For those who are saving for their retirement..

[C.Ann]

What do you envision your retirement lifestyle to be?

Read an interesting book ("Rags to Retirement") about folks who have retired, what their choices have been, what it's cost them, etc., and it got me to wondering what lifestyles other people might choose..

As an example, I have a friend whose 40-something son was able to retire early and he has spent the past few years backpacking all over the country..

Will you keep your current home?
Downsize, but live in the same town?
Move to another country?
Head to Florida and play golf 24/7?
Sell your home, buy an RV and hit the road on a permanent basis?
Live on a boat?
Travel from state to state, renting an apt. for 6 mos. at a time?

Or have you even given it any thought at all?

 

[RADOPT]

C.ANN - mind if I add anyother question? I was going to start any other thread but this ties in. How much are you planning on for retirement?

I have two handicapped daughters who need financial help and can't envision retiring let alone how much I would need if I ever get to retire. I will probable die in the house I am in now.

 

[ducklite]

I plan on living in the same home for 5-10 years after I retire, then moving to the active adult community right across the street. We'll do some traveling, volunteer work, I'll attend the variety of activities in our community like the ladies luncheon and flower arranging classes. I don't expect our lives to change much except we'll have free time to do all those things we'd love to have the time to do now.

Anne

 

[mudnuri]

I've given it plenty of thought to it and its actually changed since I am not longer with the primary breadwinner/retirement saver/stock holder

I had my girls early, so basically when the youngest graduates high school I'll be 39. I had plans of venturing to Italy, spending months on the islands in the carribean... yeah yeah yeah.

Now, I see myself working until I'm probably 55, given the fact that I am going back to school for my RN, I will be able to help the girls with their college expense and then work for a few more years for retirement.

I know this sounds "odd" but I no longer have the desire to travel the world. I will more than likely spend more time locally with family that is still here, and maybe travel the US like my grandparents did when they retire.

Of course, there is the possibility that i will develop the same disease my mother and my aunt have, and will not be able to retire at all. They both are now on disability at the ages of 57 and 52. I need to take that into consideration as well, as there are many things they both wanted to do in life that they are no longer physically able to do. I will travel to the grand canyon and actually go down it on a mule. Neither of them are able to do this now because of balance issues..

I dunno C.Ann but you seemed to have sparked something in me I might have to actually journal tonight...shesh thanks!

Brandy

 

[C.Ann]

C.ANN - mind if I add anyother question? I was going to start any other thread but this ties in. How much are you planning on for retirement?

I have two handicapped daughters who need financial help and can't envision retiring let alone how much I would need if I ever get to retire. I will probable die in the house I am in now.

------------------------

Your circumstances are very unique, so it would be hard for you to make a comparison to what others are doing.. Do your DD's need on-going medical care? Is there (and will there) be insurance to cover those needs? Are you a single parent? Will your mortgage be paid off? I think your best bet would be to consult a professional - and do it now, while you still have time to prepare..

Best of luck to you and your DD's.. (Oh - and "dying in the house you're in now" doesn't have to be thought of as a "bad" thing.. Lots of folks actually make that choice to say put.. No harm in that! )

 

[EthansMom]

DH and I are in our mid-30s so things could change a bit before we retire, but our current plans are to be semi-retired (reduced work hours, mostly working for health benefits) sometime in our mid-50s, which would coincide with our youngest child graduating from college (Bachelor's Degree) and probably be fully retired at a later point (early 60s maybe).

We would most likely sell our house and move to an area that is less expensive, if we haven't already. DH and I have talked about possibly living in or near a college town for a few years and taking all of the classes we've always been interested in just for the sake of knowledge. We're also likely to travel more, but not excessively. Basically, we see ourselves having an active retirement.

 

[lillygator]

Hi C Ann!

Well, we already live in Florida...so we will keep our house. I highly doubt we will move in the next 30 years as we are now starting renovations to make it our own. That said, I think we will buy somethign a little further south..as in one of the islands. We are both beach people and can't really imagine doing anything else. My dear husband has envisions of buying a motor home and traveling to all the ball fields in America...I have no problemgoing to all the ball fields...I do have a problem with the mode of travel!! So we'll see....
so we won't be downsizing....
we'll stay in this area...
we will travel more and more...

well I hope so anyway...DH is 10 years older than I and we have a ways to go before retirement. I am lucky as I have a pension through work as well as a 401k and Dh has a 401k...I hope once the girls are in school and daycare costs are cut we can start maxing it out each year.

I would like to get that book though, I have heard it is great!

 

[Lisa loves Pooh]

No idea at all!

I would expect to maintain the same lifestyle without the kid expenses .

 

[ElizaB39]

This is an interesting thread. My parents went to a retirement counselor a few years before they were set to retire. This counselor had them create a current day budget and what they envisioned their budget to be once they did retire. Mom said it was a great excercise, and showed them a lot, but they were pretty in tune to what their expenses would be once they did retire. I remember my mom calling me and saying, "I have good news and bad news. The good news is I will live 'til I'm 93 (based on actuarial data) the bad news is that I run out of money when I'm 89!" We got a good laugh out of that because I guess Dad will already have bit the dust by then since he wasn't even mentioned. I did ask, "Uh, is that with our without the sale of your primary residence? chuckle chuckle" It was without (whew). I did very respectfully ask of she would give me and my 5 sibs a few months notice before she/they need our financial assistance. She laughed and said of course!

In reality, barring any catastrophe, they won't need our help and will likely have a bit left over for us. Nothing life changing, maybe a really great trip amount (< 20,000). They are in nature planners and are doing so many really great fun things in their retirement.

They did have some older friends give them some advice and it went something like this, "Do as much as you want to when you first retire because at some point, you won't want to do those things or you won't be able to do them." With that advice, my parents have been doing pretty much what they have wanted for the past 8-10 years.

They also were advised to have at least 12 activities they were interested in and that they would do routinely. The activities did not have to be daily, some could be monthly or even seasonally (bus driving, golf, gardening) But some are all year round (reading, Red Hats, cards, travelling, investment club, hospice, church volunteering, birthday group, book club, family). On the flip side I see my in laws who are both retired and my FIL has only one activity that he does, and that is golf. He is declining the fastest of the four (my parents and my in laws). He is convinced he is old and this is his life now. He only golfs twice a week. I honestly don't what else he does, he is not a reader. Neither of my in laws volunteer and I don't know if they ever have. Volunteering is a big part of my parents lives.

The bottom line is, "Use it or lose it (your mind that is )".

Whew this got long. It is supposed to be the best part of our lives, but you have to make it that way, it is not going to happen all on its own.

Off my soapbox now!

 

[C.Ann]

This is an interesting thread. My parents went to a retirement counselor a few years before they were set to retire. This counselor had them create a current day budget and what they envisioned their budget to be once they did retire. Mom said it was a great excercise, and showed them a lot, but they were pretty in tune to what their expenses would be once they did retire. I remember my mom calling me and saying, "I have good news and bad news. The good news is I will live 'til I'm 93 (based on actuarial data) the bad news is that I run out of money when I'm 89!" We got a good laugh out of that because I guess Dad will already have bit the dust by then since he wasn't even mentioned. I did ask, "Uh, is that with our without the sale of your primary residence? chuckle chuckle" It was without (whew). I did very respectfully ask of she would give me and my 5 sibs a few months notice before she/they need our financial assistance. She laughed and said of course!

In reality, barring any catastrophe, they won't need our help and will likely have a bit left over for us. Nothing life changing, maybe a really great trip amount (< 20,000). They are in nature planners and are doing so many really great fun things in their retirement.

They did have some older friends give them some advice and it went something like this, "Do as much as you want to when you first retire because at some point, you won't want to do those things or you won't be able to do them." With that advice, my parents have been doing pretty much what they have wanted for the past 8-10 years.

They also were advised to have at least 12 activities they were interested in and that they would do routinely. The activities did not have to be daily, some could be monthly or even seasonally (bus driving, golf, gardening) But some are all year round (reading, Red Hats, cards, travelling, investment club, hospice, church volunteering, birthday group, book club, family). On the flip side I see my in laws who are both retired and my FIL has only one activity that he does, and that is golf. He is declining the fastest of the four (my parents and my in laws). He is convinced he is old and this is his life now. He only golfs twice a week. I honestly don't what else he does, he is not a reader. Neither of my in laws volunteer and I don't know if they ever have. Volunteering is a big part of my parents lives.

The bottom line is, "Use it or lose it (your mind that is )".

Whew this got long. It is supposed to be the best part of our lives, but you have to make it that way, it is not going to happen all on its own.

Off my soapbox now!

---------------------

Wow! That was SO interesting!! Thanks for sharing.. I don't think I've ever heard of a retirement "counselor" before (one that gets into activities and such) - just the financial planner types..

Can you elaborate any further? I don't care HOW long your post is! I think that's just fascinating..

 

[C.Ann]

No idea at all!.

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That's kind of how I feel right now.. Actually I'm doing sort of a "trial run" on retirement since my DH passed away in January, but I doubt I'm ready for the "real" thing yet.. The next year should give me a better idea.. Right now I don't even feel like my "skin" is a perfect fit, so I'm just kind of going with the flow, trying this and trying that.. I have some short term ideas, but nothing long term yet.. For now it's one day at a time.. If Plan A isn't working, then move on to Plan B..

 

[PrincessKitty]

It's hard to imagine ever having enough money to retire...!!! But anyway, I'm about to turn 49 and DH is less than 2 years older. We plan to retire at 63 and have a LOT of saving to do before then (we went back to school and got 2nd careers and tons of school debt when we were 40ish!).

Funny you would ask, DH and I were just talking about retirement tonight. We don't have any kids and I think I would like an "active adult" community once we retire, preferably near the beach. I think I would like having a lot of planned activities. I'm a "never have a bored moment in my life" kind of person--always busy, always active. DH is just the opposite, and I'm afraid he would just wither away in retirement if he didn't have planned activities.

We live in Florida, and we both love it and don't plan to leave, but we are inland and would definitely be living nearer the beach if not for our work....so that won't be a problem when we retire! IF we retire...Social Security will still need to be around if we are ever going to retire!

 

[Feralpeg]

Well, I guess it is too late for me to start thinking about it, because I already did it. I retired at age 52. I moved from Kansas City to Orlando with my teenage daughter and my sister. My sister (age 55) bought a house at the opposite end of the block from me.

We had both worked for the same IT company for over 30 years. My sister is now a CM working at DTD. I make gift baskets when I'm not taking DD from place to place.

 

[ElizaB39]

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Wow! That was SO interesting!! Thanks for sharing.. I don't think I've ever heard of a retirement "counselor" before (one that gets into activities and such) - just the financial planner types..

Can you elaborate any further? I don't care HOW long your post is! I think that's just fascinating..

I am not sure what you want me to elaborate on? I'll just go on typing!

The counselor made sure they increased their budget for travel, entertainment and gifts. I couldn't tell you what they DECREASED their budget for since they already owned their home. ha ha They have long term care insurance and dad is a vet so he goes to the local VA Hospital for his meds that are so very reasonable cost wise. They have supplemental health insurance that they pay for themselves. They travel to see us East Coasters at least once if not twice a year depending on whether or not we travel to MN.

Mom cooks two nights a week, dad cooks two nights and they go out two-three nights/leftovers. This is a BIG deal since she cooked for 8 people every night that I can remember, well less than 8 when we started going to college. Mom volunteers at Hospice, she is a retired nurse. She is in Red Hats, investment club, birthday group, bible study, church volunteer in the following - lecter, communion, sacristant, counting money, turkey dinners, any major Christian holiday finds her there. Maybe she is also in a book club? Not sure, it is hard to keep track of her. She also has a travelling buddy and they go on a big trip every other year, last year to Eastern European churches. Next year she is going on a 3 week trip with my 3 sisters (I can't go for 3 weeks I have two young kids!). She plans on taking a transcontinental trip every other year for the rest of her life. After Europe is an African Safari. Once when my dad complained that their schedule was so busy, she replied. "I was in this house for 20 years, I am going to do what I damn well please!" Never did that comment pass his lips again.
She also does a Community Theater series of tickets each year, and a local College's annual Christmas program.

They go to Alabama for 4 weeks every spring, and take two weeks in addition to that for the drive and to visit me and my sister as we are "out East" and they are in MN with my 4 other sibs (6 total).

They also have grandkids in MN that they enjoy and help babysit and watch sports etc. My mom's bro has a small cabin on a lake near the Twin Cities and they visit there a few times a year.

Dad golfs, fishes, fishes and fishes (summer and ice). He is a substitute bus driver for the local school. He does church volunteering as well, but not as much as mom. He also does birthday group as that is a couples thing. He does the yard work, but no shoveling he is not allowed per Dr.s orders. He enjoys birds and has many birdhouses and birdfeeders, and has an avid interest in the weather. I remember watching storms from the garage when I was a kid. According to dad, "the clouds are breaking up" almost always. He likes gadgets and so that is what we buy him, in addition to his wardrobe, for Christmas and birthdays. Most recently we bought him a GPS and an indoor outdoor digital remote thermometer that he gets a kick out of! Remember he likes weather. He collects lighthouses.

Dad goes on several extended fishing trips each year, and mom does all girl trips or senior bus trips to places like Door County, WI. They do many things together and separately too. My priest uncle said to me once, "the greatest gift your parents give each other is their independence." That is so true. Their separate activities are happily encouraged by the other.

They are both avid readers and always have a book going. Mom makes prayer quilts for her nondenominational prayer group. Dad putters in the garage... They have a wide age range of friends, through work and church. When I call they are pretty much never home. This makes me so happy. After being so frugal for so many years, working so hard, and both growing up as poor farm kids, they can do pretty much as they want. They live in a modest home and the cars they drive are old but functional. They never spent more than 25% of their net on housing and they live in rural MN so it is not real expensive where they live. I recently asked my mom how they ever afforded to feed us all and she said, "I have no idea." But, I know that she has every idea. She is a great planner, organizer and etc. She wore her polyester pantsuits for years! 5 out of 6 kids graduated from college and they helped all of us some.

Mom was the first of the working women. When she retired the local cable channel did a special on her related to working moms. After she first retired, she got her resume together and shopped around for a home health care job. She was going back and forth between two agencies for the best offer. She had it goin on. Way to go Mom! She was the first female on one school district's school board and the first woman on one church council, both many years ago. Because of her we all thought we could do anything we wanted to do! We all still believe her.

Can you tell I am so proud of my parents? They both have just made their lives so great. I don't worry too much about them. I hope when I retire I have a life like theirs.

Eliza

 

[deltachi8]

I plan on working until I keel over.

I wouldnt know what to do with myself if I were retired! I get antsy on vacations - as much as I love them.

 

[C.Ann]

I am not sure what you want me to elaborate on? I'll just go on typing! Eliza

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That is SO great! I really enjoyed reading about your parents.. They sound like wonderful, caring, active retirees..

My sis just bought a place in a retirement community in Florida and I went down twice within the past 6 months.. Those people were SOOOO active - made the poor mailman look like a "shut-in" - LOL..

I love the idea of listing 12 things to do.. Will definitely keep that in mind - and thanks again for sharing!

 

[ElizaB39]

You're welcome C. Ann. Hope it helps some.

 

[lillygator]

I can't imagine what Florida will be like when DH and I retire......it seems as though everyone wants to retire here!

 

[pearlieq]

I'm not sure I can see DH retiring, though he insists he wants to. I can see us in the same area, but I imagine we'd downsize and get into something maintenance-free. I can also see us snowbirding, either Vegas or FL.

I intend to gad about and play bridge and volunteer at the hospital and generally live a happy, simple life. Of course, we'd both love to travel on occasion as well.

We're thinking that we'll need somewhere between $3-4 million for retirement. Glad we're young and can start saving now!!!

 

[DMRick]

I don't expect our lives to change much except we'll have free time to do all those things we'd love to have the time to do now.

Anne

We thought we would have more time once we retired, but the days just filled in with grands plays, babysitting, church activities during the day. We do do eBay, with our retirement, but we travel with the computer, so we can do that on the road. We spend more time with the grands. We have always traveled, now we do more of it, and more during the week, instead of on weekends. We like to stay busy, and have a couple of places we volunteer time. I love the area, would never leave, but hope to spend a month in the winter traveling with our RV in warmer climates. I just can't seem to be away from home and kids and grands longer than that without getting homesick.
We travel with an on line RVing group, about 30 rigs at a time (there are about 60 rigs total), and meet a couple or morre times a year to camp together, and more often with parts of the group. I have set up and done craft fairs at some of the campgrounds, and we meet lots of new people, and expand our group.
Unless you spend a lot of time at home, retirement does eat up some money We went for some preplanning through my hubbies work, before retiring. That helped a lot..and made you really see what you will need to stop work.
Our motto is to do it now, while we are healthy and able. Too many people we have met over the years, waited too long to enjoy life. We love being together, but either of us would prob continue camping if it ever became one of us, because of the great friends we have met (all ages) who would help us set up, etc.