Starting this thread based on a few things.

-Macs having the conversation with the bosses about handing up his star @ 50.

-Tonygraz's caveat of don't retire too early, and how things get more expensive than you think.

-Ram's work ethic and seeing him finally retire and his comment that each day is just another day.

There is a lot of retirement experience here. We working hacks could learn a lot from good decisions and mistakes if you are willing to share them.

As Frasier Crane would say- I'm listening.

Okay . . . I'll start this off.

Probably common sense/general knowledge, but here goes . . .

Put ANY extra $$$ in your retirement account while still working !

DO NOT get yourself in a position, after retirement, where you can't work a side job due to SS income limits.

And lastly, take it from me . . . FIXED INCOME SUCKS !

The sooner you retire, the longer you will live.

https://www.forbes.com/sites/jonathanlookjr/2019/07/08/want-to-live-longer-retire-early/#2014606c319b 

Get yourself a copy of Dave Ramsey's book, Total Money Makeover. His plan for living debt free and financial planning will get you to retirement sooner and in much better shape, both financially and mentally.

What to do when retired. I've been retired for a few years now, but I'm busy all the time and as busy as I want to be. I've been invited to return to work as a contract employee, but at point I have not and won't really want to return.

If your work is the one and only joy in your life retirement might be boring, but there are alternatives, you could teach others or work part time. That said, I prefer having a hobby or hobbies to pursue.

DO NOT retire iffn' the Dems win the next election unless you have it stashed offshore.

Couple points:

If your life revolved around your work think about part time work or volunteering.

If you think you can live debt free in your paid off home you are wrong.

If you don't have a hobby or outside interests start thinking about some.

Can you stand your wife and more importantly can she stand you 24/7?

Your health costs are going to continue to go up even if you are in good health generally.

If you plan to move in retirement give it a long trial period before hand. Maybe rent instead of buy for a year?

Think about your mix of investments and their stability in regards to how long you expect to live.

[quote=Gene363]The sooner you retire, the longer you will live.

https://www.forbes.com/sites/jonathanlookjr/2019/07/08/want-to-live-longer-retire-early/#2014606c319b 

[/quote]

the majority of studies over the history of humankind suggest the opposite. didn't read the Forbes article you linked but the actual data suggests decreased mortality in healthy and unhealthy alike when continuing to work.

edit: just read your article - they are at least honest in their last paragraph that other studies refute this data. there is a lot of conflicting/confounding factors that must be taken into consideration.

[quote=deadeyedick]DO NOT retire iffn' the Dems win the next election unless you have it stashed offshore.

Couple points:

If your life revolved around your work think about part time work or volunteering.

If you think you can live debt free in your paid off home you are wrong.

If you don't have a hobby or outside interests start thinking about some.

Can you stand your wife and more importantly can she stand you 24/7?

Your health costs are going to continue to go up even if you are in good health generally.

If you plan to move in retirement give it a long trial period before hand. Maybe rent instead of buy for a year?

Think about your mix of investments and their stability in regards to how long you expect to live.[/quote]

Excellent point, it did take a couple of years for my wife and I to get past playing the, "You're not boss of me!" game. 😂

[quote=gummy jones]the majority of studies over the history of humankind suggest the opposite. didn't read the Forbes article you linked but the actual data suggests decreased mortality in healthy and unhealthy alike when continuing to work.

edit: just read your article - they are at least honest in their last paragraph that other studies refute this data. there is a lot of conflicting/confounding factors that must be taken into consideration.[/quote]

Good to balance things, if your job is a joy, e.g., my family physician and my financial counselor, you may wish to work forever. OTOH, I worked for a contractor at a government site and while I made myself satisfied with the things I accomplished, I had to constantly shield myself from the cloud of stupid that constantly enveloped the site. The cloud of stupidity with the curse of a very strong work ethic made life difficult. Life has fantastic since retiring.

I retired a few years earlier than originally planned...no longer liked going to work because I had a terrible boss...last two years of my work-life were miserable and stressful, so I pulled the plug...

after nearly six years of retirement, and four grand-kids later, it turned out to be the right decision...wife retired at the same time..babysitting takes up most of the day...no financial worries due to CalPERS defined benefit retirement for me and CalSTRS defined benefit retirement for my wife...

most days are the same and retired life for me has very little stress...planned outings for fishing, sports events and travel break up the routine...play tennis and walk to keep physically active and somewhat fit...

some days the toughest decision is "which cigar will I smoke tonight?"

[quote=delta1]..babysitting takes up most of the day...[/quote]

Yeah, but who’s babysitting you???

[quote=Gene363]Good to balance things, if your job is a joy, e.g., my family physician and my financial counselor, you may wish to work forever. OTOH, I worked for a contractor at a government site and while I made myself satisfied with the things I accomplished, I had to constantly shield myself from the cloud of stupid that constantly enveloped the site. The cloud of stupidity with the curse of a very strong work ethic made life difficult. Life has fantastic since retiring.[/quote]

I understand this completely. I love what I do for a living. I like my immediate colleagues. We are a tight knit team that is VERY good at what we do. The ONLY smart thing our management has done is is leave us the f*ck alone because they ARE smart enough to know that we are the only ones that understand it. Other than that my company has gone from being well managed by Germans to being poorly run by a bunch of Missouri good-ol' boys that clearly have no long term plan.

I hope to retire around 90. If I'm lucky.

[quote=jespear]Okay . . . I'll start this off.

Probably common sense/general knowledge, but here goes . . .

Put ANY extra $$$ in your retirement account while still working !

DO NOT get yourself in a position, after retirement, where you can't work a side job due to SS income limits.

And lastly, take it from me . . . FIXED INCOME SUCKS !

[/quote]

Second that. I'm not "retired", I am disabled, and have kept my license to practice law active and stayed current on my continuing education credits in the hopes that I can one day return to practice. I'm just a few days shy of turning 56. However, I was more grasshopper than ant, thought I had a bunch of time to catch up, then Mother Nature gave me a hard shove to the sidelines.

Save, save, save. Also, if you have not already done so, try to marry someone amazing to be there to catch you when you fall. At least I got one of those two things right.

I am tired.....then the next day I am re-tired. After that I get tired again. Looking for something less tiring.

I retired and immediately realized that i enjoyed working, I spent several years driving for Retirement communities(loved it) figure i will work till i'm 75(73 now)

by the way what the heck kinda name is TAMPON TOM ??

I was FORCED into ..."a sort of retirement"....

By: several things ...some normal, some totally abnormal...

i.e. my separation 2011 & divorce 2012....

Plus my mother was in failing health and needed a live in caretaker...

Then the entire FBI-SSG GANGSTALKING ONSLAUGHT

FROM WAY early 2013 till 2016 solid..off and on 2017 &2018.. now just some occasional H.U.T. INtrusions

By pissed off vindictive ROGUE FBI AGENTS or their

Hired early released felon scumbags forced into doing their bidding and dirty work... Inevitable workplace mobbing at any new normal job was totally unacceptable to me so it forced me into retirement and the grub existence I am in..

I got SS AT 62 because I absolutely had to...if I had a good job with decent pay??? I would've worked till I was 65 1/2..

For sure..

Staying at home is not for everybody and your spouse or girlfriend is not used to you home all the time...it can get stressful...

I recommend having a cabin to get away from the above mentioned personna's...it helps tremendously!!!

I recommend to start selling off crap you don't need...

Have yard/ garage sales 3? A year...

You make $$$ and get rid of clutter...

You rich guys may get a thrill trash picking , thrift store picking or flea mkt( picking and selling) a few times a year..

People throw away great stuff...and around my area it is always 80%++ in working condition !!! Or easily rehabbed and fixed ( and you have time to do it)

For you to use , sell or fix it and sell...

Baby your cars!! Nobody needs a car payment/ loan in retirement...always be on the look out for a cream puff used car that is super cheap...buy and use it..then sell your old car and make money on it.

Recycle and reuse....just remember...

METAL = $$$MONEY$$$

IF YOU HAVE ANYTHING METALLIC TO BE TRASHED

Make a pile and separate ferous and nonferous then go to the metal recycling yard twice a year and make money off your trash...SCREW THE TRASH MAN...SAVE YOUR OWN CANS FOR 6 months ...then get 3-4 cases of free beer from the metal money...

Watch your finances particularly in the first few years. There will be some bad years.

One of my favorite stories:

An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, “only a little while. The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”

The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.” The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”

The Mexican fisherman asked, “But, how long will this all take?”

To which the American replied, “15-20 years.”

“But what then?” Asked the Mexican.

The American laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”

“Millions – then what?”

The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”

sounds like 1% propaganda intended to dupe the little man into believing his station in life is superior...

Well, I guess we won't be hearing anymore fun insightful stories from Big Bear.

Thanks fer fucquin that up Delta!

I enjoyed the story, and it was fun hearing from the hairy, reclusive fella...

[quote=delta1]sounds like 1% propaganda intended to dupe the little man into believing his station in life is superior...[/quote]

It all depends on your perspective, I guess. You could chase the dollar and be miserable while doing so... or you could do with less, spend a little less, and be happy sooner. I was happier as a worker bee. The "management" with zero control is frustrating. In the military I could "motivate" the slackers... and reward the hard workers. Not so in the civilian world.

A friend at work told me that 3 more years is really only a year and a half because we work 12 hour shifts, 7 days out of 14. Add vacations and sick days and you have 16 months of actual work.

I'm gonna have that conversation... and I'm gonna weigh my options.