Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Final Prep for RE
Old 06-14-2018, 08:36 AM   #1
Recycles dryer sheets
RetireBy90's Avatar
 
Join Date: Feb 2009
Location: Cville
Posts: 470
Final Prep for RE

Hi, I'm planning on RE in 2 months and my planning has mostly focused on having sufficient funds to be FI. I have done some thinking on my days without a job and have some ideas to get me started.

My question today, for those already retired, where there any steps in the final months of work that proved to be especially useful ?

Health care: I am 62 now and will rely on Tricare from military till I can get Medicare and back to Kaiser.

Income: We have 3 retirement checks today and a pile sufficient to replace my take home pay with a draw of about 3 to 3/12 % rate and in 8 years with SS and other income kicking in about then we won't need a draw (but then there will be RMDs) I think our pile is sufficient.

Daily activities: I have grown fond of a nap about 10AM but boss doesn't share my fondness. Seriously, I plan to work about 2 days a week with Habitat for Humanity, spend a day or 2 with Salvation Army and another charity that provides help to distressed families. I know this will be a work in progress and require adaption as time goes along.

Travel: We are budgeted for 3 or 4 trips each year, couple short trips and 1 or 2 longer trips.

So any checklist items I can add that you found useful or wish you had completed prior to RE ?

Thanks in advance
__________________

RetireBy90 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-14-2018, 08:43 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Florence, AL/Helen, GA
Posts: 2,593
Sounds as if you have already done your homework.

Your retirement will take on a life of its own. There is nothing wrong about watching Let's Make a Deal and Price is Right before taking a short nap.

And my hat's off to you for wanting to give back something to the community.

You have so many great experiences ahead of you and the resources to do them.
__________________

Bamaman is offline   Reply With Quote
Old 06-14-2018, 08:49 AM   #3
Recycles dryer sheets
 
Join Date: Dec 2015
Posts: 219
Great question, and I'm on a hopefully similar timeline though I haven't committed mentally 100% to actually pulling the ripcord yet.

Things that come to mind:

- Get all final healthcare (dental work, new eyeglasses, Colonscopy ) done while yu have the corporate insurance

- Get a yearly physical (assuming the timing is good)

- Do a double, triple and quadruple check of your budget and estimated expenses

- Call SS and confirm your expected benefits

- Make any big purchases and do any big home repairs you need to. This for us is delaying ER as we put off a # of things for years and now I'm having to pay for them all at once. Makes me want to work OMM / OMY to pay for everything and not have to dent my retirement kitty to do so. I'm pretty close to a major milestone # that I really want to have in the kitty and am inches from it..so having income to pay the big expenses is helpful.

Probably more but those are my big ones..
RetireSoon is online now   Reply With Quote
Old 06-14-2018, 09:21 AM   #4
Full time employment: Posting here.
 
Join Date: Oct 2014
Posts: 529
Quote:
Originally Posted by RetireSoon View Post
Great question, and I'm on a hopefully similar timeline though I haven't committed mentally 100% to actually pulling the ripcord yet.

Things that come to mind:

- Get all final healthcare (dental work, new eyeglasses, Colonscopy ) done while yu have the corporate insurance

- Get a yearly physical (assuming the timing is good)

- Do a double, triple and quadruple check of your budget and estimated expenses

- Call SS and confirm your expected benefits

- Make any big purchases and do any big home repairs you need to. This for us is delaying ER as we put off a # of things for years and now I'm having to pay for them all at once. Makes me want to work OMM / OMY to pay for everything and not have to dent my retirement kitty to do so. I'm pretty close to a major milestone # that I really want to have in the kitty and am inches from it..so having income to pay the big expenses is helpful.

Probably more but those are my big ones..
In the same boat. Already FI but building retirement house. Construction starts in October. Should be complete in March/April. Current work contract goes thru Sept 2019. Thinking about going to 75% at that point. Then down to 50% after a year.
__________________
-Big Dawg-FI since 9/2010. Failed ER in 2015. New target 2020.-

-"Blow that dough"-Robbie

" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
Bigdawg is offline   Reply With Quote
Old 06-14-2018, 09:26 AM   #5
Moderator
MBAustin's Avatar
 
Join Date: Jul 2010
Posts: 4,686
Personally, I'd suggest taking it easy on volunteer commitments the first few months. I took on too much too soon and got burned out and stressed which is not what I wanted ER to be.
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
----------------------------------
ER'd Oct. 2010 at 53. Life is good.
MBAustin is offline   Reply With Quote
Old 06-14-2018, 09:32 AM   #6
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 44,062
Quote:
Originally Posted by MBAustin View Post
Personally, I'd suggest taking it easy on volunteer commitments the first few months. I took on too much too soon and got burned out and stressed which is not what I wanted ER to be.
^ What she said.

I also overdid the volunteer thing after retiring - bad experience.

My recommendation would be to delay committing your hard-earned free time to any volunteer gig for at least six months after pulling the plug. Then if you still feel the need, wade in slowly and do not over-commit.
__________________
Numbers is hard

Charter resident of the lumpen slums of cyberspace

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 06-14-2018, 10:09 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2013
Posts: 6,742
If you don't have a HELOC it's worth getting approved while you still have income. You don't ever have to use it, but post retirement getting approved for larger sums is difficult.
MRG is online now   Reply With Quote
Old 06-14-2018, 10:14 AM   #8
Administrator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee ba gum
Posts: 22,498
Quote:
Originally Posted by REWahoo View Post
^ What she said.

I also overdid the volunteer thing after retiring - bad experience.

My recommendation would be to delay committing your hard-earned free time to any volunteer gig for at least six months after pulling the plug. Then if you still feel the need, wade in slowly and do not over-commit.
+1

I totally misjudged my ability to enjoy myself in retirement without having some sort of organized work to do.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is online now   Reply With Quote
Old 06-14-2018, 10:21 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 10,513
Another vote to reconsider commitment for volunteering. I worked with Habitat when I first retired and quickly came to resent having that commitment hanging over my head. They wanted to make me a house leader (all for no pay) and I decided instead to back away instead. So, my advice is to commit slowly, it is easier to increase than decrease. YMMV
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 06-14-2018, 10:27 AM   #10
Full time employment: Posting here.
Red Badger's Avatar
 
Join Date: Jan 2017
Location: Piedmont Region
Posts: 995
Quote:
Originally Posted by MBAustin View Post
Personally, I'd suggest taking it easy on volunteer commitments the first few months. I took on too much too soon and got burned out and stressed which is not what I wanted ER to be.
+1.

Did same mistake right after retiring. Busy enough with 1-2 days of volunteering, honey-do's, travel, - - - and the occasional wife swoop.
__________________
Never let yesterday use up too much of today.
W. Rogers
Red Badger is online now   Reply With Quote
Old 06-14-2018, 10:45 AM   #11
Moderator
Aerides's Avatar
 
Join Date: Nov 2015
Posts: 1,469
As with many others above, I'd say you already have far too much planned. For those first 90-180 days, less is better, especially anything that commits you to others beyond a little travel.

Allow yourself some decompress time. Get to know yourself once you forget your work persona, discover new hobbies or local interests you never noticed before. Some of the things you like to do now in your free time might not be so much fun once you have much more of it - others will fill their place.
Aerides is offline   Reply With Quote
Old 06-14-2018, 11:25 AM   #12
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Tampa
Posts: 1,319
I volunteer for assisting in running many events in our community, but nothing more at the present time. Thus it is not a set day and time as a commitment, which can feel like PT work to me.
Some retirees feel there is almost a commitment of sorts to immediately jump into volunteering. If that floats your boat, then fine but don't feel an obligation to do so.
As for RMD's, you just have to worry about paying the taxes as part of your "WR" at that time.
__________________
TGIM
Dtail is online now   Reply With Quote
Penetrating the intraweb
Old 06-14-2018, 11:28 AM   #13
Full time employment: Posting here.
Mdlerth's Avatar
 
Join Date: Oct 2016
Location: The Shire
Posts: 709
Penetrating the intraweb

On my countdown agenda will be compiling a list of all the phone numbers, websites, usernames, passwords, etc., which you will need to access all the retirement benefits you earned.

While I'm still an employee, it's easy to reach via internal links, or at worst, I can speak to some one who can connect me. But retirees have to go through more hoops because they're trying to connect from external computers.

Congratulations on your pending RE. Keep posting as the Big Day nears. I will be curious about where your thoughts take you the closer you get to punching out. Excitement? Terror? Befuddlement? Anticlimax? Strangely compelling animal urges?
__________________
Paying it forward is the best investment.
Mdlerth is offline   Reply With Quote
Old 06-14-2018, 11:55 AM   #14
Full time employment: Posting here.
 
Join Date: Sep 2002
Posts: 571
I think we all had great aspirations when we retired. However you may be surprised how your BS meter is not what you think. Really think about why your are volunteering. The best thing about retiring is you can decide what you value and what you want to do. It probably will change over time. You will have no problem with TRICARE. Worse case is your max out of pocket allowable.
JDARNELL is offline   Reply With Quote
Old 06-14-2018, 12:55 PM   #15
Thinks s/he gets paid by the post
 
Join Date: Oct 2012
Location: Colorado Mountains
Posts: 2,524
I have been working on a Habitat for Hermit since I retired 5 years ago.

I get to work on it when I want to and do other things when I feel like it too. I guess swinging a hammer is therapeutic for me. Who knows? I may even get to move in to it some day.
Hermit is offline   Reply With Quote
Old 06-14-2018, 12:56 PM   #16
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 2,107
Realize there are what I would call "white collar" and "blue collar" volunteer opportunities.

With the "white collar" variety, you may find yourself responding to emails, going to meetings, giving updates on progress of deliverable, etc. etc. Much of the work is at home on my own time.

In other words, this can start to feel like the old job all over again.

The one thing that I have found useful is that I only volunteered for gigs that had a 1 year cycle time. At the end of the 1 year a new team is formed each year. As such there is a convenient exit strategy built in each year.

I have just chosen to keep renewing OMY.

-gauss
gauss is offline   Reply With Quote
Old 06-14-2018, 01:45 PM   #17
Recycles dryer sheets
 
Join Date: Jun 2015
Posts: 144
I agree with limiting structured volunteer commitments at first.

I've done lots of volunteer work all my life. Now I am happy to do project work, like building a website and updating it several times a year. Or helping at events, like fundraisers.

But no more meetings for me with more than just a few people to decide some things. No board or committee meetings at all.
gretah is offline   Reply With Quote
Old 06-14-2018, 03:43 PM   #18
Full time employment: Posting here.
 
Join Date: Sep 2012
Location: Albuquerque
Posts: 555
This is a 2017 thread that has some suggestions for final preparations. And it links to another thread from 2006 with more suggestions.

Year by year pre-FIRE checklist

I took out a HELOC and ended up using it to buy a car. I had the cash but my government pension and 401k access were taking so long that I decided to use the HELOC just in case as did not want to deplete my cash reserves. Sort of a temporary cash flow problem.
__________________
Retired on 9/30/2017; age 62
ABQ2015 is offline   Reply With Quote
Old 06-14-2018, 03:46 PM   #19
Recycles dryer sheets
 
Join Date: Feb 2017
Location: SF Bay Area
Posts: 207
We sat down with our insurance agent to review all of our home/car/umbrella/earthquake policies to make sure we had appropriate coverages. It had been more than a decade since we had last done this, so it was good.

The agent suggested that we get a home inspection done, like you would get if you were buying a house, to get a thorough look at the state of the mechanicals and structure of the house. We came out of it with a long list of recommended repairs, which helped us budget appropriately. They ranged from safety items that we took care of immediately (electrical sub panel that was a house fire waiting to happen) to many DIY items, to somewhere in between. I think the inspection was $600, worth every penny for the sub panel alone.
ocean view is offline   Reply With Quote
Old 06-14-2018, 04:49 PM   #20
Recycles dryer sheets
RetireBy90's Avatar
 
Join Date: Feb 2009
Location: Cville
Posts: 470
Thanks for all the replies and suggestions. I posted this morning then got caught up on calls at work. Iím in the process of transferring my last group of servers to another team right now. Big business can be harder than dealing with the government

I think Iíll try to do one or 2 weeks with habitat, then one or 2 with Salvation Army. Perhaps a week between them. That should keep them from relying on me to be there all the time.

We already have 2 trips booked and paid for, so leasure is accounted for.

I meet with FA from Fido next week, she has already confirmed our financial plan and recommended we update our wills (will go on-base after I retire when we can do a week day morning, less people Tuesday mornings). Also got a review of insurance, and made couple changes including a new universal policy.

So, for now I need to nail down tri-care then update wills and medical POA when we can get to Ft Belvoir. Iíve always worried Iím forgetting something, and this time no different.

Thanks again for the advice. Guess only thing I forgot is
__________________

RetireBy90 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Income Tax Prep Tips TromboneAl FIRE and Money 13 02-10-2009 11:25 AM
H&R Block Tax prep course advice Sue J Other topics 21 10-13-2008 07:38 PM
4 years 5 months and counting - Starting to prep for ER launch chinaco Hi, I am... 5 02-25-2007 07:21 PM
Tax Prep Software bubba Other topics 7 01-07-2007 05:54 PM
Work as a prep cook in a restaurant during time-off? soupcxan Other topics 16 10-15-2006 09:00 AM


 
All times are GMT -6. The time now is 12:38 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.