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

[MSerfozo]

19 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 don't know about you guys who have matured into Goldwings, but when I get on my bike, I become a 20 year old hooligan again.

 

[Tpoppa]

2 hours ago, MSerfozo said:

I don't know about you guys who have matured into Goldwings, but when I get on my bike, I become a 20 year old hooligan again.

 

Nothing says hookers and blow like a Goldwing

[JustinNck1]

Congrats on being able to retire. I’ve been planning on and looking forward to retirement and I’m only 33 😂. I’m trying to get my ducks in a row to retire earlier than normal. The wife and I love to travel, so that’s our retirement goal, I already have too many hobbies between golf, guns, bikes, RC cars, and hunting. 

[motocat12]

I have an open offer now for a short term severance that is more than I would get walking out. Would rather take a break/slowdown than jump straight into something new but there seems to be a ton of people job searching, cuts and leave offers going around. 

[Tpoppa]

33 minutes ago, motocat12 said:

I have an open offer now for a short term severance that is more than I would get walking out. Would rather take a break/slowdown than jump straight into something new but there seems to be a ton of people job searching, cuts and leave offers going around. 

Depending on your field, job searching can be brutal right now.

I looked at a few Program/Project Manager jobs on LinkedIn that were in line with my current role.  There were hundreds (if not thousands) of applicants within a few weeks.

[2talltim]

Maybe I'll jump in this conversation. So I'm at the point where I "could" retire early. Way different circumstances from most of you all. My situation is I am debt free, have almost five times my annual salary in my 401k, almost 29 years of pension build up, and I have a sugar mama that is about to get promoted. That last one is the key for me. I've worked my entire life at a bullshit corporate industrial job to raise my family and put food on the table. Many you probably remember me posting in the past about working all weekends and barely be able to get away and do things. Years ago my wife wanted to go back to school and so I worked so much overtime and weekends to make that happen. The agreement was that I could retire early and she would take care of me in the future. So then last year she went back to school again to get her master's degree in healthcare administration. And in the very near future the manager of her office is retiring and my wife should be a shoe end to take her place which also comes with a substantial pay increase and benefits.

And while the thought of retiring early is enticing I'm just happy that I'm at a point to where I could just walk away and say fuck it at any time. I mean that peace of mind is paying dividends as we My work is so slow right now and they're actually talks of layoffs. and it doesn't bother me in the least a little bit. I'll stick around as long as I can or as long as I feel like. I mean let's face it, every year I work is more pension dollars and 401K savings(which I'm currently stashing 30% of my paychecks into my 401k) At this point my income is the play money, and we like to play. So that's where I'm at, debt free, a nice nest egg, empty nesters and a spouse that loves what she does and doesn't mind doing it. 

Now when I actually do pull the trigger and retire, I don't think I would retire completely either. Would absolutely want to pick up a gig that I like or love. Maybe bounce around different jobs like motorcycle shop or parts counter or even just turn wrenches in my own garage.

[Tonik]

15 hours ago, 2talltim said:

Way different circumstances from most of you all. My situation is I am debt free, have almost five times my annual salary in my 401k, almost 29 years of pension build up, and I have a sugar mama that is about to get promoted.

What we worked towards was a retirement fund that we could pull money out of, add it to our 2 Social Securities and my partial State retirement and have the same or greater income and never zero out the retirement fund.

So the money that we pull out has to be an amount that is generated from the investments growth without touching the principle, based on average performance over the last 30 years.

If I retire now and do the above we actually die with more money in the investments than we start with.

You cushion the down markets by putting 3 years of withdrawals in very safe liquid holdings. So let's say you are pulling 50k a year. You put 150k in the safe fund. If the market tanks you pull from that until the market recovers, then you replenish it. That way you never have to pull from the main fund and take the loss.

What is holding me back is my current income is pretty insane, and I don't have to work hard at all. So the longer I work the better it gets. Debbie already retired so I guess I am the sugar mama.

[Tpoppa]

20 minutes ago, Tonik said:

So the money that we pull out has to be an amount that is generated from the investments growth without touching the principle, based on average performance over the last 30 years.

If I retire now and do the above we actually die with more money in the investments than we start with.

You cushion the down markets by putting 3 years of withdrawals in very safe liquid holdings. So let's say you are pulling 50k a year. You put 150k in the safe fund. If the market tanks you pull from that until the market recovers, then you replenish it. That way you never have to pull from the main fund and take the loss.

Agree with these statements.  If you can live on the standard 4% your balance should grow forever.

I also plan to shift some funds a few specific dividend ETFs for income and stability.   

[mello dude]

^^^^I've done very well in my portfolio..I have split equities into different purpose buckets...in my dividend bucket with a bit of risk a couple good holdings are ARCC and PFFA.....A bit touch higher risk have been Sunoco and Verizon....I don't need the bucks so they are set up as a DRIP.

Been living on my cash and a bit out of the portfolio, and also planning to take SS at 70, which will be more than I need considering a career as a salaried engineer...

For grins....hit a freaking home run on PLTR.....Bought tons sub 15s....now? Holy shit!

Edited Saturday at 10:35 PM by mello dude