Retirement Plans?

[Mr. Jelly]

Then there's my brother. He retired at 70 a couple of months ago. Last week he spent in his pajamas, hadn't shaved, on his computer. He's trying to figure out what to do with his 401k.

[RedJoker]

Originally Posted by CoryB

I retired in 2010 and built a Factory Five Roadster (Cobra copy) as the Cobra was a lifetime dream car for me.

I just wanted to say that I built 4855 in 2004 and drove it for 11 years. Such a fun car!

[The Watchman]

". . . how did actually being retired compare to what you thought it would be? Is it better? Is it worse? What was the biggest adjustment?"

Its neither better or worse - its just different. I dont know anyone who would use the term "blissfully happy". Its getting old that impacts your abilities to enjoy life, mores than the retirement. Their are plenty of demands on your time, but you are responsible only to yourself (and spouse), not a boss. I kept planning and planning but all those plans were meaningless in the face of the unforeseen events and new challenges. Days are long; weeks are short.

A couple of things I learned: there is nothing good on daytime TV. You need to get out of the house often. Stay away from your old workplace - your co-workers have moved on. Somedays the only person you talk to, is your spouse, and that is hard on both of you. You might find those hobbies you never had enough time for, aren't that interesting anymore - including guitar.

Things I did to transition: plan and take a big travel vacation immediately after retiring. Get a regular exercise routine and keep getting up early. Take some classes in anything that sounds interesting.

[tbeltrans]

Originally Posted by AX17609

No one on this this forum will admit to anything other that being blissfully happy with retirement, but population surveys do not support the experience of this limited population. Beyond income and health concerns, a significant portion of the retired population suffers from boredom, a lack of utility and poor social interactions. I've shared my particular story here a few times only to get shouted down by the masses here, so I'll just keep my mouth shut. Suffice it to say that you should not overlook the 'what am I going to do' question.

It may be true that a number of folks in this forum "will admit to anything other that being blissfully happy with retirement", but I think it a bit presumptuous to assume and state that everybody says and experiences that.

Retirement is an adjustment, as many here have already pointed out. Finances have been discussed at length in many threads, and several folks participating in those threads have expressed their concerns about their own situations.

As with anything involving people (yes, I am making a blanket statement here), situations vary from individual to individual. Some probably do have a "blissful" retirement because they have the financial means, the things that matter to them to occupy their time, and maybe their respective personalities lend themselves to the transition. Some here may not have the best of conditions for retirement, but their work situations may have been far worse by comparison. Still others, may just be getting by and are bored. It really depends on the person.

For myself, I am still taking short term engineering contracts, 6 years into retirement. Every year, I get asked back to a particular company that I did some contract work for earlier in my retirement. I work for three months, three days a week, and then I am done for the year. The drive is easy, involving no freeways, just back roads. I am respected, treated well, paid very well, and I get the work done before I am finished with the contract.

Every year, I tell myself that this is the last year I am going to do this. However, I realize that the entire thing is relatively little effort and the typical stresses brought about by having to work (i.e. mortgage or other debt, putting kids through school, etc.), are not there. Also, as a contractor, I am not at all involved in any politics that may transpire in the workplace. I figure that I may as well continue to put away funds for the future because we have no idea what the future may bring. I retired well prepared, but can see good reasons for continuing to put away money for the future, so I continue the contract each year. Also, having a period of somewhat enforced schedule, along with the socialization is a good thing.

My main concern in retirement is fading away and becoming essentially "stupid" as a result. I want to keep my mind alive and remain aware of the world around me. That is one negative thing I see among retirees in my condo association. Many seem to just fade away and the result is embarrassingly stupid. Suddenly, the big deal of the day is the mailman arriving or somebody new coming into the building for a visit with someone who lives there. It seems a bit like Mr. Rogers neighborhood except these are the adults who are supposed to have the wisdom of a long life of experience.

I volunteer at the local library, teaching English as a second language, using reading, writing, speaking, and math skills, as well as computer training to help them assimilate into our culture as much as they wish to do so. Volunteer work is a really good way to take up some of a retiree's time, and is a win-win all around.

To me, we in this forum have guitar in common, and that is a wonderful thing in retirement. Any musical instrument provides an endless journey of daily improvement in small steps. After the initial purchase and some learning materials along the way, the cost can be minimal - if we choose to ignore egging each other on with GAS.

In my own experience, retirement has its "up" days and its "down" days, just as we had in working life, if for no other reason than that we are human. As with much in life, it will be what we make of it, whatever our circumstances. I think that expecting ANY life situation to always be blissful is a surefire road to depression. So my advice is to take it a day at a time.

There are a number of retirement forums around where one can find some truly revealing threads about the various aspects of retirement. There, you will see some folks truly happy, while others are struggling. You won't see each individual's progress through retirement, since a forum isn't really a diary, but instead a place where folks air whatever they feel like, when they feel like doing so. Therefore, you might not know if those struggling found ways out of those situations unless they later post to report on their situation. What you will see is real people discussing real issues and concerns.

Tony

[RP]

Originally Posted by tbeltrans

...As with anything involving people (yes, I am making a blanket statement here), situations vary from individual to individual. Some probably do have a "blissful" retirement because they have the financial means, the things that matter to them to occupy their time, and maybe their respective personalities lend themselves to the transition. Some here may not have the best of conditions for retirement, but their work situations may have been far worse by comparison. Still others, may just be getting by and are bored. It really depends on the person.

Tony

Tony's last sentence sums it up quite nicely, but more specifically, "Some here may not have the best of conditions for retirement, but their work situations may have been far worse by comparison" sums it up for me. After 30+ years of teaching students with various disabilities, often under very difficult circumstances, I was just plain tired and ready to walk away from my chosen field. I then tutored students 1:1 for a couple of years, and I enjoyed that; but I reached a point when I was finished PERIOD. Now every day is a joy and a gift to me because I don't have to answer to anyone or dance the educational/bureaucratic dance. On any given day I might drive my MX5 through some beautiful countryside, go swimming, play the guitar, take an afternoon nap or just watch television. So yes, as corny as it may sound I consider myself "blissfully happy"....

[Nyghthawk]

At certain points in life one reinvents oneself. Retirement is one of them. I am ready for it, I think. Meals on Wheels, playing guitar for memory card units in nursing homes, etc. A lot of opportunities. I am not one to just sit and watch TV.

One does have to fill the hours once occupied by work. Some don't know how to do that.

[_zedagive]

Don't leave out a regular exercise plan during retirement, both cardio and strength. The reason seniors lose muscle mass and flexibility has less to do with age than just lack of exercise.

[Silly Moustache]

Being that way inclined, I have kept quarterly records of my finances since May 2007 when I retired.
I show the following just to reassure some concerned about their future finances.

My private pension value (over 12 years of draw down) has reduced in value by 5.8%.

However my pension plus my other investments and holdings are 8.6% up.

So, 12 years of relying on my pension, savings, and seven years of receiving a state pension has increased me somewhat better off than when I retired.
Neither include any rent and my mortgage was paid off in 2004.

Of course, the standard house bills have increased somewhat over the last 12 years , I estimate (2007-2018) by 42%, but are still manageable, although I do manage and extrapolate carefully.

[Earl49]

I have never been a believer in bucket lists, or deferring major trips until "someday". No tomorrow is ever guaranteed, so do it now! For physical reasons, I can no longer fly airplanes, scuba dive, or ride motorcycles, so it is a good thing those were not postponed.

My wife retired last year from a demanding career, and is pretty happy about regaining her life. I'm still self employed, but working about 60% of the time, and still enjoy what I do. In this day of emails, PDF's, and cell phones, work can happen from nearly anywhere if needed. I will probably officially work another 3-4 years then let the business just slowly wither away by declining new projects and clients. There is no date certain or magic age. When it stops being fun enough or interesting, I'm out the next day.

[Photojeep]

I cannot thank you all enough. You have brought up experiences and ideas I had not thought of and I thank you for sharing.

I am one of the lucky ones in that I have no mortgage, no debt, and will probably have just about the same "take home" in retirement as I have now so the financial part really doesn't worry me. I expect to have much lower household expenses in retirement so I'm choosing to think of this as a sort of raise. Of course, ignorance is bliss, but I have a very good financial guy who also believes I'm in a good place.

As I said, my wife retired almost 11 years ago and is always busy doing things. I remember coming home once about a year after she retired and she proudly told me, "I have a job!" My first thought was she really didn't know how to "do" retirement. Luckily I kept that to myself.

As so many of you've said, it is an adjustment that I will have to make. I hope to do it well. But I guess if I start doing it "wrong" I can always redirect my efforts and try another way.

Thank you all again for your encouraging and comforting words. I really do feel a bit less anxious about it.

Thank you all again and please continue to share your thoughts. I'm very interested in them.

Take care,
PJ

[tbeltrans]

Our financial person suggested we should buy a new car sometime in the next couple of years. Her primary concern for us is that when we die, there will be money left over and nobody to inherit it since we don't have kids.

Instead of a car, I bought a McPherson Touring. At least the name sounds like it could be a car. I have never owned, nor had the desire to own, a new car. I always bought what I could afford, and this late in life, I don't see any benefit even if I could pay cash for one. But a guitar, well that is a completely different story (and a whole lot less expensive).

Tony

[flaggerphil]

I retired 7 1/2 years ago and I still consider it the best thing I've ever done. I do what I want, when I want, and with whom I want. I've been able to spend more time with my grown kids and have really helped my grandkids to become self sufficient young adults. Our finances are doing just fine. While I finally retired from auto racing last month my wife and I are already finding other things we enjoy to replace it. I retired on 31 December 2011 and haven't looked back.