OT: personal news to share

[ChazzMo]

It’s 2:04 pm on a work day and here I sit at home, NEWLY RETIRED AFTER 43 YEARS OF WORK !!

and man, does it feel good!

my last day was December 31.

And - even better - I talked Mrs. Chazzmo (my best pal) into retiring at the same time. We reached the $ target we set (plus some) and it’s time start spending down that nest egg we’ve been carefully nurturing all these years.

So, all you young guys and gals - if you haven’t started putting something aside, start now because that day really does eventually get here.

I hope to meet some of you next fall at a game or 3.

Now, if you’ll excuse me, I have to get back to doing nothing productive.

 

[HailToPitt725]

That’s awesome! Congrats!

 

[infinitehighway42]

Congratulations. As someone who is looking at another 30 years or so in the work force, I'm extremely envious. Enjoy your retirement, I'm sure you've earned it.

 

[JSSTartan]

Fantastic to hear!!! Good for you and your Mrs! Enjoy the well earned next stage in life. H2P

 

[wbrpanther]

It’s 2:04 pm on a work day and here I sit at home, NEWLY RETIRED AFTER 43 YEARS OF WORK !!

and man, does it feel good!

my last day was December 31.

And - even better - I talked Mrs. Chazzmo (my best pal) into retiring at the same time. We reached the $ target we set (plus some) and it’s time start spending down that nest egg we’ve been carefully nurturing all these years.

So, all you young guys and gals - if you haven’t started putting something aside, start now because that day really does eventually get here.

I hope to meet some of you next fall at a game or 3.

Now, if you’ll excuse me, I have to get back to doing nothing productive.

Congrats. Join the crowd.

 

[cease10]

Congrats....goals

 

[bayardstreet]

Awesome. I packed it in last March. The first thing to do is convince yourself you are retired. Don’t waffle on trying to find some additional work

You can work on finding “purpose” as the months go on. And you will find purpose as we all need that.

all the best !!!

 

[superstein61a]

Congrats. I retired 18 months or so ago at age 57. Best decision ever. But it wouldn't have happened if I didn't set that goal when I was young to set money aside and plan and save for retirement. Starting early helps tremendously and then making good investing choices.

I would encourage all those younger folks to put aside as much as possible in your 401K or whatever retirement vehicle you use. Start early and increase the amounts you contribute annually over time

 

[Joe Magarac]

Awesome. I packed it in last March. The first thing to do is convince yourself you are retired. Don’t waffle on trying to find some additional work

You can work on finding “purpose” as the months go on. And you will find purpose as we all need that.

all the best !!!

Agreed. Having retired 5 years ago, I can affirm that retirement is the pinnacle of existence.
I always silently chuckle when someone who hits retirement age spends five minutes trying to convince me that they are going to continue working, even if part time, because it will give them something to do. The reason that they are still going to work is because THEY NEED THE MONEY!!!!!
As the original poster said: Save your money while you are young, so you can enjoy a peaceful and unencumbered retirement.

 

[King Of All Message Boards]

Congrats. I retired 18 months or so ago at age 57. Best decision ever. But it wouldn't have happened if I didn't set that goal when I was young to set money aside and plan and save for retirement. Starting early helps tremendously and then making good investing choices.

I would encourage all those younger folks to put aside as much as possible in your 401K or whatever retirement vehicle you use. Start early and increase the amounts you contribute annually over time

This. Especially since defined pensions are going the way of the dinosaurs.

Save til it hurts. And then save a little more. If you don’t at least save up to a company match you’re giving money away. And every dollar matters over time.

 

[pittdan77]

Congrats. Glad you made it happen. I'm probably a bit different. I planned to help others and have given a lot of it away. Having a grade school'er at my age probably doesn't help either.

 

[9nationalchampionships]

Must be a great feeling....congrats!

 

[ratking17]

Chazz, what line of work did you do

 

[Saboteur]

It’s 2:04 pm on a work day and here I sit at home, NEWLY RETIRED AFTER 43 YEARS OF WORK !!

and man, does it feel good!

my last day was December 31.

And - even better - I talked Mrs. Chazzmo (my best pal) into retiring at the same time. We reached the $ target we set (plus some) and it’s time start spending down that nest egg we’ve been carefully nurturing all these years.

So, all you young guys and gals - if you haven’t started putting something aside, start now because that day really does eventually get here.

I hope to meet some of you next fall at a game or 3.

Now, if you’ll excuse me, I have to get back to doing nothing productive.

Doing nothing productive? What public office do you hold?

 

[Purdue_Panther]

Congrats. I have been planning for retirement since I started working then DuPont gave me the gift of doing away with pensions thus making me not have to work until I am 58. I plan to move up my retirement to when my daughter goes off to college-10 years left.

H2P and retirement planning

 

[ChazzMo]

Chazz, what line of work did you do

Not a short answer, rk17. First 21 years I investigated and resolved medical malpractice claims in private industry. Last 22 years, a conglomeration of risk management roles for the State of West Virginia: civil rights claims, med mal, law enforcement liability, corrections liability, municipal liability, public and higher ed liability, continuity of operations planning, continuity of government planning, active shooter survival training, strategic planning and daily operations management. It was always different and always interesting.

 

[LivinWell]

I’m eyeing retirement soon also and will be in my mid-50s when I pull the trigger. Since I’ll need 8 to 10 years of healthcare insurance prior to Medicare, is this a big deal? I’m thinking around $25,000 per year for wife and myself and one that will still be in college?

 

[9nationalchampionships]

I am self employed so used to go thru the marketplace but if you make over a certain amount it is actually less expensive to go directly to the health care providers. We pay $1295 per month for my wife and myself for the Silver Plan and are very happy with the deductibles, co pays, etc. I would think adding your college age dependent would add approx $500/month

I’m eyeing retirement soon also and will be in my mid-50s when I pull the trigger. Since I’ll need 8 to 10 years of healthcare insurance prior to Medicare, is this a big deal? I’m thinking around $25,000 per year for wife and myself and one that will still be in college?

 

[str61166]

Congrats! My dad retired 6 yrs ago @ age 56... 35 year state employee. Umpires softball and served as an usher at the Pete before moving to Florida this past year.

Not so sure I’ll be able to retire that young, but have really gotten my act together the past few years - paid off student loans, opened an IRA, HSA, pumping a modest amount into the 401(k). Despite what everyone says, we can do this too, fellow millennials.

 

[Joe Magarac]

I’m eyeing retirement soon also and will be in my mid-50s when I pull the trigger. Since I’ll need 8 to 10 years of healthcare insurance prior to Medicare, is this a big deal? I’m thinking around $25,000 per year for wife and myself and one that will still be in college?

Half decent health insurance runs ~$1,000 apiece per month for a private policy

 

[PittFathead87]

Congrats- good for you!

Wow, never realized so many of you were retired! Kudos all around.

I have 32 years in and looking to work at least 10 more years

 

[bayardstreet]

I pay $1,600 per month for a cobra on me and the bride. Can’t wait for Medicare next year as both of us turn 65. Private insurance isn’t cheap but I budget for that.

 

[Pitt-Chains]

It’s 2:04 pm on a work day and here I sit at home, NEWLY RETIRED AFTER 43 YEARS OF WORK !!

and man, does it feel good!

my last day was December 31.

And - even better - I talked Mrs. Chazzmo (my best pal) into retiring at the same time. We reached the $ target we set (plus some) and it’s time start spending down that nest egg we’ve been carefully nurturing all these years.

So, all you young guys and gals - if you haven’t started putting something aside, start now because that day really does eventually get here.

I hope to meet some of you next fall at a game or 3.

Now, if you’ll excuse me, I have to get back to doing nothing productive.

Enjoy yourself, excercise often.
Hollar down to the sidelines..

 

[Pitt-Chains]

Congrats. I retired 18 months or so ago at age 57. Best decision ever. But it wouldn't have happened if I didn't set that goal when I was young to set money aside and plan and save for retirement. Starting early helps tremendously and then making good investing choices.

I would encourage all those younger folks to put aside as much as possible in your 401K or whatever retirement vehicle you use. Start early and increase the amounts you contribute annually over time

Retire at 57 ... now that is awesome!

 

[Pitt-Chains]

This. Especially since defined pensions are going the way of the dinosaurs.

Save til it hurts. And then save a little more. If you don’t at least save up to a company match you’re giving money away. And every dollar matters over time.

I'm fully vested in my previous employer and will get a pension when the time comes... very nice feeling.

 

[oldpanther]

It’s 2:04 pm on a work day and here I sit at home, NEWLY RETIRED AFTER 43 YEARS OF WORK !!

and man, does it feel good!

my last day was December 31.

And - even better - I talked Mrs. Chazzmo (my best pal) into retiring at the same time. We reached the $ target we set (plus some) and it’s time start spending down that nest egg we’ve been carefully nurturing all these years.

So, all you young guys and gals - if you haven’t started putting something aside, start now because that day really does eventually get here.

I hope to meet some of you next fall at a game or 3.

Now, if you’ll excuse me, I have to get back to doing nothing productive.

Retired 19 years ago as of yesterday. Good luck to you and experience a very, very long healthy retirement.

 

[GlennEM]

I sold my small business & retired 5 years ago. I play more golf in retirement. I played 90 rounds of golf between April 1 & November 1.
When people ask me what I do in retirement, I tell them I play golf & then goof off! LOL

 

[Gunga_Galunga]

Congrats Chazz, happy for you. I have 15 - 20 years left, hopefully closer to 15 if everything continues.

The last 10 years have been very friendly to those with large 401Ks invested wisely. If I had what I have today back in 2009 it'd be a different story... It would be nice to get another 5-10 year run when I get closer to retirement.

 

[drp1tt]

Awesome. I packed it in last March. The first thing to do is convince yourself you are retired. Don’t waffle on trying to find some additional work

You can work on finding “purpose” as the months go on. And you will find purpose as we all need that.

all the best !!!

Purpose...like trying to figure out a way for Pitt to actually win more games. Lol.

 

[Panther_in_Kentucky]

It’s 2:04 pm on a work day and here I sit at home, NEWLY RETIRED AFTER 43 YEARS OF WORK !!

and man, does it feel good!

my last day was December 31.

And - even better - I talked Mrs. Chazzmo (my best pal) into retiring at the same time. We reached the $ target we set (plus some) and it’s time start spending down that nest egg we’ve been carefully nurturing all these years.

So, all you young guys and gals - if you haven’t started putting something aside, start now because that day really does eventually get here.

I hope to meet some of you next fall at a game or 3.

Now, if you’ll excuse me, I have to get back to doing nothing productive.

Agree. Awesome news. Congratulations!

 

[superstein61a]

I’m eyeing retirement soon also and will be in my mid-50s when I pull the trigger. Since I’ll need 8 to 10 years of healthcare insurance prior to Medicare, is this a big deal? I’m thinking around $25,000 per year for wife and myself and one that will still be in college?

You should budget $25K per year to be safe. That said, depending on how you structure your income and cashflow in retirement, there are some perverse incentives built into the ACA marketplace that could allow you to get a reasonably priced subsidized policy. Basically if you have sufficient non tax deferred savings that you can live off of to keep your income low, you can find some reasonable options.

Otherwise I would suggest COBRA for as long as your company permits then shopping directly vs the marketplace.

But yes, for planning purposes, $25K is a safe number to use

 

[palpitt]

It’s 2:04 pm on a work day and here I sit at home, NEWLY RETIRED AFTER 43 YEARS OF WORK !!

and man, does it feel good!

my last day was December 31.

And - even better - I talked Mrs. Chazzmo (my best pal) into retiring at the same time. We reached the $ target we set (plus some) and it’s time start spending down that nest egg we’ve been carefully nurturing all these years.

So, all you young guys and gals - if you haven’t started putting something aside, start now because that day really does eventually get here.

I hope to meet some of you next fall at a game or 3.

Now, if you’ll excuse me, I have to get back to doing nothing productive.

My reply would be: "me too". Of course I worked for the Feds which means I hardly did anything productive.

 

[Pitt1975]

Chad. You and I are the same age. I retired January 3 2019 after 43 years in car business. Great recommendation on saving early and saving a lot. Get out of debt, now....I know that seems like the pot at the end of the rainbow. Best advice I ever got. Sold my house in Greensburg and moved to Hilton Head in May. Play lotsa golf. Walked on the beach today. 64 and sunny.....feels good to be bored....

 

[LivinWell]

You should budget $25K per year to be safe. That said, depending on how you structure your income and cashflow in retirement, there are some perverse incentives built into the ACA marketplace that could allow you to get a reasonably priced subsidized policy. Basically if you have sufficient non tax deferred savings that you can live off of to keep your income low, you can find some reasonable options.

Otherwise I would suggest COBRA for as long as your company permits then shopping directly vs the marketplace.

But yes, for planning purposes, $25K is a safe number to use

Thank you that’s actually what I’ve been planning. I do have $125k in an HSA which I believe will last about 5 years. Been saving in this account since I’ve been 35 and can’t wait to use it!

 

[anon_4dfwm2pijbr0a]

5 years and 11 months until I retire. Looking forward to it

 

[beiglepanther]

Great thread. I am 48 started buying real estate when I was 25 rental properties. Started in the stock market about 15 yrs ago. No kids live with the gf. Have a few loose ends and investments I need to tie up, thinking two or three years max I’m done. Although I work from home now and only realistically work about 20 hrs a week. Still travel about 30 days a yr, I figure at some point they may fire me but I qualified for the sales trip to the Cayman Islands this yr so I must be doing ok. Anyhow that is how little I pay attention not sure where I stack up against other sales guys and since I live on the other side of the coast as them sometimes I think the forgot about me.

 

[beiglepanther]

Separate question if anybody wants to answer. How much do you think you need per month to retire. I’m planning on going around 52 so I will have to buy health care, have no idea what that will cost I budgeted about 800.00 per month. Only covering myself. I’m thinking 8k per month I guess some of it will be taxable so clear like 6500.00 with writoffs from rental properties?

 

[CaptainMurphy]

Lucky man, congrats. Im 40 and plan on being done with full time at 53 so I can hike the Appalachian Trail. We'll see if I can get there!

 

[CaptainMurphy]

Separate question if anybody wants to answer. How much do you think you need per month to retire. I’m planning on going around 52 so I will have to buy health care, have no idea what that will cost I budgeted about 800.00 per month. Only covering myself. I’m thinking 8k per month I guess some of it will be taxable so clear like 6500.00 with writoffs from rental properties?

8000 a month seems like way more than enough depending on your circumstances. Im planning on needing way less but with no mortgage, car payments, etc... I guess a lot will depend on property taxes. I'd probably budget 1000 a month for healthcare on a high deductible plan but who knows.

Good luck!

 

[bayardstreet]

What’s harder to do? Save a $100,000 or save $1,000,000 ?

answer. $100,000. If you have the plan and discipline to save to get to the $100,000 then you can apply those same habits to get to a $1,000,000

you also need to start early so that you might catch the last doubling cycle when you are at 60 or 65 age bracket.

10% annual return is a doubling every 7 years. How you mix your investments and work through a few downturns is important also.

more money has been lost not investing in the stock market than being in the stock market.

finally, never let your hobbies become vices. You’ll be able to retain and grow most of your assets instead of bleeding through them