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Thread: What Will You Do When You Retire?

  1. #13

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    Sep 2006
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    Default Re: What Will You Do When You Retire?

    Quote Originally Posted by Maricar19 View Post
    Maybe I should look for a part time job and complete the required 35 years for Social Security?
    if that's the case, I might as well not to retire.
    What's this about the required 35 years?
    Weatherweenie's Account Talk
    Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.

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  3. #14

    Default Re: What Will You Do When You Retire?

    Quote Originally Posted by alevin View Post
    Retirement location, yes, exactly. what I'm working very hard to figure out right now.
    Alevin, when I first "met" you, you were talking about buying an adjacent property in preparation for your retirement and to be in close proximity to your parent since you are looking out for them. Did these change?
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  5. #15

    Default Re: What Will You Do When You Retire?

    Quote Originally Posted by weatherweenie View Post
    What's this about the required 35 years?
    I went to Social security last month and asked them if I retire now (57) and stopped working, will I still get the benefit that my annual SS statement says when I reach 62?
    they ran some numbers and said since I only worked 30 years, zero earnings will be added to my computation until I am 62, which happens to be my 35 years. According to them, SS benefits are computed by taking your highest 35 years of earnings. So, I will be getting a lesser amount at 62, approximately $200 less, if I stop working at 57 and have only 30 years.

    sorry, I might have misled people about the word "required" I didn't mean to mean it that way.
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  7. #16

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    Default Re: What Will You Do When You Retire?

    Quote Originally Posted by Maricar19 View Post
    Alevin, when I first "met" you, you were talking about buying an adjacent property in preparation for your retirement and to be in close proximity to your parent since you are looking out for them. Did these change?
    The deal is that the property adjacent to me that I've had my eyes on for a long while due to adjacent careless mismanagement by current and prior owners is less than an acre, as is mine. It's in the floodplain, FEMAstyle, which means anyone looking to build would also have to factor in mandatory flood insurance on top of a mortgage, which was never the case until about 2-3 years ago when my neighborhood joined FEMA flood community-my current property not affected but any new neighbor is/would be.

    I'm looking for cost-effective acreage for retirement, tax situation inclusive for small post-retirement business income. The adjacent bankruptcy and foreclosure is only now starting to take effect, the inhabitants finally getting serious about clearing out, they're slow, very slow about it.

    I haven't absolutely ruled it out, but I'd only buy it from the bank if could acquire for 25% of current assessed value of my own lot.

    My dad, a pretty savvy guy financially, says it would be hard for me to sell my current property if I blurred the tax lot line and conjoined the 2 lots into one. To make it easier to sell the present home, I'd have to keep that lot separate and maybe not be able to sell it as separate lot due to its floodzone location, despite an easement that provides alternate access to that lot from a whole different angle away from my current lot. Alt access within the floodzone.

    Aside from that, my prop taxes keep creeping up each year, they did a complete flipflop on structure assessed value this year vs land assessed value, to the tune of $20K+/- assessed value, relative to last year. knocked $20K assessed value off the house, added $20K assessed value to my landbase, doubled it in fact. Maybe because it isn't in the floodzone but other properties in the neighborhood are. I can't have my landvalue make big jumps like that if I acquire the adjacent undeveloped lot, it has to pay for itself with some form of additional income. to make it pay, I'd have to invest in bringing in city water and rural electric from off the street, 2 lots in from the current street. It'd take years for the property to begin to pay for itself and not sure it ever would. so I'm looking around.

    As for the parents, they are not ready to relocate, even in the town where they currently live, taxes are higher here than there, including for retirees, and they are already struggling financially much more than they ever expected to be at their age. So I'm casting about for property in a climate I could tolerate, with taxes on retirees comparable to what the parents already deal with, and which would be an advantage to me locationwise for what I have in mind in terms of lifestyle and potential for income to offset property taxes, even before I retire or relocate myself.

    Sense of reprieve on the parental health condition front and brother employment front. The brother's employer is back in operation and brother earning a paycheck again, no overtime allowed, unfortunately. My mother is dealing with shakiness and had been working up to full dosage to control the shaking, when she began the recent episodes of multiple uncontrolled falls which were freaking me out a couple weekends ago. She told me today that she put 2 and 2 together and decided to stop taking the anti-shake meds entirely. Lo and behold, she hasn't fallen at all since she stopped the meds, maybe the maximum dosage prescribed overwhelmed her nervous system to the point of opposite action. stopped her involuntary shaking, took away her voluntary muscle control too.

    I've read about doctors treating symptoms as if its dementia, rather than re-evaluating the meds a senior is taking, which are the actual causes of the confused mind and memory lapses. Well here's another for the books, beware of assuming falling down is a symptom of aging directly and nothing to be done but head for the walker and/or wheelchair and/or nursing home, it may not be that at all! Check the meds first, don't leap to conclusions from appearances!
    "life can only be understood backwards, but it must be lived forwards" - soren kierkegaard

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  9. #17

    Default Re: What Will You Do When You Retire?

    Alevin, that's a lot to digest. Too many pros and cons. I hope your mother continues to do well.
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  11. #18

    Default Re: What Will You Do When You Retire?

    I'll work for a couple of years part time until my wife retires and then we're both done. After that, we build our dream house on the lake and then live happily ever after.

    Frank


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  13. #19

    Default Re: What Will You Do When You Retire?

    Quote Originally Posted by Lakebound View Post
    I'll work for a couple of years part time until my wife retires and then we're both done. After that, we build our dream house on the lake and then live happily ever after.

    Frank
    Oh yeah...you have mandatory retirement! Lucky you, if I remember correctly (in one of the threads), you are allowed to earn as much after retirement without reduction in your supplement.
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  15. #20

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    Default Re: What Will You Do When You Retire?

    Pros and cons. Yep, I learned long ago there are pluses and minuses to everything and that it's important to look at both to help make big decisions. Finances are only some of the factors that weigh into such decisions.
    "life can only be understood backwards, but it must be lived forwards" - soren kierkegaard

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  17. #21

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    Default Re: What Will You Do When You Retire?

    I will sit on my patio with my laptop and do as told. One goal is to try to exceed nnuuts post total. Unless Tom says enough.

    I will do as told by my SO as she seems to hate the fact I may have nothing to do. I will resist getting a job.

    I may put some money in to my at that time 17 yo pickup and take a solo trip. I may put the pickup on the lemon lot on the air base and make some young Airman a deal. If that works I may buy a used **** box economy car or hybrid and take that trip. So what if I can only go 40 miles a day electric. Think of the future.

    This is all based on my calculations about retirement income which still seem to be too good to be true though I have had others check them.

    Bottom line about the original question – as little as possible.

    PO

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  19. #22

    Default Re: What Will You Do When You Retire?

    Good question, and one that I'm wrangling with -- I plan on retiring 31 Dec of this year - will be 56 years and 2 months old, will have 35 years and 2 months toward my retirement. I took early retirement from the USAF (Dec 94), and then purchased those 16 years to be used toward my civil service retirement. I come out ahead (monthly and annually) giving up the military pension and adding the 16 years to my FERS retirement, whether I retire at MRA (this year) or wait. Wife retired from state government last year - all 3 children have full college scholarships. We purchased a small garden home for the children (all three of them) to live in while attending college, have a lake house, and a main home - the main home and college home are paid for, but we are still paying mortgage on lake home - but once children graduate from college, we plan on selling that home and paying off lake home. FERS retirement plus supplement plus TSP withdrawal will be same net as I am taking home now, and 2 percent annual in TSP would drain the TSP account when I'm 87 (7 percent would never drain it). I've thought about either taking a part time job to make the lake home payment or just piddling around maybe making picture frames or something and selling on ebay to make the payment -- but your original question is something that keeps me up at night -- I've actually been affiliated with the USAF since being born on Eglin AFB in 1959, never been away from it....what will I do....

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  21. #23

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    Default Re: What Will You Do When You Retire?

    Ah, the dream thread. (for some )
    My Family is spread throughout the US and I have a Sister who enjoys the Caribbean so I plan on staying somewhere in the center. Got to have an easy Airport to get in and out of, need to be in the country as far as possible without being inconvenient to the city.
    I like where I am now. Louisville Airport is fairly easy to get to and never very busy. 45 minute drive.
    20 Years Military, working on 20 years Civilian. That would put me at 60 (I could step out a year or 2 early). I currently farm 100's of acres, not all mine, and plan on continuing that for at least a few years after retirement and then turn over the day to day operation to a longtime worker of mine.
    Of course all plans are subject to change. Wife and I are due our first Grandchild in August and our Son lives in Webster Texas. If Momma says were moving then I will be moving.
    I already own a couple lots on Lake Livingston in Texas so I guess I would be building something more permanent than the travel trailer I have there now.
    In Dog Beers I've only had two.

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  23. #24

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    Default Re: What Will You Do When You Retire?

    When I retire for the second time. Finish a few more projects around the house and maybe travel a little more.
    May the force be with us.

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