Tell me about Retirement...The good, the bad, the ugly

[John K Jordan]

Due to ongoing health issues caused by my Stem Cell Transplant, it sounds like I'm going to be moving into retirement much earlier than I had intended. As many of you may know, I worked a ton of hours when COVID-19 first hit the USA. Well, those demands on my body caused a whole host of symptoms to reappear and I've been forced to stop working again entirely. Today I got the news that the Oncologist, Cardiologist and Specialist dealing with the chronic fatigue held their teleconference and that I need to stop gainful employment, as my body simply can no longer support that activity level. I'm not sure whether to celebrate or cry. Granted, I'll be turning 60 yet this year, but I've enjoyed my work all these years. How do you fill your days? Are you able to find meaningful activities to help maintain a structure to your life? My husband still has several years to work, so traveling or doing things together won't be able to happen yet.

Please share your experiences and lessons.

Thanks

I retired in 2006 at age 56. I was highly motivated to retire early since first my hands started to give out with overuse (too much coding) then I my shoulder need surgery from too much mousing at the computer. Both of these gave me near continuous pain when working at the computer. And although I had the greatest job/career in the world (basically did what I wanted to do) I like retirement far better. Those people I know that have nothing to do seem to spend retirement on the couch and go down fast.

We bought a farm, have llamas, alpacas, horses, mini-donkeys, and beehives and raise guinea, peacocks, and chickens. I haven't watched an hour of television in maybe 15 years. Yes, I'm tired all the time and don't have 10% of the energy I had 20 years ago (some days I can barely walk up the hill from the barn) but I wouldn't want any other kind of life. If I'm not busy all day I get worthless, feel more tired, and start getting a little depressed sometimes. I usually get up about 5am and start my day with a walk down to the barn to check on things. (Tomorrow fully I expect to have a skunk in a trap in the barn - good fun!)

My wife of 50 years is slowly losing her vision so we travel a lot so she can see things while she still can. (She retired a few years ago.) Lots of trips to Europe and around the country, well, not with the current pandemic, but we suspect that will be under control eventually. We do lots of volunteer work too, raise a garden, and eat like royalty. (She's the best cook in the southeast!) I love teaching (woodturning, construction, welding, honeybees, animal care), especially to young people, teen aged. In fact, hanging out with little kids seems to give me more energy than anything!

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I've been teaching kindergarten SS classes for over 25 years and often have kids visit the farm to see the animals and maybe get a woodturning demonstration or make or help make something. For me, there is nothing better than interacting with kids. This is from Saturday, a Pikachu (sp?) made from cherry, cut out on the scroll saw, for him to give as a birthday present! (paint and Sharpie)

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Here's hoping and praying that your health situation will stabilize and improve! And keep busy!

JKJ

[Mel Fulks]

John, I think you might get another career....writing football half-time notes for coaches !
My wife has a serious eye condition,too. Hoping for a cure for all eyes.

[Steve Eure]

I too had to retire early because of health issues. In the beginning it was stressful not knowing what to do with my time. I farmed so there was always something that needed to be done, so I had busy days all the time, which I loved. Then came the illness. I finally re-found my love for woodworking, and now stay busy when I feel like it. Another plus is that my grandchildren live close enough that I can spoil them while their parents work. With ball practice and now "home"schooling, I have plenty to do.
Seeing that you are already into woodworking, find a niche that works for you, whether it'b turning or flatwork, scrolling or the like. Good luck, but most of all stay safe and take care of your body.

[John K Jordan]

John, I think you might get another career....writing football half-time notes for coaches !
My wife has a serious eye condition,too. Hoping for a cure for all eyes.

Ah, remind me about this "football". I think I watched it in the mid '60s when I played the trumpet in the school band but for some reason I remember the cheerleaders more than the game.

JKJ

[roger wiegand]

I tried to retire early (well 60 maybe) but people kept bringing offers I couldn't refuse of fun, challenging, and interesting new opportunities. So I kept "working" though I knew I was a volunteer at that point, which does make a difference (though it doesn't free up any time). I also love being fully retired now, though I can't imagine how I had time to spend 60-70 hours a week at work all those years and still get anything done at home and in the shop. Working at something you really love doing doesn't feel so much like work, but being retired is still different. I'm busier now than ever, and am contemplating retiring from retiring so I might finally have time to go fishing again someday.

We started doing at least two month-long trips a year to places on our bucket list as soon as I retired, at least one to someplace warm during mud season in Boston. . A lot more time at home this year, with our trips to Europe and Australia cancelled. The garden looks much improved as a result, and a major long term organ renovation project is going to finally get finished.

As to the bad and ugly, I can only comment from observation. Top of that list, the obvious candidates are lack of health and lack of money. As I think about it now though the real killer problem seems to be lack of curiosity/imagination. Without health and money everything else becomes more difficult but plenty of people live very happily with either or both of those problems. The folks who are miserable in retirement are those who can't or won't think, explore, try something new, read a book, learn to do something new, make a new friend, go someplace they've never been, etc.

Engage with the world and seek out opportunities to grow and learn and life is great.

I've been trying to learn to speak Italian the last couple of years, it may kill me, but I'll have fun in the process.

[Jim Becker]

For those still working and planning to retire before 65, Its really beneficial to retire in a way where you don’t withdraw from taxable retirement accounts until after 65. This puts you in a bracket to really gain from the health care subsidies for everyone that has taxable income below 65k. It’s best when income is somewhere below 35k. We found ourselves benefiting from that as a surprise so we got really good healthcare insurance from Bluecross with max out of pocket of only $700. Our cost is less than 25% of the premium. Nothing political here, just filling out the forms available. The only drawback is that I can’t invest non retirement account money in the market because it would be dumb to risk money, pay taxes if I made money and pay back subsidies if I made money.

That's a nice ideal, but not financially feasible for many folks in many areas of the US. $35K isn't even close to affordable to live on in so many places. And having to pay for health insurance out of that, even subsidized, makes it more difficult. Accordingly, it makes it very difficult for folks to retire early for both income and health care reasons. Had I not "done the right thing" for so many years, there would have been no way I could make the move at age 60, even with Professor Dr. SWMBO still working.

[Jim Becker]

I forgot to mention, my father retired early at age 50 because of health issues with his heart. Five bypass operations and innumerable stents...he lived to 87 and his mind and a fall is what did him in. Ironic. Thankfully, he had a pension that was well funded and a lot of savings to supplement.

[Adam Grund]

Enjoying reading the replies- the joy and discovery of a new life almost is fascinating.
After having kids, I’ve often thought how cool it would be If retirement was reversed somehow. Like don’t work your younger years and then work when your older. I’ve not hit those golden years yet so I don’t have any inciteful experience to bring to this daydream, but having two young babies I can say it is an exhausting exercise in sanity and then that ever so small window of joy they bring each day makes it hard to want to ever leave for work.
Anyways, Lisa I hope you maintain your health and enjoy!

[Bruce King]

That's a nice ideal, but not financially feasible for many folks in many areas of the US. $35K isn't even close to affordable to live on in so many places. And having to pay for health insurance out of that, even subsidized, makes it more difficult. Accordingly, it makes it very difficult for folks to retire early for both income and health care reasons. Had I not "done the right thing" for so many years, there would have been no way I could make the move at age 60, even with Professor Dr. SWMBO still working.

Sorry, $35k of income is in the range of getting the good subsidy. You live off money you have outside your retirement accounts so even if you spend 90k you still get the subsidy.

[Bruce King]

Enjoying reading the replies- the joy and discovery of a new life almost is fascinating.
After having kids, I’ve often thought how cool it would be If retirement was reversed somehow. Like don’t work your younger years and then work when your older. I’ve not hit those golden years yet so I don’t have any inciteful experience to bring to this daydream, but having two young babies I can say it is an exhausting exercise in sanity and then that ever so small window of joy they bring each day makes it hard to want to ever leave for work.
Anyways, Lisa I hope you maintain your health and enjoy!

Lots of people take their “retirement” from 18 to 45 and say I don’t care if I work till 75. Problem is finding gainful employment in later years that your aging body can handle.

[Jim Koepke]

Took my retirement at 57-1/2. They couldn't promise me they would add more years at the other end for sticking around.

At one time it was my plan to work into my 70s. Sure glad that plan crashed and burned.

One of my supervisors told me about studies indicating people who retired early tended to live longer.

Glad for all the advice that convinced me to save more for retirement. Wish that had been started earlier. Haven't taken disbursements from my 457 or 401k plans other than to fund a new roof a few years ago.

But now life is pretty comfortable and debt free because of decisions made years ago.

The biggest hiccough of my retirement was needing triple by-pass surgery.

Too much ice cream and fatty foods. Live and learn.

jtk

[Jerry Bruette]

That's a nice ideal, but not financially feasible for many folks in many areas of the US. $35K isn't even close to affordable to live on in so many places. And having to pay for health insurance out of that, even subsidized, makes it more difficult. Accordingly, it makes it very difficult for folks to retire early for both income and health care reasons. Had I not "done the right thing" for so many years, there would have been no way I could make the move at age 60, even with Professor Dr. SWMBO still working.

Bruce is referring to regular taxable income. If the money comes out of a Roth IRA or Roth 401K it's not taxed as regular income. Then you qualify for the health care subsidies.

[Larry Frank]

The issue of finances and medical care are one of the critical areas. My wife and I have had a very good financial planner for years. There are so many rules and things I do not know. Missing deadlines or withdrawal requirements can be costly. Plus, I just do not want to spend time studying and doing the bookwork to manage everything.

We sat with our advisor yesterday reviewing where we are and needed changes. Also, we had long discussion on the effects of the upcoming election and how to financially prepare.

[Jim Becker]

Sorry, $35k of income is in the range of getting the good subsidy. You live off money you have outside your retirement accounts so even if you spend 90k you still get the subsidy.

I understand the point about the subsidy. But I, like a large percentage of folks, have all of my retirement funding in retirement accounts, so there's no choice but to use some of it for income because, well...401K was how those funds were accumulated and that money had to be rolled over into IRAs per the rules. For folks who have non-retirement account liquidity, what you propose is an interesting option, however.

Bruce is referring to regular taxable income. If the money comes out of a Roth IRA or Roth 401K it's not taxed as regular income. Then you qualify for the health care subsidies.

I have some of my money in a ROTH IRA, but I cannot take the money out for a few more years because of the 5 year requirement for rollovers. That ROTH money came from post-tax contributions to my 401K while working as I was putting more money in than was permitted pre-tax. (the whole reason I was able to retire early was saving more) There was no separate ROTH account because of the level of contributions I was making to the 401K. The Professor has a little money in a ROTH, but is also limited because of contribution levels to her 403B plan. (similar to a 401K plan, but used for non-profits, etc.)

[Bernie Kopfer]

After hearing many retired patients complain about the fact that they had no spare time and that they were busier than when they had been working I started asking some questions. What I discovered was that the difficulty people were having with retirement was that they could, and did
procrastinate. What they did not do today they could do tomorrow and why not spend a little bit extra time on the computer why not have more coffee with friends why not just do nothing? I warned my intensely driven type A sister that this is what she would probably experience and a couple years into retirement she came to me and said “ I didn’t believe you when you told me but I found it to be absolutely true I procrastinate “. I experienced the same thing myself after retirement, but at least I was forewarned and excepted it as how life was going to be. Sometimes the weeds get too tall but they will still be there tomorrow when I think I’ll have more time😎