Retirement Age, Life After?

Managing your TSP and alternate investment options after retirement or separation from service.

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Chamorrita
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Retirement Age, Life After?

Post by Chamorrita »

With the understanding that retirement is an individual decision based on individual circumstances…..

I’m curious to hear thoughts on what people think is a good retirement age? Why? What are plans during retirement years?
Susie

crondanet5
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Re: Retirement Age, Life After?

Post by crondanet5 »

The closer I get to retirement the more I realize we lead 3 lives: Our AWAKE life, our SLEEP life, and our RETIREMENT life. The RETIREMENT life is the toughest as I believe you need as much income in retirement as you do working. So at this moment in American history that means probably waiting for Social Security to kick in. That's the financial end of it.

Just because a person retirees does not mean they sit on the porch the rest of their lives. They need to have established activities, hobbies and interests. Someone I know says to go to no more than one store a day so you have a place to go tomorrow. Makes sense to me, what do you think?

Health is another big issue. You have to look beyond the medical field. They are too prescriptive and not interested in making your body work better. Find a naturopath and a chiropractor. And push your doctor to do extensive blood work. Make your body better.

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twinkc
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Re: Retirement Age, Life After?

Post by twinkc »

Interesting question! As you said, it's an individual decision. So many variables at play: work enjoyment and work culture, career aspirations, pay and benefits, company pension or not, health and health insurance, family dependents and needs, personal goals (e.g., financial, travel, hobbies and projects); and the list goes on.
I just retired one month ago at 59 1/2 after more than 42 years (32 with Fed govt and US Army). I'm still pinching myself every day. I think I have to run to a meeting and then remind myself I don't have to! Great feeling. But I admit I am a tad nervous. My primary reason for retiring was due to a horrible horrible work place. But my choice to retire was based on having been able to meet most of the objectives of the variables mentioned above. Still, I'm a little anxious--because I have always been the bread winner for my family and have never wanted to have to worry about money, I now find myself worrying! But I keep doing the math, watching my TSP, and staying true to my timeline for projects and I know I will be fine. Getting up every morning on my own time and planning out my day according to my goals makes it all worth it! I also know that the way things are now are not going to remain the same. I know that life, at least in my life, even in retirement will change; but I've got the fundamentals taken care of. That's the important thing!

Retired56
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Re: Retirement Age, Life After?

Post by Retired56 »

Life is too short! If it is about money then you may never retire. If it is about happiness, health or family then you may retire early or at your MRA. Over my 34 years of Federal service, I have lost colleagues at work or home trying to reach their maximum retirement income. Many of them did not have a life outside of work. Over the years I have asked many retirees do they regret retiring and the answer is NO. Most of them stated I should have retired earlier. Ask yourself: I wish that I had spent another day at the office? Life is good after retirement! Spend time with your family, volunteer in your community, stay active and healthy, and enjoy traveling while you can.

skiehawk11
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Re: Retirement Age, Life After?

Post by skiehawk11 »

Chamorrita wrote:With the understanding that retirement is an individual decision based on individual circumstances…..

I’m curious to hear thoughts on what people think is a good retirement age? Why? What are plans during retirement years?


Retirement age is when you physically or mentally are no longer able to work (my definition). This can be for a variety of reasons. My grandfathers didn't retire until their late 70's and that was by choice since they loved what they did and where they worked. I'm blessed to work at a place that I feel valued and has a good work culture. I can still travel, volunteer, etc while still working.

GetOut
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Re: Retirement Age, Life After?

Post by GetOut »

According to my agency, 57 is as old you can be before they show you the door. Hence the reason I have to donate so much to my TSP, I figure I have a good 25-30 years in retirement to live it up. I have thought about going to 55 here and jumping to a non LEO agency til 62, but we will see, only time and my TSP will tell.
Last edited by GetOut on Tue Feb 28, 2017 9:08 am, edited 1 time in total.

crondanet5
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Re: Retirement Age, Life After?

Post by crondanet5 »

Are there job opportunities for 57 year old former employees of your agency? 57 is young. I remember asking my mother what age she would like to live again and she replied "65 was a nice year."

GetOut
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Re: Retirement Age, Life After?

Post by GetOut »

crondanet5 wrote:Are there job opportunities for 57 year old former employees of your agency? 57 is young. I remember asking my mother what age she would like to live again and she replied "65 was a nice year."


There are a lot of guys who roll out of here at 50-55 and into state agencies to work another 10-20 years and hit their desired social security target. I am not sure if I would be willing to do that. I am 36 now, and am not betting on social security being a thing still in 20 years, if it is, good to go I get a bonus, if not I should be ok. I have some hobbies/ skill sets that should let me work and make money on my own schedule once I retire.

Buckeyedog
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Re: Retirement Age, Life After?

Post by Buckeyedog »

Planning on going at 56, my MRA. I Feel like continued sitting at a desk 8 hours is really taking a toll health wise. Our building sucks. Black stuff on all the vents. Ceiling tiles are very old. I seem to get sick at least 4 or 5 times a year. It can be 65 in the office one day and 80 the next. Parking sucks. Better get here before 6:45 or you'll be walking a ton. Plus more oversight and more reviews, yet told to go faster. Our big contractors (Boeing's and Lockheed's, etc.) are getting more difficult to deal with as their proposals are getting more and more convoluted and complex. And their BS negotiation strategies of delay and confuse continue to work for them, so they continue their behavior. Just a lot of frustration over the last 15 years or so are building up. I don't feel like I'll live much past 70, so figure I better get out now. I have a few buddies that own their own businesses, figure I can maybe go do some spreadsheet type work for them or something. Not sure what else I'll do. Gave up most of my hobbies when the kids were young. Feel like I'm too old to start them back up. Mom has 13 acres, so time will be spent on property maintenance for sure.

bad70nova
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Re: Retirement Age, Life After?

Post by bad70nova »

As everyone has mentioned it is a personnel choice. As for me I plan to stay till 62 I'm 52 right now, but as my MRA 56 gets closer I am considering going earlier. We have planned well will have house paid of early next year, and have Zero debt. Contribute heavily to TSP and my other investments. Between my Military retirement, Disability, Civ Retirment and TSP we have decided we can live quite well and still be young enough to enjoy our retirement years. Now my Dad retired at 54 after 36 years, while he lives a great life he told me he wished he didn't retire so early. So as for me only time will tell but honestly the closer I get to MRA the more I am ready to jump ship. SAVE / PLAN and get DEBT free before you retire.

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Aitrus
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Re: Retirement Age, Life After?

Post by Aitrus »

I like Mr. Money Mustache's take on it. His view of retirement is that you are retired when you are financially independent and able to decide when/if you work. He retired according to his definition in his mid 30s. He did this by working like a dog for 10 years or so, got enough money saved in a stock account that he could withdraw 4% a year without drawing down on the principal, and has living expenses under $25K a year.

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skiehawk11
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Re: Retirement Age, Life After?

Post by skiehawk11 »

Aitrus wrote:I like Mr. Money Mustache's take on it. His view of retirement is that you are retired when you are financially independent and able to decide when/if you work. He retired according to his definition in his mid 30s. He did this by working like a dog for 10 years or so, got enough money saved in a stock account that he could withdraw 4% a year without drawing down on the principal, and has living expenses under $25K a year.


I like Mr. Money Mustache, but I don't follow the majority of what he advocates. I am a firm believer in getting financially independent and retiring if I want to. But I find many of his followers are working towards this goal of "retirement" and that's their singular goal.

I would prefer to maintain a 1-2 year liquidity of emergency assets, remain debt free, invest 15 percent or so a year for retirement, and enjoy traveling, trying new restaurants, etc. It's all about budgeting these things and saving up. I don't want to wait until I "retire" to do things I've always wanted to do. It may take me 20 years instead of 10 to retire according to his definition, but I don't mind that. I'm starting to realize that the journey and not the outcome is what's most important in my life.

bad70nova
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Re: Retirement Age, Life After?

Post by bad70nova »

skiehawk11 wrote:
Aitrus wrote:I like Mr. Money Mustache's take on it. His view of retirement is that you are retired when you are financially independent and able to decide when/if you work. He retired according to his definition in his mid 30s. He did this by working like a dog for 10 years or so, got enough money saved in a stock account that he could withdraw 4% a year without drawing down on the principal, and has living expenses under $25K a year.


I like Mr. Money Mustache, but I don't follow the majority of what he advocates. I am a firm believer in getting financially independent and retiring if I want to. But I find many of his followers are working towards this goal of "retirement" and that's their singular goal.

I would prefer to maintain a 1-2 year liquidity of emergency assets, remain debt free, invest 15 percent or so a year for retirement, and enjoy traveling, trying new restaurants, etc. It's all about budgeting these things and saving up. I don't want to wait until I "retire" to do things I've always wanted to do. It may take me 20 years instead of 10 to retire according to his definition, but I don't mind that. I'm starting to realize that the journey and not the outcome is what's most important in my life.


SKI, I agree we do 1 cruise a year, travel to Smokies with wives family once a year and my family sometimes. We live life now and don't just sock everything away for our later years. Enjoy life it goes by to fast plan well but live well.

wisepierre
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Re: Retirement Age, Life After?

Post by wisepierre »

Going to second Mr Money Mustache. You are retired when your passive income from outside your working job is enough to live off of comfortably -- and you can choose to continue working if you want to.

This gets into the Financial Independence / Retire Early discussion. As soon as you are financially independent, you can retire early, but you don't have to.

Being financially independent means you have "f*** you money". If your job starts to suck, if you start to hate it, want to do something different, you have the financial independence to do so. Maybe you just want to work part-time, volunteer full-time, work as youth or high school sports coach -- you have the freedom and ability to do anything. Maybe take the job you always wanted but it didn't pay enough to support your family.

Chulke
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Re: Retirement Age, Life After?

Post by Chulke »

My goal has always been to retire early. Doesn't matter how early just early. I think 40 years of working is long enough for anyone.

In saying this though you have to be financially prepared to retire. That's why I'm here doing what I can, learning what I can, to increase my TSP returns positively year in and year out until I reach, what I call my retirement window. (age 55-60) Yes, it's not significantly early but it's still early.

Everything I have done since starting my second career revolves around meeting and/or exceeding my goal of retiring early with enough funds to monetarily take care of myself and my family for many years to come past retirement and still enjoy a life of being able to afford and do what I want to do in retirement.

Call me lazy but, I just don't really enjoy working that much...LOL! There are so many other things that I'd much rather be doing...like fishing, or woodworking, or hunting, or making knives, or gardening, and having career gets in the way of doing those things in a capacity more that just a basic hobby.

Just my 2 cents!

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