Retired !! ??

[thecfarm]

You can die waiting to draw too. :(
I am drawing as soon as I can.
Wife's Uncle planned a retirement life of traveling and enjoying the Grandkids. He never made it.Well,he did but for only 6 months. :( He was a good shape too,did not smoke,nor drink. Maybe he should have. You just never know what will happen.
One needs to invest in thier retirement when they are young. Well it's never too late to invest in that. ;) ;D

[dirtmotor]

Thanks for getting me thinking about retiring !
At 61 I am riding the fence about quitting  , been doing commercial construction with the same company for 43 years and still enjoy most every day .
That said , my hobbies and projects keep me busy every weekend . I took four months off a couple of years ago and really did not want to go back . So my thoughts now are to quit at 62 but not draw ss till 66
Course insurance will be a problem . has any one tried this ?

[WV Sawmiller]

Dirtmotor,

   What you describe sounds about like what I did. I quit working for (someone else) at about 61 or so and just started drawing SS last year when I turned 66 and hit my full retirement age. For me insurance came from my wife's job as I had always piggybacked on it. Most of my last 20+ years of working were overseas and I had good coverage from my company while there but not while between assignments. My school teacher wife had good insurance through her work and I just tagged along as a dependent on it. When I hit 65 and signed up for Medicare that helped reduce the costs a lot too. 

   Be sure you are ready for the social impact of not seeing and working with others every day when you leave and make sure you are ready for that. Milling and meeting others helps me fill that gap. Good luck.

[Al_Smith]

That's another catch 22 built into the system .There's a cap on SS remittance but there is none on Medicare .I had a good job and for most of my working life I maxed out on SS payments but of course kept right on paying into Medicare .
Here's where the cheese gets binding my Medicare deduction from SS was based on tax year 2016 which just happened to be my best year financially in my life and I paid more into the Medicare portion of the system than the average tax payer to begin with .Well wish in one hand and spit in the other they say .Nothing you can do about it . Okay whining over ,rant done ---for now --- ;)

[Ljohnsaw]

Here's where the cheese gets binding my Medicare deduction from SS was based on tax year 2016 which just happened to be my best year financially

Al, so the Medicare is based on your last year of work?  IF so, then maybe I did good.   I went to work part time right after I retired for a year/year and a half and made about $5,000. 8)

I have an unusual situation with SS.  At 50 (almost 10 years ago), my wife passed away and my son was 6 at the time.   I had to file death certificates at various places, including SS.  They informed me that I would get both a Survivor's benefit and Dependent benefit based on her SS earnings, while I was still working.  She didn't work much so I wasn't expecting much.  Each benefit is calculated at 75% of her full - so the total was 150% of her benefit.  Pretty strange but not going to look a gift horse in the mouth.  I got +/- $1,000 a month.  One benefit will continue until he turns 16 (coming up in 4 months) and the other ends at 18.  At that point (I'll be 62), I plan on taking her full benefit until I get to 66-10m to claim mine.

I got a strange benefit letter the other day with a little footnote that if I was 60 I could claim her full benefit.  After going round and round on the phone asking the same 2 questions, I *think* I got an answer.  IF I claim her full now, I loose both of the above (not good).  BUT, If I file 1 month before his 16th birthday, instead of dropping to 75% of her benefit, it would be replaced with 100% - 2 years ahead of schedule.  So I will drop to ~$700 instead of ~$550.  I'll take whatever win I can.

[WV Sawmiller]

ljohnsaw,

   I'd check with the Social Security folks again. The ones my wife and I dealt with here in Beckley WV were absolutely super to deal with and I could not ask for better service in spite of what I have heard from some folks. (I find usually when people complain about DMV or SS or such if I dig in I find they did not comply with the advice they were given and were not prepared for their meetings.) I set up an appointment and brought all the info they advised. They went through my entire work history on line to verify some gaps in SS payments like when I was in college or working for foreign governments and made no SS payments and we got everything aligned on the spot including updating my military career (I keep a copy of my DD214 in my wallet and it answered her questions). Your payments are based on the the last 40 quarters or some such rule so one high or low paying year at the end of your work history is not the only driving force. Good luck.

[BradMarks]

Just checked on calculations for SS.  It is based on your BEST 35 YEARS of earnings, averaged out and divided by 12 months, to determine your average monthly income over 35 years. Then a percentage of that based on retirement age is what you receive.

[Tom the Sawyer]

In my area, public safety jobs (fire, police, paramedics) tend to have people retire relatively early (at 55 w/20 years, or at 50 w/25 years).  People tend to leave jobs by quitting, being terminated (sometimes with severance pay), or retiring.  Retiring usually doesn't mean never working again, it is not at all unusual for law enforcement to hire retired military people, and many others take their early retirement to start another career and retire again.  Medical insurance was a concern.  My city allowed retirees to remain on the group health insurance plan if they were willing to pay the full premium.  When I retired (2009) it was $410 p/month, when I turned 65 (2016) it was up to $820.  My wife's employer (a different city) kept her on the group plan until she turned 65, for a $30 p/month 'admin fee'.

Early on in my career the state pension board would give programs, explaining that income after retirement should be considered a three-legged stool.  Your earned pension, any social security benefits, and your personal investments (stocks, bonds, IRAs, etc.), not to expect any one to fully support your lifestyle. I hired an investment broker in the early 90s and usually followed his advice.  When we talked about social security, his advice was to take it if you needed it.  He told me that, if I were to take it early (62), and gave him all of my SS income to invest, he could not guarantee growth commensurate with the increase in benefit by waiting.  With my pension, I didn't need to take it early, I'm now 68 and put it off until 70.  Ditto with IRAs.  Certainly, if needed, take it when you can, not everyone's circumstances are the same.  My uncle took SS early, back then it was at 55, and he lived to be 92 - it really paid off for him.

[Al_Smith]

In my case keep in mind although I took by benies and still worked I still paid into the system .My SS was only taxed after I made over 44 grand a year .As such if it hasn't already it will increased based on the additional 4.5 years I paid into it . My taxes have gotten so confusing I just turn it over to a CPA.It's  not worth loosing my cool and blowing a gasket .

[WV Sawmiller]

Tom,

   I also checked with my financial adviser before I signed up and he said my investments with him are currently earning better than SS was paying so, for me, it made more sense to sign up and let the rest of my investments work for me instead of drawing down on them. I think everyone should check and follow the option that works best for them - understanding everything can still change in the future but its your best guess based on available info at the time. Just like the rest of life in general.

[blackfoot griz]

Last evening PatD suggested that we go to the Cracker Barrel for supper.  Since I am obedient when it comes to meals, I agreed and off we went.  She ordered grilled chicken breast and I ordered fried catfish, so what is the retirement deal?

While we were eating I realized that I have been retired from my 'real' job for 25 years, yup they downsized me out on December 16, 1994.  During my first seven years I was a caregiver to my Mom and Dad while also keeping my woodworking alive.  It took me 2 years to build the Cabin during which time we also took a 9K mile trip to Maine, worked as volunteers at the 1996 Olympics in Atlanta, and took a 13K mile trip to Alaska.  I have now completed 17 years of sawmilling so yup, I/we have always been busy.

So what are my retirement plans now?  To keep on keeping on as long as I can put one foot in front of the other.

So, What are your Retirement Plans??

Lynn, you should write a book!
The way it is going for me, retirement will be buying new tires for the pickup!

[petefrom bearswamp]

16 years with the State of NY dept of environmental conservation, pension is 450 bucks and change per month.
25 years self employed consulting forester, planned to work til 70 but second replacement of the same hip caused me to hang it up at 69.
Being self employed I paid the full shot of SS.
Linda and I are debt free so we are in high cotton (and a few grits)
The mill for me has never been a big money maker but was a pleasure to run until this past summer, hence my hanging it up.
Still having reservations of not sawing so wont make the final decision til spring.
Good friends, good wife, good health, good careers have made for a great life (so far)

[Autocar]

For myself I worked as a electrical lineman and later as the superintendent for a power company for thirty years and two years in the army. Loved the line work but hated the politics as the superintendent. At the same time I had two fellows working in the woods and I would saw orders at night some nights till three in the morning.Started at the power company at 17 and retired at 47. Been logging full time sense 95 got read of my circle mill many times wish I had it back but now at 72 I suppose that will never come about. For fun, hunted just about every province in Canada for moose and caribou fished halibut out of Homer Alaska hunted a lot of states in the lower 48 but still at my age I would rather work as crazy as that sounds. I will log as long as my body will let me only difference now I am pretty slow. My wife loves to travel but over the years I have lost that bug somewhere.

[Al_Smith]

With the mention of line work ,working for a small electrical contractor doing industrial work I did my share of it at one time .My old Bashlin hooks are hanging in my shed and I doubt I'll ever use them again .A few years ago I borrowed a set of tree gaffs and climbed a 30 foot spar to see if I could still cut the mustard,I did .However my old knees ached for a couple days afterwards .Father time gets us all eventually .

[Autocar]

Al I always used Bashlin climbers and belt. most generally worked off a A B Chance Diving Board. Didn't like working off a yellow pine pole it was like standing on a cement floor all day but Western Red Cedar was like working on a carpet. Mine is hanging in one of the sheds I have and every now and then I will climb a tree to remove broken limbs out of them here around the buildings. Still can answer the phone on the first ring in the middle of the night from all the outages I have gotten called out on.

[Magicman]

My climbing days were well before bucket trucks and we did what had to be done.  Splicing off of the pole was always the worst and could take several hours, but my legs were tough and strong back then.  I still have my belt and hooks but I seriously doubt that I will ever put them back on.  Time goes by.  :

[Al_Smith]

I dropped a piece of 4/0 triplex on my danged toe which of course kicked out the gaffs and I fell like a ton of bricks off a 40 foot "black jack "class one pole .I bear hugged it,no splinters because it was a virgin pole .However after finally getting a hook back in it pulled the belt up under my arms and my head hit the pole and my left leg was about even with my shoulders .It took about a month for the skin to grow back and I can still almost predict the weather with my left knee .That was about 1977 . .
That very  next week my super and the boss went to Massillon Oho and bought a Hi-Ranger and a Pittman Pole cat two line truck .They were afraid they were going to kill off all the  journeyman or some thing . Didn't break my heart .I'd rather fly a bucket truck as stomp a pole or a tree for that matter .

[Magicman]

The property owner walked out to the work location (like curious and talkative farmers do) and my buddy said "watch me unclimb this pole".  He made a misstep and was instantly on the ground.    The old man said "son looks like you could hurt yourself doing that".  :

The worse climbing hurt that I ever had was hanging a deer stand up a Sycamore tree.  Kinda like Al's description above.  When your foot is above your shoulder and you are chewing Sycamore bark with a busted face, stuff hurts.  It took a while for the hurt to subside enough for me to untangle myself and manage to get down from that tree.  That tree never got a deer stand hung in it.

[SawyerTed]

Never climbed poles but have used a climbing deer stand for many years. 

When I got my first one I neglected to read all of the directions.  There was an extra piece of rope that I had no idea what it was for.  I decided a test climb was required.  Well, when the lower section dropped 15 feet down the tree and I was sitting there 20' high without a way to come down, it became apparent what the rope was for - to keep the foot section from falling and stranding the hunter in the seat/upper section.  Getting down left a permanent mark or two, so now I NEVER forget to use the attachment from the upper section to the foot section of a climbing stand. 

[WV Sawmiller]

Ted,

   Been there, done that. Got the oak tree rash to prove it. I'm too old and fat to shinny down trees like in my younger coon hunting and squirrel catching days. Had to go back the next day with another stand to climb up and get the top down.

[DbltreeBelgians]

So what are my retirement plans now?  To keep on keeping on as long as I can put one foot in front of the other.

So, What are your Retirement Plans??

I pulled the trigger on October 7th of this year, the day I turned 55. My wife wanted me to retire back in May but my HR manager advised me that to retire I had to be vested at least 10 years (not a problem) and be at least 55 or corporate would consider it a quit. I hadn't worked there 33+ years to quit so I told Jill I would be sticking it out at least until my birthday.
Now don't get me wrong I worked for a great company (Ball Metal Container) that took great care of me and my family for a long time and I enjoyed my job as a maintenance mechanic but I was starting to get burnt out. Then a battle with Colon cancer in 2012 and a heart attack in 2016 when returning from a fire call life started to get real.
The deciding factor was when Jill said to me "You get up, go to work, come home, get a shower, sit down in your Man-eater chair and fall asleep, miss supper, wake up and go to bed then do the same thing the next day and the next and the next. Then she says what kind of life is that? I want my husband back"!!  That pretty much sealed the deal.
I maxed out my 401k ever since I was eligible to do so but never paid much attention to it until my last 5 years or so. I wasn't very smart about where I put my money so 75% or more went into Ball Corporation stock. Not smart, think Enron. Corporate then limited us to 35% max so that kept me from allocating any more money in Ball stock. Well it split multiple times and continued to gain so when I retired I let my financial advisor handle the hard part. I took a hit on the pension but decided to take the lump sum pay out at 50% and rolled it into my rollover IRA. I'll gain it back.
A month after leaving the plant corporate engineering called me and asked me if I'd be interested in working part time for them dealing with beverage Can and End making equipment so I opted to do so. We'll see how it goes.
I'm still an Asst. chief for the fire district which lately seems like a full time job but I feel strongly about trying to make someone's worst day a little bit better if I can.
I'll continue making hay as long as I still have my last Belgian. Found him down in the barn the day after Christmas but got him back on his feet with the help of 5 of us. Seems to be all "gooder" now. When we loose him I'll be selling all the hay making equipment and fill the barn with lumber instead of hay.
Long story short, I'm gonna enjoy life while I still can because after what some say that I cheated the grim reaper twice you never know.
Like Magicman said, "I'll keep on keeping on as long as I can put one foot in front of the other".
Sorry for the long rant, just my story.

Brent

[WDH]

Brent,

You still have some adventures ahead of you for sure!

[Magicman]

Thank You Brent for the rundown, and I am confident that you will find your you.  My best wishes are with you and your family. 

[DbltreeBelgians]

Brent,

You still have some adventures ahead of you for sure!

I figure you're correct Danny and BTW, Happy Birthday sir!!

Brent 

[DbltreeBelgians]

Thank You Brent for the rundown, and I am confident that you will find your you.  My best wishes are with you and your family.

Thank you for the kind words Lynn. Maybe now I can get a chance to visit Mississippi, hint hint, and Georgia, hint hint Danny and Jake and Bama and Tennessee,and Missouri and and and and. Boy this retirement might get really busy. I might have to prioritize.

Brent