(Topic ID: 223399)

I'm thinking about retiring


By o-din

2 years ago



Topic Stats

  • 715 posts
  • 164 Pinsiders participating
  • Latest reply 6 days ago by o-din
  • Topic is favorited by 13 Pinsiders

You

Topic Gallery

There have been 90 images uploaded to this topic. (View topic image gallery).

AA5835EE-1119-446F-84C8-FB2B2DEB5635 (resized).jpeg
grumpy old man (resized).jpg
IMG_0044 (resized).JPG
DSCN7413 (resized).JPG
63AC1D3A-E352-4C25-85F9-18D8D67AE080 (resized).jpeg
DSCN7412 (resized).JPG
D98F57BA-C48C-4092-A45D-10B75E158E1A.gif
The shoes (resized).jpeg
DSCN7403 (resized).JPG
F260D729-22D7-448F-B4B6-A7141D680748 (resized).jpeg
DD7F7AE8-78A4-4343-BA9D-2055888669AC (resized).jpeg
91UupbPoyFL._AC_SL1500_ (resized).jpg
DSCN6787 (resized).JPG
SCAN0089 (resized).JPG
DSCN7401 (resized).JPG
20191111_123446 (resized).jpg

There are 715 posts in this topic. You are on page 10 of 15.
#451 7 months ago
Quoted from dar8dar:

I’m 61 soon to be 62 I put the max amount in my HSA for over 3 years and didn’t use any now I can pay for insurance the next 3 years out of that account until Medicare kicks in

You might want to check on using HSA money to pay for premiums. Normally you can't.

#452 7 months ago
Quoted from o-din:

I am neither rich or anywhere close to being dead. I guess if you don't spend a lot of money, you don't really need a lot of money.

Nobody needs a lot of money ... until they do
You can budget and be thrifty .. but crap happens

#453 7 months ago
Quoted from dar8dar:

I’m 61 soon to be 62 I put the max amount in my HSA for over 3 years and didn’t use any now I can pay for insurance the next 3 years out of that account until Medicare kicks in

When that HSA deduction was started the rules were different. At the time, any monies put into an HSA was an annual thing. Any monies you did not use were forfeited to the govt. So, if you did not get sick and use the HSA money it just disappeared. Of course, retailers stepped I to fill the gap. Eyewear sellers were endlessly hawking for you to use your FLEX dollars on a new pair of glasses.

I gave that policy the middle finger salute and never considered it again. By the time the policy was amended I was too close to retirement to consider it.

#454 7 months ago
Quoted from Who-Dey:

I have no bills and my health insurance will be paid for from my pension, rental property income and my 401k if needed. I hate to spend my retirement savings on health insurance but health insurance is part of retirement if you retire early and the reason I put money back into my 401k was............to retire, so that's what I'm going to use it for.
My situation is also a little different than most peoples. I don't have any kids to leave my money to so I'm going to use it on myself. I also live a pretty modest lifestyle. I don't drive fancy cars or take 5,000 dollar cruises etc.
The #1 thing that I want more than anything right now in my life is to get the hell out of where I work at and to not have to work swing shift anymore so that's what I am going to do. That is much better than driving a new car or living in a new 250-300K home to me. Everyone is different though so to each their own.

We have a lot in common. I hate making monthly payments on anything other than utilities. If I don't have the cash, I don't buy. I was bending wrenches since before I could drive. I have never owned new car and never had the desire for a new vehicle.

My small house has served me well for 40 years. I paid it off in 1995. It has only gotten crowded since I got into the pin hobby

If your pension will pay for your health insurance, you possess a real nice benefit. My brother-in-law was able to retire at 55 because the company he worked for provides for retiree health care.

Be careful on pulling money from your 401K. Until you are full retirement age, you will pay a penalty for early withdrawal. You will also have to pay taxes on your 401K withdrawals.

#455 7 months ago
Quoted from BMore-Pinball:

Nobody needs a lot of money ... until they do
You can budget and be thrifty .. but crap happens

I had to use Obamacare for a year after I retired. Monthly premiums were going to get boosted to $220.00 per month with a $6700.00 deductible. So, if you did not get sick, you were pissing away $2400.00 per year. If you did get sick, really sick, you would be out your $2400.00 plus $6700.00 for a total of $9,100.00 before the insurance company ever kicked in a dollar. If that happened to you in December and your medical issues extended into January, the deductible started over. So, one could be out $16,000.00 in 2 months time as the insurance company kept counting its stack of jack.

And the insurance companies only covers you with direct withdrawal from your checking account. No checks accepted.

I got hit with a surprise $2500.00 bill. I bargained (you can do this) with the hospital and said I would pay cash and got them to reduce the bill to $1500.00. And I kept paying the monthly premiums.

#456 7 months ago
Quoted from cottonm4:

How do all of you who retired early account for health care costs into your budget?

Just don't go to doctors.

#457 7 months ago

Luckily for me I will also be retiring July 31st.I worked a lot of overtime and saved up for the 16-24K healthcare hit for me and the wife.Then covid hit and my employer came out with a retirement package.Fully funded healthcare.Also as far as the 401K theres no penalty to withdraw if you are 59 1/2.Also if you were in your company plan for over 25 years and are at least 55 there is no penalty.A certain amount will be withheld for taxes depending on if its an IRA or 401K.It's also good to live in a state that does not tax retirement monies.

#458 7 months ago
Quoted from cottonm4:

I had to use Obamacare for a year after I retired. Monthly premiums were going to get boosted to $220.00 per month with a $6700.00 deductible. So, if you did not get sick, you were pissing away $2400.00 per year. If you did get sick, really sick, you would be out your $2400.00 plus $6700.00 for a total of $9,100.00 before the insurance company ever kicked in a dollar. If that happened to you in December and your medical issues extended into January, the deductible started over. So, one could be out $16,000.00 in 2 months time as the insurance company kept counting its stack of jack.
And the insurance companies only covers you with direct withdrawal from your checking account. No checks accepted.
I got hit with a surprise $2500.00 bill. I bargained (you can do this) with the hospital and said I would pay cash and got them to reduce the bill to $1500.00. And I kept paying the monthly premiums.

Living in NJ, it is comical to hear "boosted to 220 per month"! That is about a quarter of what I pay, and mine is only that cheap because my previous employer pays 65% of my premium. Granted, that deductible is ridiculous. I need to move.

#459 7 months ago

I will be probably be retiring from my part time job (National Guard) in one to two years. There is a pension associated with this that will start at age 59 for me, but one of the best benefits is health care coverage (Tricare) that converts to Tricare for Life at age 60 and is essentially free to 65, then becomes a wrap around with Medicare part B (have to pay the part B premium). Between the time after I retire from the Guard and 60, I can have the same coverage but it will cost more than my civilian job - I'll switch to that for a few years.

I think retiring from the Guard will FEEL like a full retirement, so I plan to keep working my one job and get back 20+ hours on average a week ...

#460 7 months ago
Quoted from ReadyPO:

I will be probably be retiring from my part time job (National Guard) in one to two years. There is a pension associated with this that will start at age 59 for me, but one of the best benefits is health care coverage (Tricare) that converts to Tricare for Life at age 60 and is essentially free to 65, then becomes a wrap around with Medicare part B (have to pay the part B premium). Between the time after I retire from the Guard and 60, I can have the same coverage but it will cost more than my civilian job - I'll switch to that for a few years.
I think retiring from the Guard will FEEL like a full retirement, so I plan to keep working my one job and get back 20+ hours on average a week ...

My brother-in-law did 20 years with The Guard. He gets Tricare. The company he worked for pays for full retiree health care. And he gets Medicare, as well.

He is covered nine ways from hell. But yet, when I talk to him about some sort of Nat'l health care plan, he says it won't work. His attitude is "I've got mine. Fuck the rest of ya. "

#461 7 months ago
Quoted from cottonm4:

you will pay a penalty for early withdrawal.

Thankfully I will qualify for what they call the 55 plus rule and I wont have to pay a penalty. The way I have everyth8figured up I also wont have to dip into my 401K but I think that I will a little bit anyways just to live a little better. Remember I also get social security at age 62 so that's going to be a nice raise also.

#462 7 months ago
Quoted from Who-Dey:

age 62 so that's going to be a nice raise also.

I retired at 62 and started SS at that time. I have SS and two pensions live on. I make less than $30K per year. But 85% of SS income is not taxable income. Only 15% counts as taxable income. I can make up to $36,000 per year before I have to pay Federal Tax. I figure that little tax benefit makes < $30K per year feel like I am making $50K and paying tax.

So, I can only make about $8,000.00 per year before I have to start paying taxes. This is one reason I have never bothered to look for a part time job.

And with the new 1040 tax rates, I can take $8,000.00 from my IRA and not have to pay any taxes. So I am busy drawing it down by $8K per year in an effort to have the IRA stripped clean a few years down the road without having to ever pay any taxes on withdrawals.

#463 7 months ago
Quoted from cottonm4:

I can make up to $36,000 per year ...

index (resized).jpg
#464 7 months ago
Quoted from cottonm4:

I retired at 62 and started SS at that time. I have SS and two pensions live on. I make less than $30K per year. But 85% of SS income is not taxable income. Only 15% counts as taxable income. I can make up to $36,000 per year before I have to pay Federal Tax. I figure that little tax benefit makes < $30K per year feel like I am making $50K and paying tax.
So, I can only make about $8,000.00 per year before I have to start paying taxes. This is one reason I have never bothered to look for a part time job.
And with the new 1040 tax rates, I can take $8,000.00 from my IRA and not have to pay any taxes. So I am busy drawing it down by $8K per year in an effort to have the IRA stripped clean a few years down the road without having to ever pay any taxes on withdrawals.

That's the way to do it sounds like Cotton. Not sure what kinds of things you can do but cash jobs are certainly nice also.

#465 7 months ago
Quoted from Bryan_Kelly:

You might want to check on using HSA money to pay for premiums. Normally you can't.

Already did it’s a go

#466 7 months ago
Quoted from cottonm4:

When that HSA deduction was started the rules were different. At the time, any monies put into an HSA was an annual thing. Any monies you did not use were forfeited to the govt. So, if you did not get sick and use the HSA money it just disappeared. Of course, retailers stepped I to fill the gap. Eyewear sellers were endlessly hawking for you to use your FLEX dollars on a new pair of glasses.
I gave that policy the middle finger salute and never considered it again. By the time the policy was amended I was too close to retirement to consider it.

Yep new rules now it carries over from year to year

#467 7 months ago

been following this with interest. i could of retired last year (54 and 9 months) but just not ready.

fortunate that i work for the australian defence force (navy) and we have an excellent superannuation scheme.

my daughter and husband and their 2 young children live in perth, which is a 5 hour flight west. they are looking at moving back.

once they do, that will be the time. would love to be a fulltime grandparent.

#468 7 months ago
Quoted from Who-Dey:

That's the way to do it sounds like Cotton. Not sure what kinds of things you can do but cash jobs are certainly nice also.

Jack of all trades. Cash jobs would be nice. But I have not developed any contacts.

#469 7 months ago

I semi retired in 01, but I kept my business for supplemental income. I only work about 20 hrs a week certain months out of the year. Sometimes I have to work a bit more to get a job done. I had to work more last year because I paid everything off. Now I am trying to reinvent myself so I can stop doing excavation altogether and pass it on to the son. I have my third home for sale and that will generate the nest egg I will need to step away from it all. My second home I will continue to rent. That will pay the bills and the nest egg will stay in the market. I will most likely syphon off about 50k to play around with. (I like to flip things. No not pinball, other things.) I have been playing around with ETFs in the stock market and I haven't lost my shirt yet! Actually doing pretty well. I am up 10% so far this year already.

#470 7 months ago
Quoted from Bryan_Kelly:

You might want to check on using HSA money to pay for premiums. Normally you can't.

I’ll have to ask again. My HR told me 2 years ago I could.if not shouldn’t be a problem social security 2 pensions and 401k is enough

#471 7 months ago

I'm 62 and still working strong!

With that said; I'm intrigued with what other pinheads are doing, during their later years.

We (wife & I) are blessed with our amazing home, investments and 3 incredible adult sons and 2 beautiful granddaughters

Financially, we are very comfortable and happy! However, we should/need to look closer at switching gears into the "retirement" direction. We have gone to a couple seminars on this, but "I" feel they are self serving in their offerings, my wife feels different.

Anyone have any thoughts or comments on this?

Let us older timers know.
Thanks
Kerry

#472 7 months ago

I'm 58 and I have no plan for retirement. The TV shows great shit late at night, and the Mexican workers wake me up in the morning. Yuban coffee gets me on my way. And there is no regular job I have to report to.

But does my life suck if I am reporting this to you at 1:28 AM?

#473 7 months ago
Quoted from o-din:

But does my life suck if I am reporting this to you at 1:28 AM?

Not at all. Your life only sucks if YOU think it sucks. You seem to be doing quite well to me and you seem happy.

#474 7 months ago
Quoted from o-din:

I'm 58 and I have no plan for retirement. The TV shows great shit late at night, and the Mexican workers wake me up in the morning. Yuban coffee gets me on my way. And there is no regular job I have to report to.
But does my life suck if I am reporting this to you at 1:28 AM?

You appear to have things figured out so why change? Your time spent here on Pinside would indicate a balance in your life.

I personally enjoy your topics and your "rapist wit" is very entertaining.

QSS

#475 7 months ago
Quoted from o-din:

I'm 58 and I have no plan for retirement....

Nice. OK mods, close up the thread we're done here!

#476 7 months ago

I didn't say I had no plan to retire.

#477 7 months ago
Quoted from Kerry_Richard:

I'm 62 and still working strong!

With that said; I'm intrigued with what other pinheads are doing, during their later years.

We (wife & I) are blessed with our amazing home, investments and 3 incredible adult sons and 2 beautiful granddaughters

Financially, we are very comfortable and happy! However, we should/need to look closer at switching gears into the "retirement" direction. We have gone to a couple seminars on this, but "I" feel they are self serving in their offerings, my wife feels different.

Anyone have any thoughts or comments on this?

Let us older timers know.

Yeah, gotta be careful with those seminars. They are just an ad so you will sign with them. Lucky to have one of my best friends and fellow Cigar Club member who is a financial consultant. (you will need a good one)
In one way we're lucky....no kids. (BIG money saved) ..in another, not so lucky. When you marry a younger woman who's in Real Estate, medical is a killer. She pays $900 a month and it's going up. We will probably move up to the house in the country (PA) as our NJ taxes, etc are crazy. In N. NJ (Saddle River, Park Ridge, etc) half a million is a "fixer-upper" and taxes are incredible.
Still....nothing a good cigar and tequila can't fix.....

#478 7 months ago
Quoted from spfxted:

Still....nothing a good cigar and tequila can't fix.....

download (resized).jpeg
#479 7 months ago
Quoted from o-din:

I didn't say I had no plan to retire.

Touche`

#480 7 months ago

Damn I'm starting to second guess this retirement thing. The gf has about 50 f'ing home improvement jobs lined up for me already.

15
#481 7 months ago

I sent the letter to HR and the boss yesterday. Retiring December 31 after 41 years in engineering, all of it in new product design for various companies.

The stuff I designed for them has made them many hundreds of millions of dollars. Hope my meager preparations will last, but I always said I would retire while I could still break down or set up a pin by myself.

Don't wait too long, folks.

Don C

#482 7 months ago
Quoted from Who-Dey:

Damn I'm starting to second guess this retirement thing. The gf has about 50 f'ing home improvement jobs lined up for me already.

Oh it's so good. I got so much work done when I was at home and didn't have a lot of work; a ton.
I could of got a lot more done but seems like everyone else was home from work and school as well

It actually made me feel like I was retire to collect my checks at home

True, the rampant drinking has to be relaxed a bit

#483 7 months ago

Ahh yes the rampant drinking.After 4 years in the Army and 33 with the Airlines I'm ready to change my pitch up.No more drug tests for me.Legal high quality potent weed.And so many flavors

#484 7 months ago

.

#485 7 months ago
Quoted from Slugmeister:

Ahh yes the rampant drinking.After 4 years in the Army and 33 with the Airlines I'm ready to change my pitch up.No more drug tests for me.Legal high quality potent weed.And so many flavors

You've earned it!

#486 7 months ago
Quoted from Slugmeister:

Ahh yes the rampant drinking.After 4 years in the Army and 33 with the Airlines I'm ready to change my pitch up.No more drug tests for me.Legal high quality potent weed.And so many flavors

Ahhhh...yessssss. The joy of never having to pee in a cup again. Are the bars going to go broke with your new directions?

#487 7 months ago

35 days to go

6 months later
14
#488 12 days ago

I got the call from the boss last week that he's throwing in the towel and sold the smog shop. So, there is no job to go back to.

I guess that's called "retiring by default". When all the free money runs out, I'm sure I'll be able to find ways to make a few bucks if need be. I'll try to make it so it has nothing to do with killing time in front of a computer all day, like that job was.

#489 12 days ago
Quoted from o-din:

I guess that's called "retiring by default".

Wow no shit man. So how are you feeling aboot it?

10
#490 12 days ago
Quoted from o-din:

In my line of work as an auto tech, early on I tried to stay at the same place as long as I could until I found out there is no loyalty. They will hire somebody to do it cheaper, or cut into the technician's earnings to satisfy their own greed
.

I can identify with this. I worked at the same employer over 30 years. Then came a change of ownership. It became clear that they wanted me out for cheaper staff, but were quite happy for me to train said staff but didn't want to pay me to do it. So 1 year to the day I gave my month's notice in.
So fast forward 12 months and despite a global pandemic, the last year has been the best of my life. Because it is MY life now, they did me a favour.

13
#491 12 days ago
Quoted from TheLaw:

Wow no shit man. So how are you feeling aboot it?

I got the word Friday, and at first it was a little hard to unravel. But, then I remembered all the hours sitting in front of the computer waiting for customers, and it turned into super relief. My plan all along was to go back and work until he threw in the towel anyway. The free money that doesn't look to be running out anytime soon makes it a lot easier to swallow. I'm happy and content.

#492 12 days ago

Nice. Kick back, relax, & enjoy.

#493 12 days ago

My wife lost her job of over 39yrs with Anthem during the early stages of the pandemic and has since been diagnosed with stage2 emphysema and really can not re-enter the work force unless she works from home as she had for over 15yrs. I had actually semi-retired at 62 some 3yrs prior and was scheduled to file for my SS in December 2020 but with her diagnosis health insurance sky rocketed so I have went back to work for at least 3yrs when she'll be able to retire early. Her insurance alone went to 1,800 a month with an additional 1,500 when she enters stage 3 for oxygen tanks so I know how tuff things can get retiring. Sad really because we both have very good 401's and she has a pension to boot but insurance and just living life expenses at that rate would break us somewhere near the 8-9 yr mark.

#494 12 days ago

Should be another stimulus check soon with the incoming administration.

12
#495 12 days ago
Quoted from TheLaw:

Nice. Kick back, relax, & enjoy.

I've accomplished more over the last year than any in recent history. House repairs, pinball repairs, and rebuilding an entire Jeep! It's weird, but I'm all caught up now with no other major projects on the horizon. And I get up with the sun every day no matter how late I stay up or whatever I have done the night before. I take long walks every day before I start that up again. At least the weather's nice. Life is good.

Quoted from Slugmeister:

Should be another stimulus check soon with the incoming administration.

Indeed!

#496 12 days ago
Quoted from o-din:

I got the call from the boss last week that he's throwing in the towel and sold the smog shop. So, there is no job to go back to.
I guess that's called "retiring by default". When all the free money runs out, I'm sure I'll be able to find ways to make a few bucks if need be. I'll try to make it so it has nothing to do with killing time in front of a computer all day, like that job was.

Maybe you can help me do some work on my 04 Camry! It should look familiar. I think this one is almost the same as the one you fixed up after your family member (daughter?) crashed it. I bought it new, but it was gone from 2012 until this year with my son, including 5 years in Maryland. Now I've got it back and am fixing it up, it has 135,000 miles and my goal is to double that at least.
right side (resized).jpg

#497 12 days ago
Quoted from xsvtoys:

Maybe you can help me do some work on my 04 Camry! It should look familiar. I think this one is almost the same as the one you fixed up after your family member (daughter?) crashed it. I bought it new, but it was gone from 2012 until this year with my son, including 5 years in Maryland. Now I've got it back and am fixing it up, it as 135,000 miles and my goal is to double that at least.

My buddy's girlfriend crashed his newer Lexus, but I decided I'm a mechanic, not a body work man. That Camry was enough of that! At 135,000 miles, yours should just be getting broken in, as I saw many with way more miles than that still running like a top with no leaks at all.

This could be like the 90s all over again, where part of the time I worked out of my garage. The 90s were great! Did I ever mention that?

#498 12 days ago

A year ago July I left after 40 years. I felt abused by my employer’s new manager and walked. I had a healthy severance package and thought I’d go back to work once it was about to expire. The pleasure of not having the constant work pressure, stress, and deadlines was too much. I’m proud to say I retired at 62.

Next time I see my employer’s new manager I need to remember to thank him.

Currently, restoring the Pinbot I bought about four years ago that needed work. Next up is a pitch and bat I’ve owned for more than five years with mangled pitching and batting mechanisms and burnt wiring.

#499 12 days ago
Quoted from o-din:

I've accomplished more over the last year than any in recent history. House repairs, pinball repairs, and rebuilding an entire Jeep! It's weird, but I'm all caught up now with no other major projects on the horizon. And I get up with the sun every day no matter how late I stay up or whatever I have done the night before. I take long walks every day before I start that up again. At least the weather's nice. Life is good.

Enjoy it brother life is so short! Ironic you work on and worked in the car industry as that's what I do now, I manage an Auto Zone store. I don't make what I did over my previous Mgmt career but it's easy and I'll only be doing for a 2-3 yr stretch. Funny cause I really don't know shit about cars but I have a computer and many around me that do lol. I do know business and budgets and can meet or exceed any ROI benchmarks given the proper resources and a good team under me.

#500 12 days ago
Quoted from RWH:

I manage an Auto Zone store.

We've got one about two blocks from here and I visit them regularly. Some of the coolest dudes work there. And they know me!

Promoted items from the Pinside Marketplace
$ 18.99
Eproms
Matt's Basement Arcade
$ 5,999.00
Pinball Machine
Little Shop Of Games
$ 209.99
$ 16.50
From: $ 5.00
Cabinet - Other
UpKick Pinball
$ 26.99
Lighting - Interactive
Lee's Parts
$ 15.00
Apparel - Unisex
Silverball Swag
From: $ 99.99
Cabinet - Other
Lighted Pinball Mods
€ 10.00
Playfield - Plastics
Creo Pinball
From: $ 99.99
Cabinet - Other
Lighted Pinball Mods
$ 16.95
$ 53.00
Cabinet - Shooter Rods
ModFather Pinball Mods
From: $ 99.00
Lighting - Under Cabinet
Rock Custom Pinball
$ 19.99
Eproms
Matt's Basement Arcade
$ 16.00
$ 89.99
Lighting - Led
Lighted Pinball Mods
$ 899.00
$ 5,999.00
Pinball Machine
The Pinball Place
$ 35.00
Cabinet - Decals
Pinball Haus
$ 30.00
Playfield - Other
YouBentMyWookie
€ 8.50
Flipper Parts
Buthamburg
$ 38.00
Cabinet - Sound/Speakers
ModFather Pinball Mods
$ 26.95
Playfield - Toys/Add-ons
ULEKstore
$ 10.00
Playfield - Decals
Mods for your pinballs
$ 12.95
Playfield - Other
Hookedonpinball.com
From: $ 55.00
Gameroom - Decorations
Pinball Photos LLC
$ 20.00
Cabinet - Other
Filament Printing
$ 99.95
Cabinet Parts
Merf's Pins
$ 40.00
Playfield - Toys/Add-ons
The MOD Couple
From: $ 9.99
There are 715 posts in this topic. You are on page 10 of 15.

Hey there! Got a moment?

Great to see you're enjoying Pinside! Did you know Pinside is able to run thanks to donations from our visitors? Please donate to Pinside, support the site and get anext to your username to show for it! Donate to Pinside