The recent spike in inflation, combined with falling stock prices, has a recently retired friend of mine considering returning to work. I’m planning to retire in a year and a half but may delay if these trends continue. Anyone else having second thoughts?
Retirees and Those Close to Retirement -are you rethinking?
|by Anonymous||reply 24||January 23, 2023 11:43 AM|
Recession is looming!
|by Anonymous||reply 1||May 8, 2022 11:12 AM|
I returned to work (part-time) last year simply b/c I enjoy it and the non-profit I volunteer for needed the help and asked me to go on staff. I like the people and the work. I earned more in one hour in my professional job than I earn in a week now, but that doesn't matter. I have enough money and I like what I'm doing and I can pretty much make my own hours. I'm not worried about my investments, I have plenty.
|by Anonymous||reply 2||May 8, 2022 11:19 AM|
Hell no I'm not going back to work.
Here's a Pro Tip re retirement: NO ONE thinks they have enough money saved, but once you do retire, you'll find you could have retired even earlier.
In my estimation ¼ to ⅓ of your salary goes out just to maintain "the job." Think about this.
|by Anonymous||reply 3||May 8, 2022 1:26 PM|
Retired a year ago due to Covid. I've found I have a better lifestyle, more relaxed, healthier mentally and physically now that I'm out of the full tine work force. Less cash for sure but I do what I want when I want --which is the best gift life can give.
|by Anonymous||reply 4||May 8, 2022 1:56 PM|
R3, very true as we found out during the pandemic. I saved so much money working from home in my sweats.
|by Anonymous||reply 5||May 8, 2022 2:07 PM|
I own a house which I will only be able to afford while I’m working. I know that I must sell it when I retire.
The big question is where do I move to? Florida which doesn’t have a state tax but is nuts or California which is closer to relatives but taxes the hell out of you?
|by Anonymous||reply 6||May 8, 2022 2:09 PM|
How much money do you need to retire?
|by Anonymous||reply 7||May 8, 2022 2:13 PM|
R6 Georgia has a moderately generous investment income exclusion for seniors.
|by Anonymous||reply 8||May 8, 2022 2:15 PM|
I have a few more years but have started practicing living on a fixed income taking into account how much I will have to pay for supplemental health insurance.
|by Anonymous||reply 9||May 8, 2022 2:28 PM|
My retirement plans are the same. I'll be dropping down to part time in a few months.
|by Anonymous||reply 10||May 8, 2022 2:31 PM|
R6 Find an up and coming smaller blue city in a red state, especially towns with universities. Lower cost of living and enough of a bubble to take the edge off of any culture shock. For me- Fayetteville Arkansas. Tons of Walton family money rolling around to enrich the cultural scene and enough old hippies, university students, fledgling entrepreneurs to give the town some life. Cost: Rent, utilities, taxes, are 40% cheaper than my last northern city (Minneapolis)
|by Anonymous||reply 11||May 8, 2022 2:32 PM|
I’m fortunate to have a work at home job that pays well. If I had to work in the office I would retire.
|by Anonymous||reply 12||May 8, 2022 3:59 PM|
You will always out live your money.
|by Anonymous||reply 13||May 8, 2022 5:16 PM|
If you own a home in an area with high real estate prices, cash out, and move to an area with low real estate prices.
Pay cash for your retirement home and then enjoy a cheaper cost of living.
The advice up thread to look for a smaller city with a college or university is sound. Avoid an area that gets tourists or you'll find yourself hosting friends and family more than you'd want.
|by Anonymous||reply 14||May 8, 2022 8:42 PM|
Anyone else changing their plans due to higher interest rates and a forever-looming recession on the horizon? Or are you all still retiring and enjoying the good life?
|by Anonymous||reply 15||January 22, 2023 1:59 PM|
Besides Fayetteville, Birmingham, Huntsville, Oxford, Knoxville, Augusta, Savannah, Tennessee Tri-Cities
|by Anonymous||reply 16||January 22, 2023 2:07 PM|
We are 64 and 62, so definitely thinking about it. We do not look at our retirement accounts often (once a quarter or so) so not too worried about the day-to-day changes in the market. We are 2 and 5 years away from Social Security, so reckon we'll be working for a few more years anyways.
The only change to our spending habits has been in terms of travel. We have not taken a vacation since before COVID and we used take 2 weeks to travel abroad for a joint vacation. I reckon we will resume travelling at some point - maybe in 2024.
|by Anonymous||reply 17||January 22, 2023 2:20 PM|
I'd sooner live in a pile of shit than live anywhere in the south
|by Anonymous||reply 18||January 22, 2023 2:25 PM|
I also am working 100% remote now, and like banking the larger salary I earn these days. Enjoying what you do is also a major factor. I paid off my house at the end of last year, but want to do some repairs and updates while I downsize all the stuff I have accumulated over the years.
I keep saying that I don't have the time to retire, but I am finalizing several long-term projects. Maybe I'll make the leap by the end of the year?
|by Anonymous||reply 19||January 22, 2023 2:30 PM|
Retirement? What the hell is that?! I have a better chance of seeing Jesus.
|by Anonymous||reply 20||January 22, 2023 2:31 PM|
I am 54 and have enough years in my government job to retire, but I want to pay off some things first. Right now, I’d draw about 62% of my current salary. If I stayed until 65, I’d draw almost 100%, but I am not sure I can hold out that long. I like my job, but I’d kind of like to take my retirement and do something else—less pressure, more creative, closer to home—just to cover my insurance until I can get Medicare. I wouldn’t want to retire and then do another 40 hour job, though.
|by Anonymous||reply 21||January 22, 2023 2:47 PM|
I am 61 and retiring in 3 years. I don’t worry about the stock market because I don’t need any retirement funds until age 70. I can live off a pension and SS.
|by Anonymous||reply 22||January 22, 2023 3:15 PM|
R18 If you're not living in the South, then you already are living in a pile of shit. Please stay put. No one wants you here.
|by Anonymous||reply 23||January 22, 2023 3:26 PM|
[quote] Right now, I’d draw about 62% of my current salary. If I stayed until 65, I’d draw almost 100%,
R21 is praying the government remains solvent. National debt is now $31.12 trillion. I'm 55 and think there's a 50/50 chance I'll ever see social security money.
|by Anonymous||reply 24||January 23, 2023 11:43 AM|