Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   Decision time, retire or don't retire that is the question. (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/decision-time-retire-dont-retire-question-318967/)

dewilson58 04-26-2021 07:16 PM
Quote:
Originally Posted by Professor (Post 1935860)
. Where can you get 8% on your money with zero risk these days?
Not Zero Risk..................The risk is you die............die before, die early.

Gulfcoast 04-26-2021 07:22 PM
Quote:
Originally Posted by Professor (Post 1935860)
We moved to The Villages in 2012 when I was 58. I have been working remotely full-time ever since, not because I need to, but because I enjoy what I do. I'm a college professor. My financial guy also told me we could live at the same level until I was 95 if I quit working, but frankly I like the daily structure (though my time is completely my own as long as I get the job done). Since I make a nice salary I do not need to draw social security until I am 70 1/2 so each year my benefits go up by 8%. Where can you get 8% on your money with zero risk these days?

While I do like to play golf I can actually take it or leave it, but we both enjoy the entertainment TV has to offer, so we love living here.

You can pretty well do what you want when you have a regular income and enough money to live well late into life. At the end of the day I think one needs to have a reason to get up each day and do something productive (sorry gang...golf is not a productive activity) so if you like what you do and can keep doing it, why stop?
My vision of being Productive in TV = Get up, feed the dogs, make the bed, empty the dishwasher, make breakfast, clean up, take a brisk morning walk, shower - then off to the golf course or fitness center followed by lunch, a club meeting and then evening dining and entertainment.

Professor 04-26-2021 07:23 PM
Sorry, the risk that you die anytime is the same whether you retire or not. If you enjoy what you do then do what makes you happy is my belief. Don't let greed, or fear, cause you to make a poor decision that you can't undo...

asianthree 04-26-2021 09:02 PM
There is so much to do in TV, yet I could not pull the trigger on full retirement. I am a adrenaline junkie, and no entertainment, sport, or class can get to that level. So I take 6 to 8 weeks off, which is sometimes too much down time, and return to work, working for 4 to 5 months. It’s hard to leaving a position you love, and love those you work with, that are more than friends, they are family.

tophcfa 04-26-2021 09:03 PM
Quote:
Originally Posted by Professor (Post 1935867)
Sorry, the risk that you die anytime is the same whether you retire or not. If you enjoy what you do then do what makes you happy is my belief. Don't let greed, or fear, cause you to make a poor decision that you can't undo...
Dewi is spot on correct on this, mortality risk is a real financial risk when you opt to delay your SS benefits. If you die at 73, the extra 8% in SS benefits will not be nearly enough to recover the years of benefits you did not receive to get the extra 8%. The loss will be even greater if you adjust the numbers to a net present value by discounting the cash flows. I always crunch the numbers to determine how long I need to live to make it worthwhile delaying benefits for the hope of increased future benefits. Typically I end up taking the benefits early, I did with my pension. The other thing you need to consider is that the money you get now is a "bird in the hand", and money in the future is money you "hope to get". Given the funding status of the SS trust fund as well as many private pension plans, I will take the "bird in the hand".

Tmarkwald 04-27-2021 05:13 AM
Quote:
Originally Posted by OrangeBlossomBaby (Post 1934935)
So you have a few months to decide. If by leaving now, you are guaranteed subsidized medical coverage for you and spouse all the way up to your Medicare years, I'd go for it. That's pretty substantial. Depending on your income (which includes pension and severance), you might be eligible for ACA subsidies. But the more you earn (including pension and severance), the lower the subsidy.

We only paid $48/month for our health insurance last year. This year, we have to pay $130/month because this year hubby's social security is kicking in for the first time. If we earned too much to qualify, our plan would cost us $1897/month.

So consider the value of that health insurance as a significant factor in your decision to stay or leave, when you choose to do so.
This is the same scenario I am using. I'm still working remotely from TV, but am adjusting my income into 2022 so that I can use the ACA subsidies. Of course, there was a promise of Medicare for everyone; Medicare at 60; all sorts of different way to provide those at an older age to be covered prior to 65. Whether it actually happens is another thing. I'll keep my opinions to myself.

Tmarkwald 04-27-2021 05:17 AM
Quote:
Originally Posted by dewilson58 (Post 1935862)
Not Zero Risk..................The risk is you die............die before, die early.
Die happy is all that matters.

cherylirichardson 04-27-2021 05:31 AM
I’ve retired 3 times and am working again. My brain went mushy and I didn’t feel I was adding value. My favorite is 3 days a week. I guess I like to be challenged

dewilson58 04-27-2021 05:34 AM
Quote:
Originally Posted by Gulfcoast (Post 1935865)
My vision of being Productive in TV = Get up, feed the dogs, make the bed, empty the dishwasher, make breakfast, clean up, take a brisk morning walk, shower - then off to the golf course or fitness center followed by lunch, a club meeting and then evening dining and entertainment.
No afternoon nap??? Sometimes, somehow that gets injected into my busy schedule.

Craig Vernon 04-27-2021 05:58 AM
reply
 
Quote:
Originally Posted by Larchap49 (Post 1935450)
What is his/your plans for health care and coming inflation?
Medical/prescription are set until 65 for both my wife and I. Inflation has been accounted for in the model but nobody really knows, right.

Craig Vernon 04-27-2021 06:25 AM
Best Landlord for sure.
 
Quote:
Originally Posted by Packer Fan (Post 1935845)
Wow Craig, one of the best forums I have read on here in a long time, and a lot of good answers. So there were a few things NOT said . First, there is NOTHING saying you can't take your retirement to lock in your medical for retirement, then go work for a competitor. Everyone is hiriing and it sounds like you have skills. You might find you can get a job for a few years that pays you MORE than you were making. I would not let a pension decision like that drive whether it is time to actually retire.
From a financial perspective, it sounds like you are in good shape. It is amazing how much better working one more year makes a retirement look, but you can get carried away with that. I doubt you will get bored in TV.
That being said- I think you should keep working and rent a few months in the villages every year. May is great, but I have to tell you September and October are wonderful also.... I have just the place for you to rent too!

Signed,
Your favorite Landlord
Ed
Thanks for your comments Ed. Looking forward to enjoying May in another one of your lovely homes. Hope you and Donna are well!

Craig Vernon 04-27-2021 06:35 AM
Thank you all for your sincere comments and insight. I have read them all. Craig

nn0wheremann 04-27-2021 08:27 AM
Quote:
Originally Posted by Craig Vernon (Post 1934831)
Ready for our month of May visit and there is much on the agenda. Financial guy says we have enough to live at same level until 94 years of age. I turn 55 in September. Not sure I am ready to stop working but a change certainly wouldn't hurt my feelings. Bring on your wisdom and relatable points of view.
I retired at 60, consulted on my own for five years, and goofed off full time for five years. The 401k sits in an IRA and grows. Retiring is a big step, but looking back, I should have pulled the plug five years earlier. Every day you continue to work is a day you lost to retirement. My calendar since retiring to The Villages has been busier than it was when working. Retirement does not mean the rocking chair, it means living the life that rocks.

Pmarlow 04-27-2021 09:43 AM
I retired at 52 and been retired for 12 years. More money in the bank now than when I retired. If you can retire and your advisor says you will be in the same situation I am then you are crazy not to retire.
I have never regretted retiring early.

Gulfcoast 04-27-2021 10:33 AM
Quote:
Originally Posted by dewilson58 (Post 1935977)
No afternoon nap??? Sometimes, somehow that gets injected into my busy schedule.
I never have taken an afternoon nap unless I'm dozing on the sand at the beach. I'm not opposed to naps, I just don't get sleepy during the day. We tend to get up early and go to bed early during the week and stay up later on the weekends. But, who knows, maybe in retirement I'll discover naps, too.


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