When to Retire

[MurrayM]

Still not 100% convinced on the money thing.

Canada Pension Plan cheque...check.

First mid-month RRIF deposit into our account...check.

Pension cheque from work...supposed to come at the end of the month.

I'll relax a bit when that one comes in!

 

[OldDan1943]

Still not 100% convinced on the money thing.

Canada Pension Plan cheque...check.

First mid-month RRIF deposit into our account...check.

Pension cheque from work...supposed to come at the end of the month.

I'll relax a bit when that one comes in!

Mike, years ago, I worked in Canada for 3 or 4 months. Do I qualify for the Canadian pension cheque?

 

[SteveK]

Retired on my 65th birthday. ....Not rich, but comfortable.

At 65 we probably can expect 10 years of good health, physically able do most chores aboard our boats and homes.

I used to work with guys that were 69, 70 and 71 years plus.

There excuses ranged from nothing to do, to paying off debts...

As you indicated, all of those of us who frequent TF are lucky. Those who continue to work until 69, 70, 71, do so 9 out of 10 times because of financial needs. .......

Our most precious and limited asset is time..........

I would be better prepared to plan my retirement.

-IF I knew the date of my death
-IF I knew how many good years are left
-IF I knew how many years my savings and pensions will carry the lifestyle

My biggest fear is outliving my ability to maintain the current lifestyle. The time to retire is when there are enough $$$ to reach the end. We all get one chance to do it right.

Me, I am already past the right date. I am a workaholic. I understand admitting the problem is the first step.

 

[OldDan1943]

Me, I am already past the right date. I am a workaholic. I understand admitting the problem is the first step.

Steve, you have come to the right place. Buy a boat and you can work night and day!!!

 

[Baker]

There is an issue in my line of work(airline pilot). In the US, we have a mandatory retirement age of 65(it used to be 60 until 2007). There are many people in this line of work that wrap their entire identity into the career. ANd then at midnight, on their 65th birthday, their identity is ripped out from under them. One day, they are a B777 captain. The next day they are "no one". Airline pilots have a very short lifespan after retirement due to this. I am currently 55. My company did offer some early out packages that I just couldn't buy into. Not because I love my job and it is the sole purpose of my identity. It just didn't make financial sense. I barely work as it is....and I make good money barely working. ANd when I do work I get to operate cool ****. As good of a job and career as it is, it can still be a grind....being gone from home. ANd with every "EVENT"....like 9/11 of Covid...we are saddled with more regulations and responsibilities taking the fun out of the job. Anyway, I am just babbling and certainly not complaining. I am at a point in my life where I am sure it could be better....but not by much. I consider myself very "lucky" to be where I am and I know we are all somewhat sharing that same sentiment on this thread. Life is what you make of it!!! And it is good!!!!

I have just been in indexed type funds with dollar cost averaging. As an "institutional investor", I have done very well in this volatile market as I have been buying all over the curve. I have never paid anyone to play with my money and don't have any plans to. But I do need some guidance as far as taxes go in retirement so will have to get some counseling there.

EDIT: after posting I went back to see who started this post....an airline pilot.

 

[MurrayM]

Most people I know bank a bunch of holidays, work for a really long stretch without a break, and then 'retire' a couple months before their retirement date.

I chose to stagger my holidays through the year, and used some banked time to take every Wednesday off for my last two months of work. Then I took the last Monday, Tuesday, and Wednesday off work before retiring on my last official day of work on a Thursday.

This gave me lots of time to adjust, and more importantly, to wrap my head around it.

 

[Spinner]

Flat fee wealth management. No percentages, financial planner is a fiduciary.

 

[Alaskaflyer]

Flat fee wealth management. No percentages, financial planner is a fiduciary.

Aren't these as rare as a jackalope?

 

[Spinner]

Well, then I caught a jackalope!!!

 

[MurrayM]

Snowing today...woke up...had a coffee...went for a run...had breakfast...shovelled driveway...had a shower...worked on house a bit...going to make lunch now...afternoon unscheduled and wide open...LOVE IT!

About this time a couple weeks ago I would have been 1/2 way through 30,000 steps on my letter carrier route, no sign of the District cleaning the streets, walking in tire ruts, and Christmas is looming

 

[boathealer]

Snowing today...woke up...had a coffee...went for a run...had breakfast...shovelled driveway...had a shower...worked on house a bit...going to make lunch now...afternoon unscheduled and wide open...LOVE IT!

Wow! You learned FAST!!!!
You're gonna do well.....

 

[BandB]

Budgeting came up in this discussion and tools like Quicken where you have your history are great. A bit about budgeting. I think often it's a misunderstood concept and purpose. I think of it in this way.

It's a forecast based on past and any anticipated changes. It's not an exact scientific tool.

It's a tool for forecasting and as in all forecasts there will be misses, some small, some major, some worse, some better. That's where the real value comes in because if you know what you based the budget on, now you see where you were wrong and you learn.

The earlier you make budgeting a practice, the better you will get at it and the more you will benefit from it. You learn a lot about yourself and your expenditure and you also then decide if certain things are worth it.

The average person has no idea how much certain things are costing them. I've seen persons who newly started budgeting and tracking numbers through Quicken make changes quickly. I know one young lady who got iced tea every morning from a convenience store and every afternoon from Sonic. She had no idea how much that was costing her a month and she now makes her own ice tea at home. The surprise to her was how much more convenient it was. We're seeing huge numbers cutting the cable and switching to streaming services. We also notice all the things where vendors are sneaking the price up. Gym memberships are very good at that. And in states where you have a choice, the amount you can save by switching electricity vendors is staggering. Through budgeting, you acquire information you can use to make changes. Or sometimes you just know to raise the budget.

I've often said that information doesn't have any inherent value, carries no value by itself. It's value is the use you can then make of that information.

 

[MurrayM]

Wow! You learned FAST!!!!
You're gonna do well.....

I'm a freakin' natural...I just had a nap!!!!

 

[ScottC]

Another important aspect of retirement planning and execution is Asset Allocation. I'm sure most here know what it is and what it can achieve. If not, just Google it.

I don't pay anybody to manage my money or investments. Perhaps a fee-only financial advisor might be in the cards some day...when I am no longer able to handle this myself...

What I thought I'd share in this post is an asset allocation spreadsheet tool that I have been using for over 10 years. It's the simplest, most powerful (and free) tool I've encountered thus far. While I love Quicken, I do NOT use it for managing asset allocation, as it's simply not good enough...and not flexible enough. This spreadsheet tool makes "what-iffing" before making asset allocation modifications a piece of cake. Furthermore, there are instructions in it on how to EASILY import portfolio information from Quicken. This can be nice if you maintain your portfolio in Quicken, using share price download feature.

Here's the link to the tool.

https://www.flexibleretirementplanner.com/tools/PortfolioAssetAllocationTool.xls

They have other tools, but I can't comment on them because I haven't tried them:
https://www.flexibleretirementplanner.com/wp/additional-tools/

There are sample numbers in the asset allocation tool, just to help one get familiar with how the sheet works. Be careful not to step on any of the formulas!

 

[MurrayM]

An exclamation point was put on my choosing to retire.

I used to miss 5 days out of 7 to go photographing on a day hike. This was more than frustrating in winter, when I'd start and finish work in the dark because winter daylight hours here are pretty short.

Today I went photographing on a trail that starts about a Kilometre from where I live, and on the walk home I met the letter carrier who replaced me on my route. Walked a bit with her and got all the scuttlebutt about how mail/parcel volumes are going crazy, they still haven't hired new employees, and they're having to work overtime on Sundays.

Freedom is Sweet

 

[boathealer]

An exclamation point was put on my choosing to retire.

I used to miss 5 days out of 7 to go photographing on a day hike. This was more than frustrating in winter, when I'd start and finish work in the dark because winter daylight hours here are pretty short.

Today I went photographing on a trail that starts about a Kilometre from where I live, and on the walk home I met the letter carrier who replaced me on my route. Walked a bit with her and got all the scuttlebutt about how mail/parcel volumes are going crazy, they still haven't hired new employees, and they're having to work overtime on Sundays.

Freedom is Sweet

....

 

[MurrayM]

....

Always a solid plan B

 

[GoneFarrell]

Freedom is Sweet

Amen brother.

 

[psneeld]

For workaholics or nervous nellies about retirement cash flow.... Finding a job that allows a lot of freedom of time , is based on your chosen hobby, and pays decent can be a good thing. It might even last a lot longer than you think it might because it is so much fun.


I found assistance towing in the right place for the right boss fit in so well it lasted 15 years past my first retirement.

 

[RT Firefly]

Greetings,

Mr. MM. I've been retired now for 10 years (maybe??). Some days I do a whole bunch of nothing and get a lot accomplished. Other days I work like the dickens (At least that's what I tell myself) and achieve next to nothing.
I've pretty well given up trying to understand any of this stuff BUT things, amazingly, get done.

 

[GoneFarrell]

I found assistance towing in the right place for the right boss fit in so well it lasted 15 years past my first retirement.

I hear 'ya 'bro!

I ran motorcycle trackdays for 16 years on the west coast, best (retired) fun job I ever had, taking $$ from my friends and telling them why they're slow!