Retirement plans

I've realized that, if I retire at 59 (as the current plan is), then I've already worked 90% of my adult career, with just 10% remaining.

Oddly, that gives me no comfort. It makes me feel like I've been running a long distance track event, and I've made the last turn, doing fairly well, and I'm halfway down the last stretch, and I'm suddenly aware that my hamstring could snap any second, and it would all be for naught unless I get to the finish line NOW! 😮
 
LissaC said:
I know this discussion may sound weird coming from a 30 year old, but bear with me here :laugh:

I have been working full time since I was 20. These last professional years have been incredibly rewarding but also intense. And while I love working, I once found myself feeling totally exhausted, wondering what I would do when I retire.

In fact, I always knew the answer. My passion is for literature and words but I felt I couldn't find a good job with a degree in literature so I settled for another degree instead. And I always knew I would want to go back to college and study the subjects I love. Assuming I have the energy and the money, I want to retire and go back to college and study literature. I've always loved learning I got along well with formal schooling. I'd be happy to spend my retirement years in college, and also reading and writing. I'm also saving a couple trips to take later in life. Now I'm young and full of energy, and this is the best time backpack Iran or trek Costa Rica's natural parks. When I'm old, I want to explore Europe at a leisurely pace.

Whatever happens, I don't want to sit home doing nothing all day. And if I do ever have children, I expect them to be fully functional autonomous adults by the time I retire.

And you, what are your retirement plans?
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If you don't mind me asking, what kind of writing interests you and what are you anticipating college will offer you, considering the cost and time.
 
garlichead said:
If you don't mind me asking, what kind of writing interests you and what are you anticipating college will offer you, considering the cost and time.
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I love etimology, history of literature, latin, poetry. College will offer me the possibility to study again. I love studying and enjoyed the formal schooling system my country offers. Can't wait to sit in class again, learning about things I love with a reputable teacher, having homework assignments and discussing everything I'm learning with people who are equally interested in these subjects.
 
LissaC said:
I love etimology, history of literature, latin, poetry. College will offer me the possibility to study again. I love studying and enjoyed the formal schooling system my country offers. Can't wait to sit in class again, learning about things I love with a reputable teacher, having homework assignments and discussing everything I'm learning with people who are equally interested in these subjects.
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That's exciting Lissa. New doors always open where you least expect them and I'm a big proponent of following your gut. Good luck with your endeavors.
 
I too have a job I love. Mostly...
Retirement plans are to stay working for a while yet, I could technically retire in April next year. As Mrs Wyshie is 7 years younger than me I've done a deal with her where I stay working a bit longer so she can semi retire a bit earlier so that we have the maximum amount of time together travelling.
Our plan, I know I've mentioned it before, is to buy a posh motorhome and then spend months touring Europe, Ireland etc. Basically travel from April to September recharge our 'batteries' October to March and repeat.
We will never be wealthy but we've worked out that we will be comfortable in our old age.
 
I’m 67, close to 68. I still work for a few reasons. Biggest is my wife is younger than me and I’d like to retire when she does. I get a pension from my first employer. With what we have in 401K’s, savings, social security we will be fine. We won’t be burning dollar bills but we will be ok.
 
Good question. As mentioned, we have no idea what awaits us.

First and foremost I hope for decent eyesight,hearing,walking,understanding. So that I can read books and music,and hear music and the world around me. Second, I hope my kid runs a happy, healthy life.

All my life I lived in an urban area. The most conservative outlook, to stay at my place forever.

I have my parents to care for, they live 2 minutes away from me.

I don't know if any coliving with my boyfriend will pan out. And when.

He has health issues. Financial issues. He colives with his parents for now. He is not happy. He started building a house near his parents, stopped for health and finances. But still pays off credit.

Alternative,countryside. But that is a phantasy. Have no house anywhere else so far. And my fears of insects is rationally not compatible with that.

As far as travels, I used to love travel. Now I commute daily 4 hours to work, 5 y this y, and I enjoy being at peace at home far more. I am curious to see new places, but for now, I don't see it happening, other than micro locally, for a number of reasons.

I do still keep an optimistic outlook on life. It might be my natural being. I hope it stays that way.
 
LissaC
You are smart to consider retirement now. You are starting your prime earning years. You have enough experience to justify promotions and salary increases. My suggestion is consult/hire a financial advisor. Don't depend/rely on a state funded retirement. Get sound financial advice now. Contribute as much as you can in growth funds. Sock away as much as you can now and you will not have to compromise your lifestyle when you retire.
George is 74 and still working. I am 68 and retired. We both collect Social Security. We hired a financial advisor 2 months ago. Much too late. We interviewed several companies. The universal question was what our goals were. Our response was we needed X $'s per year. At what age do we need to die before we run out of funds? We have been together for 30 years but have never married. That will be rectified before the end of the year. We will also consult an estate planning attorney. We should have done these things years ago. We would be in a much better financial position.
It is NEVER too early to plan for your retirement. It can be too late.
Education: I could be a professional student. My local University allows individuals over 60 to audit courses at no cost. How good is that? I have been researching History courses. I hope to take a course in the spring semester. I am waffling between U.S History and Louisiana History.
Be smart and plan for your retirement now. Live lean now and avoid outliving your resources later.
 
I’m 64 and get super (pension) feb next year.
I retired about 3 years ago, but I have worked driving and relocating trucks, for 6 months, then covid hit. I haven’t worked in 2 years.i fund myself from stuff I sold from my business. Machinery worth 50k.
Super here is single,my mate $880 fortnight
Married and partners working $660 fortnight ( that’s me next year)
I started work 6 weeks shy of my15 th birthday and never been out of work or Ben on a benefit my whole life. I have a great work ethic, my kids are the same,never been out of work.

Russ
 
ElizabethB said:
My suggestion is consult/hire a financial advisor.
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I strongly second that. We finally hired at retirement planner at 35 (20 years ago), and it made all the difference in the world. The guy we have now...I wouldn't trade him for anything, and he's done so much good for us, he's almost a member of the family in my mind.
 
ElizabethB said:
We have been together for 30 years but have never married. That will be rectified before the end of the year.
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Such a great pack of advices.
Why, if I may ask, is getting married beneficial? And why you thought it was not?
I am divorced, but pro marriage. My boyfriend is divorced, and semi clear on pro or against marrying again. I said loud and clear I want to be a wife again some day. He said,you will be, but it will take several years. That was 1,5 y ago.

Several months ago he said, he might get married again if all lines up.

I still expect a real eye to eye talk with him on the matter.

Not to get me wrong,I do value high quality relationships foremost,regardless certified or not, but I think we live in a world of laws and norms...so I am curious to hear your view.
Thank you.😊
 
Apart from the romantical side of things, there's a practical aspect to getting married. It can make inheritances easier (depending on the kind of marriage you want - here in Portugal there are 3 different "legal" kinds of marriages, one where you both own everything each of you has ever owned, one where you both own only what you buy after the marriage, and another one where you don't automatically own anything the other part owns). And if your spouse dies you get social security payments until you marry again (this is true for all kinds of legal marriages). Marriage does make a couple things easier. It's only a hassle if you ever decide to divorce.
 
No plans to retire - ever.
First of all, the mega-hyperinflation over here has devastated everyone´s savings. My Venezuelan pension is worth $3 per month.
Secondly, I can´t see me sitting on the back porch watching the clouds go by; I´ve got to be occupied, otherwise I go nuts.
Thirdly, the pandemic has totally screwed up all events I may or may not have had: the first week of lockdown last year, I missed out on about $5.000, and since then I´ve only had 3 cooking events.
Fourthly, my middle son is disabled, thanks to an accident at birth. Cannot read, write or work, although he´s a happy soul - but needs to be maintained.
My advice to younger folks? Save and invest NOW. You won´t regret it.
 
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