Well, not really time to retire but I'm seriously thinking about it. Wondering if you all have any thoughts on how to get ready or experiences you've had. Did this and it went great, did that and it turned out bad type stuff. Anything from moving and downsizing, pay off mortgage, make sure all house repairs done first or do them yourself later, get a new hobby, take a couple of months off then get a new job, etc. Things you're happy with and things you would change. Anything goes.
I’m going to retire effective 8/1. here’s kind of/sort of a mental checklist ive tried to follow over time: what are your income streams? are they secure? Start shedding debt now Health will always be your adversary or your friend. Invest in your health What’s the 1 yr plan? 5 yr plan? who handles your investments? do you want to work? do you have to work? I’m sure there are a million more….
Make sure you’re ready to retire not only financially but mentally. Make sure you’re mentally and physically stimulated in your retirement. I understand if people have health issues or aren’t enjoying the job then retire and get on with your life. I know people who were ready to leave at 60 or before and other engaged and having fun into their 80s working. Don’t retire because you’re a certain age or everyone is doing it. Retire because you’re ready to start something new.
Financially sound (for now), mentally not so sure. Four or five years ago, I stepped down from a fairly high pressure, long hours, great pay job to go into a different area of our company. Planned to stay in this job until Medicare eligible and then maybe work 20 hours a week after that. Basically, traded 60 hour work week for 40 hours and half the money. Was never happier or healthier until recently. The job has become somewhat boring and hard to go to every morning. The arthritis in my back is making things uncomfortable. I have a much higher level of experience and training than most of those I now work with. Some of the stupid stuff I see at work is trying my patience. Where I used to to laugh it off and offer kindly advice/coaching now some of the time I just want to scream. A month or two of doing nothing sounds good but after that....
Let's see if we can get some of those million more out there to discuss. Been planning a lot of this on my own but will be meeting with a financial professional soon. Don't have to work but will probably want to do something. Here's a couple more Social Security - Prevailing wisdom when I took finance and economics was start collecting as soon as possible. Now they are saying wait as long as you can. Annuities - guaranteed income you buy. Always been against them but reconsidering. Should I be..... Pay off mortgage or let it ride (investments are returning more than APR on loan.
I've been retired 10 years now. I retired way too early. Company offered an early out and I took it. I'm comfortable, with a pension and investments outside the stock market. Few things I've realized...failure is ok, regret is not. If you put yourself out there you will have some failures. Don't put off doing things you want to do because your health probably won't be getting better. Regret because you didn't try will be with you forever. Put off collecting social security as long as you can IF you don't really need it AND your health looks to be in good shape. If you're having health issues and it doesn't look like you're going to live to a ripe old age, take it at 62. 66.5 is a pretty good age to start, again, if you can. Stay engaged. Stay around friends. Be active. Donate some time to some kind of charity. Does your heart good. You don't need a second home. That limits you. Airbnb allows you to taste a variety, and at a lower cost. I moved into a new house last year. I'm carrying a mortgage because, at a 2.625% rate, I feel I have a cheap loan and it frees up money for me to do as I please. My goal is for me to enjoy my years left, not to make my heirs inherit as much as they can.
Thanks for the wise words. I did figure out that second home thing a while back. Too much time and money tied up. You can travel at four star hotel it a few times a year and come out way ahead. My wife wants to move closer to the kids, the kids want us to as well. We bought our latest house a few years ago. It's really too big but we love it and the neighborhood. The mortgage rate is good, (not 2.65 though, wow). It would be great being closer but..We already live in a top twenty retirement area. Crime is low, taxes are lower, weather and health care is better here. Got family and better food over there. Thinking go rent there for a few months and see.
