Retirement

[Piobaire]

I am under no delusions that I will hit 50 and have the cash to never work again. I'm not 100% upset by this as I have noticed the most vigorous 80 year olds I know all never really retired. So this thread is about working in retirement. Are you going to retire or just decrease your current schedule? If you're leaving your career type job do you have plans to work a part time job or open up that business you always wanted?

I have a few plans and am completely unsure which is most likely to happen. One plan involves selling or renting our primary dwelling and going to live in wine country for a few years. Get a rental and work in a tasting room or something in Sonoma or Napa. Another plan is opening that high end lounge for cocktails and wines with a big wine by the glass program. Will also feature my charcuterie, imported and artisan charcut, and cheese. Lastly, I might do some consulting in various cities around the US as a way of trying out new cities but not on my dime.

So what do you all plan?

 

[edinatlanta]

Ideally retire at 50, shooting for 55 so that I can guarantee I'll be retired by 60.

******* hate working. Just want to chill out.

 

[Piobaire]

I hate having to work on a regular schedule. It runs my life. If I could have my life run work, which is sort of the plan, it would be a different story. Also, knowing that it basically will not get any better for me so I better hang on to this job is part of it too.

 

[Michigan Planner]

I would retire right now (I'm 32) if I didn't have to provide for a wife and daughter. I could easily move to Costa Rica and spend the rest of my days lounging on the beach.

In all reality though, I plan to work full-time until I am about 50 and then call it quits and move on to something part time or something more fun with less pay or volunteer somewhere. That will have me old enough to collect on my retirement and have my health insurance from my current employer (provided I work for them that long).

 

[Piobaire]

I can't draw on most of my retirement funds until age 59.5, so I'm planning 60 as my walk away from my current career. Also, I want to sit on that nest egg as long as I can and get the real cheddar of compounding interest on the big dollars.

 

[Connemara]

Pio, what sort of retirement investments do you have?

 

[Piobaire]

The vehicles or the mechanism? Vehicles = mutual funds, ETFs, etc. Mechanisms = a mix of IRAs, 401s and certain non-qualifying deferred compensation funds. Basically, all pretty standard stuff.

 

[Connemara]

Yeah, I meant mechanisms. I'd like to start an IRA soon (relatively speaking-within a few years).

 

[Piobaire]

Do a Roth while you can.

 

[edinatlanta]

Originally Posted by Connemara

Yeah, I meant mechanisms. I'd like to start an IRA soon (relatively speaking-within a few years).

Just go to sharebuilder.com and open a Roth IRA. SB now owned by IMG. Been adding to it since freshman year of college. Tax deductible contributions and ****. Add as much as you can when you can (up to the $5000 a year cap obviously).

While a financial adviser can yell you what is best there are several good books about ways to save money tax-free. Take a look at those.

 

[Piobaire]

Originally Posted by edinatlanta

Just go to sharebuilder.com and open a Roth IRA. SB now owned by IMG. Been adding to it since freshman year of college. Tax deductible contributions and ****. Add as much as you can when you can (up to the $5000 a year cap obviously).

While a financial adviser can yell you what is best there are several good books about ways to save money tax-free. Take a look at those.

Good advice. Pile all you can in while you still get the tax deduction for an IRA. I am resentful that I now have to pay tax, contribute, then pay tax on the growth when I withdraw. Bastards need to fix a few things if they want us Gen X'ers to retire and not get paid SS.

 

[MrG]

For me, I think it depends upon what I'm doing when it's time to start considering retirement. My goal is for retirement be a legitimate option around age 60. That may not be exactly when I retire, but I'd like to be able to if I decide it's time. If, at that point, I'm doing something I love, I can see a sort of "semi-retirement," where I work a reduced schedule. However, if my job is just what I'm doing to make a living, I'll be fully retired as soon as I'm able.

 

[Thomas]

Hmmm, I don't think I have a single relative who actually retired. My dad's side of the family just heads back home to the hill country and keeps up the acreage, raising cattle and doing odd jobs. I've considered that when it's my time to take over the family land.

I could also open a bakery which suits my early-riser tendencies really well. Dietz Bakery (now closed) used to open for just a few hours, during which they sold out their production and then close for the day, usually before 11 a.m. I could live like that. They were in business as far back as I can remember.

Carpentry also runs in the blood, doesn't pay well but at least it's productive and physically stimulating.

Could be a combination of the above, but I'd have to live in a smallish community to make it feasible.

 

[Connemara]

Originally Posted by edinatlanta

Just go to sharebuilder.com and open a Roth IRA. SB now owned by IMG. Been adding to it since freshman year of college. Tax deductible contributions and ****. Add as much as you can when you can (up to the $5000 a year cap obviously). While a financial adviser can yell you what is best there are several good books about ways to save money tax-free. Take a look at those.

Originally Posted by Piobaire

Good advice. Pile all you can in while you still get the tax deduction for an IRA. I am resentful that I now have to pay tax, contribute, then pay tax on the growth when I withdraw. Bastards need to fix a few things if they want us Gen X'ers to retire and not get paid SS.
It's a little tough for me right now, as I don't make much $ and I already have deductions from my salary for the pension fund. I'd feel stupid opening a Roth and then only contributing, say, $1K. Better than nothing though, I guess.

 

[imageWIS]

Originally Posted by Piobaire

I am under no delusions that I will hit 50 and have the cash to never work again.

Originally Posted by Piobaire

I hate having to work on a regular schedule.