retirement, good or sucks

[Sluggo]

Great topic. Thanks, db-2, for starting it. I think about this a lot these days. What determines when to retire? Is it all about money? Or when you hate work? Or when your not healthy enough to work? Hit a certain age? Something else or combination of the previous? I’m so confused.

 

[sl1000794]

I retired in May of 2008 after working 40 years. I was 62 years and 10 months old. I started taking SS then. I felt that I could use more money at an early age in my retirement, so that is why I did that. I don’t have a pension, I have a “money purchase pension plan.” It is funded and I rely on market appreciation to keep solvent.

We have a large home in San Jose, CA (probably my best investment) and we had purchased our cabin on Metigoshe before I retired. I bought a fishing boat, a pontoon and 2 battery powered lifts for the boats on Metigoshe. For the cabin, a Ford 250 PowerStroke and the boats, etc. and some living expenses I used a line of credit on our house, so I owe money on the line of credit that we are now paying off. If/when we sell the house in SJ we will have a serious nest egg to live out our time on.

We spend the winters (mid Oct-April) in CA and summers (May until after UND Homecoming) at Metigoshe. It is not a winterized cabin. My wife is dealing with issues with her Mom in assisted living in Minot, so we have had an apartment in Minot for a couple of years so she has a place to stay when she goes to help her Mom.

I have to say that when I worked I loved what I did. I have a degree from UND in Civil Engineering, but I have worked in construction my whole career. My last 27 years were in CA and that was where I made my retirement money. I built homes, apartments and a small 159 unit hotel. Our retirement plan was great.

I’m glad I retired when I did. I could afford it. I have always looked forward to retirement. It’s just that when you look forward to retirement you are young and you don’t realize just how old you will be/feel when you retire.

Everyone knows the saying: “Getting old ain’t for the faint of heart”!

They are right, but I wouldn’t trade it for anything.

 

[LBrandt]

Glad I did as much hunting when I could. Elk hunting in ND, Wyoming, Colorado and Montana. Add in deer hunting in those states plus Minn.and Neb. Fished Montana, ND, Minn and SD but its always been best close to home. Throw in a little bear hunting in Minn and Montana and that about covers it. Still fish a fair amount and raise a big garden, still like to get my fingers in the dirt. Amazing what you get from a little seed and Gods great help. Had hip replaced late last year so was a little slow getting garden in but it still turned out well. Tried something new last year by selling veggies from a roadside stand and then using and giving away what was left. Worked out well and met a lot of new people, paid for all my garden expences, kind of like farming so got my new years seed money in a quart jar. Seed catalogs will becoming out soon so can start planning for this year. You just have to keep active, active, active, or you waste away. LB

 

[snow]

Well I live in Webster and like you said how people keep popping up...well happens here too. All you MN guys decide to retire and move here. We don't love it either but what do you do? That's not a knock on you personally but we see thousands of blue platers all yr long. Then they move here. UHHGGG! I think when people get older they may need to think about an area where you have good health care available. These small towns have decent clinics but not hospitals.

Yup most of us "blue platers" want out of this god forsaken state when its time and we can afford it,south dakota area I mentioned is only a 5 hr drive from my home in central Mn florida,AZ or texas are other retirement options none of which spark my interest but would surely help the pocket book,so move over coming in HOT.have a farmer near Groten retiring soon,owns a good chunk of real estate he's willing to part with as he is planning to retire soon(nokids living),heading out this weekend to zero in on said property

 

[KDM]

The "trick" to retirement IMO, is to have a BRUTALLY HONEST knockdown drag out discussion with yourself and then with your spouse and decide what will make you both completely happy and satisfied in life. If you want 10 million dollars or land or a such and such house or to travel the world. Whatever it is, you basically draw what amounts to a "goal line" for your life and when you get there, YOU QUIT and be happy. The trouble with most folks is that they are not able to decide on a goal line and unfortunately are unable to just be happy for one reason or another. They always want more. If that is you, retirement will never be available to you ever and that's OK. Just be honest about it and go about your business. The wife and I had our KNOCKDOWN when we were 3 years into our marriage. We made a plan and worked our asses off to get to the goal line. We passed on the new cars, bigger houses, vacations, big toys, and other crap we didn't need along the way while enduring some unpleasant circumstances and making sometimes painful sacrifices and that has made ALL THE DIFFERENCE. By Gods grace we crossed the goal line and I was able to join my wife in retirement when I turned 40. We don't live lavishly, but we live happy. The truth is that retirement is and was, just a word to me. If I were to use a word to describe what my wife and I now enjoy it would be Happiment.

 

[Up Y'oars]

Retirement? Whats that? Not even sure whats in store for me, started late in life getting a 401K going, as when I was younger had one hell of a time with employment, so was not offered any retirement type plans so to speak back in the day, I currently have roughly 40G in my 401k funds and my yearly gains don't add up to squat ola and probably won't be enough funds to live on come that so called day to retire.

Mort, there are plenty of great returns out there right now. I have some stocks, in my ROTH, that are hitting 40% return in the past 16 months. Who can complain about that? I also have a couple equity trade funds (ETF's) that are at 38% over the past 24mo.

If you get with an adviser you COULD make double your money in the 401k in five years. At least it's something....

 

[Chas'n Tail]

Not at all close to retirement at 32, but I just wanna say that I appreciate reading this thread. Lots of insight and several great pieces of advice. Makes me think. Carry on...

 

[snow]

KDM, true words,in my case no wifey just my golden and he's all in whatever I decide,can't make it on my ss right now so still pluggin away parttime until I make the move west,we'll see what life brings around the next corner.

 

[BrokenBackJack]

Forgot to add we tried to live debt free most of our lives. Had to take a few loans here and there but we were raised to only buy when you could afford to pay for it. Too many families are in debt way over their heads. Always said if one of them gets sick for a month or more, they will lose everything they have. Never liked paying interest because to me that was money just thrown away. Like i said before this worked for us and probably won't for others.
KDM what you said was really hitting the nail on the head.

 

[Rowdie]

Agreed,no such thing as "golden age" my body started falling apart at 65 yrs had a rough life living in western ski resorts by winter oil fields in alaska by summer,no family left except my dad who is failing at 92 yrs so once he's gone i've decided to move to northeast south dakota somewhere between Webster and Aberdeen area,hell I'm out there 5 months out of the year these days,cost of living is about 50% less than here in minnesota,taxes are killing me,house is paid for plus building in my little town has sky rocketed,700 homes this summer within 5 sq miles,folks keep popping out kids and moving here once praire land turned to farm land now developments and roads,it sucks.The upside so far no minorities so zero crime to date,can't remember the last time I locked my house up with only a fur ball woosey golden retriever for defense,just the way I like it.

Hell, just keep going west to Mobridge. At least you can eat the fish there. Lot of cheap homes for sale in that town

 

[Kurtr]

Hell, just keep going west to Mobridge. At least you can eat the fish there. Lot of cheap homes for sale in that town

cheap homes not really either you get a piece of shit for 50000 or spend 300000 for something decent. duck hunting is way better in webster area any way

 

[bronco]

Thanks for all the insights folks...I'm pulling the plug in early 2020 at 58 after a 38 year career. Its taken me a year to get comfortable with walking away from the working life. But I'm sure ready to start that next chapter. You young guys sign up with what ever savings plan you have and stick with it you will never regret it...

 

[BrewCrew]

This is one of the all time great threads - thanks to all for the insight and honest sharing. I retired at the ripe age of 40 in 2001. The divorce hit in 2002 and I realized all my hunting/fishing buddies still had to work and raise their kids - got bored and went back to work. Stil am at the age of 58. Remarried a few years ago and we are set for me to retire in 4 years. My wife is a federal employee with great benefits that will follow us when she retires in 8 or so years (she's younger than me). I have had many friends wait to 65-67 even 70 to retire. The majority are physically incapable to enjoy it or have lost their partner and are now alone in their final chapters.

My dad's advice was enjoy what you do for a living and balance it so you can enjoy life along the way. We don't scrimp and we make it a goal to have fun and stay in the day - you never know what happens tomorrow. The only for sure is He sent his only Son to die for me....the ultimate sacrifice of a Father. I am going to enjoy my time here and honor His word as best I can.......

Merry Christmas to you all - Be Safe!

God Bless!

 

[3Roosters]

Spend less than you make, frick the Jones' next door! If your company offers a 401k match...do enough to at least get the match. Plan your work, work your plan. Get ready about 10 yrs before you want to retire. We are planning to retire/semi retire in 2-5 yrs. Probably only draw one SS for now, let the other one build to closer to normal retirement age. Couple part time jobs for each(depending), pension, 401k and one SS .
Only got smarter about things 5-6 yrs ago.....wish i was as smart as i thought i was a million years ago when i was a young lad.
Planning to win the lottery isnt a retirement plan

 

[guywhofishes]

this thread is good

but the age of retirement mentioned by some makes me want to cry (40?!!!!!)

and I regret not getting a gov’t job with lifetime health benefits after retirement

 

[Sluggo]

and I regret not getting a gov’t job with lifetime health benefits after retirement

Must be Fed gov that provides this cause ND State gov sure don't

 

[Whisky]

Here is a question I just asked my self today....

I am mid 30s and have had a 401k going for over a decade. It's doing Ok, and I have stepped up my contributions this last year to 15%. I also hate debt and want to get a vehicle and tractor paid off ASAP. It's feasible to have them both done by Dec 2020, if both the wife and I make significant reductions to 401k for a year. We would still be around 6% each and getting max employer match......Is this advisable? I think I know what Dave Ramsey would say..and I'm leaning that way.

The only kicker is not going back into debt after all that BS..AND immediately increasing 401 contributions when the goal is met.

 

[Sluggo]

Here is a question I just asked my self today....

I am mid 30s and have had a 401k going for over a decade. It's doing Ok, and I have stepped up my contributions this last year to 15%. I also hate debt and want to get a vehicle and tractor paid off ASAP. It's feasible to have them both done by Dec 2020, if both the wife and I make significant reductions to 401k for a year. We would still be around 6% each and getting max employer match......Is this advisable? I think I know what Dave Ramsey would say..and I'm leaning that way.

The only kicker is not going back into debt after all that BS..AND immediately increasing 401 contributions when the goal is met.

What kinda interest are you paying on your 2 loans? Keep in mind you are not paying income tax on your 401k contributions.

 

[Whisky]

What kinda interest are you paying on your 2 loans? Keep in mind you are not paying income tax on your 401k contributions.

0% and 3.15%

 

[Bfishn]

0% and 3.15%

I personally wouldn't take away from 401k to pay off manageable loans with that low of interest...certainly not the 0% one. Dave Ramsey is all about paying off debt for people who seem to have a problem with that. For financially responsible people who are already in good shape, he's generally not the guy to listen too.

There is peace of mind in being debt free, but it can cause a reverse affect too in that you think "hey, im debt free, i can afford that new....." and you end up spending more money.