Let's talk retirement

[Claude Thibodeau]

Hi!

Sold my company in 87, had a contract that requested I stay there for 5 years, which I did. Then retired. But my phone kept ringing, and I ended up back in the media biz: radio, TV networks, and even running a daily newspaper. So, lotsa stimulating enperiences, but at 49, in 2004, I left the daily grind. Still work as consultant, once in a while. Build 1/1 hot rods and pro-touring for customers (was my hobby, became a pro endeavour).

All males in my family died of heart attacks before they were 50, so I figured I would not do any better. I'm now 69, good health so far, and enjoying building about 12 detailed models per year. 

Do I miss the daily grind? Nope.  I try to spend as much time as possible with my kids and grand-daughters (X3 of each). Priceless. For the rest, I have credit cards if needed LOL. 

A friend once told me: if you knocked on the gates of Heaven, and God allowed you to return to your life for 24 hours... Would you go to the office to care for unfinished biz?

Your answer will tell you all you need to know! 

CT 

[bobss396]

9 hours ago, MeatMan said:

I feel you on this one. I was actually on the team that integrated our MRP system as a "subject matter expert" and they didn't listen to anything I told them on how we used it. Total train wreck! MS Excel became the workaround.

On top of any MRP system, the master-scheduler had them tracking WIP with Excel. I had to look at it now and then, but it was a living hell for the planners who lived with it on a daily basis...they were micro-managed to death. 

Any changes to the master routers had a hundred-fold impact. Set up and run times, heaven forbid a new sequence was added.

[bobss396]

14 hours ago, Claude Thibodeau said:

Hi!

Sold my company in 87, had a contract that requested I stay there for 5 years, which I did. Then retired. But my phone kept ringing, and I ended up back in the media biz: radio, TV networks, and even running a daily newspaper. So, lotsa stimulating enperiences, but at 49, in 2004, I left the daily grind. Still work as consultant, once in a while. Build 1/1 hot rods and pro-touring for customers (was my hobby, became a pro endeavour).

All males in my family died of heart attacks before they were 50, so I figured I would not do any better. I'm now 69, good health so far, and enjoying building about 12 detailed models per year. 

Do I miss the daily grind? Nope.  I try to spend as much time as possible with my kids and grand-daughters (X3 of each). Priceless. For the rest, I have credit cards if needed LOL. 

A friend once told me: if you knocked on the gates of Heaven, and God allowed you to return to your life for 24 hours... Would you go to the office to care for unfinished biz?

Your answer will tell you all you need to know! 

CT 

On my mom's side of the family, heart issues run rampant. I lost one uncle around 1978, he was only 49. Grandpa went while working, age 59 back in 1945. No warning. Grandma went in 1956 at age 61, but she lived a tough farm life. 

My youngest brother had a HA at age 41 and had a stent put in. He did well until last year, he needed 3 more at age 66.

I had my triple bypass in 2016 and a stent 4 months ago. I'm in a cardiac rehab, only 32 more sessions to go. I had thought I was in good shape.

My dad's side, they live long. He went at age 96, a heart issue that caught up with him finally. He had a 4 way bypass at age 74 and recovered well.

In my rehab class, we have one lady that is past 80. My heart doctor said that older folk sometimes never make good recoveries. She seems to be doing well.

I stay busy with the 1:1 cars too. At age 69 I have done some very heavy work on my "new" Belair. Brake, front end work and an alignment 2 months after my stent. 

My cardiac rehab will be the best thing for me right now. I go in the afternoon. Pain wise with other injuries, this is where I peak for the day.

[dmthamade]

Timely subject!! 65 YO, i've been in the auto repair trade for 46 years, licensed for 43. Starting to slow down, the summer past with the heat was a real killer for me, tire work in winter is tough/body killer. Not stopping cold turkey, but easing out of it. Doing 3 days a week or as needed, helps keep me active, keeps mind active, gives me a bit of money. Financially i'm in great shape, health wise i have typical aches and pains, but that's it. Going reduced schedule will help a lot, will help me get mind prepped for full retirement, time to figure routines. Always have enjoyed working on cars, doing it this way lets me keep active, use my mind, interact with the other guys. Hobbywise, i've downsized the bench since i moved, almost impossible to do the 1/32 aircraft i've done for a long time. Cars though, are far more manageable, usually did one or two before, can see more in the future. TV....lots on the tube, easy to kill too much time, I find Youtube shorts are addictive...taking the Drs. orders to "put the damn Doritos down and go for a walk, for gods sake". Seen too many examples of people who let their mind go to idle let the mind go soft, health won't be far behind.

 

Don

[89AKurt]

I'm reading the comments, so many cases of life happening, then not.

I just watched this, one man's collection, now he seems to see life is running out, and the cycle of life will continue with or without us....

 

[dragstk]

I took an early retirement, at 64, because my job was causing numbness in my hands. (I worked in a foundry). It did take me about a month or so to adjust to not doing 10-12 hour work shifts. I did a lot of sitting around, enjoying not having to deal with the BLAH_BLAH_BLAH_BLAH from work.

But I slowed to much. Then I became more and more lazy. Spent more and more time on utube. And I got really bored. Gained a bunch of weight. But I realised that this couldnt go on or Id either go crazy or Id just turn into a vegetable. So I got back into bicycle riding, doing long hikes. When I cant ride, I go to the gym. Ive always had really good physical health and I dont want to lose it.

I now build models 2-3 hours, most days. This year Ive ridden 4400 miles on my bike. I feel a lot better. Im getting better at finding the balance of enjoying not having to work and keeping myself busy enough.

I think if you dont have some passion for something when you retire, its the start of a mental, physical decline

[bobss396]

18 hours ago, dragstk said:

I took an early retirement, at 64, because my job was causing numbness in my hands. (I worked in a foundry). It did take me about a month or so to adjust to not doing 10-12 hour work shifts. I did a lot of sitting around, enjoying not having to deal with the BLAH_BLAH_BLAH_BLAH from work.

But I slowed to much. Then I became more and more lazy. Spent more and more time on utube. And I got really bored. Gained a bunch of weight. But I realised that this couldnt go on or Id either go crazy or Id just turn into a vegetable. So I got back into bicycle riding, doing long hikes. When I cant ride, I go to the gym. Ive always had really good physical health and I dont want to lose it.

I now build models 2-3 hours, most days. This year Ive ridden 4400 miles on my bike. I feel a lot better. Im getting better at finding the balance of enjoying not having to work and keeping myself busy enough.

I think if you dont have some passion for something when you retire, its the start of a mental, physical decline

Key to keep moving. I lost 30 + lbs since 2020, we had an awesome cafeteria at work and I fell into bad habits. A result from the stress I was under.

Some married guys follow the wife around all day and are happy about it. I'm single but dating, the girlfriend is leaning towards retirement which suits me. 

I too keep busy, cooking, got the old cars around, the cat. I listen to music and hang with the cat. 

[Nacho Z]

On 11/27/2024 at 4:47 PM, Claude Thibodeau said:

 

A friend once told me: if you knocked on the gates of Heaven, and God allowed you to return to your life for 24 hours... Would you go to the office to care for unfinished biz?

Your answer will tell you all you need to know! 

CT 

 

Claude, I had never heard this one before.  It really hits the nail on the head!  I will be using it in the future.

[Nacho Z]

On 11/28/2024 at 9:38 PM, dmthamade said:

Timely subject!! 65 YO, i've been in the auto repair trade for 46 years, licensed for 43. Starting to slow down, the summer past with the heat was a real killer for me, tire work in winter is tough/body killer. Not stopping cold turkey, but easing out of it. Doing 3 days a week or as needed, helps keep me active, keeps mind active, gives me a bit of money. Financially i'm in great shape, health wise i have typical aches and pains, but that's it. Going reduced schedule will help a lot, will help me get mind prepped for full retirement, time to figure routines. Always have enjoyed working on cars, doing it this way lets me keep active, use my mind, interact with the other guys. Hobbywise, i've downsized the bench since i moved, almost impossible to do the 1/32 aircraft i've done for a long time. Cars though, are far more manageable, usually did one or two before, can see more in the future. TV....lots on the tube, easy to kill too much time, I find Youtube shorts are addictive...taking the Drs. orders to "put the damn Doritos down and go for a walk, for gods sake". Seen too many examples of people who let their mind go to idle let the mind go soft, health won't be far behind.

 

Don

 

Don, I don't watch a lot of TV, but YouTube eats up more of my time than it should...lol.

[Claude Thibodeau]

38 minutes ago, Nacho Z said:

 

Claude, I had never heard this one before.  It really hits the nail on the head!  I will be using it in the future.

Please, it has a ring of truth to it, isn't it?

CT

[Brudda]

Boy this one hits me in the head. It really depends on your situation. Only you know that. I’ll tell you my story, might help, might not . Health insurance is very important! It has helped immensely. Had a stroke around 15 years ago. Took 6 months to recover that one. Had prostate cancer just 1 year ago. Took 6 weeks to heal for that one. My insurance took care of most of it. Now I have 3 paid off houses all over the country. The house I’m in now is 1.1 million worth. But will go fast if you have to go to the hospital. I’m 68 and just took my social security. That’s $ 3146 a month. My income from my rentals are good. Taxes are to think about. I paid $23,000 last year. Because I’m still working plus rental income plus social security. So think about taxes. I like to travel but have 2 passports full of places my wife and I have went. When the world loved Americans. She now has a bad back so traveling now is out of the question. I really love my work. It’s like modeling 1:1. So I’ll work as long as my body allows it. Don’t really need the money but boredom and standing still will kill you. 8 out of my 10 friends died within 2 years after retirement. Sitting around kills you. The other two friends keep real active traveling, working on something and just moving. This is my story hope it helps. 

[dmthamade]

On 12/5/2024 at 9:06 AM, Brudda said:

 I really love my work. It’s like modeling 1:1. So I’ll work as long as my body allows it. Don’t really need the money but boredom and standing still will kill you. 8 out of my 10 friends died within 2 years after retirement. Sitting around kills you. The other two friends keep real active traveling, working on something and just moving. This is my story hope it helps. 

100%!! Seen both sides. Can't ever let the mind shut down. Watching someone you know stagnate then go downhill, tough to see. I do have things to do in semi retirement then fulltime retirement, should be okay....flipside to all the warnings and fears, lets relax, have fun and enjoy retirement.

 

Don

[webestang]

Not sure when I'll retire. I turned 60 this year and would like to retire at 68. Not sure if I can but it would be nice. And I will never be board after retirement as I have 5 hobby's....LOL 

[Aaronw]

I theoretically retired at the end of 2017, so just hitting 6 years this month. I say theoretically, because I retired from my full time job as a fire captain, but I immediately signed up to work part time as needed. The first couple of years was mostly logistics on fires, maybe 6-8 weeks a year spread over the summer / fall months. It helped me transition from full time to a slower pace.

Work increased to about 4 months in 2020 because of many large fires in the state. I also added fire dispatching in 2020, and since 2021 I'm probably pushing 6-8 months of pretty steady work. I also just got a job as a part time instructor teaching fire classes at the local college.

So yeah, I'm retired, but I'm also not if that makes sense. I do not get bored and in fact have no idea how I got anything done when I was working full time. 

 

Something that I have found with this situation is, when I am working I just don't have the stress that I had being full time. I like the extra money, but it is just that, extra money. If I don't want to work, I don't. If at some point I'm not enjoying it, I can do something else for extra money, or just tighten the belt and not work. We have no major debts, no car payments, house is paid off, the only credit card I have is only used for work (meals, hotels, rental cars etc which I get reimbursed for), and immediately paid off when I get home from an assignment.

 

Not having to go to work every day to make sure there is food on the table, and knowing I always have the option to just stop is very liberating. 

 

I was lucky to be able to walk into something based on my prior experience, but even if it was just picking up 2 or 3 days a week at an auto parts store, or Starbucks, working on your terms, knowing you always have the option to quit makes it so much more enjoyable. With the way the job market seems to be these days, there are a lot of employers who would be happy to work with an employee who has established a record of showing up on time (or at all) and willing to work even if only a few days a week. 

 

 

Also I have hobbies, a child still in school and unending work around the house / yard so I never get bored even when I do get a weeks or months not working.   

Edited December 8, 2024 by Aaronw

[Nacho Z]

Guys, I absolutely love all of this feedback!  So much good information here.  Thank you so much to everyone who has shared their stories and experiences.  I hope others will chime in.  I am taking this all in.  I have watched a lot of videos regarding retirement, seeking out things to avoid or things to do.  Fortunately, money shouldn’t be an issue.  I’m not rich, but my wife and I should be comfortable.  We won’t be jetting off to Paris for croissants, but should be able to hit Dennys as often as we want!, (that was a joke, BTW).  Interestingly, just today I watched a video and the guy said that you have to flip your mindset from saving money to spending money.  He pointed out that our whole lives we have saved and saved.  Now is the time to spend our savings on the things we saved for.  He pointed out how hard that is going to be for some people.  

[bobss396]

I had to get used to spending money too. I am frugal by nature, not cheap by any means. I have had to do things with the house, a new roof and fence in 2021. That was $25k in almost one shot. 

I started with one company in 1981 and stayed for 38.5 years. Guys I knew who were retiring in 1986 were giddy over having a $200k nest egg. 

Before 1983, we just had a pension and could buy company stock at a discount. Then the 401k came along, I was 28 and jumped right in. Through it all, tough years, good ones, I kept putting money away. So I have that and 2 pensions coming in.

I worked with another guy whose parents were 90. They scrimped and saved. Never went anywhere, no vacations... they did nothing. Their nest egg was like $300k, the last years of their lives, a lot of that went to 24/7 health aides.

[Aaronw]

Another aspect that took some time to get used to is there was a big shift in my finances between working and not. 

There are tax implications and many hidden costs to working. When you are working, if you have a pension or a 401K they are pulling money out of your check for that, there is SSDI, and unemployment insurance coming out of your check. So even though your gross monthly income may be less, it is the net income that really matters. In my case my gross in retirement was about 1/2 of my working gross, but the net was about the same. While some of these costs are pre-tax, that drop in gross pay often does result in paying less income tax further closing the gap in net income.

I'm not taking SS yet (only 57) but when that day comes, my state does not tax Social Security benefits so I will receive an increase in my income without increasing my state taxes.

 

The other part that was kind of surprising, is seeing just how much I was spending to go to work. Probably $250/mo in gas alone. Not as easily tracked but I'm also having to do less auto maintenance, tires, oil changes etc because I'm putting a lot less miles on my car. When I was working there were many times co-workers wanted to go get coffee or get lunch somewhere, and I'd join in. A voluntary expense, but one that I indulge in far less because being home it is really easy to make another cup of coffee or make something good for lunch in my own kitchen. All in I'd guess being retired saves me around $400-500 a month.     

[bobss396]

There are a lot of things that come out if the paycheck every week. I also had life insurance policies. I'm not sure what rate I was taxed in general, I'd say at least 35%. When I take 401k money out, that is taxed at 26% and makes Uncle Sam happy.

Other hits that nobody mentions is that SS is now taxed. My Medicare started at $144 a month, they jacked that up to $370 due to me taking out a lot of money a couple years ago.

My supplemental BCBS keeps going up, it started at maybe $170 and is closer to $300 for 2025. I have an rx plan, do not recommend Cigna/Express Scripts.. that's another story. I have a few prescriptions that are pricy.

Overall my out of pocket expenses are few. I have some doctors that take a $20 co-pay. I get some small bills now and then. Short hospital stays, I pay nothing.

My lifestyle has changed very little in retirement. My nest egg is still above where I started in 2020. I'm carrying a big mortgage... nobody in my financial circle is of much advice for that. But my interest rate is low.

I have 3 car loans, also good rates but I should start paying them off.

I go out to eat with my girlfriend a couple of times a week. I stop at my local bar for a beer and burger as well. 

[thatz4u]

one thing I have learned is that life happens when you have other plans....

[ncbuckeye67]

On 11/24/2024 at 9:17 AM, bobss396 said:

I left work in 3020 at 65 during the Plandemic. We had just gotten back from Florida and things were getting crazy even there. 

I pushed up my planned exit date and out I went. We had a new MRP system at work that doubled my work load. Just in emails alone...not worth it. The stress level was unhealthy.

I collected my late wife's SS until I turned 66.3 years old. I had Medicare and kept my old medical plans under COBRA. A mistake... nobody wanted to pay anything. I finally got that sorted and got a BCBS supplement plan. Plus a prescription plan.

Money wise I should be okay. I have a good 401k and 2 pensions. Since I have no spouse, I took a lump sum with one of them. 

I was always busy with the house, yard and gardens. I had things done to the house like a roof and new fence. 

One trap to avoid is daytime TV. I have a pretty well set morning routine. I'm up every day before 7, because the cat says so.

I have my doctor appointments, I'm in a rash of them lately. 

Modeling... I've ramped it up the past couple of years. I got into buying 3D printed parts that take things to another level. I really have no set model area, so I use my dining room... it got out of hand. It was a chore to put everything away last Xmas.

Now I have Thanksgiving in a few days and I'm hosting. Most model stuff is put away and I need my large kitchen counter back to use. I will get there. From there I plan to do some model work before Xmas. Then clean up for that.

So, rather than do boring housework...I'd rather have my 2nd childhood and keep modeling. 

All in all, I'm doing okay in retirement, you'll have an epiphany when the time comes. 

Fortunately (thanks to my wife's insistence), I have the larger of the two extra bedrooms, as my dedicated hobby room. I've been lucky to have a spare room just for that purpose, even in my previous marriage. The only evidence of my hobby passion in the rest of the house, are the multiple curio cabinets in the living and dining rooms. I'm a long way away from retirement, but I already know I won't be watching any daytime TV.

[dmthamade]

Seems there is a fairly common thing in the posts, that being physical health, medical appointments. Healthwise i'm doing ok, but if i could talk to my younger self, i would  say "look after yourself!! Take a walk!! Put that second/third cheeseburger down!!" and on and on...Any younger modellers reading this thread, you can see what's coming, be ready. As Bette Davis said, "Old age ain't no place for sissies".

 

Don

[TransAmMike]

I've avoided responding to this topic(heck I don't know why) but this is what I have to say.

Been retired now a little over ten years.  I stayed active and was doing just fine in spite of being in my 70's, until.....I got diverticulitis and had colin surgery needing the dreaded poop bag. Luckily I was able to have reversal surgery to go back to normal.   Been downhill for me since then.  Anyway, at least I still have modelling to keep me busy, but physically I ain't worth a cr@p. 😄😊

[Kromolly]

Very timely subject for me.  I've been away from the forum and the hobby for a few years as we prepared for retirement.  We retired earlier this year, sold our home on the left coast and moved to the northern plains.  This was a big undertaking.  We had house projects to finish, work to do on the new place 1,400 miles away, and a lot of stuff to move.  My wife and I moved everything ourselves, just the two of us, five semi loads over two years.  We retired to a beautiful old farmstead with acreage.  We both stay busy with multiple hobbies.  We will be gardening and canning, raising chickens, maintaining property, and enjoying peace and solitude.  We haven't had TV in at least 5 years and don't want it.  It's a tremendous time waster.  We have plenty to keep us busy.  Absolutely no regrets about retiring and wish we could have done it sooner.

Edited December 13, 2024 by Kromolly

[Nacho Z]

On 12/9/2024 at 11:55 AM, thatz4u said:

one thing I have learned is that life happens when you have other plans....

Truth right here.

[Nacho Z]

On 12/12/2024 at 2:58 PM, dmthamade said:

Seems there is a fairly common thing in the posts, that being physical health, medical appointments. Healthwise i'm doing ok, but if i could talk to my younger self, i would  say "look after yourself!! Take a walk!! Put that second/third cheeseburger down!!" and on and on...Any younger modellers reading this thread, you can see what's coming, be ready. As Bette Davis said, "Old age ain't no place for sissies".

 

Don

So true. There are lots of neat little quips out there and there is one that goes something like “In our younger days we spend our time and health trying to make money. In our older days we spend our money trying to buy health and time.”  Something to that effect.  I turn 60 this coming week. Health wise I’m doing alright.  That all can change with one doctor’s visit.  As you said, Don, take care of yourself and your health while you are young and hopefully it will payoff when you are older.