Early Retirement

nickh · 03-14-2023, 09:56 AM

Guys I am going to retire at 63 in June, any advice? Thanks in advance

jmcarter · 03-14-2023, 10:32 AM

There’s not a single fit for the vast number of variables but the amount of debt you’re carrying (having your home paid for is a big plus) and any savings/401K/pension you’ll be able to rely on all play a role. In general tapping into savings/401 at no more than 4% @ year is a good guide. If no healthcare plan until Medicare (plus an advantage plan) then you’ll need a bridge there. You’ll get many opinions on when to start drawing Social Security but I started at 62 and don’t regret it. I follow Dave Ramsey’s YouTube channel to make sure I don’t get too far off base. I’d only add that I was fortunate enough to retire at 58 and certainly don’t regret it, it’s allowed us to travel extensively while we still can enjoy it and the bond with our grandkids has been deepened vastly by all of the shared experiences. Hope you can swing it.

nickh · 03-14-2023, 01:25 PM

Jim, Thank You...yes I am debt free as well, and want to enjoy the time with wife, kids and grandkids. Want to be able to do some things while I still can, watching the banking industry go totally stupid.

1matcoman · 03-14-2023, 07:12 PM

Nick, hopefully you're not being forced to retire. Or, due to health issues.
If not, congratulations to you and your family.
As for advice, I can only relate my story after retiring two years ago. Don't sit around and get lazy! It sneaks up on you like you wouldn't believe. I allowed myself to get that way those first few months and knew it was not the way to go. So, whenever the bride and I are not traveling in our motorhome, I volunteer 3 days a week (1 each day at a different venue) to keep me busy. Find you something to force you to get up and get going in the mornings and to keep your mind sharp.

nickh · 03-14-2023, 07:24 PM

Some of it is my health, and my wifes health is declining, want to spend as much time as we can. I do have an option to do some consulting work and will have to watch what I earn, however, cash is great..LOL.

Sold my drag nova, trailer and truck. My garage was empty and I was lost LOL

I started doing some limited dirt modified racing last year (ran dirt 86 thru 90), had to remember to turn left, having some fun with that. Plan on getting more involved in church and some other things. My oldest son wants me to get into some senior shooting competition.

Thank both You & Jim for the words of encouragement.

nickh · 03-14-2023, 07:38 PM

Some of it is my health, and my wifes health is declining, want to spend as much time as we can. I do have an option to do some consulting work and will have to watch what I earn, however, cash is great..LOL.

Sold my drag nova, trailer and truck. My garage was empty and I was lost LOL

I started doing some limited dirt modified racing last year (ran dirt 86 thru 90), had to remember to turn left, having some fun with that. Plan on getting more involved in church and some other things. My oldest son wants me to get into some senior shooting competition.

Thank both You & Jim for the words of encouragement.

63corvette · 03-14-2023, 08:32 PM

I also retired early and to begin I was a little lost.
For about 6 months I was not sure I did the right thing.
I had family and friends trying to give me jobs and my old employer tried to get me to do consulting and construction inspection. I turned down the old employer and indicated if I wanted to work long hours I would not have retired.
My best advice is to do what you want to do when you want to do it.
Before retirement pay off all your debts. No payments on anything.
My financial advisor suggested I take Social Security as soon as possible and use that before you tap the 401K as best you can.
I did some car repairs for some of the family at the beginning of retirement and enjoyed that and it did keep me busy for a while. I think that being busy is the key at the beginning of retirement.
About a year into retirement we purchased a Diesel Pusher motor home and we started traveling and NHRA racing. We would go racing and see the country in between races and be gone for a month or two at a time.
That was the best part of retirement and we now have good friends all across the country and into Canada.
In closing you are in charge upon your retirement and only you can make it great.
Early Retirement was the best decision I made and I hope yours is the best decision for you also.
Just My Experience
Rick Cates
Canyon TX

03-14-2023, 09:56 AM	#1
nickh Senior Member Join Date: Sep 2010 Location: Houston,Texas Posts: 670 Likes: 1,838 Liked 235 Times in 97 Posts	Early Retirement Guys I am going to retire at 63 in June, any advice? Thanks in advance

03-14-2023, 10:32 AM	#2
jmcarter VIP Member Join Date: Dec 2008 Location: Richmond Hill GA (and Port Ludlow WA) Posts: 4,122 Likes: 1,978 Liked 2,707 Times in 853 Posts	Re: Early Retirement There’s not a single fit for the vast number of variables but the amount of debt you’re carrying (having your home paid for is a big plus) and any savings/401K/pension you’ll be able to rely on all play a role. In general tapping into savings/401 at no more than 4% @ year is a good guide. If no healthcare plan until Medicare (plus an advantage plan) then you’ll need a bridge there. You’ll get many opinions on when to start drawing Social Security but I started at 62 and don’t regret it. I follow Dave Ramsey’s YouTube channel to make sure I don’t get too far off base. I’d only add that I was fortunate enough to retire at 58 and certainly don’t regret it, it’s allowed us to travel extensively while we still can enjoy it and the bond with our grandkids has been deepened vastly by all of the shared experiences. Hope you can swing it. __________________ Jim Carter 2340 Super Stock 2340 SST/2340 Stock

03-14-2023, 01:25 PM	#3
nickh Senior Member Join Date: Sep 2010 Location: Houston,Texas Posts: 670 Likes: 1,838 Liked 235 Times in 97 Posts	Re: Early Retirement Jim, Thank You...yes I am debt free as well, and want to enjoy the time with wife, kids and grandkids. Want to be able to do some things while I still can, watching the banking industry go totally stupid.

03-14-2023, 07:12 PM	#4
1matcoman Member Join Date: Jul 2008 Location: Houston, Texas Posts: 305 Likes: 490 Liked 281 Times in 111 Posts	Re: Early Retirement Nick, hopefully you're not being forced to retire. Or, due to health issues. If not, congratulations to you and your family. As for advice, I can only relate my story after retiring two years ago. Don't sit around and get lazy! It sneaks up on you like you wouldn't believe. I allowed myself to get that way those first few months and knew it was not the way to go. So, whenever the bride and I are not traveling in our motorhome, I volunteer 3 days a week (1 each day at a different venue) to keep me busy. Find you something to force you to get up and get going in the mornings and to keep your mind sharp.

03-14-2023, 07:24 PM	#5
nickh Senior Member Join Date: Sep 2010 Location: Houston,Texas Posts: 670 Likes: 1,838 Liked 235 Times in 97 Posts	Re: Early Retirement Some of it is my health, and my wifes health is declining, want to spend as much time as we can. I do have an option to do some consulting work and will have to watch what I earn, however, cash is great..LOL. Sold my drag nova, trailer and truck. My garage was empty and I was lost LOL I started doing some limited dirt modified racing last year (ran dirt 86 thru 90), had to remember to turn left, having some fun with that. Plan on getting more involved in church and some other things. My oldest son wants me to get into some senior shooting competition. Thank both You & Jim for the words of encouragement.

03-14-2023, 07:38 PM	#6
nickh Senior Member Join Date: Sep 2010 Location: Houston,Texas Posts: 670 Likes: 1,838 Liked 235 Times in 97 Posts	Re: Early Retirement Some of it is my health, and my wifes health is declining, want to spend as much time as we can. I do have an option to do some consulting work and will have to watch what I earn, however, cash is great..LOL. Sold my drag nova, trailer and truck. My garage was empty and I was lost LOL I started doing some limited dirt modified racing last year (ran dirt 86 thru 90), had to remember to turn left, having some fun with that. Plan on getting more involved in church and some other things. My oldest son wants me to get into some senior shooting competition. Thank both You & Jim for the words of encouragement.

03-14-2023, 08:32 PM	#7
63corvette Senior Member Join Date: Mar 2007 Location: Canyon, Tx Posts: 535 Likes: 117 Liked 281 Times in 88 Posts	Re: Early Retirement I also retired early and to begin I was a little lost. For about 6 months I was not sure I did the right thing. I had family and friends trying to give me jobs and my old employer tried to get me to do consulting and construction inspection. I turned down the old employer and indicated if I wanted to work long hours I would not have retired. My best advice is to do what you want to do when you want to do it. Before retirement pay off all your debts. No payments on anything. My financial advisor suggested I take Social Security as soon as possible and use that before you tap the 401K as best you can. I did some car repairs for some of the family at the beginning of retirement and enjoyed that and it did keep me busy for a while. I think that being busy is the key at the beginning of retirement. About a year into retirement we purchased a Diesel Pusher motor home and we started traveling and NHRA racing. We would go racing and see the country in between races and be gone for a month or two at a time. That was the best part of retirement and we now have good friends all across the country and into Canada. In closing you are in charge upon your retirement and only you can make it great. Early Retirement was the best decision I made and I hope yours is the best decision for you also. Just My Experience Rick Cates Canyon TX