Retirement preparation

[StratBastard]

As the man Inor said... debt free. That was #1 for me. I already own everything I need, so really only make a big purchase when something gives up the ghost. I feel I have enough savings left, even after putting two kids through college, and a good gold/silver stash. I am good on preps. I have my social security of course, and a postal pension. When I bought this place out a bit in the country, I was retreating to a stronger position: no mortgage, no property taxes, no water/garbage/sewer charges, and no city add-ons to the electric bill: this month it was $63. So my biggest expense is $600 a month to park my trailer out here. I am able to put about $1000 a month into savings even retired, so not too bad. So: debt free, some savings and PM's, get your preps good, and find a good cheap place to live safely. That's my list. Wait, one more: I kept my health insurance when I retired (federal Blue Cross/Blue Shield) even though I have Medicare now. If you have the chance to be double covered in retirement, crunch those numbers and see if it's a good idea for you... we're all just going to keep getting older LOL. My week in the ICU came with a bill of $36K, of which I paid not one nickel.

[Michael_Js]

Agree debt free is the way to go! Had a meeting with my financial advisor on Friday and with the split, an with cutting back on expenses, I need to now work to 67 (instead of 65) to fully retire. I will still need a part-time job afterwards. The trick will be to sell the house and get something much smaller that I can pay it off quickly. It does use SS as part of my retirement income, which bothers me since it might not be there in a few years, however, I am savings as much as I can. Will need a roommate in the new place to help offset any mortgage, but I'm OK with that...

Wish I planned better! I've been advising my daughter to save whatever she can (she's 31) and NOT to count on SS for her retirement at all!

Peace

[StratBastard]

Wish I planned better!

My friend, you can't plan for a divorce. It cuts us all in half or worse. You can only plan to not be in that boat again.

If I remember right, you're in your 50's? Gives you plenty of time to discover new ideas your financial planner didn't have in their usual narrow box of tricks. 10 to 15 years of opportunities coming of which you are currently unaware of. That's the thing about plans: they change over time. And you will be fully in charge of every one of them. My confidence for you is high, as I've seen this myself: when I got divorced, it narrowed my perspective to just getting through it... and I had no idea of the great stuff coming just over the horizon.

[Michael_Js]

My friend, you can't plan for a divorce. It cuts us all in half or worse. You can only plan to not be in that boat again.

If I remember right, you're in your 50's? Gives you plenty of time to discover new ideas your financial planner didn't have in their usual narrow box of tricks. 10 to 15 years of opportunities coming of which you are currently unaware of. That's the thing about plans: they change over time. And you will be fully in charge of every one of them. My confidence for you is high, as I've seen this myself: when I got divorced, it narrowed my perspective to just getting through it... and I had no idea of the great stuff coming just over the horizon.

Understood - I'm 63...not much time to continue saving...

And thank you! As Donna Summers said" I Will Survive!

[StratBastard]

Understood - I'm 63...not much time to continue saving...

And thank you! As Donna Summers said" I Will Survive!

Ah, a contemporary! Well, if you can still retire okay in 4 years, I'd be good with that. We all have the highest hopes for you Partner. We'll see you around the old K4nts campfire soon. Cheers!

[Jester-ND]

will do my job til I die, since there isn't any actual work involved, SS won't be there for me in 25 years, I am not the one to give advice. Older brother is a loner with a good career.... his death will be my wife's retirement, I always tell him when he sets up the targets downrange, his dismemberment clause will pay me handsomely!!

[T-Man 1066]

I had plans to be debt free - didn't work out quite so good. I am in a very good position to generate money, shop is doing ok, will be full time self employed 2 years in the next couple weeks. Lot of medical bills for T-Woman and T-son, life happens. Keep my nose to the grindstone... but yep, minimal or no debt is freedom, fo' sho!

[Slippy]

Being debt free is, in my opinion, the Number 1 priority for my retirement. Got debt free in 2012.

MY PROBLEM is that being debt free enables me to buy things that I;
1.) Need,
2.) Want,
3.) or Think I Need or Want!

So I probably don't save as much as I should. A couple of IRA's, a 401(k) all in a diversified mix of no load mutual funds, some cash, Slippy Lodge and of course Social Security (which I can't ignore since I've paid into it for so long) are our retirement plan.

I plan on working as long as its fun and its still fun for me. 5 maybe 10 more years? By then I hope to have enough stuff that I CAN live off of Social Security alone if I have to but have the others if I need them.

[BucketBack]

I retired at 61.5 yrs at beginning of COVID, with about 1 night of planning. They offered a layoff, which I took. I have 1.5K in interest free Credit Card debt that should be taken care of this month. Amazon Prime has been cancelled . Mom's home has been paid for since 1974 ish. Taxes, utilities, insurances add up to about $600 / month.Well next month Medicare is $194 for me. so $800 then.

That leaves some $$$ for food, beer, gas, toys ....

My Patternmakers pension is still in limbo. Social Security, IRS and I know about it, but the pension fund doesn't.

It's not a mansion, but we have 6 1/4 acres of forest. We're being DINKS so only the $25 monthly phone bill from Macomb Correctional

Today, I get to drop off my Medicare form, cancel my $45 gym membership and get Silver Sneakers for free

Then comes food storage.

Before the merge, both of us were food hoarders, coming from parents who came from large families who had to fight over the last hot dog.

SO I have 4 flats of CHIK and Swine in the bottom of my heated fire safe in the barn, with more to follow.

I have no more room for food in the home, and it's gets cool here sometimes, so heat the mancave / doghouse this winter

The $250 fire safe in heated, but the 6K one isn't

[Prepared One]

Being debt free is key in retirement for sure. That and save money! I was always told to pay yourself before paying anything else, i.e., put some money in the saving account before you pay bills and buy your toys. Do it religiously, no matter how much it is. My one regret is that I didn't listen earlier. In my teens and 20's I was bullet proof and didn't think I would see 30 much less 60. I wish I had all the money I spent in bars, hospitals, and bail money alone, never mind the work money.

Bottom line: Save your money!

One thing about retirement, It was a scary jump for me but I love it! Should have done it 40 years ago. The key was I had a house, a decent 401K along with SS. When Melissa passed I lost my direction. Work was no longer the joy it once was. I was going through the motions not sure what direction I was going to go.
But then, thankfully, MG came storming into my life and everything just came together. She brought purpose and love back into my life and helped in my decision to take the plunge and retire. It's been a full year this past month since I retired and I don't regret a day of it. If you have the means, I highly recommend it.