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Retirees and Those Close to Retirement -are you rethinking?

The recent spike in inflation, combined with falling stock prices, has a recently retired friend of mine considering returning to work. I’m planning to retire in a year and a half but may delay if these trends continue. Anyone else having second thoughts?

by Anonymousreply 24January 23, 2023 12:43 PM

Recession is looming!

by Anonymousreply 1May 8, 2022 12:12 PM


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.

by Anonymousreply 2May 8, 2022 12:19 PM

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.

by Anonymousreply 3May 8, 2022 2:26 PM

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.

by Anonymousreply 4May 8, 2022 2:56 PM

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

by Anonymousreply 5May 8, 2022 3:07 PM

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?

by Anonymousreply 6May 8, 2022 3:09 PM

How much money do you need to retire?

by Anonymousreply 7May 8, 2022 3:13 PM

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

by Anonymousreply 8May 8, 2022 3:15 PM

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.

by Anonymousreply 9May 8, 2022 3:28 PM

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

by Anonymousreply 10May 8, 2022 3:31 PM

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)

by Anonymousreply 11May 8, 2022 3:32 PM

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

by Anonymousreply 12May 8, 2022 4:59 PM

You will always out live your money.

by Anonymousreply 13May 8, 2022 6:16 PM

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.

by Anonymousreply 14May 8, 2022 9:42 PM

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?

by Anonymousreply 15January 22, 2023 2:59 PM

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

by Anonymousreply 16January 22, 2023 3:07 PM

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.

by Anonymousreply 17January 22, 2023 3:20 PM

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

by Anonymousreply 18January 22, 2023 3:25 PM

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?

by Anonymousreply 19January 22, 2023 3:30 PM

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

by Anonymousreply 20January 22, 2023 3:31 PM

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.

by Anonymousreply 21January 22, 2023 3:47 PM

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.

by Anonymousreply 22January 22, 2023 4:15 PM

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.

by Anonymousreply 23January 22, 2023 4:26 PM

[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.

by Anonymousreply 24January 23, 2023 12:43 PM
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