Are you ready for retirement, financially?

OldWiseGuy

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DerSchweik

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"Retirement" for me simply means when I'm no longer able to work.
My neighbor is 87, was recently laid off due to the dempanic, but quickly found another job in a grocery store. He told me "I can't abide sitting around doing nothing."
I aspire to be as energetic at that age as he is.
 
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OldWiseGuy

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"Retirement" for me simply means when I'm no longer able to work.
My neighbor is 87, was recently laid off due to the dempanic, but quickly found another job in a grocery store. He told me "I can't abide sitting around doing nothing."
I aspire to be as energetic at that age as he is.

I agree. My first thought is "Retire and do what?" :scratch:
 
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RBPerry

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I'm a baby boomer that retired seven years ago, and I'm very fortunate to have a decent retirement. Problem is too many of my generation didn't plan for it and lived beyond their means. I was taught to live on eighty percent of my income, give ten to God and invest ten. I'm so thankful I took that advice and I strongly recommend everyone to do the same.
Many lost their shirts in the housing market collapse in 2005 and 2006, why because they had pulled all the equity out of their homes to pay for vacations, cars, and expensive toys.
 
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DerSchweik

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I agree. My first thought is "Retire and do what?" :scratch:
EXACTLY! I honestly haven't a clue what I'd do with myself.
Go fishing? Sure -- once in awhile, but I couldn't do it all the time.
Go golfing? Sure -- I do own clubs, ergo I am a "golfer." :)
Garden? Sure -- but I do that now.
Travel? Meh -- not anymore; not in this culture and climate.

Now, if I could find a good game of partnership spades --- mmmm, that might rise to the level of a tingle to quit working. :)
 
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OldWiseGuy

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EXACTLY! I honestly haven't a clue what I'd do with myself.
Go fishing? Sure -- once in awhile, but I couldn't do it all the time.
Go golfing? Sure -- I do own clubs, ergo I am a "golfer." :)
Garden? Sure -- but I do that now.
Travel? Meh -- not anymore; not in this culture and climate.

Now, if I could find a good game of partnership spades --- mmmm, that might rise to the level of a tingle to quit working. :)

In all honesty I do plan to retire soon. The pandemic interrupted my plans however. I love my job but there's a time for everything, including retirement.
 
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Abide with me.

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I'm 6 years off receiving a state pension ( UK ) but my lifelong retirement plan was work my way up the property ladder and renovate a house, make it lovely and do b&b when or if I could no longer work, because I knew I couldn't earn enough money being freelance to put retirement money away, I've been living hand to mouth for years!:anguished::confused2:

I finally bought a 6 bedroom house with a 2 acre garden age 58 and made it look like a palace with a lot of back breaking work, alongside my regular job and also launching a new business,!!!! I got Ill with exhaustion, fell off a ladder and broke all my toes, and had to stop b&b, just then I received an inheritance which provided me with a subsistance income, plus, I discovered a small private pension it didn't know I had!!!:fearscream::fearscream::dizzy::flushed::grinning::smilecat:
This past year the UK gov has taken care of me because I can't work due to covid! So I have effectively been retired and living in a palace!!!
I Can't believe my luck! I'm far from wealthy, but not having to worry about paying the bills makes me feel like a millionaire!

However.....after a lifetime of working like a donkey most of it alone and being financially insecure, it can't get used to this soft life with no demands on me! I'm not short of ideas of how to fill my time, but I feel suddenly rudderless, and to be honest, a bit bored!
I realise how lucky I am, and I would no way want to revert back to worrying about money all the time, but being poor forces you into challenges you'd rather not undertake but yield great results, I have come to the conclusion that God makes life hard for some of us to force us to find our potential and grow spiritually too.
Im now wondering if having it all is another challenge!?:flushed::flushed:
 
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Jay Sea

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I'm a baby boomer that retired seven years ago, and I'm very fortunate to have a decent retirement. Problem is too many of my generation didn't plan for it and lived beyond their means. I was taught to live on eighty percent of my income, give ten to God and invest ten. I'm so thankful I took that advice and I strongly recommend everyone to do the same.
Many lost their shirts in the housing market collapse in 2005 and 2006, why because they had pulled all the equity out of their homes to pay for vacations, cars, and expensive toys.
The biggest problem is that too many people do not earn enough in their jobs to have a pension plan. Unfortunately Governments do not truly embrace Christian ideals to live as if the Kingdom of G-d is now. In this Kingdom everyone has a RIGHT to a home and a living allowance so that they can exercise their DUTY to serve their community according to their abilities and talents, or G-d given blessings. In this Kingdom all are equal under G-D's LOVE not the LAW.
In Love
Jay Sea
 
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DerSchweik

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The biggest problem is that too many people do not earn enough in their jobs to have a pension plan. Unfortunately Governments do not truly embrace Christian ideals to live as if the Kingdom of G-d is now. In this Kingdom everyone has a RIGHT to a home and a living allowance so that they can exercise their DUTY to serve their community according to their abilities and talents, or G-d given blessings. In this Kingdom all are equal under G-D's LOVE not the LAW.
In Love
Jay Sea
If such a "RIGHT" exists, who is thereby OBLIGATED to provide such "rights?"
 
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RBPerry

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I looked at retirement as leaving paid endeavors, but not stop staying busy. I can always find someone that needs a little help. I have developed more hobbies as well. One thing I have found is if one asked God to send opportunities to help others He will, and the blessing that come from that can be so rewarding, friendships developed, a positive sense of self worth. I have found that when we bless others, God takes care of us. Too many think of blessings as financial, and for some it is needed. To me blessings come in other forms, a wonderful family, good health, and a stronger connection with the Holy Spirit and that creates greater personal growth.
A man from our church has stage four cancer, needs a right to doctor appointments five days a week for several weeks. A friend and I got together and we are taking care of that need. His doctor is forty five miles away, but it is a beautiful drive, and I'll have the opportunity to get to know him. Ask God to keep you busy and He will. Just my two cents.
 
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RBPerry

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I realise how lucky I am, and I would no way want to revert back to worrying about money all the time, but being poor forces you into challenges you'd rather not undertake but yield great results, I have come to the conclusion that God makes life hard for some of us to force us to find our potential and grow spiritually too.
Im now wondering if having it all is another challenge!?:flushed::flushed:

Hope you don't mind me clipping your post a bit. There is a lot of wisdom in what you said. Some of the most unhappy people in the world are also the wealthiest. An old gentleman many years ago said the key to happiness is not having too much or having too little, I believe there was a great deal of wisdom in what he said. Bill Gates quoted "to whom much is given, much is required". I think there is a great deal of truth in that.
 
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WolfGate

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According to our financial advisor, we're close. I'm 58 and plan to delay social security until 70, which means I'll work some though probably not in the career I have now that whole time. We're about to downsize one more time and move to the coast where we want to retire eventually. His numbers say we have an excellent shot of living into our 90s without running out of money.

The big wild card in all of that is health and the reality that healthcare in the US is a big financial crapshoot.
 
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According to our financial advisor, we're close. I'm 58 and plan to delay social security until 70, which means I'll work some though probably not in the career I have now that whole time. We're about to downsize one more time and move to the coast where we want to retire eventually. His numbers say we have an excellent shot of living into our 90s without running out of money.

The big wild card in all of that is health and the reality that healthcare in the US is a big financial crapshoot.
Are you covered with health insurance in the U S? Or do you get penalised for having an expensive illness?
Do you want to work till 70 or do you have to?
 
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WolfGate

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Are you covered with health insurance in the U S? Or do you get penalised for having an expensive illness?
Do you want to work till 70 or do you have to?

By delaying Social Security (our financial support system for retired people) to 70, I'll collect a bigger check each month. You can start collecting at 62 at a low amount which goes up each year you wait. Since my family has a history of living past the average lifespan, the probabilities say I should delay collecting. I want to work in some capacity even past 70, so delaying is not a big deal. I'm sure at some point I'll switch from my career to a fun but lower paying job.

We do have medicare, the national health insurance system for seniors. Yes, an expensive illness can easily overwhelm medicare and wipe out retirement savings quickly.
 
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By delaying Social Security (our financial support system for retired people) to 70, I'll collect a bigger check each month. You can start collecting at 62 at a low amount which goes up each year you wait. Since my family has a history of living past the average lifespan, the probabilities say I should delay collecting. I want to work in some capacity even past 70, so delaying is not a big deal. I'm sure at some point I'll switch from my career to a fun but lower paying job.

We do have medicare, the national health insurance system for seniors. Yes, an expensive illness can easily overwhelm medicare and wipe out retirement savings quickly.
Wow! That's shocking, even health insurance can't protect you from financial ruin if you get really sick, it must be worrying.
 
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bluegot

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I am hoping to be ready! I have had so many people say what a some of you are saying, that you don't know what you would do with yourself if you retired. I honestly don't understand. If I was retired, my days would be so full, of doing things I never had time to do because of work, charities to volunteer for.. travel.. etc.. God created so much variety in this world, I can't imagine thinking there is nothing to do!
 
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OldWiseGuy

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According to our financial advisor, we're close. I'm 58 and plan to delay social security until 70, which means I'll work some though probably not in the career I have now that whole time. We're about to downsize one more time and move to the coast where we want to retire eventually. His numbers say we have an excellent shot of living into our 90s without running out of money.

The big wild card in all of that is health and the reality that healthcare in the US is a big financial crapshoot.

It's never too late to learn about health (although you do have to sort through lots of bad information to find the good stuff).
 
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