# What Retirement Mistakes Did You Make?



## Pat H (Oct 3, 2006)

I know there are lots of books and articles out there about retirement mistakes but I'd rather hear from the real people. So, if you have some stories/advice/suggestions to share, I'd really like to hear them. They don't have to be major mistakes either, even the little stuff is important.


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## Makai Guy (Oct 3, 2006)

Not retiring soon enough ...


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## thunderbolt (Oct 3, 2006)

I know this reply is from a Canadian and may or may not apply, but here goes.
We saved dilligently for our retirement in a registered retirement plan.
Now that I'm retired, I wish that I would have saved more $$ outside the registered plan. For instance, we want to buy a new 2007 Acura MDX SUV.
I will have to take the funds from my reg. plan and add it to my income for the year and be taxed accordingly. Therefore, I must remove about 30% more $$ in order to "clear" the amount I need for the purchase. Outside of the gov't. registered plan, I could take out only as much as I need and pay no taxes. (although, I did save the taxes in the beginning, when I put it away) BUT.... now is now and then was then!!
Also remember to retire while your still young enough to enjoy. If you run out of $$$, you can always work at Seaworld.


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## Pat H (Oct 3, 2006)

I'd retire right now if I could but I still want to eat and travel. That means I'll have to wait until I'm 62 and Social Security kicks in. That's only 3 years, 2 months and 28 days away!


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## AwayWeGo (Oct 3, 2006)

*Retirement Planning.*

Most of the retirement-prep courses & advice out there (most that I've been exposed to anyway) deal mostly with dollars & cents -- annuities, pensions, health insurance, social security, savings, trusts, life insurance, etc. -- & with legal matters -- wills, durable power of attorney, advance medical directives, long-term health insurance, spousal survivor benefits, etc. 

Those are important, for sure.  But equally important is knowing what you're going to do all day every weekday instead of getting up & going to work. 

Some people (like me) have no trouble adjusting to a life of goofing off 24-7.   People like us were born to goof off.  Others need & want structure, work, defined roles, tasks, accomplishment, goals, 2nd or 3rd or 4th careers, etc. 

Some high-level executives retire to a life at home of trying to apply modern executive management to their own households, their own spouses, & I don't know what-all.  Unfortunately, some spouses don't much go for being managed -- they are management-resistant, you might say, & situations like that are full of potential for spousal conflict.  

One super-rich big wheel I heard of planned for a dream retirement in a fancy new house on a golf course down South.  Everything went according to plan.  He retired.  Moved to his dream house.  Played golf every day.  Had a wonderful time -- for about 6 months.  After that, he got less & interested in playing 18 holes & more interested in hoisting a few at the 19th hole.  In a year's time, the guy's dream retirement had turned into a nightmare of alcoholism.  So it goes. 
-- Alan Cole, McLean (Fairfax County), Virginia, USA.​


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## bogey21 (Oct 3, 2006)

I retired at the same time as a number of muy friends and co-workers.  We had a choice of taking a lump sum, an annuity or some mix of the two.  All my friends and c0-workers took the lump sum.  Because of the terms of my divorce I had to take the annuity.  Am I glad!!  Not only have most of those taking the lump sum lost as bunch of it investing, they worry all the time "how the market is doing".  We go out to eat and they have to watch CNBC while I watch ESPN.  They worry themselves sick.  I don't worry at lll.  My only concern is the solvency of the firm paying the annuity which can be easly checked out.

My advice if you have this choice, is to take a lump sum in an amount sufficient to pay off your debts and make any large purchases you have in mind like a new car or boat.  Take the rest as an annuity after carefully checking out the solvency and staying power or the entity that will be paying you monthly for the rest of your life!!

GEORGE


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## pwrshift (Oct 3, 2006)

Canada has a Canada Pension Plan where the max income at 65 is about $830 a month if you paid into it for a certain period of time and a certain amount of money. The Old Age Security is about half that amount but it you earn something like $55,000 it is clawed back and you end up with nothing. 

Even in the boonies of Canada you can't live on $1200 a month.

So you have to invest for a long time, at the maximum allawable amount, in registered pension plans or you won't have a hope of surviving. The govt allows you to deduct that pension investment from your income each year, but in the year you die all the residual is taxed as if you earned it all in the year of death at the probable tax rate of 46%.

So there's no free lunch in life or retirment or death. At least in Canada.

Brian


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## Pat H (Oct 3, 2006)

I don't have the option of taking my pension as part lump and part annuity. I've already decided that I am taking a lump sum. Since I'm single, if I take the annuity and die within a short period of time, my heirs would not get anything. No way am I going to let that happen.


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## MULTIZ321 (Oct 3, 2006)

This past Sunday's (Oct 1st) South Florida Sun-Sentinel recommended a Retirement Living website that has compiled a collection of stories to help you sort out the decisions you'll have to make. Whether you're retiring or helping a parent work through the process, there are many aspects of life to consider.

http://www.retirement-living.com/ARTICLES_MAIN.ASP


Richard


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## ausman (Oct 3, 2006)

The mistake I made was being too tech heavy in 2000 and being overseas when it started to go bad. I should have shifted much more quickly instead of seeing what the next day brought.

Still, being mainly in stocks was a reaction to my Grandmother's experience. When my Grandfather died she mainly went into bonds. Of course the inflation of the times just devoured up the income she received. Inside 10 yrs she was hurting and hurting badly, I was around and noticed.

So the lesson learned is to have a mix of stocks and bonds and not be overseas in 2000.? 

Hope this helps.


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## sandcastles (Oct 3, 2006)

My biggest mistake was retiring too soon.  I left on my 58th birthday.  My husband was 61.  I wanted to work a few more years but he was ready to go.

We took a big cut in our social security.  We had reached a point where we were putting a large sum of money in investments and savings.  Husband was putting 16% in 401.

This has been seven years ago.  We retired mainly because we wanted to travel.  For the first few years we traveled at least 7 months a year.  But guess what?  That got old fast.  We are now down to around 3 months and thinking about cutting back more.


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## BevL (Oct 3, 2006)

thunderbolt said:
			
		

> ... Now that I'm retired, I wish that I would have saved more $$ outside the registered plan.



Good point.  My MIL is having the same problem and is actually better off taking out a line of credit, paying the interest and paying it off with her RIF withdrawal each year.

Interesting topic.  Hubby and I have 10 years to go (we hope) and since we live in the land of high taxes and we live in a fairly expensive area of Canada, we're working hard to be able to make it a fairly pleasant experience.

Bev


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## EJC (Oct 4, 2006)

The biggest mistake I made was not realizing what you give up when you retire.  You lose part of your identity, a large part of your social circle, the structure work provides, a sense of purpose, a sense of being of valued, and the looking forward to weekends and time off.  Being retired makes me feel old (I'm 55).  If I go to a store mid-afternoon, almost all of the customers have gray hair!  I'm not ready to include myself in that group!  I taught school for 31 years, and, even up until the end, I really enjoyed my work day.  I enjoyed interacting with students and staff on a daily basis.  However, I was very tired of the stress (teaching is very, very stressful) and the endless evening, weekend, and even vacation paper grading and lesson planning.  I guess the bottom line, for me at least, is that you have to reinvent yourself when you retire--and so far (it's been a little over a year)  I am not very good at it.  If you are still working and thinking of retiring, just remember that your job likely provides much more than just a salary.  On the other hand, if your job is super stressful or you hate your job, and you can afford to retire, perhaps it is time.


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## TerriJ (Oct 4, 2006)

Pat, I haved worked with retirement plans for many years.

You should be able to use your lump sum to rollover to an annuity with a reputable company if you so desire.  You can then choose an annuity option with death benefit protection for other that a spouse.

I like the analogy about watching ESPN instead of CNBC.

Terri


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## EAM (Oct 4, 2006)

My DH retired about 2 1/2 years ago.  I haven't worked outside the home since our youngest was two.  I don't think we've made any major mistakes and we are enjoying our lives.  

We've had to learn that just because we don't have jobs, it does not mean that we have unlimited time to do whatever we want.  We still have to prioritize or our favorite activities start filling our days just like a job would, and the less enjoyable but more necessary items would not get done.  

If your pre-retirement situation as a couple was one primary breadwinner and one primary homemaker,  IMHO after retirement there should be two part-time homemakers rather than one primary homemaker and one retiree.  This will take some adjustments since the new retiree won't be familiar with all the things necessary to run the household.   Your goal should be to get to the point where either one could manage the household alone, since that could (unfortunately) be the case some day.


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## Janette (Oct 4, 2006)

I have to say that we haven't found mistakes yet. Having been Georgia educators, we didn't have big bucks in our working years but we lived comfortably. Now we are so pleased with our retirement income. We also realized that continued spiritual growth, good health, family and friends are the most important things in life. There is no way to describe how happy our life styles are in an active adult community. We are staying physically and mentally active because of all the friends we have here. Beautiful homes and material possessions are nice but not if you don't have planned activites to make each day special.


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## Kathleen (Oct 4, 2006)

Hi PatH,

Sam and I retired ten years ago. Sam went back to work after two years and retired again two years ago.  We wonder every day how we ever had time to work.

We moved from CT to VA when we retired. It's a great life. We made numerous trips to  NC and VA, over a period of three years, in making our choice. We used Places Rated and Retirement Places Rated in researching locales.

We are very happy with our decision. The only change would be to have a slightly bigger garage. I had a smaller vehicle when we retired.

Kathleen


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## Steamboat Bill (Oct 4, 2006)

I am not retired yet and probably never will. However, this is an interesting read as I like to learn from other peoples mistakes so I don't repeat them...thanks


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## huestous (Oct 4, 2006)

You will find excellent advice on this bbs: http://www.early-retirement.org/forums/index.php
This is to retirement as TUG is to timesharing.


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## geekette (Oct 4, 2006)

Great topic!

The point about continuing to have a full life is a big one.  Anyone that becomes bored in retirement, yet has enough income, might consider volunteering.  

Our museum has a very active volunteer program and we are so happy to have volunteers, and need them, because we don't have a big budget yet never seem to get everything done and can't hire.  Volunteering is a bit of a committment, but, only as much as you want.  We have people that work half a day a month and some that come in daily.  

Our volunteers also tend to be very happy.  Aside from getting out of the house, having 'coworkers' and a job to do, they get to interact with happy kids and many say this keeps them young.  And, like any good organization, we often host events just to say thank you to our volunteers, aside from inviting them to most every employee event.  

I'm too far from retirement to even do the math, so just dropped in to plug volunteering as a planned activity!  If not for you, then maybe to get your spouse into something positive!


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## Cat (Oct 4, 2006)

I'm with Steamboat Bill. Retirement's at least another 10-15 years off for us, but several items have already been mentioned of which I never thought. EAM and EJC both made thought-provoking, but lesser-known points. And thank you, huestous, for posting the website url. The experience shared here is invaluable!


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## pedro47 (Oct 4, 2006)

Retiring to early and becoming bored.


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## Linda74 (Oct 4, 2006)

I retired in June after teaching for 36 years.  I am so blessed.  Every day is a gift.  I could not be happier.  I loved teaching but the teaching to the test and general bureaucracy was taking away from why I was there...to help children.  Since retirement, we have been to St. Lucia, on a cruise, leave for Greece in two weeks, skiing in January, Puerta Vallarta in March and are taking the whole family to Prague in May(thanks in part to timeshares).  I have volunteered to tutor a little boy with many problems who could not afford a tutor (and am rediscoving the pure joy in teaching), am free to help a friend with terminal cancer.....and have time to reconnect with my husband after busy careers and raising a family.  Life is great.  There is so much out there to do....courses I can take, books to read, mid day walks, and oh so much to see.  And I still get together with my teaching colleagues on an almost weekly basis, I just don't have to do it during boring meetings.....


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## jsfletch (Oct 4, 2006)

I think I made a mistake. I'm not sure....... We're fortunate enough to have a single family home in a nice neighborhood. We also bought a vacation condo. We've never lived in either an apt. or a condo before. I thought as we get older one or both of us may end up in some sort of retirement (assisted living, etc.). Both sets of parents did and both eventually died in these type of facilities. 
We've had a rough time dealing with the Home Owner Assoc. board and all the RR's, etc. Can't plant any flowers etc. Everything has to be uniform. Pres. of the HOA is an ex-airline pilot and it's, "Set down buckle up and shut up". Plus we have a lot of part-time renters. It's hard to get a sense of community. And we only live there about 6mos of the year. I'm not sure I'm cut out for the condo (assisted) living environment.  
We also have a vacation T/S and we like the environment and the way we're treated but we only own two weeks. We need to handle the condo like the T/S. Just go, vacation, and ignore the rest. For some reason it's hard not to get involved.


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## Dori (Oct 4, 2006)

I retired from teaching (33 Years)  at age 52.  I love being retired, but I have the best of both worlds in that I still return to supply teach as often as I choose.  I only visit my old school, and I only do Kindergarten or grade 1.  The extra money is our travel fund, and I get to see all my friends and interact with the children.

Dori


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## Sandy (Oct 4, 2006)

*Great Topic!*

Hi all, 

This is a great subject to discuss.  I am so happy for and envious of some of my friends who have been teaching for 30 years, are in their mid-50s, and able to retire.  They have a pension for life. Another friend in the same age group has recently retired from the government and also has a pension for life.

I, on the other hand, am the same age, have to save in a 401(b) that is not nearly sufficient to do what they have done, and don't see any semblance of retirement short of 10 years from now.  Of course, I COULD have stayed in government, but I am trying not to look backwards but instead look forward. 

My blessings are many, and I look forward to the day that I can retire confortably. I agree with the sentiment expressed here that it is not about money. As an active community volunteer currently, certainly I would remain active in volunteer activities post-retirement.  After all, there is so much need in society today.  So much to do, so little time!

Keep posting ideas, I am learning here again on TUG.


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## Kathy Q (Oct 4, 2006)

*My Mistakes*

1.  I haven't won the lottery
2.  I haven't saved enough
3.  I've bought too many timeshares
4.  I take too many vacations

Although these might be considered mistakes, the truth is you can plan and save and prepare and as soon as you're ready to retire, something can happen that affects your ability to enjoy it.

I think it's a mix between living for today and living for tomorrow.  I don't regret a single thing.  I'll make do with whatever I have when I really do retire!

EJC... Your comments are right on for many of the folks I've talked to that have retired without preparing for the emotional impact.  The financial impact is much more predictable.  

I still have at least 11 years to go before this will be an issue.  Unless I win the Lottery!  LOL

Kathy


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## Steamboat Bill (Oct 4, 2006)

Kathy Q said:
			
		

> 1.  I haven't won the lottery
> 2.  I haven't saved enough
> 3.  I've bought too many timeshares
> 4.  I take too many vacations



I don't consider any of these a mistake. Remember you only have one shot at life and no guarantee that your retirement dreams will be golden. Some of us may not live to be 65/67yo and be retired. 

my advice: 

enjoy one day at a time, save for the future, and don't dwell on the past


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## caribbeansun (Oct 5, 2006)

Your best bet is to withdraw as much as you can and stay in the lower tax brackets between the time you retire and the time you reach age 69 at which time you lose complete control of the process.  You lose control because that RRSP has to be converted to a RIF and the RIF pays out based on a pre-determined schedule.  What that means is that you can be receiving money out of the RIF you don't even need and you're going to be paying taxes on it.

I'd also suggest you consider stopping your RRSP contributions soon.  The primary benefit of making the contribution in the first place is the tax deferral ie. pay it later is better than paying it today.  However, I'm of the opinion that as you approach retirement age that deferral  has less and less benefit ie. less time for the time value of money to work.  So, stop putting money into the RRSP, take the tax bite the first year and then put what you otherwise would have put into the RRSP into unregistered investments.




			
				BevL said:
			
		

> Good point.  My MIL is having the same problem and is actually better off taking out a line of credit, paying the interest and paying it off with her RIF withdrawal each year.
> 
> Interesting topic.  Hubby and I have 10 years to go (we hope) and since we live in the land of high taxes and we live in a fairly expensive area of Canada, we're working hard to be able to make it a fairly pleasant experience.
> 
> Bev


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## beejaybeeohio (Oct 5, 2006)

*My mistake*

was to opt out of a public employees retirement deduction as a graduate assistant.  I was making $4/hr working 10 hrs/week.  I am now in a "sister" retirement system and that time was worth .76 of a year which added to those years would allow me to retire in June.  

I do have the option to "buy back" that time for a mere $16,000!

BJB


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## Pat H (Oct 5, 2006)

Did you downsize, upsize, stay where you were, move away? How did that turn out?


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## JLB (Oct 5, 2006)

So far our only mistake was to not ask more about the neighbors, or, at the time we bought, one neighbor in particular, who has multiplied to others like him the past nine years.

We shoulda asked the others that lived here more about him.  All of them have since moved, to get away from him, and those that replaced the nice people are also -------s.

Wherever you are looking to live you need to find out exactly how it will be--what will be expected of you, who has the right to tell you how you live, how you keep your place, what you are expected to do, etc.

Retirement areas are notorious for the ones that are already there or the one that had been there the longest being the boss of the neighborhood, expecting others to be like them.  Retirement areas are full of people who have ntohing but time on their hands, and one of their favorite activities is to be nosy, pushy, horn in on your private stuff.

Ask about more than just Restrictive Covenants and POAs.  Find out what those in charge are really like, and decide if you want to live under someone else's rules.  In our case there are no associations but we have neighbors who insist that everyone around them be like them, and they run people off that are not.

Frankly, we have never been narrow-minded, ignorant, bossy, pushy, profane, bigoted, hateful, materialistic, two-faced people and never want to be.  It's hard to fit in when that's all that's around you.

Check it out first.


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## EJC (Oct 6, 2006)

I've been retired a little over a year, and so far I've stayed put.  I always thought I'd move to Vancouver, WA, when I retired, but now I am thinking I don't want to deal with the traffic in the Vancouver/Portland area.  I live in Walla Walla, Wa (don't laugh).  I'm not from here, but it is where I moved for my job decades ago.   Walla Walla was just listed in the October issue of Money Magazine as one of the top five places in the nation to retire. That makes me wonder if it would make much sense to move elsewhere.


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## jsfletch (Oct 6, 2006)

The biggest mistake I made was to buy a vacation condo. The condo as an investment appears to have worked out. But I’m not cut out to deal with a Home Owners Association (HOA) and its board. Too many flippers, renters, and no sense of community. I’m probably going to be one of those old people who stay in their single family home until they kick over. No retirement home for me.


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## Steamboat Bill (Oct 6, 2006)

JLB said:
			
		

> Frankly, we have never been narrow-minded, ignorant, bossy, pushy, profane, bigoted, hateful, materialistic, two-faced people and never want to be.  It's hard to fit in when that's all that's around you.
> 
> Check it out first.




wow...what area are you talking about??? This is an area I want to avoid.


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## Dave M (Oct 6, 2006)

Steamboat Bill said:
			
		

> wow...what area are you talking about???


See JLB's "Location", to the left of his post.


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## JLB (Oct 6, 2006)

I don't think any area is immune to this problem. We have discovered that just about every neighborhood around us has an OF problem.  We are around a major lake, with a jillion little lake roads and isolated neighborhoods.

Realtors I have talked to have said that they do not include it in the disclosures because it is so widespread and really is not something that goes with the property, such as easements, etc.  The simple explanation is that in retirement areas a lot of people who should not be in charge of anything, and probably never were in their former lives, wind up being in charge of things, perhaps through default because others do not want to occupy their retirement time doing crap work.

So, these people lacking people skills wind up in charge of community docks, private roads shared by several property owners, POAs, etc.  Even when those don't exist, there are plenty of other things they find to bother their neighbors about--leaves, ditches, lights, vehicles, people coming into their neighborhoods.

They like to run their little area with a _My Way or the Highway _mentality.  They have no sense of privacy toward others and no concept of private property when it is yours.  Only theirs.

We have been to many retirement areas and we know them when we see them now.  They are the ones standing outside staring at you, normally arms crossed, when you drive by their houses.

We did not listen to the neighbors here when we bought, and the neighbors who have replaced the neighbors who have been run off do not listen to us now.  Everyone has their own time when the realization comes for them.

In our neighborhood, only one other neighbor can even see the problem, and he says he saw at at the first road meeting he was invited to, that a couple of the OFs had gotten together prior to the meeting and had already decided what they wanted done, and the meeting was just to get everyone else's rubber stamp.  He says we was glad I eventually intervened, because that was the only sensible idea borught up.

Unfortunately, some TUGgers visited us at the height of our problem last year in September, and bought a house across the lake.  Private road, junky house at the beginning, their nice house at the end of the road.  This year when they came back they discovered that junky house neighbor is their problem neighbor.  He had an old crappy pickup full of junk parked in front of their garage, and the other neighbor told them bad neighbor had been using their property.

Just remember that OFs are very set in their ways.  One can be a problem, but when two or three of them team up, then you have a real problem.

http://www.timeshareforums.com/forums/showthread.php?t=2141




			
				Steamboat Bill said:
			
		

> wow...what area are you talking about??? This is an area I want to avoid.


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## Jim C (Oct 6, 2006)

[_Message deleted. Personal attacks are not permitted on this BBS._ Dave M, BBS Administrator]


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## JLB (Oct 6, 2006)

[_I have deleted this message, which, in part, was responsive to the deleted post. Further discussion of the other topic of this post should be posted elsewhere, if at all._ Dave M, BBS Administrator]


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## Summit1231 (Oct 7, 2006)

*Retirement Mistakes ?*

Major mistake was continuing to try work after retirment. 

It seems to me that many of us baby boomers were programmed  NOT to retire. We are programmed to work and make money. Work is a large part of our self image. 

After retirement it takes several years to de-program youself and realize that you arrived at this point for a reason. You have earned the right to goof off a little / or maybe a lot. 

Another mistake was taking life too seriously after retirement. Lighten up. Go to the grocery store in the afternoon and enjoy the other patrons and the staff before they get stressed out by the  5:00 Pm rush rush crowd. Get your car washed on a weekday afternoon and not on a weekend. When weekends come get out of the way of crazies. Play a round of golf or fish on a local lake during the week. There are a lot fewer people.

Don't have age / other bias. Enjoy all of the people you meet. You have the time now, take some time to playfully interact with each individual. See how their faces light up. See what you can learn from their experience. The real mistake is that it took this many years to have time to interact in a meaningful way, rather than rushing around and only superficially interacting with humanity for so many years.  

Another mistake was not immediately taking care of our travel needs. Puchased a timeshare and looking at more. You really need to plan some extended vacations. I have seen a lot of the US but probably only a small fraction of it. Timeshares will get you off your duff. 

Reconnect with family in a meaningful way. We often get too busy to really connect with extended family. What the heck. You might just be the impetus that connects some distant famly members. You might even use a timeshare venue to do that.

Another mistake was thinking that your friends would all be there or that community work would fill the gap. If you retire and your pals did not or they keep looking for work, you are on your own to find new friends. Also some community volunteer organizations can be disappointing and self focused. I am not saying that applies to all volunteer organization. Just keep it in perspective that your talents can be highly under utilized in some organization.

Expect some bumps. Don't think it is a slam dunk. Learn from your mistakes and move on. Try to help others. It can get really really good when you get over the hump. Bring a few friends along . . . 

Take Care
Bob


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## Poobah (Oct 8, 2006)

*Retirement in my grasp*

I am targeting to retire in February '07 and am looking forward to it. I already have two part time jobs doing something I really enjoy: gardening. The first is in a wholesale green house and the other is in a retail garden store. There will be a "slight" drop in the paycheck  , but that is OK. 

I don't have "fun" at work anymore. The place drives me nuts. It is a corporate culture that I cannot relate to let alone accept.

Wife is planning to work a couple of more years so we won't be "fully retired" until then. We plan to spend some of the winters away from the Etoile du Froid and plan to look at some long term rentals on the trip to Kauai this March.

I really wish I had paid more attention to funding my retirement, but we will be fine. In your younger years it is hard to think about retirement let alone plan for it.

I get together on a regular basis with some of my peers who have retired. They all have smiles on their faces. They all do some work part time. The one thing they have all said is that you will be surprised how little it takes to live comfortably. I have run the numbers six ways from Sunday and am not convinced, but we will see what happens.:whoopie: 

Cheers,

Paul


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## Pat H (Oct 8, 2006)

Congratulations, Paul. That's great.


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## Karen G (Oct 8, 2006)

What an interesting and timely topic! Thanks for all the input so far.  We are almost to the end of my husband's airline career and he officially must retire at age 60 in February. Our youngest child will graduate from high school in June, so we have to stick around here until then.

We've been planning in earnest for the past three years when we bought a home in Henderson, NV, outside Las Vegas, and have been leasing it out. It has been great to have that plan in place because each time we get to visit Las Vegas we become more familiar with the whole area.  Last year our oldest daughter moved there, and we've found a church we'll become a part of when we get there. So it's already beginning to feel like home.

Over the past year we've been downsizing our stuff, selling and giving away things we don't want to move, and packing things in preparation for selling our home here. While we've loved the Seattle area for the past 25 years or so, we're looking forward to a new adventure in the desert. Now if our son can get accepted to UNLV, that will be even better.

My husband plans to work a few more years, either flying or in real estate--he'll receive his real estate broker/salesman license in a couple of weeks, so we'll see what the next chapter of our life brings.


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## JLB (Oct 8, 2006)

Not to belabor this, but to set the record straight, if you will look at the times actions were taken, when I made the comment that has been deleted, the post that prompted it had not yet been deleted.

When some see that I have been deleted or edited, they have a knee-jerk reaction that I have done something wrong.  Hopefully that is just a phase they are going through.   




			
				JLB said:
			
		

> [_I have deleted this message, which, in part, was responsive to the deleted post. Further discussion of the other topic of this post should be posted elsewhere, if at all._ Dave M, BBS Administrator]


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## susieq (Oct 8, 2006)

Summit1231 said:
			
		

> Expect some bumps. Don't think it is a slam dunk. Learn from your mistakes and move on. Try to help others. It can get really really good when you get over the hump. Bring a few friends along . . .
> 
> Take Care
> Bob



Love your attitude, Bob. Infact most of input here is just great. Really love this thread ~ so interesting to see other's perspectives, and learn from their experience. Even tho retirement for us is still a ways off, it can be a scary prospect, (to be fixed income that is ~ not the freedom that can come with it), and I really enjoy other's "freedom tales". To all of you already reaping your rewards, Congratulations. And to those of you short timers with a count down ~ I salute you. After all ~ isn't this our "great reward" that we strive so long to achieve? May everyone find the peace and contentment they're looking for ~ and truly enjoy their rewards.  
Sue


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## JLB (Oct 8, 2006)

Commenting on some other comments.

We downsized before we moved, the motto being _Simplify_.  We put all the stuff in the front yard, driveway, and back yard, and had an auction.  It brought $1600!  That should tell you about all those material things you've been hanging onto!

Jenny said when I saw her starting again just to say, "Clutter," and I have, but it has not helped.  We have filled another place, and two sheds and a trailer, and a dock, and a room on the dock.   

Now we are planning on upsizing down the road!   

And the work is not fun thing, absolutely.  We could do a lot of things for more money, but refuse to if it is not fun.  I am more content dipping soft frozen lemonade and seeing the smiles when they take that first sip than those big paydays we used to have.

If you worked your butt off for all those years, why settle for anything other than what makes you happy now?  But have it be the genuine, sincere kind of happiness.


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## Poobah (Oct 9, 2006)

*Retirement in my grasp*

Pat, 

Thanks!

There is a great line from "Wicked": "There are bridges you've crossed, that you don't know you crossed, until you've crossed" 

At some point I "crossed the bridge" and I am ready to retire and get on with doing fun things. I am sure I will miss the regularity of my international travel and my Platnium upgrades, etc, etc, etc. I am just not sure I am willing to put up with all that comes with it.

I am really wanting to get the corporate induced stress out of my life. Somehow working in the green houses, pruning nursery stock, transplanting seedlings, and things like that hold a great appeal right now.

Cheers,

Paul


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## riverdees05 (Oct 9, 2006)

*Retirement*

And They Ask Why I Like Retirement ! 

Question: How many days in a week? 
Answer:    6 Saturdays, 1 Sunday 

Question: When is a retiree's bedtime? 
Answer:   Three hours after he falls asleep on the couch. 

Question: How many retirees to change a light bulb? 
Answer:   Only one, but it might take all day. 

Question: What's the biggest gripe of retirees? 
Answer:   There is not enough time to get everything done. 

Question: Why don't retirees mind being called Seniors? 
Answer:   The term comes with a 10% percent discount. 

Question: Among retirees what is considered formal attire? 
Answer:   Tied shoes. 

Question: Why do retirees count pennies? 
Answer:   They are the only ones who have the time. 

Question: What is the common term for someone who enjoys work and 
refuses to retire? 
Answer:   NUTS! 

Question: Why are retirees so slow to clean out the basement, attic 
or garage? 
Answer: They know that as soon as they do, one of their adult kids 
will want to store stuff there. 

Question: What do retirees call a long lunch? 
Answer:   Normal. 

Question: What is the best way to describe retirement? 
Answer:   The never ending Coffee Break. 

Question: What's the biggest advantage of going back to school as a 
retiree? 
Answer:   If you cut classes, no one calls your parents. 

Question: Why does a retiree often say he doesn't miss work, but 
misses the people he used to work with? 
Answer:   He is too polite to tell the whole truth.  

QUESTION: What do you do all week?
Answer: Mon to Fri. Nothing, Sat & Sun I rest!


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## JLB (Oct 10, 2006)

The Cape Crusader strikes again!


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## fnewman (Oct 10, 2006)

Makai Guy said:
			
		

> Not retiring soon enough ...


A statement I've heard repeated many times - so often I'm starting to believe it.  

My first questions is - did you retire 'early'?  If so, how early and how much did that decision impact your retirement benefit and SS payments?

In my case, our company plan 'caps out' at 30 years (which I will have at age 61) so benefits don't increase after that no matter how long you work, yet if I retire before reaching 65 my benefit is decrease by 5% for each early year and health coverage is reduced as well.  It's a 'catch 22'. Go figure !!

Second question : I've seen statements from financial planners that recommend taking no more than 4% of your 401K out each year.  HAs anyone done that?  How has it worked out?


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## Pat H (Oct 10, 2006)

JLB said:
			
		

> The Cape Crusader strikes again!



What does that mean?


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## silverfox82 (Oct 10, 2006)

I had a good friend who was a chief in the NYC fire dept, 3rd in command of the whole show. When he reached the mandantory retirement age of 65 he applied,and was granted a super annutation, which meant he was allowed to continue working as long as his health held out. Since he was actually losing money by doing this I asked him what his reasoning was. He said "when I go to work in the morning they ask me how I want my coffee, when I'm at home my wife says Lou, don't forget to take the garbage out".


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## Keitht (Oct 10, 2006)

pwrshift said:
			
		

> Canada has a Canada Pension Plan where the max income at 65 is about $830 a month if you paid into it for a certain period of time and a certain amount of money. The Old Age Security is about half that amount but it you earn something like $55,000 it is clawed back and you end up with nothing.
> 
> Even in the boonies of Canada you can't live on $1200 a month.



In the UK there is a minimum income guarantee for the over 65's, but that income is only in the region of £110 per week or approx $850 Canadian.  The cost of living in the UK is considerably higher than Canada, so try living on that!!  Thankfully I'm not in that position.


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## Laurie (Oct 10, 2006)

Pat, 

I know you asked for experience and not books, and I'm not retired yet. Still I'll mention this one. Many years ago I loved reading the book "Your Money Or Your Life." It's geared towards helping people financially plan for Early Retirement, or Earlier than many of us initially might assume. 

They probably underestimated inflation and don't mention health care costs, and I never did their actual program, but many points in the book helped my thinking. (But had I done their actual program when I first read the book, its possible I could have retired by now!)


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## huestous (Oct 10, 2006)

fnewman said:
			
		

> A statement I've heard repeated many times - so often I'm starting to believe it.
> 
> My first questions is - did you retire 'early'?  If so, how early and how much did that decision impact your retirement benefit and SS payments?
> 
> ...


Frank,

You are a prime candidate for the early retirement homepage.  These questions are discussed at length by individuals who have been retired a number of years, as well as those planning early retirement.

Visit http://www.early-retirement.org/forums/index.php
Check-out the "FIRE and Money" and "Life after FIRE" forums.  The FIRECalc calculator is excellent.  As you work with it and question the folks online, you will gain an excellent understanding of the questions that you've asked.

And if you really want to be inspired: http://www.retireearlylifestyle.com/
"The Adventurer's Guide to Early Retirement, A Common Sense Approach" is outstanding.  Alas, I'm ~15 years late, but will get out of the game at 56.


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## stonebroke (Oct 10, 2006)

*Health Insurance*

As an insurance agent one of the saddest things I run into is people who took early retirement and can no longer afford or qualify for health insurance.

 Most individual plans can cost upwards of 700 to 1000 dollars per couple a month plus you still have to qualify...and as we get older more and more of us have pre-existing conditions that while we still function pretty good they do not pass the underwriting criteria of health insurance companies looking for olympic athletes to insure.  

For some of our clients who come in and have finally reached medicare age we have started calling age 65 "the promised land."


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## riverdees05 (Oct 10, 2006)

*Good website*

http://www.retirementliving.com/


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## JLB (Oct 11, 2006)

Riverdees is from Cape Girardeau, and that's what I call him.



			
				Pat H said:
			
		

> What does that mean?


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## caribbeansun (Oct 11, 2006)

Neither of the two payments noted in the OP are income guarantee amounts - we have that in addition to those payments and it is 100% income tested and drops off quickly.  It is appropriately named an "income supplement".  I wouldn't want to live on $850/month



			
				Keitht said:
			
		

> In the UK there is a minimum income guarantee for the over 65's, but that income is only in the region of £110 per week or approx $850 Canadian.  The cost of living in the UK is considerably higher than Canada, so try living on that!!  Thankfully I'm not in that position.


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## Pat H (Oct 11, 2006)

JLB said:
			
		

> Riverdees is from Cape Girardeau, and that's what I call him.



Thanks for the explanation.


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## Wonka (Oct 11, 2006)

EJC said:
			
		

> The biggest mistake I made was not realizing what you give up when you retire.  You lose part of your identity, a large part of your social circle, the structure work provides, a sense of purpose, a sense of being of valued, and the looking forward to weekends and time off.  Being retired makes me feel old (I'm 55).  If I go to a store mid-afternoon, almost all of the customers have gray hair!  I'm not ready to include myself in that group!  I taught school for 31 years, and, even up until the end, I really enjoyed my work day.  I enjoyed interacting with students and staff on a daily basis.  However, I was very tired of the stress (teaching is very, very stressful) and the endless evening, weekend, and even vacation paper grading and lesson planning.  I guess the bottom line, for me at least, is that you have to reinvent yourself when you retire--and so far (it's been a little over a year)  I am not very good at it.  If you are still working and thinking of retiring, just remember that your job likely provides much more than just a salary.  On the other hand, if your job is super stressful or you hate your job, and you can afford to retire, perhaps it is time.



EJC-A very insightful post.  Retirement isn't always a "bed of roses" even for those with adequate financial resources.  The loss of identity, purpose, social structure, and sense of being valued are very problematic for some.


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## Poobah (Oct 11, 2006)

*After Retirement*

Retirement is an individual thing. For me, I just want to do something I really enjoy and that happens to be gardening. It is not that I don't want to work, it is just that I want to do something that is less stressful and where I can be helpful and when the day is over I can come home and not worry about the stress of tomorrow.

You need the social interaction and you need a structured day. The caveat is, of course, that if you don't get it done today, well there is always tomorow.:whoopie: 

Cheers,

Paul


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## frenchieinme (Oct 11, 2006)

*Plan, plan, & plan some more...*

Your request was "...So, if you have some stories/advice/suggestions to share, I'd really like to hear them. They don't have to be major mistakes either, even the little stuff is important..."

I thought about this and was going to say I retired just 1 or 2 years ago when I caught myself and lo and behold I retired 5 years ago.  Where did the time fly to?  

What has happened?  Let's see, a new grand-son, 2 new grand-daughters within the past year (oh how good God is), I have my health, I have a superb wife, been married going on 40 years Dec 26 (still on our honeymoon), wake up mornings when my body says to as opposed to some alarm clock telling me to rise when my brain said rest, etc...

Traveling?  Been to Paris, Rome, London, Pompeii, an Hawaiian Cruise, Feb in Orlando with the fasmily every year, Lourdes in southern France, and this year to the Dominican Republic, Poland, Bulgaria, Ukraine & Russia.

Now this is not to mention the jet ski purchased for my son's camp at the lake this past summer.  Oh how the grand-son loved going jet boating with pepere this summer not to mention my son, daughter-in-law & the wife.

All this did not just happen.  Over our years of marriage prior to having kids, while having kids and after the kids left the nest (and returned of course, heck don't most do in this era?), there was a lot of planning and diversifiaction which took place.  I was fortunate enough to be in a situation where I have a fixed pension indexed to inflation backed by a state gvmt which allows me plenty of piece & security & basically pays the monthly bills.

One other item.  This is a personal pet pieve of mine.  I BELIEVE NOBODY WITH A MORTGAGE SHOULD EVER RETIRE.  We have been really blessed as we do not know what living under leverage conditions is like.  We had debt but paid it off ASAP which allowed us to save the max under law on both our 401K & 403B retirement plans.

When and if I work it is under my conditions with little or no stress & pressures involved.  I smell the roses every day.  Some people quote Jimmy Buffet saying ït's 5 oçlock somewhere"and I interpret that to mean "Man, you need to maximize every moment of every day to appreciate what and who is around you". 

I volunteer for reading sessions with my grand-son at his school, I babysit the grand-daughter when her daycare is closed, my wife & I bond with grand-son every weekend for breakfast and every Tues or Wed for dinner at a local pizza parlor, etc...  It can get so confusing for the kids that when our grand-son was asked at the start of grade 2 to create a collage and write about his immediate family, HE JUST COULD NOT UNDERSTAND WHY HIS GRANDFATHER & GRANDMOTHER COULD NOT BE INCLUDED IN WHAT IS CONSIDERED PART OF HIS IMMDIATE FAMILY.  

Now folks, that is what retirement is all about and as some one once said, the devil is in the details and the details in retirement takes the form of PLANNING, PLANNING & MORE PLANNING.

The phone is ringing and I bet it is my grand-son wondering what we will be doing next.  Oh, did I tell you about my grand-daughter taking her first steps today walking towards me with that cracker-jack of a smile wanting to take up some of my retirement time also??? Gotta go answer it.  Wonder what we will be doing now.  Darn, this retirement stuff can be stressful!!!

frenchieinme


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## anne1125 (Oct 12, 2006)

Bob, I really like your philosophy of retirement life.  Slow down and smell the roses.  A smile goes a long way.


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## JLB (Oct 12, 2006)

It appears that this thread is working it's way around to a point I was trying to make about the problem with our neighbors, that retirement is not all about dollars and cents.  

It is also about the unfamiliar social structure that retirees find themselves in, the availability of way-too-much free time, and the lack of accounting for one's behavior, and how some do not handle it well.


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## fnewman (Oct 12, 2006)

Yesterday I visited the early retirement site mentioned above and found the FIRE calculator which led me to the Vanguard 'longevity' calculator.  What a shock in can be to plug in your current age and 'desired' lifespan to see what the odds are (or are not) that you will live that long.  It makes early retirement look better all the time !!


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## Fern Modena (Oct 14, 2006)

Pat,
As you know, we downsized slightly, and moved away.  We didn't know anybody when we moved here (Sun City Anthem), and since everybody is from somewhere else, the transition was easy.  I'm sure we're tons more active here than we would have been in our old hometown.  I'm greatful every day that we found this place and decided to move here.

Fern



			
				Pat H said:
			
		

> Did you downsize, upsize, stay where you were, move away? How did that turn out?


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## Pat H (Oct 15, 2006)

Fern Modena said:
			
		

> Pat,
> As you know, we downsized slightly, and moved away.  We didn't know anybody when we moved here (Sun City Anthem), and since everybody is from somewhere else, the transition was easy.  I'm sure we're tons more active here than we would have been in our old hometown.  I'm greatful every day that we found this place and decided to move here.
> 
> Fern



Fern, you are the one you got me interested in Sun City!


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## JLB (Oct 15, 2006)

We have long-time friends who retired to Surprise, AZ, probably in their 80's now.  They are just as active, if not more, than they were in Kansas City.

Another TUGger recently mentioned that when he and his wife and MIL visited us, we discovered that his MIL and the husband in the couple I'm talking about are cousins.

Small world.


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## mamiecarter (Oct 16, 2006)

*I am still Working, damn it!*

I can't seem to let go. My accountant says I could afford to quit as of 5 years ago. So the job pays for expensive vacations.


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## Kathleen (Oct 16, 2006)

My definition of a good retirement is when the "want tos" outnumber the" have tos".

Kathleen


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## susieq (Oct 16, 2006)

Really...really good answer!!   Like your attitude.

Sue


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## JLB (Oct 17, 2006)

In that case, I _*want to*_ take the gutters down today, so the new ones can be put up.


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## RDB (Oct 30, 2006)

I started realizing my days were numbered and running fewer each month. The decision was made to take a $24,000 per year cut in total income. We didn’t move to a retirement home, but rather, sold our home and downsized into a big place together with our daughter and son-in-law. The last day of 2005, I took retirement at age 68. 

The income is fine. Less spent on grooming and clothing, Less fuel purchased, Less auto maintenance. Less office donations and parties. Less travel costs.

No more overtime hours. We now are on time for movies and get-to-gathers. No running-late-to-work anxieties. No inventories or reports. I don’t have to explain how long any task will take. I no longer justify my job.

I’m diligent, but had a mindset that I didn’t want to be someone’s puppet the remainder of my life. The best feeling... being free. No longer accountable to the workplace. I recall being on extended lunch breaks “window shopping” at Lowe’s and thinking I better get back to work. Not anymore!!

Some people like to paint or write. I’ve always wanted to enjoy the art of landscaping. 
I’ve wanted to sightsee our country. 
I’ve put 150 hours on the backhoe/front loader for 3 mouths before taking a two month break to run my Trip West itinerary. 

I shop when I want, don’t have a date for reporting back from vacations, stay up late and sleep-in if I wish. We don't rely on weekends to get away.

Yes, I probably could have continued going in each day and just goofed-off… Used more sick days... Ran late more often and refused overtime. But that wasn’t me.  I chose to give up $2000 per month to do as I pleased. 

Did I work too long? No...I set a date to do so which I felt it was convienient.

The biggest mistake… not obtaining more life insurance while it was affordable, when I was young.


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## Steamboat Bill (Oct 30, 2006)

RDB said:
			
		

> No more overtime hours. We now are on time for movies and get-to-gathers. No running-late-to-work anxieties. No inventories or reports. I don’t have to explain how long any task will take. I no longer justify my job.
> 
> I shop when I want, don’t have a date for reporting back from vacations, stay up late and sleep-in if I wish. We don't rely on weekends to get away.
> 
> The biggest mistake… not obtaining more life insurance while it was affordable, when I was young.



Congrats!!! You have a great attitude...

I would not consider not obtaining MORE life insurance a mistake, now on the other hand, your realtives may argue this point.

I told my mom....enjoy every day and leave me nothing other than good memories.


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## Brett (Oct 30, 2006)

RDB said:
			
		

> The biggest mistake… not obtaining more life insurance while it was affordable, when I was young.



I don't know if I would consider that a mistake.  Life insurance is primarily a replacement of your income for your dependents if you are gone.  if you are retired then your investments, pensions, etc. take that place.  But it does sound like you made the right move.


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