[DrMitch]

I consider myself on the off-ramp to retirement and can be on this ramp for a while fortunately as a mobile veterinary surgeon.
I have always been an avid photographer and would love to travel more and start a blog (was the plan right before covid).
Skills to learn / hone:
Welding
Woodworking (custom furniture - along with the welding skills)
Boat mechanic so I can more easily work on my wakesurf boat (I'm relatively handy, but would love to learn more and have the proper tools and time)

[M_Six]

Originally Posted by wtwo3

Here's a question for those of you who've already retired. Have you seen yourself downsizing in retirement, or are you continuing with the same standard of living?

I struggle with this thought in terms of what type of net worth I'd need if I wanted to maintain my lifestyle, but also considering that some expenses will go away (i.e. childcare, mortgage, student loans, etc) while some expenses will likely increase (healthcare).

Wifey and I are in a unique situation as she's 10 years younger and still working and plans to keep on working for 5 or 10 more years, health allowing. She's still hauling down 6 figures, so income is not an issue. That said, with my pension, SS, and drawing about 2% per year from my retirement accounts, I'm making a bit more after taxes than I was when I was working. This damn virus is keeping us from traveling and eating out as much as we used to, so we're spending less money these days as well.

I should add that we're DINKs, so no college tuition or other kid related bills to worry about.

[vreihen16]

Originally Posted by garyfried

...but the odd job I really enjoyed was crewing on a car race teams. This was stock car racing and I did every level from local tracks to K&N pro series West. I had fun while learning and also there was some travel involved.

I always thought that a fun retirement gig would be as a race team's car hauler driver. Get the cars/equipment to the track, chill in the paddock all weekend, pack up on Sunday evening and hit the road either back to the team's shop or off to the next track. With my ticker being so far gone that I could never pass a DOT physical, this will never happen for me.....

[3.0L]

Originally Posted by wtwo3

Here's a question for those of you who've already retired. Have you seen yourself downsizing in retirement, or are you continuing with the same standard of living?

I struggle with this thought in terms of what type of net worth I'd need if I wanted to maintain my lifestyle, but also considering that some expenses will go away (i.e. childcare, mortgage, student loans, etc) while some expenses will likely increase (healthcare).

No, we did not have to downsize anything. Our home is paid for, kids are long out of college, etc.

It really boils down to income after retirement. When I decided it was time to retirement, my homework was real easy. First, I requested my pension numbers and options. Next, I calculated a 4% annual draw on our portfolio (which are financial advisor approved) and lastly, our combined SS income.

With these numbers in hand, I paid a visit to our investment broker and financial advisor. Answer? You're more than ready to retire! No living style changes needed!

Next, I paid a visit to our longtime CPA and learned what tax bracket we would be in after retirement. More good news! Lower tax bracket! When all was said and done, our net retirement income is 150% of our net working income. The next step was a no brainer.

Oh, and one last tidbit: Our portfolio has continued to grow since we retired 10 years ago, despite the 4% annual draw.

[M_Six]

Originally Posted by 3.0L

Oh, and one last tidbit: Our portfolio has continued to grow since we retired 10 years ago, despite the 4% annual draw.

Which brings up a point I was wondering about. I'm drawing ~2-2.5% annually from my accounts. My accounts are earning about 3x what I'm drawing out. I could draw more and still be earning money in the accounts, but we have no need for more. You say you're earning 150% of what you were when you were both working. We could be in a similar situation (except Wifey is still working), but what do you do with the extra income? Are you traveling more or buying nicer cars or what?

[sygazelle]

Originally Posted by wtwo3

Here's a question for those of you who've already retired. Have you seen yourself downsizing in retirement, or are you continuing with the same standard of living?

I struggle with this thought in terms of what type of net worth I'd need if I wanted to maintain my lifestyle, but also considering that some expenses will go away (i.e. childcare, mortgage, student loans, etc) while some expenses will likely increase (healthcare).

I retired 7 years ago mostly and 2 years ago completely. In those 5 years between mostly and completely, I continued to be involved as an angel investor, mentor, and advisor to start ups as well as an occasional consulting gig. So for me, it was sort of a soft landing retirement, allowing me to get used to the idea of having free time and not being defined by my career. As those 5 years went by, I started paying attention to expenses a bit more.

Healthcare has actually gotten cheaper. I had my own company so I had to pay for healthcare, and as I got older, the price of insurance went up and up. Now that we are on Medicare, the price for the supplement is way less than I was paying so that's a good thing.

My wife and I still know how to spend for sure and we spend when we have a desire to do so. New G05 X5, trips (although cut back by COVID constraints), but we are naturally spending less, not because we have to, just because we are getting older and we already have the things we want. I no longer need business clothes, fancy watches, expensive dinners out all the time, the latest electronic toys, etc. These things are just not important to me anymore.

So, if you retire in your 50s its probably a bigger deal since you can't get Medicare or Social Security yet AND your natural habit of spending hasn't subsided. If you retire in your mid-60s or later like I've done, I think its way easier overall.

[M_Six]

^^^What he said. Having medical insurance covered and being able to draw SS is a big help. My daily outfit is jeans and sweatshirt in the winter and shorts/polo shirt in the summer. I donated about 20 sport coats when I retired. I'm getting ready to donate a bunch of dress shirts I never got around to wearing and a shit ton of ties. I can do that because I'm also in my 60's and have no plans to return to an office environment. I don't need more than a couple of decent outfits except for the rare chance I get invited to a wedding or have to go to a funeral. Retiring in your 50's may be quite different. Lots of years still ahead for things to change.

[3.0L]

Originally Posted by M_Six

Which brings up a point I was wondering about. I'm drawing ~2-2.5% annually from my accounts. My accounts are earning about 3x what I'm drawing out. I could draw more and still be earning money in the accounts, but we have no need for more. You say you're earning 150% of what you were when you were both working. We could be in a similar situation (except Wifey is still working), but what do you do with the extra income? Are you traveling more or buying nicer cars or what?

I was an electronics technician at our local university and my wife did insurance billing at a local medical firm. We were average workers.

As to our increased income, we did buy a couple of nice cars during our first 3 years of retirement, but both are long ago paid for. We rarely had meals out before retirement, but we do go out to lunch often these days.

We hired a groundskeeper to look after our yard (1/3rd acre), maids and even a window washer. All are on a regular schedule (my, how I enjoy watching other people work!). In addition, I take both cars to a great servicer for virtually everything including by-the-book maintenance and virtually all repairs (I used to do a lot of that myself, but who can even see the engine anymore?).

Next, I ramped up my long-time passion for building and flying all types of RC aircraft including helicopters, gliders, scale jets and fighters, drones, etc. After that, I occasionally build/upgrade my gaming computer to keep it in top-notch performance condition to run all sorts of simulators.

And we spoil our grandkids a bit, as well.

In a few month we are obliged to start a draw on my wife's untouched IRA to satisfy the tax man. We've only been drawing my IRA so far. We really don't need the additional income, so I'm seriously considering contributing to my grandkids college funds.

As to our increased income in retirement, I initially failed to take into account that I would no longer be paying into things like my pension, health insurance, union, parking fees, etc., not to mention our lower income tax bracket.

[its55]

When I retire (soon), I'll be RETIRED!

[upstatedoc]

Originally Posted by M_Six

"And ‘cause I was a gazillionaire, and I liked doing it so much, I cut that grass for free."

-Forrest Gump

[M_Six]

Originally Posted by 3.0L

I was an electronics technician at our local university and my wife did insurance billing at a local medical firm. We were average workers.

As to our increased income, we did buy a couple of nice cars during our first 3 years of retirement, but both are long ago paid for. We rarely had meals out before retirement, but we do go out to lunch often these days.

We hired a groundskeeper to look after our yard (1/3rd acre), maids and even a window washer. All are on a regular schedule (my, how I enjoy watching other people work!). In addition, I take both cars to a great servicer for virtually everything including by-the-book maintenance and virtually all repairs (I used to do a lot of that myself, but who can even see the engine anymore?).

Next, I ramped up my long-time passion for building and flying all types of RC aircraft including helicopters, gliders, scale jets and fighters, drones, etc. After that, I occasionally build/upgrade my gaming computer to keep it in top-notch performance condition to run all sorts of simulators.

And we spoil our grandkids a bit, as well.

In a few month we are obliged to start a draw on my wife's untouched IRA to satisfy the tax man. We've only been drawing my IRA so far. We really don't need the additional income, so I'm seriously considering contributing to my grandkids college funds.

As to our increased income in retirement, I initially failed to take into account that I would no longer be paying into things like my pension, health insurance, union, parking fees, etc., not to mention our lower income tax bracket.

Similar situation to us. I was an IT guy at a university and Wifey is a librarian there still. The pension system here is pretty good and we were both dumping near max into our supplemental accounts for most of our 20 years here. We also own the house and cars outright and we have no kids or grandkids (I have two grand-nephews). I do tend to indulge in my cycling. I have about $10k invested in my bikes and should be getting an e-bike in a month or so if it ever comes in. I do think we'll do a lot more traveling if/when this Covid shit finally eases up. And we'll get back to eating out, although not nearly as often as I have time to do the cooking now.

[upstatedoc]

Originally Posted by DrMitch

I consider myself on the off-ramp to retirement and can be on this ramp for a while fortunately as a mobile veterinary surgeon.
I have always been an avid photographer and would love to travel more and start a blog (was the plan right before covid).
Skills to learn / hone:
Welding
Woodworking (custom furniture - along with the welding skills)
Boat mechanic so I can more easily work on my wakesurf boat (I'm relatively handy, but would love to learn more and have the proper tools and time)

Can you get me Apoquel cheap?

[garyfried]

Originally Posted by vreihen16

I always thought that a fun retirement gig would be as a race team's car hauler driver. Get the cars/equipment to the track, chill in the paddock all weekend, pack up on Sunday evening and hit the road either back to the team's shop or off to the next track. With my ticker being so far gone that I could never pass a DOT physical, this will never happen for me.....

One of the teams that I crewed for also had me drive the motor home with a hauler behind it that held two cars in a stacker trailer. I admit I enjoyed driving this 75 foot rig although through the mountains was interesting as we had some races in British Columbia. There was no slack time after unloading as I also worked on the cars.

[Darth One]

Also, is there an odd job for "shitty noob guitar player"? I might try to learn guitar in my retirement

[M_Six]

Originally Posted by Darth One

Also, is there an odd job for "shitty noob guitar player"? I might try to learn guitar in my retirement

See Also: Old Dog, New Trick

[wtwo3]

Originally Posted by Darth One

Also, is there an odd job for "shitty noob guitar player"? I might try to learn guitar in my retirement

Hobbies are welcome

[wtwo3]

Originally Posted by its55

When I retire (soon), I'll be RETIRED!

[Darth One]

Originally Posted by M_Six

See Also: Old Dog, New Trick

Fair enough. I suspect I'll give up in disgust after an hour

[M_Six]

Originally Posted by Darth One

Fair enough. I suspect I'll give up in disgust after an hour

I tried to learn the guitar as a kid. I was sooooo uncoordinated that I could never get the hang of doing something with one hand while doing something else with the other. So pressing on the frets while strumming was not an option. Even now at my ripe old age, I'm still in awe of people like Wifey who can be looking at me and talking to me while typing out an email to someone else at the same time. My mind just does not allow for two distinctly different activities to be going on at the same time.

As the saying goes, I don't chew gum if I have to walk.

[upstatedoc]

Originally Posted by Darth One

Also, is there an odd job for "shitty noob guitar player"? I might try to learn guitar in my retirement

Can I be your roadie and get you chicks? Of course I would keep a couple for myself.

[Darth One]

Why not? I wouldn't be able to score them myself

[F32Fleet]

Originally Posted by mecheng77

How old were you guys when you retired or how old will you be?

For me it will be 60, which is 15 years away which seems like an eternity !

I will never be able to willingly retire.