THE Retirement Thread

[tarcone]

Who would have thought we were here, but we are.

I have 2 years left until retirement. I could go 4 or 5 more years, but the more I think about it the more i want out in 2.
My pension will be pretty good, but I will have to work to pay health insurance.

Im thinking I will become a real estate agent in life number 2. Or just work a bunch of jobs I want to work.

I am just about done with the teaching career. And am ready to start a new adventure.

[21C]

Hey, good luck with crossing over to retirement when the time comes.

At 57, I'm at an age that I get invariably asked "When are you going to retire?" I feel pretty good and think that I still have something positive to offer so I am going to keep teaching for some undetermined number of years. Financially I could afford to retire now but what am I going to do? Travel?

[molson]

I'm on a good track in the state pension system and got in early enough that I could maybe retire a bit early, but, I don't know if I can do what I'm doing now for another 15 years when I'm into my late 50s, it's a bit grueling and stressful. I'd really like to bridge the last few years to retirement working for the Department of Parks and Recreation, or something that involves a lot of driving around Idaho. Or some kind of support staff. The police chief of a fairly big city near Boise was our office runner his last two years before retirement. He just became the office gossiper. I guess the pension formula is such that that it works out very well to have even a low-paying job to add a couple of service years at the end.

[NobodyHere]

I still got about 2 and a half years before I can leanFIRE. Everyday at work is getting longer and longer.

[Edward64]

We've been talking and planning past 3+ years now. Targeting on next year. Getting my travel bucket list ready!

I'll probably suffer from "just one more year" when the time comes. It is true that much of my identity is/was built around work so can see myself struggling a little. Also, the 401k contributions and market helps with padding the retirement kitty but "it'll never be enough". But yeah, overall I'm prepared and ready to retire.

This year, my wife scaled down teacher to para so much less stress. She is retirement eligible now but not near 60 yet to actually collect any benefits. She may join me next year also but can see her continuing to be a para for a few more years.

[Edward64]

I still got about 2 and a half years before I can leanFIRE. Everyday at work is getting longer and longer.

I assume you frequent this sub?

leanfire (https://www.reddit.com/r/leanfire/)

[GrantDawg]

I am going to be able to retire about ten years after I am dead.

[Bobble]

I'm closing in on retirement. I wouldn't really consider it for a few more years but my company is offering voluntary separation packages. I'm 54 but I do have my 30 years in. According to our financial planner, I could retire now but I think I'd like to live much higher on the hog in retirement. More travelling, more golfing, more hobbies, more dining out, etc. Mrs. Bobble and I would both have 40-50 more hours per week to fill.

[NobodyHere]

I assume you frequent this sub?

leanfire (https://www.reddit.com/r/leanfire/)

I do peruse that subreddit from time to time.

[NobodyHere]

I am going to be able to retire about ten years after I am dead.

Poor GrantDawg

https://media2.giphy.com/media/1Np2rzvwiTrRm/giphy.gif

[PilotMan]

I remember how much shit guys took on here when they turned 40! Fuck!

I've got 19 years left. I hope...because getting to leave on this job on your own terms is a big deal on it's own. Too many guys never get their champagne flight.

[Ksyrup]

I think I'm going to be in a catch-22. Worst case scenario, I need to find a new job in my mid-50s or 60s which will likely require me to work longer. On the other hand, if the current job continues to be this good and business is successful, I doubt I'm going to want to retire. I figure I've got at least another 10-12 years.

[JonInMiddleGA]

I'm sort of ... de facto retired at this point.

It wasn't planned that way really, just a number of events happening in a certain order that sorta worked it out that way.

I'd be lying to say I miss anything about being not-retired. Too many people involved -- just part of the job kinda people -- in what I did for the previous 20+ years for me to miss working.

[Butter]

If things go right, I'll be retired in 5-7 years. Before I'm 55. Wife's career trajectory is such that she would be able to carry the load for us both and I would be house husband.

She's already signed off on this, so we will see. Everything has to continue on this trajectory uninterrupted for the next few years though, so a lot of ifs.

[Fidatelo]

Retirement feels a million miles away right now. Kids in middle school, trying to build a cabin, money flying out almost as fast as it can come in. Throw in the visibly high inflation and I just don't even bother trying to do any of the math to map it out. Maybe 10 years from now things will have slowed down and I'll have a better idea of what might be possible.

[Kodos]

Kids will be done with college in 10 years, then I'll start thinking about it...

[CarterNMA]

I'm technically 5 years and 1 month from eligibility. But I'm about 9 years ahead of the wife and she would not be happy if I retired so early. :D Hopefully I'll retire in 10 and spend 4 years waiting for her by traveling around narrowing down the places we'll retire to. We want to head somewhere colder than central Maryland.

[cuervo72]

Some time in the 2040s for me probably, if death, the end times, or some form of inheritance doesn't intervene.

[jbpostbot]

i may retire after next trip to vegas. i have system

[Dutch]

I just crossed the 50’s threshold. Retired from the military, damn…8 years ago? Anyway, it gives me a nice pension that pays the house note. I’m enjoying career number 2 in IT, but I wish I was 25 in this brave new world. Sometimes I just get tired, but still grinding. My goal is to retire in 5 years and publish the book I’ve been writing for the last 5 years lol then live off the proceeds of my New York Times best seller. Dreamin. :)

[Kodos]

Nice to hear from you, Dutch!

[GrantDawg]

I just crossed the 50’s threshold. Retired from the military, damn…8 years ago? Anyway, it gives me a nice pension that pays the house note. I’m enjoying career number 2 in IT, but I wish I was 25 in this brave new world. Sometimes I just get tired, but still grinding. My goal is to retire in 5 years and publish the book I’ve been writing for the last 5 years lol then live off the proceeds of my New York Times best seller. Dreamin. :)
I bet you will do it. Good to see you, Dutch.

[Dutch]

Thanks! I’m around, just a lurker. Doctor told me I should keep my blood pressure in check these days. :D

[AlexB]

i may retire after next trip to vegas. i have system

:D

[Flasch186]

This is nuts

I joined this board over twenty years ago perhaps and now we’re talking about retirement

That’s insane to me

Blows my mind how long I’ve frequented here


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[Edward64]

I was thinking about how I go to slickdeal.net or techbargains.com or countless other "best deals" sites just for the sake of finding good deals.

I don't need a new TV or laptop/desktop or camera etc. I want those things.

Over the past 3-4 years, I've done a much better job at not jumping on everything I want.

I'm getting my mindset ready to reduce spending & expenses. Have to work on my wife though

[tarcone]

Went to a retirement seminar to learn what I need to do to retire. After next year is the first year I can get a normal retirement. They give a detailed breakdown of the estimate of how much will make. It is over my thresh hold and im willing to work at jobs I want to. I just need enough to pay for my insurance.

July 1, 2023 is the date.

[Edward64]

Depends on economy but short of a deep recession (e.g. portfolio takes a wallop), planning on 1H 2022.

[korme]

Am I the only one on FOFC that is probably going to retire AFTER Tom Brady does?

[albionmoonlight]

The Federal Employee Retirement System (FERS) has a lot of incentives that strongly encourage retirement at 62. So that's my goal/hope.

[NobodyHere]

Has anyone considered retiring to a foreign country? My coworker (not the one I'm hitting on) who is from the Philippines wants me to retire there. I can't do that until I'm 50 (that's the minimum age to obtain a retirement visa there) but I could very well be a millionaire by then and I imagine I would live like a king.

[tarcone]

A student of mine is telling me that her family is moving to Belize in March. Tha might be a cool place to go.

[lungs]

Has anyone considered retiring to a foreign country? My coworker (not the one I'm hitting on) who is from the Philippines wants me to retire there. I can't do that until I'm 50 (that's the minimum age to obtain a retirement visa there) but I could very well be a millionaire by then and I imagine I would live like a king.

I'm giving thought to ending up in Central America, maybe Panama. Costa Rica might be too rich for my blood. Nicaragua and Honduras are bit too unstable. El Salvador could be interesting too.

[Edward64]

Has anyone considered retiring to a foreign country? My coworker (not the one I'm hitting on) who is from the Philippines wants me to retire there. I can't do that until I'm 50 (that's the minimum age to obtain a retirement visa there) but I could very well be a millionaire by then and I imagine I would live like a king.

I've thought about it but not "permanently". Sell house, buy a cheaper condo or house in subdivision, and then missus and I can travel overseas. Stay at airbnbs for like 3-4 months at a time.

But whatever you do, travel to the place and stay there for several months before making a decision. PH is great because most everyone speaks english lots of malls, shopping; you'd live pretty well on $30K USD and decent on $20K.

May not be for you if you don't like hot, less sanitary than western standards, lots of traffic, food may not appeal to you etc.

Consider Thailand and Malaysia, maybe Vietnam. Singapore & HK are too expensive. Cambodia, Laos and Myanmar are probably too undeveloped.

[cuervo72]

El Salvador could be interesting too.

What with their bitcoin-loving wannabe "cool dictator" and all.

[albionmoonlight]

Portugal has nice beaches, a really good cost of living, and access to the entire EU.

Mrs. A and I are almost certainly going to retire domestically, but if we were to do the overseas thing, that's our top choice right now.

[albionmoonlight]

dola: Our real hope is that one of our kids settles somewhere cool and gives us a good excuse to go live there.

[miami_fan]

Portugal has nice beaches, a really good cost of living, and access to the entire EU.

Mrs. A and I are almost certainly going to retire domestically, but if we were to do the overseas thing, that's our top choice right now.

This is where my wife and I have chosen for our retiring spot if we decide to retire outside of the U.S. We are almost certain to spend at least three months out of every year living abroad somewhere.

[Ksyrup]

I don't see us living outside the US simply because of our kids. But I'd definitely like to split my time between a couple of places.

[molson]

I'm giving thought to ending up in Central America, maybe Panama. Costa Rica might be too rich for my blood. Nicaragua and Honduras are bit too unstable. El Salvador could be interesting too.

We stumbled across a Canadian ex-pat beach community in Costa Rica and it looked like just an amazing life. They had Monday Night Football watch parties at the local bars, everyone driving around in golf carts, just a slow as relaxed lifestyle.

Of course, the best time to get in on that would have been about 20 years ago, cost-wise. But I'm sure there's great spots in all of the countries you mentioned if you can find one that fits what you want your life to be.

And Central America is close enough to shoot back to the U.S. occasionally, and you can be the place that friends and family comfortably visit abroad.

[albionmoonlight]

One thing to look out for--because Central/South America's lower cost of living can create a too-good-to-be-true situation, various scams have developed. Places that claim to be communities that you can invest in and then end up owning a place and retiring to it, but it turns out that they are just going to take your money.

I don't think that it is super common. But you really want to do your due diligence and go down there and check it out and have your lawyer look it over, etc. (All of which you should do anyway if you are making a life decision that momentous).

[PilotMan]

Costa Rica supposedly can simply take your property from you as an ex-pat. They are hyper critical of selling property to foreigners, and make them jump through many hoops in order to purchase. It sounds like a great idea, but it's a real process to bring together.

[Kodos]

We'd love to get a place on Maui (or somewhere else in Hawaii) in retirement. Trying to convince the kids that they'd like Maui too. Not making a lot of headway on that count...

I wouldn't be opposed to retiring in Canada, except for the cold. I would love to escape snowy winters.

[Edward64]

We'd love to get a place on Maui (or somewhere else in Hawaii) in retirement. Trying to convince the kids that they'd like Maui too. Not making a lot of headway on that count...

I wouldn't be opposed to retiring in Canada, except for the cold. I would love to escape snowy winters.

Hawaii was a consideration. But after visiting Oahu (the Christmas before Covid), I can't help but feel it too constrained e.g. island fever. Why I scratched off all the Caribbean islands. But definitely still do the 3-4 months airbnb thing.

Canada is just too damn cold for too many months.

[Edward64]

Anyone looked into buying one of those $1-and-like abandoned houses in Italian towns losing population?

Sounds like a great deal if you are willing to put up with renovation costs. I suspect that even though its in a nice/scenic location and house/townhouse looks great on the outside, the inside will take quite a bit of work to make it livable for US standards.

And there is a reason why those towns are losing population.

[Edward64]

If you have a $6M-$80M estate, you can do better than a hand scribbled will (actually 2 of them). Serious lack of financial literacy there for the Queen and/or her handlers.

Here are Aretha Franklin's two handwritten wills (https://nypost.com/2023/07/11/here-are-aretha-franklins-two-handwritten-wills/)
The two handwritten wills at the center of a years-long legal battle over Aretha Franklin’s estimated $6 million estate were barely legible — with crossed-out words and scribblings in the margins — but had to be deciphered by jurors, who were shown large posters of one of the documents at trial this week.

The Oakland County Probate Court jury reached its verdict Tuesday finding a 2014 document — discovered in a spiral notebook crammed under couch cushions at Franklin’s suburban Detroit home in 2019 — was a valid Michigan will.
At the time of Franklin’s death, her estate was estimated to be worth $80 million — but the value has been dramatically depleted after many years of unpaid taxes and high legal bills.

The estate now has assets totaling less than $6 million, according to a report by the BBC.

https://nypost.com/wp-content/uploads/sites/2/2023/07/NYPICHPDPICT000013894266.jpg?resize=787,787&quality=75&strip=all

[GrantDawg]

Meanwhile, my father-in-law is having a problem with our state recognizing my mother-in-law's will they did before they legally required a notary. How does that make sense?

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[Edward64]

Meanwhile, my father-in-law is having a problem with our state recognizing my mother-in-law's will they did before they legally required a notary. How does that make sense?

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Did they use some sort of computer software or self-filled form? If they used an attorney, I'd think they'd be covered (e.g. we used an attorney for will + living will).

[NobodyHere]

I still got about 2 and a half years before I can leanFIRE. Everyday at work is getting longer and longer.

This post didn't age well.

Thanks 2022.

I probably have at least 2 more years before I can feasibly leanFire. And that's IF inflation gets under control and the stock market grows at 10% annually.

[Ksyrup]

I don't see retiring before 65. If things go right, I definitely think we will have the house paid off and a decent retirement savings to where I could retire by 60ish, but I'm not sure I want to give up a good job with great pay and the ability to travel 3+ times a year until I'm absolutely ready to be done. I don't know.

A lot will change after the next 4-5 years - second kid comes mostly off of payroll by 2026, hopefully a wedding or two will be done, expenses will come down, and we can start putting more money into thinking about retirement. At the current pace, the house will be paid off by 2030, but in a few years, I should be able to accelerate those payments. I just don't know what things look like without the kids' expenses until it happens. And it will happen, dammit!

[Edward64]

This post didn't age well.

Thanks 2022.

I probably have at least 2 more years before I can feasibly leanFire. And that's IF inflation gets under control and the stock market grows at 10% annually.

Yeah, it sucked from Mar 2022 onwards. Nice little recovery around Aug but then did a double dip. Trending up nicely now, let's hope it's not a triple dip.

In your leanfire calculations, don't forget health insurance. Obamacare helps a lot but keep in mind that you need to have a "minimum income" for the Obamacare subsidies.

[NobodyHere]

Yeah, it sucked from Mar 2022 onwards. Nice little recovery around Aug but then did a double dip. Trending up nicely now, let's hope it's not a triple dip.

In your leanfire calculations, don't forget health insurance. Obamacare helps a lot but keep in mind that you need to have a "minimum income" for the Obamacare subsidies.

From my understanding, is that if you do leanFire right, then you'll qualify for Medicaid. But I do need to look further into that.

[Edward64]

I don't see retiring before 65. If things go right, I definitely think we will have the house paid off and a decent retirement savings to where I could retire by 60ish, but I'm not sure I want to give up a good job with great pay and the ability to travel 3+ times a year until I'm absolutely ready to be done. I don't know.

A lot will change after the next 4-5 years - second kid comes mostly off of payroll by 2026, hopefully a wedding or two will be done, expenses will come down, and we can start putting more money into thinking about retirement. At the current pace, the house will be paid off by 2030, but in a few years, I should be able to accelerate those payments. I just don't know what things look like without the kids' expenses until it happens. And it will happen, dammit!

I'm on the tail end of kids now. Won't miss it.

Paying off the house before retirement is definitely a good thing. Good luck in the next 4-5 years.

[Edward64]

From my understanding, is that if you do leanFire right, then you'll qualify for Medicaid. But I do need to look further into that.

Oh, didn't know that. I'll have to read more on that.

CPI and PPI were below expectations, so a good thing for your plans.


EDIT: depending on your state, there maybe some work requirements. See table in https://www.kff.org/medicaid/issue-brief/status-of-state-medicaid-expansion-decisions-interactive-map/

The Affordable Care Act’s (ACA) Medicaid expansion expanded Medicaid coverage to nearly all adults with incomes up to 138% of the Federal Poverty Level ($20,120 for an individual in 2023) and provided states with an enhanced federal matching rate (FMAP) for their expansion populations.

To date, 41 states (including DC) have adopted the Medicaid expansion and 10 states have not adopted the expansion. Current status for each state is based on KFF tracking and analysis of state expansion activity.

[CrossroadsReb]

Retired from teaching and coaching at 47. A multitude of factors involved in the decision. I'm working in sales now and love it. Retirement system is really good but the health insurance here in Mississippi is insanely expensive for retired public employees. So I jumped on my employer's insurance through the state of Alabama. Best decision I've made.

[GrantDawg]

Did they use some sort of computer software or self-filled form? If they used an attorney, I'd think they'd be covered (e.g. we used an attorney for will + living will).
In 1984? No. The attorney and the witness are now both dead. I think the local Probate court is screwing with him, frankly. He would be entitled to her whole estate regardless. There is really no reason they are giving him the run around.

[Racer]

I am hoping to retire once I'm over 59.5 and can withdraw from 401K and Roth IRA without penalty.

As long as I continue to contribute 23% to 25% of my income each year to my retirement accounts and remain single without children I think I probably will have enough to retire then.

I admittedly have not looked into what health care costs if it's not through your employer though.

[Edward64]

I am hoping to retire once I'm over 59.5 and can withdraw from 401K and Roth IRA without penalty.

As long as I continue to contribute 23% to 25% of my income each year to my retirement accounts and remain single without children I think I probably will have enough to retire then.

I admittedly have not looked into what health care costs if it's not through your employer though.

23-25% is ahead of the average. Great job there.

I don't remember the exact numbers but Obamacare with vs without/lower subsidies is significant. I want to say $500-$700 a month on the basic "silver" family (2+1) plan in GA. So not an insignificant delta.

I wish they would lower Medicare to 62. If they allow you to retire & collect at 62 (albeit at lower benefits), you'd think they would allow you on Medicare then also.

[Hammer]

If you would like to retire abroad, I would strongly recommend looking at the Canary Islands. Perhaps the best weather in the world, incredibly consistently lovely weather. Even in winter. Clearly beats everywhere else in Europe weather wise. You don't get the 40c plus temps Southern Europe is suffering right now. Average Jan and Feb temps a sunny 18c. English is the primary language, which I see a big plus. Cheap living costs. I have travelled a fair bit and nowhere comes close for me. Tenerife would be my Island of choice. Coste Adeje in particular.

[Edward64]

Thanks. I've thought of visiting the Azores but Canary Islands would be interesting also.

Don't think I can handle the small island life for retirement though.

[NobodyHere]

Thanks. I've thought of visiting the Azores but Canary Islands would be interesting also.

Don't think I can handle the small island life for retirement though.

I could as long as Amazon still delivers there.

[Edward64]

Hah.

For LeanFIRE, check out Thailand, Philippines, Cambodia or Vietnam (maybe Laos, but I've never been there). I'm pretty sure the Canary Islands can't beat those countries for cost of living.