I retired this month.  Still got some adventures in me and want to do them before I physically can't.  Been on my motorcycle every day almost getting in condition for my "Easy Rider" first time in my life point my bike that direction with no have to be back here by this time or at least a very long one.  More adventures and projects planned but that's not what this thread is about.  I thought you guys may appreciate the what I went through to get here besides work my entire life.

First and foremost is this overwhelming impression the entire system is designed to discourage you from retiring.  I've designed parts that went into outer space with less hassle.  Nobody tells you anything and most people already retired just kind of sort of fell into it.

Now for some background.  I have worked all my life not taking more than a week off at a time since I got out of the Army way back when.  I'm a "He who dies with the most toys wins" type not a "He who dies with the most money" type so all my toys are paid for and things like vehicles low mileage in good order.  My retirement budget is at making zero/no economic cutbacks but of course I will.  I have no pension but I do have IRA and even counting Mr Murphy's I figure 20 years which I doubt I'll be alive let alone riding Harley's or boating, etc.  Like all old folks my health is going and don't really have a handle on that cost yet but will deal with what I have deal with.  My work is paying me a humble retainer for 1.5 years so if luck won't touch my IRA another year but my plan is to spend my son's incoherence so to say.   I have more money in the bank etc than I ever have but that will dwindle especially this first seven months till I get through the government socialism can't earn money period until you this old.

First hurdle, Medicare.  Man this adventure was about as clear as mud with a gotcha I'm convinced some bureaucrat is laughing his butt off.  OK, I start looking into when to sign up and get my act together and find three months before is recommended.  My birthday is Feb 1.  Come December, I get this letter from my insurance they are dropping me because I'm eligible for Medicare Jan 1.  WTH?  Now its panic mode so I drop the entire do it online thing and go to the Social Security office.  Nobody told me my birthday was not my birthday and it makes no sense.  Now comes the maze Part A, Hospitalization, Part B Doctors, Part B cost $135 a month, buy supplemental for part A part B because Medicare only pays 80% and then buy a drug plan.  Just think they're talking everyone on this crap.  Part B that $135 will automatically come out of your social security when you sign up for that.  Until then, you pay it and they bill you 3-4 months at a time.  Not cheap to retire.

Ok first nice to know nobody is telling you.  It doesn't matter who's part A & B supplemental you buy because Medicare requires all doctors who take Medicare to accept them all.  Monthly price is key here.  December open enrollment is for changing who and does not impact first time signers other than man if you need it fast like I did, you are screwed because everyone is so busy handling the people changing.

The Drug plan supplemental now that's a nightmare.  Who covers what and how much is all over the place so you got to list your meds, find who covers them, and then very important look at the annual cost not just monthly cost.  For example, companies like United Healthcare will have a higher monthly rate, no donut so your out of pocket never changes, but what they cover may or may not cost you more annually than a cheaper plan with a donut.  What a donut is is simply they pay this much till this amount, then they only pay this much till you spend that much.  You need to research the crap out of this stuff.  Best help was with a broker that deals with a bunch of different companies and looking specifically at what meds I take. Its even more confusing because how much also depends on which pharmacy you use.  No wonder politicians are talking about fixing this because its a nightmare.

Now here's another kicker, you have no choice on the Medicare stuff.  Government says you have to and insurance companies are glad to get rid of you.  Don't overlap or like being on two policies they'll fight over who pays and nobody pays.

Now when its time to sign up for Social Security, its another nightmare of rules.  Depending on your birthday year everyone's retirement age is different.  Retire before that age how much you draw changes and how much you draw is based on how much you made.  Early retirement the less you make.  There's some fair ways to calculate that on the Social Security site online.  First kicker is you can only make less than $1,400 a month and less than ten hours a week or they take your Social Security $1 for ever $2.  This ends when you reach your full retirement age however how much doesn't go up ever.  You wife retires before you, she can't draw off you till you retire and they will ding her for what your income is.  My wife would have done better single never married and an alcoholic with liver disease.  Man do I feel for you younger guys that your full retirement age is 70, damn.  Now that not your real birthday works in my favor as Jan 1, government wise I become 66 my full retirement age and the shackles will be off to react to whatever.  Here's another kicker, jointing bring in over $32K annual or single $25K, you gotta pay taxes.  I plan to do a quarterly check to the IRS just like I did for years self employed.

Now if you haven't gathered by now that unless you plan to go from productive member in society to bottom feeder, you can't retire unless you have money saved and non-taxiable income suddenly becomes a big deal.  All those toys we've bought suddenly become assets.  I know guys all they do is buy motorcycles etc in winter and sell them for a profit in summer.  Others work flea markets, etc.  I probably will too someday but first a couple years of fun.  Save that fun money and budget for it.  That's on top of all the cash you need just to get on the system and maintain it.

Ultimately I don't know if survived retirement or not yet.  Like all things in survival, its a matter of planning best we can then a determination we'll adapt.  Its like taking a new job.  Its just a new start.  Its just a very complicated one.

So far, best thing I've done is plan for that zero lowering my lifestyle.  Like all plans, options are good.  The hardest part is the decision and that's what they purposely make difficult.

You guys please add to this thread and don't be surprised if you see me in your area.  I plan to get out and about and consider some of you all good friends some I haven't even met yet.

Gotta ran, taking my bike on the Skyway today!  An old guy like me can't just hop on a bike and go cross country.  I'm in training so to say.

Tj

DT if I remember right you are younger than me (or at least looked it), I'm 46 this year. I'm not counting on SSI and all that crap to be around in 20 years. The boomers will be the last gen to utilize that ponzi scheme. We will have to pay in no doubts there, but won't likely see any or much.

Like you said "planned to not count on it" and that's the best plan.

Go join CAP for points no pay for for AF retirement if you aren’t far away.

I haven’t done it but I have talked to some guys in passing who have.

Believe it or not, that's almost my tale.  I worked for a company 25 years and had a pension and 401K that was bought up and spit out by an overseas company which moved what it could to Mexico/NAFTA then bankrupted what was left.  I lost the pension and seriously have more money now in my bank account than I had in that 401k. Up until then my plan was retire at 62.  Well that went up in smoke.  That said rough as it was, I had a plan.  Even a bad plan is better than no plan and no man can predict the future but you have to build to something to get something.

Anyway I took charge of my retirement planning.  Rolled the 401K into a personal IRA so I had more control of it and made annual contributions 1/2 in a cash account which doesn't go up or down and 1/2 in the stock market.  My financial barometer then on when to retire as that cash account and a line drawn in the sand 10 years with no downsizing.  That's SS + IRA = Monthly budget.  We'll see but then I have the other 1/2 for Mr. Murphy and economizing as buffers.

Now keep in mind this ain't like when we were kids starting out when you have no money or assets and we even if all it is is SS have a base income.  Its like a working man finally gets to be a trust fund baby.  Get what you can find becomes a million options.  I've even thought of buying a food truck, trailer actually.  Heck even a booth in the flea market is something. As is I fired my company back up and will contract a little, right now very little to keep SS from dinging me.  Its scary but it ain't as scary as me when I was a kid moving 1,500 miles from home not knowing a soul and not having a job.

I'd trade you.  My health sucks.  I'm talking under two specialist care need a damn $6k shot every two months in the eye no less sucks. I have not one but three chronic medical conditions.   I had it so hard with medical insurance, my wife went back to college at age 50 so she could get insurance with the state.  They couldn't wait to get rid of me.  I'm sure these supplemental guys are going "Holy cow" now.

Two things I learned.  If I can breathe I can adapt.  I will do what it takes and when you think of it, nothings changed in that regard.  We are all every damn one of us pissing off the right person in the unemployment line.  Some call it luck but I don't, I've only looked for work twice in 40 years but I've lived in seven states, three major cities, so know I will adapt.  We have no choice in that so why worry about it.  We came into this life working so we can go out that way even if its invest in something and pay someone else to run it.  Heck I've even thought about playing the stock market some.  Things I could imagine as a kid, I can now.  The second thing is gotta work the system.  Man am I inept at that thus this thread.  I only drew unemployment once as a kid when I got out of the Army and always been on the contribution side of the thing not the take side.  That changes man and its not our call.

You will have zero choice on your wife, none.  She turns 65, we all turn 65, its Medicare for us and we go from not on the system to mandatory on it.  Without counting the meds which is HOLY COW, my wife and I will be paying double what we were monthly out of pocket.  Yea double.  I tell folks if the Dems get their way and everyone is on Medicare, there will be revolution.  One chronic condition, despite you directly or indirectly through your company having paid into the medical insurance on average a half million dollars over a lifetime, they'll kick you/her off as fast as they can.  Now you are in the system whether you like it or not and its all designed to take what you earned in a lifetime before you die.  Now that's not all bad because hell we can't take it with us.  Get old enough, not only can we not take it with us but we can't even use it.  That's why I'm taking this socialist can't earn money ding for seven months.  I want to use it before I can't.  I kid people sometimes and say "I need to hire a welfare heifer to show me how to work the system."  That's what we got to do because DC made that choice for us before we even born.

I have a number of friends who are retired airline pilots.  Your profession is a lot like mine in that other than a vacation here or there, we couldn't plan out time on crap except work.  As an engineer, I had to travel, the whole world.  I not only couldn't join clubs etc but couldn't plan on being here for this once a month thing.  Heck, I couldn't even have a social life except though my kid or work.  That all changes and quite honestly folks like me and you, its a new experience.  I still haven't gotten use to it but I see it now.  I have time.  I'm a bit nuts right now.  I'm told I'm obsessing.  I've been on my Harley every day now for three weeks having fun and in training so to say.  Hell got back yesterday, took a nap, and 9pm last night was putting new plugs and an air filter on my bike.  Just in this short time, the I need a day off so I can rest is gone and when I rest is suddenly my decision not someone else's.  You are use to being here, going there, and doing what needs done.  That won't change.  After Holy Hell, I'm free sinks in, you'll do fine.  One pilot buddy of mine, sold his home,  built a home in the mountains, bought an ATV, in such a isolated beautiful spot, he doesn't even have curtains on his windows.  I use to kid his wife she best not wear a white nightgown in deer season.  Another friend, liquidated and bought a small retail seasonal retail business where he has pretty much all winter off which he visits family while he and his wife live right behind his store front in the mountains.  Heck even closing his store at 5PM and having his nights, every night, free is new to him.  It is to me.  It will be to you.  I often think people like us have it made because we've never known 9-5 and even 9-5 is a break from what we were doing.  Its about time.  Its all about time.  To me even working in an autoparts store would be way more free time.

Being in corporate America most of my career I tell folks we are a resource like a lump of coal to be burned up then discarded. Its the when that that's most important.  The entire idea its retire and watch the grass grow is a myth.  You only do that when you can't physically do anything else and man does that take very little money.  The problem is a couch can kill you as fast as a bullet can.  Gotta stay active.  It is a matter of survival.  You will.  Once you realize you have control over that time for the first time in decades, you will.

Tj

Congrats!  Can't believe we're all getting to that age. Still remember young whippersnapper TJ.

Great post TJ!

Wife and I both work for the State (me/Dept. of Public Defense and her/Judicial Branch) so our pensions will be decent when I retire in Jan of '23 and her in Jan of '22.  It's true that you can't save your way in retirement but you can save your way towards retirement.  We (actually I) brought on a lot of CC debt but we're debt free other than our house and some land we bought here in Iowa.  By Jan of '22 or '23 we should be debt free completely and will at that time start having our timber frame home built on our land...which will be our only payment we will have during retirement other than regular monthly bills.

Our daughter is now benefitting from all the time I was deployed while she was growing up as she is using my Post-9/11 GI Bill to pay for 100% of her college tuition/expenses.  Working during retirement is not an option...won't need to do it so not going to do it.  Between our two State pensions/deferred compensation savings, my military pension at 59, our SS @ 62 (not waiting any longer than that) and my VA Disability financially we'll be ok and health benefits will be Tri Care for life for both of us and VA Hospital for me.  We are truly blessed to be in good health as a family (other than my military injuries) and hope to enjoy a long retired life when it arrives.

It's good to see all the plans many of you have made over the years preparing for and during retirement and we've been instilling that mindset with our daughter over the years...the next generations have a lot to learn and avoid the liberal agenda that is being spun by the liberal Democratic/Socialist Party.

You know that brings up a good point.

Most of my life, my retirement plan was I had three revenue options which I only needed two to retire.  Yep, lost one, the pension.  Medical, I still have in writing the promise of VA benefits for life which it wasn't six years from my discharge Jimmy Carter took away from me, along with my GI Bill for school.

The point I'm making here is you can't count on anything you can't touch.  Some of it is going to go away whether you want it to or not.  Then its math and predicting when you will die.  Its math predicting when you will and when your wife will.  Sometimes the for life thing doesn't sense and taxes are very important because we are taxed at the rate we're making that year.  For most of us when we retire our income thus tax burden will be less than when we worked.  That delta can be significant.  For example, paying taxes on X amount of dollars a year at 10% a much better than a 25% tax burden.  None of  the retirement options eliminate a need to for old school money in the bank.  Money on hand gives you options to react to Mr Murphy.  It buys you time to react.

Its a game of chess not checkers and you have to think moves ahead, years ahead, and the entire system is to keep you from succeeding.

Tj

Yep, the whole socialism aspect is a nightmare.

On my seven month early retirement, early according to them, not my full retirement age, I had to negotiate my contract for a consulting retainer DOWN from the company I worked for or face SS penalties that $1 for ever $2 you make over $1,400 a month.  I didn't count on they paid me for 3 weeks vacation and sick days which there's no negotiating that down and God only knows how they're going to tell what that was for.

The entire idea after a lifetime of trying to do better to do worse on purpose is downright weird and my oh my do the buerocrats sitting bored in their offices have "one size fits all" answers to everything and seem to enjoy cutting back.

In fact, if I was 100% by their rules, I would not have a single cent income for the first six weeks I retired.  Its like you gotta earn that first month by not working then its by your birthday when you get paid the next month.  Makes you shake your head.

Now really freaky tell them you are retiring early because your health makes it impossible for you to work again, forget that.  They have this you can't claim disability if you make over $1,000 a month rule.  Its either wait inline like someone hit by a bus and only 40 years old or take the hit.  Not so big a deal for those my age where my retirement age is 66 but man a big deal for you younger guys that its now 70.

The  hill climb is what you do until that full retirement age.  Best off those with pension incomes, large 401ks, and/or undeclared incomes.  Worst off if you get paid by the hour.  Here they limit to 10 hours a week with the burden of proof on you if you are self employed.

I felt like I was in China.

Tj

Congrats, Tj !!!!

Thanks for the best wishes.

As for not going to make it, heck guys there was a time I thought I wouldn't live to see 30 then a time I didn't think I'd see the turn in the century.

You can't plan the day you die.  All you can do is a best guess and then remember its only a plan if it has an option otherwise its a decision.  Just like bugin with no bugout is not a plan so is I'll die without no I won't.

Plan on it and if you don't die, you'll be better off if you didn't plan for it.  If you die, i don't think you'll care much you have an unused IRA and money in the bank but your family will.

As for social security being there, like I posted before I recommend a 2 out of 3 retirement plan as a minimum.  That way one goes, even if its social security, you are still there.  There's way more tools now than ever.  There's annuities that are inherit capable, reverse mortgages on homes with equity, etc. all revenue generators that you can fall back on just in case plan A fails.  What's your worse case?  You go back to work.  Meanwhile, plan for it and even if you do, you had a hell of a vacation.

There's no security in life only in the confidence you will do what you need to do.  We have no choice in that.  The choice is only at what level?  I know all sorts of folks either through no choice of their own or through bad decisions in life that are living on a fixed income of $800 a month and doing odd jobs to make ends meet.  If they aren't living under a overpass, you can do much better.

Tj