Big Boys Hobbies

Retirement tips

Cherry Picker

Cherry Picker

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Joined
Jan 12, 2006
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Dodge City KS
Hey I'm finally getting ready to retire and looking for any tips/warnings/suggestions.

Everything is paid for, says I'll get $1,989 SSR a month plus I have my 401k. It says my "expected life span" is 85 but I rather doubt I'll make near that. I enjoyed my younger years to the fullest and now have to pay the piper. I've got COPD/Emphysema. Not sure what stage and don't really care. I'm not on oxygen and I can still get out and hunt for several hours with no problems. That is why I'm thinking about collecting my 401k as one lump sum so I can live good in my golden years.

I have spent the last 40+ years metal detecting so there isn't much left on my bucket list. I would like to hunt a good beach one time tho.

I'm really looking for any regrets any of you that have retired in hopes I can avoid them. I hope to spend the rest of my time detecting and driving fast cars. And a little bit of drone flying in my off times LOL. Guitars and guns.

Thanks
 
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Never leave more than a couple thousand dollars in the bank. Any future illness will wipe you out in a blink of an eye. The hospitals and assisted living places will tell you that nothing is covered by insurance and bleed you dry. Hide your cash in gold or give it to a trusted friend or relative.

My aunt was in a car accident when she was 81. It wasn't her fault and she received a 400k settlement. She was told by her lawyer to give most of it away or it would all go down the drain when her health declined. She gave all of her relatives 8k each, but that still left her with 160k. That went away really fast when she had to go into assisted living. They charged her 10k a month until it was all gone. Then they tried to go after her relatives claiming they had a "right" to that money as well. We told them to take a hike and they eventually gave up.

Just a warning to you. You do what is best for your situation.
 
I retired from FULL TIME work in 2002 when I was only 56. I'm 73 now and work a part time job which I love and it pays me 12K a year for only 8 hours work each week. I have absolutely no regrets about retiring. I have my part time job, a pension from the company I worked for and $1700 per month Social security. It's nice not having to get up early and deal with the pressures of a sales job. I have time to do the things I want to do....not what the company wants me to do. Fortunately I have no ailments of any kind but of course that could change at any time so I'll keep my fingers crossed. Any advice I have would be do the things you like to do whatever they may be and though you have the emphysema don't become sedentary. Enjoy your retirement...……..and best of luck to you.
 
Congrats on the future retirement. Sounds like you already have a plan. So the only advise I can give is to enjoy the time in your future and live it all. My only regret is not to have retired earlier. Trapper
 
Stay as active as your health allows, many people don't fully realize how important a healthy diet and exercise is to maintaining better health, AND make sure to appreciate the real treasures in your life - your loved ones.
 
You didn't mention your age, but we'll assume it's over 59 1/2 and nearing or beyond 62 since you mentioned social security but not yet receiving it.

If that's true, then I'm sure you already know you can cash out the 401(k) without penalty, but still need to pay applicable state and federal taxes. The distribution is treated like regular income, so doing it all in one tax year might drive your income into higher marginal tax rates compared to taking distributions over several years.

But, first, you should look at what options your employer's 401(k) even offers. Some allow you to schedule regular distributions, but with a fee, or allow periodic distributions with a fee. Some require you to cash out.

If you're happy with the investments and the plan allows for regular low or no fee distributions, then there's not much reason to cash out unless you have some big purchase planned and that's the cash you need to fund it.

Another option is to roll the 401(k) into an IRA. You'll have total control over the investments and timing of distributions, while still benefiting from tax deferred growth.

If you do cash out your 401(k), or make a series of large annual distributions, then I would suggest exploring whether that's enough to delay receiving Social Security. Each month you delay you increase your eventual monthly payment.

Given your interests and activities, and no other debt, I'm not seeing the rationale for needing a lump sum and receiving social security all at once. If you wanted to buy a weekend condo on the beach to be your personal metal detecting paradise, then that might make sense.

Something else to ask yourself is how confident and experienced are you having a large sum of money sitting just an ATM withdraw away? Your plan might be to make the money last, but many people discover they aren't able to do it.
 
I'll be 63 in August, but I can retire any time. I'd like to wait until 66 and 4 months, but for only another $400 a month I don't know that is is worth it. As you get older time becomes far more important than money. The only thing that has kept me working at this point is that I am the only Network Administrator for our hospital. They can't find anyone else with any knowledge in Networking willing to move to Dodge City Kansas. All hell is going to break when I do leave. I built the network from the ground up over the last 23 years and not a sole has any idea what does what but me.

I've got plenty planned to keep me active. Mostly detecting all over the country. When it's cold I record my music in my home studio, I fly my drones to break any boredom I might have or take my Shelby out and raise a ruckus on main street with the young guys and their Bowties & Mopars. No offense, I'm just a Mustang guy period. I think GM and Mopar makes a great super car. It's just not a Mustang LOL

As far as my 401k, I've already called them and asked them straight out this question. I said If I was to quit my job today and cash out my 401k, how much would the check be after paying the tax (20%) and your fees (5%) and how long before I have this check in my hand. He told me as soon as I quit call them and they will have the $$$$$$ check in my hands in 4-5 business days.
 
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Detector said:
I'll be 63 in August, but I can retire any time. I'd like to wait until 66 and 4 months, but for only another $400 a month I don't know that is is worth it. As you get older time becomes far more important than money. The only thing that has kept me working at this point is that I am the only Network Administrator for our hospital. They can't find anyone else with any knowledge in Networking will to move to Dodge City Kansas. All hell is going to break when I do leave. I built the network from the ground up over the last 23 years and not a sole has any idea what does what but me.

I've got plenty planned to keep me active. Mostly detecting all over the country. When it's cold I record my music in my home studio, I fly my drones to break any boredom I might have or take my Shelby out and raise a ruckus on main street with the young guys and their Bowties & Mopars. No offense, I'm just a Mustang guy period. I think GM and Mopar makes a great super car. It's just not a Mustang LOL

As far as my 401k, I've already called them and asked them straight out this question. I said If I was to quit my job today and cash out my 401k, how much would the check be after paying the tax (20%) and your fees (5%) and how long before I have this check in my hand. He told me as soon as I quit call them and they will have the $$$$$$ check in my hands in 4-5 business days.
Click to expand...

A 5% plan fee for a lump sum distribution? Yikes. Are you sure they didn't say 50 dollars?

Again, if you're taking that all at once, particularly in the same year you had other employment income, then there's a good chance you'll owe more in taxes at the end of the year than the 20% they withhold.

Sounds like you know what you want, and how to stay busy. I'm a few decades from retirement, I like my job, and yet I could retire tomorrow and never get bored. I have co-workers who won't retire because they don't like being at home and have nothing else to do.
 
A 5% plan fee for a lump sum distribution? Yikes. Are you sure they didn't say 50 dollars?
Click to expand...

Well that was the way I took it. I just asked them flat out how much would that check be in my hand. I know he said something about 25% being taken for taxes and everything. I was sure he said I'd have to pay 20% taxes so I assumed the other 5% was their's for whatever they claim they do. I just wanted the end results.

I probably will wait until the end of the year. Would I need to wait until December? I'd not like to pay the taxes on my years income and my 401k cash-out. OUCH!

Time goes by so fast now, it seem only yesterday I was detecting from sunup to sundown on weekends and every extra minute I had. Now I get out maybe an hour after work, if all is well, and on the weekend I can hunt several hours, take a break and hunt several more. Age, and abuse of myself, are catching up to me. My COPD will only get worse so I've got to make the best of what time I have while I can. Believe me when I say, they will find my body lying in a field with my detector and a smile on my face LOL.

I've also started remolding my living room so I've got lots to do and I'm so ready to start doing it LOL. I've worked my butt off since I was 12 years old. Never went more than 2 days from one job to another. Never collected a penny in unemployment. I AM TIRED OF WORKING... I am ready to reap my reward for all my years of work.
 
Stay tuned I just retired last week. SSAN says I’ll get about $1,900 monthly and I still have a 401k and a military retirement as well. Haven’t filed for anything yet since I’m still getting paid for the next 3 months (retired teacher)

A lot of good advice here and will have to mull over the suggestions to see what’s best for me. Don’t plan on traveling much as I did all that when I was in the military and got my fill of it. I’m happy just swinging a coil. 😆 on top of all this since the school i work at is closing I can collect unemployment as well since I lost my job through no fault of my own. Decisions decisions
 
When you can, RETIRE. It’s been the best time of my life.

Worked for 43 years, 32 with the same company. Drove used cars, saved what and where I could. Invested it and when I decided it was time I was able to walk away without a worry.

Now I do what I want to do ( metal detect) when I want. Have a good financial advisor taking care of my money . Retirement life is good.
 
I’m behind a bit. My financial advisor says I will need $1.2 mil in two years if I want to retire at 59. I’m no where near that, with pension and 401k. I haven’t even helped the kids through college yet. Eliminate inflation, and I might be able to make it work.

My father, 83, has already staked his care home for my mother and himself at $140k per year.
 
Dude! Congratulations! Yeah! Maybe book a flight to Australia and hunt with Meggie and/or Sandgroper? Take your rigs and your guitar! Rock the fussin' Coober Pedy Casbah!

Maybe make this some sort of interesting Forum project where you couch surf the Members and hunt and write up posts? Like maybe going to England and hunting with Doug? It would sure be a hoot to go shovel gravel with John Edmonton or hunt with Leslie the Newfie, maybe over to Asia and hunt with Steve!....Its like damn! You got so many friends and admirers all around the World Terry...

You did your time, you pulled the plow, the Time thats left, is your time now...thats the thing to consider...this is one BIG Planet!..coils are small and our time here is short...

Good on you for outlasting Life!....theres people half your age that cant do half the things you can do, and dont have the skills or money to even consider an attempt...So yeah, YOU GOT THIS T!

Go out and visit Tom-in-Ca for instance...learn how to trespass, give him a kick in the pills for us! Thats a start at least! :laughing:

Go up to Wisconsin and hang with the Cheeseheads for the Summer months..they seem to be a very cool group, and you can play them some Skynyrd...

If I was retired, I'd have a goal to wear only the clothes I find, and eat only the food that I come across daily, including foodbanks and roadkill ...thats me though....All of my retirement investments are with EF Hutton...plus, besides the COPD, I cant play the guitar worth a dman...
 
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I've been retired for 5 years now, I always said that when I retire, I'm going to start charging people for all the things I use to do for free, now I remain a fairly busy guy and I still do things for people, fix cars, plumbing jobs, carpentry, use my truck as a moving service and what have you,,,, I still do it for free, go figure:lol:

Stay busy and have fun, thats my only advice, congrats on your retirement.
 
Retired 3 years ago when I was 58. Now I just turned 62 and going to wait til next year to collect SS as the wife will turn 62 then. I have absolutely no regrets! Have snowmobiles for the wife and I and we love trailing. Living in da U.P. you better get a winter hobby to keep you busy. I work part time at a local Marina for a buddy of mine selling tackle, fuel etc. not that I need to work. My hours are from 6 to 10, 4 days a week. Love the hours. The wife and I both have a pension, 401k's and stock. In the fall I hunt and in the summer fish and entertain my granddaughters. Just got her a new detector. It's my wife's too. Looking forward to next week when she comes for summer vacation to stay for a few weeks at a time here and there. Time to swing the MD and fish.
 
Detector, First congratulation on your retirement. You have served all you life in one way or another, now its time to serve yourself. Its all about you now, what you want, what pleases you. Don't let any grass grow under your feet, stay busy. Keep in mind when you turn 65 and go on medicare they will withdraw a supplement payment, plus an additional supplement payment for part c & d. That and taxes I didn't figure in when I retired at 63. Thinkin' about a part time job now as I turn65 in Sept. I might ask D4C what he's doin 8 hours a week. As far as your 401k, I have a union pension but my sister has a 401 with a lot in it, they told her she would be right around 50% in taxes, she took the annuity and gets 1,800 a month but realistically at 72 will she collect it all ? Another thing you might look into is elder law, these days the medical companies can and will seize all your assets to pay any unpaid bills after your passing, taking all you worked for and leaving your kids with nothing. Good luck , enjoy, wish you a long and happy retirement. HH Mark
 
Sounds like you are already doing it! We live in a paid for RV and travel but not far. We did all that when we were young. We have 1402 a month and no bills. I was in Security and hubby was an auto painter. Now we swap a place to park ( I will not pay $400 amonth in an RV park to hear drunks fight all night) for free security watch and metal detect in the day. I take all cash out as soon as it hits leaving just enough to save and pay life ins. The rest is budgeted out. I got cheap vehicle ins thru Progressive and got the best gas mileage RV Toyota Dolphin. I dont leave $ in the bank in case someone steals it online which I had happen once. We dont go to doctors...havent seen one in 25 years. As for Medicare we will only get Part A which is free and covers hospice. We are both DNR. Party on!
 
Well first of all, CONGRATULATIONS !!! I can give you a little personal experience about retirement. When I was a young boy, my father retired from Civil Service. He had worked his entire life from the age of 15. He retired on a Friday and died of a heart attack that Saturday evening. Never got the first retirement check. Wasn't even considered retired till that Sunday.

I also went to work with Civil Service. Put in 30 years and was offered $25,000 to take an early retirement. My wife thought I was crazy to retire at 49, but couldn't pass up that extra cash. Besides, I was scared that what happened to my Dad could happen to me. Being in good health I went to work for another 11 years before they farmed out my job with the company I worked for. During this time I paid off my house, cars and all credit cards. After 41 years of working I figured I earned some time off.

Well here I am at 74 years old and haven't missed a meal or had any creditors looking me up. Been drawing a check from the government for 25 years now and a small Social Security check. As you know, I have done my share of detecting and enjoying life. The point is, there is life after retirement and you should get out there while you can and enjoy it. Certainly wish you the best and hope to hear of many more detecting adventures. GOOD LUCK !!!:yes:
 
Here's a tip: Don't get old. I've been advised this by more than one old person.

Enjoy life as much as you can. Do what you have to to set yourself up for that.
...and train a replacement before you quit. Maybe start writing up a "real life" instruction guide for the poor soul who takes over.
 
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