Retiring at end of the year. Hi I am Ken

Romer

Recycles dryer sheets
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Hi, I am Ken

I have been an engineer in the Aerospace Industry for 38 years. Working at two of the largest companies

I have been very fortunate to have earned a pension. I actually had two, but cashed the first one out when I moved to the 2nd company. In 12 years at company two, my current pension is 2.5 items the value of Company 1 over 20 years. But that is because I was an executive at Company 2

The cashed out Pension and movement of my first two 401Ks enabled me to have a good sized investment base and boy did I learn the value of compounding earnings

Being an engineer I tend to model everything and research things before I make a decision. I am working to better educate myself about investing after retirement as I want to mange my own investments rather than pay someone. This site, Bogleheads.org and Jane Quinn's book on How to make money last have ben excellent sources of information

Up to now I have been focused on when I can retire with a guess at yearly expenses and social security to tell me the when.

Now I will have to learn how to focus on being retired (Jan) and how that changes in how we manage our money and expenses

I have been married for 35 years (same woman :) ) I have 3 daughters who are all successful on their own, a Lawyer, Nurse and an Engineer. All three are married to great and successful men. I am a car guy, why I have a 6 car garage (4 cars and a Australian Camper). I restored a 47 year old Toyota Land Cruiser as one of my hobbies

I would consider myself very fortunate and being able to maintain my current lifestyle through retirement with some current hobbies getting more time and learning some new ones to take on new projects. I Bought a welder and will learn how to use it is one thing I have planned :) Along with more offroad expedition trips and traveling internationally with my wife. She doesnt come on the offroad trips, but the daughters still do
 
Welcome Ken!

Working aerospace were some good years in my life. I started my career working for Pratt & Whitney. Those United Technology benefits were the best of my career. Moved on since.

On a glide path to retirement myself, tapering down. Working 20 hours a week plus consulting. About a year to go.

Understand the need to model. Have various spreadsheets prepping for retirement. The most important one - got the idea here - is "First 10 years cash flow plan". In other words, where is the replacement paycheck going to come from?

Traveled a lot myself. Mostly Asia. Expect to do less international and more domestic and North America.

Spend a lot of time with grandkids. Enjoy that very much, while they are young and we can give them unconditional love.

Re your being a "motorhead", and buying a welder, very interesting. I have a friend who is retired and lists his occupation as "CAD CAM milling machine operator". He's actually writing programs to control multiple spindles simultaneously for increased productivity! Plus managing portfolios for other people. $2 million minimum.

Look forwand to your posts telling us about your experience as things unfold.
 
Welcome to your pending retirement. Sounds like everything is in order to enjoy this wonderful part of life.
 
Welcome, and sounds like financially, there is nothing for you to be concerned about. Being successful at the retirement job is the easy part and good luck!
 
Welcome Ken.
Another retired engineer(ME) here as well.
I'm sure you will do fine managing your own portfolio.
It's funny , I always wanted to know how to weld myself. Maybe I should follow your lead:)
Sounds like you have a great family. DW and I were never able to have kids so I can only imagine the pride you feel with 2 out of 3 of them getting respectable jobs.:LOL::LOL::LOL:
 
Welcome, Ken.

... I am working to better educate myself about investing after retirement as I want to mange my own investments rather than pay someone. ...
Investing is actually pretty easy, though the industry works overtime to convince everyone that it can only be done by successfully by the various priests, acolytes, and gurus who want to charge you large fees. Once you know a few rules, your portfolio will beat the "experts" most of the time. Like 90% of the time over ten years.

Suggestions:
"If You Can" by William Bernstein https://www.etf.com/docs/IfYouCan.pdf (free 16 page download)

"The Coffee House Investor" by Bill Schultheis https://www.coffeehouseinvestor.com/
"The Bogleheads Guide to Investing" by Taylor Larimore et al https://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/0470067365 (The Bogleheads site has good reading material too, but I find most of the threads to be too frenetic and intense to be enjoyable reading.)
We humans, especially we engineers, believe we are far more logical and rational than we really are. This is important for an investor to understand. So ... :
"Misbehaving" by Richard Thaler https://www.amazon.com
/Misbehaving-Behavioral-Economics-Richard-Thaler/dp/039335279X

"Thinking Fast and Slow" by Daniel Kahneman: https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555
(Read Thaler first)

More:
From that basic reading you can branch out. Maybe try some more Taleb. Definitely sample William Bernstein's more recent books. Charles Ellis and Burton Malkiel have insights for you too.

Good luck!
 
Welcome Ken. Sounds like you have the 2 main things covered - finances and plans for your time. Enjoy!
 
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