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Retirement - Where Are You?

Discussion in 'Non-Vegas Chat' started by VegasGroove, Jun 11, 2015.

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  1. VegasGroove

    VegasGroove VIP Whale

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    Ever since I glided into my 50th birthday year last year, I have been thinking strongly about retirement. I've been in the workforce since I was 17 years old (part time during my college years) and gotta tell you, I am looking forward to retirement. All my financials are looking good at this point. Ideally, I would LOVE to retire at 62. I repeat, LOVE to. My goal is to be healthy (physically and financially) enough to enjoy the sleep-ins, the come and go when I please, MORE travel and maybe pick up a part time gig if I wanted to pass some time.

    So, where are you?

    Already retired?
    Almost at retirement?
    What is your ideal age for retirement?

    :thumbsup:
     
  2. dmr

    dmr Registered Abuser

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    Anticipating it eventually but not there yet.
     
  3. NickyDim

    NickyDim VIP Whale

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    My 30th anniversary for my municipal job is this January, and that's when the for sale sign goes into the ground in front of my house. So depending on how long the sale takes (the house will be priced to sell quickly) will be how long before I put my papers in. In 2012 when the real estate market in LV was in the ditch, we leveraged my current home by refinancing enough to buy my retirement Vegas home for cash(still leaving about 30% equity in my current home), and it's been rented since. I have to give my tenants 90 days written notice as agreed upon before I can take over. We are currently in the process of looking for a 2 bedroom condo, also in Vegas, so we have a place to go when we are remodeling the new house, plus 3 of my 4 kids are relocating also, so they'll rent the condo when we finally get into the house, and they'll pay me rent to cover the cost of the Condo which has to come out to $0 cost to me for me to keep.

    If all goes to plan we'll be in Vegas permanently in May at age 56y 10mo.

    As far as finances go. My NY state pension is plenty for us to live comfortably in Nevada, but not in NY. We also have a little set aside in IRAs and we'll supplement our income for 30 months from 59 1/2 until 62, then SocSecurity will replace the depleted ira withdrawals with a larger monthly income. On paper it works out great, but who knows how it will actually play out.

    5 years ago I started the planning, and it was fun, but now that's it's only months away and getting closer, I'm getting more nervous by the day.
     
  4. VegasGroove

    VegasGroove VIP Whale

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    NickyDim, what a great plan! I am hoping all goes according with no or few hiccups.
     
  5. HoyaHeel

    HoyaHeel Grammar Police & Admin

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    I'm in my prime earning years. We fantasize about retirement, but we're still getting our parents to retire at this point. Meeting with the financial planner, maxing out the 403b & IRA contributions. Paid off the mortgage. Every place we travel, we think "could we retire here?" and so far the answer has usually been now. But real estate porn is a fun game to play!
     
  6. NickyDim

    NickyDim VIP Whale

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    Thanks. Like I said, planning started 5 years ago. It's never too early to plan. At 26, I never even thought of the long term benefits of getting a job with a municipality. But I'm glad I did.

    When we refinance my current home, I took a 7 year adjustable and the interest rate went from 5 1/2 to 2 1/2, so the cost of the Vegas home was only $105 more a month on my mortgage and it's paid for free and clear, in case the NY housing market crumbled(thank goodness it hasn't), I could walk away from it and still have the Vegas house. 7 year adjustable mtg with only 4 years to retirement at the time was just as good as a conventional mtg. If you get creative and plan well you can accomplish great things.

    good luck in your planning.
     
  7. breanna61

    breanna61 Super Moderator

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    I retired with 35 years of service Feb1/14 and know I am very lucky. While I loved working and my position, both of my parents passed away young and that was my single biggest factor in making the decision to pull the plug. The other deciding factor was a "slideshow" my hubby put together after a trip to Vegas in the fall of 2013 where my face is constantly buried in my Blackberry no matter where we were. I don't think I even realized I'd gotten to the point that I was always "on". I knew I made the right choice when in December of 13 (my last Christmas while working), rounded out with me working almost round the clock for 3 weeks during the storms both here and in the States. I managed to make Christmas dinner for our family but my nose was buried in the computer and on the phone on Conference calls throughout the holidays and into the new year. I miss the people but don't miss the stress. I'd gotten so used to it, I didn't even realize I was always under pressure until I left and the weight of the world was lifted.
     
  8. shokhead

    shokhead I'm no big spender!

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    Already retired. I hesitate to say I retired from a school district with a pension and health benefits because on another forum I was killed. In their eyes it was people like me that caused all of Ca. money problems. I do enjoy retirement but after 5 years my sleeping habits have not changed one bit. Still up at 5am.
     
    Here we go again!
  9. Joe

    Joe VIP Whale

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    Started with the same employer at age 20. Worked there and pulled the plug at age 55 with 35 years of service and that was 7+ years ago. The pension really sucks ($800) per month, but we live off our investments. We still haven't started SS. I do track SS and it goes up ~.45% every month we delay. Maybe next year at age 63.

    Retirement life...we have it good. After way too many years of 4-5 hrs of sleep per night, I now make it a point to get 8 hours. It took a while to get my body in the routine, but now I love it. 7 AM is now the normal wake up time w/o an alarm. I only need to shave when we are going out, so I can go 2 or 3 days w/o shaving. It is one of the little joys of retirement life! I hated having to shave every morning! :thumbsdown:

    Health care is a killer since we have to buy it on our own. Monthly premiums of $1,455 and that is with a $10,000 deductible before they pay anything except for annual checkups.

    But, I would not change anything. I love hearing the morning traffic reports while I'm having breakfast and deciding what I will do that day. Brush the dog; weed the garden; cut the grass, or maybe just figure out where we will go for lunch.

    :soapbox: We were savers our entire life and it is now paying off big time. Not to sound like your parents, but find a way to squirrel away a little every month for retirement, even if you're in your 20s. I read a stat the other day that the median retirement savings account for people in their 50s is $100,000. That is just downright scary! :soapbox:

    My wife just got fed up and quit the workforce 11 years ago and we couldn't be happier not working. She gets a giant $500 per month pension but also no healthcare, but still all is good.
     
    Christmas
  10. jfn111

    jfn111 Low-Roller

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    Retired 3 years ago at age 55. Get the mega corp pension, retiree health care and a good chunk in investments. ( Still struggling to sleep in in the mornings)
     
  11. BeeeJay

    BeeeJay President of The Red Lobster Hostess Satisfaction

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    I'll retire when they quit making interns
     
  12. h0und10

    h0und10 Low-Roller

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    Been working full time hours since about 14. Am now done with college at age 23, debt free, bill free, in the process of buying a house and hope to have that paid off by 30. then would like to retire by 55 or so. I have a few retirement funds set up and will invest heavily once i get my house bought. The house buying process is a pita and taking up too much of my time.
     
  13. LolaDoggie

    LolaDoggie VIP Whale

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    I'll keep working part time as long as I'm able to. My husband will probably go part time at 65.
     
  14. RockyBalboa

    RockyBalboa VIP Whale

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    I am 35 now and have been with my company 8 years. Between investments and my 401k I am on track to retire by 55...57 at the latest.

    I love my job but I don't want to spend my later years working.

    God willing I will be in a good spot to put my papers in..kick back and go to Vegas and tropical locations for 20-30years after retirement!

    My company matches up to 6% and I am putting in quite a bit more than that
     
    Last edited by a moderator: Jun 11, 2015
  15. Casinoqueen

    Casinoqueen Low-Roller

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    I'm 51, and just retired from my job of 30 years this past May. I'm not completely retired as I have been helping out with my husbands family business for years while I worked at my other job.

    I am loving being retired from my 30 year job as it was stressful and demanding. Helping out with the family business is minimal hours so no stress there.

    I love being retired and hope my husband follows soon behind me with retirement.
     
  16. Sonya

    Sonya Queen of VMB

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    How wonderful for you. My parents are recently retired and I'm watching them for what not to do. ;)

    I worry about our ability to provide financially until our deaths, especially with all my health issues. Trying to resolve those while we have insurance. My husband is only 52, but we're maxing out our savings as much as we can.

    Sounds like you are well on your way! Congratulations.
     
  17. Breeze147

    Breeze147 Button Man

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    Retired 2 years 9 months and loving every second of it. Just came back from fishing on the Chesapeake Bay. Good buddies, good beer, caught a baby skate. WooHoo!!!
     
  18. LV_Bound

    LV_Bound VIP Whale

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    Retire???
    Had to google that word.
    Unless the Lotto hits or one of the Mega machines hit for me I will be working until they put me in the ground.
     
  19. Mooda

    Mooda Low-Roller

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    This is such a great thread. I was very fortunate to retire at a young age and 10 yrs ago moved my 401k into 2 stocks. Altria and Apple. Nuff said.
     
  20. BCMike

    BCMike VIP Whale

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    I'm 37 right now's I'd love to retire when I'm 50. If the ebay/PayPal split goes well, maybe I'll be able to lol.
     
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