What Will You Do When You Retire?

[PessOptimist]

I will sit on my patio with my laptop and do as told. One goal is to try to exceed nnuuts post total. Unless Tom says enough.

I will do as told by my SO as she seems to hate the fact I may have nothing to do. I will resist getting a job.

I may put some money in to my at that time 17 yo pickup and take a solo trip. I may put the pickup on the lemon lot on the air base and make some young Airman a deal. If that works I may buy a used **** box economy car or hybrid and take that trip. So what if I can only go 40 miles a day electric. Think of the future.

This is all based on my calculations about retirement income which still seem to be too good to be true though I have had others check them.

Bottom line about the original question – as little as possible.

PO

 

[BamaAF]

Good question, and one that I'm wrangling with -- I plan on retiring 31 Dec of this year - will be 56 years and 2 months old, will have 35 years and 2 months toward my retirement. I took early retirement from the USAF (Dec 94), and then purchased those 16 years to be used toward my civil service retirement. I come out ahead (monthly and annually) giving up the military pension and adding the 16 years to my FERS retirement, whether I retire at MRA (this year) or wait. Wife retired from state government last year - all 3 children have full college scholarships. We purchased a small garden home for the children (all three of them) to live in while attending college, have a lake house, and a main home - the main home and college home are paid for, but we are still paying mortgage on lake home - but once children graduate from college, we plan on selling that home and paying off lake home. FERS retirement plus supplement plus TSP withdrawal will be same net as I am taking home now, and 2 percent annual in TSP would drain the TSP account when I'm 87 (7 percent would never drain it). I've thought about either taking a part time job to make the lake home payment or just piddling around maybe making picture frames or something and selling on ebay to make the payment -- but your original question is something that keeps me up at night -- I've actually been affiliated with the USAF since being born on Eglin AFB in 1959, never been away from it....what will I do....

 

[WorkFE]

Ah, the dream thread. (for some :laugh
My Family is spread throughout the US and I have a Sister who enjoys the Caribbean so I plan on staying somewhere in the center. Got to have an easy Airport to get in and out of, need to be in the country as far as possible without being inconvenient to the city.
I like where I am now. Louisville Airport is fairly easy to get to and never very busy. 45 minute drive.
20 Years Military, working on 20 years Civilian. That would put me at 60 (I could step out a year or 2 early). I currently farm 100's of acres, not all mine, and plan on continuing that for at least a few years after retirement and then turn over the day to day operation to a longtime worker of mine.
Of course all plans are subject to change. Wife and I are due our first Grandchild in August and our Son lives in Webster Texas. If Momma says were moving then I will be moving.
I already own a couple lots on Lake Livingston in Texas so I guess I would be building something more permanent than the travel trailer I have there now.

 

[nasa1974]

When I retire for the second time. Finish a few more projects around the house and maybe travel a little more.

 

[kave]

My anticipated retirement date is Dec 31 2016. What I "Will Not Do" in retirement is nothing!!! A few years ago, I had herinated disc surgery and by Drs. orders couldn't work or drive for about 4 weeks. Those days drove me nuts (no offense Nuut). I will do some part time ag consulting, plan to expand my "hobby" woodworking into a side line business and TRAVEL. The consulting and sideline work will primarily be for occupation of time and supplement our travel budget. The LOML and I bought a motorhome a few years ago,(the only debt we currently carry) and enjoy that lifestyle greatly but not enough to become fulltimers. We will stay in our current home as it is home and there's no place like home. We are planning an Alaska trip for summer of 2017. After that, we will probably do some workamping with the RV in some areas of the country that we want to explore.

 

[nnuut]

The trick to this is simple "DO WHATEVER YOU WANT"!

 

[Viva_La_Migra]

I'd like to restore/modify classic cars and trucks. I have a project vehicle that I'm cutting my teeth on right now. I'm not an expert mechanic, but I really enjoy figuring out how to fix what's broken. I'd be happier than a pig in mud if I can make enough off the sale of the projects to keep me busy with cars, parts, and paint. :drive:

 

[wavecoder]

Surf every day, preferably when I'm still young enough to rip on my shortboard :laugh:

 

[gegor1957]

Day trading for the time being. Six kids, mixed marriage, fifteen grand-kids, always a soccer game or school play to go to. Also with some kids in NY, one in NC and one in SC always somewhere to go. So far have not needed to go back to the workforce and with an early retirement the supplement limits how much I can earn until I'm 62, so far day trading has been a better alternative to Home Depot or Walmart for me since capital gains do not count against the supplement. Will reevaluate at 62. Rehabbed our 1885 farmhouse just before retiring and used the proceeds to downsized to a townhouse, wife and I like the freedom for now. Second 19th century remodel for me and probably the last, donated larger power tools to the kids and now I can supervise.

 

[peterson82]

It would be wise for me to wait the many years in Federal Gov to retire, but I may not make it. Money isn't everything... I would love to start a brewery in a few years. I would be broke and it would be hard, but I would love it.

 

[Maricar19]

Good question, and one that I'm wrangling with --
I've thought about either taking a part time job -- but your original question is something that keeps me up at night -- I've actually been affiliated with the USAF since being born on Eglin AFB in 1959, never been away from it....what will I do....

hi BamaAF, so many things to your advantage...house paid for, college home paid for, children with free ride to college, a hobby to hone...three quarters of the battle won..only thing left to ponder...the big "where o where?"

 

[Maricar19]

I just read today about unexpected retirement costs by M Elliott:
1. Emergency expenses -home/car repairs
2. Health Care
3. Inflation
4. Supporting family members
5. Student Loans co-signed with children

I just thought for us looking for that eden...the following might help..

Chart for state retirement taxes(2013)
http://i.mktw.net/_newsimages/pdf/st...come-table.pdf

Articles: Looking for a retirement haven? Tax friendly state? Some are more detailed than others.
Taxes by State
State-by-State Guide to Taxes on Retirees-Kiplinger-this allows you to compare up to 5 states!
12 States Without Pension or Social Security Taxes - US News

 

[alevin]

#4. Inflation. That is why I run retirement calculator with my best current guess at future inflation to run the retirement income math.

#1. home/car repairs. expect the unexpected. I keep records of annual expenditures in such categories and budget roughly the same for the following year. If it's not needed, it goes in the normal everyday emergency fund of 3-6 months expenses. If I find that I didn't need to spend it all this year, I put it into taxable brokerage account or Roth account. Each year I build my budget that way, based on past average expenditures by category. and then I start whacking away around the edges to balance over all if income doesn't look like it would match average monthly outgo, with those infrequent but eventual costs built in already-roughly. that's how I maintain/replenish the emergency fund.

 

[Lakebound]

I just read today about unexpected retirement costs by M Elliott:
1. Emergency expenses -home/car repairs
2. Health Care
3. Inflation
4. Supporting family members
5. Student Loans co-signed with children

I just thought for us looking for that eden...the following might help..

Chart for state retirement taxes(2013)
http://i.mktw.net/_newsimages/pdf/st...come-table.pdf

Articles: Looking for a retirement haven? Tax friendly state? Some are more detailed than others.
Taxes by State
State-by-State Guide to Taxes on Retirees-Kiplinger-this allows you to compare up to 5 states!
12 States Without Pension or Social Security Taxes - US News

Your first link "Taxes by State" isn't up to date. Michigan now takes tax from Federal Retirees pensions. I wouldn't trust the validity of that data, just a heads up. But, thanks for posting those anyhow.

Frank

 

[Maricar19]

I just read today about unexpected retirement costs by M Elliott:
1. Emergency expenses -home/car repairs
2. Health Care
3. Inflation
4. Supporting family members
5. Student Loans co-signed with children

I just thought for us looking for that eden...the following might help..

Chart for state retirement taxes(2013)
http://i.mktw.net/_newsimages/pdf/st...come-table.pdf

Articles: Looking for a retirement haven? Tax friendly state? Some are more detailed than others.
Taxes by State
State-by-State Guide to Taxes on Retirees-Kiplinger-this allows you to compare up to 5 states!
12 States Without Pension or Social Security Taxes - US News

Your first link "Taxes by State" isn't up to date. Michigan now takes tax from Federal Retirees pensions. I wouldn't trust the validity of that data, just a heads up. But, thanks for posting those anyhow.

Frank

Thanks Frank- I'll try to get an updated one.

 

[Maricar19]

Your first link "Taxes by State" isn't up to date. Michigan now takes tax from Federal Retirees pensions. I wouldn't trust the validity of that data, just a heads up. But, thanks for posting those anyhow.

Frank

Frank - I checked the 1st link "Taxes by State" for Michigan and there is a small link on the bottom:
Michigan recently changed how it taxes retirement benefits. These changes are for returns filed for tax year 2012. Click here for details.

 

[BamaAF]

hi BamaAF, so many things to your advantage...house paid for, college home paid for, children with free ride to college, a hobby to hone...three quarters of the battle won..only thing left to ponder...the big "where o where?"

Our plan is to stay in Bama - Tax friendly, cost of living on the lower side, family close -- but, a plan is only as good as...... - never say never, we could end up anywhere... I do agree with others that the risk of unforeseen costs is highly likely - in fact it WILL happen - whether a toilet supply line cracks or AC unit goes out (gets hot in Bama), it has happened to us and will happen again, so that needs to be accounted for. My 3 children are all daughters, so there is that wedding thing yet to come......

 

[Itchn2retire]

I can tell you what I won't be doing.

* Getting up before dawn to make the long commute to work and fighting traffic
* Dealing with personnel issues
* Writing reports, evaluations, and quarterly contract feedback
* Not being able to get something completed due to the bureaucracy
* Attend meetings all day
* Paying large dry cleaning bills
* Paying tolls...........

...........I think you get the idea.

 

[turbo23dog]

Planning on retiring in Feb 2017. Since I have somewhat of an analytic background, I can see myself working part time from home doing spreadsheets for some business that needs that type of support. Other than that, I'm involved in my car club and enjoy working on cars and going to driving events. All this between extensive world travel as time and funds permit.

As to location, we are currently thinking about the beach areas of Delaware, Virginia Beach or perhaps South Florida . Delaware is very retired friendly so that might be the best choice. However, the kids/grandkids all live in our area and my wife says we are not moving anywhere until further notice.

 

[limebalz]

Planning on retiring in Feb 2017. Since I have somewhat of an analytic background, I can see myself working part time from home doing spreadsheets for some business that needs that type of support. Other than that, I'm involved in my car club and enjoy working on cars and going to driving events. All this between extensive world travel as time and funds permit.

As to location, we are currently thinking about the beach areas of Delaware, Virginia Beach or perhaps South Florida . Delaware is very retired friendly so that might be the best choice. However, the kids/grandkids all live in our area and my wife says we are not moving anywhere until further notice.

That's NEVER a good sign when the wife threatens that. Delaware is a great retirement state and is a destination I'm intrigued with when retirement is upon me.


Currently I can't retire until 2032, but I'm already scouting retirement locations considering I live in one of the most tax burden states in New Jersey. I told my wife before we were engaged, I'm not living in this tax ####hole of a state when I retire. NJ offers everything I can imagine in excellent schools, great communities, close proximity to NYC, mountains, ocean, great dining and shopping locations, abundance of lakes and reservoirs, etc. Even Montreal is only 5 hours away. Fortunately, they pay employees well in this state with a high locality pay too! State is very generous to their state employees too!