I am currently 42 and will retire from the fire service when I turn 50. My state retirement has a nice little set up where I give them 25 yrs and they take care of me after that. I’ll be debt free and have nice amount from investments as well. If there’s anything left of my body physically, I should be young enough to enjoy a few good years!!
OT: for retired posters, how\when did you make decision to retire?
- Thread starter TheBigUglies
- Start date
Lot's of thoughts in this thread.
I retired at 62 and consulted at my company for 2 more years and really retired at 64. My reason was I was bored with work was financially secure and wanted time to travel without feeling guilty. Specifics to consider
Health care and financial - I had health care covered by my retirement until I was eligible for Medicare. If you or your spouse if she is on your plan are below Med age and aren't covered study this closely it can be very expensive. Also if you a high income person be sure to learn about IRMA [medicare penalties [extra premiums] I don't believe any of the financial models are really very good except to give you things to think about. Everyone's situation is different. As a rule expect to spend more than you forecast and if your withdrawals are from IRA's remember you will pay tax on that money. [$10,000 w/d becomes $7500 spendable money real quick]
Personal situation. If you are married you and your spouse need to get "close" to some understanding. This is another area that is just about impossible. IMO the biggest challenge is your spouse being "okay" with your new lifestyle. On one hand she may be hoping for more time together and your hobbies doesn't allow that OR and this seems more common than you think she may still have a very active life, working or not but disagrees with how you spend your time. [too much time sitting around doing nothing or too much time hanging out with guys etc] If you have been married a while you know our spouses have strong opinions about what we do. Just a small example and this goes back to the original OP on shaving. I would bet a very large % of our spouses if asked the same question would have us shaving more than we do. Full disclosure I am about a 3 time a week shaver and when I walk around with a 2 day old gray stubble it does not go down well with my wife.
Good luck, one final thought. Presuming the health care and financial security questions have been answered, ask yourself this [if you are over 60] If you were to drop over dead in 12 months would you have wanted to:
keep working because you enjoy it and it is rewarding [very common]
. or do something else [volunteer, travel, explore hobbies, sit on the couch and read PSU chat rooms]
You'll know
I retired at 62 and consulted at my company for 2 more years and really retired at 64. My reason was I was bored with work was financially secure and wanted time to travel without feeling guilty. Specifics to consider
Health care and financial - I had health care covered by my retirement until I was eligible for Medicare. If you or your spouse if she is on your plan are below Med age and aren't covered study this closely it can be very expensive. Also if you a high income person be sure to learn about IRMA [medicare penalties [extra premiums] I don't believe any of the financial models are really very good except to give you things to think about. Everyone's situation is different. As a rule expect to spend more than you forecast and if your withdrawals are from IRA's remember you will pay tax on that money. [$10,000 w/d becomes $7500 spendable money real quick]
Personal situation. If you are married you and your spouse need to get "close" to some understanding. This is another area that is just about impossible. IMO the biggest challenge is your spouse being "okay" with your new lifestyle. On one hand she may be hoping for more time together and your hobbies doesn't allow that OR and this seems more common than you think she may still have a very active life, working or not but disagrees with how you spend your time. [too much time sitting around doing nothing or too much time hanging out with guys etc] If you have been married a while you know our spouses have strong opinions about what we do. Just a small example and this goes back to the original OP on shaving. I would bet a very large % of our spouses if asked the same question would have us shaving more than we do. Full disclosure I am about a 3 time a week shaver and when I walk around with a 2 day old gray stubble it does not go down well with my wife.
Good luck, one final thought. Presuming the health care and financial security questions have been answered, ask yourself this [if you are over 60] If you were to drop over dead in 12 months would you have wanted to:
keep working because you enjoy it and it is rewarding [very common]
. or do something else [volunteer, travel, explore hobbies, sit on the couch and read PSU chat rooms]
You'll know
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