I think about retirement everyday. I think about the day that I don't have to go to work anymore. When I am able to wake up one morning and decide to travel and do what I want on a whim. I think about where I will retire to, etc.

Yes, I'm thinking about retirement everyday.


Don Cardi

Congrats DC! I think about retirement everyday myself. Unfortunately I'm only 22

You S.O.B.


DS

Gotcha, huh Don Smitty? :p


Don Cardi

I think that the retirement age should be 40 instead of 65. I was on vacation and saw so many elderly people who are obviously retired, but needed wheelchairs and walkers and canes to get around. It was nice that they still force themselves to get out and about, but sad that they couldn't physically enjoy the fruits of their labors. I think that retirement should be for those young enough to enjoy it.

I think that life in general is backwards.

You should be retired the first 50 years of your life, and then have to go to work.


Don Cardi

It's not that I'm lazy. It's that I just don't care.

I have a combination of both and that can be dangerous

Ahh! This is something I think of often in the last couple years. I could very easily get use to it, and look forward to it very much.

I don't think my wants/desires are that "high end". I'm content in simple surroundings, and would choose to spend my time with my family, and my money traveling to see places I've always wanted to see.

"Ideally" it'd be great to have a second home in Michigan to be by my family, and a place in NYC simply because I love so much, this while still keeping my residence in California.... Obviously I know that's not gonna happen, but it doesn't matter because I'm content as long as my family & myself are healthy and doing ok, and that's the important thing.

TIS

I would prefer a house in the suburbs, an apartment in NYC and a small place in Sicily on the water, perhaps in Terrasini. That would be sheer perfection. Oh, and the money to buy them all and be able to fly back and forth at will. Think I'll need to rent out a few more offices, though.

Since I hit 40 a few years back and have a 401K sitting around that I'm not supposed to touch for another 12 years...I'm all for that!!!!



Apple

I got one kid in college, and one going in 2006. No rest for the weary.

SAME HERE!!!!!!!!!!!!

I retired about nine years ago. Never looked back. Most important factor: attitude. Today's Wall Street Journal, Personal section, has an excellent article on attitude and retirement. My advice:
1. Pension is vastly better than any cash settlement any employer can give you.
2. Have realistic expectations of what you can spend and get along with--and without. For example: many retirees think their living expenses will be less because they don't have to commute to work, buy lunches, business clothing, etc. But they find they have more time to spend on leisure and stuff to fill the time. Careful!!!
3. If you're married or in a serious relationship, better check with your spouse/significant other about his/her attitude. They may resent you being around all the time. If you depend on spouse/significant other's income, be sure she/he doesn't resent you because of it. Don't take this one for granted!
4. Be prepared for loss of status--the "sliding eye" syndrome. Meaning: When people meet you and ask what you do, and you tell them you're retired, their eyes will slide somewhere else, as if you don't count. Just chuckle inwardly--they're still wage slaves, and you aren't! Heh-heh!
6. Husband your resources, like 401k's. Don't risk your savings, IRA's, etc., on get-rich-quick investments.

I hope to retire by the time I'm 30.

And by retire I mean 1 of 2 things:

1. Get a nice cabin secluded in the Rocky Mountains near Denver and write for a magazine and then move on to novels.

2. Get a nice beach house in San Juan, Puerto Rico and write for a magazine as a foriegn correspondent, then move on to writing novels.

One of these two things MUST happen.

The Doc

mmmmmm.....this situation reminds me a similar setting in..... Shining ....

To TB (since I think you're the only retiree here):

If one would make the same amount of money (via pension and Social Security), is there a reason one should not retire????

Also, what's involved (red tape), and registering for Social Security and how soon before you retire do you need to do so? Just wondering.

TIS

TB - You are so right!! My brother and sister-in-law were teachers, and recently retired in their 50's. The nic thing is, they get lifetime medical coverage, which is what stops a lot of people from retiring earlier. They are having the time of their lives, exploring Manhattan like never before and recently took advantage of Restaurant Week to enjoy some of the best restaurants for very little money. My husband and I are extremely jealous at times.

TIS - I would retire the minute I could. Unfortunately, within the next seven years, I'll have two girls to put through college, so it's going to have to wait a looooong time.

That is a nice thing about working for a school as long as I have. If I were to quit today, I can keep my health benefits until I get medi-care at 65 (?). That certainly is a big plus. If I wanted to fill the time with an part time job, health benefits benefits wouldn't be a factor.


TIS

They let you keep health benefits for 40 years

I got 3 kids all under 10 so i can't see me retiring to soon...
It's a hard life sometimes

If you really, truly enjoy working--or if you can't stomach the idea of not working--than you shouldn't retire if your pension and SS match your income. But the thing to remember is that you can easily retire even if your pension and SS don't equal your current income. Your taxes will be less. And you can do it if you have reasonable expecations of how you want to live, and few if any debts--and avoid making new debts.
There isn't much red tape involved in registering for SS. The big decision is whether to take a reduced SS payment to start at age 62, or wait to get a bigger monthly check at a later age. Keep in mind that if you collect SS before 65 and still hold a job (full or part time), the gov't will cut your payment if you earn more than a certain amount.
TIS, my advice, if you're within, say, a year or two of retirement, is to hire a financial adviser to look at your total financial picture, your lifestyle and your outlook, and run the numbers for you. My employer provided me with a financial adviser, and I had him and his staff run the numbers for me three times before I took the plunge.

Good for you Turnbull! From a personal standpoint, I can say that I reap some retirement benefits.

My husband retired as a Police Captain after 24 years on the force. Where we live they have a very good police retirement package - 80% of your current salary after 22 years/8 months in the program. He gets a pretty good paycheck for just waking up in the morning, but he has earned it! The benefit also gives him a 3% raise annually for cost of living for the rest of his life (and mine, if he should go before me). The thing he did right here was start in a career early. He was able to retire at age 44 and start another career as a self employed private investigator. As you know, when you are self employed and you have a monthly check coming in, you can basically make your own hours or quit anytime you want to so his stress level has definitely come down!!

As for myself, I work for the same municipality but for civilians, our retirement sucks - 25 years at 65%. I only have 10 1/2 years in and I don't want to be working this hard past 50.

I'll probably work until my daughter is out of high school (5 years). Maybe through college, depending. There is a chance the civilian plan will change to 25 years/75%. In my case, that still doesn't justify my working until I am 55. My husband is free to live his life and travel and do fun stuff - why should he have all the fun without me?

Oh, because he EARNED it!!!