[chevy]

One life...one wife.

Happy wife...happy life.
Happy spouse...happy house.

 

[Guitar101]

This is a harsh reality of retirement planning. You have to estimate time of death, chances are you wont be accurate. I have chosen 83.

In my early 20's years ago, a few friends and I were fooling around with a Ouija Board and that was one of my questions. The answer . . . . 96, We'll see.

 

[oldjoat]

Loyalty will go unrewarded. Take care of yourself and your family.

BINGO !!!!

jobs come and go
management / companies will use you up and toss your body aside when done .
loyalty means absolutely nothing to most companies (unless it's your own )
lots are great to work for ... until they're not

 

[mhammer]

I was going to retire at 60. That would've been December 2024, but I wanted my wife out of retail. With the rampant shoplifting, it will only be a short time before violence is included with the stealing. I made a deal with her. She leaves in November (2024) after her bonus, and I stay to 65 and collect full pension. BUT.........if she goes back to work, I retire and get myself a part time somewhere and work 3 or 4 days and limited hours. I have considered taking my CPP now and tossing it all into a TFSA, but the difference between now and 65 is $400/mth. Tough choices to be made. I was always the main source of income, so investing was never possible, so there is nothing of that nature to fall back on. Stopping the spending is about the only investing we can look into now. August 17 2025 will be my 38th year with the same company, so even retiring will be a mental hit for me. I am ready, but am I READY to retire?!? That's why I seriously consider the P/T work idea. Slow it down until I am ready to be doing "nothing", every day. I have approached the union and asked if they think getting my employer to buy out the senior guys who have 5 or less years to retirement (there are likely 10 or so in our building alone) and give full pension with no early penalty. It's 7% per year penalty, otherwise I'd entertain the idea of retiring far more seriously. Though after 38yrs I jokingly refer to it as "parole". I have ADHD, so work gives me structure in my day. After retiring, I could ride my bike(s) any time I want, work in the yard with the wife, tinker around the house....but once winter hits, I am a caged animal. Am I ready for that?!? It's something I really look forward to after working overall for 43yrs, but am I ready for the sudden stoppage of that structure and focus?

The P/T work idea is not just to busy myself and make a few extra $$ on top of pension and CPP (and OAP once 65), it's also marriage/spouse preservation. I'm sure my constant company will drive her crazy to some degree. HAHA.

There are SO many volunteer organizations that could use some help. There are also so many hobbies that are low-cost and undemanding, but can provide a sense of satisfaction and accomplishment, as well a little structure to the day. Find out if any of your current coworkers are participating in them, and canvas them for pros and cons. Who knows, some of them may be engaged in a pasttime that appeals to you. It's a win-win; you get to hang out with work-mates without having to put up with work. That's a nice fade-out/fade-in from work to retirement.

I found it surprising just how many costs could actually be lowered by not working. That mid-morning coffee that costs you $2 near work, costs peanuts at home. Same thing for lunches you end up buying rather than making at home. Then there's the money spent on getting to and from work each day. There's savings around every corner. Maybe not huge, but they add up. Just don't piss it away on a custom-shop guitar...unless that's the goal you're saving up for.

 

[Verne]

There are SO many volunteer organizations that could use some help. There are also so many hobbies that are low-cost and undemanding, but can provide a sense of satisfaction and accomplishment, as well a little structure to the day. Find out if any of your current coworkers are participating in them, and canvas them for pros and cons. Who knows, some of them may be engaged in a pasttime that appeals to you. It's a win-win; you get to hang out with work-mates without having to put up with work. That's a nice fade-out/fade-in from work to retirement.

I found it surprising just how many costs could actually be lowered by not working. That mid-morning coffee that costs you $2 near work, costs peanuts at home. Same thing for lunches you end up buying rather than making at home. Then there's the money spent on getting to and from work each day. There's savings around every corner. Maybe not huge, but they add up. Just don't piss it away on a custom-shop guitar...unless that's the goal you're saving up for.

I didn't mean I have no hobbies. I could spend more time on guitar, I enjoy sim racing games on my racing rig, I ride and have a trainer for inclement weather, and I enjoy reading. I'd have to slowly adjust to not having that 8hrs of structure daily. My day is very time related. Delivery and pickup in a timely manner, or contracted times. My job even teaches me a certain level of impatience due to time restraints, but that can be overcome, it would take time. That's kind of what I meant when I said a "caged animal" come colder weather. I have volunteered in the past, and I can see myself doing so when retired. Even if to just get out of the house. Slowing myself down will be a near full time job when I retire. It'll go from full gas, to full brake over night. Not just a vacation week mindset where I know in a week I'm back at it.........but FULL ON STOP. Maybe enjoy it for a short time, but I know I'll get antsy.

 

[mhammer]

I recommend Road Scholar to current and about-to-be retirees. Educational Travel & Learning Adventures | Road Scholar It used to go under the moniker Elderhostel. I got many of the volunteers for my dissertation research from there. It is essentially a worldwide organization that combines non-credit courses for mature learners with travel. When I got volunteers in Victoria, they were at U.Vic. for a history of Sino-Soviet relations. When I got volunteers in Fredericton, they were there for a course on geneology, and use of the provincial archives. While not always the case, many of these courses are held at universities or colleges, and people are often put up at residences. Modest accommodations, but clean, safe, and economical. My experience was that many courses were held in the morning, and one's afternoons were free. Many of those attending were from somewhere else, and many were locals, who were proud to show off their community and environs. In many cases, they're not so much "courses" as guided tours along a theme special to that region. The great thing is that the folks attending are keeners, and the sort willing to take a chance, which can make them fun company, and many folks form lasting friendships with other attendees. Ages range from early 50s to much older, and the courses are pitched to that age range. While not for credit, and not necessarily university-level, they can be deep enough, without the nuisance of people asking "Sir, is this going to be on the midterm?".

The prices are higher than I remember from 30 years ago, but I suppose everything is.

 

[Dennean]

There are SO many volunteer organizations that could use some help. There are also so many hobbies that are low-cost and undemanding, but can provide a sense of satisfaction and accomplishment, as well a little structure to the day. Find out if any of your current coworkers are participating in them, and canvas them for pros and cons. Who knows, some of them may be engaged in a pasttime that appeals to you. It's a win-win; you get to hang out with work-mates without having to put up with work. That's a nice fade-out/fade-in from work to retirement.

I found it surprising just how many costs could actually be lowered by not working. That mid-morning coffee that costs you $2 near work, costs peanuts at home. Same thing for lunches you end up buying rather than making at home. Then there's the money spent on getting to and from work each day. There's savings around every corner. Maybe not huge, but they add up. Just don't piss it away on a custom-shop guitar...unless that's the goal you're saving up for.

In my first year of retirement, my wife and I spent many hours volunteering. We raised $50k sorting gross bottles n cans for the local Cadet corp.😀

 

[mhammer]

In my first year of retirement, my wife and I spent many hours volunteering. We raised $50k sorting gross bottles n cans for the local Cadet corp.😀

Citizenship!!

 

[oldjoat]

I'm guessing that we should add a bit of pre-retirement planning for folks out there.

have a hobby (s) already or start a couple ( dabble a bit )
have an exit strategy ( how to survive $$$ wise till you figure every thing out )
look at all the extra expenses you have right now while working and what will stop immediately.

once you've got the ducks in a row and the right mindset ,
there is no reason to put up with stupidity or unreasonable orders / demands
just say NO to any of it .
if they say do it or else , just say
"OK , you fired me ... severance pay and last pay cheque before I leave today"
( or have them pay the last invoice before you leave )



plan for your first real day of retirement ... to do something you really want to do , then do it.
( if in doubt , just lie there in bed and savour the feeling )

try to pay off (completely) as many bills as possible ... frees up a lot of cash later.
then there's a lot less worries to deal with later.

one can always meet the ex co-workers ( if ya miss 'em )
on the golf course , club house , watering hole , fishing hole, bowling alley , car meet , gig night , etc.

life does not stop after retirement !
in fact it gets way better in all aspects ... just like being a teenager ... FREEDOM .

frustrated with what you're working on ? just drop it and come back later after a break.
too much noise at home ? go for a drive , do some fishing , go to the park ,
visit the kids / grand kids , go for a bike / motorcycle ride , take up a new sport , etc.
( you can do them more that once if ya like it )

don't dread retirement , embrace it fully ( for whatever time you have left )
the worst day of retirement is infinitely better than the best day at work .
( this does not refer to those that absolutely LOVE their present job ;
but remember , that wonderful job may change in an instant )

 

[mhammer]

When I was doing my doctorate in cognitive aging at U.Vic., the volunteers for the projects our lab was doing were mostly retirees. The nature of the testing took a few hours, so we'd split it up over several sessions. I'd ask folks when they could come in for the second part, and they'd pull out their little black book,flip through the pages and respond with something like "Hmmm, I can fit you in between 2:00 and 3:30, a week from this Thursday, if that's okay". Some retirements can be VERY busy. Money helps, I suppose, but is not a requisite for being busy. And since it was Victoria, good weather also helps. It makes for more time to garden, golf, fish, lawn bowl, or just go for walks.

 

[CheapAndChong]

All I can say is: enjoy. You seem fortunate to enough to not need the money. Just because someone retires doesn't mean they want to. Sometimes injuries cut your career short. Food for thought.

 

[guitarman2]

That mid-morning coffee that costs you $2 near work, costs peanuts at home.

Even cheaper at work. My office has a really nice coffee maker and all coffee, hot chocolate, tea bags supplied free by company.
As well the company has a yearly golf tournament they completely pay for, carts, meal all in. That's one extra round and meal I'll have to pay for when I retire.

 

[oldjoat]

yeah , but it will be at the club of YOUR choosing ...

the trek to the office costs: gas / bus fare / parking /
waiting in line for a bus that never comes / or transit train that breaks down /
cold feet in winter / sweating in summer / rush hour traffic / lunatic drivers /

free coffee / snacks and a free round of golf don't cut it for the inconveniences /high BP and other stresses.

FREEDOM - FREEDOM - FREEDOM !!!!

 

[phuzz]

FREEDOM - FREEDOM - FREEDOM !!!!

If you can afford it that is.

I'm ready and I briefly did it once but it didn't stick. I'll put in a few more years and reevaluate.

 

[Ship of fools]

Oldjoat lets not forget the smelly stinky people that yoiu get to ride with and for the girls well we have had a many who have had the rears grabbed and touched unwantingly by pervs.
There are some great benefits for the family at times to like mom and dad can you pick up your grandson from school we are stuck in the office today. or its a pro d day and can't get today off. But those are good things love spending time with him.
I know our gas bill went way down like about 15% 0f what we spent before and wifes hair cuts are only twicw a year now and cloths for work ect ect ect . Saving money like crazy oh and insurance went way down to no driving to and from work.

 

[mhammer]

Even cheaper at work. My office has a really nice coffee maker and all coffee, hot chocolate, tea bags supplied free by company.
As well the company has a yearly golf tournament they completely pay for, carts, meal all in. That's one extra round and meal I'll have to pay for when I retire.

Considerate employer. And one of the reasons why some folks continue to work for their employer well past pensionable age.

My late uncle had a tailor's shop, where he was the owner and only employee, tailoring suits for many an MP and businessman. He continued to work into his 80s. He'd get a partial lift to work from my aunt, then walk the rest of the way to the shop through Ottawa's Glebe area. He'd regularly park himself in the window seat of the coffee shop across the street, nursing a coffee and the day's Globe and Mail, with the coffee shop's radio tuned to CBC. He'd leave a note taped to the door of his shop that said "Back in 5 minutes". From his seat, he could see if anyone was going up to the door, and if he saw someone, he'd fold up the paper, and dash across the street. Most days he just perched int the window seat until closing time, but he liked the routine, and the people-watching. When he passed away, I was tempted to put a post-it on the coffin, saying "Back in 5 minutes".

The late Hy Bloom ( http://www.ottawacountrymusichof.org/inductees/hybloom.htm ) was Ottawa's de facto tube amp guru. Not only did he make a line of very well-received amps (Soundmaster; https://reverb.com/ca/item/56513271...m/56513271-vintage-soundmaster-tube-pa-amp-model-085-restored-modded-for-guitar ), but he also recorded many many hours of public events as well as up and coming Ottawa musicians. In his later years, he still maintained his office, where he could be seen in the window, puffing on a stogie and reading the paper. I only met him a few times, having bought a solid-state plug-in module to replace a rectifier tube, and getting some advice as well. When he turned 90, a bunch of Ottawa musicians held a birthday bash for him at his office, with cake. I popped in over my lunch hour, and it was pretty packed.

Sometimes people work longer than may have actually been needed, because they like the social interaction and routine, even though it may only come in little dribs and drabs.

 

[mawmow]

Some employers have a "phased retirement option".

Yop ! My wife had used that option but the files did not stop to be dropped on her
desk, making her works a four to five days workload on three days.
Finally, the real good thing was that the employer could not keep her at work at the
end of the process* though he had not found anybody that would do the job as well.
*For Quebec civil employees, the option ended at a pre-signed irrevocable resignation date.

 

[oldjoat]

yeah , they do tend to overlook the proper replacement person until it is too late.
things were working well, so they continued along ... till they hit the brick wall deadline.

the work load increases for those reduced days .
one of the nieces had that happen to her too (quebec)
all the paperwork was completed ... reduced hours / days worked ...
but the workload just kept increasing.
burned out at the end of every day she worked.
she did a calculation on unused sick leave / vacation owing and told HR that she was using it all up
to the retirement date ... started early - early retirement 2 weeks later, her health has improved drastically.

 

[pstratman]

I just retired from teaching at the end of June. It's crazy..... I feel much too young but my years of service and age hit the magic 85 factor....

 

[mhammer]

I just retired from teaching at the end of June. It's crazy..... I feel much too young but my years of service and age hit the magic 85 factor....

Yep. Some school boards/districts are like that. The principal at the school where our older son did Grade 1 was able to retire at 53. Of course, he started teaching in a district when all you needed to teach was high-school leaving and a 1-year teaching diploma. Those were the days, eh?

Congrats. I can't imagine it has been easy these last 5 years or so, and certainly bound to get harder.