Hello everyone,
I’ve decided to retire later this year after a long career in automotive engineering management, and I’m looking for feedback from those who have already made the transition.
A little background:
A little more about me:
I’ve spent nearly three decades in the automotive industry. Outside of work, my primary passion is sailing on the Great Lakes, along with travel, reading, history, and spending time with family. Over the past few years I’ve come to realize that while I’ve enjoyed my career, there are many other things I’d like to devote more time to while I’m still healthy and active.
The decision to retire isn’t being driven by a desire to stop being productive. Rather, I’ve reached a point where I’d like more control over how I spend my time and energy. I expect to stay active, whether that’s through part-time work, sailing, travel, reading, or pursuing interests that have taken a back seat during my career.
Part of my motivation is that our youngest son is still growing up, and I would like the flexibility to be more present during his teenage years.
Current Assets:
Debts:
Expected Spending:
After reviewing our actual spending and budget, I believe we can comfortably live on approximately $6,000 per month in retirement. We have historically spent more than that, but many discretionary expenses can be reduced if necessary.
Major ongoing expenses include:
Retirement Plan:
I have decided to retire later this year. My plan is to spend some time decompressing, sailing, traveling, and enjoying life, and then potentially pursue lower-stress part-time work. Income from future work would be helpful but is not currently part of the retirement plan.
My wife plans to continue working for the foreseeable future.
I’ve reached the point where time has become more valuable to me than additional accumulation.
Questions for the group:
I appreciate any feedback and look forward to learning from the collective experience here.
Thank you.
I’ve decided to retire later this year after a long career in automotive engineering management, and I’m looking for feedback from those who have already made the transition.
A little background:
- Age: Late 50s
- Married for more than 30 years
- Three sons: one living independently, one young adult still at home, and one middle-school-aged child still at home
A little more about me:
I’ve spent nearly three decades in the automotive industry. Outside of work, my primary passion is sailing on the Great Lakes, along with travel, reading, history, and spending time with family. Over the past few years I’ve come to realize that while I’ve enjoyed my career, there are many other things I’d like to devote more time to while I’m still healthy and active.
The decision to retire isn’t being driven by a desire to stop being productive. Rather, I’ve reached a point where I’d like more control over how I spend my time and energy. I expect to stay active, whether that’s through part-time work, sailing, travel, reading, or pursuing interests that have taken a back seat during my career.
Part of my motivation is that our youngest son is still growing up, and I would like the flexibility to be more present during his teenage years.
Current Assets:
- Approximately $1 million in retirement assets, including a pension lump-sum that will be rolled into a rollover IRA at retirement
- Approximately $70,000 in cash savings
- Paid-for home
Debts:
- Boat loan with approximately $39,000 remaining
- No mortgage
- No credit card debt
Expected Spending:
After reviewing our actual spending and budget, I believe we can comfortably live on approximately $6,000 per month in retirement. We have historically spent more than that, but many discretionary expenses can be reduced if necessary.
Major ongoing expenses include:
- Boat ownership and yacht club membership
- Health insurance until Medicare eligibility
- Normal household expenses
Retirement Plan:
I have decided to retire later this year. My plan is to spend some time decompressing, sailing, traveling, and enjoying life, and then potentially pursue lower-stress part-time work. Income from future work would be helpful but is not currently part of the retirement plan.
My wife plans to continue working for the foreseeable future.
I’ve reached the point where time has become more valuable to me than additional accumulation.
Questions for the group:
- What risks or blind spots do you see in this plan?
- How would you manage withdrawals during the years before Social Security becomes available?
- What ACA strategies worked well for those who retired before Medicare?
- Looking back, what do you wish you had known before retiring in your late 50s?
- If you were in my position, what would you be thinking about over the next few months?
I appreciate any feedback and look forward to learning from the collective experience here.
Thank you.
