Retiring in 2021 ........ Anyone Else?

[Nephilymbass]

If my monthly electric bill exceeds sixty dollars, then something has gone off the rails. Small house, ceiling fans; stove and fridge consume most of the power.

Mines usually in the $100-$150 a month range and have a family of 4. My mom was paying $800-$1000 a month at one point for her electric bill. My mortgage is only $800 a month. Running AC is what typically jacks it up here and other stuff that’s political so I won’t talk about it here.

 

[Rnr..........4]

Retired as high school principal back on '09, went back to work in January '10. I told my boss a month ago to start looking for a replacement. I plan to stay until school restarts - maybe September, maybe October. But, I am heading out.

The PERS is a pretty good system for public workers in this state for retirement but wondering if I should get a 401 K going too? They pay into the PERS but know if I did the 401 k too if i'd have to match it right?

So confusing.

 

[Rnr..........4]

not there yet but do see a bright light at the end of the tunnel (please don't be a train...)

a few years away from 59 1/2 (when i can dip into my 401k with no penalties).

the only thing i worry about is medical insurance. i can work part-time for the medical until medicare kicks in at 65 but would rather exit the rat race asap. any insurance tips for those of us about to jump off the hamster wheel?

Move to Canada? Honestly, that's what was good about the UK where I lived briefly. Free medical.

 

[J R Knots]

not there yet but do see a bright light at the end of the tunnel (please don't be a train...)

a few years away from 59 1/2 (when i can dip into my 401k with no penalties).

the only thing i worry about is medical insurance. i can work part-time for the medical until medicare kicks in at 65 but would rather exit the rat race asap. any insurance tips for those of us about to jump off the hamster wheel?

My wife and I speak it often- if our medical insurance was more reasonable or free, we would have been able to retire a lot earlier.

If the U S can deal with this, the younger generation will have a better chance of retiring early.

Today, medical insurance is out of reach for the average person who has to pay for it entirely themselves.

For me, I am set now- turned 65 and I have Medicare- so I can and will retire soon.

 

[ajkula66]

Honestly, that's what was good about the UK where I lived briefly. Free medical.

Nothing is ever for free, let alone medical insurance. And yes and I've lived in the UK - and a couple of other places - that sport "free" healthcare.

Whether one pays for it with their tax funds or outright to an insurance company, we always pay for it one way or another.

My wife and I speak it often- if our medical insurance was more reasonable or free, we would have been able to retire a lot earlier.

If the U S can deal with this, the younger generation will have a better chance of retiring early.

With practically no "conventional" pension system in place outside of the government employment and Social Security that may very well not exist in a couple of decades, that's a pretty tall order. I've already had this conversation with my kids, and will likely have many more before they enter the workplace on regular basis.

 

[covermego]

Turning 60. Self employed with a 10 year plan until retirement. Wish I could retire and leave CA now. Stressing about memory loss. Playing music really helps. Great thread.

Yep. Gotta love the massive quarterly taxes we shell out, right? It never fails: I never pay enough to break even at the end of the year, no matter how much we think we're "fine-tuning" the number$.
And I totally applaud you for playing music. I wish I could play more. We have a decent number of gigs lined up for the remainder of this year, but being the Granddad that wants to be there for the kiddos and grandkiddos, I need to keep some weekends open. I'm blessed to have 3 sons that all play..... a nice thing to have in common! Hoping it spills over to the grands!

 

[GretschWretch]

Mines usually in the $100-$150 a month range and have a family of 4. My mom was paying $800-$1000 a month at one point for her electric bill. My mortgage is only $800 a month. Running AC is what typically jacks it up here and other stuff that’s political so I won’t talk about it here.

Well, NC has a higher cost of living than AL does, and mine is an eighty year-old farm house that has been added onto twice (creating some real Bizarro World effects like the switches that control the lights for one room being in a different room than the lights themselves) and the adventure that comes with living among three tornado alleys. But the framing is all sawmill timber, oversized by today's standards and hard as rock. And I like where I am situated. I fact, I sometimes think that what I bought was the location and the house just happened to be there.

 

[Leigh Semmens]

?

I was killed - God had other ideas, they pulled me out of the car and laid me out, As they were calling in one fatality, I started breathing. (Friend, at home some distance away, saw an image of God with his hand on my chest. Then she got the phone call) I died twice more on the way to the hospital and they threatened that I would not live the night. Satan has a restraining order against me, so couldn't go to hell and God wasn't ready to put up with me yet! Since I didn't die, they said I'd be a vegetable, don't much like those. (I was diagnosed with 21% permanent brain damage which means that I was unable to work) They even asked how my house was set up for wheelchairs, I didn't even take a walking stick home from the hospital. I've also noticed that in the intervening years since the accident (2001) that even my head injury has not affected me as much as it did early in the piece. Back then, if the house were on fire, I'd sit there and let it burn down around me because I was incapable of deciding what to do first. I AM a walking, talking MIRACLE!

 

[baileyboy]

I was killed - God had other ideas, they pulled me out of the car and laid me out, As they were calling in one fatality, I started breathing. (Friend, at home some distance away, saw an image of God with his hand on my chest. Then she got the phone call) I died twice more on the way to the hospital and they threatened that I would not live the night. Satan has a restraining order against me, so couldn't go to hell and God wasn't ready to put up with me yet! Since I didn't die, they said I'd be a vegetable, don't much like those. (I was diagnosed with 21% permanent brain damage which means that I was unable to work) They even asked how my house was set up for wheelchairs, I didn't even take a walking stick home from the hospital. I've also noticed that in the intervening years since the accident (2001) that even my head injury has not affected me as much as it did early in the piece. Back then, if the house were on fire, I'd sit there and let it burn down around me because I was incapable of deciding what to do first. I AM a walking, talking MIRACLE!

Wow! Thank you for your story. God bless.

 

[Black Out Jazz]

That’s awful. So, you’re with us here more in spirit than in body?

lol

 

[DirtDog]

I was killed - God had other ideas, they pulled me out of the car and laid me out, As they were calling in one fatality, I started breathing. (Friend, at home some distance away, saw an image of God with his hand on my chest. Then she got the phone call) I died twice more on the way to the hospital and they threatened that I would not live the night. Satan has a restraining order against me, so couldn't go to hell and God wasn't ready to put up with me yet! Since I didn't die, they said I'd be a vegetable, don't much like those. (I was diagnosed with 21% permanent brain damage which means that I was unable to work) They even asked how my house was set up for wheelchairs, I didn't even take a walking stick home from the hospital. I've also noticed that in the intervening years since the accident (2001) that even my head injury has not affected me as much as it did early in the piece. Back then, if the house were on fire, I'd sit there and let it burn down around me because I was incapable of deciding what to do first. I AM a walking, talking MIRACLE!

Glad you're still here with us!

 

[Space Pickle]

I'm 36, but my dream is to retire and go back to university to study double bass. Hopefully when the time comes I'll still have my ears and my physical capabilities.

 

[Jon Lars]

The PERS is a pretty good system for public workers in this state for retirement but wondering if I should get a 401 K going too? They pay into the PERS but know if I did the 401 k too if i'd have to match it right?

So confusing.

Do it. Put in the most you can. The PERS alone isn't going to be enough. Your retirement is a three-legged stool and you will need all three legs to support yourself.

What Is the Three-Legged Stool?

 

[GretschWretch]

I was killed - God had other ideas, they pulled me out of the car and laid me out, As they were calling in one fatality, I started breathing. (Friend, at home some distance away, saw an image of God with his hand on my chest. Then she got the phone call) I died twice more on the way to the hospital and they threatened that I would not live the night. Satan has a restraining order against me, so couldn't go to hell and God wasn't ready to put up with me yet! Since I didn't die, they said I'd be a vegetable, don't much like those. (I was diagnosed with 21% permanent brain damage which means that I was unable to work) They even asked how my house was set up for wheelchairs, I didn't even take a walking stick home from the hospital. I've also noticed that in the intervening years since the accident (2001) that even my head injury has not affected me as much as it did early in the piece. Back then, if the house were on fire, I'd sit there and let it burn down around me because I was incapable of deciding what to do first. I AM a walking, talking MIRACLE!

And you also are a walking, talking testament to the power of grace. My girlfriend (and that is a Twilight Zone/Bizarro World mystery in its own right) also claims this very close relationship with God, only with a confidence and simplicity that shows she is sincere in her belief and not just engaging in some self-glorifying posturing religiosity.

And she has a track record to prove it. A little over a year ago an eighty year-old water oak came down in a windstorm and sheared off my front porch completely, missing me by no more than fifteen feet. That the house was not super-damaged is a miracle in itself. The branch that would have come down on the house proper was arrested just as it touched one corner of the roof because the grandfather branch of the tree was driven into the ground and stopped the tree's descent.

And for me, things turned out better than before. Insurance was very generous, repair crews were very conscientious and professional and were all-around good people. And since the new roof is tin (over the whole house), I no longer have to worry about clambering up there (and perhaps toppling off) to kill the moss.

And my gf has assured me that God has assured her that I will not die in a storm, even given her a vision to "seal the deal." So I no longer worry about those high winds where I live.

So you, too, are among the blest. Why, I'll bet that on Talkbass you could even claim that Gibsons are better than Fenders and survive the blasphemy.

 

[wiscoaster]

....Time to collect a little SS ....

No, wait until your "normal retirement age" if at all you can. You'll regret starting to collect early. It's going to make a big difference in how much you get over your remaining lifetime. You can easily live another 30 years. I took a taxi the other day -- I swear the driver was at least 85. He said his wife is on a medication costing $400 a month after insurance. You really want to be working at 85 if you don't have to in order to survive?

 

[ajkula66]

No, wait until your "normal retirement age" if at all you can. You'll regret starting to collect early.

Maybe. Maybe not. There's no "one size fits all" answer here.

Personally, I intend to start collecting at 62 BUT I also don't think that I realistically can expect to be around for my 85th birthday. I wouldn't mind being proven wrong on the second part of my presumption if I were in decent physical and excellent mental health at the time, though.

My $0.02...

 

[Leigh Semmens]

So you, too, are among the blest. Why, I'll bet that on Talkbass you could even claim that Gibsons are better than Fenders and survive the blasphemy.

Gibsons ARE better than Fenders......................................................................,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,..... (at least in the guitar world)

 

[covermego]

No, wait until your "normal retirement age" if at all you can. You'll regret starting to collect early. It's going to make a big difference in how much you get over your remaining lifetime. You can easily live another 30 years. I took a taxi the other day -- I swear the driver was at least 85. He said his wife is on a medication costing $400 a month after insurance. You really want to be working at 85 if you don't have to in order to survive?

Well, I am going to collect a little SS, but I also plan on getting a part time job to earn a bit AND give me something to do. I don't want to be 100% retired yet. Also, I am retiring from window covering installations because my rotator cuffs are pretty much done in.
Also, as one other TBer said, I'm not real sure I'll be around until 85. Hope I am, but if that's gonna happen, I'd better start getting in better physical shape. In the meantime I plan on enjoying life.

 

[Treblefree]

No, wait until your "normal retirement age" if at all you can. You'll regret starting to collect early. It's going to make a big difference in how much you get over your remaining lifetime. You can easily live another 30 years. I took a taxi the other day -- I swear the driver was at least 85. He said his wife is on a medication costing $400 a month after insurance. You really want to be working at 85 if you don't have to in order to survive?

It really depends. Can be a bit of a gamble.

Based on my projections from SSA a couple weeks ago, the difference in me retiring at 62 vs retiring at 67 is collecting a smaller amount throughout the rest of my life. At 62, I'd get 68.3% of what I'd get at age 67 and beyond. Doing the math that I'd collect for an extra 5 years before the higher amount would even start though takes me until about the 11th month of my 77th year to break even. So I have to live to 78 years old to have it be actually beneficial for me to have waited to take SSA. You could even argue the net present value of receiving those funds sooner as well in which case probably later in the 78th year before you truly break even. The question is how long do you think you'll make it.

My mom retired at 67 because she was battling ovarian cancer the 2nd time. She died at 68 and 4 months. I wish she had retired at 62 and enjoyed some of the fruits of her labors. My dad's SS income then dropped to just him instead of both of them collecting (that's the biggest problem with SS instead of also having 401k or pension, etc). My dad is 77 and is the highest aged person ever from his family. They all died young. For me, I believe I'll be taking SSA at 62 as my gamble. To each their own of course.

 

[wiscoaster]

OK, good for you having done the math. Many people don't. But if I were to make a bet, I'd wager you'll live longer than you expect you will. At least I hope you will, for sure!!