Retirement Ideas

I have been thinking a lot lately about my wife and I and our retirement ideas, our plans. We are at the age where we need to put some thought into what ours activities are going to be and how we will live. This is a fun time in life.

So next year I am eligible for early retirement at age 55. I will receive a reduced pension for leaving early but the penalty is only 10 percent. My wife will also be eligible one year after me. So it is a toss up as to weather I retire on my 55th birthday or work one more year and my wife and I could retire at the same time. Both of us at once would make a better retirement party but the real party starts the first monday morning I wake up and don't have to be somewhere.

For the years from age 55 until 59 and 1/2, our income will be mainly from company pensions and our personal savings along with any other minor income producing projects we undertake. At age 59 and 1/2 , I can start drawing from my 401k plan. At age 62, we can both begin drawing social security. Once again it is a reduced amount since we will be starting at age 62 instead of age 65. So we have 2 big raises in our income coming during retirement. The only tough times financially might be the years between 55 and 59 1/2 but that is still an unknown as we have some other investments and potential windfalls so we may play that part by ear for awhile.

  Taking a part time job is not a negative if it gets you out of the house and it involves doing something you enjoy. I could see myself working the tackle counter at my local sporting goods store. I already show people how to fish and how to rig up their gear. I could do that a few days a week and get paid for it. A second career could be a plan if it is finally something you really enjoy.

What does a professional golfer do when he retires? Does he play more golf? 

 This is where I think a lot of people make a mess of their retirement planning. We all have dreams of hitting the road or traveling the world. But what do people actually do? I can't see moving to a retirement community as I am not much for playing cards. So what if they have a pool. I don't feel like showing off my gray and wrinkled sexy body. I don't play golf. I complain a lot but in a retirement community I would be up against professional complainers and I am done any kind of competing. 

 Better that my wife and I stay in our own home. My son can help out with the maintenance. Its going to be his place one day anyway. We have an RV and a boat. That is a big part of our plan. Short trips, a few weeks at a time, driving places to see stuff. And than most of the warmer months at the coast. We love the ocean, the beach, the fishing. So we have a pretty good idea of ways to keep ourselves busy. God forbid we wake up retired one morning and have that dreaded conversation. "what do you want to do"? "I don't know, what do you want to do"?

I don't think it matters what you have for a reason to get up every morning. As long as you have a reason. I have seen too many people work their lives away only to retire and die of boredom. Literally.  If you whole life revolves around your career, you are lost when you retire.

 You got to have hobbies and interests that keep your brain working and your body moving. The television and getting up for a snack don't cut it. Out of the house grumpy! I am thinking during the colder months we will be snowbirds. Drive south and go places to see stuff. Like the Grand Canyon or other big chunks of rock. We can get out of the RV, say "ooh and aah" and than go back to the campground and talk about how ooh-ed and aah-ed we were when we looked at whatever it was. Take some pictures and buy some trinkets and than go on to the next big visual. For some people, retirement means driving around the country and looking at stuff and saying ooh and aah. Okay, it ain't nothing new, but it is probably more interesting than your day job.

 We are fisherman. So crabbing and fishing and clamming will be a big part of our lives as it already is. The best part is we won't have to hurry home Sunday afternoon. I think I want a metal detector so I can find rusty bottle caps and nails.

You can't sit around the house watching the neighbors or annoying your children. If you just stay home, you are a goner. Get a life. Do something. You earned it. If you want to be around people and still make a difference there is no end of volunteer work you can do. Join clubs, prospectors, camping, dance, anything to get your sorry butt out of the house. Get active politically. Be a part of your community. Us old people always think we have something to say. Get involved.

Don't wait for the day after retirement to think about your daily routine and things you will do. An active person will live a long time. A bored person will not. We did not work most of our lives away to cash in our chips early. Think about your retirement, and write down your ideas together with your spouse. Its actually a very fun exercise.