Retiring

[Bill Douglas]

I'm 63 and I really have slowed down in the last year. I still do the same things, but I (LOL) need a couple of days to recover. I'd hate to have a proper job at my age. No way could I do a 40 hour week.

[upsscott]

I’m turning 50 this year and hitting 30 years with UPS. I spent my first five years as a part time worker while I went to college. During that time I had many conversations with “Old timers” about making UPS a career and out of that I determined that the medical and retirement benefits were a good enough reason to abandon my ambitions of being a teacher. I’m mostly happy with my decision. Anyway I spent the next 15 years pounding the pavement (and my knees) as a delivery driver. When my right knee said it had enough of that I moved into the long haul department and that’s where I’ve been for the last 10 years. I met with a retirement counselor a few weeks ago and I should reach all my financial goals by age 55. My wife will be eligible as well right around that time. We became grandparents this year so we can’t wait to be able to pick up and leave whenever we want to bug our kids and grand babies. I keep telling myself that I’ve earned my retirement years even though the thought of them is a bit nerve racking.

[KFC911]

Originally Posted by MRM

What a great story. It reminds me of one of my NBA favorites, Connie Hawkins. Hawkins was born lower than poor in the Bedford-Stuyvesant neighborhood of New York when it produced two things: heroin junkies and the best blacktop court basketball players in the world. Hawkins was acknowledged as the best of the best and was recruited to play basketball at the University of Iowa just in time for the great college points shaving scandal of 1961. Although Hawkins received a few perks for signing with Iowa that were not necessarily kosher with the all-amateur, all the time (yeah, sure) NCAA, he was never even associated with any of the gamblers implicated in the points shaving scandal, let alone took part. He was a freshman at the time, and freshmen weren't even allowed to play varsity, so there was no way he could have shaved points if he wanted to . But for reasons that are hard to understand, Hawkins got kicked out of college and banned from the NBA. He bounced around, playing for the Harlem Globetrotters, hustling playground games and playing in the upstart ABA before he was finally able to win a lawsuit against the NBA and enter the league. He got a pretty large settlement and made good money as an NBA player, but he lost too many years to the road and didn't play in the NBA as long or productively as he should have. But he still was able to achieve a more than comfortable life and achieved stardom in the NBA.

Despite his success on the court and monetary security off it, Hawkins had a peculiar habit. He always carried a hundred dollar bill in his pocket. Before every game he would hand it to his coach without saying a word. The coach would secure the bill and would return it to Hawkins at the end of the game:

"Perhaps, Hawkins’ career is best summed up by former ABA player (and later-Hornets coach) Gene Littles, who told Pluto that 'I played on a summer barn-storming team with him [when Hawkins already had his lucrative Phoenix contract], and Connie always kept a $100 bill balled up in his pocket. Right before he’d go on the floor, he’d give the crumpled-up bill to the coach and tell him to keep it until the game was over. I guess Connie figured no matter what happened, he’d always have $100. Probably that was how you thought if you came from Brooklyn and went through all that Connie did.'" https://www.espn.com/classic/s/basketball_scandals_molinas.html

I never saw Connie play .... but I watched Gene Littles a bit ... wonder if anyone else other than us two ever heard of him ? Local college star before my time (High Point College back then) and playing for the Carolina Cougars in the early 70s. Dr J with his soaring afro when he visited ... but the Kangaroo Kid (Billy Cunningham) was my b-ball idol as a pre-teen back in '72 . First 911 I ever saw (and remember) was Billy's at a Carolina Cougar b-ball camp held at Elon College that summer. Billy and some other relative unknowns .... Larry Brown, Doug Moe, Hubie Brown, and a couple of college kids... Mitch Kupchek, ML Carr (he was a total hoot as a counselor.. fun guy).
Richard Petty's kid was just another camper back then too... Kyle was/is cool too .

Oops ... now back on topic...

I thought I was gonna do the corporate IT thing until I reached 50 then retire .... didn't quite make my goal tho'.

I had had enough by the time the IT dept was "outsourced" and rather than "rebadge" with a major corp I swore I'd never prostitute for... I quit that gig at 48. 14 years later... no regrets still .... life is good and time flies even faster now. Time is our most precious asset imo, and...

Mick was a liar

[upsscott]

Originally Posted by KC911

I never saw Connie play .... but I watched Gene Littles a bit ... wonder if anyone else other than us two ever heard of him ? Local college star before my time (High Point College back then) and playing for the Carolina Cougars in the early 70s. Dr J with his soaring afro when he visited ... but the Kangaroo Kid (Billy Cunningham) was my b-ball idol as a pre-teen back in '72 . First 911 I ever saw (and remember) was Billy's at a Carolina Cougar b-ball camp held at Elon College that summer. Billy and some other relative unknowns .... Larry Brown, Doug Moe, Hubie Brown, and a couple of college kids... Mitch Kupchek, ML Carr (he was a total hoot as a counselor.. fun guy).
Richard Petty's kid was just another camper back then too... Kyle was/is cool too .

Oops ... now back on topic...

I thought I was gonna do the corporate IT thing until I reached 50 then retire .... didn't quite make my goal tho'.

I had had enough by the time the IT dept was "outsourced" and rather than "rebadge" with a major corp I swore I'd never prostitute for... I quit that gig at 48. 14 years later... no regrets still .... life is good and time flies even faster now. Time is our most precious asset imo, and...

Mick was a liar

Connie was a neighbor of my best friend in Phoenix. He used to come over for bbq when I’d visit. A really nice man. RIP.

[Seahawk]

Originally Posted by upsscott

I keep telling myself that I’ve earned my retirement years even though the thought of them is a bit nerve racking.

You have. Great post.

Relax: If you want to work you are going to be amazed at the opportunities. If you have abiding interests elsewhere, so much the better.

[Crowbob]

I grew up poor. Not dirt poor but more like gravel poor. It was rocky at times.

Anyways, the first time I was homeless made it easier to overcome the second time and the third time I was homeless.

Now those experiences are paying enormous dividends in my retirement years that began at age 55 12ish years ago.

You can live very well on a fraction of what you think you need. During the working years you operate following a simple equation: Wealth = earn more + spend less.

After many years of diligence the equation changes in retirement but is still very simple:
Wealth = earn less + spend less. It’s mostly all about attitude.

[KFC911]

Originally Posted by upsscott

Connie was a neighbor of my best friend in Phoenix. He used to come over for bbq when I’d visit. A really nice man. RIP.

That's very cool! If I remember my b-ball history correctly, he was one of the very first "sky walkers" with extra ordinarily humongous hands even for NBA giants.

Rerirement .... yeah, I was a bit aprehensive when I made the choice back in '08... during those darkest days... but I had prepared for years. Like CB just posted .... my "burn rate" now is embarassing compared to most here .

I live half-way within my means

[upsscott]

Originally Posted by Crowbob

I grew up poor. Not dirt poor but more like gravel poor. It was rocky at times.

Anyways, the first time I was homeless made it easier to overcome the second time and the third time I was homeless.

Now those experiences are paying enormous dividends in my retirement years that began at age 55 12ish years ago.

You can live very well on a fraction of what you think you need. During the working years you operate following a simple equation: Wealth = earn more + spend less.

After many years of diligence the equation changes in retirement but is still very simple:
Wealth = earn less + spend less. It’s mostly all about attitude.

Very good post here. It took me a long time but once I learned to live within my means and think actively about what my life will look like after I can’t do my job anymore, I became much happier and stress free. Not saying I don’t have stresses in life, I do, finances just aren’t one of them. Live within your means and avoid interest payments.

[ramonesfreak]

Originally Posted by Tishabet

How old are you if you don't mind me asking? If you have the option to retire comfortably today but are trying to figure out if you should stick it out what if you worked an extra year or two and used 100% of those earnings right away? I.e. spend your earnings on that cabin in the woods or the dream workshop you've been imagining or that 930. If all of your earnings from here on out are bonus/fun money it can cast a different light on things.

I’ve been doing this since i was 18. Now I’m 50 . Oops

I’ll be retiring at 65, the year our mortgage is scheduled to be paid off and I will have no issue living off SS alone if that’s all I have since I’ve gathered every toy I want, and have mostly done everything I wanted to do. I have never believed in waiting until later to indulge my interests



Use a life expectancy calculator and see how many “weeks” you may have left…..this might motivate you to stop now, depending on how much abuse you’ve subjected yourself to

[zakthor]

Originally Posted by ramonesfreak

I’ve been doing this since i was 18. Now I’m 50 . Oops

I’ll be retiring at 65, the year our mortgage is scheduled to be paid off and I will have no issue living off SS alone if that’s all I have since I’ve gathered every toy I want, and have mostly done everything I wanted to do. I have never believed in waiting until later to indulge my interests



Use a life expectancy calculator and see how many “weeks” you may have left…..this might motivate you to stop now, depending on how much abuse you’ve subjected yourself to

I just quit 10 days ago. Went back because i thought itd be fun and it wasnt.

Found this planning tool on bogleheads, the rich, broke, dead calculator.

https://www.bogleheads.org/forum/viewtopic.php?t=260050

Its a population average but gives you an idea of your possible futures.

Cant believe i spent and entire year in ny little room working remotely, whole beautiful summer i let my fitness waste away.

[ramonesfreak]

Since the pandemic, 2 things happened that have impacted my thought process about all this

1) I lost my job and was unemployed for a year. This let me know how it feels to be retired. I like it. However, life never went as planned for me so i was never able to position myself for early retirement. Oh well, back to work

2) I found a job that allows me to work from home. I love it. As I have always known I guess, the thing I have always disliked most about work is having to report to an office, work all day surrounded by people that irritate the crap out of me, have to dress a certain way, too hot, too cold, lights are too bright etc….this was literally killing me. Now, the urge to quit or jump off a bridge is basically gone.

Sure I would rather not work but at least I can tolerate it now. In the end, the pandemic seems to be one of the best things that have happened to me

[GH85Carrera]

My wife is fully retired, and no way would she ever go back to work.

I am the owner of my own business, and I "work" from home a few hours per day most days. If I want to go play hooky I give myself permission to take whatever time I want or need.

We have no personal debt at all, and the only debt at all is a note to the bank for our airplane, and it is over 1/2 paid for. It is worth more than we paid for it and the business pays for the airplane with no problems. So I am not really retired, but I have a really great boss, and he lets me drink his beer, and sleep with his wife, if I mow the yard and change the oil in his cars, and his wife's car.

[Tim Hancock]

How much should one have accumulated by age 55 to retire at 65 comfortably in the midwest with no pension plans... only 401k and ss? Assume debt free already and good health. Any wildazz guesses?

[Scott Watkins]

Originally Posted by Tim Hancock

How much should one have accumulated by age 55 to retire at 65 comfortably in the midwest with no pension plans... only 401k and ss? Assume debt free already and good health. Any wildazz guesses?

Will all depend on your expenses.

[Crowbob]

Not totally dependent on expenses, though.

Expenses can be managed downward.

It is more dependent on lifestyle.

Some will think this ridiculous but a fairly healthy, debt-free recluse can survive on $15k or be quite comfortable on $25k per year in Michigan.

$300 to $500k is plenty w/ SS and a smallish pension, $1M otherwise.

[Scott Watkins]

Go to firecalc and you can get a good idea.

https://firecalc.com/