# Retirement tips and tricks?



## Happybill68 (Feb 4, 2020)

I’m 3 years out from being able to retire from the state. I’ve done a good job buffing my retirement so money isn’t going to be a problem.

My focus has been paying off debt. I’m trying to go into retirement debt free. 

Any tips or things that might have surprised you about retirement would be appreciated. 


Thanks bill 


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## jeph (Apr 3, 2008)

Us too, no debt. Also, doing stuff to the house while we have good income so not to have that cost in retirement. We added solar panels. I think one aspect is to have the lowest cost living arrangements so you don't need a lot of income. 

Good luck


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## Sanchofula (Dec 30, 2007)

Tips and Tricks:

Get a job so you can continue to buy toys and so you don't feel like you have nothing to do 

Biggest problem working folks have when they retire is the mental game of feeling worthy.

Stay busy, work on self esteem, be satisfied with fewer demands.


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## Blatant (Apr 13, 2005)

I retired early in 2018 due to a sharp uptick in PTSD symptoms. I lasted 18 months. Money wasn’t the issue, but I couldn’t leave the structure behind. Went back to the same organization as a civilian. The extra $$ keeps me in toys, but the Cadillac health insurance is the real perk.


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## wayold (Nov 25, 2017)

Don't put sh*t off. I retired at 55 and started doing all the stuff I'd missed, traveling and climbing and biking. At 59 injuries and age related spinal problems really started slowing me down. You never know when your body is gonna start being a problem so don't wait.


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## shred79 (Jul 21, 2018)

My biggest concern is health insurance.
I would like to retire in 2 years at 62 but medical cost can bankrup you.

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## Sparticus (Dec 28, 1999)

Find an attractive, fit, frisky, generous woman who owns her home and likes to ride bikes & travel. Choose a place to live with good singletrack nearby that allows you to ride as much as you want plus engage in trail building / maintenance. Buy a few new bikes, sell a few old ones. Get on Medicare & SS. Organize your garage. Lose a few pounds. Enjoy the hot tub every day. It simples.
=sParty


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## Sanchofula (Dec 30, 2007)

Sparticus said:


> Find an attractive, fit, frisky, generous woman who owns her home and likes to ride bikes & travel. Choose a place to live with good singletrack nearby that allows you to ride as much as you want plus engage in trail building / maintenance. Buy a few new bikes, sell a few old ones. Get on Medicare & SS. Organize your garage. Lose a few pounds. Enjoy the hot tub every day. It simples.
> =sParty


Nah, all you need is someone who loves you and will p[ut up withyour shite 

I got this ^ in spades, so I'm hooked for life.

Perfect example of true love: My wife is working this weekend 8-2 both days, so I said I wanted to drive to Vegas (six hours each way) to ride for the weekend; it would be an overnighter, and she says "sure, that sounds like a good idea."

This ^ is gold!

But yeah, don't put stuff off, you'll never be healthier or fitter, age is a hand played best when fresh.

So yeah, I'm gonna work till I drop, but I play hard all the time: Last weekend I skied twice and rode once, no moss growing on this guy!

Oh, there are some other things that make "senior life" better:

Live somewhere near the goods, don't spend your golden years riding milk toast trails.
Get some critters, dogs, cats, chickens, goats, whatever makes life more fun.
Do something every day outside, doesn't matter whether it's a walk, run, hike, ride, ski, or just puttering in the yard. Don't get stuck in that office chair/recliner/couch, it'll become a habit and then you are @#&$^%!
Don't get hung up on bucket lists, all you're doing is replacing one kind of work stress with another kind of work stress.
Enjoy your time, learn to be spontaneous, don't be that guy who says: "been there, done that". Do it again, and again, and again!
Maintain structure, ie sleep, eating, exercise. We're too old to be a teenager, you need to have structure to avoid losing focus.


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## Crankout (Jun 16, 2010)

Nurse Ben swears by booze and ho's.


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## Sparticus (Dec 28, 1999)

Crankout said:


> Nurse Ben swears by booze and ho's.


Idea: Ben and Harold (with his hookers & blow, remember?) should get together for a rowdy weekend in Lost Wages. Woo hoo! Stay young, y'all.
=sParty


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## Sanchofula (Dec 30, 2007)

Crankout said:


> Nurse Ben swears by booze and ho's.


Don't forget the green, it's legal in the last three states I've inhabited, there's gotta be something to that 

I'm not sure about Harold, I mean he moved to the bible belt for gawds sakes!

Of course Ashville is liberal for the south, so maybe he can still get what he needs


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## Crankout (Jun 16, 2010)

Nurse Ben said:


> Don't forget the green, it's legal in the last three states I've inhabited, there's gotta be something to that
> 
> I'm not sure about Harold, I mean he moved to the bible belt for gawds sakes!
> 
> Of course Ashville is liberal for the south, so maybe he can still get what he needs


Asheville is like the Portland OR of the south! Great city by the way!

And, not far from Pisgah NF!


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## Retire (Jan 11, 2020)

Where I worked people would wait until the end of the year to retire so they could cash out the most vacation pay. Nothing wrong with that, put a little extra jingle in your pocket! When I was working I would hear stories from recent retirees about making a mistake, being depressed, not knowing what to do with themselves etc.
I retired in the month of April, Spring was in full swing, flowers blooming, weather good, days getting longer. Thought I enjoyed my work, but NOTHING compares getting paid to stay away from the job.

Guess my $0.02 recommends not retiring in the depths of a cold dark Winter.


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## 70sSanO (Nov 20, 2013)

I worked with someone who gave me this advice. Don’t move unless you know what it will be like living there.

People work their whole lives and many have no clue of all the things they can do right around them.

Then they decide to move someplace they’ve never been for any length of time and hate it.

John


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## Happybill68 (Feb 4, 2020)

Retire said:


> Where I worked people would wait until the end of the year to retire so they could cash out the most vacation pay. Nothing wrong with that, put a little extra jingle in your pocket! When I was working I would hear stories from recent retirees about making a mistake, being depressed, not knowing what to do with themselves etc.
> I retired in the month of April, Spring was in full swing, flowers blooming, weather good, days getting longer. Thought I enjoyed my work, but NOTHING compares getting paid to stay away from the job.
> 
> Guess my $0.02 recommends not retiring in the depths of a cold dark Winter.


This is a good idea, don't retire in the depth of winter. I was originally going to retire on Jan 1st, now I'm seriously reconsidering that idea. April sounds like a better idea.

And I'm
Not moving or finding a new wife or trying mind altering substance.

However keep up the advice, there is some gems in there.

Also I'll be saving as much leave as I can to get the payout at the end. They will pay me for 700 hours of leave, which I allready mostly have. My friend who just retired said the leave check is very substantial.

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## Sanchofula (Dec 30, 2007)

70sSanO said:


> I worked with someone who gave me this advice. Don't move unless you know what it will be like living there.
> 
> People work their whole lives and many have no clue of all the things they can do right around them.
> 
> ...


So very true!

I work in Northern Nevada and I see a fair number of retired folks who moved her from California and elsewhere, and I can't tell you how many moved here, then had nothing to do, no one to socialize with, and failed miserablely in their retirement.

Visiting a place is a good start at knowing a place, but trying to figure out whether living in a place is good for you, that's the challenge.

I've lived in a fair number of place, CA, NV, WA, OR, TN, VA, as well as a few place overseas. Generally speaking, I can find a way to be happy anywhere, but I'm also still working and I bring a solid relationship with me.

There are places that have a good social environments and there are places that do not, figuring that out is important because retiring to a place usually means you'll be leaving there in a box, so it's got to be good or you're stuck.

Good social engagement places I've lived: Knoxville TN, Wenatchee WA.
Not so good social engagement places I've lived: Northern Nevada.
Places I want to know more about: Grand Junction CO, Prescott AZ, Medford OR


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## Crankout (Jun 16, 2010)

70sSanO said:


> I worked with someone who gave me this advice. Don't move unless you know what it will be like living there.
> 
> People work their whole lives and many have no clue of all the things they can do right around them.
> 
> ...


It's funny, we talk about the same thing. While it sounds appealing to pack up and move elsewhere, we'd also be leaving all of our social ties and possibly family, and starting over amongst strangers.


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## old_er (Dec 27, 2020)

Crankout said:


> It's funny, we talk about the same thing. While it sounds appealing to pack up and move elsewhere, we'd also be leaving all of our social ties and possibly family, and starting over amongst strangers.


My financial advisor had some advice for people looking to relocate when retiring. Rent for six months in the area you want to go to. The shine often wears off of the places you may think are great. If you still want to stay, then make the move permanent.


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## Crankout (Jun 16, 2010)

old_er said:


> My financial advisor had some advice for people looking to relocate when retiring. Rent for six months in the area you want to go to. The shine often wears off of the places you may think are great. If you still want to stay, then make the move permanent.


Good advice.

One option I've proposed is similar...keep the home and visit various places for a few weeks at a time on a yearly, or more, basis. No need to buy another place.


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## ltphoto (Sep 11, 2014)

Crankout said:


> Good advice.
> 
> One option I've proposed is similar...keep the home and visit various places for a few weeks at a time on a yearly, or more, basis. No need to buy another place.


And I would add to that; visit the places you are considering for retirement in every season over a year or two. We traveled over roughly 15 years to more places than I can remember always thinking about what it would be like to live there, not just visit. As we got closer we went to just a few of them multiple times, and it became very clear where we wanted to end up. Moved last September and haven't regretted it for one second in spite of the pandemic throwing everything out of whack for the past year.


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## Retire (Jan 11, 2020)

Maybe it goes without saying because this a bicycling forum. But get in good physical shape too. I get surprised when I see some retirees one year out and they have let themselves go physically. Living a little too much of the “good life”, enjoying way too many labor saving device, etc.

Again just my $.02. Suppose if a person wants to sit around and get fat, it’s not my business. I have a friend who retired about 15 years ago. He told me that his goal was to live in retirement as long as he worked.
Hmm I thought, that’s not being greedy. He just needs to live until he is 96! 
I want to be as healthy as possible until the end!


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## Crankout (Jun 16, 2010)

ltphoto said:


> And I would add to that; visit the places you are considering for retirement in every season over a year or two. We traveled over roughly 15 years to more places than I can remember always thinking about what it would be like to live there, not just visit. As we got closer we went to just a few of them multiple times, and it became very clear where we wanted to end up. Moved last September and haven't regretted it for one second in spite of the pandemic throwing everything out of whack for the past year.


How did the social aspect pan out for you guys? Leaving upstate NY sounds appealing this time of year, but leaving friends and family does not.


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## Crankout (Jun 16, 2010)

Retire said:


> Maybe it goes without saying because this a bicycling forum. But get in good physical shape too. I get surprised when I see some retirees one year out and they have let themselves go physically. Living a little too much of the "good life", enjoying way too many labor saving device, etc.
> 
> Again just my $.02. Suppose if a person wants to sit around and get fat, it's not my business. I have a friend who retired about 15 years ago. He told me that his goal was to live in retirement as long as he worked.
> Hmm I thought, that's not being greedy. He just needs to live until he is 96!
> I want to be as healthy as possible until the end!


I agree. I see cycling as a significant part of my retired years.


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## Rev Bubba (Jan 16, 2004)

I haven't been on this forum for a few weeks but it looks like everything is covered. I never identified with a job so leaving my career was no biggie. What I did for money was not me. What I did for fun was me. It's still that way.

Did anyone say it? "If you can't pay cash, you can't afford it, whatever 'it' is."

Forget the past. It's over. Look to the future or it will just knock you on your arsh when you turn your back to it and look for answers in the past.


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## 33red (Jan 5, 2016)

Living simply we can forget money questions.
Avoiding meat, we can eat on a low budget.
No need for a car get an Ebike.
Obviously live close to nature, trails.


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## Scoutergtg (Feb 20, 2014)

If you don't mind me asking, where were you and where did you go and why?
Thanks!


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## Xylx (Mar 18, 2005)

wayold said:


> Don't put sh*t off. I retired at 55 and started doing all the stuff I'd missed, traveling and climbing and biking. At 59 injuries and age related spinal problems really started slowing me down. You never know when your body is gonna start being a problem so don't wait.


This, in my experience, is the best advice possible. I retired at 59 and started slowing down. I crashed a bike at 64 and found out I had cancer (since fixed), but you never know what the future will bring. I was lucky I had free health insurance for life from the State of Alaska to bridge the time to Medicare. Otherwise, as other commenters indicated, it's going to cost. The only other thing I'd add is downsize your house so the kids can't move home, but make sure you have a garage big enough for all your bikes. I miscalculated on that one. Storage units aren't cheap.


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## Happybill68 (Feb 4, 2020)

So after crunching numbers I can easily afford to retire in 2 1/2 years. In fact staying with the state longer doesn’t really increase my take home pay that much. 

Plus the more I look at my life only having to work 3-5 days a month will open up a lot of things I would like to do. 

2 1/2 years will fly by. Right now I’m concentrating on paying off debt and prepping for august 2023. 

It feels good having a plan. Looking forward to living a chill out lifestyle 


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## PTCbiker (Sep 15, 2020)

Retire said:


> I have a friend who retired about 15 years ago. He told me that his goal was to live in retirement as long as he worked.
> Hmm I thought, that's not being greedy. He just needs to live until he is 96!


That's my goal, I'll retire in 3 years and I want to draw my pension for longer than I was employed. I will have been employed for 33 years and and to be retired longer I'll need to make it to 90. My dad is 97, I'm healthier than he was at my age so I like my chances.


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## Sanchofula (Dec 30, 2007)

ltphoto said:


> And I would add to that; visit the places you are considering for retirement in every season over a year or two. We traveled over roughly 15 years to more places than I can remember always thinking about what it would be like to live there, not just visit. As we got closer we went to just a few of them multiple times, and it became very clear where we wanted to end up. Moved last September and haven't regretted it for one second in spite of the pandemic throwing everything out of whack for the past year.


Where did you move from and to?


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## celswick (Mar 5, 2020)

I'm a few years off from retirement (I'm "only" 53) but my mother in law has been retired for several years. 

I think the biggest mistake she's made is that even when she retired, she never stopped "saving for retirement." 

What I mean is that her whole working life she's been a disciplined saver and investor. Now that she's retired, she keeps putting the same amount of money into savings each month, even though she's just living on her social security. So now she's barely scraping by, doing without stuff, etc. because she "can't afford it." So instead of just living on her SS and using the savings for other things she might need (new car, roof repairs, washing machine, etc), she keeps putting her social security into her savings, leaving her with almost no money to live on. 

She's too stubborn to listen to anyone, but at least she's got a nice lump sum to pass on to my wife when that time comes.


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## upstateSC-rider (Dec 25, 2003)

celswick said:


> I'm a few years off from retirement (I'm "only" 53) but my mother in law has been retired for several years.
> 
> I think the biggest mistake she's made is that even when she retired, she never stopped "saving for retirement."
> 
> ...


I have a friend that's in the same boat but when you look at the big picture, better to err on that end the opposite which too many people live at.


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## Sir kayakalot (Jul 23, 2017)

Happybill68 said:


> So after crunching numbers I can easily afford to retire in 2 1/2 years. In fact staying with the state longer doesn't really increase my take home pay that much.
> 
> Plus the more I look at my life only having to work 3-5 days a month will open up a lot of things I would like to do.
> 
> ...


That is the most critical part of a leisurely life after retirement, (unless you have an extremely lucrative pension). Get everything paid off. Retirement is the best thing that ever happened to me. It takes a year to decompress from the daily grind. You don't realize just how much stress you live with until you do retire. It is worth all the effort when you finally get there.


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## kpdemello (May 3, 2010)

The "don't retire in the winter" post is funny. As an avid skier/snowboarder, that would be my prime time to retire. I'd finally get to ride almost every day!

If money's not an issue, the key is having something that gives you purpose. Not necessarily a really important purpose, but something that gives you a sense of accomplishment. For me, hiking, biking, snowboarding, etc. provides that sense of accomplishment. I also like to work with my hands so I do things like maintain my and my wife's bikes, home improvement projects, etc.

Another thing - stay tied into to some kind of community. Work provides opportunities for relationships that don't exist in retirement unless you make them. Join and be active in NEMBA and/or some other volunteer group that involves something you enjoy. Do regular meet ups with friends (book club or beer tasting club or whatever). You need those social attachments, especially as you get older, and your wife isn't going to be enough to satisfy your need for social interaction (for you or her).


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## nOOky (May 13, 2008)

I so wish I could retire tomorrow! I work a lot, and even having a 3 or 4 day weekend where I can just sleep in and relax is so nice. I think maybe I'd spend less money than I think I would when I retire. We generally piss away a lot of money right now with both of us working, so we'd need to plan a budget and stick to it. I have always looked forward to moving somewhere warm, but I do love winter!


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## old_er (Dec 27, 2020)

I have a friend who retired a few years ago at 58 years old. He constantly tells me two things. 1. Take time to enjoy the fruits of your labor, 2. make sure you have an exit plan. 
I have my exit plan but have not been great at enjoying the fruits of my labor. I am coming up on 55 and my financial advisor is telling me I could retire if I wanted. My wife is not planning to retire soon and I have the option to go on her health insurance. I am excited and very anxious at the same time. I have so many things I want to do if I didn't have to work but change is very nerve wracking to me.


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## TooSteep (Oct 6, 2012)

My wife and I are both now retired. Now we are agonizing over if/where to move. We are in Vancouver, B.C. right now, and both of us are fed up with the traffic and congestion. We are torn between family and friends (here) and biking, skiing, and golfing somewhere much more convenient and less crowded - Comox, Kamloops, Rossland, Okanagan ...

The kids are dispersed and not settled, so that doesn't help (I'd love to live near them, as they like to play too!). Where are the places people have moved to and said - "I wish I'd done this years earlier!"? How do you reconcile leaving your people network and moving to a place where you don't know anyone?


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## 33red (Jan 5, 2016)

TooSteep said:


> My wife and I are both now retired. Now we are agonizing over if/where to move. We are in Vancouver, B.C. right now, and both of us are fed up with the traffic and congestion. We are torn between family and friends (here) and biking, skiing, and golfing somewhere much more convenient and less crowded - Comox, Kamloops, Rossland, Okanagan ...
> 
> The kids are dispersed and not settled, so that doesn't help (I'd love to live near them, as they like to play too!). Where are the places people have moved to and said - "I wish I'd done this years earlier!"? How do you reconcile leaving your people network and moving to a place where you don't know anyone?


I was in Montreal and i moved 40 kms north in the Laurentians. It is close enough to keep on seeing my mom and just great close to trails.
Hopefully you find a place that is great for you like i did.


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## Happybill68 (Feb 4, 2020)

Well since I posted this question things have changed for me. The wife decided to take early retirement and I will be joining her in 2 1/2 years. 


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## Suns_PSD (Dec 13, 2013)

I'm only 49 but dig this forum.

Anyways:
1) If you need money advise near or at retirement, it's a bit too late. Financial planning occurs decades earlier.
2) I'm successful, well paid & busy and couldn't give 2 craps about any of it accept the $ and the healthcare. Could happily quit working tomorrow if I could afford too.


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## nakkers69 (Apr 22, 2017)

Going back to the original post, what do folks consider debt free? You can’t take savings or money with you and frankly, anyone who receives a windfall (after you are gone) generally doesn’t need it or if they do, squander it. 

As we age, material items and spending declines. So just make sure you have enough funds to support the life you want to live. Make sure your assets offset your debts to cover them and live with a smile on your face until the inevitable occurs.

Most have a home and some may have a mortgage but, is that really all that bad? As long as the value exceeds what’s owed and the payments are manageable etc.
that house might have been great raising kids and having grand children over for visits but, it might be a lot to take care off when the nest is empty. 

I‘m not suggesting you should retire without debts. I’m just clarifying what folks may consider debt free.

If you still have $100k mortgage or line of credit at prime and your home is valued at $500k, I wouldn’t sweat it. 

The question should be, “Do you have access to funds to support the life you want or need to live?” 

Use the equity you’ve accumulated to work for you and pass along those trinkets to love ones once you are gone. (your vintage mtb for example).

I‘m still a way from retirement but, COVID-19 has given me a window as to how it might look down the road. Frankly, I might not be motivated to go back to normal and assessing my pension value and see how far it takes me ahead of typically “retirement age”. 

Of course, I’ll change my mind when I’m a grand pop and this way of thinking is tossed out the window.

Until then, I’m networking with golf courses to marshal and staying healthy enough to keep my commercial drivers license and drive school bus for a few bucks while I ride when ever I can.


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## Happybill68 (Feb 4, 2020)

nakkers69 said:


> Going back to the original post, what do folks consider debt free? You can't take savings or money with you and frankly, anyone who receives a windfall (after you are gone) generally doesn't need it or if they do, squander it.
> 
> As we age, material items and spending declines. So just make sure you have enough funds to support the life you want to live. Make sure your assets offset your debts to cover them and live with a smile on your face until the inevitable occurs.
> 
> ...


Op here. Having everything paid but the house will be fine for me. There is a 5year gap I need to get across that is my only concern. Basically for 5 years I'll have a part time job to make ends meet. After 5 years all the rest of my retirements and my wife's retirement kick in and we will be on east street.

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## RooHarris (May 11, 2011)

wayold said:


> Don't put sh*t off. I retired at 55 and started doing all the stuff I'd missed, traveling and climbing and biking. At 59 injuries and age related spinal problems really started slowing me down. You never know when your body is gonna start being a problem so don't wait.
> 
> The operative is: PLAY! You earned it...











Words well spoken. One never knows when the proverbial **** will hit your fan. I wished I had retired sooner at 55. I did not do so until 61. We had no debt. Never had a credit card to contend with. The bane of our society!

I had no worries and decided to ride full time till now. I'm 74 and still going strong. My only regret is not retiring sooner. Retirement is way more fun than working. PLAY is a great four letter word!

What many potential retirement folks worry about is, being unable to afford to retire. Most perceive a level of living beyond their new retirement means. There is no reason not to live comfortably within your means. Go out less. Buy fewer things. Have fewer needs. Life is too short not to retire when you want to.
At Ibis bike they say "Work Less, Play More!"


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## RooHarris (May 11, 2011)

Sparticus said:


> Find an attractive, fit, frisky, generous woman who owns her home and likes to ride bikes & travel. Choose a place to live with good singletrack nearby that allows you to ride as much as you want plus engage in trail building / maintenance. Buy a few new bikes, sell a few old ones. Get on Medicare & SS. Organize your garage. Lose a few pounds. Enjoy the hot tub every day. It simples.
> =sParty


Now, this is a guy I can support.


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## RooHarris (May 11, 2011)

old_er said:


> My financial advisor had some advice for people looking to relocate when retiring. Rent for six months in the area you want to go to. The shine often wears off of the places you may think are great. If you still want to stay, then make the move permanent.


...Also, move to an area when it is the worst season IE: winter. Renting is important. We moved to Bend OR in 1996.
The damn wind blew me nuts. Great riding but... Lasted three years. Moved to Mendocino in 1999 and love it! Always wanted to live here. Put roots down and ride every day.


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## nOOky (May 13, 2008)

nakkers69 said:


> Going back to the original post, what do folks consider debt free? You can't take savings or money with you and frankly, anyone who receives a windfall (after you are gone) generally doesn't need it or if they do, squander it.
> 
> As we age, material items and spending declines. So just make sure you have enough funds to support the life you want to live. Make sure your assets offset your debts to cover them and live with a smile on your face until the inevitable occurs.
> 
> ...


You are Canadian? That makes a huge difference imho from living in the U.S. We love the Vancouver area (who doesn't) but it's more difficult to retire there than we thought. In 3 years we will be debt-free, and would probably be set to retire were it not for the anchor of health insurance hanging around our necks. It would be our largest expense by far, even more than a half million dollar house payment!

I was at a running race in Deep Cove a couple years ago, I talked with another runner that had a running injury, he had it all taken care of for less than a couple hundred dollars. Most of us in the U.S. don't even go in for an injury like that because it will be so expensive, so we suck it up, or ask for advice on the internet.


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## 33red (Jan 5, 2016)

nOOky said:


> You are Canadian? That makes a huge difference imho from living in the U.S. We love the Vancouver area (who doesn't) but it's more difficult to retire there than we thought. In 3 years we will be debt-free, and would probably be set to retire were it not for the anchor of health insurance hanging around our necks. It would be our largest expense by far, even more than a half million dollar house payment!
> 
> I was at a running race in Deep Cove a couple years ago, I talked with another runner that had a running injury, he had it all taken care of for less than a couple hundred dollars. Most of us in the U.S. don't even go in for an injury like that because it will be so expensive, so we suck it up, or ask for advice on the internet.


You are correct. I am 63, live in Quebec and only a few $ on food, on renting a room and no need to work. With an Ebike and an older bike i enjoy life maybe for the next 20 years or 30 with a little luck. Often i ride morning and afternoon. No cellphone, no car, no expenses. Living close to nature is just great.


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## SteveF (Mar 5, 2004)

I'm 58 and have been wanting to retire early for some time. I think I'm finally going to take the plunge later this year. (at 59) It's not as early as I wanted, but possibly earlier than I should. I coined a phrase: FOMO vs. NOMO - fear of missing out if I wait too long to retire vs running out of money before I run out of life. I have what feels like pretty healthy retirement savings and I've added up my current income and expenses more times than I can count. It sure looks like it should work for me but, it's a little scary too.


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## PTCbiker (Sep 15, 2020)

Suns_PSD said:


> I'm only 49 but dig this forum.
> 
> Anyways:
> 1) If you need money advise near or at retirement, it's a bit too late. Financial planning occurs decades earlier.


The spirit of this thread isn't that we're broke and not sure how to retire, it's about what are we going to do for hobbies and to pass the time once we retire. I'm 53, single, and 3 years out from retirement and while I have no idea where I'm going to live or what I'll do with my time, I know I'll figure it out.


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## 33red (Jan 5, 2016)

SteveF said:


> I'm 58 and have been wanting to retire early for some time. I think I'm finally going to take the plunge later this year. (at 59) It's not as early as I wanted, but possibly earlier than I should. I coined a phrase: FOMO vs. NOMO - fear of missing out if I wait too long to retire vs running out of money before I run out of life. I have what feels like pretty healthy retirement savings and I've added up my current income and expenses more times than I can count. It sure looks like it should work for me but, it's a little scary too.


You might avoid running out of $. Just invest an amount, lets say 200,000$ and by an income for life. Numbers are not precise but as an example.
I am 63, at 65 i will invest 250,000$ and receive 800$ monthly until i die. If i live at 99 no problem, if i die at 67 it covers for others who live longer than average.


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## str8edgMTBMXer (Apr 15, 2015)

I am starting to make retirement plans as well, so subbing to see what's up


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## str8edgMTBMXer (Apr 15, 2015)

Crankout said:


> Good advice.
> 
> One option I've proposed is similar...keep the home and visit various places for a few weeks at a time on a yearly, or more, basis. No need to buy another place.


this is our plan as well...

step 1: buy our "last home"...a single story, not huge place on lots of land where the next move will be on stretchers...
step 2: buy teardrop trailer
step 3: travel and bike


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## wayold (Nov 25, 2017)

33red said:


> You might avoid running out of $. Just invest an amount, lets say 200,000$ and by an income for life. Numbers are not precise but as an example.
> I am 63, at 65 i will invest 250,000$ and receive 800$ monthly until i die. If i live at 99 no problem, if i die at 67 it covers for others who live longer than average.


SPIAs (Single Premium Immediate Annuities) like you're recommending can be a good idea for some people, but it really depends on individual circumstances. Remember that most of us already get a guaranteed inflation adjusted annuity (that we call Social Security). If you're thinking of buying an SPIA it may work out better to use that money for living expenses while delaying Social Security to 70 and thus increasing the payout. Check the details carefully first.

If you want to hear more than you can stand about all these different options and retirement planning in general, try visiting early-retirement.org (the other forum I hang out at). Lots of knowledgeable folks there who already gone through all of this (and some of them are even MTBers).


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## 33red (Jan 5, 2016)

wayold said:


> SPIAs (Single Premium Immediate Annuities) like you're recommending can be a good idea for some people, but it really depends on individual circumstances. Remember that most of us already get a guaranteed inflation adjusted annuity (that we call Social Security). If you're thinking of buying an SPIA it may work out better to use that money for living expenses while delaying Social Security to 70 and thus increasing the payout. Check the details carefully first.
> 
> If you want to hear more than you can stand about all these different options and retirement planning in general, try visiting early-retirement.org (the other forum I hang out at). Lots of knowledgeable folks there who already gone through all of this (and some of them are even MTBers).


Thanks. Obviously it is about being aware of options available and making choices. I am in Quebec and my parents outlived the average so like i mentioned soon most of my money will buy a monthly income for life. Chances are i will be OK till i leave.


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## nOOky (May 13, 2008)

PTCbiker said:


> The spirit of this thread isn't that we're broke and not sure how to retire, it's about what are we going to do for hobbies and to pass the time once we retire. I'm 53, single, and 3 years out from retirement and while I have no idea where I'm going to live or what I'll do with my time, I know I'll figure it out.


I think (hopefully) everyone on this forum is active. Personally I just want to remain active for as long as I can, and enjoy life. If that means eventually not mountain biking or trail running, but instead riding gravel and running on MUT's so be it. I just want to be outside in all weather, enjoying sunsets instead of watching television, and enjoying life with people that do the same. I want to get up and do something when I damn well feel like it, and then having a beer later on and just not worrying about going to bed at a certain time or pleasing others. Wasting time to me is the time best spent, because I've spent too much of my life being frantic about everything else.


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## ridetheridge (Mar 7, 2009)

If you have your finances and healthcare figured out those are the two biggies. Beyond that take up hobbies you enjoy and have fun. The one thing I will say is many people spend a lot more in retirement than they think. You simply have more time to spend money on toys, house projects and travel etc. It certainly was true in our case.


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## ridetheridge (Mar 7, 2009)

shred79 said:


> My biggest concern is health insurance.
> I would like to retire in 2 years at 62 but medical cost can bankrup you.
> 
> Sent from my SM-G973U using Tapatalk


Look up ACA (Affordable Care Act) for healthcare in your state. Depending on the state, there are excellent healthcare plans that allow one to retire before 65.


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## waltaz (Oct 14, 2004)

I’ll be 57 in 3 months, at which point I will have spent 35 years working as a fairly well-paid white collar professional. I’m cooked, and over it. Kind of going through the motions, even though I’m doing “well” in my job.

I have saved and invested fairly well, and have a decent nest egg. I would like to mail it in for 2-3 more years, while saving a bit more and further reducing debt. I’m in the process of deciding on a financial advisor fiduciary so I can really crunch the numbers and nail down a plan.

But net-net, I want to retire early enough to enjoy everything while I am vibrant and capable. That’s a theme I see again and again from those that have already traveled this road, so there has to be something to it...


Sent from my iPad using Tapatalk


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## SteveF (Mar 5, 2004)

waltaz said:


> I'll be 57 in 3 months, at which point I will have spent 35 years working as a fairly well-paid white collar professional. I'm cooked, and over it. Kind of going through the motions, even though I'm doing "well" in my job.
> 
> I have saved and invested fairly well, and have a decent nest egg. I would like to mail it in for 2-3 more years, while saving a bit more and further reducing debt. I'm in the process of deciding on a financial advisor fiduciary so I can really crunch the numbers and nail down a plan.
> 
> ...


You and I are very much in the same boat. I have a boring office job, 36 years in. Decent amount saved toward retirement. I'm just twiddling my thumbs and wanting to get on to the next stage of my life! I figure if I feel as though I'm going through my savings too fast in a year or so, or if I want to splurge on something, I can pick up some part time work. My bosses boss has already offered me the opportunity to come back as an "on call" worker anytime I want to.


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## Crankout (Jun 16, 2010)

SteveF said:


> You and I are very much in the same boat. I have a boring office job, 36 years in. Decent amount saved toward retirement. I'm just twiddling my thumbs and wanting to get on to the next stage of my life! I figure if I feel as though I'm going through my savings too fast in a year or so, or if I want to splurge on something, I can pick up some part time work. My bosses boss has already offered me the opportunity to come back as an "on call" worker anytime I want to.


At this point with 6-7 years out to retirement (to obtain full pension of 30 yrs), I plan to do something part-time at a place that I'll enjoy (ex. zoo, something w/animals). But, time will tell. Maybe I 'll have no interest by then. I just can't fathom having nothing on my plate.


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## SteveF (Mar 5, 2004)

Crankout said:


> At this point with 6-7 years out to retirement (to obtain full pension of 30 yrs), I plan to do something part-time at a place that I'll enjoy (ex. zoo, something w/animals). But, time will tell. Maybe I 'll have no interest by then. I just can't fathom having nothing on my plate.


I don't see myself having that problem but I definitely understand how it could happen. I'll worry about it if/when it starts to get to me. Hell, I could spend a good amount of my time just worrying Anne by trying to do stuff around the house!


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## Crankout (Jun 16, 2010)

SteveF said:


> I don't see myself having that problem but I definitely understand how it could happen. I'll worry about it if/when it starts to get to me. Hell, I could spend a good amount of my time just worrying Anne by trying to do stuff around the house!


It's funny, so many people from my area (NY state) leave for Florida to retire. That absolutely has zero draw for me; if anything it makes my stomach turn. All I can think of is that unbearable heat and humidity, and the notion of sitting around outside my little home in a boring community drinking all day and driving an embarrassing golf cart to get around. Blech...

But I digress. I'll take the 2 months of gray over that any day.


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## str8edgMTBMXer (Apr 15, 2015)

Crankout said:


> It's funny, so many people from my area (NY state) leave for Florida to retire. That absolutely has zero draw for me; if anything it makes my stomach turn. All I can think of is that unbearable heat and humidity, and the notion of sitting around outside my little home in a boring community drinking all day and driving an embarrassing golf cart to get around. Blech...
> 
> But I digress. I'll take the 2 months of gray over that any day.


same here....

I am looking to retire further north...somewhere in Michigan probably...but yeah. I want an environment that is going to encourage activity, and be invigorating. And where there are not so many people


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## Crankout (Jun 16, 2010)

str8edgMTBMXer said:


> same here....
> 
> I am looking to retire further north...somewhere in Michigan probably...but yeah. I want an environment that is going to encourage activity, and be invigorating. And where there are not so many people


If we do up and move, we'd also like to be in an area that's active. Being near a college town can be good in that way.


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## str8edgMTBMXer (Apr 15, 2015)

Crankout said:


> If we do up and move, we'd also like to be in an area that's active. Being near a college town can be good in that way.


yep...we are thinking up near Traverse City...or maybe Lansing so I can find work too. Wife works in a hospital so she would be good to go if we need to get part time jobs...I need to be near places where people would want drum/music lessons...or maybe teach studio at a college


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## MikaeloBlurryB (8 mo ago)

Thanks for the advice in this thread. I am going to retire soon, too, and these tips will be helpful for me too.


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## Retire (Jan 11, 2020)

Retire as soon as you are eligible. I worked for 3 extra years beyond my date. My biggest regret.
It did put some extra jingle in my pocket every month. BUT those 3 years…I will never be able to get them back!

you can always make some more money if you have to……but try bringing back ONE second of time


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## Dharmabum (Apr 18, 2021)

I planned to retire at 59 1/2. They had no one to fill my job so they talked me into staying another month. That was a grind...


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## MSU Alum (Aug 8, 2009)

As mentioned, early retirement starts way before retirement. Paying principal on a mortgage to pay it off sooner, target "zero" as the optimum number of ex-wives, that sort of thing.
Make decisions that will enhance your health to the extent that you can, so that you can enjoy your later years. Don't skimp on dental care or insurance even after you retire.
Get the "low hanging fruit". I quit the Navy after 12 years active and went into the airlines. A lot of friends didn't continue on in the reserves to get retirement. I did. Great decision!
Once you retire, the fun purchases will probably be sooner. You may need a new bike when you're 65 but not when you're 80, for example.
I haven't been bored during the 5 years I've been retired except during "mud season". I mountain bike in the summer and ski in the winter.
My response to the idea of working part time in retirement is along the lines of "Maynard G Krebs". Who knows, that could change, I suppose.


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## 33red (Jan 5, 2016)

I agree with post #69. We can plan and do things before 50
I quit smokng at 42 YO, 22 years ago and when i hear smokers coughing
i am glad i am not one of them. 
I got use to spend little never use credit and after decades of doing it a small income
is not a problem i enjoy tons of time doing what i enjoy.
In our 30s and 40s we can decide to have a nice time later in life.


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## DennisT (Dec 29, 2019)

My biggest regret is putting stuff off until later when I have more time/money/ambition. It's great that I have all that now, but if I'd started things like MTB and snowboarding in my youth, I'd be so much better by this point.


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## Sparticus (Dec 28, 1999)

Regret... it's a burn for sure.
Hard to reach retirement age and not have a least a couple regrets.
Voice of experience...
=sParty


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## celler (Oct 14, 2012)

I've been retired 5 years starting when I was 57. Financially I'm set and do spend some time investing which keeps me mentally sharp and connected with society. a few things I have learned:

Most people are not like you and have retired early. Early retirees are a select few. 
The world revolves around weekends with a work week. It is easy to find things to do on the weekend. During the week you need good hobbies that you can do alone. Alternately you can live in a structured community that has planned activities - Like a cruise ship. I know a lot of people that love this lifestyle. Not me.
You will likely run into limits on how active you can be. Your body is old and it only takes so much! Yea you will get in better shape than when you were working but your still old. I am constantly trying to mix things up to not hammer any part of the body too bad. I'm keep real close tabs of what activities initiate pain and how to eliminate it. I have been successful but does take engagement. The issue is I like certain activities more than others. Your retired and you have a lot of time and your nature is "I'll just go for another ride!" I do something 7 days a week so I have not resorted to sitting around.

Working part time in retirement? With covid slowing down the world I stated a business at a request of a friend who would take it over. It was a part time gig in an area that I have very good knowledge. The work is fun to me. The issue is I was back to having to be on a partial schedule. My wife hates it. Only because we got so used to doing whatever we wanted when we wanted. We would look at the weather and take off in our camper or catch a flight. My take is if you need the money just work another year or two and then retire. 

Moving away from family. Most people cannot do it especially when your spouse has to agree. For me it was not an issue as I have moved multiple times for my career and the last location we were at we had no family local. My children are spread out across the country. This is a very individual decision for sure. If you are in driving distance it makes it much easier from what I have observed.

I just wrote this to help in the process


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## PTCbiker (Sep 15, 2020)

Good stuff celler, thanks. I'm a year out from retirement and I haven't put much thought into it beyond being financially ready.


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## DennisT (Dec 29, 2019)

One of the changes I've found in retirement is that stuff I used to do on weekends I now do during the week when it's less busy, and I try to do stuff around the house on weekends when the roads are nuts.


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## Sparticus (Dec 28, 1999)

DennisT said:


> One of the changes I've found in retirement is that stuff I used to do on weekends I now do during the week when it's less busy, and I try to do stuff around the house on weekends when the roads are nuts.


I agree, Dennis! Having mid-week liberties is the best.
=sParty


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## celler (Oct 14, 2012)

DennisT said:


> One of the changes I've found in retirement is that stuff I used to do on weekends I now do during the week when it's less busy, and I try to do stuff around the house on weekends when the roads are nuts.



For sure. It is nice having the flexibility to do things "off peak". Where I live we have 2 rush hours. When working people go to work and when retired people go to town. Easy to avoid. I live in Prescott so it is never really busy so take my comments accordingly.


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## celler (Oct 14, 2012)

Another thought for those who are really active with your spouse. One of you will likely get older faster than the other one. Hobbies will change as a result. I have seen this in the 5 years I have been retired. To keep my fitness where I want it has me doing a lot of things alone. Activities with the wife are recovery days or add ons to my normal days. keeps the marriage good. I'm now trying to figure out how to keep my fitness when the wife wants to do a 6 week road trip. I did one of these last year and mtn biked 14 times but just didn't do the job and I paid for it when I got home.


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## 33red (Jan 5, 2016)

celler said:


> Another thought for those who are really active with your spouse. One of you will likely get older faster than the other one. Hobbies will change as a result. I have seen this in the 5 years I have been retired. To keep my fitness where I want it has me doing a lot of things alone. Activities with the wife are recovery days or add ons to my normal days. keeps the marriage good. I'm now trying to figure out how to keep my fitness when the wife wants to do a 6 week road trip. I did one of these last year and mtn biked 14 times but just didn't do the job and I paid for it when I got home.


For riding we can ride together, one of the 2 might use more assist that is one of the many advantages.


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## celler (Oct 14, 2012)

33red said:


> For riding we can ride together, one of the 2 might use more assist that is one of the many advantages.



You have the endurance figured out! Now just need a solution for the deterioration bike handling skills.


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## milehi (Nov 2, 1997)

I semi retired right before I turned 45 and quit the entire rat race entirely last year at 50. I've been travelling a lot and picked up a passport renewel form today. I also started school today to get some certs to keep me busy and perhaps to fall back on should the need arise. I'm taking care of my grandparents, both 99 years old and when it's time I'll sell both the houses here and move to AZ. I already have a house there but there's no way I want to be retired here in CA with the high taxes and cost of living. I'll have a fat cushion when I sell the houses here and my wife hates her job so I got that going for me too. Our only bills are taxes, utilities and insurances. I lived like a pauper while making a nice living to make that happen even though my kids hated it at times.


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## Xylx (Mar 18, 2005)

celler said:


> You have the endurance figured out! Now just need a solution for the deterioration bike handling skills.


My fix for deteriorating bike handling skills is fatter tires which are slower and more sure-footed. Running 3" tires on my summer FS bike, 4.5" tires on my snowbikes, 3.8" on my bikepacker.


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## Sanchofula (Dec 30, 2007)

DennisT said:


> My biggest regret is putting stuff off until later when I have more time/money/ambition. It's great that I have all that now, but if I'd started things like MTB and snowboarding in my youth, I'd be so much better by this point.


No, you'd be over it or so beat up that you woudln't be doing it anymore.

I am glad I did all my extreme sports in my yut, now I can enjoy my skillset and work on developin new hobbies that are more mature, such as learning to play the trumpet.


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## 33red (Jan 5, 2016)

Xylx said:


> My fix for deteriorating bike handling skills is fatter tires which are slower and more sure-footed. Running 3" tires on my summer FS bike, 4.5" tires on my snowbikes, 3.8" on my bikepacker.


At 64, like you my main bike is a 29x3 and i see that around here. Riders on fat year round are mostly 55 and up.


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## wayold (Nov 25, 2017)

Nurse Ben said:


> No, you'd be over it or so beat up that you woudln't be doing it anymore.
> 
> I am glad I did all my extreme sports in my yut, now I can enjoy my skillset and work on developin new hobbies that are more mature, such as learning to play the trumpet.


I mostly agree - except MTB is my "more mature hobby". I did my 'extreme' sport when I was younger, put it aside when work demands got too much in my 40s and took it back up when I retired at 55... and it just wasn't the same. I found myself getting frustrated trying to equal my performance of 20-30 years earlier with reflexes and physical toughness that had deteriorated with age - not a lot, but enough that I always felt like I was chasing the ghost of past performance. Finally I had a (fortunately minor) injury, quit my old sport and took up MTB in my late 50s. 

It was so much more fun to be doing something new, feeling like I was improving and developing new skills that I haven't looked back in the ensuing 6 years on the bike. The only downside is that 60+ years of accumulated wear and tear make me much more injury prone than I was when younger. This limits my saddle time more than I'd like.

So I do kinda wish I had gotten into MTB just a few years sooner so I could have pushed things a bit further before becoming injury-limited, but even with the old-age limits I'm still having lots more fun on the bike than I did pretending to still be a younger 'extreme' athlete.


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## milehi (Nov 2, 1997)

Moderation and discipline will keep you out of trouble. I've been surfing since the early 70s but don't go out if it's big. When I snowboard I stay out of the park but love pow and big mountain riding. I avoid any and all things that may endanger my knees like motocross or skydiving (wife has 253 jumps). I still race DH though but I'm glad I found my passions before I was an adult, which speaking of, I don't have "mature" hobbies. They come across as chores.


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## celler (Oct 14, 2012)

Xylx said:


> My fix for deteriorating bike handling skills is fatter tires which are slower and more sure-footed. Running 3" tires on my summer FS bike, 4.5" tires on my snowbikes, 3.8" on my bikepacker.


Does my Moto bike count? My wife stopped that 34 years ago  . Seriously the fat tires are a good tip. So I get my wife a fat tired ebike. We did get her a new bike last year with modern geometry and she does feel very confident on it.


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## Xylx (Mar 18, 2005)

celler said:


> Does my Moto bike count? My wife stopped that 34 years ago  . Seriously the fat tires are a good tip. So I get my wife a fat tired ebike. We did get her a new bike last year with modern geometry and she does feel very confident on it.


Saw the hunting eBikes pictured below yesterday at a mega sporting goods store and thought they looked fun. I sold my last motorcycle 4 years ago. Too many people driving around with phones in their faces. A friend (we're all in our 60s) who is a
hard core roadie bought his wife an eBike. It's the only way she can keep up. They love it.


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## celler (Oct 14, 2012)

She could carry all her camera gear on that! Now that would really interest her. Her view of life currently is though her camera Lense. I've ridden her back into areas on my moto bike to get "that shot". My spend on moto bikes and mtn bikes can't keep up to her camera spend recently and I have not dialed it back. Today we are off so she can fly her drone in a canyon to get pictures of cati flowering.

This tread is starting to help my marriage even after 39 years!


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## paramount3 (Jul 13, 2014)

Nurse Ben said:


> No, you'd be over it or so beat up that you woudln't be doing it anymore.
> 
> I am glad I did all my extreme sports in my yut, now I can enjoy my skillset and work on developin new hobbies that are more mature, such as learning to play the trumpet.


I played trumpet pretty seriously up through about age 21. Now I wish I could play guitar or keyboards. I've thought about picking up the horn again when I retire, but playing the trumpet (well) can be pretty demanding physically. And it's a lot like physical exercise, in that you have to practice daily to maintain your embouchure to sound half-way decent. With a piano, you can sit down after three years off, you'll be rusty, but at least the piano itself still sounds good. With trumpet, your tone sounds like crap until you've been back at it for several weeks. But it can be fun to play in a group, if you're able.


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## paramount3 (Jul 13, 2014)

I've been working on an early retirement plan for age ~60. which is about two years away. I was casting around for ways to maintain health insurance and earn some income by working part-time. And honestly, I was also wondering if I would get tired of retirement after 3 or 4 weeks and want to be back out there. Now I'm seriously considering taking a new job, with the idea of committing 3-4 years to it. Retiring at 62 vs 60 would add more savings, reduce the number of years before Medicare kicks in, and decrease or eliminate the need to find a part-time gig. The new position sounds interesting, and I look forward to being engaged with something new rather than counting the days until I can walk out of the current job. Could be lucrative also. In a way, I would be "retiring" at age 58, and then taking a flier on something that I wouldn't have done when I needed to worry about raising a family. I really do look forward to being without commitments--but I like the feeling that what I do with my time has value. If things work out, sometime around age 62 I will be satisfied that I have added enough value to the world, and I will be ready to drop the commitments, with no regrets. And if the new job sucks, or if I start to feel that I'm running out the clock...well, then I have my answer, and I'll just quit and actually retire.


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## kosmo (Oct 27, 2004)

celler said:


> Does my Moto bike count? My wife stopped that 34 years ago  . Seriously the fat tires are a good tip. So I get my wife a fat tired ebike. We did get her a new bike last year with modern geometry and she does feel very confident on it.





Xylx said:


> Saw the hunting eBikes pictured below yesterday at a mega sporting goods store and thought they looked fun. I sold my last motorcycle 4 years ago. Too many people driving around with phones in their faces. A friend (we're all in our 60s) who is a
> hard core roadie bought his wife an eBike. It's the only way she can keep up. They love it.


Similar story here. Out of dirt bikes two years ago. REALLY miss that. Bought an adventure bike hoping that would fill the void. Boring, and wow, do people drive like ****. Far more "exciting" to ride on road than 10 years ago when I last had a street bike.

We got my wife a 150 mm ebike with 2.8 tires a few years ago. Seemed overkill, but it was what was available. Very confident in the chunk with 10/12 psi. She LOVES all the cush, and can leave me for dead on the climbs. Same thing on here low-powered road e-bike. Fun to ride together!


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## LanceWeaklegs (Dec 24, 2019)

shred79 said:


> My biggest concern is health insurance.
> I would like to retire in 2 years at 62 but medical cost can bankrup you.
> 
> Sent from my SM-G973U using Tapatalk


Yep. And don’t think Medicare is good coverage. You don’t get much for what you pay, which goes up every year.


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## wayold (Nov 25, 2017)

I've said it before, but try looking at some retirement-specific forums. While some folks here are pretty knowledgeable about retirement issues, I've gotten a lot of good info over the years from the forums at early-retirement.org. Despite the name the topics there cover all phases of retirement. I've been as active over there as here for the last 10 or so years and, while you do need to filter the info as on any forum, the signal to noise ratio is pretty high and the amount of quality intel has been very helpful. 

There are any number of retirement forums out there these days, but I find that E-R.org has the best balance and mostly focuses on issues encountered by those from middle incomes with moderate retirement assets. Bogleheads.org is also good, but focuses more on purely financial aspects of retirement and caters to a bit wealthier crowd. Finally mrmoneymustache.com concentrates more on tricks for retiring with minimal assets, but I find there's a bit more BS to filter out on this one. They're all worth a look, but again IMHO E-R.org is the most useful of the bunch.


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## Fuse6F (Jul 5, 2017)

Deleted


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## hdave (Feb 9, 2005)

I retired last year at 53. I use a financial advisor and love it. He keeps everything diversified and moves it around as needed to maximize returns.

Biggie - get a health insurance consultant! They are free to the consumer and make it WAY easier to find a good ins plan. the cost is based on your MAGI. so the first year coule be higher than the following years. They take care of all the enrollment which is priceless. the ACA website is horrible.

the rest is obvious and has been stated. Pay off everything, get big home projects completed, etc.


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## powdertrax (Oct 10, 2014)

I retired at 55 on the best day you possibly could retire NEW YEARS EVE, I can’t believe it’s been 6 months already but I love it. What made my retirement even sweeter was that one of my best friends and his also retired, on the same day from the same company. I hadn’t planned on retiring for another five years but when your wife says to you ”why don’t you go to work tomorrow and start your retirement paperwork“ and two months later out the door.

The only retirement advice I have starts way before you retire and that is live within your means, I still live in the first house I bought 28 years ago, haven’t bought a new car for 15 year, local vacations, and do most home and automobile maintenance myself.

I took one withdraw from my 401k for a down payment on our house and never touched it again. I was lucky to work for a company that offered a pension for most of my 33 year career, that is until our contract talks were coming up and the company offered everyone a $10,000 carrot if we were willing to drop our pension and a majority of the younger new hires took the bait. I also get medical insurance until I turn 65 then Medicare kicks in.

I’ve only been retired 6 months and don’t ever plan on going back to work, but my previous career and passion of my is cabinet making or just woodworking in general. My younger brother and my son remodel/flip homes and occasionally they need a vanity, mantle, shelves, entertainment center etc so I get to bust out my tools and make some extra cash and save them a bunch of money, not to mention they don’t have to wait 2 months for their projects.


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## PTCbiker (Sep 15, 2020)

powdertrax said:


> I was lucky to work for a company that offered a pension for most of my 33 year career, that is until our contract talks were coming up and the company offered everyone a $10,000 carrot if we were willing to drop our pension and a majority of the younger new hires took the bait.


Big mistake on their part, I will get almost 50% of my base pay once I retire. It’s not the only money I’ve saved but offers enormous peace of mind.


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## powdertrax (Oct 10, 2014)

PTCbiker said:


> Big mistake on their part, I will get almost 50% of my base pay once I retire. It’s not the only money I’ve saved but offers enormous peace of mind.


Yeup, those people cost me almost a $1000 more a month by voting not to vote. I know striking can be a sore subject but if you’re in a union and the company is wanting to take your pension away, of course your going to fight for it.

But $10,000 is the probably the biggest dollar amount and of them have ever had, the company knew that so they threw that carrot out there and they bit.


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## celler (Oct 14, 2012)

I would assume the company went to a 401k with matching contributions instead of the pension. This is the common action when going away from the pensions. The young people do not believe the companies will be around when they retire so the idea of a 401k that they own is appealing. The sad thing I see is some 401k investment options are poor and tied to too many fees. This was mainly an issue at smaller businesses. I do see this being addressed. Another issue is people actually have to invest in the 401k which they do not do.


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## PTCbiker (Sep 15, 2020)

I will say the one downside i see with a pension is that it dies with you (unless married). You could be retired one year and what you paid into for 30 years is worthless once you die. In that regard, 401k is better since it goes to your beneficiaries. 

I'll be employed for 33 years, if I live to 89 I'll draw retirement longer than I did a salary.


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## MSU Alum (Aug 8, 2009)

^^^^ Yeah, pensions are great, but you have to stay for the entire period (such as 20 years) so you can't change jobs. And, pensions can be lost in bankruptcies. You can have a pension set up so that your surviving spouse can get it, but it generally reduces the monthly payout if you do.


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## slomtbr (Oct 9, 2010)

Happybill68 said:


> I’m 3 years out from being able to retire from the state. I’ve done a good job buffing my retirement so money isn’t going to be a problem.
> 
> My focus has been paying off debt. I’m trying to go into retirement debt free.
> 
> ...


This has probably been stated, but learn to say "no".


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## wayold (Nov 25, 2017)

Most pensions are protected (at least somewhat) by the Pension Benefit Guarantee Corporation (PBGC). A bigger problem is that most non-government pensions are not inflation adjusted - so they're OK for a few years after retirement, but not worth dick after a couple/few decades.


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## MSU Alum (Aug 8, 2009)

wayold said:


> Most pensions are protected (at least somewhat) by the Pension Benefit Guarantee Corporation (PBGC). A bigger problem is that most non-government pensions are not inflation adjusted - so they're OK for a few years after retirement, but not worth dick after a couple/few decades.


I was a pilot at Delta Air Lines. Our pension was taken over by the PBGC. I get a pretty nice paycheck, but it was frozen at less than full value just because I only had 17 years with the company at the time. Happily, I do get a Navy pension that won't get taken over and it's tied to inflation, as are our Social Security checks (so far).


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## 33red (Jan 5, 2016)

Quality of sleep.
When my mom dies i will put that amount in a monthly income till i die.
Of course if i die the year after this might look like a bad placement but if i live to 95
i know my income will be enough so i can enjoy life without worrying about money.
At 64 i just want to enjoy the outdoors and know i can volunteer, i can do what i want stress free.


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## powdertrax (Oct 10, 2014)

celler said:


> I would assume the company went to a 401k with matching contributions instead of the pension. This is the common action when going away from the pensions. The young people do not believe the companies will be around when they retire so the idea of a 401k that they own is appealing. The sad thing I see is some 401k investment options are poor and tied to too many fees. This was mainly an issue at smaller businesses. I do see this being addressed. Another issue is people actually have to invest in the 401k which they do not do.


Actually we had both, but like you mentioned some didn’t take advantage to the 401k. I flat out ask the younger employees “how much money do you have in your savings ?” which I’m sure was an inflated answer but still under $10k. Then I would ask them how do you expect to retire when you’ve been here 10+ years and you basically have zero in savings and you voted out the pension and don’t give to 401k. 

I grew up poor eating government food on welfare living in a trailer court, so I have always saved money and never finance anything but my car. My wife and I will question how friends, coworkers or neighbors have multiple vehicles, a boat, camper, etc then we realize that more then likely it’s all financed, I’ve always thought if I can’t afford it I dont need it. I guess that’s what eating buttered taco shells for dinner will do to a person.


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## celler (Oct 14, 2012)

Welcome to the world we live in. It looks like most people's plan now is to vote for social programs and redistribute income. Because obviously it is not their fault they made questionable choices in life. My father passed when I was 5. My mother did what she needed and believed in education. We grew most of our food. The 6 of us siblings all did fine in life. My mother taught us to work and save. To this day I joke to my wife "You know I am my mother's son" when I resist spending that truly makes no financial difference to us.


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## powdertrax (Oct 10, 2014)

celler said:


> Welcome to the world we live in. It looks like most people's plan now is to vote for social programs and redistribute income. Because obviously it is not their fault they made questionable choices in life. My father passed when I was 5. My mother did what she needed and believed in education. We grew most of our food. The 6 of us siblings all did fine in life. My mother taught us to work and save. To this day I joke to my wife "You know I am my mother's son" when I resist spending that truly makes no financial difference to us.


I joke to my about my childhood as well with statements like “I guess not all of us grew up on government cheese” or “I had to make milk with water for our non-name brand cereals“, I think that’s why one of my favorite treats is a simple glass of real milk or better yet chocolate milk, being Swiss I think I have chocolate running through my veins 

I’m the same way on spending especially in these times.


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## celler (Oct 14, 2012)

I live with 3 women. Chocolate is a food group. They all can take a small bit of chocolate and it does the "fix". Always amazed me. When I was in grades 9-11 I worked at a bakery. Hitched hiked straight from school to the job. If I was hungry I ate bakery products. After that job I did not eat many sweets until after I was married.


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## hdave (Feb 9, 2005)

powdertrax said:


> I grew up poor eating government food on welfare living in a trailer court, so I have always saved money and never finance anything but my car. My wife and I will question how friends, coworkers or neighbors have multiple vehicles, a boat, camper, etc then we realize that more then likely it’s all financed, I’ve always thought if I can’t afford it I dont need it. I guess that’s what eating buttered taco shells for dinner will do to a person.


Well said. I didnt grow up poor but not well off. My folks did their best and it was good enough. In college, I was on my own without a net, no outside funding, stayed in the college town over holidays, weekends and summers. worked some of the worst jobs I have ever had for the lowest pay I ever got. I was not too proud to do anything for a buck. Box mac and cheese for 5 for a dollar made with no milk or butter was livin large. I can not agree more, after years like that - it changes your perspective. Or it should. It did change mine forever. If times ever got tight enough - I would do any job needed to keep us afloat.


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## PTCbiker (Sep 15, 2020)

Various times of my childhood I was dirt poor to okay but not well off. My dad would bark at me for staring at an open refrigerator or leaving the lights on when leaving a room. That stuck with me as a parent, my kids were never poor but you’ll never see them leave a room with the lights on.

I lost those lessons when I was married, never had a car older than 2 years. Now I’m divorced 11 years, my cars are 10 and 15 years old and I’ve never had more money in my life.


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## hdave (Feb 9, 2005)

PTCbiker said:


> Various times of my childhood I was dirt poor to okay but not well off. My dad would bark at me for staring at an open refrigerator or leaving the lights on when leaving a room.


Same. My dad would come unhinged when lights were left on. Same with leave exterior doors open. The refrigerator door thing is burned into me. I have to restrain myself from asking my wife to close the damn door.


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## wayold (Nov 25, 2017)

I had a relatively comfortable middle class upbringing, but grad school was the real lesson in frugality. No guaranteed housing or food and sometimes we'd run out of both. Was homeless for about 6 weeks during this time (mixture of couch surfing and crashing in campus buildings I could sneak into). No credit cards so if I ran out of cash I'd starve until the next monthly paycheck. That was probably just as important a part of my education as the class work and research I was supposed to be doing. Pretty easy to live cheap after that.


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## hdave (Feb 9, 2005)

wayold said:


> I had a relatively comfortable middle class upbringing, but grad school was the real lesson in frugality. No guaranteed housing or food and sometimes we'd run out of both. Was homeless for about 6 weeks during this time (mixture of couch surfing and crashing in campus buildings I could sneak into). No credit cards so if I ran out of cash I'd starve until the next monthly paycheck. That was probably just as important a part of my education as the class work and research I was supposed to be doing. Pretty easy to live cheap after that.


well said!


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## Xylx (Mar 18, 2005)

I have mixed feelings about 401Ks. They go up, they go down, you have no certainty unless you leave it all in a money fund where (at this point at least) your're lucky to make 2%. Friend of mine (we're mid 60s) recently lost like 25% of his 401K. Hundreds of thousands. On the other hand being tied to one retirement system with a defined benefit plan (traditional pension) isn't that great either unless you're in a giant system like the Federal Government where you can move around. Like other commenters have suggested, a private pension is no guarantee either. Even with governmental back up.

So what did I do? I retired at 59 with three government pensions to spread the risk around. The State of Alaska* paid for my healthcare until I turned 65 then it became backup to Medicare. Healthcare was the key to being able to retire on three mediocre government pension plans prior to age 65. And believe me you're going to need it. If for no other reason you're probably going to break your clavicle at some point if you keep riding (only once for me since retirement). And don't forget to secure yourself some eye and dental benis. I only did so as an afterthought when filling out the paperwork. Those two things will for sure go bad on you with age! One of the best random retirement decisions I made was opting in for eye and dental at $80 a month. In seven years of retirement I've kept my 401K in cash which loses money to inflation every day. But whatever. I have only touched it once to pay for a new HVAC system for the house. One upside to not having much money is you have to learn how to fix all these new-fangled bike parts yourself. Someone is going to cream themselves at my estate sale when they see all the bike tools. 

*Note: Alaska ended it's very generous healthcare benefits known as Tier I for new employees in 1986. The State's current retirement system is worthless, so don't hop in the car and head up the Alcan unless it's for a Fed job or some resource job with a generous 401K.


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## wayold (Nov 25, 2017)

Xylx said:


> I have mixed feelings about 401Ks...


All equity investments fluctuate in value. Volatility is the price we pay for long term growth. I keep about 50% of my net worth in equities as an inflation hedge - knowing full well that in any given year I could lose 50% or more. Still, over the past 40 years these have been the best investments I've had (even including bad times like the crashes of 2001 and 2008).

The issue of whether stocks belong in your 401K is more complicated because of issues like tax efficiency. If you have a mixture of stocks and bonds then interest is taxed as ordinary income while stock earnings (dividends and capital gains) are generally taxed at a lower rate. This means that it can be better to keep your interest income in your 401k (tax deferred) or better yet in a Roth (tax exempt) while your stocks are in your taxable accounts. This isn't a hard and fast rule and depends on things like your overall tax rate, age, risk tolerance and asset allocation, but is something to consider when figuring which investments to put in which accounts.


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## Suns_PSD (Dec 13, 2013)

The stock market has averaged 10% a year over the last hundred years and averaged 14% over the last decade. Your 401k makes it tax deductible when you're in your Prime earning years. 

Whatever your friend lost he just made in the previous 18 months anyways. 

If he was close to retirement he should have placed tthe amount that he needed for the next few years and put it into something with lower returns but less risk. That's basic retirement planning.

Sent from my SM-G715A using Tapatalk


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## PTCbiker (Sep 15, 2020)

Suns_PSD said:


> The stock market has averaged 10% a year over the last hundred years and averaged 14% over the last decade. Your 401k makes it tax deductible when you're in your Prime earning years.
> 
> Whatever your friend lost he just made in the previous 18 months anyways.


His friend only ‘lost’ money if he rotated out of stock into cash in his 401k. I’m down 200k but haven’t lost a dime because my 401k is in stocks. Long term I’ll make money (I think) because I’m buying new stocks in my 401k while prices are depressed. I retire in a year and I’m 100% stocks as I won’t be relying on that money to live on. I fully expect to only use the 401k because I marry a woman 30 years younger with expensive tastes or my kids inherit once I pass away.


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## hdave (Feb 9, 2005)

Xylx said:


> have mixed feelings about 401Ks. They go up, they go down, you have no certainty unless you leave it all in a money fund where (at this point at least) your're lucky to make 2%.


This is not proper thinking at all. As stated below, funds will go up and down and the extent to which they do depends on what their holdings are. Know your risk acceptance level and choose accordingly. If this is totally foreign - pay an advisor to help you choose what funds to use.



Suns_PSD said:


> The stock market has averaged 10% a year over the last hundred years and averaged 14% over the last decade. Your 401k makes it tax deductible when you're in your Prime earning years.
> 
> Whatever your friend lost he just made in the previous 18 months anyways.


Well said. Best thing you can do is not be emotional about the lows. I look at lows as bargain sales. It will go back up eventually. You have to look at a long timeline or it can make you crazy. How much has been made over 10-20 years, not how much is it down this month or quarter.


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## Ft.Rock (May 7, 2020)

I had a 401K until I got a certain amount of money in it, at which point I switched it into an annuity (which finance dudes hate but I sleep well) and redirected 10% of salary into the stock purchase plan instead. Our plan gave me a 15% discount and over the years I accumulated a lot of it and until recently it had appreciated a lot. I believe it will go back up, at which point I'll diversify it, but since retiring I started drawing on the annuity + pension+ SS so I can wait out the stock market. I'm amazed at how many people don't go into their company's plans - most give the stock at a good discount and if it's a good company you can make a lot of money on it without even noticing it's not in your check.


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## Xylx (Mar 18, 2005)

hdave said:


> This is not proper thinking at all. As stated below, funds will go up and down and the extent to which they do depends on what their holdings are. Know your risk acceptance level and choose accordingly. If this is totally foreign - pay an advisor to help you choose what funds to use


It is completely proper thinking when you've had cancer and your odds of living 4 more years are less than 50%. I can't wait out another cycle. My risk acceptance is zero. I'm not in need of a financial planner. I routinely made 15% a year or better when I was an active investor. I've been in and out of stocks since the early 80s. I called the bottom of the last crash to within a week, went bottom fishing and cleaned up. Not doing that again in my late 60s. My friend who "lost" a couple 100K should not have been all in on growth stocks at his age.


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## celler (Oct 14, 2012)

Xylx said:


> It is completely proper thinking when you've had cancer and your odds of living 4 more years are less than 50%. I can't wait out another cycle. My risk acceptance is zero. I'm not in need of a financial planner. I routinely made 15% a year or better when I was an active investor. I've been in and out of stocks since the early 80s. I called the bottom of the last crash to within a week, went bottom fishing and cleaned up. Not doing that again in my late 60s. My friend who "lost" a couple 100K should not have been all in on growth stocks at his age.


1st off sorry to hear about your history of cancer. It is all over my family too and lives have been shortened. It sort of points to my gene set is not that favorable. Your decisions are for you to make but I just want to point out a different view of a similar situation. I invest for the long term. If I live longer than expective life it is a good choice for me. If I pass early 1st I have to think of my wife. Now in the unfortunate situation we both pass early the wealth is inherited to our children. So, in reality I invest for my children's life time so I have time to wait out a cycle. Personally I do not think target funds were over sold to individuals in the 401k's. This is just a perspective for this tread not a suggestion on what you should do.


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## hdave (Feb 9, 2005)

Xylx said:


> It is completely proper thinking when you've had cancer and your odds of living 4 more years are less than 50%. I can't wait out another cycle. My risk acceptance is zero. I'm not in need of a financial planner. I routinely made 15% a year or better when I was an active investor. I've been in and out of stocks since the early 80s. I called the bottom of the last crash to within a week, went bottom fishing and cleaned up. Not doing that again in my late 60s. My friend who "lost" a couple 100K should not have been all in on growth stocks at his age.


Sorry to hear about the caner...that's no good at all and puts your plan in perspective.


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## Xylx (Mar 18, 2005)

celler said:


> 1st off sorry to hear about your history of cancer. It is all over my family too and lives have been shortened. It sort of points to my gene set is not that favorable. Your decisions are for you to make but I just want to point out a different view of a similar situation. I invest for the long term. If I live longer than expective life it is a good choice for me. If I pass early 1st I have to think of my wife. Now in the unfortunate situation we both pass early the wealth is inherited to our children. So, in reality I invest for my children's life time so I have time to wait out a cycle. Personally I do not think target funds were over sold to individuals in the 401k's. This is just a perspective for this tread not a suggestion on what you should do.


Thanks for condolences. And I agree with you. I was employed as a lawyer and I know admins who worked under me that have more money than me because they did very well in their 401K targeted lifecycle and growth funds while I sat on the sidelines. The reality is bear markets are usually way shorter than the typical bull market.


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## dadadada (3 mo ago)

Resurrecting this old thread to add some important tips.

If you plan to retire before 65, health insurance will be one of your biggest expenses. In my area, for my wife and I, a "Silver" plan on the ACA marketplace would be $30k per year, and the policy is basically crap. If you are going to be stuck with a crap policy, you might as well minimize the cost. 

If you are going to retire, unless you are rich, you should plan ahead and use ACA subsidies. ACA doesn't care about assest, it only cares about income. If you take Social Security, maybe have a pension, and raid your 401K/IRAs, your income might disqualify you from getting subsidies. Before you retire, you need to build up cash and/or credit to live on until you reach 65. The subsidies in our case will be over $20K per year when we pull the trigger. Twenty. Thousand. Dollars. Per. Year. For us, that is basically the difference between being able to retire or not being able to retire.

It requires planning ahead though, starting as early as you can. Here are a couple of articles:



https://www.kiplinger.com/personal-finance/insurance/health-insurance/603350/3-ways-early-retirees-can-minimize-their-health











ACA Subsidies and How a New Retiree Can Maximize Them


The Affordable Care Act (ACA) has been an important healthcare option since its inception in 2010. In 2022, enrollment hit an all-time high with 14.5 million consumers purchasing coverage through the ACA federal or state exchanges.




www.wealthguards.com






A reminder: voting matters. There are certain politicians who will kill the subsidies the moment they get enough control to do so. Think about it.


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## sheatrock (Jul 23, 2009)

If you are going to retire, unless you are rich, you should plan ahead and use ACA subsidies. ACA doesn't care about assest, it only cares about income. If you take Social Security, maybe have a pension, and raid your 401K/IRAs, your income might disqualify you from getting subsidies. Before you retire, you need to build up cash and/or credit to live on until you reach 65. The subsidies in our case will be over $20K per year when we pull the trigger. Twenty. Thousand. Dollars. Per. Year. For us, that is basically the difference between being able to retire or not being able to retire.


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## sheatrock (Jul 23, 2009)

> dadadada said:
> 
> 
> > If you are going to retire, unless you are rich, you should plan ahead and use ACA subsidies. ACA doesn't care about assest, it only cares about income. If you take Social Security, maybe have a pension, and raid your 401K/IRAs, your income might disqualify you from getting subsidies. Before you retire, you need to build up cash and/or credit to live on until you reach 65. The subsidies in our case will be over $20K per year when we pull the trigger. Twenty. Thousand. Dollars. Per. Year. For us, that is basically the difference between being able to retire or not being able to retire.
> ...


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## dadadada (3 mo ago)

Yours is a perfect example of how the game has to be played now. Save enough money so that if you lose your job (or choose to lose your job) when you are over 60 and unlikely to be rehired, that you can live on cash and generate just enough income to stay out of the Medicaid red zone, and use subsidies until you reach 65. 

I saved a couple of people from immediately taking SS at 62, simply because it would have put them over the limits for ACA subsidies. They have smoothed out the "Subsidy Cliff" since then, but taking SS early could still be a bad idea depending on your total income and whether you have savings or Roth IRA/401k that you can take without bumping up your taxable income.


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## _CJ (May 1, 2014)

dadadada said:


> Yours is a perfect example of how the game has to be played now. Save enough money so that if you lose your job (or choose to lose your job) when you are over 60 and unlikely to be rehired, that you can live on cash and generate just enough income to stay out of the Medicaid red zone, and use subsidies until you reach 65.
> 
> I saved a couple of people from immediately taking SS at 62, simply because it would have put them over the limits for ACA subsidies. They have smoothed out the "Subsidy Cliff" since then, but taking SS early could still be a bad idea depending on your total income and whether you have savings or Roth IRA/401k that you can take without bumping up your taxable income.


Can you expand on your "red zone" comment?

I don't know if it was you who mentioned the Medicaid Recovery Program in another thread, but I looked into it, and it really varies from state to state. Some are pretty ruthless, others very reasonable.

All these hoops people have to jump through to maintain health coverage are just ridiculous. A national sales tax to fund at least some sort of rudimentary national healthcare would make a lot more sense.


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## sheatrock (Jul 23, 2009)

I believe the red zone occurs when income is so low that medicaid begins means testing. Like when a elderly person enters a care facility on Medicaid. They want to be sure the person assets have been depleted.


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## dadadada (3 mo ago)

Here is the deal with Medicaid. According to the Feds, if you are between 55 and 65, and you receive Medicaid, every dollar they spend on you can be lodged as a lien against any assets you own. For example, if you are on Medicaid, and you fall off of your bike and accumulate $100,000 in medical bills, the state administering your Medicaid has the right to acquire a lien against your house or any other property you own, for $100,000. 

This is called "Medicaid Estate Recovery". 

A few states are now saying that they will not enforce Estate Recovery, but it is state-by-state. Colorado recently changed to only demand money for hospitalization and nursing care, and not until the person dies. But some states still demand every dime spent including outpatient, and they do it by putting a lien on your house that must be cured before you sell it. As usual with the clusterf**k known as the health care system in the USA, it depends on where you live. There are also rules about whether a surviving spouse lives in the house, etc. etc. etc. 

Ask anyone who has been a realtor for a while and they probably have had a situation where a surprise lien from Medicaid shows up when a house is about to be sold.






The National Council on Aging







www.ncoa.org






https://hcpf.colorado.gov/sites/hcpf/files/Estate%20Recovery%20Brochure-%20One%20Page.pdf



If you don't have any assets, no big deal. If you live in a state that doesn't have Medicaid Estate Recovery any more, good for you. But you need to understand your situation if you plan on, or end up being on, Medicaid after age 55. 

To avoid this, you need to show enough income to stay above whatever the Medicaid cutoff is for your state, and the number of people in your household. Another fact: if your income is below the Medicaid limit, you _cannot_ take ACA insurance instead. You can only get insurance through the ACA if you make _more_ than the Medicaid cutoff.

Our health care system really is a maze of traps waiting to screw the unsuspecting.


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