of a crap shoot.

 

[Guest]

I will very likely work...at something, until I expire..:thumbsup

 

[Paul65k]

No need to make them anymore, it's no longer a financially viable option:thumbsdown I figured it would take at least 18 months out there before you started climbing the walls

Shit....looks like I'll have to just keep looking for the "Perfect Cove" to spend my days

 

[whiteworks]

Shit....looks like I'll have to just keep looking for the "Perfect Cove" to spend my days

Oh I think you found it LOL but I still think you pulled the pin to early

 

[2Driver]

To each their own, but no one's last words were, 'gee I wished I had worked more'.

Too much to see and do before its over for me.

Waiting and working is like going to Hawaii for 2 weeks and spending the first 12 days in your room reading about all there is to do on the island.

 

[jet496]

I'll work as long as I can. I've been a self employed contractor for over 20 years & love it. Also, if I retired I would probably drink myself into a grave real quick (no joke) so I need something to keep me busy. It's all good.:thumbup:

 

[Paul65k]

Oh I think you found it LOL but I still think you pulled the pin to early

Shit as hard as I try to just stop I keep getting calls from headhunters....fuckers won't leave me alone


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[whiteworks]

Shit as hard as I try to just stop I keep getting calls from headhunters....fuckers won't leave me alone


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I'd say to throw the phone in the lake, but you know you love listening to the offers So what do you do all day if you dont work anymore?

 

[Paul65k]

I'd say to throw the phone in the lake, but you know you love listening to the offers So what do you do all day if you dont work anymore?

Well....I get up in the morning and say hi to all the inmates on RDP......coffee with the Mrs on the back porch, watch Cramer and try to make a few bucks in the stock market.....then I post a little on RDP, grab some lunch, some days I wash one of the cars.

Now that it's summer I go out on the boat with the Mrs. a couple of times a week....looking for a project to keep me busy now that I have the Jeep pretty much put together. We take the bikes down to the island and ride around a couple of days a week......getting ready to remodel the kitchen so that will probably keep me busy through the summer......Clean the pool a couple of times a week......hang out in the ManCave and putter around.......need to get started playing golf and I should be set.

Thursday night is Cruise Night here in Havasu so we go downtown and check out the cars and the $1 tacos at Mad Dogs or the $1 sliders at the Red Onion........all in all not much to do around here but after the last 10 years of 16 hour days and 200 nights a year on the road......IT'S PRETTY FUCKIN' GREAT

PS....I'm drinking like a fish and eating like there's no tomorrow cuz I'll probably run out of $$ in 20 - 30 years so no need to hold back now : rolleyes


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[whiteworks]

Well....I get up in the morning and say hi to all the inmates on RDP......coffee with the Mrs on the back porch, watch Cramer and try to make a few bucks in the stock market.....then I post a little on RDP, grab some lunch, some days I wash one of the cars.

Now that it's summer I go out on the boat with the Mrs. a couple of times a week....looking for a project to keep me busy now that I have the Jeep pretty much put together. We take the bikes down to the island and ride around a couple of days a week......getting ready to remodel the kitchen so that will probably keep me busy through the summer......Clean the pool a couple of times a week......hang out in the ManCave and putter around.......need to get started playing golf and I should be set.

Thursday night is Cruise Night here in Havasu so we go downtown and check out the cars and the $1 tacos at Mad Dogs or the $1 sliders at the Red Onion........all in all not much to do around here but after the last 10 years of 16 hour days and 200 nights a year on the road......IT'S PRETTY FUCKIN' GREAT

PS....I'm drinking like a fish and eating like there's no tomorrow cuz I'll probably run out of $$ in 20 - 30 years so no need to hold back now : rolleyes


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That sounds like a lot of work, I think you should take a vacation :thumbsup

 

[Paul65k]

That sounds like a lot of work, I think you should take a vacation :thumbsup

True Dat......I got tired just writing that post


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[gregk1]

why that is what i do almost to the letter work in my shop on all my projects drive my super gas 41 willys coupe to main street and have sliders at the red onion go boating go to boat races drag races and nascar races i don't know how i did it all witha JOB!!

Well....I get up in the morning and say hi to all the inmates on RDP......coffee with the Mrs on the back porch, watch Cramer and try to make a few bucks in the stock market.....then I post a little on RDP, grab some lunch, some days I wash one of the cars.

Now that it's summer I go out on the boat with the Mrs. a couple of times a week....looking for a project to keep me busy now that I have the Jeep pretty much put together. We take the bikes down to the island and ride around a couple of days a week......getting ready to remodel the kitchen so that will probably keep me busy through the summer......Clean the pool a couple of times a week......hang out in the ManCave and putter around.......need to get started playing golf and I should be set.

Thursday night is Cruise Night here in Havasu so we go downtown and check out the cars and the $1 tacos at Mad Dogs or the $1 sliders at the Red Onion........all in all not much to do around here but after the last 10 years of 16 hour days and 200 nights a year on the road......IT'S PRETTY FUCKIN' GREAT

PS....I'm drinking like a fish and eating like there's no tomorrow cuz I'll probably run out of $$ in 20 - 30 years so no need to hold back now : rolleyes


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[fmo24]

Its funny reading about what you are going to do to keep busy after retirement. My dad used to say he did not know how he had time to work with all the stuff he had going on. He volunteered at Anglers United building and placing all those creepy fish habitats you see in the coves. He also volunteered at the Animal shelter doing handyman stuff, paddled outriggers in the morning with a club out there, my parents danced regularly.
This is what i am looking forward to, doing what I want on my schedule. No more alarm clock at 4:00 am every morning. Getting to sit on the patio and have coffee and read the paper. And as stated by someone the dollar threshold keeps dropping the closer i get to 55.

 

[WTRR]

I just accepted an early buyout from the company I work for and my last day of work will be May 31,2014.

They offered 2 years salary plus an additional $25k to pay for any medical spending for the first 4 years after I retire.

My company pension will be approximately $3500/month that goes into effect on my retirement date. I also have $1500/month rental income. All my houses are paid for and I'll sell the one in Memphis and move to my river house. I have a house and 2 acres on the water with my own boat ramp and dock. Annual property tax is $400/year.

Between hunting, fishing and a big garden, my food costs will be minimal. I have a 30 gallon copper still and produce my own whiskey.

Don't need a new car...haven't bought one in years. Both our vehicles are 2006 models and I paid cash for them when we got them. My largest monthly expense right now is diesel from going to the river every weekend. That will go to near zero after we move there.

Pretty low cost of living up on the river so I'm guessing $1000 to $1200 a month plus what ever my insurance cost will be is what I'm looking at.

I have a lot of cash in 401k's and other investments. I also own 2 farms and am thinking I may have to reinvest more of my money into farmland after I retire. I'm worried about losing money based on the future of the economy.

It is what it is....

I'll be 55 when I retire in 2014.

 

[milkmoney]

I just accepted an early buyout from the company I work for and my last day of work will be May 31,2014.

They offered 2 years salary plus an additional $25k to pay for any medical spending for the first 4 years after I retire.

My company pension will be approximately $3500/month that goes into effect on my retirement date. I also have $1500/month rental income. All my houses are paid for and I'll sell the one in Memphis and move to my river house. I have a house and 2 acres on the water with my own boat ramp and dock. Annual property tax is $400/year.

Between hunting, fishing and a big garden, my food costs will be minimal. I have a 30 gallon copper still and produce my own whiskey.

Don't need a new car...haven't bought one in years. Both our vehicles are 2006 models and I paid cash for them when we got them. My largest monthly expense right now is diesel from going to the river every weekend. That will go to near zero after we move there.

Pretty low cost of living up on the river so I'm guessing $1000 to $1200 a month plus what ever my insurance cost will be is what I'm looking at.

I have a lot of cash in 401k's and other investments. I also own 2 farms and am thinking I may have to reinvest more of my money into farmland after I retire. I'm worried about losing money based on the future of the economy.

It is what it is....

I'll be 55 when I retire in 2014.

sounds like you got a good thing going for ya..I want to move to tennessee

 

[fmo24]

WTRR sounds like you got a great buy out.

 

[Hugh Jascaulk]

I'm very tempted to throw in the towel and retire now. With my health condition and kidney failure, I can go out on permanent disability, collect 100K a year from a long term disability policy I have that pays up until I''m 65, only 49 now, and collect around 25K a year from Social Security disability. I already qualify for Medicare. My wife is at the top level in her career, and isn't ready to to give it up now. Retiring by myself doesn't seem too appealing. My wife and I have stashed the maximum amounts in retirement funds for our entire lives, the only problem is we can't touch it until I reach 59.5. When going on some retirement calculators, they estimate that you will need at least 80% of you current annual salary to live somewhat close to your current lifestyle.

On one side I think eff it, I'm not going to live long, live like a king and spend what I've got, but the other part is saying leave it to my kids and make sure the next gerneration never has to worry about money. Not an easy decision.

 

[boatnam2]

I just accepted an early buyout from the company I work for and my last day of work will be May 31,2014.

They offered 2 years salary plus an additional $25k to pay for any medical spending for the first 4 years after I retire.

My company pension will be approximately $3500/month that goes into effect on my retirement date. I also have $1500/month rental income. All my houses are paid for and I'll sell the one in Memphis and move to my river house. I have a house and 2 acres on the water with my own boat ramp and dock. Annual property tax is $400/year.

Between hunting, fishing and a big garden, my food costs will be minimal. I have a 30 gallon copper still and produce my own whiskey.

Don't need a new car...haven't bought one in years. Both our vehicles are 2006 models and I paid cash for them when we got them. My largest monthly expense right now is diesel from going to the river every weekend. That will go to near zero after we move there.

Pretty low cost of living up on the river so I'm guessing $1000 to $1200 a month plus what ever my insurance cost will be is what I'm looking at.

I have a lot of cash in 401k's and other investments. I also own 2 farms and am thinking I may have to reinvest more of my money into farmland after I retire. I'm worried about losing money based on the future of the economy.

It is what it is....

I'll be 55 when I retire in 2014.

I think you will be ok lol...

 

[boatnam2]

I'm very tempted to throw in the towel and retire now. With my health condition and kidney failure, I can go out on permanent disability, collect 100K a year from a long term disability policy I have that pays up until I''m 65, only 49 now, and collect around 25K a year from Social Security disability. I already qualify for Medicare. My wife is at the top level in her career, and isn't ready to to give it up now. Retiring by myself doesn't seem too appealing. My wife and I have stashed the maximum amounts in retirement funds for our entire lives, the only problem is we can't touch it until I reach 59.5. When going on some retirement calculators, they estimate that you will need at least 80% of you current annual salary to live somewhat close to your current lifestyle.

On one side I think eff it, I'm not going to live long, live like a king and spend what I've got, but the other part is saying leave it to my kids and make sure the next gerneration never has to worry about money. Not an easy decision.

Im not sure about whats going to happen when i retire, but one thing i know for sure, i didnt work all my life so my kid can spend it..I just don't get that part, they can make there own shit....If they get lucky i wont have spent it all before i die.

 

[CampbellCarl]

Im not sure about whats going to happen when i retire, but one thing i know for sure, i didnt work all my life so my kid can spend it..I just don't get that part, they can make there own shit....If they get lucky i wont have spent it all before i die.

I've heard that the very best financial plan ever................is to bounce the check to the funeral home..............

 

[BajaT]

401k like. Deffered Comp for Government employees.

Less the early retirement penalty!!:cool

 

[boatnam2]

I've heard that the very best financial plan ever................is to bounce the check to the funeral home..............

Yea no shit! My mom left us 330 bucks each when she died( 3 kids ) and it cost us 998 bucks to cremate her so i think she planned it just about right...I never wanted for anything my whole life as a kid, so i guess it all worked out.

 

[boatnam2]

I'm spending my son's inheritance with him, were both having a great time. I buy it, he run's and cleans it, of course I watch and advise.

That is a good way to do it.