retirement, good or sucks

[WormWiggler]

wife retired this spring from the fed govt after 34 years at 56 years old. I am 55 and self employed mechanic. we don't owe any money and have no kids. I took the fall off and plan on slowing my business down to enjoy more time off.

would you like to adopt me?

 

[Maddog]

when we get there, we will let you all know

we meet with our retirement counselor in January
we have our fingers crossed

congratulations to all of you that are there
and living the dream

 

[ranger150]

when we get there, we will let you all know

we meet with our retirement counselor in January
we have our fingers crossed

congratulations to all of you that are there


and living the dream

I met with financial adviser last week. I am 57, looks like I can retire at 59 or 60. I am self employed. My better employees want Me to keep going after 60. HOWEVER, the bad employees and GOVERNMENT has worn Me out.

 

[Sluggo]

looks like I can retire at 59 or 60.

Determined how?

 

[Kurtr]

Determined how?

Has enough money saved

 

[Sluggo]

Has enough money saved

Determined how? What formula was used?

 

[Kurtr]

Determined how? What formula was used?

personal worth - future bills = when can retire. There is no magic formula just an estimate that is differ for every one. A financial planner would be best to consult with

 

[NJL]

Thanks to everyone who's provided insights on this topic. I'm currently in my mid 30s, and i plan on retiring at 55. I've been with my company for a little over 7 years now, and i've been very happy with the companies retirement options. When i first started the company was transitioning away from traditional pensions to 401ks, and i was fortunate enough to be eligible for Part D of their pension plan, which is an additional 3% contribution to my 401k over the standard contribution amount. I've been contributing atleast 8% to get the full company match, but have also been contributing some to a ROTH 401k as well. So far i've seen atleast 20% returns every year. According to my financial adviser, if the markets stay average, i should be able to retire and will draw 70-80k per year; if they markets are poor, it could be as low as 40k per year. I figure thats probably enough if i'm debt free at retirement. It'll be interesting to see what happens, at worst i may have to push retirement out to 60ish.

For now i like my job, just got promoted to management and now have a 3 day work week. This next summer I should be spending a lot more time out on the water

 

[Maddog]

Thanks to everyone who's provided insights on this topic. I'm currently in my mid 30s, and i plan on retiring at 55. I've been with my company for a little over 7 years now, and i've been very happy with the companies retirement options. When i first started the company was transitioning away from traditional pensions to 401ks, and i was fortunate enough to be eligible for Part D of their pension plan, which is an additional 3% contribution to my 401k over the standard contribution amount. I've been contributing atleast 8% to get the full company match, but have also been contributing some to a ROTH 401k as well. So far i've seen atleast 20% returns every year. According to my financial adviser, if the markets stay average, i should be able to retire and will draw 70-80k per year; if they markets are poor, it could be as low as 40k per year. I figure thats probably enough if i'm debt free at retirement. It'll be interesting to see what happens, at worst i may have to push retirement out to 60ish.

For now i like my job, just got promoted to management and now have a 3 day work week. This next summer I should be spending a lot more time out on the water

Is this a government job? Asking for a friend.

 

[NJL]

Technically, no; but it is for a defense contractor.

 

[db-2]

Had one of those financial planners a few years ago tell me if i give him all my cash he will ensure a $85,000 income for us which included our current monthly income from SS of $3,600 plus $1,000 from a different plan I got in SE Asia.

To open our world up, the $4,600 does not cover all in a years time. Some months yes but others no. So i could use the additional $30,000 he told me of.

So i thought and thought on this and after about thinking for a few minutes and deciding to work another 3-4 years told him that's okay i think we can take care of our own monies ourselves and I prefer not to give what we work for to someone else who has no skin in the game with the promises he made.

Would he had done better for me, maybe and those with those high returns in there 401, well in my relatively short time in 401 i seen it go negative on a few occassions. Now if I had left a good share of my funds there, it would of done way better but then I thought Hillary was going to win the election. Silly me for listening to those polls. db

 

[5575]

Our company offered early retirement buyouts last year, many jumped ship.
The guys that didn't take it were sure happy they stuck around when the pension numbers came out this week, most increased another 250-300K in 2019.
Thanks President Trump! :;:thumbsup Our 401 and Roth did well also, keep that Trump train rolling!

I work 4 days on 4 off, after vacation I end up working around 135 days a year. Feels like I've been retired for the last 25 years or so ha ha ha. But I have about 9 years to go. Always interesting to here folks stories, Merry Christmas guys.

 

[db-2]

5575:
Some of them will still find the need to vote democrate in order to shut down all the coal mines along with increaseing taxes to pay for medicare for all, green world ect and as i have seen, i am sure the 401, pension will find a different direction to go.
At that point one just keep saying "I'm in for the long haul". Does leaving a different feeling in your stomach when it goes south.

The wife and i have three different accounts in 401. They make up less than 20% of our savings. One has made 7.31% over the last 8 years and in 2019 so far 14.05%, I convince the wife to transfer 7600 into another account that in five years has made $650 with $865 of that this year, next Feb she can take out with no penalty, the investor kept telling me it will get better, I do not visit with the wife on this one, the last one has made $17,000 on an investment of $54,000 over 8 years with $6,700 of that this year so far.

5575 somehow my investor is not up to the same speed as your company and I never did have a pension even with all the people I work for.

But good for them as that is a sizable amount of monies. So it was not as good for me but where will those funds go someday. Maybe the kids but we just no longer spend monies and have no real wants anymore. So I cover my ass by saying that to myself to cover for my poor planning or not being lucky enough to put the monies in the right place or leave it where it was.

So we all have gone down different roads with different results, experience and the like. Hope one find happiness with what one has. For now, my only want is for someone to tell me how to shut off the auto start at stop lights on my Buick Enclave. This bugs the hell out of me. db

 

[Kentucky Windage]

IMO, anyone who isn’t happy with retirement has been a workaholic all their life and never developed or gave up their hobby/hobbies. Work is all they know and feel empty without it. What a pathetic life. There’s more to life than working. I wish I could kick a few people in the nuts repeatedly in hopes of knocking some sense into them.

 

[BrokenBackJack]

DB said For now, my only want is for someone to tell me how to shut off the auto start at stop lights on my Buick Enclave. This bugs the hell out of me. db

We have a 19 Buick Enclave Avenir and it does the same thing and i hate it. Found this on the Interweb and will have to spend another $140.00 to make it stop. Here is the link DB and it works on many GM vehicles but be sure to select the right year, make, and model vehicle!

https://www.smartstopstart.com/chevy-buick-cadillac-gmc-products.html

- - - Updated - - -

Here is a link for the Dodge, Chrysler, and Jeep line to turn off the stop/start.

https://www.smartstopstart.com/jeep-dodge-chrysler-products.html

 

[db-2]

Yes broken back I also seen that but I drive that car very little so I will refrain from doing that.
I have found that if one works with the pressure one puts on the brake one can keep the motor running and still stop.
Also if I shift to L at the light it seems not to stop the engine. Another person said put the air conditioner on as the sensor is control by temperature.
I will stick to driving my dodge pickup and leave the buick to the wife. thanks db

 

[Maddog]

IMO, anyone who isn’t happy with retirement has been a workaholic all their life and never developed or gave up their hobby/hobbies. Work is all they know and feel empty without it. What a pathetic life. There’s more to life than working. I wish I could kick a few people in the nuts repeatedly in hopes of knocking some sense into them.

I would hate to see when you get worked up over something.

 

[campchef]

Please don’t think it’s all about the money and don’t put off that special event until you finally retire.
I worked until age 75. I didn’t have to but I enjoyed the work I found in the second half of my working life. I generally continued to enjoy life in the wild but truth be known nature takes a toll. Infirmity and mortality are tough issues to face. Each year past 60 you feel the strength and vitality slowly leave your body. You can’t walk as far, climb as high, step as lively and lots of things just piss you off.
But in reality your friends leave you. Some can’t cut it anymore, some choose not to participate, some die and take a part of you with them but memory issues are the most disturbing. Shit happens, none of us are immune.
My advice, live every day like it’s your last. Pass on your wisdom to your grandkids. (there’s no need for them to find wet wipes on their own) give your heirlooms (guns, rods, knives, etc) to the kids who will appreciate them and the old fart who used to own it. Don’t let your wife sell your treasures at a garage sale.

 

[BrokenBackJack]

Well said CC!

 

[ItemB]

Determined how?

Take what you need annually times 25 if you have that much saved=retire, this is with out touching much of your nest egg mainly just living off interest. This biggest thing in determining this is knowing what your yearly or monthly budget is, most people thing they have a good idea until they sit down and figure everything out.