For those who are saving for their retirement..

[C.Ann]

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..

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My DH took an early retirement for just that reason - and was diagnosed with the cancer and a multitude of other serious illnesses the same week he retired..

My Dad got exactly 2 years - was diagnosed with cancer and gone in 4 months..

If anyone "can" do it now, they should.. The phrase "it's never too late" doesn't apply when it comes to retiring.. Sometimes it is too late..

 

[dvcgirl]

Well, I think we'll probably work part-time, or scale back somewhat in our 50s. We're 37 and 36 now. We take one long vacation a year now along with a few long weekend vacations a year. I think that when we retire we'll be more likely to visit the places we love for longer periods of time and live among the people of that area instead of touring at a harrowing pace. Instead of trying to see a city in a week, we'd like to rent a furnished apartment for a month or two...that sort of thing. That's our dream.

I don't know where we'll end up. We live in Florida now, but we've only been here for a year. We really like it so far and enjoy Orlando because there's so much to do. I can see us ending up somewhere near the beach eventually though. We recently had a conversation about downsizing and don't know that we'd want to go much smaller than a 4 bedroom 2 bath house...we have a 5/3 now. We both have home offices and so we need some extra space. We also like having a dedicated guest room/bath as well as a dedicated exercise room. I don't know that we'll do the Active Adult neighborhood....I guess we'll figure that out about 20 years from now.

As far as how much we'll need. Well, we'll need a fair amount. This is what I think most people don't realize. People making 100,000 grand at our age...which ain't all that much for a double income family, will need a minimum of 2 million to maintain 70% of their current income in retirement. We make more than that, but we are able to save over half of our income a year because we have no debt. And so our financial planner thinks that we can get away with 50-60% of our current income as retirees. We're saving for 80% so that we can retire early and travel extensively.

Although I believe that social security will probably be around in some form or another when we retire...we do not factor it into our retirement plan....

 

[Julia M]

Well, dh and I would like to retire as early as possible!! He's almost 47 and I'm 43.

DH can retire at 62 with full benefits (at 55 he can also retire, but won't get full retirement) . So I don't know what exactly we'll do age wise.

We want to travel and dh wants to golf!!

I also am interested in volunteering, or working as a consultant.

We will probably stay where we are, unless our kids relocate, as well as many friends.

Our house will be paid off in 10 years (maybe less....I'm not sure)

We are pretty lucky,,,,dh works for a defense contractor, and has an awesome pension (which many people don't even have anymore) He also has been contributing to a 401 K since he was 21. So, he is basing our entire retirement on those numbers. So, I feel we will probably be able to afford to travel, since I also will have a pension (teachers), that will net me at least $1500. I also contribute to a tax deferred program. And dh may get social security. He doesn't base our planning on tehse, they are extra's.

 

[mamalle]

we will keep our home here in Fla.. dh will retire at 60 from the fire dept and we will spend our time between Fla and NC. My dad is buying a home up there for the family and Im hoping to keep it in the family for us to retire also. If not we have our timeshare up there. Im not sure how long I will work since Im a RN and working flexible hours now. we really arent into traveling but will go to were the kids end up. dh's retirement is a pretty healthy size one and we will not have a mortgage when he retires so we will see..

 

[ducklite]

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.

That sounds like my mom. At 73 she stills works, she's a RN and works p/t in a nursing home--how's that for ironic?

She certainly doesn't need to, she has two pensions, SS, an annuity that they put the money in when dad sold his business, and other savings. She sold her large house and rents a nice but affordable apartment in the same community she's lived in for 35+ years. She could have stayed in the house financially, but she likes having a landlord to call to fix anything needing fixing.

She volunteers for a couple organizations, plus helps her best friend with her disabled son. She also spends a lot of time with my siblings, helping with their kids. In her free time she reads, crochets baby blankets for an organization, and gardens.

This is the type of life I hope to have, although I'd like to travel more than she does.

Anne

 

[Kramer]

I will be all set to semi-retire at 47 years old - which is about 13 years from now. I will have a pension from the state equal to 65% of my final year's salary. If I worked another 5 years, which I don't plan to do, I would receive a 70% pension. I also kick in addtional money into a 457 deferred compensation plan for retirement.

I would like to retire and relax for a couple of years and then probably get another job to keep busy. Nothing too complicated and definitely no nights or weekends!

My wife is a teacher, but she has been a SAHM since 2003 when our son was born. We have another due in November. She will eventually go back to teaching when the kids are older. My wife will probably work until she is 80 since she hates to sit around and always like to be busy doing something. Her teacher's pension would be another source of retirement income and whatever is left of social security would be a little extra.

I imagine that we will probably stay in NJ for our retirement as we can't see moving away from family. But we would probably head to Florida for the winter.

 

[lillygator]

But we would probably head to Florida for the winter.

This seems to be the case with everyone!! It's going to be season here pretty soon!

 

[Kristi1357]

I want to be like ElizaB39's parents!

Ever since we first visited my grandparents when they bought their house in The Villages - we decided that's where we want to be someday too. Very nice retirement community with about a million activites and things to do. My grandparents absolutely love it there and are so glad they made the move from way out near Citrus Hills.

My parents & uncles also think The Villages are great - so we will probably all end up there at some point! I also like that it's about one hour to Disney - not too close, not too far either.

We think we'd like to head to FL in our mid 50s, when DS is out of the house. I'd like a nice 3 bedroom (for visitors), but not too big. I also would like to travel alot. Better up the savings now!

 

[wdwpluto]

I'm 29 and DH is 33, so we have some time to plan and save. We'll definitely get out of NJ, no question. Real Estate here is insane. Right now we're still renters and will be for the forseeable future. Heck, we may wait until we retire and buy an affordable home somewhere else in the country.

Both of us want to get into a more rural area and have a smallish chunk of land where we can do our own gardening and grow a lot of our own food. While we don't want to be off the grid, we definitely want to simplify.

We both would like to spend some time RVing around the country, but I don't think we could stand a permanant life on the road. Maybe for a few years so we can decide what part of the country we want to move to.

I'll probably end up doing some volunteer work as I'm the type that can't sit still. Maybe at an animal shelter or something like that. I'll also probably spend some time on my writing. I do now, but there's never enough hours in the day. DH will probably play video games. I can picture him at 89 with a PS2 controller in his hands, yelling at the tv.

How? Well, no pensions here and likely no SS, so it'll be just what we save. So we're funding our 401ks and increasing the amount as often as we are able. As far as the when... who knows? I guess whatever the minimum age is to receive 401k distributions. Which is a long way off. Sigh.

 

[Kay7979]

I'm in tune with wdwpluto's idea. We are building a house now outside a small city (more like a village) and we have 15 acres, 9 with woods. I really would like to retire in a few years so I have time to enjoy our house and land. We already have trails through the woods, a nice garden, outbuildings, etc. It's great to own land: so peaceful and relaxing, and yet there is a lot to do such as flower and vegetable gardens, maintain a few fruits trees, a small vineyard. I am sure we would not be bored! DH has an antiques business, and I am sure we will continue with that at whatever pace is more fun than work. We own three timeshares now, so we take three weeks vacation, and can take very cheap winter vacations someday by utilizing short notice "surplus" timeshare weeks (usually $300-500 for the week in a condo.) Last January we stayed at Old Key West in a one bedroom unit for about $350. I would like to spend about 6-8 weeks timeshare hopping at various resorts during Februray and March. That sounds like heaven to me.

 

[YachtClubWoman]

Hi Eliza - Just wanted to say Hi neighbor - I live in Royersford

 

[minkydog]

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 )".

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!

Great ideas! I see this played out in my own family. My MIL has been very inactive ever since I've known her. Even before FIL died, she always seemed to be waiting for something. She had no friends, no hobbies, nothing but listening to the radio or reading all day. A very lonely existence. She has been living in an assisted living facility for the past 8yrs and still has no friends, does not participate in activities, just sits in her room and waits for her daughter to drop by. She is physically frail and has not had a new idea in at least 24yrs.

On the other hand, my mother is very active. she retired 10 years ago and since then she has traveled the country, cut down a tree, helped me through a serious medical crisis, cared for my handicapped son, helped my sister through Hurricane Ivan, learned to play a musical instrument, volunteered with the Salvation Army at Christmas, taken Elderhostel classes, sets up her own RV,and helped an immigrant get her papers straightened out. My step-father's death set her back for about 2yrs, but she has rallied well and still planning for the future.

I hope I will be like my mother.

 

[figment95]

DH and I were just talking about this, which is amazing because he won't plan for next week, much less 20 years from now. We want to snow bird. DH loves to fish and we both love to RV. The last kid should finish college in 13 years and DH will have 30 years with his company a few years after that. He is a programmer /analyst and could do contract work very easily but no benefits and he would have to move around a lot. We have thought about selling the house and buying a bigger RV. If DH does contract work, we could just take the RV to wherever the work is, stay for a couple of months, and move on. That plan would be great for a few years, then I'd like to settle in Florida for winters; maybe get a part -time job at DW. I can't imagine not working at all. I would go crazy!!

 

[chipmunkfan]

I've been thinking about retirement alot lately. My plan was too buy some land in upstate NY and retire from my office job in about 10 years and open a business in upstate NY. Now, I don't want to limit myself just to NY..maybe Michigan....either way I want to run my own business preferbly a campground until I pass away. Retirement for me is just to get out of an office job!

 

[Feralpeg]

Just a note for those of you planning on retiring early (before 59 1/2). Don't invest everything in retirement plans such as 401K or IRAs. If you do and are expecting to use that money when you retire (prior to 59 1/2), you will pay dearly due to penalties for early withdrawal. Invest some money in a non-retirement vehicle. Use that money until you are old enough to withdraw from retirement vehicles without penalty.

 

[C.Ann]

I've been thinking about retirement alot lately. My plan was too buy some land in upstate NY and retire from my office job in about 10 years and open a business in upstate NY. Now, I don't want to limit myself just to NY..maybe Michigan....either way I want to run my own business preferbly a campground until I pass away. Retirement for me is just to get out of an office job!

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If your dream is to open a campground (and I actually know someone who did that when they retired ) the Adirondack Mountains in upstate NY is a place you want to avoid.. The APA (Adirondack Park Agency) is currently pushing to prohibit all campgrounds within the AP from allowing campers to remain in any campground for longer than 90 days - or to have a camper/trailer on site for more than 120 days.. That basically destroys the seasonal concept (the bread & butter of most campgrounds) and really has the owners and campers up in arms.. They're a pretty powerful group with VERY stringent rules & regulations..

 

[chipmunkfan]

C.Ann,
Thanks for the information that's interesting and a shame. I rent a cabin for the winter season in Old Forge, NY and I know there is alot of seasonal sites for campers. That would be a hard hit to not only the campground but the businesses as well. The seasonal campers set up Nov 15th-April 15th for the snowmobile season. There is no way you can tow a camper during the high winter season, especially up there.

I hope the campgrounds push back.....

 

[C.Ann]

C.Ann,
Thanks for the information that's interesting and a shame. I rent a cabin for the winter season in Old Forge, NY and I know there is alot of seasonal sites for campers. That would be a hard hit to not only the campground but the businesses as well. The seasonal campers set up Nov 15th-April 15th for the snowmobile season. There is no way you can tow a camper during the high winter season, especially up there.

I hope the campgrounds push back.....

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Yup.. The businesses are up in arms too.. Lots of people come up from the south in May and stay till late October (leaving their travel trailers on site) so it's going to be quite a loss to them as well..

The friend I spoke of (that retired) opened a campground down in the Catskills.. Ever been there? It's another nice area...

 

[deelam]

I plan to live in the same house. My house is small. The taxes aren't too bad for New Jersey standards. It's about $4000 a year. The house is paid off, that's a big plus. Of course, if my kids decide on a big expensive college, I won't have any money left. But I'm hoping to have a good amount saved. Right now both my husband and I have about 100,000 each. We still have about 25 years until we retire.

 

[ElizaB39]

Hello Yachtclubwoman/neighbor! Yes we are close to each other.

Regarding the Villages in FL. My in laws own a home there where many of their friends also have homes. It is a great place for seniors, I call it College for Seniors, especially with the 2 for 1's on the square during happy hour - hee hee. Even though they are in FL for 5 months each year, one month during the fall and 4 during the colder months, FIL still only golfs. And, there are tons of clubs and activities to participate in. MIL still takes tennis lessons and plays in a club (she is 67). She has more activities than FIL but not many. She is physically active and very social.

I was teasing my DH that we could buy one soon because he is almost 43, I think you have to be 50? or is it 55 to buy there? We could retire next to his parents! (no thanks) It would be a good investment though.

My parents have looked at the Villages and they feel like it is too organized for them. They are a bit more free wheeling and they like to be ON THE BEACH. Dad gets to deep sea fish and mom gets her long beach walks in. They have travelled all over the country now except the Southwest and I would love to do that area with them.

DH has given me carte blanche with where we retire since he chose where we live now (family business). We will be on a lake somewhere, I can't wait. I find the ocean a bit too humid for me so a lake is a good choice. BTW I grew up in Northern MN so lakes are in my blood.