I think retirement is a pipe dream... (1 Viewer)

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not sure what i'll end up doing. at a company now where i'm fully remote working from home. i can basically live anywhere (within reason) and still keep this job. just need good internet. so i can work longer than most IMO.

my financial guy and i ran numbers at 65 and 67 (i'm 34 now) with and without social security (which who knows how long that will be around honestly).

he asked "how much will i need a month to live at that time"

I dont know what to tell him, he said average is like 6k a month. I was like man i live on less than that now with child support, 2 kids half the time, a mortgage, a pool note, truck note.

when i'm 65 my plan is to have house well paid for, no pool note, obviously no child support, kids will be in their 40s.

insurance is my question mark. i guess medicare/medicaid will be around by then?
 
jayd265 said:
insurance is my question mark. i guess medicare/medicaid will be around by then?
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I hope so.

MBR just informed me that I'll need to apply for Medicare in November even if I am still working. Which I will be. For a long time.

I did take a look at monthly expenses and even with my current mortgage, I could probably do it for around $6k/month. Less, if I am more frugal. But the issue with that is utilities (we had a ridiculous rate hike late last year), groceries and other things will not hold steady. If I am spending $300 on groceries now, what will that be 5 or 10 years from now?
 
Bleu Raeder said:
I hope so.

MBR just informed me that I'll need to apply for Medicare in November even if I am still working. Which I will be. For a long time.

I did take a look at monthly expenses and even with my current mortgage, I could probably do it for around $6k/month. Less, if I am more frugal. But the issue with that is utilities (we had a ridiculous rate hike late last year), groceries and other things will not hold steady. If I am spending $300 on groceries now, what will that be 5 or 10 years from now?
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exactly. natural gas/electricity/water/groceries is a wildcard

then just regular maintenance on a house. i'm always doing something around the house. gotta plan to buy a potential new roof or something.

so many questions. i have a pretty good 5 year plan, if nothing major happens, so trying to plan my 10 year. i'm constantly planning stuff it seems.
 
Bleu Raeder said:
I hope so.

MBR just informed me that I'll need to apply for Medicare in November even if I am still working. Which I will be. For a long time.

I did take a look at monthly expenses and even with my current mortgage, I could probably do it for around $6k/month. Less, if I am more frugal. But the issue with that is utilities (we had a ridiculous rate hike late last year), groceries and other things will not hold steady. If I am spending $300 on groceries now, what will that be 5 or 10 years from now?
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I get it , the reason I'm still working is for the insurance , my wife is only 19 days younger than me so we'll both be able to get on Medicare and a reasonable supplement insurance. Honestly , any recommendations on a supplement policy and any suggestions on what to do with my 401K ( we do also have a separate savings account ) would be appreciated !
 
JenningsTruckers said:
I get it , the reason I'm still working is for the insurance , my wife is only 19 days younger than me so we'll both be able to get on Medicare and a reasonable supplement insurance. Honestly , any recommendations on a supplement policy and any suggestions on what to do with my 401K ( we do also have a separate savings account ) would be appreciated !
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That’s all for the “I AM retired” thread, not the “it’s not going to happen” thread! :ezbill:
 
I'm curious of those looking to retire to a foreign country what are you going to do about residency? Are you going to apply for permanent, temporary or full citizenship?
I know that in Mexico there are still financial criteria to file for and maintain the different statuses. I believe that in order to gain permanent residency in Mexico you must have maintained a financial balance of $150,000 US dollars in a savings account for 12 consecutive months? I think Mexico will also give you temporary residency if you invest US dollars equilavant to your US Salary (minimum of $100,000) in a Mexican company?

Do you have any concerns that if you only seek permanent or temporary status and not full citizenship your rights to remain could be subject to the whims of the government? It would seem to me that full citizenship would be the way to go. But maintaining dual US citizenship and a foreign citizenship could expose you to costs and additional taxes for money transfers from retirement funds, pension, property and banking etc. Just curious.
 
I retired on December 31st of 2022. I am now looking for something to do. I am fortunate that I was able to do this and unlucky enough to be too young.
I should provide a little more information. I spent 31 years between active-duty military and the Guard. The position that I worked in for the last 20+ years was a dual civil service and military position. That just means that my GS job was tied to my military position, and I was offered the opportunity to retire without penalty. I will receive my GS pension for 27 years, due to the active-duty buyback but I will not see my Guard retirement until I turn 60. So, at the ripe old age of 51, am out of work and I am bored. To keep my sanity, I have been working as a substitute teacher at the same high school that my twin daughters attend. The pay is not much, and I average 2 days a week. I enjoy it but it is not enough to satisfy that itch. I have always said that I can't wait to retire and now that I have, I need to find more to do. My issue is that I do not know what I want to do when I grow up but, I do know what I don't want to do.
Maybe I should start a (part time) job search thread. Anyone in Northern Colorado need a flunky?
 
I don’t understand anyone who “gets bored” with retirement and needs to do something. Sitting in a chair and staring at some trees all day beats working. What, you people don’t have The Office streaming where you live? I took an edible the other day and just watched TV for like an hour before I figured out how to turn it on. And it was great. Retirement is going to rock.
 
BooBirdSaint said:
I'm curious of those looking to retire to a foreign country what are you going to do about residency? Are you going to apply for permanent, temporary or full citizenship?
I know that in Mexico there are still financial criteria to file for and maintain the different statuses. I believe that in order to gain permanent residency in Mexico you must have maintained a financial balance of $150,000 US dollars in a savings account for 12 consecutive months? I think Mexico will also give you temporary residency if you invest US dollars equilavant to your US Salary (minimum of $100,000) in a Mexican company?

Do you have any concerns that if you only seek permanent or temporary status and not full citizenship your rights to remain could be subject to the whims of the government? It would seem to me that full citizenship would be the way to go. But maintaining dual US citizenship and a foreign citizenship could expose you to costs and additional taxes for money transfers from retirement funds, pension, property and banking etc. Just curious.
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All very good questions.. and there are many, many, many different answers…. You mention the Mexico thing, but the numbers you provided seem very odd to me; i know for a fact that plenty of Americans have relocated to Mexico, especially in the last couple of years, without many visa hassles or too much expense- so my guess is either the numbers you found are some brand new creation by the Mexican govt , or more likely- there are far cheaper ways to live in Mexico long-term without becoming a “permanent resident”.. for example, i have looked extensively at the Philippines- they have a permanent resident option, i forget what it’s called- for a cost of several thousand dollars.. but what 95% of expats do is just fly into the Philippines as a tourist, and they let you stay for THREE YEARS.. then all you have to do is, once every 3 yrs, take a quick cheap flight to a neighboring country, fly back in and the clock resets for another three yrs.. so with that option, very few people feel the need to become a permanent resident.. by contrast, Thailand which ive also looked into- has convoluted , Byzantine visa requirements that seem to change every week.. the most consistent option seems to be the ‘retirement visa’, which requires you to be 50 yrs old and have 800,000 thai baht ($22k USD) in a Thai bank account.. but there are also education visas, work visas, digital nomad visas, ‘Elite’ visas and more, with other visa options being added constantly…. I think my point in all this is that visa requirements are definitely a part of the equation when deciding which country you want to expatriate to- but i also think that the old adage ‘where there’s a will, there’s a way’ applies as well.. also always remember, whichever country you decide to move to- We dont make the rules.. MONEY makes the rules . (y)
 
Cage1 said:
I don’t understand anyone who “gets bored” with retirement and needs to do something. Sitting in a chair and staring at some trees all day beats working. What, you people don’t have The Office streaming where you live? I took an edible the other day and just watched TV for like an hour before I figured out how to turn it on. And it was great. Retirement is going to rock.
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Same same .


Just traveling and volunteering, for me, would be PLENTY enough to keep me busy in retirement.. also i discovered tennis a few years back and fell in love with it- so just like many people plan to spend their retirement years golfing, id love to hit the tennis court three times a week or so .. if i by chance DO get bored- work would be at the very bottom of my list of things to do in order to not get bored .
 
I have had a very spotty work history, so I have retired many, many times. Going years between jobs have been normal for me. My longest between jobs is about 4 years, the longest I held a job was 5 years, and have had many 6 month - 1 year pauses between jobs. It's not that I don't like work, it's that I don't think I have been in the right field, because the jobs I have had in the past were to stressful for me. I finally found a job that I like and about half of my co-workers are stoners.

It's not a race to retire, it's a race to find balance in your life. The Bible commands everyone to work, so the goal shouldn't be to retire as soon as possible, but to find out what your gifts are, and help society with them. Sometimes you have to take chances and change careers to save your health and mental well being, but if you take any risks, you have to also accept the outcomes of those risks, even if they don't look good for a few years. Don't blame me, if you make bad choices, just sharing what I think is true.
 

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