When is the right time to retire

[pgchin]

I stumbled across the below article written by By Dave Bernard | U.S.News & World Report LP

http://finance.yahoo.com/news/time-retir...54306.html

I figured with the current demographic age of the 3-4000 Wanderlodge owners this might be helpful for two reasons:

1) If you are 5- 10 years out, now is a GOOD time to start thinking about these kinds of things, sort of "define the box" and tune as life throws you fast balls and curves

2) We probably have a WEALTH of members from all walks of life who have already did this. So, without getting too personal, any 1 or 2 tips (lessons learned / if I could did all over again I would) you can add to this thread for those thinking about retirement would be a great source of information for them to make informed decisions. I'll start to give you an example:

I decided last year to accept an 18month "transition to retirement program" that ends this year so I currently work part time for 18 months. This allows me to:
1) Not have such an abrupt end to my business life after 38 years, I can
slowly transition to it ,tune my free time, try new ideas to see what
does and does not work for me and us.
2) I can finally get all those items that have been sitting on my "punchlist"
for life done!
3) We plan to relax more and supplement / amp up our activity and social
contact through travel both domestic and foreign.We also will
volunteer our time and expertise to the less fortunate in order to help
them achieve their goals.

[DOSZORROS]

Pete:

Your comments are pertinent and this is a subject that most people do not give enough thought and planning to. I semi retired when I was 50 and retired at age 52. My wife and I wanted to travel and our retirement has worked out very well for us.

Below are some thoughts I would put forth for consideration.

1. Work hard and save your money. Finances are of the utmost importance. People are living longer and you may be facing many years of active retirement. Government and inflation will be your biggest enemy. Your early years of retirement will be the most expensive and most people spend less when they get in their 80's.

2. Make sure you have a sound health insurance plan. You have to have health insurance or medical situations will certainly devestate you in retirement.

3. You have to have a reason to get up in the morning. If you do not have things you want to do in retirement, you are probably better off working. I have known several people that their job was their life and when they retired, they found they had nothing to do and generally ended up on the booze.

4. It is good to have some supplemental income after you retire. This will help inflation proof your retirement. A part time consulting job or advisory job can help you transition into retirement timewise.

5. Have a budget when you retire and do a net worth statement about twice a year to see if you are staying within the guidelines you established.

6. Spend as much time as possible staring over the steering wheel of that Wanderlodge. This is candy for the soul.

[encantotom]

Hi all,

I am one of those NewellGurus guys and i thought this was an appropriate thread for me this week. I have finally decided to retire and my last day in the corporate world is this thursday. I have what seems to be several years of projects lined up so have no shortage of things to do. of course, then a 2 month trip in the newell is the same candy for the soul as driving a wanderlodge.

i appreciate the passion all of you have for your coaches and feel very welcome here among you.

tom

[davidbrady]

Congrats Tom. I'm sure it's a bittersweet moment. It's always the people that you'll miss the most. I left Silicon Valley 12 years ago and went off to own a business with my wife. My days with my engineering colleagues in the valley are some of my fondest memories. I wish you many years of healthy, happy, and fruitful retirement. Now I want to see you replace those tires due to mileage instead of time! Wear 'em out! Happy Busing!

[cmillsap]

I dislike using the word “Retire” as defining the ending of a person’s professional or working activities these days. People still associate the word “Retire” as the end of your useful life and the time for you to go sit in a rocking chair on the front porch.

I think a more accurate definition of the word “Retire” is the act of going to bed. I don’t know too many people who quit “working” after they leave their career jobs , they just “work” more leisurely at things they like to do.

Years ago, people’s work was much more physically demanding. Those who were fortunate enough to reach the age of retirement and receive an “old age pension” after a life of physically demanding work were happy to “Retire” “ur”, “go to bed”.

[pgchin]

Thanks for everyone's contributions! Keep'em coming!
George, Kudo's to you! You succinctly summarized about every article I've read on the subject into clear concise recommendations!!!! Thanks so much!
I want to back up George's first comment about "people do not give enough thought and planning to the subject". I read that all the time and here is a article from yesterday's US new's to back George up!
http://money.usnews.com/money/blogs/the-...or-boomers

Tom, congrats to you on starting phase 2, the fun years!!!!! Have a ball, and yes like you and George both said fun times in the buses await and are good for you! It clears the head!

Chuck, ROTFLMAO! I have a close high school pal that retired from the corporate world last November and when he emailed me, that line about sitting in a rocking chair on the porch and he was too young was the first line in the email!!! So when I saw it in your post I almost choked on my coffee with laughter! Sorry ole pal, I do not write the dictionary BUT I do agree with your views wholeheartedly! There is definitely a "stigma" attached to the word. Personally I just "truck on". I see no reason to hide it or be ashamed, I just want to provide an awareness of the fact that you need SOME kind of plan and to start thinking about it no matter your station or plan!

Dave, yes I miss the development days also.......BEST time of my life!!!!! Really!!! Well, hopefully I can add "so far"!!!!!!!!! in phase 1!

[Itchintogo]

Now.

If you can.

[DOSZORROS]

I will dip my wick in this thread one more time. "Retire", to me, does not mean to set in front of the TV with a six pack. Retire means to be able to do what you want to do when you want to do it; not punching someone elses clock.

I retired in 1988 and during my "Retirement", I worked the Exxon/Valdez oil spill as a consultant, accidently got in the land development business in Idaho, done a major rebuild/remodel on two Wanderlodges, built two experimental class airplanes, developed three residential properties from dirt, done major remodels on three residential properties, managed a hospital remodel project and put over 200,000 miles on 5 different Wanderlodges.

I done this on my clock because I wanted to do it. That is my definition of retirement. God willing, I'm not ready for the rocking chair yet. As I stated previously, you have to have a reason to get up in the morning.

[Itchintogo]

Good on ya George. Retirement just means transition really in my opinion.


I don't know how you ever found the time to work?

[encantotom]

george, now thats retirement.....

tom