Considering retiring

[Tpoppa]

As the title says, I am considering retiring in the next few months.  I'd say I'm 90% sure.

It's a big decision from the standpoint being final.  Changing my mind and un-retiring may not be so easy.

Still not sure how I'd spend all my time.  I'd join a gym, ride more, fix/flip motorcycles. etc.

I'm trying to come up with a part time side gig for a couple days a week, and not something like Uber or Door Dash.

Any ideas?  

    

[Tonik]

I am at the same point. I intend to work till late spring or early summer and call it a day. Also 90 percent there in my head.

Won't file for Social Security until next year. I'll be way over in income so I would have to give it back any way. So might as well get closer to 66 and 7 months.

I will continue my part time cyber security gig at the school which will keep me from going insane. I won't file for the State retirement until I stop doing that as the monthly payment goes up 200 bucks a month for every year I wait.

So for side gigs, you can get a retail job in a heartbeat. Any big box, department store or grocery store will hire you instantly. But you should look at options in your current field. Reach out to customers, suppliers and so on.

Part time parts sales at a motorcycle dealership?

Male hooker pays well, but is a pain in the ass, literally.

[Tpoppa]

I'm still years away from Social Security, but I'm of the opinion to take it the moment you're eligible at 62.  Consider your tax situation, but you are generally better off taking it and investing in an index fund and letting it sit for a few years, then waiting years for a higher monthly payment. 

My kids are still kids and I want to spend more time with them.

Part time motorcycle sales is actually a pretty good idea.  I've also looked into being a part time medical courier (surgical supplies & pharmaceuticals).  I need/want something with schedule flexibility.  I could get a gig as a contract Program/Project Manager but that's what I'm retiring from 🙃

 

[Tonik]

2 hours ago, Tpoppa said:

I'm still years away from Social Security, but I'm of the opinion to take it the moment you're eligible at 62.  Consider your tax situation, but you are generally better off taking it and investing in an index fund and letting it sit for a few years, then waiting years for a higher monthly payment. 

That's perfect if you are not working, but once you go over 20ish K in regular income you have to give it back. 1 dollar for every 2 you go over.

We did what you are saying with the wife, added it to our retirement investments. But she had stopped working full time and was just free lancing and kept her income down.

With my bonus, I am already over the limit. If I file for SS this year....I will have to give it all back to them.

[Tonik]

Make sure you maintain medical coverage. If not when you go into Medicare they will charge you quite a bit extra for part B coverage.

[Uncle Punk]

I quit working a year ago in February. I had a fun year doing motorcycle trips with a day or two notice depending on what the weather looked like where I wanted to go. Was getting fairly bored at times but not enough to get a job because I would need a completely free work schedule with the ability to not work for weeks at a time.

I'm old enough for S.S. but my income keeps me from taking it because I would just have to give it back. We are lucky with healthcare as that's covered by her employer which she is retired from. If it wasn't for healthcare coverage I wouldn't be retired. Three years age I was paying $1,740 a month for single coverage as an only employee.

Now I can't work if I wanted to because I'm getting a hip replacement on the 10th and intend to get the second hip replaced in November.

[Tonik]

1 hour ago, Uncle Punk said:

If it wasn't for healthcare coverage I wouldn't be retired.

The way healthcare is paid for in this country is bullshit.

[Tpoppa]

12 hours ago, Uncle Punk said:

I quit working a year ago in February. I had a fun year doing motorcycle trips with a day or two notice depending on what the weather looked like where I wanted to go. Was getting fairly bored at times but not enough to get a job because I would need a completely free work schedule with the ability to not work for weeks at a time.

I'm old enough for S.S. but my income keeps me from taking it because I would just have to give it back. We are lucky with healthcare as that's covered by her employer which she is retired from. If it wasn't for healthcare coverage I wouldn't be retired. Three years age I was paying $1,740 a month for single coverage as an only employee.

Now I can't work if I wanted to because I'm getting a hip replacement on the 10th and intend to get the second hip replaced in November.

I hope your procedures go well.

What did you figure out to do with your time in the winter months?  I'm still trying to figure out a plan for that.  Amazon store maybe?  

 

[MSerfozo]

I retired in Aug '22 as soon as I was eligible for Medicare.  I'm holding off on collecting SS until I'm 70 and can get the max payment.

I had planned to not work and bought an $800 project bike to keep me busy.

Then I started getting offers for jobs...  My last employer asked me to come back as a 1099 contractor doing my old job (machine controls software) but I wanted nothing to do with that - I left that place for good reasons!

I landed at a small scale (<10 employees)  automated machine builder and I've been having a blast working around 20 hrs/week on 1099.

My advice for coping with retirement is to take a month or 2 and consciously work on detoxing from being employed.  Learn to enjoy relaxing, drink your morning coffee in the back yard listening to birds, and avoid going to stores on weekends.

 

 

[Tonik]

While not retired yet I have been loading up on hobbies. Big into Pickleball, on a few leagues. That has turned into new friendships and things to do with them. Also hardcore into airsoft. It is a blast shooting people with a high powered bb gun.

[Tonik]

Jesus, what happened to us. We used to be about bikes, hookers and blow. Now it's Medicare and wtf to do with our time.

[Tpoppa]

2 hours ago, Tonik said:

Jesus, what happened to us. We used to be about bikes, hookers and blow. Now it's Medicare and wtf to do with our time.

I was always more into sluts and weed, than hookers and blow 🤣

Lol.  I've been bustin' my ass for 30 years just be able to ask the question "how should I spend my free time."

After having a few seasons cut short by surgeries, etc. I hope to ride over 20k this year which used to be my norm.

[Uncle Punk]

12 hours ago, Tpoppa said:

 Amazon store maybe?  

Selling these on Amazon and still selling stethoscope holders wholesale but at a greatly diminished volume.

https://holdsmithgear.com/

https://www.amazon.com/stores/HOLDSMITHGEAR/page/3C0FD68F-CB0C-4D0A-9B07-001DC24260AE?ref_=ast_bln&store_ref=bl_ast_dp_brandLogo_sto