Retirement advice for a wanna be

Without getting too nosey, can you retired guys who spend a lot of time fishing, give us wannabes some idea of

1. At what age did you retire and was it too soon or not soon enough

2. did you need less or more money per month to live ( and fish) than you expected you would need when you decided to retire

3. Any big tips that you think we wouldnt already know? What would you do different?


Thanks. For myself and perhaps others.



I know what the so called "experts say". Id like to hear it from people who are there and living a life like I probably will.

I've talked to a lot of people and one of the big things is medical insurance. Don't forget to look into what it's going to cost you. I know if it hadn't been for my wife still working I don't think I could have retired even with SS benefits and my profit sharing.

I retired from selling vehicles for a GM dealership for 25 years, before that, I taught school & coached for 27 years. The 2 jobs over lapped for 8 years, from '85 - '93 and I made some decent money while I was doing both jobs but it cut down on the time spent fishing. In 2010, at age 66, I retired from the dealership and started working for the DNR, 2 days a week and substitute teaching when I wanted. Both of the part time jobs had flexible hours and I could work when I wanted, and fish when I wanted. This year I quit subbing in order to be able to spend more time fishing. Being from MN., we spend Jan. & Feb. on the Gulf, and March - Oct., fly fishing trout, during those months, I will fish at least 5 times a week. I spend a week in Canada fishing walleyes as well as many trips to the Miss. to fish walleye. We are also planning our 2nd. trip to Alaska this Summer. Had I not worked so hard in my earlier years I would not been able to spend this much time fishing. One of your biggest questions is; "how is my health?", do I have time to earn a few bucks or should I back off and enjoy what is left of my life. If you run short of money there many "retirement jobs" available that maybe somewhat flexible with the hours that you work. They may not pay as well as what you make now but they will give you some "fun" money. Hope this helps.

It is a great question that a lot of us are noodling over. Thanks to all for the honest inputs.

Retirement? Whats that?

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Originally Posted by ChileRelleno

Retirement? Whats that?

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for me...retirement = death

I've been lucky, I got interested in the fire service early on and got to retire at 55. Well, semi-retired, I will work at something as long as I can. I worked partime at an aluminum smelter up here while at the FD, still there now. I work part time for nearly full time pay averaging 24-28 hours a week, in the safety dept, doing security, fire and EMS. Will continue with it until my wife retires or I move down there which ever comes first, I can only be a firefighter so long. Love what I do and loved being at the FD, I worked about 110 days at the FD. Wanted to stay at the FD longer but the generation gap was getting a little wide, felt like it was time, but to early to quit working. Spent to much money with all my hobbies, racing motorcycles, racing mountain bikes, offroading in my JEEP, etc., so a little backwards in that respect. I played a lot early on instead of saving everything for later. Regret it?, Heck no, I had a blast and I was able to enjoy most of my hobbies with my kids and spent a lot of time with them. I've seen too many people save everything for later and not get to enjoy it. Really only advice I have is keep doing something as long as it is enjoyable. I have to keep working to enjoy the things I like to do, but I don't feel like I need more money than when I was at the FD.

Feel fortunate if you can retire. I was 40 days from 30 yr. retirement when that Big Blue company decided that someone in Mexico could do my job better. So if there are younger readers out there, don't take anything for granted, plan ahead and save/invest every penny that you can. Not for one minute believe that your employer is going to look out for you and your future.
If your company has a 401 plan, invest the max. that they match and consider a ROTH account.

I am very fortunate with a retirement.....but the health insurance ate into the savings quick and put me back to work part time to slow that down(I tried tow truck driving,fork truck in a couple warehouses one where I was spotting the semi trailers also then decided to get my cdl A's), I still like working with the company and people at the time of retirement......not doing the trade anymore but driving a semi truckk (landoll ) pick up and delivery of forks,cranes,machinery and go out to operate when costumers need it.....part time but nice double dipping on the pay but no benefits......not ready for a drastic lifestyle change yet, that put me back to work besides the health care increase.....almost 17,000.00 a year for the 2 of us....dang obamacare sent it sky high......would love to sell everything but the cabin and move south closer.....but the bride isn't up for it.....she actually went to work (I think she felt guilty I went back):)
I feel sorry for those that don't have a retirement and there is plenty

I'll retire when I die, so I don't have much to offer about financial planning, but I will advise you to take care of your health.

Medical costs are insane. Even with medicare they can go though the roof.

Get regular exercise and be moderate with alcohol. Stop smoking if you do smoke - just stop. Watch your diet. Get lots of fruits and veggies.

When you get to 60, let alone 70, your body does not shake things off as easily as when you were younger so give it a head start on fitness, it's really hard to play catch-up.

Thanks for the advice. As I figured, everyone is different and the cookie cutters who want to retire on paying for advice on how to retire, dont necessarily understand what it is really like. They say plan to have 80% of your current salary as income each year when you retire. Well Im self employed. No pension. That seems like an awful lot of savings.

On a Scale of 1 to 10, being retired is a solid 20!
No alarm every morning, no boss! Retirement is great if you prepared for it.
I retired @ 55 and never regretted it for one second. My wife said she was going to keep working, but she couldn’t stand it and quit in a couple weeks.
We sold the house, stored the furniture, moved into our motor coach and hit the road for over a year touring the USA.
When I got a call from and old retired friend who made me an offer I couldn’t refuse, I became a consultant doing the same work for way more money. I don’t like talking on the phone, but that call was a blessing.
Moved to Gulf Shores and after four or five years of flying somewhere every week, I quit working for good.
After 25+ years of RV’ing we have decided to sell our current motorcoach if anyone is interested.
“I don’t know how I had time to work”

Now that Fin is aspirational. If one assumes no debt, medical insurance of say 12,000 a year, maybe $300/m for car note, reasonable travel and entertainment and food expenses, do yall think it crazy to think a couple 58-65 can live on say 20,000 a yr? 30,000? 40,000?

I was in a law enforcement job working for the county government and was able to retire early at 50. I wouldn't do it any different. Although I no longer get overtime, sick leave, holiday pay etc., and as a result, watch what I spend a little closer, I have been able to live comfortably for 17 years of retirement. Wouldn't change the free time I've had for anything. Do what I want, when I want. Yes, health insurance can be an issue for some, but I carried health through work as a paid benefit until Medicare, then got a supplement policy that covers everything Medicare doesn't and I havnt had to pay a dime for anything.

I decided to retire early and enjoy life while I had the chance and health, even though I took a hit on the pension for doing so. It's been great. And yes, you are only two people and can survive quite modestly on a limited income.

Everones income and spending are different, so you have to judge that one for your own situation. I did find that being an Alabama resident had perks: no state income tax on my retirement pension and only $132 a year property tax on a three bd. two Ba. Brick ranch that is 6 years old.

do it as soon as you can and enjoy life...

38 years of plumbing and wiring, the last twenty self employed, took a toll on my frame work. My sweet and lovely wife has been a bookkeeper since high school. She has us debt free. I closed the business 2 years ago. Have medicare, but her job provides us with insurance. There is no large nest egg from my business, but I loved working for people and solving problems for them. Allowed my state certification's and Masters to expire, so I became what we always called a jackleg service man. Work a few hours a week on the jobs I still can, and earn cash. Same customers I always had. Need to bite the bullet and purchase one more new vehicle, and we are saving for that. I love that I have officially retired, and now have more time to cook, mop, wash clothes and mow. And I fish a lot, just enjoy it slower, no rush, no pressure. Less money, and somehow I am happier.

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Originally Posted by ChileRelleno

Retirement? Whats that?

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It's what I want to do as soon as I can sell my business.

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Originally Posted by fshntime

Alabama resident had perks: no state income tax on my retirement pension and only $132 a year property tax on a three bd. two Ba. Brick ranch that is 6 years old.

do it as soon as you can and enjoy life...

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Darn I sure wish mine was anything like that low...... I know move....wish I could convince the bride to

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Originally Posted by Royalfisher

Now that Fin is aspirational. If one assumes no debt, medical insurance of say 12,000 a year, maybe $300/m for car note, reasonable travel and entertainment and food expenses, do yall think it crazy to think a couple 58-65 can live on say 20,000 a yr? 30,000? 40,000?

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Nope.....I sure can't

Retirement capabilities stem almost entirely from your spending rate. Take some time to sit down and calculate your average monthly expenses. Don't use arbitrary numbers like 75% or 80%...make the list and budget it. I have clients who live on 20k/yr and some who struggle with 75k/yr.

The majority of my clients find they have similar or more income in retirement to go with less expenses (less commute, less eating out, etc)

What everyone neglects to consider is how well/poorly they adjust to slowing down and being at home 24/7 with their spouse. It is a test of will for some who have known nothing but hard work for their entire life.

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Originally Posted by Mattb

Retirement capabilities stem almost entirely from your spending rate.

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Truth -- live on a small percent of your income and you will be able to retire young. http://uncle-bru.de/wp-content/uploa...etworthify.png

Save and invest. Start when you are young.
Use a tax deferred workplace savings plans, IRAs, or both if you can.
Compounding interest is a wonderful thing.

Unless you are filthy rich, retirement is a lifestyle change as far as spending. Don't wait until you retire to start living on a budget, make adjustments early to avoid the shock. Everyone's situation is different, so take advice from others and learn from it, to apply what fits your situation.
Some people don't care for Bonds, but we have found that they fit our lifestyle. They pay decent dividends, 4-5%, we try to invest in tax-free bonds, that helps a lot when April tax time rolls around. If you have funds to invest, outside of your job 401k plan, shop around for a good investment firm. I say shop around because their fees vary from one to another.

I once planned to retire at 55 but didn't and at 66 regret the approach of retirement. Too many are sick like me: my work was my life and my identity. Without work I'd want to start on the pier and swim south. I saved for retirement but now cannot bear to spend any of it. One sick puppy.

Pay off all debts. Use 401k if company matches. Invest conservatively. Do not finance any new purchases. Monthly payments are killers as you age. Learn to cook at home and enjoy ft as a hobby. Eat out for special treats or occasions. Travel if you can but do not finance it or ride credit cards. Plan for 12 to 15k per year medical costs including insurance. Gulf shores off peak is wonderful and fishing is still good. Eat fish you catch several times a week and stock a deep freeze.

I've a decent Profit Sharing plan where I work, and I'm investing in my 401K.
But I'm ass deep in debt, two young kids still to raise, and older special needs who'll be with us as long as we're able to look after him. His needs to save/plan for too.
I just don't see 100% retirement happening for me, I'm going to have to work at something no matter what.
Unless my wife enjoys better than average success as an author, be nice if she was the next J.K. Rowling.

https://www.youtube.com/watch?v=RBHZFYpQ6nc

Can you sign your special needs child up for SSI

Here's how I'm retired before I'm 50. Join the Army, get jacked up, get medically retired at 16 1/2 years. Go work for a huge international corporation while the VA doctors beg you to quit working. They force you to quit working so now you draw VA, Army and a small corporate disability retirement. Tadahhhhhh!

Wife house shops every time we visit. We'd close her salon and move down there next week except for her family and my mom. I tell her 3 hours isn't thatttt far lol

Guess I am pretty lucky.. Retired Navy in 1983, got a great government contractor job supporting the Navy, doing the same thing I did in the Navy. Worked 23 years till age 66, my social security year, and worked 2 years double dipping, Work pay and full SS pay. Have had back trouble since I got hurt in the Navy in 75 so went to VA, put in a claim and after 2 years getting 60% disability (tax free) ... So, am actually making about $200 a month more now, then when I was working full time .. Saved, Saved, Saved during my working years and dumpted everything I saved and 401K savings into 3 CD's which gives me another $500 a month play money .. No ObummerCare .. Have Medicare and TRICARE plus from military time .. Basically free medical and my prescriptions cost me about $36.00 a quarter ... SO, now I am 72, riding my RV and trike around the country and fishing fishing fishing ...

Good advice for young folks just starting out:

Put away at least 5% of your income upfront into retirement, starting with your first real job. And don't stop until the day you retire.
If you employer offers matching 401K, max it out, its free money.
Build an emergency fund of around 3 months budget. And its for real emergencies, not "I need a new iPhone".
As soon as your kids get out of daycare, start saving additional $$ for college.
Live within your means, only ever have secured debt (car & house). Even it that means no cable TV, not eating out, etc... Credit card debt should be treated like the plague, something you never want to get into.
Plan to have your primary residence paid off on the day you retire.

I learned these lessons a little late in life and came out of my previous marriage in debt. Luckily I met and married my current spouse who has a lot more money sense than me. She has gotten us on track to be able to permanently retire at 62 with no debt, no mortgages and kids out of college.

No ObummerCare

One of the hilarious things I've read all day!! thanks for the laugh!

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Originally Posted by coach

Can you sign your special needs child up for SSI

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Yes, and yes he is on SSI Disability.
But it isn't much considering his care and the need to plan his life long financial needs.

But I figure at least I'm getting back everything I've put into SSI and other taxes.