Were you afraid? Were you petrified?
Mar 6th, 2005, 09:55 AM
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Were you afraid? Were you petrified?
Live in the frozen north and just returned from two glorious wks in Florida (well, except for one day!!). We really, really want to move our retirement plans forward so we can spend next winter (and subsequent winters) in the south. BUT it is terrifying to give up that paycheck and that stability. Hubby is already retired so not a problem for him but I am younger. It's just making that leap - no turning back! But we know from recent family illness, that life is short. So I would love to hear from (younger) retirees who took that plunge and are spending the winters in the sun. Any regrets? Any second thoughts?
Mar 6th, 2005, 10:35 AM
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Article in today's Boston Globe about how much cheaper median property prices are in Florida than in Boston area.
I work in field where some people, being employed by state or municipalities, are eligible for retirement after X number of years. Their main concern these days is what they do for health insurance.
I work in field where some people, being employed by state or municipalities, are eligible for retirement after X number of years. Their main concern these days is what they do for health insurance.
Mar 6th, 2005, 10:36 AM
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Never!
I resigned my professional partnership position in Sept '94 when the reimbursement rate took a dive to about 60%, took the buyout, and continued working contractually for the same organization until retiring at the end of August '03.
I'm now 60 1/4 years old, have 35 years + max (and 8 additional years less than max) contributions to SSC and MC, and had educated wealthy parents who taught me the value of saving and investing and who lived long, healthy lives.
I'm planning to leave my recently sold Dallas houses of 25 years in May to move permanently to my houses in San Miguel de Allende, MX.
Actually, sorry I didn't get out earlier as it no longer costs me $50,000 a year to go to work.
M
I resigned my professional partnership position in Sept '94 when the reimbursement rate took a dive to about 60%, took the buyout, and continued working contractually for the same organization until retiring at the end of August '03.
I'm now 60 1/4 years old, have 35 years + max (and 8 additional years less than max) contributions to SSC and MC, and had educated wealthy parents who taught me the value of saving and investing and who lived long, healthy lives.
I'm planning to leave my recently sold Dallas houses of 25 years in May to move permanently to my houses in San Miguel de Allende, MX.
Actually, sorry I didn't get out earlier as it no longer costs me $50,000 a year to go to work.
M
Mar 6th, 2005, 01:20 PM
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Hi bashful, well actually I sold my insurance agency when I was younger then the average retirement age. I made that decision because of the way the insurance industry was going. They were no longer "consumer friendly". I felt that I could no longer represent my insurance clients the way I had for so many years.
Two years later I had owners of insurance agencies ask me "how did you know to sell when you did". They, at that point, could not find even one buyer.
And yes, I was scared and worried when I did this. But "something", I guess a combination of hard cold facts and some kind of intuition told me it was the time to make this big step.
And I have never been sorry.
But bashful, any change is scary and petrifying IMHO.
Take the time to sit down and figure out all the facts.
The income you have. The income you will have if you retire.
What your last three years of expenses have been.
What your next three years of expenses will be. And do figure in for heavy emergencies. And inflation.
And take into consideration your savings, retirement plans, your investments etc.
And think and figure out your new lifestyle and what that cost will be.
Consider Health Insurance cost. That was one of the biggest problems for me.
And it is true, life is short.
Regrets? As Frank Sinatra said "a few", LOL. But not really.
And as Mikemo stated, he saved $50,000.00 by not going into work.
So when doing a budget for retirement do think about what you spend on clothes, lunches, maybe more dining out because of being to tired to cook at night etc.
But also realize that when retired you may want money to travel more, or perhaps you may want money to spend on hobbies, whatever they may be.
I believe, contrary to some experts thinking, that one more or less needs an income when retired equal to what their income was when working.
And do talk to your accountant. Find out what your tax situation will be if you retire. And if you do not have a financial advisor, this may be a good time to get one.
Wishing you good decisions with my best wishes.
Two years later I had owners of insurance agencies ask me "how did you know to sell when you did". They, at that point, could not find even one buyer.
And yes, I was scared and worried when I did this. But "something", I guess a combination of hard cold facts and some kind of intuition told me it was the time to make this big step.
And I have never been sorry.
But bashful, any change is scary and petrifying IMHO.
Take the time to sit down and figure out all the facts.
The income you have. The income you will have if you retire.
What your last three years of expenses have been.
What your next three years of expenses will be. And do figure in for heavy emergencies. And inflation.
And take into consideration your savings, retirement plans, your investments etc.
And think and figure out your new lifestyle and what that cost will be.
Consider Health Insurance cost. That was one of the biggest problems for me.
And it is true, life is short.
Regrets? As Frank Sinatra said "a few", LOL. But not really.
And as Mikemo stated, he saved $50,000.00 by not going into work.
So when doing a budget for retirement do think about what you spend on clothes, lunches, maybe more dining out because of being to tired to cook at night etc.
But also realize that when retired you may want money to travel more, or perhaps you may want money to spend on hobbies, whatever they may be.
I believe, contrary to some experts thinking, that one more or less needs an income when retired equal to what their income was when working.
And do talk to your accountant. Find out what your tax situation will be if you retire. And if you do not have a financial advisor, this may be a good time to get one.
Wishing you good decisions with my best wishes.
Mar 6th, 2005, 08:29 PM
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Through some prudent investing and the miracle of the southern California real estate market, I was able to retire in June at 62 1/2. I have had no regrets at all.
I'm in the desert sunbelt, get to travel where and when I want to, do some volunteer public servce work, and am much closer to my kids and grandkids. The only disadvantage is missing the friends I made over the years but I talk to them periodically and am making new friends here.
Like others, I'm only sorry I did not do it sooner.
I'm in the desert sunbelt, get to travel where and when I want to, do some volunteer public servce work, and am much closer to my kids and grandkids. The only disadvantage is missing the friends I made over the years but I talk to them periodically and am making new friends here.
Like others, I'm only sorry I did not do it sooner.
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