The concept of retiring

[billeyler]

Since abqdan is very retirement oriented, and is very often updating his spreadsheets for the day/month/year he can actually toss the bonds away of working FOR someone to fully retire, it keeps it in my mind "what am I doing toward this."

He's 54, I'm 51...although I'd love to have been involved in the early dot.com thing and have been able to retire in my 30s, retirement for real looks to be in my 60s, realistically.

The conundrum is that Danny will retire or semi-retire in 4 years, and I'll be slogging along indefinitely. I don't think I'd HAVE to be fully employeed; after all, I got by for over a dozen years with a very low income as self-employed.

UNM has a retirement plan, and I'll be 5-year vested in it in just 3 months. I have a minor carryover of SEPP and 403(b) funds that would carry me through maybe about 4 months...ew. I have a rental property that's paid off that has cash coming in now. The Richmond house should have significant equity again that would be usable for us both if we were to sell it. I have social security opportunities in another dozen years. I have some income from square dance calling and c/w lessons, but I'm not sure that's something I would be doing in my 60s. The University does have employment opportunities working less hours than 1.0 FTE, and I know several people that are .5 and .75 and get along just fine.

But the bigger question isn't financial to me...it's what would I DO if I retired early, in decent health, with many years to look forward to. I would probably still stay involved in dance somehow. I'd seque back into small business accounting consulting. Traveling more without having to deal with vacation time restraints might be a biggie. Downsizing from a 3500 square foot house on 1/3 acre would definitely be a priority. Becoming heavily involved in volunteerism is a strong likelihood, having been around 100s of seniors that work with non-profits after retiring.

I don't have a spreadsheet like Danny does to figure my potential annual retirement income...there are too many variables this early on for me to make educated guesses.

Retirement has become blurry, since we have so many other opportunities to explore nowadays than our parents or grand parents did.

But it does give room for thought...

Comments

[rfrench.livejournal.com]

I've never quite understood the traditional concept of retiring. My parents, who are in their 70s, still work just as hard as they did 40 years ago, mainly because they love it. They could certainly "retire" and not work if they wanted to. But what would they do? They'd lose their purpose in life.

When I "retired" 5 years ago I realized that I had probably twice as many work years ahead of me as I did behind me. Am I just going to sit around for 40 or 50 years, or spend all that time traveling? I don't think so. I need to have some structure, to do some work, to feel useful and productive. In fact I probably have another career change or two, or three, ahead of me.

I think that most people, although certainly not all, would be happier in retirement if they kept up some kind of job like you were saying (part time consulting). This also makes a tremendous financial difference.

[bjarvis.livejournal.com]

I'm looking forward to retiring some day inasmuch as I'd like to work where & when I want to, rather than because I'm compelled by a mortgage, taxes, etc..

Some day... *sigh*

[cjsmith.livejournal.com]

I have a spreadsheet too, with savings rates and guesstimates of return and what Social Security has downgraded me to this week. But I've become a lot less focused on it now that I am no longer in decent health. All the things I wanted to do with my time I'll never be able to do again anyway. So until I figure out what else is fun, and until I have a bit better nest egg, at least I'm not hating work quite so much!

It's fun to think about what sort of a life you might craft for yourself, isn't it? Maybe THIS would be rewarding... or THAT... or... :-)

[billeyler.livejournal.com]

I think you're very right on that, CJ. It would be more like Phase IV of Life. Taking all we've learned over Phase I-III and rolling it up into a wonderful ball to play with.

[cjsmith.livejournal.com]

Yes, exactly! Or perhaps...

rolling it up into a wonderful ball to play with

...retirement as a game of Katamari Damacy.

[billeyler.livejournal.com]

I particularly like THIS part of that game!

"Dimensions change drastically as your clump grows from a fraction of an inch to a monstrous freak of nature. Go from rolling along a tabletop to ravaging through city streets, picking up momentum and skyscrapers along the way."

[cjsmith.livejournal.com]

If only my 401(k) would grow like that!

[sfbearhoney.livejournal.com]

Hmmm... A retirement spreadsheet, I may just have to start one to see. I know I'd like to travel a bunch, but I also know I'll need something as well besides fly-ins.

[bearfuz.livejournal.com]

Buy an RV and travel all over the place to visit your dear friends in NYC, Ft. Lauderdale, Palm Springs... etc.! :-D

[billeyler.livejournal.com]

I'm not sure we're ready to go THAT road yet! ;-)

[billeyler.livejournal.com]

It's 10 years since I wrote this post. Lots has changed...especially my financial outlook!

And Palm Springs it is! ;-)