Retirees and Those Close to Retirement -are you rethinking?

Recession is looming!

No.

I returned to work (part-time) last year simply b/c I enjoy it and the non-profit I volunteer for needed the help and asked me to go on staff. I like the people and the work. I earned more in one hour in my professional job than I earn in a week now, but that doesn't matter. I have enough money and I like what I'm doing and I can pretty much make my own hours. I'm not worried about my investments, I have plenty.

Hell no I'm not going back to work.

Here's a Pro Tip re retirement: NO ONE thinks they have enough money saved, but once you do retire, you'll find you could have retired even earlier.

In my estimation ¼ to ⅓ of your salary goes out just to maintain "the job." Think about this.

Retired a year ago due to Covid. I've found I have a better lifestyle, more relaxed, healthier mentally and physically now that I'm out of the full tine work force. Less cash for sure but I do what I want when I want --which is the best gift life can give.

R3, very true as we found out during the pandemic. I saved so much money working from home in my sweats.

I own a house which I will only be able to afford while I’m working. I know that I must sell it when I retire.

The big question is where do I move to? Florida which doesn’t have a state tax but is nuts or California which is closer to relatives but taxes the hell out of you?

How much money do you need to retire?

R6 Georgia has a moderately generous investment income exclusion for seniors.

I have a few more years but have started practicing living on a fixed income taking into account how much I will have to pay for supplemental health insurance.

My retirement plans are the same. I'll be dropping down to part time in a few months.

R6 Find an up and coming smaller blue city in a red state, especially towns with universities. Lower cost of living and enough of a bubble to take the edge off of any culture shock. For me- Fayetteville Arkansas. Tons of Walton family money rolling around to enrich the cultural scene and enough old hippies, university students, fledgling entrepreneurs to give the town some life. Cost: Rent, utilities, taxes, are 40% cheaper than my last northern city (Minneapolis)

I’m fortunate to have a work at home job that pays well. If I had to work in the office I would retire.

You will always out live your money.

If you own a home in an area with high real estate prices, cash out, and move to an area with low real estate prices.

Pay cash for your retirement home and then enjoy a cheaper cost of living.

The advice up thread to look for a smaller city with a college or university is sound. Avoid an area that gets tourists or you'll find yourself hosting friends and family more than you'd want.

Anyone else changing their plans due to higher interest rates and a forever-looming recession on the horizon? Or are you all still retiring and enjoying the good life?

Besides Fayetteville, Birmingham, Huntsville, Oxford, Knoxville, Augusta, Savannah, Tennessee Tri-Cities

We are 64 and 62, so definitely thinking about it. We do not look at our retirement accounts often (once a quarter or so) so not too worried about the day-to-day changes in the market. We are 2 and 5 years away from Social Security, so reckon we'll be working for a few more years anyways.

The only change to our spending habits has been in terms of travel. We have not taken a vacation since before COVID and we used take 2 weeks to travel abroad for a joint vacation. I reckon we will resume travelling at some point - maybe in 2024.

I'd sooner live in a pile of shit than live anywhere in the south

I also am working 100% remote now, and like banking the larger salary I earn these days. Enjoying what you do is also a major factor. I paid off my house at the end of last year, but want to do some repairs and updates while I downsize all the stuff I have accumulated over the years.

I keep saying that I don't have the time to retire, but I am finalizing several long-term projects. Maybe I'll make the leap by the end of the year?

Retirement? What the hell is that?! I have a better chance of seeing Jesus.

I am 54 and have enough years in my government job to retire, but I want to pay off some things first. Right now, I’d draw about 62% of my current salary. If I stayed until 65, I’d draw almost 100%, but I am not sure I can hold out that long. I like my job, but I’d kind of like to take my retirement and do something else—less pressure, more creative, closer to home—just to cover my insurance until I can get Medicare. I wouldn’t want to retire and then do another 40 hour job, though.

I am 61 and retiring in 3 years. I don’t worry about the stock market because I don’t need any retirement funds until age 70. I can live off a pension and SS.

R18 If you're not living in the South, then you already are living in a pile of shit. Please stay put. No one wants you here.

[quote] Right now, I’d draw about 62% of my current salary. If I stayed until 65, I’d draw almost 100%,

R21 is praying the government remains solvent. National debt is now $31.12 trillion. I'm 55 and think there's a 50/50 chance I'll ever see social security money.