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Help, help, help
Old 02-19-2005, 07:41 PM   #1
 
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Help, help, help

How do you retire after you have gone to work for 35 years.

How do you deal without getting your steady paycheck.

How do you accept the fact that you can not continue to grow your assests but must liquidate them and invest for steady income.

I am 59 and being forced into retirement. I have substanial investments , but seem afraid to face retirement.

Can anyone offer any advice.
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Re: Help, help, help
Old 02-19-2005, 07:48 PM   #2
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Re: Help, help, help

How about this - you can have my bi-weekly paycheck in exchange for your liquid assets. I'll keep going to work (or you can go in my place if you want). Sound like a good deal?
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Re: Help, help, help
Old 02-19-2005, 07:52 PM   #3
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Re: Help, help, help

Read all the good stuff you can...plenty of suggestions abound here, like "the four pillars of investing".

After that its like taking your first swim of the year. You know the waters gonna be cold. It'll be a shock at first. So get in it, get used to it, and have fun.

It took me several years before I was fully comfortable with the idea, and I have to say that when I got married (wife works and doesnt want to quit), and got regular benefits like medical and dental that werent coming out of my pocket...it was pretty comforting.

You'll get the hang of it though. Just sleep until 10am for 3-4 days in a row. It'll start feeling good to you...
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Re: Help, help, help
Old 02-19-2005, 07:53 PM   #4
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Re: Help, help, help

There are plenty of people on this board who would be willing to offer some suggestions, but you'll have to provide a lot more information to get any valuable financial advice.

What kind of investments do you have? Do you have a pension? IRA? 401K? 403B? brokerage accout? savings bonds? Do you own your home? Is it just you or are you supporting a wife? others? How much do you spend per year as a percentage of your total investments?

Of course the financial issues are only part of retirement. Express your concerns and there are plenty of people who will pontificate on the meaning of life.

Just remember two things: 1) the advice you will get is free and you get what you pay for and 2) not everyone will be nice.

Good luck.
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Re: Help, help, help
Old 02-20-2005, 04:06 AM   #5
 
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Re: Help, help, help

I'll be "nice"
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Re: Help, help, help
Old 02-20-2005, 04:36 AM   #6
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Re: Help, help, help

Being afraid is normal - I read years ago (1993)when I made the transition that retirement was no. 3 behind death in the family and divorce as far as uncertainty quotient/fear of the unknown.

My transition took about a year as best as I can remember.

Start your due diligence - Pension options (if any), 401k leave or roll over, pencil out your monthly expenses, etc., ask questions and take notes. Write down your plan for retirement.

Fear is normal - meanwhile get to work - on your retirement that is.

And per TH - get out and smell the roses - think of it as practicing retirement, heh, heh.
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Treat it like a job search.
Old 02-20-2005, 06:30 AM   #7
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Treat it like a job search.

Who's defining this transition-- you or the company? IOW, are you retiring (because that's what they call it) or starting a new job search (if you want to call it that)? I had no trouble giving up a paycheck (after "just" 24 years) but the advice on this board helped avoid the potholes.

If you're retiring, then here's a couple books that've helped many:
How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor by Ernie Zelinski

http://www.amazon.com/exec/obidos/tg...books&n=507846

The New Retirementality: Planning your life and living your dreams at any age you want by Mitch Anthony

http://www.amazon.com/exec/obidos/AS...517571-5071145

As for the financial side, you can plug your assets into FIRECalc and see what your odds are. You might be surprised to see that your assets will continue to grow if you keep your withdrawals low enough. You don't necessarily need to liquidate anything nor do you necessarily need to invest for steady income... long-term cap gains are taxed lower than bond "ordinary income" and CGs may have a lower tax rate than dividends. But Bernstein's "Four Pillars" book has several sample portfolios that will help you find something to let you sleep at night.

Without knowing any of your details, perhaps you should take a month off for a do-nothing vacation. Spend the time around the house resting, reading, & thinking. When you're tired of reading a book, instead of turning on the TV try reading this board's posts. You'll probably find a personality similar to yours (good luck with some of them). And your answers will probably start to reveal themselves by the second or third week.
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Re: Help, help, help
Old 02-20-2005, 06:45 AM   #8
 
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Re: Help, help, help

Hello unclemick. I am afraid of some things, but I was never afraid of death, divorce or retirement, 2 of which
I have already experienced with little angst.

So, what am I afraid of? I would say liberals and other PC types in any position above dog catcher

JG
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Old 02-20-2005, 07:22 AM   #9
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Re: Help, help, help

"So, what am I afraid of? I would say liberals and other PC types in any position above dog catcher"

LOL!
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Re: Help, help, help
Old 02-20-2005, 07:23 AM   #10
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Re: Help, help, help

Quote:
How do you retire after you have gone to work for 35 years.
Find something else more interesting to do than work. Start thinking about your hobbies or other things that you have always fream about doing.
Quote:
How do you deal without getting your steady paycheck.
I assume you get serverance pay and umemployment payment for a while. You should be getting social security in 3 years.

How about withdrawal form you investments?
Check out some of the calculators:
MSN, T.Rowe Price, FIRE (at this site).

Quote:
How do you accept the fact that you can not continue to grow your assests but must liquidate them and invest for steady income.
This is a fact of life - similar to old age, death, tax ...

Spanky
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Re: Help, help, help
Old 02-20-2005, 05:47 PM   #11
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Re: Help, help, help

Embrace Change. Remember that every cloud has a silver lining. Once you get used to a new routine you may find yourself much more happy and fulfilled than you did previously.

Change can be hard but it can also lead to wonderful things.

Good luck!

Mountain_Man
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