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      10-30-2019, 10:11 AM   #23
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i'd like to retire and mow lawns
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      10-30-2019, 10:45 AM   #24
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Quote:
Originally Posted by corn18 View Post
It's whatever you want it to mean. I have seen a lot of arguments that if you still have an income from something you do, then you are not retired. This comes up a lot in the Mr. Money Mustache community. He says he retired at 38 but he still runs a blog that makes him $400k a year. Is that retired? Who cares, it sure beats working 100 hours a week.

I retired from the military in 2008. Had a great run of 20 years flying fighter jets. What a blast. I got a job as a military contractor selling stuff to the military. Been doing that for 12 years and I am ready to retire from that @ 55. What's next? Not sure yet. The numbers say I'm FI (financially independent), so that's a good thing. But I want to help others and really want to save dogs. So I am searching for the next phase. I will never stop doing something. But I will have retired twice.
Well said: when people say retiring, do they mean from the daily grind so they can pivot to doing something they enjoy? If I really enjoy what I do today, do I need to retire?

I've always thought of retiring as the guy who plays golf all day and sits around reading his newspaper on the front porch. That will never be me...
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      10-30-2019, 11:17 AM   #25
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Quote:
Originally Posted by NEfan508 View Post
I've only had 1 job my entire life since a teen, my customers are friends literally some to my home for a cookout, my suppliers send me xxx rated funny pics (think donkey show Tijuana) my son comes with me on some projects out of town on long weekends (bbq ribs and some face time with the owner with my boy is hard to beat

If I stop working I'm sure my body will quit on me, Up @ 5am no matter, ice cold shower to wake up and start my day, RETIRE? my dad did it @ 50, he got sick and gained weight, started work again couple years later, know he has a feeling of purpose and feels great, takes my mom on dates every week full of energy, he's 63 now

"idle hands are the devil's workshop"
Problem is dont have job I love. Can barely stand it most days. I plan to try and go part time at 55. Doubt can do but may kill me otherwise.
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      10-30-2019, 11:34 AM   #26
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I find myself in the same sort of boat. I have 5M net worth and am 41. My current job is pretty laid back, work from home, a little travel here and there. I fear this job can't last that long this way because there isn't much to do, so I can only milk it for another year or so. I really don't want to a stressful position, been in software startups as a CTO for 20 years and hit it once with a decent exit, not really in the mood to do that anymore. I have 5 kids to put through school, my wife stays at home and about $750K mortgage. I'm hoping to retire around 50 but wish i could find some paying hobbies I could do other than cars that cost money.
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      10-30-2019, 11:43 AM   #27
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Quote:
Originally Posted by corn18 View Post
It's whatever you want it to mean. I have seen a lot of arguments that if you still have an income from something you do, then you are not retired. This comes up a lot in the Mr. Money Mustache community. He says he retired at 38 but he still runs a blog that makes him $400k a year. Is that retired? Who cares, it sure beats working 100 hours a week.

I retired from the military in 2008. Had a great run of 20 years flying fighter jets. What a blast. I got a job as a military contractor selling stuff to the military. Been doing that for 12 years and I am ready to retire from that @ 55. What's next? Not sure yet. The numbers say I'm FI (financially independent), so that's a good thing. But I want to help others and really want to save dogs. So I am searching for the next phase. I will never stop doing something. But I will have retired twice.
That's a real grey area for me - to me retiring is stopping work and not starting again - otherwise technically I've retired about 20 times, once from each job I had. I just started a different job soon after.
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      10-30-2019, 12:03 PM   #28
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Retiring for some personality's will not work, golf, fishing or tinkering with cars is fun but to much I'll get bored, like eating a reginas pizza pie every day will get you sick, but on a random Sunday night watching a game its magical (moderation)

I think a modified version is best, lite work if you can afford it (kids taken care of and house in order & investments, your 6 month fund if you god forbid can't get moving around (sick or emotionally out of it)

I like fishing off the jetty's near home and golf now n then but every day I would go nuts, likely I would rent a gun buy a bullet if I did not have a purpose

To each their own, on vacation I know I get bored, people in jail (fight) to get the mop job (keeping busy) is healthy
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      10-30-2019, 12:05 PM   #29
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Quote:
Originally Posted by P1et View Post
Someone define "retire" for me. It's a term that can interpreted differently depending who you ask.
This is true. I've owned real estate for many years and it's my main source of income. Over the years I've slowly transitioned to propert management companies taking over the daily duties. I'm 50 years old and my friends consider me retired, so does my wife. I'm still pretty involved with some issues but not as much. So it feels like a gray area to me.
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      10-30-2019, 12:08 PM   #30
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Agreed but there are plenty ways to keep yourself busy that don't involve a job. Lots of volunteer opportunities out there to fill in between rounds of golf or fishing. It's no different than someone keeping a job they love rather than retiring. Find something that you love doing (volunteering at the local food bank etc) and do it.
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      10-30-2019, 12:30 PM   #31
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Quote:
Originally Posted by kscarrol View Post
Agreed but there are plenty ways to keep yourself busy that don't involve a job. Lots of volunteer opportunities out there to fill in between rounds of golf or fishing. It's no different than someone keeping a job they love rather than retiring. Find something that you love doing (volunteering at the local food bank etc) and do it.
I do volunteer, I go to food banks (nothing worse than being hungry) I give to shelters, socks and xl underwear make a difference, I train ass holes to become men (support them selves) doing basic repairs, I like doing it

Teaching someone to fish is better than giving them fish, I forgot the saying but you get the gist, problem is in Massachusetts pain killers in the 2000's made thousands herion addicted, I personally feel good seeing someone I helped focus on work have his truck with his name on it doing handy man work, making decent money (living)

Mentoring someone, volunteering is what we all should do if we're able, no handouts just simple help go's a long way

I give mini shampoos and toiletries to my local shelter, some on here made fun of me because I collect them (girly) when I'm at hotels (100 nights a year) fuck them, in short not a big cost to help out someone, some time is all it takes

Way off topic, sorry about the mini rant
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      10-30-2019, 12:58 PM   #32
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Quote:
Originally Posted by RickFLM4 View Post
OP, you will need a firm post-retirement financial plan, including healthcare costs and how you will invest and draw from your nest egg before thinking seriously of retiring. Going into it with a chunk of money and no plan would be a mistake. In fact, I’d say it’s more important to have a financial plan in retirement than leading up to it. Earnings can mitigate financial mistakes early in life but once you retire and can’t count on earnings, planning needs to be pretty solid, particularly if you retire early. It would suck to realize partly into it that you need to figure out how go back to work for more earnings.

And as others stated, you need to think about how you’ll spend your time.
This!
OP, what is your healthcare plan post retirement?
Have you seen the insurance prices in the private market? (no, Medicare for all will not happen)
The average lifespan for a male is ~84 years. In your case, you still have another 40 years to go...
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      10-30-2019, 01:14 PM   #33
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my parents recently sold their business and retired. my dad liked not having anything to do at first, but quickly got bored with that so now he is fixing up their full time and vacation homes to pass the time. (which means im fixing up their homes with him helping)

my dad and i were chatting the other day about this as we were workin. my parents recently sold their business and retired. my dad liked not having anything to do at first, but quickly got bored with that so now he is fixing up their full time and vacation homes to pass the time. (which means im fixing up their homes with him helping). he said he wouldnt have retired if they hadnt gotten a great offer to sell and wished he had stayed on for part time/temp help. He has a couple hobbies (hunting and golf) but there is only so much of both you can do and he gets bored. he told me to not retire until i just cant work anymore physically, or no longer enjoy what i do. I would miss it and when youve worked 10-12hrs a day for decades, thats a lot of free time you have all of a sudden.i dont think there is any way i could cold turkey retire without getting some part time job, but i also dont think i would be able to put up with the shit you get with most part time jobs, so im not sure what ill do when the time comes.

as far as money goes, my figure is what it will take for me to live somewhat the same as how i do now, until im 100. i make decent money, but have lived paycheck to paycheck before and still stress out about money whether i need to or not. I doubt i will live till 100 with how my family history is, but theres always that chance that all the bad shit i did, turns out to be what keeps me living forever and if im a 90yo man stressed out about money, it doesnt sound like something i want to deal with in my last years
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      10-30-2019, 01:34 PM   #34
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Retiring doesn't mean you stop working. It means you do what you want (and sometimes you earn money). People that just stop working usually die pretty quick.
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      10-30-2019, 01:37 PM   #35
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Quote:
Originally Posted by roastbeef View Post
Retiring doesn't mean you stop working. It means you do what you want (and sometimes you earn money). People that just stop working usually die pretty quick.
retire
[rəˈtī(ə)r]

VERB
leave one's job and cease to work, typically upon reaching the normal age for leaving employment.

Actually, it does. Literally.
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      10-30-2019, 01:53 PM   #36
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Quote:
Originally Posted by roastbeef View Post
Retiring doesn't mean you stop working. It means you do what you want (and sometimes you earn money). People that just stop working usually die pretty quick.
I am very satisfied with what currently puts food on the table. But do I consider myself as retired? My definition was/is different...
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      10-30-2019, 01:55 PM   #37
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Quote:
Originally Posted by dinonz View Post
retire
[rəˈtī(ə)r]

VERB
leave one's job and cease to work, typically upon reaching the normal age for leaving employment.

Actually, it does. Literally.
I have taken that term literally also. You’re 65, you retire, pull from your pension and kick back all day long.

It’s obvious retiring is used in a much looser fashion these days. I often interpret it as “stopping the 9-5 grind and doing something I love doing”.

How about doing what you love, period?
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      10-30-2019, 02:07 PM   #38
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Quote:
Originally Posted by P1et View Post
I have taken that term literally also. You’re 65, you retire, pull from your pension and kick back all day long.

It’s obvious retiring is used in a much looser fashion these days. I often interpret it as “stopping the 9-5 grind and doing something I love doing”.

How about doing what you love, period?
Cause maybe for some people their work is what they love - so they retired the day they started working?

I can see it being used a bit more liberally when you retire from Professional Sports, the Military, perhaps even Politics - but in my mind even if you're still just doing something you love for money, you're not retired. You just have hobby income.
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      10-30-2019, 03:41 PM   #39
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Quote:
Originally Posted by P1et View Post
Quote:
Originally Posted by roastbeef View Post
Retiring doesn't mean you stop working. It means you do what you want (and sometimes you earn money). People that just stop working usually die pretty quick.
I am very satisfied with what currently puts food on the table. But do I consider myself as retired? My definition was/is different...
It can mean that. Depends on your interpretation. Can you sustain that and live with dignity?
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      10-30-2019, 06:13 PM   #40
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Quote:
Originally Posted by dinonz View Post
Quote:
Originally Posted by roastbeef View Post
Retiring doesn't mean you stop working. It means you do what you want (and sometimes you earn money). People that just stop working usually die pretty quick.
retire
[rəˈtī(ə)r]

VERB
leave one's job and cease to work, typically upon reaching the normal age for leaving employment.

Actually, it does. Literally.
Nah, age is nonsense unless it's part of a goal. Retiring involves dignity and preparation so you don't have to eat dog food.
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      10-30-2019, 06:34 PM   #41
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Retire to me means no income, no job yet living well.
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      10-30-2019, 08:11 PM   #42
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Quote:
Originally Posted by P1et View Post
Well said: when people say retiring, do they mean from the daily grind so they can pivot to doing something they enjoy? If I really enjoy what I do today, do I need to retire?

I've always thought of retiring as the guy who plays golf all day and sits around reading his newspaper on the front porch. That will never be me...
I like my job for the most part, but I wouldn't hesitate to quit if I have the option. I play competitive volleyball (a passion for me) which is severely limited by my work schedule, I like to attend my kids activities, I want to modify a third fun car for SCCA and compete, I like working on my cars and friends cars, I like doing home improvement, I like doing yard work, I like fixing things, I like to travel and want to travel the country and world for months on end, I like to bike, I like to have long lunches at restaurants, I like to cook, etc. etc. etc. I have plenty of things I do outside of work that would fill the void and I could do more of it.

I could not imagine working into my late 50s or beyond. My job can be high stress as I support mergers and acquisitions. My work schedule is largely defined by my client's diligence/bid/deal window. I've worked countless nights well past 2am, have had meeting calls at 1am with clients in China, worked lots of weekends, spent way too much time in airports, etc. As I continue to move up the ladder, the pay increases but things only get worse from a time management standpoint and stress level.

I understand some people absolutely love their jobs, are extremely driven in their field, and couldn't imagine not working. I work with lots of people like that. That's not me though. I have way too interests outside of work. My career doesn't define who I am.
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      10-30-2019, 08:12 PM   #43
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Quote:
Originally Posted by roastbeef View Post
Nah, age is nonsense unless it's part of a goal. Retiring involves dignity and preparation so you don't have to eat dog food.
Isnt there a lot of protein in dog food. If I can retire sooner I would try it.
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      10-30-2019, 08:28 PM   #44
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Originally Posted by webmeezer View Post
Something I don't see mentioned and is a huge expense later in life is both medical care both for yourself and possibly parents. This can be a very, very large expenditure that quickly eclipses your current retirement budget.

We've done 2 parents, 1 relative and 1 friend and it's pretty scary how expensive it is for health care later in life. Medicare and Medicaid (US) can provide some relief, but you need to have planned out your income/savings many years prior to needing help (5 years for Medicaid). This is assuming they're still both subsidizing at the same levels as now.

Assisted living & Nursing care can easily run upwards of $5-10K per month (unsubsidized) with numerous add-ons as the care increases. Additionally, there's your time (which can be substantial) to either care or monitor either a spouse or parent.

We've allocated all of the proceeds from our home/property (in a trust) to be used for our later health care (~$500K) and I'm not sure that will be enough. That/this time of life is where it's good to have had children
My mother carries pretty substantial health insurance in addition to Medicare. This is the same insurance that covered my father's $1.2M bill 6 years ago which only cost them $1,500. There's little concern that a health issue will wipe her out financially. If she needs to go in a "home", her current house is paid for and would be sold to cover that expense. She then could tap into her saving investments. She also gets my father's pension and SS until she dies. She's set.

My wife, kids, and I are extremely healthy. None of us have medical issues. Paying out of pocket for health care would certainly be a big factor.
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