Who All is Retired and How Do You Do It?

[Steiny]

I'm checking out of the working world at year end, 58 years old. Wondering how many others here have done so, and what are you doing for income other than the usual pensions, social security, etc.
What are you doing for health insurance? What challenges or surprises have you had?

 

[u1299]

Retired at 59, 3 years ago. Modest State pension based on 40 years of service but wife is still working, opted to keep state insurance but now paying for entirely on my own. Not yet drawing social security or my Deferred Comp but may start drawing my SS in the near future. So far no financial issues so I've been lucky in that regard. Most of my hunting now done on weekdays, no more weekend warrior stuff, couldn't be happier.

 

[Brittany Chukarman]

I'm not completely retired but checked out of the grind several years ago. Bought a ranch that's more a labor of love than income and started a charterboat business. It's also turning into a grind and I'm ready to slow it down. The need to stay active and produce income is hard to give up. I took early SS at 62 and I'm not sure that was the right thing to do. Everyone's situation is different about that, health and family longevity. Health insurance is a s.o.b. until medicare kicks in at 65. I pay $900 a month with a $6500 deductible. I cut my leg with a chainsaw just before hunting season and had to pay for all of that.

 

[idnative1948]

I have been *checked out* for three years. We scrimped and put as much as we could into our work 401s for the last five years we worked and signed on with a financial planner. Wife just turned the magic number on the first of the month. No more $780 mo for un-affordable health care for her. A big raise for us! We draw X amount from wife's retirement per month, along with my SS. We hope to wait until she is 70 to start drawing on her SS (per our planner). We are fortunate that I can handle most house/auto repairs instead of paying somebody to do it. We have a pretty tight budget that we stick to it to the point of being able to drop some into our money market account monthly. We both have an allowance that is our fun money for the month or to save for something personal we want to treat ourselves to with no questions asked. So far, so good.

 

[tarheel]

Retired in 2001 at 58 and undertook a new part time career as a stonemason, consultant, contractor/finish carpenter/home repair flunky. Was taking a draw from my retirement fund to supplement what I earned and when I started taking SS I cut the draw back to about half. I kept my company insurance and every quarter the cost went up so drastically that ere long it was no longer affordable but I had to have something. They dropped me when I hit 65 so we do Medicare and supplement with Banker's Life. It's a bit pricey but with all the expensive procedures we both have been experiencing it's a bargain as we haven't paid a red cent for medical bills in the 10 years we've had it.

My wife worked for a small law firm, Dewey, Cheatham and Howe, and left there with no retirement so her contribution is just SS so we've had to be fiscally creative but we don't owe anyone anything and that helps.

 

[devon deer]

Wow i had no idea you had to pay so much for healthcare.
As for me in the UK, i don't get my state pension until i'm 66, 9 years time.
Luckily i have a private pension.
I took a redundancy package from my job in the telecomms industry after 30 years, 7 years ago, since then i have been keeping the wolf from the door, fishing/hunting guide, or handyman jobs for the local area, so i am semi-retired.
Cheers
Richard

 

[SFC B]

I retired from the Army 2 years ago just before I was 46. I receive that plus VA disability compensation. Also, as a military retiree I am eligible for Tricare (military) health insurance which is just over $500 a year.....very lucky on that front. I am currently working at a federal civilian job I hate until I can either find something I like or the Hunting Princess heads to college. By then I will try to be doing nothing I don't want to I will draw SS as soon as I am eligible because I simply don't want to hedge my bets on outliving the time it takes to start getting the benefits of waiting. I have seen way to many people die for myriad reasons a LOT sooner than expected.

 

[hank4elk]

I retired in 09' @ 54 when county offered me early retirement. This is after the stock market crash(s) & loosing big in 457 deferred comp plans.
Took it, sold remainder of 457,paid the taxes,sold a cabin in Sierra's(retirement cabin),moved to NM, did 1031 realty tax deal on ranch and worked on & off for a couple years. Guiding,propane delivery,home repairs.
Took SS this year @ 62 after property was paid off & now it's in life estate for some income.
No debt,small pension,SS ,life estate & I make as much as most folks working here. Not much.Not as much as was planned.
But that's what happens when you loose $250K in the mutual market. I know folks who lost millions.

Oh,& now no insurance till 65 & medicare...taking SS changed my status & I lost what I did have.
I will not go back to work full time for BS insurance.
I will never walk into a VA hospital.

 

[F250]

I had mandatory retirement when I turned 55 in 2012 from Law Enforcement. I still work part time for a Sheriff's Office, work part time in the woods, and do some herbicide spraying. Wife still working. We kept my health insurance from the state. The money from my part time jobs goes into our hunting and fishing trips : elk, waterfowl, whitetails, walleyes, pheasants ...

 

[Gunner46]

I had to take a short retirement from the Corps due to a spinal injury, but still have my VA medical, so I'm good there. 1st thing I had to do was assess what I truly needed to make ends meet and still have some $$ going into savings and not living like a hermit. Turns out it was less than I thought when I factored out the $$ I was spending keeping my current career. I also reasoned I actually did not need all the crap that I had hanging around, but never used anymore. Sold it, carefully. Don't go crazy and do a $0.05 on the $1.00 yard sale !!

Next, I took my time and found a low stress, low 'life impact' full time job. At 62, I'm still not a couch potato and can't just give up on the social interactions work provides, but I'm not subject to managerial stress either.

Staying off the Social Security bandwagon as long as I can. The longer I wait the more I'll get each month, by a Wide margin.

Got a smaller, more modest, easier to maintain abode. Not trying to impress anybody any more, so what works for me....works for me.

It's been 3 years now and seems to be working for me. Hope it continues.....

Good Luck & Happy retirement.

 

[Phaseolus]

Like Steiny I will retire Dec 31 at age 58. I expect I will work again at something when I feel the need. I have a Direct Compensation Plan that is mostly invested in mutual funds. My Wife retired a couple of years ago with a teachers retirement, no debts. I am looking forward to the future.

 

[u1299]

I’ve responded before but have to mention retirement means more time to hunt and fish for most of us, a dirty job but somebody had to do it..

 

[mixedbag]

Got remarried to a wife that's 22 years younger then me.She my retirement plan and I'm getting great benefits.I'm not retired yet though.I think I have and 7-8 years left in my body as a contractor.Using my savings to put her thru some college to further her career.Her company pays me back.I may do some house flips to get more return on my retirement money,and build it up more before I'm done.Plan to sell my home when I retire and build my own home with the profits from that sale.Looking into some small acreage for raising my own food and to keep me occupied,and to fill alot of tags.Probably use solar on my retirement home for energy needs

 

[elkhnter]

Funny, today is the day that I can start drawing my pension. Not going to retire, just got a promotion and promised the Director that I’d give him 7 years. Wife turns 59.5 then and can draw her 401k then.
We have been blessed. Financial advisor told us last year we’re 150% invested in our retirement. The house will be paid off, money put back for her a vehicle and the camper paid off.
My insurance is paid, all we have to take care of is her’s.

 

[Don Fischer]

Retired at 60 with Disability. 71 now and been getting along alright on SS but wish I had more. Having more means I'd have to find a job doing something and the though of it drive's me crazy! If I'm careful, I'm not, I can put away about $400 a month. Should have thought about this retirement thing 40 years ago!

 

[bobbydean]

65, still working. Probably 68 is the target.

Was looking at my 401k's yesterday. They have really got healthy since Trump was elected. I have hit my income marks. Also, pay off the house this month. 68 is still target because I love working.

Good feeling!

 

[onpoint]

65, still working. Probably 68 is the target.

Not part of your club yet. 2+ years to partial retirement, then 4 years to 62.
I'm taking the underachiever poor but happy man's route. Plan to be not working anymore on this date in 2024. Eeking out a living on a modest pension and SSI, if both still exist.
Life's way too short for someone - who lives the way I do - to work past 62.
I hope to be taking a photo just like this on 12/5/2024.....

 

[bobbydean]

Pretty good life!

 

[mtmiller]

I have some time to go, but putting 15% away for the last 21 years "should" get me there when I am eligible. Company added another 5%.

 

[Nameless Range]

Interesting thread. Both my folks are retired. One with a career in the military and one off saving her whole life.

I'm 33, have 3 kids, and will retire when I'm dead.