Advice for the Soon-To-Be Retired

[sour_grapes]

Right now, I could retire, but then my wife (I call her "Left Brain") squashed the whole idea. It went something like this...

Me: I think that I would like to retire..
Her: then what?
me: we could travel
Her: then what?
me: I could start a garden
Her: then what?
Me: Ok, Perhaps I could put it off for a while.

It is the "Then whats?" that are hard to answer. I am now thinking of part time volunteer work.......

You could answer:

...
Her: Then what?
JohnT: And then we will die! So, do you want to do anything besides work before we die, or not?

 

[ibglowin]

There is always a job as a "Walmart Greeter"!

 

[JohnT]

There is always a job as a "Walmart Greeter"!

Now wouldn't that be ironic? Directing people to "fruit juice" aisle where the Welch's is located.

 

[sour_grapes]

One of the problems with retirement is that we often get so much more from work than a paycheck. For many of us, our job is our identity, as well as the source of much of our social engagement and gratification. Look at Dave's opening post:

I am a career firefighter. ... It has not always been easy, but has always been rewarding.

Note that he does not say "I work as a firefighter," but "I AM a firefighter." I mean, they call it work for a reason, but still we get much out of it. So, the prospect of a sudden retirement is unsettling, to say the least.

I am not in a position to retire yet, but the time will not be that far off, so I have spent some time thinking about this. One idea that I have come across is that of a "staged" retirement. In some lines of work, it is possible to slow down, but not eliminate, what you do, perhaps cutting to part time, or perhaps taking an extended leave of absence while you travel for a few months. Obviously, not everyone's work allows them to do this. I suspect Dave's would be one of the "cannots." (Although, Dave, could you take a leave of absence?) I am biased to think that having a part-time job, even a job for which you are overqualified, is better for many of our souls/psyches than just having hobbies. As much as I enjoy golfing, for example, I think it is easier to find meaning in endeavors that (at least ostensibly) accomplish something. All work and no play makes Jack a dull boy, but all play and no work is not the best thing, either.

The rub is that, particularly in this stage of life, we also crave autonomy; so that leaves you looking for a part-time job, where you are the boss, AND you get to interact with people. This combination is hard to come by. A small business comes to mind (but starting one is often not "part time!"). I love the label-making idea (although I wished it had more social interaction). You are very creative and handy; could you see yourself making things to sell at, say, craft shows? (It is a pity that alcohol is so tightly regulated!)

 

[JohnT]

SG,

That really sums it up nicely.

I am a sort that needs to DO something. Rather odd being that my job has me sit behind a desk for hours at a time.

I remember how my grandfather, after retirement, did nothing but sit behind a TV all day. The poor, kind soul didn't last more than 5 years.

This is what really concerns me. Additionally, in my line of work, if you are away for several years, it is next to impossible to go back to work. Once I pull the retirement trigger, there will be no going back.

If I were to find that right "something", retirement could be simply another chapter in my life instead of me simply "waiting for God".

Until I find that "something", I will probably just keep working.

 

[sour_grapes]

If I were to find that right "something", retirement could be simply another chapter in my life instead of me simply "waiting for God".

This!

The message you have entered is too short. Please lengthen your message to at least 10 characters.

Damnit, the forum won't allow me to just say "This."

 

[littlefootwines]

First let me say thanks for your years of service. second just look to doing things that make you happy i am sure over a short time you will have lots to do. I was forced retirement because of my back. For the first year or so was really lost i loved my job wanted to retire from it at my pace but alas didnt happen that way.

So afterawhile i started to garden- can food - make wine and lots of other things stay out of the wifes hair she still works but not full time. Pretty much everyone has covered it so good luck have fun you earned it both of you.

Shane

 

[Boatboy24]

Now wouldn't that be ironic? Directing people to "fruit juice" aisle where the Welch's is located.

I have a feeling that aisle would be cleaned out by someone using their employee discount...

 

[Boatboy24]

There is always a job as a "Walmart Greeter"!

Wow, that guy's wearing a lot of 'flair'.

 

[willie]

Another like for the label suggestion, Dave. Your Dragon labels are Cool.

Will

 

[jswordy]

Retired at 50. Wow. That is really an achievement in a time when most folks can't see their way to ever retiring.

You have plenty of time to pursue other interests, either by starting a biz or volunteering or really getting into a hobby. I'd advise against sitting on the porch. Stay engaged.

 

[garymc]

I retired 11 years ago when I was 52. I could have stayed another 13 years or more. But I used to tell people "I've had 20 great years here. Unfortunately, I've been here 29." So it was good to be gone. I was having health problems, minor stuff like chest pains, sleep disturbances, stress related stuff. During the walk from the office to my car on the last day of work all of that stuff went away. I garden some, grow my grapes, recently expanded into elderberries and blackberries, and travel some. You're wise to get out and go while you can. I've been a lot of places in the last 11 years and plan on doing more travel, but I've been catching myself thinking, "maybe I'll go in and sit down a while." The point being, you have to work long enough you can afford to do stuff, but you have to retire early enough you're able to do it. You can always get a job later if you start thinking it was a mistake.

 

[Runningwolf]

Duster! What Dan don't know won't hurt him!

Ohh, I am well aware of what's going on at all times with Julie but I've learned to chose my battles. How do you compete against a fireman and his hose.

 

[the_rayway]

Dave,
I would suggest picking up that trombone of yours and join a community band. I loved playing with our orchestra and really regret that with going back to school I cannot dedicate the time I would need to practice and make it to rehearsal.

Maybe you'll get lucky and they'll put Phantom of the Opera on the playlist.

 

[jswordy]

The point being, you have to work long enough you can afford to do stuff, but you have to retire early enough you're able to do it.

I heard that but the bills have to be paid, too. It's very helpful to work at a place that has a pension, and even more helpful if that pension is geared to your years of service rather than your age. In my case, we've been lucky enough to have pensions (only 30% of American workers do, down from 71% in the 1970s) but ours are geared to age and not years of service.

I have a number in mind for the portfolio and when it hits that, I will be able to be sure I don't outlive my money. Then I will retire. I even have a projected timeframe, if it works out.

The hardest part about the "you can always get a job" advice is that it is not true for people over 50. It is much harder to gain employment as a new employee as you age. As you age, you rely more on fixed "past money" and take on greater risk financially that has to be managed, and especially if your retirement is based on a defined contribution plan (like a 401k) rather than a defined benefit plan (like a pension). If you have a pension based on a certain amount per year of seniority rather than a lifetime annuity, you have to take that into consideration, as well.

The older you get, the more health risk you run, too, for a costly problem or for extended care. That's why it's also an easier choice to retire early if your employer provides you with insurance that can bridge to Medicare and even nicer if it supplements once you get to Medicare.

My prior employer had that but rescinded it during the Great Recession, so in my case, I have no such insurance and would have to buy it if retiring younger than 65. The earliest I can access my pension from the former employer (at a reduced monthly payment) is age 62. The earliest I could vest in the pension where I work now, following loss of my old job during the crash, is after 10 years service, which for me would be age 65. I do not plan to work until age 65, so I won't get that pension.

So retirement security depends highly on individual circumstances. Some of the better professions for retirement are higher risk: policeman, fireman, soldier. Or they are high on the corporate ladder: vice president, president, CEO, CFO. For all the folks outside of those, when to retire is highly circumstantial.

I'm just saying all this because I know people who have retired early and had a fantastic experience, usually because they are planners and they have planned out their expenses and income. Then I know folks who retired early because the stock market was high at that time or because of some other financial windfall, and their experiences have not been nearly so grand. It sucks to outlive your money.

So it really is true: Failing to plan is planning to fail. Here's hoping we all can retire when we want to rather than when we have to.

 

[olusteebus]

Normally I would respond with this question -"Have you considered winemaking?"

That and my restored corvette take up my time when not working around the house.When you have two, there is a lot of work.

 

[dangerdave]

Thank you all for the great words of wisdom! Know well that I am not retiring on a whim. Johnna and I have openly discussed the when, where, and why of my retirement for the past several years. The "plan" had been for me to work five more years. We always accepted that the "plan" was flexible. Since my retirement pay is based upon my years of service and takes the form of a lifetime annuity, my income is guaranteed. As a matter of fact, the Poice & Firefighter Pension Fund is the largest private pension fund in the nation---and don't you think the government wouldn't love to get their fingers in that pot of honey! Not!

I have never been what most people might call your "typical firefighter". I have---even from a young age---worked to live, not the other way around. I have always seen my employment as the means to do the thinks I love. While my job has always been rewarding, it is also one of the most stressful jobs one could do. But it does not define me, I define it...if you catch my meaning. I have always gently corrected those who might remissly call me a "hero". I tell them I am a professional. I get paid for my services, and with me, you always get what you pay for!

There will certainly be no plopping down in front of the TV, waiting I die. I have always been an active outdoorsman and traveller. I am just plain stoked to leave this job in good physical, mental, and financial condition and have even more time to pursue the things that have always been important to me: friends, faimly, hobbies, and the world beyond my front door.

I can't wait!

 

[jswordy]

The last guy I know who retired 2 years ago from firefighting was a high school classmate. He trained and headed off for a through-hike of the Appalachian Trail, an endeavor I'd definitely suggest for you, Dave, if you love the outdoors.

Doug posted pictures of his adventures on Facebook the whole way. It is a long and contemplative trip when you do it all at once. Doug traveled North to South, a more forgiving trek for through-hikers because you are working with the weather. He had a great time and grew a nice beard along the way.

http://www.appalachiantrail.org/hiking/find-a-hike/interactive-map

You would never be without a pic for the "Post a Photo" thread!

 

[BernardSmith]

First of all I take my hat off to you and the service you provided and still provide the community. Very few people make as much impact on so many people in the time of their distress and need as do first responders.
One thing that no one has mentioned is the opportunity you have to learn new skills or new ideas through college programs offered locally and online. Many of these courses are free yet structured and many of them are really good.

 

[vernsgal]

Congrats Dave! I'm glad you're able to retire and enjoy some travelling while both of you are able. The 1st while you'll have so many projects and trips on the go that you won't need to even ask for suggestions.
I have to admit I was going to suggest what Bernard mentioned and take some courses just for your own knowledge. Another was mentioned - gardening. Just don't think of it as digging in the dirt and weeding though. Treat it like you have your wine making. Study on various plants, try different things or cross growing.