Satisfying Retirement Questions

Bob Lowery's blog, Satisfying Retirement, is a must read. He has such a comfortable, interesting way of writing that I'm sure if we ever met, he and Betty would pick up a conversation just like old friends with Joe and me.  He has some questions about retirement that he has invited his readers to respond to.  Here they are with my response below. 

1) Has retirement turned out the way you thought it would? Why or why not?

2) What has been your biggest surprise about being retired?

3) Do you worry about your financial situation? 

4) What new things have you discovered about yourself?

5)  If you had it do over again, would you keep working, retire sooner, or are content with how things worked out?

I retired 3 years before I had planned to because of a neuromuscular condition.  However, my husband and I were debt and mortgage free and had been fully funding our 403b accounts and emergency fund for many years.  So while I had planned on 3 more years of retirement savings, the financial side of leaving the workplace was in good condition.  I really don't worry about our finances because I have always been the "finance person" in our family and know what our expenses are.  We both waited until age 66 to start drawing Social Security and that with our 403b provides our income. Joe is considering an opportunity to work prn two days a week and that may or may not happen. Now the stock market and the banks and the economy may go belly up but I really don't worry about something I have no control over. 

I love retirement. In all honesty, this is about the happiest time of my life.  I'm not worried about how the kids will turn out-- just fine. Not worried about having enough money to retire--we do. Not really worried about health--my neuromuscular condition is more an inconvenience than life-threatening--we are quite healthy. 
I guess the biggest surprise is just how happy I am. I worked at one job or another since I was 17 and wondered if I would be bored or lonely at home--I'm not.  I have time to quilt and read and learn how to cook new things.  I attend and participate in my church and book club and quilting guild. 

The two best things about retirement to me:
   1. Not having to leap out of bed, into the shower, and out the door.  Waking up slowly is a daily pleasure to savor. 
   2. Afternoon naps. 

If you haven't read Satisfying Retirement, get yourself on over there right now and thank me later.  



http://satisfyingretirement.blogspot.com

A Difficult Decision

The form came in the mail earlier this week to renew my pharmacist license.  Rationally, I know that I will never work again. But emotionally, it is wrenching. I struggled so long and so hard to be able to  have a profession and to be able to take care of myself and my family. License renewal is hundreds of dollars and many hours of continuing education. I have the money and could easily do the CE hours but for what purpose?? No, it is time to close that part of my life. Wretched piece of paper!

Retirement Finances

Retirement Finances

It is all coming together:

     FM Social Security--received my letter from SS today approving my full SS to begin when I turn 66 in December. 

     FM 403b--done. I rolled it into an IRA, spiffied up my asset allocations, and arranged for my monthly withdrawals. 

    JMM Social Security --done. He began receiving his full Social Security when he turned 66 last January. 

   JMM 403b--this still to be done when he retires in February, 2014. He will roll it all into an IRA, make his asset allocations, and set up his monthly withdrawals. 

I still have to sign us up for Medicare Part B and the Humana Medicare Advantage plan.  But the hard part is done (deciding what Medicare Supplemental or Advantage plan) and I have all the paperwork. 

1 Year Anniversary

This is my first anniversary of retirement.  It has been a good year.  I had always wondered if I would be bored or lonely in retirement.  I am happy to say that I am much too busy to be bored and my church, family, quilting guild, and fellow rosarians give me just the right amount of social life.  I've enjoyed reading and with my iPad and Amazon's One Click, let's just say that there's always something wonderful to read!

The really truly very best thing about retirement is that there is no hurry, no pressure to get this or that done, so that I can rush on to the next thing that needs to be done.  For example, yesterday I needed to take my van in for a safety inspection sticker.  I settled in with my iPad to read and wait; it was done in 20 minutes but it wouldn't have bothered me if it had been an hour. Nice.

Do I miss the income? More money is always nice but we have more than enough.  So far we haven't really missed my income.  In January, 2013 JMM will start drawing his Social Security and in December, 2013 I will start drawing mine.  We will start drawing from our 403b accounts when JMM stops working or goes part time.

All in all, I am loving every day of retirement.

The End of an Era

Today I received my W-2 from my previous employer.  In fact, it is my last W-2 period.  I love being retired but somehow knowing that this is the last one ever, I feel rather bereft.  Odd.  I don't want to go back to work but this seems so final.  Maybe I just need some hot tea and a good book and I'll think about it tomorrow...maybe.

Retirement Social Life

One of the aspects of retirement that I am enjoying very much is the opportunity to have more of a social life.  I've never been one that needs a crowd all the time but while I was working, I withdrew from most activities that required time and energy.  It seemed like all I could to to keep house and work.  Then when I retired, it took me about 6 months to just rest, unwind, and get enough energy and enthusiasm to decide what to do.  It was (and still is) a joy to wake up and not have to jump in the shower, grab something to eat, and be out the door and off to work.  In the past, the holiday season was very stressful with the hospital usually full, staff short from illness or PTO, and all the holiday stuff to get done on top.  But not this year.  We have socialized more this holiday season than in many, many years and it was just plain fun. We had a party for my birthday, a lovely family Christmas dinner, the neighborhood New Year's Eve Potluck at our house, and this weekend a fun birthday party for JMM.  Another way that we are socializing more is that we can be more active in our church.  We have a great Adult Bible Fellowship group of people our age, all boomers.  What makes it so nice is that we are all old enough to have had life's happenings knock the sharp edges off and we can just love and support each other.  And finally, I have joined a book club at the library and found a congenial group of biblioholics. 
Can you tell that I'm taking to retirement like duck to water??

Retirement 5 months in

One of my more annoying habits is to make a decision and then beat myself up because I didn't decide the other way.  It wouldn't matter when side I chose, I would look at all the benefits of the other side and berate myself for not chosing the other side.  Anyway, I can honestly say that I have not once, not for one minute, wished that I was still working.  That amazes me because I was very proud of my profession, I worked at a prestigious institution, and if I say so myself, was darn good at it.  I had often thought that I would be bored or lonely without my work.  Ha! I love being busy at my quilting, reading another chapter, cooking something new, watching the birds at the feeder.  I am busy without being pressured and I love it!  I'm not lonely because I've never been one that has to have others around all the time.  I see my family about as much as we all want to see each other, I'm in a really good book club, there's a quilt group that I can drop in on if I want, and I see my church friends almost every week.

One thing that I am wondering about is DH.  He is still working and I am wondering how we will rub each other once he retires??  I love him dearly but too much togetherness may grate.  I guess we will cross that bridge when we get to it.

Household improvements

Two items on my WTHIPO (When the House Is Paid Off) list recently were taken care of.  I had the carpets and a/c vents steam cleaned.  And I bought new furniture for the living room--new couch, 1 comfy reading chair, 2 end tables, coffee table, 2 table lamps, and 2 floor lamps.  All without touching my emergency fund.  It looks really nice if I say so myself.  I haven't decided what to save up for next on the WTHIPO list--maybe the grandfather clock repair or the sewing machine cabinet refinishing.

Getting the house in tip top shape is such a benefit of retirement.  Things that I have not had time to do for years can be tackled a little bit each day--cleaning out old files, scrubbing tiles in the kitchen, organizing cabinets and closets.  I love to have things organized and orderly!!

Retirement Cooking

All my life I have worked and cooking was just part of the second shift of housework, cooking, laundry, etc.  I managed to keep us all fed and no one died of malnutrition. You work, you cook, you clean up the kitchen, you go to bed, and get up and do it all over again.  My mother thought of cooking as frying a meat and opening a can of green beans.  Add to that, my dear husband looks askance at anything new and vegetables means corn or green beans.  The good side of this is that I developed a rotation of meals that he would eat and it required very little thought..  The down side is that it was b o r i n g.

Now that I am retired, I have time, energy, and inclination to cook new stuff!! Not only that but I have discovered Williams Sonoma and what a difference having good cooking equipment makes. And there is a wonderful new Whole Foods within reasonable driving distance. I am having a blast!!

My latest cooking adventure will be a frittata brunch. The frittata will have red onions, yellow bell peppers, sweet Italian sausage, and fresh mozarella cheese.  I bought a 10" Calphalon skillet to make it in.  We will have melons and berries and toasted, buttered sour dough bread.  I can't think what to serve to drink though.  Any suggestions??

Another pleasure of Retirement

I've always been an avid reader and have always managed to read while working.  But one pleasure of reading that I have not been able to partake of is sharing a book in a group because of time constraints.  Now that I am retired, I can participate in a book club.  A good book club introduces you to books you may never have thought to read and can give you insights into a different interpretation of the book.  And it is fun to get together with other bibliophiles.  The book club that I am joining meets the fourth Wednesday of the month which gives me time to get the book, Pictures from an Exhibition by Sarah Houghteling (ordered today from amazon.com) and read it.  I'm looking forward to it!!

Retirement So Far

Yesterday was my retirement party at work. It was lovely and it was so nice to see everyone. I have never felt so appreciated in all my life. The tables were lovely and there was loads of wonderful food. They certainly sent me out in style!! Numerous people wanted to know what I was going to do now. Well, I'm not sure that I want to do more than I am doing right now--quilting, reading, and gardening. The fact is that I am about as busy as I want to be. I'm not bored and I am not lonely. I feel better than I have in the past 2 years. My house is getting cleaned and organized. Since I am able to plan meals, grocery shop, and cook, we are eating better and spending less money. With gas prices at $3.89/ gallon, our gasoline bill has dropped considerably without my 70 mile per day commute. But the main thing is there is no stress, there is time to sit and watch the swallows, pull weeds in the garden, read just one more chapter. Yes, so far retirement is suiting me just fine.

On a different subject, I just have to mention that for the first time ever, we have a nesting pair of bluebirds in the bird house. They are incredibly beautiful.

Retirement

Seems like I had it all wrong. I thought I was depressed and anxious because we couldn't find out what was causing my on-going GI problems. Turns out that the stress of my progressing neurological condition, commute, and work was making me depressed and anxious and that was causing the GI problems. My husband, daughter, and doctor all encouraged me to think about retiring. I realized that the time really had come for me to leave my work and so I did. When I went in to sign the paperwork, I thought that maybe I'd get cold feet and change my mind. But that didn't happen; I was more certain than ever that I'd made the right decision.

I am so happy and at peace with puttering around the house and garden. I am as busy as I want to be--pulling weeds in the garden, cooking and baking, piecing my next quilt, and reading.

Finances are more constrained but I am by nature frugal and am a great believer in living below one's means. Thank goodness we have no debt, a good emergency fund, and JMM is still working to bring in income and health insurance. I plan to make out a new Dave Ramsey style budget where I tell my money where to go instead of wandering around without a plan. I am not planning to take money from my 403b or draw my Social Security until 2012.

I will probably find some kind of volunteer work to do one day a week but not quite yet. I am still reveling in life in the very slow, peaceful lane. Lovely!

Retirement plans

I've decided not to retire just yet. Financially, we could manage if I retired now but in all honesty, the income from my job allows splurges and pleasures that would not be as easy as now. Also, I am physically doing better; I think I have solved another piece of my GI problems--lactose intolerance. The third reason I am staying in the work force is that I am really good (she said modestly ;) ) at what I do. I've been at it long enough to know when something isn't right and should be looked into and I know the people I work with. So it looks like I will be staying with my MWF and one weekend a month schedule.

Time to Retire???

The plan has been to stay in the workplace until 66 but I am reconsidering. This past year of ill health has been a real struggle. I am physically better in many ways and my employer has worked with me to decrease my hours to Monday, Wednesday, & Fridays plus one weekend each month. The thing is I am tired; my days off are mostly spent resting from the work days. I will be 63 in December and perhaps I should just call it quits then. I wouldn't necessarily need to start drawing Social Security or to draw from my 403b and JMM will still be working to provide health insurance and benefits. So why not retire?? I think the thing that is holding me back is concern that something might happen to keep JMM from working. Life experience has made me very leary of not having my back covered. It seems to be that when one thing changes, a whole cascade of things happen...usually not for the better.
I am just in the beginning stages of looking into this and seriously thinking about it. Anyone have any suggestions?

Social Security

We've known for years that our Social Security system is headed for trouble. The Social Security money that is deducted from our paychecks has been spent; it is gone, spent, not there. It should come as no shock to anyone that eventually the bill comes due and we're broke. No cost of living increase this year or for the next few years--if ever. Yes, it will hurt as the cost of Medicare supplemental insurance continues to rise but freezing Social Security payments at current levels is a rather mild temporary solution to a problem that is not only not going away but is guaranteed to get progressively worse. If you are depending on Social Security to feed and shelter you, you'd better come up with another plan ASAP. This is just beginning.


http://www.nytimes.com/aponline/2009/08/23/us/politics/AP-US-Social-Security-Smaller-Checks.html?scp=2&sq=Social%20Security%20COLA&st=cse

Thought for the Day:

The reason most goals are not achieved is that we spend our time doing second things first. Robert J. McKain

Retirement plans

I am a great believer in planning. Life doesn't always go the way I plan I find that having a plan and goals helps keep me from just wandering around aimlessly wondering what's coming next.
So with retirement coming in 4 years, I wanted to know if my planning and saving was going to be enough.
First I made an estimated budget for a year of retirement living. This was not hard because I just took my usual monthly budget, made a few adjustments, and multiplied it by 12 for a yearly estimate. There are 3 major unknowns--what taxes will be at that time, what health expenses will be, and what the rate of inflation will be--but I made guesstimates and went on. We can live quite comfortably on $60,000 per year allowing one large travel expense and a generous entertainment expense.
The plan is for both of us to work until age 66 when we will draw our full Social Security--$23,000/year for me and $26,000 for JMM. If we withdraw 3% per year from our current 401K accounts, that will bring in $15,000 per year.
So the answer to my question is Yes, our retirement planning and saving looks like enough. Now if life will just conform to my plans...

Thought for the day:

Character may be manifested in the great moments, but it is made in the small ones. Phillips Brooks

Down, down, down Dow

Well, the Dow went down another 300 points today bringing it to a close at 6763. I sure am glad that 2/3 of my retirement funds ($200,000) are not in the stock market!! My plan is to continue working 32 hours per week until age 66 (5 more years) and then drop to 24 hours per week until 70. Unless there's a total economic collapse and rioting in the streets, my finances should be just fine. Good health, full employment, and the Good Lord willing, that is.

Thought for the day:

Joy is not in things, it is in us." ~ C. Wagner

Stock Market Turmoil

The stock market is in major turmoil. It’s like Enron on a global scale. It may get better or it may not. There may be some temporary fixes which will come from the taxpayers but where the end of it is, no one knows. On a personal level, I have stopped all my 403b contributions and will use that money to finish getting the house paid off. Half of my retirement funds are in a fixed rate annuity but who know when that company will go under. But rather than living in fear of the future, I am enjoying today. Good job, good family, good health, good food, water, and electricity. Life is good.



Thought for the day:



To live content with what you have;

To seek elegance rather than luxury,

And refinement rather than fashion;

To be worthy, not reputable,

and wealthy, not rich;

To listen to stars and birds,

babes and sages with open heart;

To study hard;

To think quietly,

act frankly,

talk gently,

await occasions,

Hurry never;

In a word to let the spiritual, unbidden and unconscious, grow up through the common

–This is my symphony.



William Henry Channing

Retirement

I don't think that I will ever retire unless I become physically unable to work or if the job market for hospital pharmacists dries up. The future is, of course, unknowable so I may not be able to continue but I will make my plans to continue. There are two main reasons for continuing to work--one financial and one personal. The financial is simple: It takes a lot of money to maintain a comfortable, interesting life; it has been my experience that having money seldoms makes a situation worse. The second reason is that I flat find staying home boring. I can enjoy being at home for several days at a time but after that I want to go somewhere and do something. I enjoy homemaking to an extent but not as a total life.

Deciding not to retire has a couple of benefits. First of all, I don't have to feel pressured to live ultra-frugally both now (in order to retire later) and in the future when I would ber living on a fixed, limited income. Now this is not to say that I will not continue to save for a rainy day but it does replace the negative pressure with a more positive knowledge that the rainy day fund is there if needed. Another benefit is that not retiring encourages good practices of both mental and physical health. Lastly, not retiring gives "permission" to enjoy the here and now as long as debt is not incurred and the rainy day fund continues to grow.

I know this is not an option for people who do hard manual labor or who have physical disabilities that cannot be accomodated in the workplace. It is also not a good plan for those who have jobs they find boring or who work in unpleasant situations. And finally, it is not for those who find homemaking the calling of their lifetime.