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So I do numbers for a living, and ret cash flow is easy enough but its the EMOTIONAL side of retirement than can literally kill you. We are all psychosomatic creatures, deeply, we simply aren't aware of its depth. Well, until we are.

Sir, dont wait for the fckr to show up, get the mind ( which is a physical extension of your soul to my gnostic view) on something you can stew on. Build stuff, help others, train a dog, anything that engages and positively moves you. We are social creatures first and foremost. Go see Ole race his junk! ;)

Stay on the "+" side brother. In your head. Your body will follow.:cool:
I agree. I've been retired several years and couldn't wait til things lined up and enabled me to do so from a stressful job. My wife said if I stayed in it much longer I'd be dead. Retirement is great for me because I'm a do-it-yourselfer and there's always something that needs to be fixed, maintained, replaced, painted, etc. Also have the car hobby, golf, woodworking, and some sports following. I keep as busy as I want to be and don't miss working a damn bit. I tried working part time a few years but that sucked too. I started preparing for retirement years ahead of time by getting everything paid off. It helped to have no kids and a working wife (til she retired early). Key is healthcare ins, no debt, a bit in the bank, and enough cash flow to get by. It's surprising to see how much less you really need when you're not driving to work every day.
 

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I retired at 55 and I enjoy not having to work everyday. Every day is Saturday now. I agree with most of the advice given- health insurance, debt free and where you retire matters as buying power differs around the country. An annual income of $80,000 goes a lot farther in rural Tennessee than suburban New York for example. I also agree that retirement does not mean sitting on the couch watching tv all day. But some things require money- travel, car restorations, etc. My advice is to make sure your have sufficient income not just to survive but to live and enjoy your free time.

I also suggest to our younger members to start retirement planning when you are young. I don't know how many careers offer pensions these days but a pension is a very valuable employment benefit. If no pension is available, 401(k) or IRA and deferred compensation accounts should be considered. If you have a pension available, consider opening a IRA or participating in a deferred compensation program if offered as well.

I've had people tell me I'm lucky to retire at 55 and be in a financial position to enjoy my free time. But luck had little to do with it. It was planned 36 years ago and involved a dedicated effort to stay on course.
 

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Thanks to Ole and Gene for their concern but I'll be OK for the time being. Ole, Hedley is an old mining town between Princeton and Penticton. One thing I do to keep my mind occupied is mess with 2 channel stereo gear. Picking up a pair of free PSB speakers today to refurb. Got a Sansui amp yestereday. I'll be fine, just depressed some days. Having money would be a great help to my piece of mind. They say money can't buy happyness, well I sure as hell would like to try it some day. ;)
 

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I also suggest to our younger members to start retirement planning when you are young. I don't know how many careers offer pensions these days but a pension is a very valuable employment benefit. If no pension is available, 401(k) or IRA and deferred compensation accounts should be considered. If you have a pension available, consider opening a IRA or participating in a deferred compensation program if offered as well.

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This is so true. When I grew up I didnt know about things like investing. My parents just got by with what they had, as blue collar workers. There wasnt talk about investing some money. It was basically work hard and live from that. Thats why now I tell my kids, 22yrs old twins, to do what you say. I also tell them to sit down sometime and play around with a compound interest calculator to see how even a little money invested now, with annual contributions , can turn into more than they can imagine. Time is the key. The earlier, the better.
 

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I took early retirement from the railroad at age 55. From 55-60 I will be drawing from my pension, then when I hit 60 railroad retirement will kick in. A year before I retired I put us on a "retirement" budget knowing pretty close to what I would draw from my pension. This worked well showing us that it was possible to live on a "reduced" income. I started contributing to the company 401k early in my 33 year career so that helped. As said previously start saving early. It helps to have the house and cars paid for and my company supplies a decent health insurance plan at a decent rate after retirement.
 

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I also suggest to our younger members to start retirement planning when you are young. I don't know how many careers offer pensions these days but a pension is a very valuable employment benefit. If no pension is available, 401(k) or IRA and deferred compensation accounts should be considered. If you have a pension available, consider opening a IRA or participating in a deferred compensation program if offered as well.

I've had people tell me I'm lucky to retire at 55 and be in a financial position to enjoy my free time. But luck had little to do with it. It was planned 36 years ago and involved a dedicated effort to stay on course.
Great advice and great planning, John! I started my 401k early in my career, which now sits at over 500k. Retired almost 3 years ago at 52 with a Teamsters pension, excellent health insurance, a few investments and a home that was 50% paid off in the CA bay area. A year later we relocated to southern Oregon, moving into my wife's rental property and even though I can't start drawing my 401k for 4 more years, we are still doing fine and will only get better at that time.
My parents were not planners for the future, but luckily I had a co-worker and best friend who was and he got me on the right track after I got out of college. I can't ever give him enough credit for what he did to help push me towards saving for the future. Sadly, he got lung cancer and passed away at age 49 and never got to enjoy one day of retirement or his 401k. Never smoked one cig, just dealt a crappy hand in life. Still can't believe it sometimes when I look back on those days...
 
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Making that move now. Wife just retired. We think we will not be broke. The most important item turns out to be health insurance, still got some figuring out to do there. Apparently we are in ok shape, have options, but not quite sure yet.
 
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So the story I heard from a retiring nurse, is that a saleswoman from one of our local "HMO"s retired early at 60, never picked up health insurance, and then gets breast cancer at 62.

Funny thing about insurance, you pay the premiums for peace of mind and the hope you never really need the coverage. ACA did create marketplaces in some states, and they aren't a bad stop to make ,and are required if you are going out before 65, not on disability. You have to maintain major medical , as it could wipe some of us out w/o insurance. Easier to shop than before, but still not truly easy with all the permutations available.

Personally, what I've never been able to afford is LT health insurance. The premiums have gotten really stiff and we still have dependents ( cash flow liabilities) . Not poor enough to qual for medicaid if one of us gets badly disabled or ill, so without any sort of national LTC safety net, its no surprise that most bankruptcy filings by individuals are caused by medical bills, often accrued by their spouse. This risk to retirement I haven't checked off yet. **

Point is: Health insurance; not the place to skrimp too much, or at all.





** to avoid LTC bills, a client of mine advised giving myself a grenade wired in a box for my next birthday. The Birthday I forget what it is exactly , and OPEN IT, was the right time to "exit stage left". Too bad I would likely not be alone, its a joke of course. Yet, I like the simplicity of it. Is it a sin if you have no cognition left? :clonk:
 

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Have a beautiful home, two vehicles, my pride and joy '66 Chevelle SS Marina Blue 4 speed, a six figure IRA account, and no debt, so my wife's and my social security of 3650.00 each month is more than enough!
 
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We're both old enough now to be on Medicare, and pay a premium for a Part B policy that my agent refers to as "leave your checkbook at home". Other than the annual deductible of $180 something, no bills. He shopped our Part D coverage and got my quarterly prescription cost down from over $100 to $6.00.

I toyed with the idea of retiring at 62, selling the business and just kick back. At the time, my wife was 58. Health insurance was the reason we stayed working. Thank God, because I was diagnosed with stage 4 colon cancer before I turned 63, and my wife was diagnosed with lung cancer at age 62. Insurance got us thru, without it, we'd have been wiped out.
 

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The rude awakening to many who reach 65 and are entered into Medicare is in order to get into plan B, you will pay considerably more if you choose to continue working.

For instance, my mike and my combined income falls in the $320,000 to $750,000 bracket. In order to enroll in plan B, we would have to pay an additional $435 a month. Since I have excellent insurance through my business, I just have plan A.

https://www.medicare.gov/your-medicare-costs/part-b-costs

Congress snuck this in a few years ago, just another way to penalize people who choose to continue working.
 
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