Talk to me about retirement

[speckledhen]

My DH retired from the Air Force at 42 years old, then went to work for Scientific Atlanta, as a temp at first, then later was hired on permanently. He stayed for about 10 years, then did substitute teaching for a couple years up here where we live now and is currently just living with me, being a chicken whisperer and firewood splitter. I worked as a realtor for 8 years (horrid, stressful years) to put my sons through college and quit in 2002, still in my 40's. No desire to work for anyone ever again. Living in voluntary poverty on only his Air Force retirement, we have just about as much disposable income as we did when we were making 80K and had lots of expenses, two kids in college, and a house payment twice as much as ours is now.

 

[halo]

How many of you rely on Social Security? I guess not many of you, since so many of you are SO YOUNG. Im socking away as much money as I can now, as I want to retire before I need SS. Have any of you given thought to when you will take SS? Will you take it early or late? Im thinking Im going to take it early, I can't see waiting. I want it NOW. I hope to have enough in savings to offset what I will lose by taking it early.

What kind of investments do you have? Im working on dividend stocks, so I can generate income from them for myself without dipping into principle. I got started kind of late, tho. It really makes me angry that a part of high school never included money management and retirement. Think how much money we would have if we would be required to open IRA's at 20? We'd all be sitting on our back porches right now with chickens in our laps.

 

[Mahonri]

With 7 kids, I've come to realize I will never retire.

The most likely scenario is, I will plop over on top of someone while doing a filling.

I have so much to look forward to.

... and as for Social Security? There won't be a drop of that money for a soul to count on within 8 years. Our country is on the verge of bankruptcy.... caused by BOTH political parties.

There will be a goodly number of folks who come out of retirement when SS is gone and banks fail.

We all have a lot to look forward to!

 

[rowan1]

well, we dh and i are 53 and 50. we were fortunate to retire from verizon (landlines) with an excellent pension (lump sum) and a retirement package. we are hoping to supplement w/ SS. we have invested with a financial advisor at a very conservative level. he has the money very diversified and constantly watches it and moves it as neccessary. maybe part time work is in our future, hopefully not. my only demands are my children (10 & 12). and it's just a joy not to worry who is taking off when one is sick or when it snows. we're able to be more invovled at school and w/ their sports. priceless.

 

[Bat Cave Silkies]

I retired nearly two years ago....at the time, it wasn't really a matter of choice.....I had taken all the LOA's allowed to care of my husband, and they can only hold your job for so long. Once my husband was better, and back at work, his father's health declined. Since I'm a RN, we just moved his dad to the mountains, and I take care of him.

Go back to a paying job?? NEVER I love being retired. Didn't get to throw away the alarm cloak though, too many doctors appts. to get up for...lol

I love not having to worry about trying to get to work on time through snow & ice.....I love being able to actually sit and just observe my Silkies....love being able to play in the dirt (my flowerbeds)

Now~~if I can just talk my husband into retiring...

 

[joebryant]

Quote:

Ain't it the truth!

 

[speckledhen]

Kathy, Tom is going to take it at 62 (*he's turning 58 this coming Feb)so he can draw it for years before having to shell out for Medicare. Gosh, if we could nix our house payment, it will double our monthly income! Tom is almost 4 years older than I am.

 

[halo]

Ive got a hefty house payment, too. If I can get that knocked down, I think I can retire in 4-5 years. If not, Ill just have to sell this place and buy something smaller, which might not be a bad idea...except I really love where I am right now. We'll see.

 

[sourland]

Halo, SS is the least of our income. We purchased our home in '65 and paid it off by '75. Prices were cheaper then and we were extremely frugal. I worked for 25 years for a company that provided a matching investment program. I took maximum advantage of this program and suggested the same for my subordinates. Whenever possible anything extra $ was invested in low risk stocks. This conservative behavior which started as a child (a little Scottish blood goes a long ways.

) set us up to be where we are now. My wife's income has always covered the niceties and extras of life. That was our division of labor. We have spent our entire marriage in our "starter home" a SMALL ranch with 3 bedrooms. Three years ago (she has acknowledged that I will never leave this home willingly.) we added the master bedroom and bath that she has always wanted and deserved. All is good in Sourland.

 

[PineappleMama]

Another topic where stuff was discussed. https://www.backyardchickens.com/forum/viewtopic.php?id=274336
It's closed now, but the info is still there.

Here's my post from there...

Taxes seem to be a concern... even if you can grow all your food, you'll have to have cash for those *insert rant on taxes* so here's some info that may be useful... states with the highest and lowest property tax rates... of course, this will vary by city, but still an interesting peek.

Highest are New Jersey, New Hampshire, Connecticut, New York, Massachusetts, Rhode Island, Illinois, Vermont, Wisconsin, and California. Rates ranging from 0.47-1.57% of your home's value.

Lowest are Kentucky, New Mexico, South Carolina, Oklahoma, Arkansas* , Mississippi, West Virginia, Alabama, Louisiana. Rates ranging from 0.53% down to 0.16%!

that is, at least according to this site. http://efinancedirectory.com/articles/States_with_the_Highest_and_Lowest_Property_Taxes.html

*but they tax EVERYTHING even groceries there, my Memaw is still cursing Clinton from when he was governor... perhaps that is why they can afford the lower property tax rate. Something else to consider. But then again, if you plan to grow your own taxes on groceries would not be as much of an issue for you!

DAFox posted this...

Cost of living data for the 3rd quarter of 2009. This is from a Missouri website but, does include some info for the rest of the country:
http://www.missourieconomy.org/indicators/cost_of_living/index.stm

chickensioux says...

We LOVE Western North Carolina. We are in the mountains and the scenery and the weather here are perfect. Lake Lure is close by (Dirty Dancing was filmed in Lake Lure and so was Last of the Mohicans. We have 4 perfect seasons with summer the longest but we never really get above 90. Sometimes, not much tho'. We a little snow, usually not for very long. Fall is just plain gorgeous.
We moved from northern VT where the cost of living, taxes and weather took their toll quickly. We found a 2700 sq. ft. home here on 1 acre for $197,000. Our yearly taxes are $1100.
It's close to Va.
We are very happy here and will never live anywhere else. Good luck in your quest. I hope you find your favorite spot. Try www.spotyourplace.com.

Oh and (speaking of the community) I live in a nice neighborhood with a homeowners assoc. and can still have all my animals.

LOTS of interesting posts in there, but those are the ones with links to hunt and peck through, which is something I always like when doing research so... *shrug* Seems like I posted somewhere else about other rates but now I can't find it. Doing a quick Google...

Best Places To Retire 2010 by Money Magazine @ CNN Money http://money.cnn.com/magazines/moneymag/bpretire/2010/ actually has several articles, but I like Top 25 Places to retire... #1 being Durham NC including all the whys... and you can scroll through all 25 and compare... shortcut straight to that is http://money.cnn.com/galleries/2010/real_estate/1009/gallery.best_places_retire.moneymag/index.html an interesting read anyways. Includes info on population, % over 50, Average home price, State Income Tax (if any)... *shrug* leastways I think it's interesting.