Retirement Decision Made.

[Craig Vernon]

I made a post on here earlier this year about my decision on whether to retire at 55. I listened and learned much from many who gave advice and thoughts on my situation. Short recap, I had to retire and take a pension by December 1 or I had to continue working until September 2024. Many Villagers told me they retired early and only regretted not retiring sooner. Others told me I better have millions and expressed the expenses of retirement. I played golf with a couple in May on Bonifay they told me he worked until 70 and she said plainly 55 was too young to retire. My friends and family told me if I can do it why not. My wife said the decision was mine. In November my contract was renewed which gave me stability until 2026. I decided to continue to work until 2024 and here are the reasons that swayed me most. Most who were telling me to go for it were not only still working but are older than I am. The cost of housing in TV raised my home expectation level from 350k to above 500k. Three years closer to death raises my numbers significantly, I wonder why. Thanks to all who gave input. My wife and I will see you around TV's for a month in May. Peace!

[Djean1981]

Maybe a compromise. I plan to retire in about 15 months. However, I plan to work part time online - tech support, software trainer, web development, consulting, or something. I also plan to work more on my YouTube channel. This will help stave off inflation and keep me mentally active. Figure what you are good at and go with that..

[manaboutown]

A recently evolving huge factor to consider is the incredible rate of inflation we are now facing. The cost of housing is just one component of it. The prices of homes have risen 20 - 40% in the last year or so in many communities.

One retiring today needs to evaluate whether he has enough to deal with inflation. I will be 80 next month and thankfully still own some commercial rental properties. The rents from the month to month leases on them are up 33% from a year ago. The stock market has been on a what, twelve year bull run, but that can end any day or continue. No one really knows. Interest rates have been held at historic lows for many years and they will likely soon be raised. Savings accounts currently pay next to nothing. There is a lot to consider for one retiring today.

[Boomer]

Good morning, fellow Buckeye. (I just looked at your profile page to see what I wrote, and there I saw we are both Ohioans.)

When I found your original thread, I saw that you had 141 responses. (We retirees love to be asked for advice.)

When I read my post — I think it was #51 there — I saw that I wrote about health insurance costs and also the value of being under a contract. I was a teacher. I worked on health insurance in contract negotiations for a lot of years for our local. I saw those costs skyrocket. You are not even close to Medicare.

At the time you originally posted, real estate was climbing and continues to do so. I think we are in the throes of more uncertainty than ever before. I have owned 9 houses since the 1970s so I have seen a lot of different markets. This market is nuts. Not giving in to that sense of urgency that the real estate market is creating right now sounds like something I would think.

If you still like your job and if there are no seriously compelling reasons to retire, I think staying put, for now, sounds like the right decision.

But nobody can predict the future — said Boomer, stating the obvious. :)

I wish you the best.

Boomer

[DAVES]

A recently evolving huge factor to consider is the incredible rate of inflation we are now facing. The cost of housing is just one component of it. The prices of homes have risen 20 - 40% in the last year or so in many communities.

One retiring today needs to evaluate whether he has enough to deal with inflation. I will be 80 next month and thankfully still own some commercial rental properties. The rents from the month to month leases on them are up 33% from a year ago. The stock market has been on a what, twelve year bull run, but that can end any day or continue. No one really knows. Interest rates have been held at historic lows for many years and they will likely soon be raised. Savings accounts currently pay next to nothing. There is a lot to consider for one retiring today.

An old expression from Mom, Man plans and god laughs. Endless articles on what you need to retire. They make me laugh. All you need to know is when you will die, what will kill you, the rate of inflation till you pass, the return on your investments, will social security continue to pay with what inflation adjust and what means test, if you have a pension the same questions may apply. Hum, if, you know all of them it is easy to calculate, exactly what you need to retire. Most of us, perhaps, all of us make a lot of assumptions.

We all know or think we know the stock market only goes up, real estate only goes up.
We tend to forget-EXCEPT WHEN THEY DON'T.

[charlieo1126@gmail.com]

I woke up one morning in Pakistan with my ears still ringing from a car bomb that had gone off a couple of days before and after 40 years in many of the most dangerous places on the planet, I thought enough is enough .I was 60 years old and that was 23 years ago, I’ve not regretted my decision , actually I wish I had gone earlier and because some extra perks not given anymore , I have something that keeps me above inflation , jumping my pension into 6 figures , I’m lucky that I survived all those years ,I’m even luckier that I’ve lived the 23 years of retirement and have lived them well .

[manaboutown]

When I retired from my profession I was 52 years of age. My greatest concern was the cost of medical coverage. I found a Blue Cross policy but it was not cheap! I think I was paying $10,000/year and that was in 1994. Its cost went up a bit every year. I was very grateful when I finally hit 65 and got Medicare with an AARP UnitedHealthcare supplement.

[DAVES]

I made a post on here earlier this year about my decision on whether to retire at 55. I listened and learned much from many who gave advice and thoughts on my situation. Short recap, I had to retire and take a pension by December 1 or I had to continue working until September 2024. Many Villagers told me they retired early and only regretted not retiring sooner. Others told me I better have millions and expressed the expenses of retirement. I played golf with a couple in May on Bonifay they told me he worked until 70 and she said plainly 55 was too young to retire. My friends and family told me if I can do it why not. My wife said the decision was mine. In November my contract was renewed which gave me stability until 2026. I decided to continue to work until 2024 and here are the reasons that swayed me most. Most who were telling me to go for it were not only still working but are older than I am. The cost of housing in TV raised my home expectation level from 350k to above 500k. Three years closer to death raises my numbers significantly, I wonder why. Thanks to all who gave input. My wife and I will see you around TV's for a month in May. Peace!

People tend to focus on one issue at a time. "My home expectation level from 350K to above 500K." We all need to face REALITY. Yes, prices of homes have gone up in the villages. Assuming, readers own another home, that has also gone up. It is either a wash or a partial wash.

"Older than I am." That has always been the case. When your were 12, 18 year olds were men and your parents and teachers, they were ancient.

Retiring is a big choice, especially if it is not reversible. It is YOUR CHOICE. If, you ALLOW others to make any choice for you, you give others power that should be yours.
Vested interest? Realize those others with their OPINION should it not work out will say sorry to hear that and will go on to give their OPINION to others.

I do not do marriage advice but I think communication is often not what we think it is.
I suggest all parties involved in the decision to retire and where, write there reasons down on index cards and then switch piles. Writing things down forces people to think and to commit. Often that is lacking in family discussions.

No place and nothing is perfect. Perhaps, to annoy my wife, I became aware of an island for sale of North Carolina. It was several acres, with a nice house and a herd of wild horses and it was for sale at one million. Proposed, I would be King and she would be Queen. Huh, we had an immediate revolt. Teasing a little bit. but it did seem it was not her dream. Thus, we are in the villages not my dictatorship.

As an adolescent, we all went through a tortuous period trying to decide what am I going to do with my life. Retirement we go through it again. This time the question is what have I done with my life and what do I want to do with what time I have left.
This time with the reality of what can I afford to do.

Early retirement. You cannot get on to medicare till you turn 65. You cannot collect Social security till 62 and it will be less than if you wait longer. We are now on medicare.
We took cobra for 18 months and then had to get private healthcare insurance or self insure-pay bills out of savings. Wife won that one, FORTUNATELY. The cost was 24,000. I figured we should self insure as we never spent 24,000 on medical care in any year..
SURPRISE, I spent one week in the hospital. The bill was 50,000. Which is what a person who elected to self insure would pay. The insurance company paid the bill in full. We got the paperwork. They, the insurance company, paid the bill, IN FULL, for half of the bill amount

[Topspinmo]

I made a post on here earlier this year about my decision on whether to retire at 55. I listened and learned much from many who gave advice and thoughts on my situation. Short recap, I had to retire and take a pension by December 1 or I had to continue working until September 2024. Many Villagers told me they retired early and only regretted not retiring sooner. Others told me I better have millions and expressed the expenses of retirement. I played golf with a couple in May on Bonifay they told me he worked until 70 and she said plainly 55 was too young to retire. My friends and family told me if I can do it why not. My wife said the decision was mine. In November my contract was renewed which gave me stability until 2026. I decided to continue to work until 2024 and here are the reasons that swayed me most. Most who were telling me to go for it were not only still working but are older than I am. The cost of housing in TV raised my home expectation level from 350k to above 500k. Three years closer to death raises my numbers significantly, I wonder why. Thanks to all who gave input. My wife and I will see you around TV's for a month in May. Peace!

Depends if you have you’re ducks In-line and you are tired of working. IMO health would be my biggest concern and what coverage you would have after retirement and can you live at level you want after giving up years of seniority if working for company?

[Bogie Shooter]

Has chatbrat been reincarnated?
Old timers will know what I mean.

[Foxtrot]

See a financial advisor first to see what your odds of still having money in 25 year are.

[KsJayhawkers]

There are really two lives we live. The first life and then the second life when we realize we only have one life. Both my wife and I retired at age 50. One of our decision factors was family health history. My mother passed away from a massive heart attack at age 46; my father in-law passed also from a heart attack at age 44; and my brother in-law from cancer at age 49. Another big factor was health insurance. My former employer did not provide retiree health insurance. To have a piece of paper indicating I had insurance was going to cost us $21,000 a year and then a $8500 deductible....No thank you. We found Christian Healthcare Ministries Health Share for $340 per month for both of us with a $500 deductible. We would do it all again at any cost!!

[Craig Vernon]

I appreciate all the comments. Have a Great day in the sun.

[kidnerkim]

We are from Northeast Ohio & retired at 55. Have never regretted it! Hope you get to enjoy it soon

[Luggage]

My only regret when I semi retired at 45 , is that I didn't buy a home in Florida at 35. One thing people don't seem to tell you is that 12 years ago home prices did plummet 50% in Florida and only in the last 2 years have they gone up to the original costs or a little more than in 2006-08 .

My son who is 35 has been looking for a house for 3 months and regrets not buying a year ago when it was half the price in his area. If you think you're going to stay healthy then work a few more years and try to put some more money away but you should start taking longer vacations!

[Djean1981]

Agree. We purchased a small cottage home with a fenced yard in March of last year. There is no way we would pay the current price for the same house today. Also, the same model is now only offered in areas without a fenced yard...

[allsport]

A recently evolving huge factor to consider is the incredible rate of inflation we are now facing. The cost of housing is just one component of it. The prices of homes have risen 20 - 40% in the last year or so in many communities.

One retiring today needs to evaluate whether he has enough to deal with inflation. I will be 80 next month and thankfully still own some commercial rental properties. The rents from the month to month leases on them are up 33% from a year ago. The stock market has been on a what, twelve year bull run, but that can end any day or continue. No one really knows. Interest rates have been held at historic lows for many years and they will likely soon be raised. Savings accounts currently pay next to nothing. There is a lot to consider for one retiring today.

Much of what you see is not inflation but the simple law of supply and demand. The demand for housing has increased while the supply has stagnated and therefore the price rises. Any business major can explain it. What you see with the rest is not inflation, it is price gouging because we saved money during Covid and are willing to spend it and companies are trying to make more money than is customary and reasonable.

[Biker Guy CJI]

I made a post on here earlier this year about my decision on whether to retire at 55. I listened and learned much from many who gave advice and thoughts on my situation. Short recap, I had to retire and take a pension by December 1 or I had to continue working until September 2024. Many Villagers told me they retired early and only regretted not retiring sooner. Others told me I better have millions and expressed the expenses of retirement. I played golf with a couple in May on Bonifay they told me he worked until 70 and she said plainly 55 was too young to retire. My friends and family told me if I can do it why not. My wife said the decision was mine. In November my contract was renewed which gave me stability until 2026. I decided to continue to work until 2024 and here are the reasons that swayed me most. Most who were telling me to go for it were not only still working but are older than I am. The cost of housing in TV raised my home expectation level from 350k to above 500k. Three years closer to death raises my numbers significantly, I wonder why. Thanks to all who gave input. My wife and I will see you around TV's for a month in May. Peace!

I retired at 55. I can’t tell you how happy I am that I did. My lifestyle has remained as intended and I’ve NEVER regretted it. BTW I’m 66 now and full time here.

[merrymini]

I think the biggest issue is medical costs. An individual covered by insurance, before I qualified for Medicare, cost about $23,000 a year and that was four years ago. Tough pill to swallow.

[Gulfcoast]

Congratulations on making your decision. My husband and I are close to your age and it's nice to be able to see retirement on the horizon for us. Like you, we'll also be hanging in there with work for a little longer. We still have a kid in college plus the uncertainty with inflation means that it's nice to still have paychecks coming in and a little more time to build a retirement nest egg. As far as the home prices in TV go, we already live in Florida and home prices have gone up where we live, too, so we would be selling a bigger house at an inflated price and buying a smaller house at an inflated price. For us, the numbers still work in our favor.

In the meantime, we'll work on paring down and doing the little touch ups needed in the house and in the yard. That way, there won't be a lot to do when it does become time to officially retire and put the house up on the market.

Best of luck to you and your wife going forward. The next couple of years are going to fly by and you'll be in TV before you know it.

[mrf0151]

Wife retired from teaching at 52 with a nice pension. I stopped my lifelong profession at 54. Made the move 2000 miles to TV. Kinda scary but we had a plan and 16 years later now it has worked.
I will tell you that EARLY retirement is not for everyone. The transition into retirement has been easier for my wife than me. For me, it was believe it or no, getting burned out on golf. I have played since I was a kid but still it almost became a job. I felt I needed some more balance and health care costs getting higher, I went back to work in a job that paid very well, provided health care, added more to my 401k and I still had time to hit the golf ball. Wife was doing her many activities of fun.
Life is great and we have done a lot of worldwide traveling and connecting with family on other trips.
Best advice I can give is when you do retire make sure that EVERYTHING is paid off before you do it. Be mortgage free. The only bills you should have to incur at this stage of your life is normal day to day living expenses.

[rsmurano]

Have you ever had a retirement plan done for you by a brokerage house or financial institution? This will give you insight on how your net worth will look like 30 or 40 years from now. I have had these done for my wife and I since I was 50 years old. Looking no at these reports and applying common sense, my wife retired at 52 without a hiccup. I could have retired at 55 without a problem but I was making really good money and loved what I was doing so I continued working. From 55 on, I started doing more sports during the middle of the day and the sessions started increasing from 1 hour a day during lunch to over 2.5 hours a day over lunch.
What got me to convert to retirement, while on a cruise, some younger friends asked us to go on 10-15 cruises with them during the year and when I told them I worked, they asked me: “how much do you really need before you retire?” After a few minute conversation with my wife, when I came home I put in my resignation.
Since I retired, I had many offers to contract/consult for more than I was making while working full time, but I refused each offer.
I play all day long and I don’t want anything get in the way with what I want to do.
Inflation will occur, housing will keep going up, taxes will go up, food will go up. SO! Life happens. My rate of investment gains is 4x the inflation rate. There are ways to decrease your vulnerabilities to inflation/increased costs/bear market so you can sleep at night and still make money

[Proveone]

I made a post on here earlier this year about my decision on whether to retire at 55. I listened and learned much from many who gave advice and thoughts on my situation. Short recap, I had to retire and take a pension by December 1 or I had to continue working until September 2024. Many Villagers told me they retired early and only regretted not retiring sooner. Others told me I better have millions and expressed the expenses of retirement. I played golf with a couple in May on Bonifay they told me he worked until 70 and she said plainly 55 was too young to retire. My friends and family told me if I can do it why not. My wife said the decision was mine. In November my contract was renewed which gave me stability until 2026. I decided to continue to work until 2024 and here are the reasons that swayed me most. Most who were telling me to go for it were not only still working but are older than I am. The cost of housing in TV raised my home expectation level from 350k to above 500k. Three years closer to death raises my numbers significantly, I wonder why. Thanks to all who gave input. My wife and I will see you around TV's for a month in May. Peace!
I retired at 55 and never regretted my decision. I am always busy. I have a brother who retired at 59 and he was bored. He needed a place to go every morning and do some work. So, he started a painting business to keep busy and have a place to go everyday. Time to retire depends on your financial needs and are you ready to leave an occupation.

[charlieo1126@gmail.com]

My only regret when I semi retired at 45 , is that I didn't buy a home in Florida at 35. One thing people don't seem to tell you is that 12 years ago home prices did plummet 50% in Florida and only in the last 2 years have they gone up to the original costs or a little more than in 2006-08 .

My son who is 35 has been looking for a house for 3 months and regrets not buying a year ago when it was half the price in his area. If you think you're going to stay healthy then work a few more years and try to put some more money away but you should start taking longer vacations! years ago there used to be a guy on the radio his name was Bruce Williams I think , when people would ask him for retirement advice mentioning when they planned on doing it and how much they would get for there house , Bruce would always stop them and say , no that’s not what you’ll get for your home, you’ll get what that person pays you for that home at that time , You never know about prices if you love a home and can buy it do so , especially here in villages , just live the nice life you can have here and don’t worry about how much or how little YOUR HOME IS WORTH

[Bealman]

I made a post on here earlier this year about my decision on whether to retire at 55. I listened and learned much from many who gave advice and thoughts on my situation. Short recap, I had to retire and take a pension by December 1 or I had to continue working until September 2024. Many Villagers told me they retired early and only regretted not retiring sooner. Others told me I better have millions and expressed the expenses of retirement. I played golf with a couple in May on Bonifay they told me he worked until 70 and she said plainly 55 was too young to retire. My friends and family told me if I can do it why not. My wife said the decision was mine. In November my contract was renewed which gave me stability until 2026. I decided to continue to work until 2024 and here are the reasons that swayed me most. Most who were telling me to go for it were not only still working but are older than I am. The cost of housing in TV raised my home expectation level from 350k to above 500k. Three years closer to death raises my numbers significantly, I wonder why. Thanks to all who gave input. My wife and I will see you around TV's for a month in May. Peace!

Just an FYI, if you have a 401k that you have through your company, look into the rule of 55 and see if your plan allows withdrawals at 55 w/o the 10% penalty.

[joelfmi]

Maybe a compromise. I plan to retire in about 15 months. However, I plan to work part time online - tech support, software trainer, web development, consulting, or something. I also plan to work more on my YouTube channel. This will help stave off inflation and keep me mentally active. Figure what you are good at and go with that.. The way things are turn out today in our country I would definitely work until 66 years full time than after that part time.

[jmaccallum]

An old expression from Mom, Man plans and god laughs. Endless articles on what you need to retire. They make me laugh. All you need to know is when you will die, what will kill you, the rate of inflation till you pass, the return on your investments, will social security continue to pay with what inflation adjust and what means test, if you have a pension the same questions may apply. Hum, if, you know all of them it is easy to calculate, exactly what you need to retire. Most of us, perhaps, all of us make a lot of assumptions.

We all know or think we know the stock market only goes up, real estate only goes up.
We tend to forget-EXCEPT WHEN THEY DON'T.

Actually, the stock market DOES always go up, or at least has since it’s inception. Yeah, it has faltering troughs in the short run, but in the long run, it goes up. Of course according to Keynesian economics, “In the long run we’re all dead.” The real estate market also always goes up. Compare the price of a house you could buy in the 1960’s to the same size house you could buy today. It’s all relative.

You’ve made your decision, so it’s really a mute point, but retirement can be achieved at any time in your life that you want. Retirement isn’t any different than when working. It’s still income versus expenses. However, in retirement you don’t have to commit to a place to be and a function to do from 9am to 5 pm. But actually you can if you want, whether it be for money or philanthropy, or golf, water aerobics, woodworking or bike riding. Whatever floats your boat.

Retirement is not an end all, or a be all, it’s just another phase in our lives, and it’s not static, rather it’s dynamic. There is no failure. There is no “correct” age and there is no “too early” age. Yes, it would be wonderful if we all had too much cash, too many assets, more investment returns than we ever needed, but that is seldom the case. If it was, people on this thread wouldn’t talk about the stock market being bullish until when, the housing market going crazy and possible coming interest rate changes, and the fear of inflation.

Retirement isn’t easy, it isn’t a given, just like any other phase of your life, it’s a balancing act. It’s about your comfort level in that balancing act. You’ve made your decision to continue working for a while, and if you are comfortable with that, fine. The only 2 cents that I can put in is that we never know when we are going to get hit by the bus, but someday it will inevitably happen. So, the way I looked at it, the earlier you can put a little more freedom of choice in your life, well then step through the window, and enjoy.

[Djean1981]

The way things are going in this county, the more you work, the more they will take in taxes...
I'll be happy to retire next year, as soon as I turn 60. I'll qualify for paid medical insurance as a retirement benefit and we bought a very cute modest/small home, thankfully right before the crazy price increases.

[skippy05]

Sell your home and buy in the Villages asap. As soon as both are complete, retire. You could be dead tomorrow. Life is short.

[MX rider]

Sell your home and buy in the Villages asap. As soon as both are complete, retire. You could be dead tomorrow. Life is short.

Well said. Short and sweet.

And so true. We never know when this roller coaster ride we call life is over.

We're close to retiring. Our plan is to snowbird at TV until our grandkids get older, then move there full time. My wife is retiring next August. I was planning on October 2023.
But I'm starting to rethink that date.
The thought of spending another winter here in Indiana is kind of depressing. Yes I can make good money working 1 more year, but I'm starting to think I don't want to waste another one of the precious years we have left.

Yes, prices are too high there. But they are here as well. Yes we could wait the market out and gamble prices go down. But my wife is 66 and I'll be 65 in March. So we don't have the time to wait. lol

Our lifestyle visit is Dec 30th for 7 days. If we like it we'll be buying there asap.

[Ele201]

I don’t know you, but I appreciate your post. You made the right decision! I’m older than you are, and I’m feeling I might have retired too young. I certainly wasn’t ready at 55.

And BTW, you’re lucky that you have the opportunity to still work, to renew a company contract. Many people have been laid off, their jobs downsized or eliminated. And yes, there are also the increasing expenses of living in TV, or really anywhere nowadays. Housing, but also entertainment, groceries, Health Care!! Anyway good luck with everything. I made a post on here earlier this year about my decision on whether to retire at 55. I listened and learned much from many who gave advice and thoughts on my situation. Short recap, I had to retire and take a pension by December 1 or I had to continue working until September 2024. Many Villagers told me they retired early and only regretted not retiring sooner. Others told me I better have millions and expressed the expenses of retirement. I played golf with a couple in May on Bonifay they told me he worked until 70 and she said plainly 55 was too young to retire. My friends and family told me if I can do it why not. My wife said the decision was mine. In November my contract was renewed which gave me stability until 2026. I decided to continue to work until 2024 and here are the reasons that swayed me most. Most who were telling me to go for it were not only still working but are older than I am. The cost of housing in TV raised my home expectation level from 350k to above 500k. Three years closer to death raises my numbers significantly, I wonder why. Thanks to all who gave input. My wife and I will see you around TV's for a month in May. Peace!

[Gulfcoast]

Well said. Short and sweet.

And so true. We never know when this roller coaster ride we call life is over.

We're close to retiring. Our plan is to snowbird at TV until our grandkids get older, then move there full time. My wife is retiring next August. I was planning on October 2023.
But I'm starting to rethink that date.
The thought of spending another winter here in Indiana is kind of depressing. Yes I can make good money working 1 more year, but I'm starting to think I don't want to waste another one of the precious years we have left.

Yes, prices are too high there. But they are here as well. Yes we could wait the market out and gamble prices go down. But my wife is 66 and I'll be 65 in March. So we don't have the time to wait. lol

Our lifestyle visit is Dec 30th for 7 days. If we like it we'll be buying there asap.

If we were 65 we wouldn't be wasting another minute working and, like you, we would be heading to TV ASAP. But at 55/57 we don't qualify for either social security or medicare, yet, meaning we would be drawing strictly off our retirement savings and pensions which makes me nervous. Plus, we still have a kid in college so we have his healthcare and college expenses to factor in, as well.

We're definitely getting within shooting distance of the retirement target but we want to angle a little closer to 60 to make sure we have our ducks in a row before pulling the trigger.

I hope you and your wife enjoy your lifestyle visit and take advantage of all of the fun things that there are to do in TV. I checked the real estate listings and there are some really pretty homes for sale now. We'll be making some visits to TV in the next couple of years to narrow down the style of house and the area that we want to buy.

[Djean1981]

Agreed.

[DAVES]

I made a post on here earlier this year about my decision on whether to retire at 55. I listened and learned much from many who gave advice and thoughts on my situation. Short recap, I had to retire and take a pension by December 1 or I had to continue working until September 2024. Many Villagers told me they retired early and only regretted not retiring sooner. Others told me I better have millions and expressed the expenses of retirement. I played golf with a couple in May on Bonifay they told me he worked until 70 and she said plainly 55 was too young to retire. My friends and family told me if I can do it why not. My wife said the decision was mine. In November my contract was renewed which gave me stability until 2026. I decided to continue to work until 2024 and here are the reasons that swayed me most. Most who were telling me to go for it were not only still working but are older than I am. The cost of housing in TV raised my home expectation level from 350k to above 500k. Three years closer to death raises my numbers significantly, I wonder why. Thanks to all who gave input. My wife and I will see you around TV's for a month in May. Peace!

"My wife said the decision was mine." I do not do marital advice. Wisdom from my father. If you think you understand your wife you are wrong. Even if you are right, it will change quickly. It is truly universal.

[DAVES]

If we were 65 we wouldn't be wasting another minute working and, like you, we would be heading to TV ASAP. But at 55/57 we don't qualify for either social security or medicare, yet, meaning we would be drawing strictly off our retirement savings and pensions which makes me nervous. Plus, we still have a kid in college so we have his healthcare and college expenses to factor in, as well.

We're definitely getting within shooting distance of the retirement target but we want to angle a little closer to 60 to make sure we have our ducks in a row before pulling the trigger.

I hope you and your wife enjoy your lifestyle visit and take advantage of all of the fun things that there are to do in TV. I checked the real estate listings and there are some really pretty homes for sale now. We'll be making some visits to TV in the next couple of years to narrow down the style of house and the area that we want to buy.

It is all a big decision. You cannot go on medicare till 65. Reminder my information is 9 years old and has surely gone up. We went on cobra for 18 months. You pay the discount that your employer got for being a large group. We had one year left.
You are forced to have insurance because if you decide to pay the bills yourself, self insure, you pay far more for the same service than the insurance companies do.
Our insurance quote was roughly 24,000 for two of us. Our bills had never been that high. I thought I/we would self insure. The wife wanted to take the insurance-fortunately she won. I spent five days in the village hospital, the bill was roughly 50,000
the insurance company settled the bill in full for around 30,000. The reason why you cannot or should not chose to self insure. Also, medicare has changed. If, you have more income you will pay more for the same care and you do not have inflation protection.

A kid in college? Mine wasn't any better but I have a friend, we used to laugh about it.
He has a masters in art history. A certificate, for the BILLS for guaranteed unemployment. For me, I asked my prof about employment in my field, his reply was that is why I am here.

[Craig Vernon]

Have you ever had a retirement plan done for you by a brokerage house or financial institution? This will give you insight on how your net worth will look like 30 or 40 years from now. I have had these done for my wife and I since I was 50 years old. Looking no at these reports and applying common sense, my wife retired at 52 without a hiccup. I could have retired at 55 without a problem but I was making really good money and loved what I was doing so I continued working. From 55 on, I started doing more sports during the middle of the day and the sessions started increasing from 1 hour a day during lunch to over 2.5 hours a day over lunch.
What got me to convert to retirement, while on a cruise, some younger friends asked us to go on 10-15 cruises with them during the year and when I told them I worked, they asked me: “how much do you really need before you retire?” After a few minute conversation with my wife, when I came home I put in my resignation.
Since I retired, I had many offers to contract/consult for more than I was making while working full time, but I refused each offer.
I play all day long and I don’t want anything get in the way with what I want to do.
Inflation will occur, housing will keep going up, taxes will go up, food will go up. SO! Life happens. My rate of investment gains is 4x the inflation rate. There are ways to decrease your vulnerabilities to inflation/increased costs/bear market so you can sleep at night and still make money

In response to your question yes, we have had a financial review and we would have been okay in retirement according to their numbers. I agree that when I reach my retirement, I will have zero bills. I have a friend that retired to the TV recently and took a small mortgage, not sure I agree with that plan. Thanks for your input. Have a great day.

[Craig Vernon]

Well said. Short and sweet.

And so true. We never know when this roller coaster ride we call life is over.

We're close to retiring. Our plan is to snowbird at TV until our grandkids get older, then move there full time. My wife is retiring next August. I was planning on October 2023.
But I'm starting to rethink that date.
The thought of spending another winter here in Indiana is kind of depressing. Yes I can make good money working 1 more year, but I'm starting to think I don't want to waste another one of the precious years we have left.

Yes, prices are too high there. But they are here as well. Yes we could wait the market out and gamble prices go down. But my wife is 66 and I'll be 65 in March. So we don't have the time to wait. lol

Our lifestyle visit is Dec 30th for 7 days. If we like it we'll be buying there asap.

I agree about your winter comments. I have lived in Northeast Ohio my whole life, minus military service, it is starting to wear on me in the winter. I am sitting here in my office this morning 42 degree rain. Good luck in your plans!

[Craig Vernon]

I read all of your comments and appreciate them all. Thanks Craig