Question for those retired already

[Dante]

Freedom.



It is not bad at all, but it can be even better.



In the US the answer is yes, yes and yes.

Sad. Some of us have never identified that way or identified others that way.

When asked "What do you do?" by people I always felt sorry for the people with such small talk. May as well ask about the weather or some silly sports team. I've never been one to congregate around a bubbler. Too shallow.

 

[Dante]

Freedom.



It is not bad at all, but it can be even better.



In the US the answer is yes, yes and yes.

People believe not working gives them freedom?

Go out on the dole then


LOL

Freedumb!

 

[Harpy Eagle]

Sad. Some of us have never identified that way or identified others that way.

I agree, it is sad, but it is a thing in the US.

We are also the country where people brag about working 70 and 80 hours a week and where people are called lazy for taking their vacation days and sick days.

When asked "What do you do?" by people I always felt sorry for the people with such small talk.

Indeed, and it is a question that one does not hear asked in most parts of the world.

 

[WorldWatcher]

How does your retirement income compare to your pre-retirement income?

You see lots of different figures thrown around as to what percent it should be.

My calculations puts ours below our gross but about the same as our take home is now.

My situation is easy from the inside but complex from the outside.

I think in terms of "Gross" and "Disposable"

Gross is the employer salaries for my wife and I. Disposable takes into account certain debits including:

• Social Security Tax, Medicare Tax, and Mandatory Pension Contribution = ~13%
• 401K Contributions

Disposable for our salaries is what is left over to pay all the budget bills: Federal/State Income tax, Property Tax, Food, Clothing, Housing, etc. Then we add into this our military retirements.
.
.
.
.
When looking at retirement projections, salaries go away being replaced by Social Security and a small pension each. That revenue when compared to salaries is about 80%. However when we transition to retirement there will be no FICA (Social Security & Medicare Tax), employer pension contribution, and not contributions to 401K. So while working revenue (SS and Pension) decrease by 20%, Wage related pension disposable INCREASES by almost double. Due to no SS, Medicare, Pension, and 401K deductions. Then we add out military retirements to that.

That is without touching 401K for payout. Living expenses will be covered, which leave the 401K's for being able to do some much deserved travel.

WW

 

[Dante]

I agree, it is sad, but it is a thing in the US.

We are also the country where people brag about working 70 and 80 hours a week and where people are called lazy for taking their vacation days and sick days.



Indeed, and it is a question that one does not hear asked in most parts of the world.

Interesting. I've heard this before.

 

[Harpy Eagle]

People believe not working gives them freedom?

Go out on the dole then


LOL

Freedumb!

Yes, if you have the capital to be able to afford it. It is not about being on the dole if one has prepared.

Right now we have to plan trips and vacations around my wife's approved leave blocks. She has to put in for all the leave she wants by Nov for the following year. It is the price paid for being a nurse working in an ICU. Manning levels have to be maintained.

My work schedule is more flexible but there are still constraints on when I can be gone and for how long.

I am not sure why this is confusing for you.

 

[westwall]

That is the way I am right now.

My wife who has only been working full time for just over a decade still loves being a nurse and is not ready to walk away from it yet.

Thus our 5 year plan.

She could be a nurse in Panama.

 

[Harpy Eagle]

My situation is easy from the inside but complex from the outside.

I think in terms of "Gross" and "Disposable"

Gross is the employer salaries for my wife and I. Disposable takes into account certain debits including:

• Social Security Tax, Medicare Tax, and Mandatory Pension Contribution = ~13%
• 401K Contributions

Disposable for our salaries is what is left over to pay all the budget bills: Federal/State Income tax, Property Tax, Food, Clothing, Housing, etc. Then we add into this our military retirements.
.
.
.
.
When looking at retirement projections, salaries go away being replaced by Social Security and a small pension each. That revenue when compared to salaries is about 80%. However when we transition to retirement there will be no FICA (Social Security & Medicare Tax), employer pension contribution, and not contributions to 401K. So while working revenue (SS and Pension) decrease by 20%, Wage related pension disposable INCREASES by almost double. Due to no SS, Medicare, Pension, and 401K deductions. Then we add out military retirements to that.

That is without touching 401K for payout. Living expenses will be covered, which leave the 401K's for being able to do some much deserved travel.

WW

That is very much how we are looking at it as well

 

[westwall]

I agree, it is sad, but it is a thing in the US.

We are also the country where people brag about working 70 and 80 hours a week and where people are called lazy for taking their vacation days and sick days.



Indeed, and it is a question that one does not hear asked in most parts of the world.

Most parts of the world it is so obvious what a person does for a living that there is no need to ask.

 

[Dante]

Yes, if you have the capital to be able to afford it. It is not about being on the dole if one has prepared.

Right now we have to plan trips and vacations around my wife's approved leave blocks. She has to put in for all the leave she wants by Nov for the following year. It is the price paid for being a nurse working in an ICU. Manning levels have to be maintained.

My work schedule is more flexible but there are still constraints on when I can be gone and for how long.

I am not sure why this is confusing for you.

Trips, vacations?

Never interested me. I did go on a journey for a few years leaving it all behind. That was interesting. No going to ten cities in three days taking photos to remember I went through a place. LOL

But I do know people who love to travel. Some have great experiences. Most seem bored and try very hard to convince themselves and others that it was all worth it. People who do things because they hear it what they are supposed to do...

I spent time in place I visited. Meeting people interested me more than visiting monuments and such. Passed by the Hoover Dam so many times it's hilarious. Never had the urge to join the crowd.

To each his own. Like I said, I do know people who love to travel. Some have had great experiences. Love hearing their stories when they share with exuberance and wonder. But others? .

 

[Dante]

Most parts of the world it is so obvious what a person does for a living that there is no need to ask.

Uniforms!

 

[westwall]

Uniforms!

Nope. Farmers are farmers. Tree cutters are tree cutters. Hunters are hunters.

Etc.

You really have no real world experience do you.

 

[Dante]

Nope. Farmers are farmers. Tree cutters are tree cutters. Hunters are hunters.

Etc.

You really have no real world experience do you.

So when a tree cutter is off the job he looks like -- a tree cutter?

Okay.

The real world is what is closest. Unlike the Ugly America , I am not one to think being around a foreign people makes me an expert and knowledgeable. I've met military veterans who believe they know so much about a country they've spent most time on base and in bars LOL

 

[JohnDB]

How does your retirement income compare to your pre-retirement income?

You see lots of different figures thrown around as to what percent it should be.

My calculations puts ours below our gross but about the same as our take home is now.

The problem with retirement is living beyond your savings.

And EVERY time we have rampant inflation the value of your portfolio shrinks even if it grew in value from investments.

Most people seen a 20% growth in their portfolio even if they followed the Dow or other index fund (which most do) .

However the inflation we seen was double digits every year compounding upon the previous years. To where we had 50%+ inflation.(accurate numbers are hard to come by due to fuzzy accounting practices)...however during that same time span most funds returned 20-30% gains meaning a net loss of 20-30% buying power.

And Social Security is expected to issue a COLA raise of 4% next year....whoopee.

 

[westwall]

So when a tree cutter is off the job he looks like -- a tree cutter?

Okay.

The real world is what is closest. Unlike the Ugly America , I am not one to think being around a foreign people makes me an expert and knowledgeable. I've met military veterans who believe they know so much about a country they've spent most time on base and in bars LOL

Yeah, they do.

That's what happens when you live in far away countries, as I have. It is very easy to discern what people do in life. They wear their jobs like they wear clothes.

It's only in first world countries where those questions are asked because we change clothes all the time.

Poor people don't have that luxury.

 

[1srelluc]

That is the way I am right now.

My wife who has only been working full time for just over a decade still loves being a nurse and is not ready to walk away from it yet.

Thus our 5 year plan.

Stalin had a lot of 5-year plans too.....Just call it a 6-year plan.

 

[Harpy Eagle]

The problem with retirement is living beyond your savings.

Thus the joy of Govt provided pensions with COLA increases. Impossible to live beyond your money.

 

[JohnDB]

Thus the joy of Govt provided pensions with COLA increases. Impossible to live beyond your money.

It does create the "dog days of retirement" where you have to eat Alpo instead of regular meat because you can't afford people food.

There ARE WORSE THINGS THAN DYING YOUNG.

And that's living beyond your retirement income.

 

[Harpy Eagle]

Trips, vacations?

Never interested me. I did go on a journey for a few years leaving it all behind. That was interesting. No going to ten cities in three days taking photos to remember I went through a place. LOL

But I do know people who love to travel. Some have great experiences. Most seem bored and try very hard to convince themselves and others that it was all worth it. People who do things because they hear it what they are supposed to do...

I spent time in place I visited. Meeting people interested me more than visiting monuments and such. Passed by the Hoover Dam so many times it's hilarious. Never had the urge to join the crowd.

To each his own. Like I said, I do know people who love to travel. Some have had great experiences. Love hearing their stories when they share with exuberance and wonder. But others? .

As you said, to each their own. I have an innate wanderlust, I think it comes from moving so much growing up. From the time I was born till the time I retired from the Marine Corps I never lived in any one location for more than 5 years, and most of the time less than that.

I grew up in Iran, from 3rd grade to the end of 7th grade. Each summer we came back home and stopped somewhere along the way. By the time I was in High School I had seen more of the world that most people will in their lifetime.

I have lived in my current location for 15 years and it is driving me stir crazy. But we are too close to retiring and our jobs are too good to move so we try to make up for it with travel, but that is limited due to work constraints.

I agree with you in that the people are more interesting than the monuments and such. Plus the food in new places, that is one of our favorite parts of any trip.

 

[Harpy Eagle]

So when a tree cutter is off the job he looks like -- a tree cutter?

Okay.

The real world is what is closest. Unlike the Ugly America , I am not one to think being around a foreign people makes me an expert and knowledgeable. I've met military veterans who believe they know so much about a country they've spent most time on base and in bars LOL

He is full of shit, I am pretty sure he has never left his home state.