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Old 06-10-2014, 08:50 PM   #1
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Retirement advice!

I need your sage advice gentlemen...I'm 52 and considering giving up my full time income (~$105k + DW ~$45k) and live off of my military retirement and disability while living in fl so I can care fore my parents (90 & 88). We would live out of our mh at MacDill Air Force base ~$400 a month, pick up work where ever, and rent our home at $1500.00 per month.

The real advice I need is....when do you know when it is time?? Many of you have faced career decisions such as this.....when do you really know it is time??

Don't hold back!

Thanks in advance for your honesty, and personal experiences....
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Old 06-10-2014, 09:32 PM   #2
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The reasons for selecting a particular age likely are wildly varied. Some common ones might be as simple as the required number of job years have been met (20, 30 or so). Maybe for self-employed, it could be career burnout that decides retirement. Physical problems most certainly can be a reason as well.

In our situation it was definitely career burnout. Kids were finished with college; our parents had passed away; very few friends remain in the neighborhood; the house is way too large for just two people. Kids are still single, thus no grandkids.

It was an easy decision to make. Extract ourselves from our professions, sell the house, then go full-time traveling in an RV. Some of that has worked, the rest is pending. House sale is a problem, so we sort of semi-time RV.

We picked up a few new hobbies to soak up the extra time. No rush doing anything, just when the spirit says so. The release from those incredibly intense working years still amazes me. It was not until after we made the transition that we realized how tense we were. No more though. I don't have a wrist watch, and most of the time I have no idea where my cell phone is. Don't care either.
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Old 06-10-2014, 09:37 PM   #3
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To start I have never talked to anyone who said "I wished I would have worked longer".

We are now doing the things we worked hard and saved for at a time of our life when we can still do them and enjoy them. I believe I am enjoying life more now than at any time in my life. I am still able to do the things I want, am not so impetuous that I rush through things, and able to appreciate the things I do. It is a grand time of life.

When I was thinking about retiring I spoke with a friend who I respect very much. He worked for years with the Army Corp of Engineers on various projects around the world. His advice was "You will not truly enjoy retirement until you get past the need for professional recognition". I think it means different things to different folks. To me it means to find something else to feel useful.

I am fortunate in that I have several hobbies and sports I enjoy doing, I help neighbors do tasks they are no longer able to do (paying it forward) and volunteer for numerous tasks I enjoy doing (I write the newsletter and calendar for the RV Resort we winter at), golf a couple times a week, work on my golf game, ride the motorcycle.

Best thing is I do all of these tasks on my own timeline and do not do anything I do not want to do - well I still do my taxes.

My advice - if you are able to financially do the things you would like, what are you waiting for?
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Old 06-10-2014, 09:44 PM   #4
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I think that is what we are looking for....contentment....no stress. Professional recognition! That describes my hesitation the best! I still want to climb the ladder of success....wow! Thanks!
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Old 06-10-2014, 10:46 PM   #5
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We'll look for you on the road. Will recognise you by the big smile.
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Old 06-10-2014, 11:04 PM   #6
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Luck

From a purely financial standpoint you have to plan for increased medical expenses, long term care, catastrophic illness, inflation, and being the bank of mom&dad when the grandkids need help with college.

Work related expenses will decrease, I.e. Commuting, car insurance, lunches out etc.

You didn't say anything about having large sums in savings, retirement accounts, real estate or other investments. Renting a house out is rarely profitable unless it's paid off and the renters treat it like it's their own - and that just doesn't happen often enough.

For us the time came when the medical products company I worked for laid off nearly everybody. I got almost a years pay in severance, subsidized medical/dental, and a pension. It added up to 90% of what I was making working 80 hour weeks. We also have what's considered to be a moderate investment portfolio, several annuities I paid cash into 30 years ago, and 4 different 401Ks.

Be very careful.......
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Old 06-10-2014, 11:23 PM   #7
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I was working for one of the top Fortune 500 companies. My job went overseas to a place I had no desire to visit, let alone live, and my wife was in the final stages of a 20+ year battle with cancer. They wanted me to go there and train the folks there how to do my job. Luckily, they had a buyout about that time and i took it and never looked back. That was in June 2005. My wife passed away 2 months later. I have since remarried and my "new" wife and I are traveling as much as our SS and modest savings allow. Over the years I managed to pay everything off except our new Arctic Fox 29 5T 5th wheel. At age 70 and 66, we are hoping to check off our "bucket list" before we check out. If we're lucky, we'll die doing what we like doing, not sitting in some nursing home drooling on ourselves.
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Old 06-11-2014, 08:29 AM   #8
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The OP is thinking of renting out his home. I have a rental property and would suggest that you never do that. Sell the home, the cash won't give you near as many problems.
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Old 06-11-2014, 11:02 AM   #9
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Well I had a small sign......a stroke!

Thankfully it was relatively minor, but it was the last "straw" that said: "Get out now."

For some of us, the decison was easier than for others.
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Old 06-12-2014, 06:00 PM   #10
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There's no magic answer. I just retired from my job making $250K+ and started FT'ing because I woke up one morning, a year ago Feb, and knew it was my time to retire and follow my heart. I retired in Nov, prepared my house for renters, and started traveling in May. So far, and I don't see it changing, I couldn't be happier. My quality of life is 100 times better, my relationship with my wife is much better too, and I get to do the things I want, for the most part. So all said, You'll Know When, when it's right for you. Good luck with your choice, and LISTEN TO YOUR GUT, IT'S ALWAYS RIGHT.
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Old 06-12-2014, 06:24 PM   #11
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The OP is thinking of renting out his home. I have a rental property and would suggest that you never do that. Sell the home, the cash won't give you near as many problems.
Lynnmor, I'm thinking of doing the same, renting the home.

I'm thinking of doing it via a Realestate Management company.

My rationale is to have the house, which is already in a very good location, maintain its value with inflation, so I can use it to either sell it or live in it after I'm too old to continue RVing.

I'm afraid that if I sell and invest the money, I'll be as bad with those investments as I have been with others in the past. I'm one of the worst investors in the world.
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Old 06-12-2014, 06:48 PM   #12
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Quote:
Originally Posted by cucotx View Post
Lynnmor, I'm thinking of doing the same, renting the home.

I'm thinking of doing it via a Realestate Management company.

My rationale is to have the house, which is already in a very good location, maintain its value with inflation, so I can use it to either sell it or live in it after I'm too old to continue RVing.

I'm afraid that if I sell and invest the money, I'll be as bad with those investments as I have been with others in the past. I'm one of the worst investors in the world.
I am very much in favor of renting out property...I have 3 houses that I rent and it is a great way to generate income without depleting your principle in a down market . Your home could lose 20% and you will still collect the same (or close to the same) rent. I'm fortunate to have good renters that pay on time and treat the houses very well.

I look at my investments like a pension or annuity...I really don't care what they are worth, I just want to be able to rely on the same amount of income when the market goes south. I think rental income is a great way to do that and in my case, contributes to a well rounded portfolio.

Now if I could just figure out how to retire!...

BTW - I really envy all you guys and love hearing these stories!!
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Old 06-12-2014, 07:07 PM   #13
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The problem with renting out a home is that you are taking a real gamble with the tenants. I've had good, now bad ones. The home will only appreciate in value if it is not trashed. Sure, you can kick out the bad ones after the damage is done, but it will take a few months till they are forced out. During that time, the home will take an even worse beating.

I gambled on tech stocks and lost. I gambled on real estate and lost. To retire, you need to not gamble. Talk to a financial adviser and set up some conservative investments, ones that won't need a new roof or the grass cut.
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Old 06-12-2014, 07:07 PM   #14
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One does not know what the future holds- retire as soon as financially possible with as few "responsibilities" and bills as possible. I've never talked to anyone that said they retired too early. I would not rent out anything - no one treats your stuff like you would. JMO
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