I am signing up for classes! retirement class!

[KFC911]

Originally Posted by Tim Hancock

Anyone have any thoughts on the feasibility of retiring with no debt in the midwest at 62 starting with 1-1.3 million in 401k and ira's? Spouse is two years older and will retire sooner. I know there are many varying opinions on this from "hell yes" to "hell no".... just curious what some of you who are at or nearing retirement think on the issue.

Am guessing it would be smarter/easier to wait until at least 65, but I hate my job. Lol

I know quite a few .... been "working from home" for decades .... yer age. $et ... lotsa options ... build violins, etc.

$ee ya $ucker$

None regret it... only TH knows TH ....

[Seahawk]

Originally Posted by Tim Hancock

Anyone have any thoughts on the feasibility of retiring with no debt in the midwest at 62 starting with 1-1.3 million in 401k and ira's? Spouse is two years older and will retire sooner. I know there are many varying opinions on this from "hell yes" to "hell no".... just curious what some of you who are at or nearing retirement think on the issue.

I think I speak for everyone here in saying, uh, whatever you decide to do will be fine

The key is no or minimal consumer debt entering the retirement fray, a solid well thought out budget plan and, if you are able, do not plan on Social Security as a major pillar in your retirement budget.

I was very pleasantly surprised at the ease of using SS websites and planning tools...very straightforward and detailed.

Health Care is always going to be of concern.

One last thing, for everyone...get all the legalities (Will, End of Life desires, DNR, etc.) out of the way soonest: If you have children, talk to them now and address any their concerns and your expectations.

I am always surprised at the lack of communication between folks on the one thing we all know is going to happen...shuffling off this Mortal coil.

[Tim Hancock]

Originally Posted by Seahawk

I think I speak for everyone here in saying, uh, whatever you decide to do will be fine

The key is no or minimal consumer debt entering the retirement fray, a solid well thought out budget plan and, if you are able, do not plan on Social Security as a major pillar in your retirement budget.

I was very pleasantly surprised at the ease of using SS websites and planning tools...very straightforward and detailed.

Health Care is always going to be of concern.

One last thing, for everyone...get all the legalities (Will, End of Life desires, DNR, etc.) out of the way soonest: If you have children, talk to them now and address any their concerns and your expectations.

I am always surprised at the lack of communication between folks on the one thing we all know is going to happen...shuffling off this Mortal coil.

When dreaming of retirement, I keep forgetting about the health insurance cost aspect of retiring early.... That really puts the hurt to my plans of retiring early... dang it!

About a year ago we took my aging parents to an estate planning lawyer and got their crap in order. Wife and I then did the same. Not counting/expecting/hoping for it at all but someday when parents pass if they do not spend much time in expensive care facilities, retirement will be a much easier nut to crack financially.

[fintstone]

Originally Posted by Tim Hancock

Anyone have any thoughts on the feasibility of retiring with no debt in the midwest at 62 starting with 1-1.3 million in 401k and ira's? Spouse is two years older and will retire sooner. I know there are many varying opinions on this from "hell yes" to "hell no".... just curious what some of you who are at or nearing retirement think on the issue.

Am guessing it would be smarter/easier to wait until at least 65, but I hate my job. Lol

Tough call. I was afraid of being old and broke...so I probably worked several years longer than I needed to. On a positive note, I poured all that money into savings/investments, so I really have much more than my frugal needs now. Having no real money needs/worries is pretty nice.

Strangely enough, I miss my crappy job and have considered going back to work. It was both my work and my hobby...and most of my friends were through work. Although it is nice to relax, it is a bit boring/lonely after the hectic pace. A job where I would only have to work 40-50 hours a week would be nice...but it seems most are a 65 hour a week grind. Hard to sign up for that when I really don't need the money.

My wife retired before me, and I regret that now. She is so set in her relatively sedentary ways and I still want to go, go, go. I usually end up deferring to her wishes.

[Tim Hancock]

Originally Posted by fintstone

Tough call. I was afraid of being old and broke...so I probably worked several years longer than I needed to. On a positive note, I poured all that money into savings/investments, so I really have much more than my frugal needs now. Having no real money needs/worries is pretty nice.

Strangely enough, I miss my crappy job and have considered going back to work. It was both my work and my hobby...and most of my friends were through work. Although it is nice to relax, it is a bit boring/lonely after the hectic pace. A job where I would only have to work 40-50 hours a week would be nice...but it seems most are a 65 hour a week grind. Hard to sign up for that when I really don't need the money.

My wife retired before me, and I regret that now. She is so set in her relatively sedentary ways and I still want to go, go, go. I usually end up deferring to her wishes.

The privately owned company I work for got bought out by a huge corporation this past year.... It is no longer fun in any way. I just need to keep my head down and ride it out for at least a few more years while continuing to max out my 401K.

Everyone is different but my happy place has always been out by myself in my shop. It is heated/air conditioned and full of hobbies/projects to play with/work on. I will thoroughly enjoy being home nearly 24/7. Lucky for me, my wife is not a shopper, cooks dinner every night and does not desire going on long expensive vacations. I think we will do just fine at home in retirement.

[fintstone]

Yep. Each to their own. My work had stopped being fun long before I retired (but it was challenging). Eventually the stuff I did at home became my work and now it is not a lot of fun either. I worked on old projects like a madman for about two years (things like cutting up downed trees, fixing my septic system, getting long sitting cars running, and renovating our rental and vacation homes). Now the new things that pop up and those that were pushed back due to priority are pretty boring. That said, it is good to "own" my own time and distribute it as I please.

[tops911]

When I was retiring from the Army they make you go through a transition assistance class. It was a week long. I think the classes are really geared for getting Soldiers to re-enlist once they see how much things cost out of the Army. I had 31 years in so I pretty much had to leave.
Anyway they made us do a budget and it had to be approved by some civilian. Since I'm clueless what my income would be I just made some stuff up. The lady kicked back my budget because "I was unrealistic (not spending enough) with budget Christmas and birthday expenses". I had enough of this nonsense so my reply was " I'm a Jehovah Witness and I don't celebrate Christmas or birthdays". Got my budget approved really fast with that response. I'm not a Jehovah Witness and never have been but as a senior leader in the Army I'll take advantage or say anything to end the stupidity. LOL

[KFC911]

If you "flunk" retirement classes .... do ya have to work forever?

I skipped a LOT of classes making straight 'A's .

Time verses $$$ .... and balance ... everyone's situation is unique and there isn't an algorithm that applies imo.

[KFC911]

Originally Posted by wdfifteen

Then get out now.

Don't believe you will be just as healthy at 65 as you are now. Aging is no fun. You would be better off living frugally and enjoying your life now than saving up so you can sit around with arthritis and bad eyes counting your money.
You have skills that would allow you to pick up decent money doing things you enjoy doing.
I bailed on a job I didn't like when I was 35 and made a good living working for myself, doing work I enjoyed.

^^^ Yep .... a no brainer for me too ... and I am qualified to make "no brainers"

[vash]

Originally Posted by Seahawk

I am always surprised at the lack of communication between folks on the one thing we all know is going to happen...shuffling off this Mortal coil.

my wife and I are on the same page in this department. I have my final plans outlined, and it is gonna be FRUGAL! hahah..I don't feel I need any elaborate pomp/circumstances to say goodbye.

we are downsizing soon. condo, maybe. unload a bunch of crap I don't use. learning quickly how my taste in firearms really isn't for everyone.

I like craigster, I will get lifetime health, and so will my wife. I'll pay a tiny bit, but it's palatable. (learned about it in a retirement class!).

my wife (younger than me) thinks she is going first. ha...dont she dare!

[masraum]

Originally Posted by Tim Hancock

Everyone is different but my happy place has always been out by myself in my shop. It is heated/air conditioned and full of hobbies/projects to play with/work on. I will thoroughly enjoy being home nearly 24/7. Lucky for me, my wife is not a shopper, cooks dinner every night and does not desire going on long expensive vacations. I think we will do just fine at home in retirement.

I think the key is understanding your budget<>nest-egg relationship and sticking to a budget that works within those bounds. Consider the possibility of having medical bills or living longer than average (or both) and make sure that you have a buffer for those possibilities. It sounds like you guys are probably suited to retirement. (my 2¢ worth which is probably worth what you paid since I'm not retired or an expert).