# Considering Retirement Cautiously



## David_in_KW_ON_Canada (Mar 5, 2020)

I’m 63 and have worked in my own healthcare practice (counselling) for decades.  I also sell THC-free CBD Oil and salt-free water softeners.  We also co-own a medium size apartment building.  We didn’t buy a house until 2007 and we have about 5-10 years to pay off the mortgage (if interest rates stay low we may take our time). We have seriously considered downsizing and moving to a less expensive house and capitalizing on the profits from increased equity, but we think we can stay and continue to rent out rooms in our home for extra income and let the equity grow.  My wife (in her late 50’s) is looking for less physically taxing work - and is facing ageism in employment, in our opinion.  We both are relatively healthy. We have our 1st grandchild coming this summer and they will be living near us.  We live in Canada so we have socialized health care insurance.  We are careful with and budget our $.  We have never made a lot of money and live within our means.  We have enough savings and equity in our home and other investments that we could stop working, but why when we can remain productive and active?

Because we are both self-employed, we can decide our own futures to a greater degree.  We are learning how to build passive income now (I wish I learned this when I was in my 30‘s).  I may change my attitude toward retirement when we retire our mortgage.  Staying working is very fulfilling for me and gives my wife extra income for an expensive hobby she has.  We see retirement as inevitable yet not needed until essential.  Work is a joy for me, but it is increasingly emotionally taxing.  I hope I can work part-time into my 70’s.  I don’t think I was built for retirement, working is very satisfying to me and I’m glad I am one of the few who can say that.  The hope is that in the next 10 years we can both work smarter instead of harder and build a bigger nest egg while retiring that mortgage!

Any comments?  Are we missing anything?


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## Davey Do (Mar 5, 2020)

"Staying working is very fulfilling for me..." I could say the same, David, and that's one reason why I joined this website. I wanted to read others' take on preparing for, and living with, retirement.

The best to you!


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## David_in_KW_ON_Canada (Mar 5, 2020)

Davey Do said:


> "Staying working is very fulfilling for me..." I could say the same, David, and that's one reason why I joined this website. I wanted to read others take on preparing for, and living with, retirement.
> 
> The best to you!



thanks! I just don’t see the need to retire and have to struggle with too much time on my hands and not enough to do when I can be productive and satisfied working. My big thing these days is learning to have ”money work for me” instead of me work for money! Have you learned much about that: passive income?


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## Davey Do (Mar 5, 2020)

I don't know about passive income. I thought that perhaps, after I retire, I might get back into the public art scene as I did to supplement my income back in the late 90's and early 'aughts.


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## David_in_KW_ON_Canada (Mar 5, 2020)

Davey Do said:


> I don't know about passive income. I thought that perhaps, after I retire, I might get back into the public art scene as I did to supplement my income back in the late 90's and early 'aughts.



so...  buying and selling art?


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## Davey Do (Mar 5, 2020)

Selling art. I did some art shows, painted murals for a community theatre, worked as a street cartoonist, and did some commissioned work.

Thanks for the interest, David!


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## old medic (Mar 5, 2020)

David and Davey... Welcome
I also joined here looking for info and advice.
https://www.seniorforums.com/threads/should-i-or-shouldnt-i-my-retirement-dilemma.40194/ If your interested...

I would consider the downsizing, Especially if you can Sell/ Buy and become mortgage free... Then invest into a nest egg as you continue to work at a more relaxed pace... Have you considered selling your Business and then working for them?
We sold ours and bought a project home.... Currently remodeling it, but everything's paid for, Large Purchases going on store cards @ 0% and paid off in time. Both putting tons in a 401K to the point our take home now is less than our projected retirement check..... Ill retire with a raise... LOL
My big issue keeping me working is no insurance....


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## David_in_KW_ON_Canada (Mar 5, 2020)

old medic said:


> David and Davey... Welcome
> I also joined here looking for info and advice.
> https://www.seniorforums.com/threads/should-i-or-shouldnt-i-my-retirement-dilemma.40194/ If your interested...
> 
> ...



We are watching the housing market and upgrading key areas of the home to maximize our house sale price and attract-ability. We also love our area where we live and I run my businesses out of the home.

I’d love to build a custom “Tiny House” on our property and then move in there and sell or rent the house to a family member if we could stay on the property.  But my wife is not big on tiny house living (yet, lol).  There are so many exciting ideas for a living small that intrigue me and I’m not giving up on the possibility yet.

We haven’t concerned ourselves with insurance, as we feel that we could manage things if ”push came to shove” and there were issues that caused us to not be able to work.


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## Don M. (Mar 5, 2020)

If you enjoy your work, stay with it as long as you want.  If/when you seriously contemplate retirement make sure you are Debt Free, and have sufficient funds available/invested to supply at least 80% of your annual "working" income for 20+ years.  Health is a primary concern in retirement, so make sure you adopt a lifestyle that insures you get plenty of exercise, and control any excess weight....obesity is probably the root cause for retirees spending much of their time at the doctors office.


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## old medic (Mar 5, 2020)

David_in_KW_ON_Canada said:


> But my wife is not big on tiny house living (yet, lol). There are so many exciting ideas for a living small that intrigue me and I’m not giving up on the possibility yet.


We moved from 2500 SqFt 3 bedroom into a 224 SqFt camper... the place were restoring is 960 SqFt 2 bedroom...
Its amazing that 960 looks HUGE after 2 years in a camper...


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## Ladybj (Mar 5, 2020)

David_in_KW_ON_Canada said:


> I’m 63 and have worked in my own healthcare practice (counselling) for decades.  I also sell THC-free CBD Oil and salt-free water softeners.  We also co-own a medium size apartment building.  We didn’t buy a house until 2007 and we have about 5-10 years to pay off the mortgage (if interest rates stay low we may take our time). We have seriously considered downsizing and moving to a less expensive house and capitalizing on the profits from increased equity, but we think we can stay and continue to rent out rooms in our home for extra income and let the equity grow.  My wife (in her late 50’s) is looking for less physically taxing work - and is facing ageism in employment, in our opinion.  We both are relatively healthy. We have our 1st grandchild coming this summer and they will be living near us.  We live in Canada so we have socialized health care insurance.  We are careful with and budget our $.  We have never made a lot of money and live within our means.  We have enough savings and equity in our home and other investments that we could stop working, but why when we can remain productive and active?
> 
> Because we are both self-employed, we can decide our own futures to a greater degree.  We are learning how to build passive income now (I wish I learned this when I was in my 30‘s).  I may change my attitude toward retirement when we retire our mortgage.  Staying working is very fulfilling for me and gives my wife extra income for an expensive hobby she has.  We see retirement as inevitable yet not needed until essential.  Work is a joy for me, but it is increasingly emotionally taxing.  I hope I can work part-time into my 70’s.  I don’t think I was built for retirement, working is very satisfying to me and I’m glad I am one of the few who can say that.  The hope is that in the next 10 years we can both work smarter instead of harder and build a bigger nest egg while retiring that mortgage!
> 
> Any comments?  Are we missing anything?


As long as it is full filling for you both, that's  what matters.  I am enjoying early retirement.  My hubby said when he retire, he will find a PT job.  He is turning 58 tomorrow so he has a ways to go until retirement. I retired in my 50's and never looked back.  Although I do have a few home online projects and looking to become a Grief Coach.. to help others move forward after loosing a love one.


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## OneEyedDiva (Mar 7, 2020)

Loving your work is the icing on the cake. So keep working as long as you can. It seems you already have residual income so that's important. It seems you have all your bases covered. You said you wife is facing "ageism in employment" but then you said she's self employed. So does that mean she tried to find other work but was denied for perceived ageism or is her self employment gig part time and she's working something else full time?
Downsizing, if you can, is a good idea if it doesn't cause discomfort and inconvenience. Of course it would need to be financially advantageous.


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## David_in_KW_ON_Canada (Mar 8, 2020)

Ladybj said:


> As long as it is full filling for you both, that's  what matters.  I am enjoying early retirement.  My hubby said when he retire, he will find a PT job.  He is turning 58 tomorrow so he has a ways to go until retirement. I retired in my 50's and never looked back.  Although I do have a few home online projects and looking to become a Grief Coach.. to help others move forward after loosing a love one.



I'm interested in what you have learned about being a "Grief Coach".


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## David_in_KW_ON_Canada (Mar 9, 2020)

OneEyedDiva said:


> Loving your work is the icing on the cake. So keep working as long as you can. It seems you already have residual income so that's important. It seems you have all your bases covered. You said you wife is facing "ageism in employment" but then you said she's self employed. So does that mean she tried to find other work but was denied for perceived ageism or is her self employment gig part time and she's working something else full time?
> Downsizing, if you can, is a good idea if it doesn't cause discomfort and inconvenience. Of course it would need to be financially advantageous.


She is facing ageism as she looks for work as a librarian (I mentioned she is needing to change level of the physicality of her present self employment).


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## David_in_KW_ON_Canada (Mar 9, 2020)

David_in_KW_ON_Canada said:


> She is facing ageism as she looks for work as a librarian (I mentioned she is needing to change level of the physicality of her present self employment).


Actually, I guess I didn’t mention she was looking for less physical work.


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## OneEyedDiva (Mar 10, 2020)

David_in_KW_ON_Canada said:


> She is facing ageism as she looks for work as a librarian (I mentioned she is needing to change level of the physicality of her present self employment).


That's a shame David.


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