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Old 08-01-2020, 01:49 PM   #1
Zippi
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*Retirement Approching Fast*

Ok guys and gals. I was going to retire on May 1st but the Pandemic hit and I was furloughed on April 3rd so it was Free money for 9 weeks. Can't find anyone to train for my job so now my retirement date is September 4th. I have my 49 pickup to play around with and I plan on getting back into flying RC planes. I've been doing that for close to 40 years but took a break from it for the past few years. So.....how is retirement boys and girls??? Pro's and Con's.
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Old 08-01-2020, 02:26 PM   #2
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Re: *Retirement Approching Fast*

Congratulations on the upcoming retirement! Been retired now just over 10 years this past May. Best job I've ever had !! Pay is not as good as when I was a crane operator for Boeing Aircraft Co. but the hours and work schedule is really good. Couple things come to mind when I retired:

1. House was paid for. Kinda rough doing a big house payment on retirement pension and / or Social Security.

2. Cars were paid for. See above, it still applies.

3. Is an actual pension involved here from your company? They are fast becoming a thing of the past with most of today's companies.

4. Medical insurance. I was covered by Boeing retirement medical insurance until I reached 65. (I retired at 60 with 36 years with the company) My wife remained covered by my work insurance until she reached 65 at a very low cost to us. Medicare does NOT cover everything, look into a GOOD supplemental medical policy.

5. Social Security helps but need something beyond that. See #3.

6. Plan on drawing SS at 62 or wait til later? My finance guy suggested 62 which I did. No regrets but drawing a pension at the time made that decision a bit easier.

A lot of things to consider and good luck with your upcoming retirement. I'm sure there is more to think about but those are a few of the biggies.
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Old 08-01-2020, 03:07 PM   #3
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Re: *Retirement Approching Fast*

Quote:
Originally Posted by Ironhorse View Post
Congratulations on the upcoming retirement! Been retired now just over 10 years this past May. Best job I've ever had !! Pay is not as good as when I was a crane operator for Boeing Aircraft Co. but the hours and work schedule is really good. Couple things come to mind when I retired:

1. House was paid for. Kinda rough doing a big house payment on retirement pension and / or Social Security.

2. Cars were paid for. See above, it still applies.

3. Is an actual pension involved here from your company? They are fast becoming a thing of the past with most of today's companies.

4. Medical insurance. I was covered by Boeing retirement medical insurance until I reached 65. (I retired at 60 with 36 years with the company) My wife remained covered by my work insurance until she reached 65 at a very low cost to us. Medicare does NOT cover everything, look into a GOOD supplemental medical policy.

5. Social Security helps but need something beyond that. See #3.

6. Plan on drawing SS at 62 or wait til later? My finance guy suggested 62 which I did. No regrets but drawing a pension at the time made that decision a bit easier.

A lot of things to consider and good luck with your upcoming retirement. I'm sure there is more to think about but those are a few of the biggies.
Thanks for the info. Yup, house is free and clear, 2016 and 2008 Escape paid for, and 49 geocier getting paid for. I've been on Medicars and drawing SS for over a year and my wife and I have all our 401K, IRA, etc all pooled together and being handled by our financial advisor. I'll be going on my wife's insurance for a couple years until she retires. I think I have all my ducks in a row.
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Old 08-01-2020, 03:42 PM   #4
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Re: *Retirement Approching Fast*

If you do not want to fully retire you can earn something $17,000 a year before you get to SS penalties.

Maybe your boss will or can work something so you work a couple days a week. Or possibly finding a part time gig.
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Old 08-01-2020, 04:27 PM   #5
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Re: *Retirement Approching Fast*

My wife and I have been retired for just over 3 years and we love it. We took SS at 62. Everything is paid for.
One thing we like to do is once or twice a week jump in the hot rod and drive some where for breakfast. Typically 40-50 miles in what ever direction suits our fancy.
Good luck with your retirement.
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Old 08-01-2020, 04:50 PM   #6
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Re: *Retirement Approching Fast*

I retired at 62, 5+ years ago, and started collecting SS right then. One never knows how long they will live after retirement, and I wanted as much of what I paid into for 45 years back out. The average life expectancy for an engineer (not the train kind) is 18 months, when retiring at 65. I took my 401k) and my retirement as a lump sum and invested it. We live on my wife's income, my SS and a small annuity that the company that took over my original company pays. My wife still has some of the health insurance paid, as she hasn't reached 65. We have a couple of years left on the mortgage, but the vehicles are all paid for.

I knew that I wanted to take up wood carving when I retired, so had been buying tools since 2001. I built some wood chests to hold them. I also do a little metal working. Other than that, it's just home maintenance and little upgrades.
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Old 08-01-2020, 05:13 PM   #7
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Re: *Retirement Approching Fast*

Man I gotta tell ya.....it all sounds good. I was 66 in May and while on furlough I started walking the neighborhood and was up to 1 1/2 miles and found all the fellows in my area I didn't know had Hot Rods, classics, or Muscle cars. I knew of a few guys but found a few more. When I retire in September I should have 3 good months of Fall left and then it's winter. That may be the toughest time for me. How about you boys?
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Old 08-01-2020, 05:31 PM   #8
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Re: *Retirement Approching Fast*

My old man and my father in law both retired the day they turned 55, they are now 73 and have never looked back.

Come to think of it, I haven’t met anyone who has regretted it. Just live at or below your means and have your bills paid off.
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Old 08-01-2020, 05:58 PM   #9
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Re: *Retirement Approching Fast*

I am glad to see this thread. I am 55 and work in Law Enforcement. I have about 20 years in and want to try and swing another 5. If I can do that, the Agency I work for pays for my medical. We will have to pay for hers. I will get about 50% of my salary at retirement, taxable. I have a Def Comp plan and some savings. I also can collect a small amount of Social Security, as I have not been paying into it while with the agency, but did prior. I also have an Annuity that I would rather not touch. House just got paid off last year, cars are all mine and so is everything else I own. I am planning on moving out of California, damn liberals have ruined the San Fransisco Bay Area, and it is getting worse. LOL. I plan on working part time somewhere just to keep busy, but I have gotten to not like being around people LOL. Anyway, good luck, I am looking forward to it. RR
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Old 08-01-2020, 06:39 PM   #10
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Re: *Retirement Approching Fast*

Well guys.....everybody is diggin the retirement scene so in the famous words of Jackie Gleason "How Sweet It Is". It's a strange feeling at work knowing it's all about to come to an end. I work for an automotive company in the Quality lab where I'm a CMM programmer but I wear many hats.
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Old 08-01-2020, 07:26 PM   #11
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Re: *Retirement Approching Fast*

I was wound pretty tight by the time I retired. I was doing the work of several people. It took me about a year and a half to spool down. Maybe it'll be better for you, I certainly hope so. As I mentioned, I have hobbies. My wife's friends go nuts when their executive type husbands retire because they never had any hobbies. So they follow the wives around, for lack of anything better to do- watching them cook, stuff like that.
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Old 08-01-2020, 07:36 PM   #12
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My wife & I both retired 2 years ago. I will be 60 next month 9-11-2020! I have loved every second of it. We both got 40 years with the same company. They paid us both 1 years worth of salary and 6 months of insurance. We took our 401ks and invested it. So far so good. Wife will be 61 in Jan 2021.
I don't know how I had time to work!
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Old 08-01-2020, 08:03 PM   #13
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Re: *Retirement Approching Fast*

Hope you got some hobbys for some days won't be easy to fill in!!!!
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Old 08-01-2020, 08:15 PM   #14
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Re: *Retirement Approching Fast*

I retired end of last year. Built the new shop and everything is paid for. I get my retirement from work and took my SS at 62. Not sure how I found time to go to work. I stay busy in the shop working on select projects for other folks and all my stuff that seems to be increasing for some reason. Last little project was a 46 CJ2A that I rebuilt the trans and transfer case in. Go for it and enjoy yourself.
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Old 08-01-2020, 08:42 PM   #15
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Re: *Retirement Approching Fast*

Thanks for all the info and story's guys. I'm ready, plenty of honey do's that have built up over the years. Plan on getting in some fishing as well. Don't think I'll get back into drones as it has gotten crazy.
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Old 08-01-2020, 08:53 PM   #16
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Re: *Retirement Approching Fast*

Main thing is to stay busy or at least, DO NOT sit in from of the tube all day. A person needs a reason to get out of bed in the morning. I get up about 6:00 am, watch the news enough to get my heart rate up. Help the Mrs. watch our two little grand daughters, 4 and 7 while Mom & Dad both work, essential jobs for both. I have two acres with trees, outbuildings, 35 x 50 shop, my 71 4x4, 71 Chevelle and my current project, restoring my 57 Chevy two door I used to 1/4 mile. Wife and I have a booth at a antique shop where we sell a few items. Like going to auctions, l do a couple swap meets a year, or at least I used to until this year. REALLY having withdrawl issues about that.

Best thing is I no longer bring home stress from my job like I used to. Pulling engines on a 747 with a 35 ton crane, $12 to $14 million per engine, and back side grabbing the seat tight enough to taste vinyl does cause a bit of a case of nervous tension, LOL Wife says I'm much easier to live with now days.

As previously said, not sure how I ever found time to go to work.
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Old 08-01-2020, 09:01 PM   #17
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Re: *Retirement Approching Fast*

Quote:
Originally Posted by Steeveedee View Post
I was wound pretty tight by the time I retired. I was doing the work of several people. It took me about a year and a half to spool down. Maybe it'll be better for you, I certainly hope so. As I mentioned, I have hobbies. My wife's friends go nuts when their executive type husbands retire because they never had any hobbies. So they follow the wives around, for lack of anything better to do- watching them cook, stuff like that.
I,m having trouble spooling down,I feel like I have to get everything done today. Finding hard to relax until supper time and I know the day is over.Watch a movie and eat
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Old 08-01-2020, 09:05 PM   #18
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Re: *Retirement Approching Fast*

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My wife and I have been retired for just over 3 years and we love it. We took SS at 62. Everything is paid for.
One thing we like to do is once or twice a week jump in the hot rod and drive some where for breakfast. Typically 40-50 miles in what ever direction suits our fancy.
Good luck with your retirement.
I like what you and your wife do for breakfast.
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Old 08-02-2020, 04:43 AM   #19
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Re: *Retirement Approching Fast*

I've been retired 4 years now. It is a bit of a shock at first. You spend a lifetime working and building a career and poof... It's gone. Now what do you do? (At least that's what I thought)
But I got used to it. Now I pay no attention to what time it is or what date it is. It makes no difference to me. I may check dates to make sure the bills are paid on time but that's about it. Other than that I could care less. If I want to tinker around the house or on my cars I do that. If I want to do nothing, I do nothing (I'm good at that)

The only catch is "The List" The one that my wife leaves me with chores to do. But I can choose to ignore that. And often do. But I have to say that doesn't work too well.

I felt like a fish out of water when I retired. Now I can't imagine working again.

Give it time. It's an adjustment. But once you settle in it's a good one.
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Old 08-02-2020, 07:28 AM   #20
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Re: *Retirement Approching Fast*

I will be hitting the 3 year mark of retirement in January. I'll see how things change a bit then when I am force to go from my military medical to Medicare. Everything else everyone else mentioned pretty much applies. My youngest has a 1 1/2 year left in college, so that will help when he is done with that too.

I am kept busy with my old truck and helping a friend out, plus I did some extra stuff to the yard that requires extra work to keep it nice. To me keeping busy, cheaply is one of the important things. I can't imagine being docile, but at same time I don't want to worry about if I can afford to keep doing things. I seem to be busier than when I was working, just a different busy.

The only bad thing is I never get a day off being retired.
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Old 08-02-2020, 10:42 AM   #21
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Re: *Retirement Approching Fast*

I told someone the other day that with the way I have been saving money, I only have to work till I am 95. good thread, I read every post, truth for me is that I worked so many hours a week all my life, that now 50 some hours a week seems like semi-retirement . the big D downsized my life so now I can be all frugal, and buy interesting stuff once in a while, with a motor hooked to it and nobody can say sh$t. . in my 50S I will work 50+, in my 60S I will work 40+, in my 70S I will work 30+. Lord willing I live through all of it. thanks for thread and listening and letting me think it through. have a good day,
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Old 08-02-2020, 10:56 AM   #22
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Re: *Retirement Approching Fast*

My wife being a few years younger than me still works. She asked me the other day what I had planned- Nothing I said! She kind of snarled and said that's what you did yesterday! I told her I wasn't a quitter and I wasn't finished yet!
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Old 08-02-2020, 11:44 AM   #23
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Re: *Retirement Approching Fast*

Definitely take SS at 62, had a chart that I cannot find that shows 62 verses full SS monies and they cross somewhere in the 79-80 years old range, so if you know for sure you will live till 80...well you get the picture.
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Old 08-02-2020, 02:09 PM   #24
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Re: *Retirement Approching Fast*

Here's my take, FWIW. I just retired in December of last year. I was with a major PD in SoCal for 31 years. Retirement for me has been really rather tough.

Financially, we are fine. My wife works still, as I am only 52. I get/got no medical insurance after I left, and I am sure not going to buy it on the open market and pay up the wahzoo.

Anyway, retirement is good and bad, for me that is. I miss wearing my uniform and some of the things I used to be able to do at work. Mostly, I miss those I worked with. Police and Fire are a family/brotherhood that can't be replaced. There are only a few other occupations where you experience this type of environment. When I left there, I sent out an email and left my # and email address. I wasn't surprised when I never got any calls or messages. It's like you were there and then you aren't, kind of out of sight out of mind. I was never a big shot or badge heavy, but I felt like I was somebody and then I retired. Now it's like I'm just another person and have faded into the background.

On the plus, as somebody else said, find something to do!!! I get up and screw around on the computer. After that, I got out on my road bike and go out for several hours to ride. You NEED to keep your health up, so that you can enjoy for as long as you can!!!! I am also going to build a shop so that I have a place to work on my truck and get back into the woodworking I enjoy doing.
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Old 08-02-2020, 04:42 PM   #25
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Re: *Retirement Approching Fast*

The first month of retirement was kind of strange. Never took more than 10 days in a row of vacation during my 36 years at the company where I worked. I was a regional sales manager for a manufacturing company. Lots of travel time. I sent out emails to all my customers letting them know 6 months ahead of time. So when I was done my work email was forwarded to the guys that took over the territory. So weird not to get 50-75 emails and texts a day.
The nice thing about retirement is that when you are working on a project and things don't go as planned you have tomorrow or the next day to get back on track. No rush because it's Monday tomorrow.
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