# How many years out do you plan for retirement?



## R. Zimm (Apr 24, 2013)

My wife and I are in our late 50's so we are starting to think about retirement but mostly just chit chat. At least we are talking about important ideas and criteria we might use to select a spot.

How about you, how soon did you start thinking about where you were going to retire (or will be retiring)? what came up that seemed important that you put at the top of the list?


----------



## FishWisher (Apr 24, 2013)

#1 of our priorities was to get the home paid off. We paid it off years before we retired, and having been retired almost 11 years, it's still a great feeling to have it free and clear.

I've been thinking about where to retire for many years, and that would be Oregon. But Wifey's not budging, so I'm still just thinking about it!


----------



## That Guy (Apr 24, 2013)

I have never really planned much of anything in life and whatever I thought was a plan turned out to be only fantasy.  It'll happen when it happens . . .    (Not much help, I know.  But, you asked...)


----------



## TICA (Apr 25, 2013)

I've been fortunate that my employer has a pension plan which I have contributed to for over 30 years.  My retirement date is officially June 1, 2013 and I'll be 56 next month.   I'm not really looking at it as "retirement" as I have lots of good years left (I hope!!), but I am looking at it as not working at the same job.  I'm staying in the same general location although hoping to move to some property I bought last year and getting on with the hobby farm.  I'm going to stay busy, be as self sufficient as possible with a garden, take some courses and just appreciate the calmness of not dealing with the day to day work "stuff".  I do like my job and my co-workers, but I'm ready to do something different for a while.

I guess I never really planned retirement, it just happened!


----------



## That Guy (Apr 25, 2013)

My employer also has a pension plan to which I have contributed for over 30 years.  I'll be on vacation officially June 1, 3013 and I'll be 66 next month.  Perhaps, I need to get the hint and start letting it happen and soon...


----------



## TICA (Apr 26, 2013)

I know I'm retiring earlier than a lot of people, but I want to enjoy it and not wait until I'm too old to really do the things I want.  I'll still have a mortgage and probably will for the rest of my life, but lots of people pay rent when they retire and at least by owning my home (along with the bank), there will be something left for my kids when I go.   I'm really in a "go big or stay home" kind of mood these days, so I'm going for it!  Besides, I doubt anyone would rent a house to me - I certainly wouldn't.   With dogs, cats and horses, I need to be in control of my housing situation.


----------



## Ozarkgal (Apr 26, 2013)

That Guy said:


> My employer also has a pension plan to which I have contributed for over 30 years.  I'll be on vacation officially June 1, 3013 and I'll be 66 next month.  Perhaps, I need to get the hint and start letting it happen and soon...



What the heck are you waiting for, don't you hear those waves calling you


----------



## That Guy (Apr 26, 2013)

. . . and then there's those dotcom yupsters who made a bundle and retired at 25!  I enjoy being run off the road by their Ferraris on a daily basis...

Seriously, though (God I hate being seriously serious) . . . , the ONLY reason I show up for work each and every day is for that steady paycheck (I love reminding the bosses of that...) and am just not looking forward to living on less.


----------



## TICA (Apr 26, 2013)

I'm not looking forward to living on less either, but for me, the trade off of having my own time, exploring new things and getting back to some of the old things I enjoy is worth it.    I want to be young enough to enjoy some leisure time.

If I look back over the years, I can see where I always managed to survive on whatever my salary was at the time.   I'll adjust to a lower income and if not, I'll grow some vegies and sell them at the local market or get a part-time job.   Either way, I feel my brain is tired and I'm not giving 100% to my job these days so it is time to go.  (With a big smile on my face!)


----------



## That Guy (Apr 26, 2013)

I agree.  We survive.  Actually, I'm waiting for the next "lucrative" early retirement incentive coming down from the money moochers holding the bag any day now...


----------



## TWHRider (Apr 26, 2013)

I stopped working full time in 2003 and retired from my PT job at 62 with absolutely no regrets.

Mr. TWH is classic Hypertensive Type A and will work until he drops - literally.

What I will say is to have a decent retirement and savings which can be very difficult to attain.

Mr. TWH had $77,000 worth of heart attack one year ago in April.  His insurance paid all but $4,000 for which we were more than grateful, gave prayers of thanks, and breathed big sighs of relief.  Still-in-all, owing $4,000 is nothing to take lightly.

We weren't willing to pay payments so the money came from the emergency fund.  Being nothing more than middle Middle Class folks who lost thousands of dollars in our IRA's a few years back and also some years previous to that in another crash, the emergency fund is now hollering for help.

Nobody Owns Tomorrow, so at the very least, put back for medical emergencies, that could even include you getting in a non-chargeable car accident and the other person doesn't have a pot to *iss in, much less have auto insurance.  Check your auto medical limits --- you might be surprised at the coverage you don't have

Not being able to pay medical bills will wipe a person out just about faster than a roulette table.


----------



## R. Zimm (Apr 26, 2013)

"dotcom yupsters"

Say, that would make a great Band name (a running joke with my kids). That's great you are able to retire at 56, TICA but you can always start a new endeavor. They call it a "encore" career I believe.

Actually, the position I hold right now was vacated by a guy retiring about that age who had already retired very early in another field. I think he started very young in that to have put in 30 years but it happens.


----------



## WhatInThe (Dec 31, 2013)

Plan and practice for your retirement. Learn about finance and taxes because without money you can't do what you want even if it is nothing. Also retirement should be stress free so you should not be in a tizzy like the night before midterm finals trying to learn what you should've been learning all along. That means try some small investing and do your own income taxes at least a few years before you retire. 

A second income source is good for anyone. It's even good for younger people to learn finance and taxes. I know people who were afraid to buy stock because it would complicate their taxes. If you understand them and know how to do them they are not scary although they are still infuriating, stupid and excessive. Not scary is good, that means less retirement stress.


----------



## LogicsHere (Jan 30, 2014)

I do realize this is an "old" thread, but will post anyway.  I have been planning for my retirement for quite some time.  And until the last few days with the huge drop in the market again was feeling pretty good.  The fear is running out of money. 

There is longevity in my family, my grandmother and her sisters lived till late 80s and early 90s, my mother is 93 and she has two cousins, one 98 and one that just turned 100.  I'm 67 so I'm looking at probably 30-35 years?  With the stress of looking after my mother and working full time and dealing with the winters (especially this one), I'm trying to last working full-time until 68-1/2, but still not collect until between age 69-1/2 and 70. 

I have lived frugally all my life but have not cheated myself out of anything. While I am pretty certain that I'll be OK, one can't help but worry a bit.  But as I have no children, I guess if I end up in a fairly decent place when I'm 95 as I don't want to wash, cook, clean etc. all my life either, I guess I will be OK.


----------



## dbeyat45 (Jan 30, 2014)

Just noticed this thread ..... I started planning for retirement after my first difficult day at work.  

Some say you need to plan for the activities you wish to undertake in retirement but all we had was a vague notion to travel and see the rest of Australia.  Other than the occasional trip, we find ourselves in perpetual motion with grandchildren, babysitting, catching up with friends and relatives.  We have hardly had a dull moment since we stopped work.  

One bit of advice:  *Go as soon as you can*.  
I went early (62) and have had several reasonably serious health problems - of which I was completely unaware - since.


----------



## CPA-Kim (Apr 4, 2014)

I started seriously planning for retirement when I got some chronic health issues.  I'm only 58 but can get my full pension when I'm 62.  I teach so I have the option of Summers off until then.  Fortunately, for the first 22 years of my job at the college, our pension was paid for 100% by the State of Florida.  We now pay only 3%.  I'll take early SS at 62 which will give me another $1,700 a month.  My savings will be used for emergency purposes since my pension will cover all expenses and taxes.  The biggest unknown for me is my health and medical coverage.  I can stay on the college plan as long as I wish, after retirement and the State will contribute $150 a month toward my insurance.  Once I hit 65 I'll be covered by Medicare and will have to see what's available for Medigap at that point.


----------

