Retirement Question

[Huntingfool]

Well, obviously, but going into retirement with limited income opportunities and a large collection of elective notes usually does not make good sense for many folks. I think we are saying the same thing.

we are saying the same thing - but when talking about your next 20-30 years of retirement asking for advice on a hunting forum is just silly - if you need major surgery you do not go to a chiropractor - you go to a trained specialist -

[kmitchl]

No one can answer the question but you. Key issues life style expectations, debt load, tax liability, health care cost. I have seen many who can financially support themselves in retirement but until they are eligible for Medicare can't retire due to health insurance cost.

[scott123456789]

If you are talking about 403b you are in the realm of education. An extra 2.4% per year the rest of your life is big. As mentioned 70k seems decent today but what happens when a new truck cost $150-200k?


I’m going to do everything I can to make it to 100% in TRS, never know what the future will bring.

[rut-ro]

Congrats on making it this far. Write every expense down set it aside. In a month or 2 do it again without looking at this first list. Seek a retirement planner. I’m fortunate to be able to retire with insurance from my job 10 years baby. We own our house and our ranch and ranch house. For those that are you get start as planning as soon as possible.

[brokeno]

Hopefully you have no debt, if you do you shouldn't even think about retiring. Taxes and insurance continues to go up every year. Eventually you will need a new ac, appliances, vehicles, fuel prices, and who knows what other huge expense may come up. There is a difference in retiring and being able to enjoy your retirement or just being able to retirement and get by. Hopefully you have a couple of millions saved in your 401 that is making your some money that you can get in a bind.

[RedRocker]

The only thing we owe on is the wife's car, but medical expenses are an unknown that can pop up unexpectedly.

[WyoBull]

No one can answer the question but you. Key issues life style expectations, debt load, tax liability, health care cost. I have seen many who can financially support themselves in retirement but until they are eligible for Medicare can't retire due to health insurance cost.

This, for sure! Healthcare coverage today for decent coverage is not cheap. A number of my friends and I talk about it all the time. We could all easily retire right now if it were not for the cost of health insurance.

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[RiverRat1]

Retirement always seemed so far away and I never thought about it much but I can retire in January of 2022 which kinda shocked me. Not counting IRA’s/403b’s and any other residual income, I will be bringing in about 70,000.00 a year in retirement.
For those that have already retired, besides health insurance, what other expenses have come up that you may not of been prepared for? Any advice would be appreciated. The longer I work, the more I can make but I want to enjoy life while my health is decent.


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This is all the guy is asking.

[Old Goat1]

If you can't save as much per month as you are now doing. Don't retire. Those unexpected costs will be covered if you do. New truck. Replacement ac etc..
Besides if you retire you will work harder than you ever did. Lol. Remember how hard you work on a weekend. When you retire everyday is a weekend. This approach will cover those unforeseen costs.

[locolobo]

I retired 6 months ago! Had been working for the same global company, for 46 yrs, since graduating high school. Looking @ my retirement acct, it had levelled off for the last 15 yrs, not getting much more return over time.
Figured up, between pension and social security I would be bringing in about base salary yearly. I normally made well more than base due to abundant overtime which was more or less mandatory.
Took into account that I was contributing 28% of my pay to the 410K which I could no longer be contributing, Another $2000/mo. to various ( Mine,wife's, grandkid's) savings which I could cut back on. Also other expenses I did not have anymore (house & car payments) and I figured I could do it.
I still make decent automatic contributions to savings accounts and have even been able to transfer extra money to savings on a semi regular basis.
I still save enough money to pay property taxes, house insurance and (I think) most anything that may come up in the future.
And I haven't touched the 401K. It's still growing. It's not as much as some people who started contributing the same time (we did not get the opportunity until 13 yrs after I hired on) I did but it is way more than I ever hoped I would accumulate. Hopin I will be able to leave at least a little bit to my descendants.
My only advice would be to take a look @ your investments. Talk to an advisor. I contacted the company I had my 401K with and they helped me out in many ways. Moving money to safer, more tax safe investments. Not as much growth but more safe in case of economic downturn and saving on tax responsibilities.
Wishin you good luck on your upcoming retirement. You've earned it!

[Razorback01]

Invest your 401K and pension wisely and balanced, find a part time job- or at least something you want to do! And enjoy- almost 12 months into mine.

[Chew]

I'm gonna be broke *** poor when I retire in 590 days. But I will be happier than a pig in a trap with a feeder wired to the side and a busted door spring.

[Geezy Rider]

I know nothing about you but I'm retired and couldn't get by on 70 grand. Always unexpected expenses.

Dang, I’m retired and my pension isn’t anywhere near that much but I’m doing alright. I’m not even drawing social security yet. Year and a half before I get that raise.

[Outdoor Man]

If you're worried about not having enough $ saved for retirement, you are not ready to retire.

[cva34]

retire

It's easier if you owe nothing other than basic/monthly Bills . . No notes . .

thats a big AMEN