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Thread: Golden dreams of retirement

  1. #1
    Chairman of the bored Maister's avatar
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    Golden dreams of retirement

    Everybody knows someone who worked like a dog their whole life and retired only because they were required to or it was somehow expected of them when they reached a certain age, and that lost soul ended up dropping dead within a year or so of retiring. There probably is something genetic going on with those kind of early deaths but I have to believe state of mind plays a prominent role as well.

    It's funny people seem to respond to retirement differently. Some never really "retire" and manage somehow to keep their proverbial fingers in the (work) pie, others go through a period of transition and find their new stasis, some throw themselves into a new Life's Mission (oftentimes as volunteers) and yet others use the time to play and frolic as long as their energy and money allow.

    How do you think you will approach retirement? You may be planning for it financially, but are you also planning how your days will be spent? Or will you approach this stage of your life as you have all the others, take it on the fly and adapt as needs be?
    People will miss that it once meant something to be Southern or Midwestern. It doesn't mean much now, except for the climate. The question, “Where are you from?” doesn't lead to anything odd or interesting. They live somewhere near a Gap store, and what else do you need to know? - Garrison Keillor

  2. #2
    Cyburbia Administrator Dan's avatar
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    I don't think I'm going to retire in a conventional sense. I've been saving for it, but I don't think I'll be able to retire comfortably. I'll probably be one of those semi-retired planners who does some work on the side; a zoning code update here or there for towns that don't have planning staff or the resources to hire a big-name planning consultant.
    Growth for growth's sake is the ideology of the cancer cell. -- Edward Abbey

  3. #3
    OH....IO Hink's avatar
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    I have been planning financially for retirement since I was 22 and took my first real job. I went into the public sector partly because I wanted to retire at 55 with a pretty good retirement. I am planning on that still being the case (until they completely screw over public sector workers and my pension goes to 10% of what I was originally promised.....).

    My wife and I would like to build a house on some land and will probably do that in our 40's in hopes of paying it off by our retirement. I will then spend my time working on the land (farming, landscaping, vineyard, etc.) to pass the time. I am also going to volunteer coach, which I would love to be able to do now, but it isn't feasible with my schedule.

    I am also going to travel. My wife and I didn't really get much of a chance to do "fun" things together before we had kids - which was thought out as we didn't have money to do them anyways, and we thought we would in retirement. So we put off the idea of traveling and doing extra things until we get to retirement. My kids will be 30, and two times 27, so they will be out of college and on their way. I am sure I will want to see grandkids and babysit as well.
    A common mistake people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools. -Douglas Adams

  4. #4
    Quote Originally posted by Dan View post
    I don't think I'm going to retire in a conventional sense. I've been saving for it, but I don't think I'll be able to retire comfortably. I'll probably be one of those semi-retired planners who does some work on the side; a zoning code update here or there for towns that don't have planning staff or the resources to hire a big-name planning consultant.
    I'm in the same boat and this is what I'll probably do as well, unless I manage to marry a rich divorcee or window.
    When did I go from Luke Skywalker to Obi-Wan Kenobi?

  5. #5
    Cyburbian michaelskis's avatar
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    I recently had a discussion with a friend and he made a very good point. Too many people think that retirement is a factor of age, but it is actually a factor of wealth. He also pointed out that the days of a person retiring to live the golden years are more likely to be working at the golden arches because american's don't save and get into debt too much. (He is a German)

    For me, I am likely to retire from "Planning" someday, but it will likely be replaced with something that I can do at my leisure on my time schedule.
    "A long habit of not thinking a thing wrong, gives it a superficial appearance of being right, and raises at first a formidable outcry in defense of custom. Time makes more converts than reason." - Thomas Paine Common Sense.

  6. #6
    Cyburbian DetroitPlanner's avatar
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    I will be able to 'retire' in about nine years. At 55 I will be able to get a nice pension that I will supplement with either working a fun job or starting a business. A few years after that I will be able to start drawing on my 457 then a couple after that my SSI (if its still around). I would much rather have an anhanced medicare than SSI. Needless to say I have this pretty well planned out and have been saving for it since I started working full time.

    Most likely I will no longer have my cottage by the time 55 rolls around. I have become bored with it, and would have sold it by now if it wasn't for the fact that people are not buying second homes in Michigan as they are still losing thier primary ones. I expect to take another hit when selling it, but since I did not have all my eggs in one basket I should be okay. My goal has been to travel a lot more than I am presently doing. The problem with the cottage is that since I have an investment in it, and it needs maintenance, a lot of trips are spent there as it needs both to be maintained and the investment in it justified.
    We hope for better things; it will arise from the ashes - Fr Gabriel Richard 1805

  7. #7
    Cyburbian WSU MUP Student's avatar
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    I plan to retire from full-time work when our daughter graduates high school. That would make me just under 50 (maybe a couple years older if we decided to have another kid). I sock away about 30% of my income every year, we have some substantial savings built up already for folks our age, and thankfully we do not need to worry about paying for college for our kids. The quicker I can stop working, the better.

    Once I am done working full-time, I plan to fill my days with long leisurely walks, distance running, and gardening and landscaping. I am going to wear black socks and shorts, wheel my BBQ grill into the driveway, and yell at kids walking too close to my perfect lawn. If I can find a part-time job that would allow me to be outside I may pursue that as well.

    Had I decided to be a lifer in the Marine Corps, I would already be just about 5 years away from retirement. Sometimes, I think about that and really regret getting out. If I really did retire that early (38 or 39) I would definitely need to work full-time for some period of time and probably would have tried to be a teacher (Troops to Teachers program).
    "Where free unions and collective bargaining are forbidden, freedom is lost." - 1980 Republican presidential candidate Ronald Reagan

  8. #8
    Cyburbian btrage's avatar
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    My pension will be fully vested when I'm 58, so that's my target date.

    My youngest daughter will graduate high school when I'm 46, so it may be difficult for me to go all the way to 58. I can see myself semi-retiring in my early 50s, and then starting my own part-time consulting business.

    I can envions myself working well into my 60s, just for the sake of working. So long as that is supplemented by copious amounts of travel.
    "I'm very important. I have many leather-bound books and my apartment smells of rich mahogany"

  9. #9
    Super Moderator kjel's avatar
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    I am going to die working. I am not a public employee so there is no pension, only 401K. I took 4 years out of the full time workforce to pursue graduate degrees. I am currently paying for one child's college education and the other one is in diapers.
    "He defended the cause of the poor and needy, and so all went well. Is that not what it means to know me?" Jeremiah 22:16

  10. #10
    Cyburbian Plus JNA's avatar
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    What is this "golden dream of retirement" that you speak of ?
    Oddball
    Why don't you knock it off with them negative waves?
    Why don't you dig how beautiful it is out here?
    Why don't you say something righteous and hopeful for a change?
    From Kelly's Heroes (1970)


    Are you sure you're not hurt ?
    No. Just some parts wake up faster than others.
    Broke parts take a little longer, though.
    From Electric Horseman (1979)

  11. #11
    Cyburbia Administrator Dan's avatar
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    Quote Originally posted by kjel View post
    I am going to die working. I am not a public employee so there is no pension, only 401K. I took 4 years out of the full time workforce to pursue graduate degrees. I am currently paying for one child's college education and the other one is in diapers.
    I feel like I'm going to face the same fate. It's not that I never saved for retirement -- in fact, I'm taking the maximum for my deferred comp -- -- but rather, the Great Recession hit me hard. Being single also doesn't help. I'm not going to sell my house in Cleveland, so I'll have a residence that's paid off before I hit 65.
    Growth for growth's sake is the ideology of the cancer cell. -- Edward Abbey

  12. #12
    Cyburbian
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    This has been an issue that I've been struggling with for the past year. Last Fall I had to confront my mortality face to face. I came out of it ok and the prognosis is pretty good. At the same time it forced me to ask the question "Is this (the job) what I want to do with the proverbial rest of my life?"

    I concluded that I want to enjoy life to the max, particularly while I still have the vestiges of good health and a degree of energy. I concluded that I no longer want to deal with the screaming resident, the pompous politician, the smarmy realtor or, for that matter, more than a few of my fellow planners.

    I've been eligible for a couple of years now and was hanging in there to try and pump up the monthly pension. Now that I've reached the point where an additional year only means an additional $50 a month (yeah I know, that's a LOT of cat food and ramen noodles) it doesn't seem to be worth it. Also given the continuous talk of reducing public pensions I want to start collecting mine while it's still intact.

    I'm working on lining up some non-planning volunteer gigs such as ESL instruction where I can feel like I'm still a contributing member of society but I'll try to avoid anything having to do with planning or municipal govt. In fact when I shared my retirement thoughts with a neighbor he suggested that I run for the condo board...I looked at him like he had just suggested I eat newborns for breakfast and replaied "God no, that's too much like the job"

  13. #13
    Cyburbian Rygor's avatar
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    I've got dreams of selling my house and buying an RV to travel around the country in (and Canada, and Mexico if it's safe by then). I won't need too much of a pension by then, hopefully, and should have little to no debt to worry about. I would consider some light consulting work if I needed to make ends meet somehow, but I know I'm not one of those people who wants to work till I die.
    "When life gives you lemons, just say 'No thanks'." - Henry Rollins

  14. #14
    Cyburbian Cardinal's avatar
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    I am another of the vast majority of Americans who will likely not be financially set to retire by the time I reach my 60's. The recession hit hard, with lost value in savings and home, and the hit to my business. Fortunately I am also not the kind of person who could easily retire at 65. I really enjoy the work I do, and I could not see setting it aside to pick up a metal detector and walk on the beach. I don't have kids, so I will have no grandkids. Of course, that is also an opportunity to save some cash.

    Maybe when I get closer to retirement age I will track down a few casually-retired planners like Dan and form a RED planning firm.
    Anyone want to adopt a dog?

  15. #15
    Cyburbian Zoning Goddess's avatar
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    Don't know when we'll retire: I need another at least 8 yrs in the state system before I retire, but....not here, in the FL panhandle. I could handle anyplace from Gainesville FL south, but north of the Miami miasma. Lots of festivals, activities, other stuff to do, when we have grandkids taking them to Disney, Kennedy Space Center, etc (probably 10 yrs until they come along). I read. RJ plays golf, here and there. That won't keep us occupied.

  16. #16
    Cyburbian Mud Princess's avatar
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    I started saving for retirement relatively late, first because of grad school and then because of student loan payments, which made it virtually impossible for me to set money aside. On the plus side, my SO has been taking the maximum towards his 401(k) at every job he's had over the last 15 years. And we have no kids.

    Like Cardinal, I can't see myself retiring at age 65. I like to work, and whether I continue to do consulting or I do something else remains to be seen. I'd love to travel and see all those places I've always wanted to visit, but that will depend on finances. Simply stated, the idea of puttering around or "taking it easy" in my so-called golden years has no appeal to me whatsoever. I need to stay busy and keep my mind active.

  17. #17
    Cyburbian Planit's avatar
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    I'll have my 30 years in the system in 2019, but Wee P won't get out of college until 2025 so that's my target date (that will make me 63). House will be paid for in 6 years, which means alot of the money paying for a mortgage will be put into savings/investment/401k. That should work well for our family.
    "Whatever beer I'm drinking, is better than the one I'm not." DMLW
    "Budweiser sells a product they reflectively insist on calling beer." John Oliver

  18. #18
    Gunfighter Mastiff's avatar
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    I'm going to retire and live in my deskfort.
    -----------------------------------------------------------------
    C'mon and get me you twist of fate
    I'm standing right here Mr. Destiny
    If you want to talk well then I'll relate
    If you don't so what cause you don't scare me

  19. #19
    Cyburbian
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    I've talked with a lot of people who want to retire outside the country. That honestly doesn't seem like a bad idea if you're comfortable with it. Your money can go a lot further in some developing country than it can in the US plus the healthcare is often comparable.

    I'm still young so I can't even begin to speculate what my retirement situation will be like. I can say I would like to travel some though. This is what my grandma does... she got a bunch of money after marrying some rich guy who died the following day

  20. #20
    Super Moderator kjel's avatar
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    Quote Originally posted by Blide View post
    I've talked with a lot of people who want to retire outside the country. That honestly doesn't seem like a bad idea if you're comfortable with it. Your money can go a lot further in some developing country than it can in the US plus the healthcare is often comparable.

    I'm still young so I can't even begin to speculate what my retirement situation will be like. I can say I would like to travel some though. This is what my grandma does... she got a bunch of money after marrying some rich guy who died the following day
    More likely than not I would retire overseas.
    "He defended the cause of the poor and needy, and so all went well. Is that not what it means to know me?" Jeremiah 22:16

  21. #21
    Cyburbian Zoning Goddess's avatar
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    Quote Originally posted by Mastiff View post
    I'm going to retire and live in my deskfort.
    Really? I don't believe we've seen your deskfort yet...

  22. #22
    Gunfighter Mastiff's avatar
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    Quote Originally posted by Zoning Goddess View post
    Really? I don't believe we've seen your deskfort yet...
    Maybe one day. I have to move someone out from under there, though...
    -----------------------------------------------------------------
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    I'm standing right here Mr. Destiny
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    If you don't so what cause you don't scare me

  23. #23
    Cyburbian Tom R's avatar
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    retirement

    I've been retired since the end of January (nuyk, nyuk, nyuk) and I don't miss work at all. I let my APA and AICP membership lapse and I'm not looking back.
    WALSTIB

  24. #24
    Cyburbian Mark's avatar
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    dog food

    I will be eating dog food if I retire.
    Ohhhh Mama, can this really be the end!

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