Retirement: When would you like to retire? Do you have a plan to get there?
- Thread starter Southern Elk
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DouglasR
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D
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You’re dead to me.Just applied for a passport.
I feel like a traitor.
A guy that works with my wife was gonna retire at the end of the year, 58 years old. Had a massive heart attack on the way to work Monday and passed.
I understand trying to plan and be responsible for the future, but I’m not trading today for a tomorrow with no guarantee.
I understand trying to plan and be responsible for the future, but I’m not trading today for a tomorrow with no guarantee.
Mallardsx2
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I use a guy in his 70’s. Ironically, he hates the govt as much as me. Lol
trackerbacker
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Long story short, April of 22 I had t minus 365 days under contract before I could 'semi retire'.
April of 23 I shot the contract holder an option to extend (courtesy) that expires june1. June 1 of 23 I "semi-retired".
I'm under 40, owned 3 businesses, sold 2, been self employed since 20, working 40hrs min since 8 (non-farm industry).
It's been 6 weeks-ive been to gulf shores for a week, I've been fishing hiking, boating, boating meandered/nonmeandered waters, scouting, planning sept-feb hunts, I've taken the kids on the best summers I'd have killed for as a kid. Candy store ever friday, movie every Tuesday, pools or beaches, butterflies and bugs.
And I'm deathly bored. I've created a new product I'll probably start welding and ordering parts while writing the code while I wait for pieces to come on as I've already pitched the idea to a few companies who want to carry it/private label.
Why? Because as much as I love solo time, and family time, and buddy time, I also need a purpose or something to be constructive.
Or I need my buddies or step dad to take pto or finally retire, or I need to buy an outdoor dog.
The amount I have is not buy myself a new jet tonffly to my 3rd house, but it's enough that it's enough to let my wife work part time or take quarterly contracts to stay busy and current with licenses, and I do nothing but wake up.
But man do I miss having a purpose or a puzzle professionally.
Decide If you and your significant other are mentally prepared, for you, them or both of you to be retired.
April of 23 I shot the contract holder an option to extend (courtesy) that expires june1. June 1 of 23 I "semi-retired".
I'm under 40, owned 3 businesses, sold 2, been self employed since 20, working 40hrs min since 8 (non-farm industry).
It's been 6 weeks-ive been to gulf shores for a week, I've been fishing hiking, boating, boating meandered/nonmeandered waters, scouting, planning sept-feb hunts, I've taken the kids on the best summers I'd have killed for as a kid. Candy store ever friday, movie every Tuesday, pools or beaches, butterflies and bugs.
And I'm deathly bored. I've created a new product I'll probably start welding and ordering parts while writing the code while I wait for pieces to come on as I've already pitched the idea to a few companies who want to carry it/private label.
Why? Because as much as I love solo time, and family time, and buddy time, I also need a purpose or something to be constructive.
Or I need my buddies or step dad to take pto or finally retire, or I need to buy an outdoor dog.
The amount I have is not buy myself a new jet tonffly to my 3rd house, but it's enough that it's enough to let my wife work part time or take quarterly contracts to stay busy and current with licenses, and I do nothing but wake up.
But man do I miss having a purpose or a puzzle professionally.
Decide If you and your significant other are mentally prepared, for you, them or both of you to be retired.
David Gough
Well-known member
I think if I end up in your shoes I'll just be a fishing guide at the local lake. Fall to spring fishery.
Irrelevant
Well-known member
what was your expectation going into it? Did you anticipate this is how it would go down?
That last line is very applicable for a lot of people. I talk big about hating my job and getting out ASAP, but in reality I'd get bored fast... real fast, and I don't have any skills beyond this desk and keyboard so I'm really up shitcreek on my own. Not having anyone to recreate with is a real concern for people who bow out early. We had a young engineer that walked away to start a business with his wife, he claimed he was super busy still, but was constantly texting about mt biking at 10am on a tuesday... the rest of use were like "no... we're working... remember?" eventually he swapped us out as friends for doctors and fireman, you know, the two professions that can mt bike at 10am on tuesday.
huntnfisher
Member
I was able to fully retire at age 47, some 20 years ago now. I was able to do this by investing wisely when I was young. My most important investment was my beautiful, understanding, hard working wife, who worked until I was able to be on Medicare, by carrying health insurance for us. We are not wealthy by any means, but we have a nice home on 10 acres (good hunting land), and 80 wooded acres in the heart of farmland that I alone hunt. We have a 17' Lund fishing boat that works well on small lakes, and it is suitable for trolling for trout and salmon out on Lake Michigan on a decent day. We have everything that we need, with everything being paid for. As others have mentioned, none of us know how much time we have, and it is priceless! My advice is...unless you really love what you are doing, get out as soon as you can. No one on their death bed ever said "man, I wished that I would have worked more, and taken less time off." Certainly no regrets here!
David Gough
Well-known member
There's nothing worse for a client. They take the first CPA they can get in with. It's happened in our area a couple times the last two years. There's honestly not enough CPAs that work at a certain level of complexity here. Covid scared a lot of CPAs out of public.
Mallardsx2
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trackerbacker
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I've got a 14' tinny with oars and a nice 7.5hp for it. I built a set of outriggers ad hoc one night that'll hold a cooler on each side and a top platform.
What I am not, is a guy who knows how to train people. Wanna catch a trout with me? Check it, I'm going to do it off a spinner, a float jig and wet fly off fluro and braid. All. Day. Long.
Wanna see me fly fish for trout or spin off a rooster/mep/pm? Or fish how you should? Nope, I couldn't purposely point you in the direction, I couldn't intentionally catch a fish. I'm 100% dumbluck.
Fishing is like golf, except I hate golf. When I golf the proper way, crap 20 over. Easily. Let me hit my pals handicap? (Personal alcohol limit), get a little juice in my legs, I'm playing at par.
I'd be a fun guide-but we're out here enjoying the float, what the water gives up, we'll find out
Honestly, that something interesting would happen, that I'd either actually dive into retirement, or get bored off m butt, do everything possible, have some sort of idea to do something or buy into something or consult somewhere like NZ or MT/ID (connections).
I only knew it'd be unexpected and that I have age on my side, and worst case, I can always bounce in and out. I never thought it would happen so soon, or thst after planning hunts I'd look at my schedule and start figuring out what I should do in the meantime on the remaining dates..
Yup. Run into that daily. I even offered my buddy I'd buy into his business to run it, he can just be back in the field, he'd have time off to hang out or be with his family, bros before hoes man
I trxt my buddies like-cmon man-"sorry man-work/family/etc-how bout 3 Sundays from next month?"
Or bully my step dad "cmon you know you're bored and installing new shelves in the new van only because you have time to kill and money to burn-lets go-im just grabbing the boat"
"sure let me run to the store first, I need 3 bolts, a nut, the 9n I just bought needs a, oh did I tell you about that? So I had a...."
(2 hours later)
"Yea so listen-im just about to cast now so if you want me to pick you up at a dock-let me know"
I got out at the end of 2017 at 57. Still have a little part time paying work helping out with a company I sit on the board of directors on, but that only takes a couple days per month. Also have tons of little projects to keep me busy living on a farm. I enjoy just plain old physical work at my own schedule and pace.
Sold our business to some of the younger managers and netted a pretty significant amount, we have farms that generate annual cash rent income and some pretty good dividend paying stocks as well as a monthly draw out of the 401K/IRA. Haven't needed to use SS yet, waiting till 66 & 10 months to get full amount. A big key is we don't carry any debt other than the monthly credit card bill.
Spouse and I are on private health insurance which is costly, but that has gotten much better since Covid. When I first retired they had a low allowable income threshold and it was costing us $1800 per month. Post Covid, they upped the threshold considerably and we renewed last year for approx. $775 per month. I'm 1.5 years from medicare and spouse is 4 years away so a bit more of this insurance to buy.
Hunt, fish and travel all we want plus spend lots of time at the lake cottage with grandkids & other family & friends.
Sold our business to some of the younger managers and netted a pretty significant amount, we have farms that generate annual cash rent income and some pretty good dividend paying stocks as well as a monthly draw out of the 401K/IRA. Haven't needed to use SS yet, waiting till 66 & 10 months to get full amount. A big key is we don't carry any debt other than the monthly credit card bill.
Spouse and I are on private health insurance which is costly, but that has gotten much better since Covid. When I first retired they had a low allowable income threshold and it was costing us $1800 per month. Post Covid, they upped the threshold considerably and we renewed last year for approx. $775 per month. I'm 1.5 years from medicare and spouse is 4 years away so a bit more of this insurance to buy.
Hunt, fish and travel all we want plus spend lots of time at the lake cottage with grandkids & other family & friends.
Boarmaster
Well-known member
I hear you. I’m 60. I had some life threatening health issues a few years ago. Laying there in that hospital bed with a uncertain future made me thankful I always made hunting , fishing with good friends and family a priority right up there with my career. They managed to patch me up and keep me going even better than before but I haven't forgot that feeling.Lifetime member of the National Foundation for Lowered Expectations.
Not in any rush, but if I was laying on my deathbed tomorrow I could say with certainty it's been a great ride balancing work with a steady dose of Montana lifestyle....very little of which I could accomplish at retirement age.
Don't mind my work. Provides some structure, purpose, and keeps my shit wired tight.
SAJ-99
Well-known member
I have had lots of accountants. I even used H&R Blockheads for one year. Another I left after they said they were outsourcing the preparation of my return to India. Even my current one is mediocre. Half our conversations involve me explaining more stuff to them than they do to me. It is a little unsettling.
On the positive side, looks like the labor shortage is being handled on some fronts. Pilots might be able to fly for a couple more years.
Congress considers raising pilot mandatory retirement age
Members of Congress are also considering other FAA policies, including regulating the size of airline seats.
www.ksby.com
Elky Welky
Well-known member
I'm a millenial who entered college during the recession in 2008 under the false premise that you could study anything you want in college and still get a job. I then spent 10 years in school pursuing advanced degrees in literature and law.
I've spent far too much money in my life on avocado toast, fly fishing and hunting gear, and have a mountain of student debt. Because of where I live, I make substantially less money than anyone else in the country with the same career. And instead of spending my free time on a second job, I put hours every week into volunteering for a conservation organization, and hunt and fish when I can.
To be clear: I have absolutely no complaints, I love where I live and what I do, and avocado toast is delicious.
But right now, my retirement plan falls into one of three categories: death, win the lottery, or sue the right person.
I've spent far too much money in my life on avocado toast, fly fishing and hunting gear, and have a mountain of student debt. Because of where I live, I make substantially less money than anyone else in the country with the same career. And instead of spending my free time on a second job, I put hours every week into volunteering for a conservation organization, and hunt and fish when I can.
To be clear: I have absolutely no complaints, I love where I live and what I do, and avocado toast is delicious.
But right now, my retirement plan falls into one of three categories: death, win the lottery, or sue the right person.
I'd always planned on robbing liquor stores to fund my retirement. Now that everyone uses credit and debit cards I'm guessing that liquor stores rarely keep much cash on hand. This modern age we live in is a tough one. Still thinking of a plan B.
Food trucks
SAJ-99
Well-known member
Shoot, they all use those swipey phone credit card reader things around here. They rolled their eyes on me last time I tried to hand them a $20 with just a wee little bit of blood on it in exchange for a burrito.
Thought about doing some claim jumping, but believe I'm about 150 years too late for that racket.
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