Author Topic: Retirement Advice  (Read 877 times)

Offline Baetis62

  • Team IceShanty Addict
  • *
  • Posts: 847
Retirement Advice
« on: Apr 28, 2022, 05:39 PM »
My kid Sister (57) has decided to retire and walks out on July 1st.  She's single and has been a workaholic for 35 years. The 60 plus hour weeks have taken a toll and shes had some health issues (auto immune etc) pop up and decided to call it quits.  I'm 60 and think about it every day but have a few more years before I can walk.

I've been told its a good idea to find another focus when you downshift and exit work life. Any advice from all you retirees...aside from fishing?

Offline filetandrelease

  • Team IceshantyInsanity
  • ****
  • Posts: 12,098
Re: Retirement Advice
« Reply #1 on: Apr 28, 2022, 05:50 PM »
 For me I pulled the plug after 35 years vested
 And there is always something to do , plus from time to time I get a call to give a hand
 But fishing is at the top of my list deciding what species to chase is the only question
 And spend time with buds fishing , hunting etc
 

Offline Rebelss

  • Iceshanty Militia
  • Team IceshantyInsanity
  • *
  • Posts: 13,667
  • Inventor of Minnow Magic American Patriot
Re: Retirement Advice
« Reply #2 on: Apr 28, 2022, 05:53 PM »
Stay involved with yer friends. Have tasks that you need to complete just like you were still at work. Keep a schedule, albiet a lighter one. Take time out for lunches and enjoyment. If ya feel like taking a nap, and the deck stainingg can wait, take the nap. Deck ain't goin' anywhere. Make wise investments of yer money. Do some of those things ya always wanted....a train ride thru the mountains for a day trip. Go kart racing. Take that fishing trip with a buddy and stop somewhere for a good lunch. Get up late and make that big bfast ya always wanted.
That should get ya started.
"Seems like time is here and gone".....Doobies

Offline maddogg

  • Team IceShanty Addict
  • *
  • Posts: 900
Re: Retirement Advice
« Reply #3 on: Apr 28, 2022, 06:12 PM »
If you can afford the insurance until you are 65. Retire.

Offline meandcuznalfy

  • Iceshanty Militia
  • Team IceShanty Maniac
  • *
  • Posts: 2,575
Re: Retirement Advice
« Reply #4 on: Apr 28, 2022, 06:25 PM »
Always a new hobby to pick up, I worried about dad as he had quit fishing and hunting pretty much, but he actually took up golf, started restoring old cars and the hunting and fishing came back.

Offline bart

  • Team IceShantyholic
  • ***
  • Posts: 5,023
  • I love you, Deb
Re: Retirement Advice
« Reply #5 on: Apr 28, 2022, 06:34 PM »
I've been retired for over 15 years... I highly recommend it!  ;)
"Many fish their entire lives without knowing that it is not fish they are after."-Henry David Thoreau
  Keep America Godly...

Offline FishGut

  • Team IceShanty Addict
  • *
  • Posts: 889
Re: Retirement Advice
« Reply #6 on: Apr 28, 2022, 06:43 PM »
I retired at 57. Best & worst decision of my life. I'm a lot less stressed. My BP is down from 165/130 into normal levels. I fish (a lot)

But not having the couple dozen or more folks to see on a daily basis makes me lonely. It's been a year and a half, and I found myself planning the day about when I could go to the bar, shoot a couple games of pool, and listen to some music. But it got expensive... I was buying rounds, playing keno, and the like. Sometimes hundreds of dollars a night.  And I really wasn't happy, because the folks were all so drunk and loud. As often as not the bartender would come up to me and ask why I had my fingers stuffed into my ears and I was scowling at the bar top, rather than looking at people's faces and eyes.

Now that it's nice out, I'm more prone to fish, hike, garden, etc. rather than heading downtown.
Nebraska certified Fishing Instructor

Offline lefty2053

  • Team IceShantyholic
  • ***
  • Posts: 7,928
Re: Retirement Advice
« Reply #7 on: Apr 28, 2022, 07:08 PM »
57 means you pay for all your insurance. Unless she can get into some free insurance. She won't get squat for Medicare. If she has retirement money coming in monthly, it will have to pay all the bills and then some. My wife retired at 62 and went without insurance until she was 65. She will get a supplement starting next year. I have been retired a long time because of disabilities. I am now working a part-time job to make things work out better for us.  I am 69 don't have a nest egg but the wife does. What I get monthly is all there is. Best to figure out finances before jumping off the curb.
<===Lefty===

Offline ice dawg

  • Iceshanty Militia
  • Team IceShantyholic
  • *
  • Posts: 7,937
  • Tawny-"Ice Pooch"
Re: Retirement Advice
« Reply #8 on: Apr 28, 2022, 07:21 PM »
I retired at 61. Luckily I had been investing the maximum in a 401K for about thirty years and had a vested pension with my employer. My employer provided health insurance until I was 65, and when I went on Medicare they paid for my Medicare Supliment Insurance and since my wife went on Medicare they pay her supliment also. I don't really schedule any activities and do what I want when I want. Been retired for 16+ years now and have never looked back. I recommend retirement to anyone who can swing it financially.
It seems to go from zero to hero all some have to do is lie.

Offline badbrad2186

  • Team IceShanty Addict
  • *
  • Posts: 967
Re: Retirement Advice
« Reply #9 on: Apr 28, 2022, 08:09 PM »
My kid Sister (57) has decided to retire and walks out on July 1st.  She's single and has been a workaholic for 35 years. The 60 plus hour weeks have taken a toll and shes had some health issues (auto immune etc) pop up and decided to call it quits.  I'm 60 and think about it every day but have a few more years before I can walk.

I've been told its a good idea to find another focus when you downshift and exit work life. Any advice from all you retirees...aside from fishing?


I'm only 36 but a retired guy told me the other day stay active cause when you rest you rot. He said all his buddies who retired and just hung out didn't do much died in first 5 years he's on 25+ he cleans up the stuff no one wants to do at one the properties I take care of
If you sit around all day and do nothing your a bum, but if you sit in a boat all day or in a shanty and do nothing they call you a fisherman

Offline Glenmere

  • IceShanty Rookie
  • **
  • Posts: 19
Re: Retirement Advice
« Reply #10 on: Apr 29, 2022, 05:41 AM »
I agree with all. Retired at 57 and 3 months after 37.75 years in same job. Max it all out if you can. It's difficult but stay the course and focused.
Went right into part time work 4 hours a day weekends off because I didn't want to Rot. If you stop the reaper will catch you before your time.
More time to hunt fish and trap ! Help the people who need it and do not ask for anything in return. You'll reap the rewards without knowing.
Live clean Love your family and friends and respect all !
Good Luck to all and enjoy your time in the wild!

Offline hunts2long

  • Team IceShanty Maniac
  • **
  • Posts: 3,106
Re: Retirement Advice
« Reply #11 on: Apr 29, 2022, 06:43 AM »
I took a "buyout" in 1997. They added 5 years to my 31 years and gave me health insurance for life. I was hired the next day by another company where I worked for about another 10 years. They laid me off and I worked a few days a week in a bait shop to cover worms (lol). It all worked out pretty good. I am still able to deer hunt, fish 1 or 2 days a week and bowl one night a week for 26 weeks of the year. I am slowing down and my body doesn't recover as fast after spending a day in the boat and I have even asked for a hard getting out of the boat at the launch, if someone is around and they are wearing a 2 piece bathing suit....h2l
Northville, NY

Online rdhammah

  • Team IceShanty Maniac
  • **
  • Posts: 3,852
Re: Retirement Advice
« Reply #12 on: Apr 29, 2022, 07:48 AM »
I retired at 57. Best & worst decision of my life. I'm a lot less stressed. My BP is down from 165/130 into normal levels. I fish (a lot)

But not having the couple dozen or more folks to see on a daily basis makes me lonely. It's been a year and a half, and I found myself planning the day about when I could go to the bar, shoot a couple games of pool, and listen to some music. But it got expensive... I was buying rounds, playing keno, and the like. Sometimes hundreds of dollars a night.  And I really wasn't happy, because the folks were all so drunk and loud. As often as not the bartender would come up to me and ask why I had my fingers stuffed into my ears and I was scowling at the bar top, rather than looking at people's faces and eyes.

Now that it's nice out, I'm more prone to fish, hike, garden, etc. rather than heading downtown.
don't know what your physical condition is , but it sounds like you might consider a part time job where you can see other people

Offline Rebelss

  • Iceshanty Militia
  • Team IceshantyInsanity
  • *
  • Posts: 13,667
  • Inventor of Minnow Magic American Patriot
Re: Retirement Advice
« Reply #13 on: Apr 29, 2022, 08:11 AM »
don't know what your physical condition is , but it sounds like you might consider a part time job where you can see other people

I agree with that. Or join a club...In the Summer, I go to the Eagles club every Wednesday nite, as we have a huge car/hot rod show, food, drinks, goodies, etc. I see all my motorhead buds, and I have a blast. It's all free, except for the food, and that's cheap enough. Look into some type of club....fishing, shooting, hunting, etc.
Does yer town have a "senior center"?  Or get together with a buncha retired buddies once a week for coffee or lunch somewhere....
"Seems like time is here and gone".....Doobies

Offline hays47

  • Team IceShanty Regular
  • ***
  • Posts: 478
Re: Retirement Advice
« Reply #14 on: Apr 29, 2022, 10:08 AM »
Schedule an appointment with a fiduciary. This is real important. A fiduciary is obligated by law to advise for the customer's best interest. Try and follow their advice as close as possible as far as finances go.

I retired at 60 in 2007. Was a bit hard financially until SSI kicked in at 62. The other thing that complicated finances was waiting until wife was eligible for Medicare. For three years she suffered with lousy health insurance.

Meeting with a fiduciary prior to retiring really saved my butt financially speaking. I do not recommend just any financial advisor. A lot of them give you advice that makes the most money for their company. The customers wants and needs are given second consideration if at all.
Echomap 94  Chirp with panoptix ps-22.
G.E.F.M

Offline ice dawg

  • Iceshanty Militia
  • Team IceShantyholic
  • *
  • Posts: 7,937
  • Tawny-"Ice Pooch"
Re: Retirement Advice
« Reply #15 on: Apr 29, 2022, 10:37 AM »
I took a "buyout" in 1997. They added 5 years to my 31 years and gave me health insurance for life. I was hired the next day by another company where I worked for about another 10 years. They laid me off and I worked a few days a week in a bait shop to cover worms (lol). It all worked out pretty good. I am still able to deer hunt, fish 1 or 2 days a week and bowl one night a week for 26 weeks of the year. I am slowing down and my body doesn't recover as fast after spending a day in the boat and I have even asked for a hard getting out of the boat at the launch, if someone is around and they are wearing a 2 piece bathing suit....h2l
Were you a Bell System employee?
It seems to go from zero to hero all some have to do is lie.

Offline appleye

  • Iceshanty Militia
  • Team IceShanty Maniac
  • *
  • Posts: 2,358
Re: Retirement Advice
« Reply #16 on: Apr 29, 2022, 10:53 AM »
I retired after 31 years of Law Enforcement at age 51. I remodeled the house DIY. The same year I went to Mud Holes rod building class and have been building fishing rods ever since. After two years I went back to work part time for a Treatment Court. After a year they offered me a full time job as a case manager, love watching people change there life for the better! My wife says I'm a mellower person now, still suspicious of everything.

Find something you like to do, do it often, see some sights, check off a couple bucket list items!
In the memory of "Team Lighting" Fish ON!
No one ever says,"Man that fish tastes small.

Offline hunts2long

  • Team IceShanty Maniac
  • **
  • Posts: 3,106
Re: Retirement Advice
« Reply #17 on: Apr 29, 2022, 11:07 AM »
Were you a Bell System employee?
Switch Tech for Rochester Telephone..h2l
Northville, NY

Offline badbrad2186

  • Team IceShanty Addict
  • *
  • Posts: 967
Re: Retirement Advice
« Reply #18 on: Apr 29, 2022, 11:18 AM »
Switch Tech for Rochester Telephone..h2l

My Aunt worked there Debbie Amsler
If you sit around all day and do nothing your a bum, but if you sit in a boat all day or in a shanty and do nothing they call you a fisherman

Offline ice dawg

  • Iceshanty Militia
  • Team IceShantyholic
  • *
  • Posts: 7,937
  • Tawny-"Ice Pooch"
Re: Retirement Advice
« Reply #19 on: Apr 29, 2022, 11:29 AM »
Switch Tech for Rochester Telephone..h2l
I worked for NY Tel, Mtn Bell, NW Bell, US West, and Qwest until retirement. Was also president of CWA Local 7504 until it merged with local 7500.
It seems to go from zero to hero all some have to do is lie.

Offline Baetis62

  • Team IceShanty Addict
  • *
  • Posts: 847
Re: Retirement Advice
« Reply #20 on: Apr 29, 2022, 09:11 PM »
Schedule an appointment with a fiduciary. This is real important. A fiduciary is obligated by law to advise for the customer's best interest. Try and follow their advice as close as possible as far as finances go.

I retired at 60 in 2007. Was a bit hard financially until SSI kicked in at 62. The other thing that complicated finances was waiting until wife was eligible for Medicare. For three years she suffered with lousy health insurance.

Meeting with a fiduciary prior to retiring really saved my butt financially speaking. I do not recommend just any financial advisor. A lot of them give you advice that makes the most money for their company. The customers wants and needs are given second consideration if at all.

Absolutely agree with this.  She already has one and it's a big part of the reason she can do this at a relatively young age.  We talk about it often.  I've been investing since I was in High School and enjoy it.  Researching investments and trading hasn't ever been a source of stress but I gotta admit the shorter the timeline gets before retiring the more I understand I need to find someone.  Safeguarding the LT gains, understanding tax implications, navigating SS and planning for healthcare expenses before Medicaid is another thing and its daunting.

Great stuff guys (gals?).  Its interesting to learn about other peoples experiences.  Great food for thought! 

Offline hunts2long

  • Team IceShanty Maniac
  • **
  • Posts: 3,106
Re: Retirement Advice
« Reply #21 on: Apr 30, 2022, 06:32 AM »
Brad, didn't know her.
Ice, CWA Local 1170, I was on Exc. Bd....h2l
Northville, NY

Offline badbrad2186

  • Team IceShanty Addict
  • *
  • Posts: 967
Re: Retirement Advice
« Reply #22 on: Apr 30, 2022, 10:37 AM »
Brad, didn't know her.
Ice, CWA Local 1170, I was on Exc. Bd....h2l

I know she worked ther so long it had 2 or 3 different names was Rochester Telephone when she started
If you sit around all day and do nothing your a bum, but if you sit in a boat all day or in a shanty and do nothing they call you a fisherman

Offline badger132

  • Team IceShanty Maniac
  • **
  • Posts: 1,333
Re: Retirement Advice
« Reply #23 on: May 05, 2022, 09:27 AM »
I have been on the ACA insurance (Obamacare) for 6 years. I too was scared about the cost of health care, thought I would get a part time job to get access to insurance. I had the house paid off, no debt, so my expenses are minimal. I had enough savings to make it I thought, and the stock market the last few years has been better than I expected. Turns out if you meet the income requirements, which is easier now with the changes made in the last few years, you can get insurance for little or nothing. If your income is low enough, you can get insurance better than I had working for free.
As far as finding something to do- I can always find something, since it does not need to pay. Helping other people is always satisfying, and even better when you have the time.

 



Iceshanty | MyFishFinder | MyHuntingForum
Contact | Disclaimer | Privacypolicy | Sponsor
© 1996- Iceshanty.com
All Rights Reserved.