Early retirement experiences?

[Accidental Retiree]

It's a matter of not picking a battle that you can't win. My DW has never been this excited about a project or event. I think she's been planning it for years.

I am sure it will be a beautiful wedding, and it's great that you and your wife have built assets such that you can give these gifts to your sons and also let your wife bring to life one of her dreams in her retirement. As you said, with two sons, it's not exactly traditional, so it's worked out nicely for her to achieve something she really wanted.

You posted an interesting comment here, at least to me, as I've often wondered how others' weddings, especially the really big ones, end up being expected to be paid for by the parents. Recently, a friend's 23 YO daughter, planning her 2nd wedding, told her mom and stepdad that they and the other 3 sets of remarried parents were going to have to pony up $5000 each to pay for her dream vineyard wedding, complete with Jimmy Choo shoes and a second outfit for the reception.

My jaw dropped, and I really wanted to be a fly on the wall for the "come to Jesus" about wedding planning and budgets. The mom had already paid for wedding #1. Now she was being pre-dunned for #2.

I just could never imagine expecting such a thing for myself, so your post brought that up again and made me wonder where such expectations come from. Maybe because I never heard it growing up, it came as a surprise and it's quite traditional?

I can see how that expectation could strain the w*rking parents' budget, let alone their retirement budget, but if it's in their financial plans -- or even if not, and they choose to use their resources that way--it's a wonderful gift.

 

[jetpack]

My biggest surprise was finding a new purpose in life. Finding a reason to get up in the morning.
It's been a few years since I've semi-retired. I've tried travel and volunteering. Both ended up seeming too much like work. In fact, I liked my former real job better than retirement!

 

[Dash man]

I just could never imagine expecting such a thing for myself, so your post brought that up again and made me wonder where such expectations come from. Maybe because I never heard it growing up, it came as a surprise and it's quite traditional? I can see how that expectation could strain the w*rking parents' budget, let alone their retirement budget,

No kidding! I would never expect to pay for a second wedding. Everyone I know that remarried always did it in a low key manner. I would hope the young lady's parents had that "come to Jesus" discussion you mentioned.

 

[Live And Learn]

BTW, did you know pay phones cost 50¢ now?

They still have those ? I can't remember the last time I"ve seen one

 

[Live And Learn]

Thanks to those that shared dental costs. I can hopefully cover w/in my medical budget as I have planned to hit the OOP maximum every year.

 

[MRG]

They still have those ? I can't remember the last time I"ve seen one

Most convince stores still have 1, at least in this area of the country.
I haven't been to the UK for probably 12 years. Loved the big red ones, they were also a method of advertising for a very old profession. Obviously that profession went on for a long time before phone booths, I'm sure after too. Maybe those cards one of my buddies stuffed in my belongings, for DW to find, have a collectable value.

MRG

 

[Ticker]

Thanks to all for sharing! Great info.

I have the medical covered, both kids married, no debt, and the current largest unknown is the stock market, and now I learn, my dental costs.

My original intent was to retire to spend quality time with my wife while we are still able to do so, and then earlier this week they announced a HUGE breakthrough in the treatment of her disease. While the new cure appears to be available to the general public in 2016, she could probably get it earlier in a clinical trial if needed.

So now I am second guessing the decision. If I go in Oct., we will have 2 slightly tight years, and then plenty for the duration (see the qualifier above). Or I could continue to work and save and simply use vacation time to travel, etc.

Anyone have a similar choice? Would love to hear how you handled it, or even if you only have an opinion on what my considerations should be.

Thanks in advance.

 

[robnplunder]

My biggest surprise was finding a new purpose in life. Finding a reason to get up in the morning.
It's been a few years since I've semi-retired. I've tried travel and volunteering. Both ended up seeming too much like work. In fact, I liked my former real job better than retirement!

Retired at 40? No wonder you are looking for a new purpose in life. You are too young to set "having fun" as the goal for the rest of your life . That'd be my goal when I retire in a few years. I have a list full things to do when I retire and I suspect I will be busy having too much fun.

 

[daylatedollarshort]

Quick questions for Daylatedollarshort: Are you going to itemize the healthcare expenses on Schedule A? I think anything greater than 10% AGI can be used as a deduction which in your case for that one year would be huge. In my mind it makes the unexpected healthcare expense a little more palatable (versus an unexpected home problem). Any thoughts?

We have a tax program at home and are looking at that now. At minimum the health insurance premiums are a business expense for us. The problem with the provider bills is that they are being sent out in dribs and drabs after insurance negotiations, so the payments we make will occur in two separate tax years. We don't want to be too eager to pay our portion of the bills in 2013, because it would provide a disincentive for the providers to try to eek more payments out of the insurance company.

The least we should be able to do taxwise is have premiums as a business expenses this year and next. Plus next year we will have a Bronze plan HSA account we can max out and pay the bills sent out in 2014 from there.

 

[MRG]

My original intent was to retire to spend quality time with my wife while we are still able to do so, and then earlier this week they announced a HUGE breakthrough in the treatment of her disease. While the new cure appears to be available to the general public in 2016, she could probably get it earlier in a clinical trial if needed.

Anyone have a similar choice? Would love to hear how you handled it, or even if you only have an opinion on what my considerations should be.

Thanks in advance.

Ticker I must have missed the post about your DW health issue. Not knowing the details I can say a part of my decision was based om my DW's health. Her condition probably isn't life threatening, but it bcame clear to me that spending more time with her would benefit her. My retirement has helped my DW's quality of life.

MRG

 

[retiredatfifty]

Greetings from brisky South Louisiana where it's expected to get down to 27 tonight. I have been lurking, thanks so much for this trove of information! The advice you guys post has been very valuable to me.

I am looking to retire in October of 2014 when I turn 60. My plans are to use a series of small pensions and saved money to get to age 62 when I will take SS early. Looks like I'll have sufficient money at 62, so I think the money part and health care is taken care of. my concern is the unexpected.

I am soliciting your story-what happened that you did not expect? What were your challenges that you did not foresee? Besides money, what else should I prepare for?

Thanks in advance, and again, thanks for the past postings.

I thought I would want to work part-time, seasonal, or run a little business. Turns out I was mistaken ....

 

[Ticker]

Sorry, I did not include the health issue in my original post. Would not have been a factor except for this week's announcement about the new treatment.

Am still thinking that it's a quality of life issue, and her health is now the best it has been in a couple of years. Maybe better to take the bird in the hand and stick with the original plan.

 

[daylatedollarshort]

So now I am second guessing the decision. If I go in Oct., we will have 2 slightly tight years, and then plenty for the duration (see the qualifier above).

I think you should look at your cash flow over the duration of your planned retirement, and not worry about individual years being tight or not.

We will have high expenses for the next few years before we downsize and while the kids are in college. But after that our cash flow improves once the kids are self supporting, we downsize, we move to a lower cost of living area for retirement and we both start collecting Social Security.

What counts is the overall success rate while leaving a cushion for the unexpected, reduced SS in the future, increasing health care costs, and LTC insurance or self coverage.

We have a couple of small businesses but I do not include the income from them in our retirement plan, so whatever we earn from them can just go to savings, travel or whatever.

 

[Walt34]

It's a matter of not picking a battle that you can't win. My DW has never been this excited about a project or event. I think she's been planning it for years.

Count on it. This reminds me of several comments I've read in photography books about the importance of having backup gear on site for a wedding.

Paraphrasing from the books:

"Either consciously or unconsciously the bride and probably more importantly, her mother, has been dreaming about this day for more than 20 years. She does not want to hear 'my camera broke'. If she does, she will take the knife that was intended for the wedding cake and cut your still-beating heart out of your chest and shake in in your face before you die."

"Make sure you have backup gear".

 

[Live And Learn]

Sorry, I did not include the health issue in my original post. Would not have been a factor except for this week's announcement about the new treatment.

Am still thinking that it's a quality of life issue, and her health is now the best it has been in a couple of years. Maybe better to take the bird in the hand and stick with the original plan.

Yes - I think Karma / fate had you planning ER. If its only 2 slightly tight years and then suffucient funds afterwards I'd go for it.

 

[Sarah in SC]

Count on it. This reminds me of several comments I've read in photography books about the importance of having backup gear on site for a wedding. Paraphrasing from the books: "Either consciously or unconsciously the bride and probably more importantly, her mother, has been dreaming about this day for more than 20 years. She does not want to hear 'my camera broke'. If she does, she will take the knife that was intended for the wedding cake and cut your still-beating heart out of your chest and shake in in your face before you die." "Make sure you have backup gear".

That is truly awesome!! And probably quite true from some of the mother of the bride stories I've heard! Hilarious!

 

[sengsational]

That is truly awesome!! And probably quite true from some of the mother of the bride stories I've heard! Hilarious!

I have two daughters. DW isn't impressed with the progress..."they'll never get married". Me OTOH, am fine with them being indepndent. But yeah, I shot one wedding...never again...too much pressure! BTW, there's a band playing at the creamery this Saturday

 

[Sarah in SC]

I have two daughters. DW isn't impressed with the progress..."they'll never get married". Me OTOH, am fine with them being indepndent. But yeah, I shot one wedding...never again...too much pressure! BTW, there's a band playing at the creamery this Saturday

I'm not coming unless it is Tangent!

 

[xring3]

I have not posted here before so here goes. Retired at 62. My wifes health is not good so I went to being the caregiver (no bitterness about that). Fortunately I tagged onto last employers insurance, and savings are paying for that for the both of us. My key was to start saving early (started at 19) and tighten the belt all along the way. I seemed like a schrooge to my first wife. We divorced after 21 years, lucky for me she wanted to keep her pension and mine seperate. Now I am retired, she spent hers and went bankrupt. Living now on SSI, small pensions from 3 sources and investment income ONLY if I need to access them. Don't get tied up in scams or stupid spending. PAY OFF ALL YOUR DEBTS INCLUDING YOUR HOUSE AND CARS BEFORE RETIREMENT!!! MHO

 

[Brett_Cameron]

I didn't think of dentistry either ! May I ask how much you spent and over what period ? Was there a "lost cost" option to what you choose ? (ie: bridge insteand of implant) ?

Sorry for the delayed response.


We have a retiree dental policy that pays $1500 per year per person for cleanings and repair work. DW (age 34) has bad teeth prone to decay and flaking. Mine are just old (age 58).

We had the following out of pocket expenses:

2011 (Year of ER)
Me: Root canal $199
Total other: $100
2012
Me: Root canals and bridge $7,784
DS2 Gum surgery, veneer $2,156 (braces gone bad)
DS3 Extraction $83
2013
DW $8,972 implants, crowns, extraction
Me $1,565 crowns and wisdom teeth extraction
2014 Projected
DW Bridge, implants, root canals $6,000 (this should complete repair of all teeth)

Total: $26,859

Pre-FIRE we probably had double that in the immediately preceding years.

 

[Brett_Cameron]

Years ago I cracked a molar root, the tooth was extracted, and the alternatives offered me were implant, or bridge. NO WAY did I want the perfectly good teeth on either side of the cracked one, ground down and turned into pillars for a bridge!

Unfortunately, a second exam showed that my upper jaw was too flimsy to support an implant, and so, 15 years later, I am now on the second bridge (first one failed this year). Sooner or later I will need a denture, since there is a limit to the number of times you can re-use the bridge teeth. I hate all this more than I can say.

Amethyst

I regret the bridge I got. Wish I had gotten implants instead. They bridged two upper jaw molars with the front anchors on the canine and incisor. They are not rooted the same as chewing teeth and causes some strange sensations when chewing on that side.

 

[workedout]

Although I'm still trying to retire I feel the same way you do. Am sick of life at the office. Just trying to work up the nerve to actually do it. I'm 58 and spouse wants me to work until 62.

 

[Rusa]

Great thread, all!