Retire early to hunt more?

[Pucky Freak]

I’m considering retiring early to hunt more, and I’m curious to hear from others who have done it, considered it, or are planning on doing it. I know it’s still a long ways off, and a hundred things can change between now and then, but I’d like to have a start of a plan now rather than just stumble upon it and wish I’d planned some things out differently 15 years prior, etc.

There are a lot of factors involved, so I’ll list them below by topic, with some notes with hypothetical retirement ages of 50, 55, 60, and 65. Please comment on any oversights or misunderstandings I might have.

Here’s my situation - I’m 37 and I’m eligible for what is essentially an LE retirement at 48. My wife stays at home with our kids ages 3, 1, 1. We live well below our means and save/invest more aggressively then most.

Boredom
It seems that most retirees end up returning to work in some capacity within a year of retirement. This is difficult for me to wrap my head around as I have about fifty hobbies I like to do if I had more time, I’m a homebody, I don’t need to work to have a social life or feel like I’m doing something important, etc.

50 - still have kids at home, so unlikely to be bored, etc

55-65 - I figure I can always volunteer more, conservation, donate expertise related to my profession, etc, if I need to have a workplace-like activity.

Hunt financing vs youth/health
I’m enjoy small game hunting, and inexpensive big game hunting, but there are a few hunts I want to do that run a bit more (guided moose, caribou drop hunt, etc) so available funds to hunt is somewhat of a factor

50 - I’m likely to still be in great health. However, I’d really need to plan the higher dollar hunts carefully. If I stay at my job I’ll have 5 vacation weeks/year, but if I left I’d still need an income stream to bridge until age 55, as all my retirement funds are currently tied up in tax-advantaged shelters that I can’t withdraw early. I could open a brokerage account, but it seems risky to put any funds in there until my tax-advantaged contributions are maxed out, which as of today they’re not. My line of work is not conducive to being gone 3 months of the year during hunting season, so to have an income from seasonal work, I’d likely have to switch industries and take a pay cut on the order of 50%. Plus even with all the extra time available from leaving a full time job, I’ll still have kids at home so it’s not like I’ll be out hunting all the time anyways.

55 - If I keep taking care of my body, I have a very good chance of still being able to hunt hard on DIY trips in the mountains, etc. If I someday catch the bug to do a lot of higher dollar hunts I’d have to be selective on what I could do.

60 - My worry is I’ll regret having worked too many years and run myself out of health before I had the opportunity to hunt as much as I wanted to.

65 - I’d be able to go on just about any hunt I could imagine, but who knows if I’d have the health to do so or even still be alive. Retiring at this age seems less appealing than at 50.

Healthcare
50 - I’d have to buy insurance on the open market, join my wife’s employers’ plan IF she had even returned to full time work, or join a health sharing plan. All are riskier and more expensive than my current plan.

55 - Under current laws my kids can stay on my insurance plan until they’re 26. That seems a nice gift and one way to help them get established as adults, etc, but that’s a lot easier to do with my work-sponsored plan than an alternative.

60 - At this point bridging 5 years until Medicare would not be a significant financial burden due to accumulated wealth

65 - Medicare eligible

...

I’ve talked it over with my wife and retiring at 50 seems a bit of a pipe dream, unless something significant changes in our situation, and I’m not sure I’d really want to make any crazy changes anyways. I think 55 is fairly realistic goal as long as I plan carefully for it.

 

[6mm Remington]

I was an LEO like you for 33 years. Retired when I was 57. Haven't looked back since! I pay to keep my County Insurance (The County is self-insured.) Kids are all out of the house on their own. I pay $1200.00 a month for medical, dental, and vision. The I turn 62 I'll be on Medicare. My wife will still be on the County plan but it will be less obviously as she'll be the only one on it.

Haven't been bored one bit. I enjoy the outdoors, shooting, reloading, calling coyotes, hunting, fishing, hiking, snowshoeing, about anything outdoors, sharpen knives mostly for fun but make a few bucks for gas money to go enjoy myself outdoors.

2017 retired
2019 August/September. Went on a guided grizzly bear / wolf hunt on the north side of the Brooks Range in Alaska. Got a gorgeous grizzly bear and almost got a wolf too! Got to do some fishing on the same trip for Grayling and Arctic char. Expensive trip but worth every single penny!

I'm enjoying myself. Wife is self-employed and she stays busy with work during the week.

 

[EYJONAS!]

I just wish I had my shit together more like you guys......

 

[duckhunt]

I'm trying to plan on an early retirement. I'm 46 now and eligible to retire at 55. I work at John Deere and I will loose my health insurance when I retire. I've been talking about that issue with my financial advisor. Kids are already grown up and should have everything paid for at that point. I dont plan on pulling from investments until 60+. My plan is to work a summer job to pay for insurance and basic living expenses. Hopefully take fall and winter months off work for a little me time.

 

[duckhunt]

My advisor tells me that in today's market some decent insurance would be approximately 1000 a month.

 

[Deleted member 20812]

I just wish I had my shit together more like you guys......

Don’t worry. Some guys set the bar, I set the floor.

 

[6mm Remington]

My advisor tells me that in today's market some decent insurance would be approximately 1000 a month.

Kept mine through my employer since they have a pretty decent plan. Maybe something like that would be possible for you as well. I sure don't think insurance should cost $1200.00 a month, but it's a must have item.

 

[F250]

I had mandatory retirement at age 55 in a LE position with the state (2012 after 36 years). I was able to keep health care for both my wife and I at $400.00 per month. She will continue to work for USF&W for another five years. No kids... some dogs and horses. I work part time in LE positions keeping my certification, and stuffing extra money into our hunting and fishing fund. I've worked several other part time jobs as they popped up and I felt like doing them. I will NOT work during May - turkeys and walleyes, or from September - mid December. There is all sorts of part time work available if you have a clean record, a valid driver's license, and can pass a piss test !! After reading your situation, I suggest you look hard at the age 55 option. May also depend if your government retirement is a monthly pension check, or drawing off a 401 type of fund.

 

[dallsheep]

Get rid of your debt as fast as you can, then work for several years after that to save up for the next chapter. Without debt, you suddenly have a lot more coming in and not much going out. Max out your pre tax retirement, then start saving post tax for your hunts. I would also suggest getting one or two guided hunts in while you're still working. Once you stop working, you'll more than likely have other financial priorities. Also, keep in mind what Randy always says, "you'll run out of health before you run out of money," so don't wait too long.

Kudos to you to think about this stategy at your age, I'm sure it will all work out with this level of planning.

 

[ccc23454]

Your only 37 and talking early as 48 so you have time. If you have been saving and investing and have a pension secured plan for it. 11 years is a long time things change but good to have goals target it and revaluate every couple years or so. The complicated things become retirement benefits and if retirement means moving. Boredom will be biggest enemy but lots of part time fun jobs with low stress out there. I retired from my career at 41, have worked little on and off doing fun stuff but mainly work for myself, luckily i have some experiance and education that i can convert into income fairly easy. I would have went longer but i was getting limited by repeated injuries and other limiting factors made retirement right for me then. You need to decide whens right for you and your family. Best advice i can offer is get a solid financial advisor and do some real financial planning, LISTEN to what they say and dont discount things.

 

[406LIFE]

I chose time over money and don't regret it. I don't have millions, but bills get paid and I get to chase a lot of animals. My wife will retire early (55) when she can as well, hopefully sooner if possible. Advice above like clearing debt, lowering the levels of wants, and really focusing on what's important is something that our society is often silent on. As for getting bored...good luck. You can join me on a Himalayan Snowcock hunt.

 

[Big Sky Guy]

“You will run out of health before you run out of money.”
-Randy Newberg

Not sure how this fits into your plans but we all know people who were planning on that elk, moose etc. hunt when they retired. Only to retire and have back, knee or some other limiting ailment (or die of cancer) and never end up going.

 

[Pucky Freak]

Kept mine through my employer since they have a pretty decent plan. Maybe something like that would be possible for you as well. I sure don't think insurance should cost $1200.00 a month, but it's a must have item.

I can keep my employer plan for about 2 years after I retire with zero-cost premiums, but after that it jumps to market rate.

 

[Pucky Freak]

I had mandatory retirement at age 55 in a LE position with the state (2012 after 36 years). I was able to keep health care for both my wife and I at $400.00 per month. She will continue to work for USF&W for another five years. No kids... some dogs and horses. I work part time in LE positions keeping my certification, and stuffing extra money into our hunting and fishing fund. I've worked several other part time jobs as they popped up and I felt like doing them. I will NOT work during May - turkeys and walleyes, or from September - mid December. There is all sorts of part time work available if you have a clean record, a valid driver's license, and can pass a piss test !! After reading your situation, I suggest you look hard at the age 55 option. May also depend if your government retirement is a monthly pension check, or drawing off a 401 type of fund.

I like the sound of that set-up! Thanks.

Why does it matter if it’s a pension vs 401k? I have a pension but I’m planning to cash out, invest the whole amount and draw off the interest, because I think I can get a better return than the gov. plan.

 

[Sasquatchewan]

If everything goes well, I will retire in 2032 after 26 years of loyal and dedicated service to her Majesty Queen Elizabeth the Second, Queen of Canada. This will unlock my military pension with 50% of my salary based on my best 5 years at the age of 43.

My plan, is to either fully retired and get a normal civvy job and take a butt-load of leave without pay during hunting season; or

Continue with the military, at this point my 25 year contract is over and I would roll onto an undetermined contract which I can end within 30 days if the military gets in the way of my hunting/life.

Either way, I will continue working in some way once I retire from the military. I can't just stay home 8 months out of the year while I hunt the other 4.

 

[Pucky Freak]

Get rid of your debt as fast as you can, then work for several years after that to save up for the next chapter. Without debt, you suddenly have a lot more coming in and not much going out. Max out your pre tax retirement, then start saving post tax for your hunts. I would also suggest getting one or two guided hunts in while you're still working. Once you stop working, you'll more than likely have other financial priorities. Also, keep in mind what Randy always says, "you'll run out of health before you run out of money," so don't wait too long.

Kudos to you to think about this stategy at your age, I'm sure it will all work out with this level of planning.

Thanks. I like the idea of doing 1-2 high $ hunts prior to retirement so I don’t end up just waiting and waiting too long and then for some reason can’t go.

No debt except home mortgage, and that is gone in 4 years. After that we are just paying ourself the mortgage payment amount.

 

[Big Fin]

It is interesting that you are thinking about this at age 37. I recall that same mindset and same analysis 19 years ago.

At the time I was dealing with some health symptoms that nobody seemed to be able to diagnose. Eventually, lacking any firm diagnosis, I just accepted this was how my life was going to be.

Roll forward three years from that and I end up in the ER, as the symptoms became so bad I could no longer function. They ship me to U of W in Seattle. They confirm what my situation is and tell me I am best to go to the Mayo Clinic in Rochester as they treat most folks with this condition.

Short version, I get told by the Mayo that I am done being a full-time CPA. I am told that this condition usually has a crossroads where 2/3 of the patients live a very compromised life and are gone in 3-5 years. The other 1/3 live a less compromised life and usually live long enough to die from some other cause.

So at age 40 I was faced with a huge change in my life that I could have never anticipated. It showed me the gamble I had taken by waiting until a certain age to do the things I dreamed of. There was no promise my health would allow me to do those things. I committed that if the Mayo could get me back to some level of health, I was not taking that for granted.

The Mayo was unbelievable in getting me back to some level of health within three years. I hit the reset button. I spent a lot of time with Mrs. Fin adjusting to a lifestyle where we would live on 25% of what we had become accustomed to. We went on a serious debt reduction mission, using a lot of savings to pay down debt and have been debt/mortgage free for more than a decade. I started to retract from the CPA firm and accept the financial realities that came with that decision.

With that financial reset and the Mayo getting my liver condition somewhat stabilized, I hope to never "retire" in the traditional sense. I want to be doing something where everyday seems like living and not like working. I think I have found that, though every endeavor has its days that seem like work.

The point of summarizing my complicated story is that you should factor into your analysis the risks of health events completely upending your plans. Odds are you won't have such an event and I hope you don't. I viewed myself as bulletproof at age 37. I had plans almost identical to what you were analyzing. Some might say I was unlucky to have such a big change to my life goals at age 40. I think I was lucky to be in the 1/3 that is likely going to die of something else. I was lucky to have a life event that caused me to get serious about the business of living and not the business of planning how I would arrange my affairs to live comfortably to the time of my death.

I don't have any answers, as we all have to make our own assessments. Good luck with your decision.

 

[Pucky Freak]

It is interesting that you are thinking about this at age 37. I recall that same mindset and same analysis 19 years ago.

At the time I was dealing with some health symptoms that nobody seemed to be able to diagnose. Eventually, lacking any firm diagnosis, I just accepted this was how my life was going to be.

Roll forward three years from that and I end up in the ER, as the symptoms became so bad I could no longer function. They ship me to U of W in Seattle. They confirm what my situation is and tell me I am best to go to the Mayo Clinic in Rochester as they treat most folks with this condition.

Short version, I get told by the Mayo that I am done being a full-time CPA. I am told that this condition usually has a crossroads where 2/3 of the patients live a very compromised life and are gone in 3-5 years. The other 1/3 live a less compromised life and usually live long enough to die from some other cause.

So at age 40 I was faced with a huge change in my life that I could have never anticipated. It showed me the gamble I had taken by waiting until a certain age to do the things I dreamed of. There was no promise my health would allow me to do those things. I committed that if the Mayo could get me back to some level of health, I was not taking that for granted.

The Mayo was unbelievable in getting me back to some level of health within three years. I hit the reset button. I spent a lot of time with Mrs. Fin adjusting to a lifestyle where we would live on 25% of what we had become accustomed to. We went on a serious debt reduction mission, using a lot of savings to pay down debt and have been debt/mortgage free for more than a decade. I started to retract from the CPA firm and accept the financial realities that came with that decision.

With that financial reset and the Mayo getting my liver condition somewhat stabilized, I hope to never "retire" in the traditional sense. I want to be doing something where everyday seems like living and not like working. I think I have found that, though every endeavor has its days that seem like work.

The point of summarizing my complicated story is that you should factor into your analysis the risks of health events completely upending your plans. Odds are you won't have such an event and I hope you don't. I viewed myself as bulletproof at age 37. I had plans almost identical to what you were analyzing. Some might say I was unlucky to have such a big change to my life goals at age 40. I think I was lucky to be in the 1/3 that is likely going to die of something else. I was lucky to have a life event that caused me to get serious about the business of living and not the business of planning how I would arrange my affairs to live comfortably to the time of my death.

I don't have any answers, as we all have to make our own assessments. Good luck with your decision.

Thanks a ton, Randy. You are truly an inspiration. I was diagnosed with a heart condition this fall, completely out of the blue, and while it is minor it definitely took a chink out of the bulletproof mentality. If I can enjoy my life surrounded by family and the outdoors I will die a happy man. I kinda doubt I’ll look back and wished I had worked more, accumulated more, etc.

 

[406dn]

"You run out of health before you run out of money" Hopefully true in all regards. But it would suck to be old, in so-so health and broke.

It is a complicated individual decision that had better get decided wisely. A person can get it wrong no matter what they decide, because assumptions did not pan out.

There is a lot to be said for pulling the plug at a young age, but,,,,,,man, you better have your ducks in a row. If you are managing a nest egg, not a defined pension, that money has to last several years longer than if you retired later. Most pensions taken early will have a significant discount for the same reason.

I had hoped to retire at 60. Planned for it for many years. Then the recession of 08-09 disabused me of that notion. It took some time to realize something I pointed towards for 25+ years needed to be reconsidered. I ended up retiring a little before turning 62. As I type this it hits me that my last day of work was 8 years ago today.

Aside from money, you need health to enjoy a retirement. I work pretty hard at staying in good shape. As I roll towards 70, I can still hunt a decent lick. Not like 30 years ago, but good enough. A friend from the gym who lifts weights with me still hunts big game at 80. Not like he used to but still doing it. I hope to have and ride my horses into my 80's. Might not come to pass, but I think it will.

 

[Guy]

I'm 64 now, retired from law enforcement at 57, just before my 58th birthday. I started a little self-defense/firearms/pepper spray instruction company and work enough to pay for my hunting and fishing trips. My wife's job covered our medical, and now I'm almost old enough for medicare. Some of my wildlife photography has started selling too - another way to at least cover the costs of some backcountry travel & photo trips. Kind of.

I've stayed active. Work out almost daily. Take the bird dog on walks of 3 - 6 miles almost daily. Sometimes quite a bit farther when the hiking bug bites. No, I'm not as fit as I was 20 years ago - but not too bad.

Like my friend 6mm Remington, I paid for a Brooks Range grizzly hunt. That was spendy! Have also flown to Alaska twice for fly fishing trips since I retired, and multiple trips to Wyoming for hunting. So far, it's been a very good retirement.

Best of luck!