You have my sympathy. Spinal stenosis is a terrible disease, good luck.
Retirement - is it over-rated?
Re: Retirement - is it over-rated?
For the fun of it...Keith
Re: Retirement - is it over-rated?
I love retirement. After 35 years of shift work, not having to get up at 4:10 am is nice. I still get up at 5:00 am but that's probably because I go to bed at 9:00pm. Still putter around the farm in the summer and that can use up some time but it is fun. Basically, gardening on a larger scale.
Hakuna Matata
Re: Retirement - is it over-rated?
Wallace, thanks for that post. It reminded me that I should be very thankful for my good health and prosperity.Wallace wrote: ↑22 Dec 2017 19:51
The bodies we are born with and their structural limitations could have been distributed in a lottery. Some people are prone to heart disease, others lung disorders, many develop cancers. True, we can wreck our bodies with drugs, alcohol, tobacco etc but I've seen many people who just seem to get the bad luck of the draw. ....
So the trick is just to do the best you can with what you've got and keep on going.
-
- Veteran Contributor
- Posts: 4523
- Joined: 06 Mar 2014 12:52
- Location: Retired Gen Xer somewhere on the planet earth
Re: Retirement - is it over-rated?
I've tried it a couple times now, and I'm finding it difficult to retire. "Retire" meaning not working as an employee.
Retiring Early Just Might Kill You
Retiring Early Just Might Kill You
Maybe it's not a bad thing that I'm having trouble "retiring". I don't know.The study notes that people who retire early suffer from worse health than those who work longer, but even so, those people experience an increased risk of death at age 62, the study found.
"Even though they're unhealthy, they would have lived longer had they not retired," Fitzpatrick said.
Re: Retirement - is it over-rated?
My buddy has gone through the hell of a CRA audit, trying to justify his write-offs. It seems to have changed his personality fundamentally. Too bad!kcowan wrote: ↑02 Aug 2017 18:10 Also there are plenty of B&B owners wanting out. The older home is not structured for 2 families living independently. We have a friend who has one and has been sitting on it for years trying to sell it as an operating B&B without success. It was grossing $150k a year and with plenty of write-offs.
For the fun of it...Keith
-
- Veteran Contributor
- Posts: 3103
- Joined: 13 Sep 2007 22:52
Re: Retirement - is it over-rated?
"Retired" now for 9 months. I hate to admit it, but I am less active now than I was when I worked; I used to swim 3x a week on lunch hours and hike every weekend. It seems the less free time I had, the better I was at using it efficiently. This was in Japan.
Back in Canada, I started biking. One day I crashed and ended up with a concussion and broken ribs. That put me down for a month. I was getting bored in the summertime and a little nervous about the outgoing wads of cash (Canada is wayyy more expensive than Japan, believe it or not), so I started working again part-time in a very physically demanding job. "Part-time" was 50+ hours a week through September and October. I was so tired I had no energy for myself come evenings and weekends. Am now contemplating changes for 2018 to improve this situation (find a different job!)
One "problem" (actually, two problems!) is that I have two children aged 11 and 9. Because they arrived here in July, they are still adjusting to Canadian life and have no close friends. As a result, they depend on me for companionship and entertainment. (I spoke to their teachers about this, and they confirmed that this is also generational. Unlike in my day, when we played outside endlessly, most Canadian kids today either stay home and play with internet, or they are involved in organized sports or private lessons of some kind).
Anyway, perhaps a New Year's resolution will be to rethink the whole retirement plan.
Back in Canada, I started biking. One day I crashed and ended up with a concussion and broken ribs. That put me down for a month. I was getting bored in the summertime and a little nervous about the outgoing wads of cash (Canada is wayyy more expensive than Japan, believe it or not), so I started working again part-time in a very physically demanding job. "Part-time" was 50+ hours a week through September and October. I was so tired I had no energy for myself come evenings and weekends. Am now contemplating changes for 2018 to improve this situation (find a different job!)
One "problem" (actually, two problems!) is that I have two children aged 11 and 9. Because they arrived here in July, they are still adjusting to Canadian life and have no close friends. As a result, they depend on me for companionship and entertainment. (I spoke to their teachers about this, and they confirmed that this is also generational. Unlike in my day, when we played outside endlessly, most Canadian kids today either stay home and play with internet, or they are involved in organized sports or private lessons of some kind).
Anyway, perhaps a New Year's resolution will be to rethink the whole retirement plan.
Re: Retirement - is it over-rated?
Jaydoubleyou,
I do not know how old you are... It is interesting that you describe yourself as retired and have two, relatively young children... I am 56 and I have been semi-retired since January 2015. In that three year period, on average, I only worked about 3 to 5 hours per week. Recently (in late November 2017) I accepted an appointment in a palliative care facility. It involves full responsibility (medical) for all of the beds (i.e. their occupants...) one out of every three weeks (24/7).
I have come to the conclusion that it is the best decision I have made in quite some time!!! I feel a sense of usefulness now that I was not aware that I had lost! Purposefulness is important to our sense of worth. Our sense of worth is closely related to our sense of well-being. It is also good to be busy (within limits).
I have also (since August) began a personal "getting in shape" program. I have found that this also has been good for me.
I contribute my own experience hoping that it may be of benefit to you in your reflections.
Stuart
I do not know how old you are... It is interesting that you describe yourself as retired and have two, relatively young children... I am 56 and I have been semi-retired since January 2015. In that three year period, on average, I only worked about 3 to 5 hours per week. Recently (in late November 2017) I accepted an appointment in a palliative care facility. It involves full responsibility (medical) for all of the beds (i.e. their occupants...) one out of every three weeks (24/7).
I have come to the conclusion that it is the best decision I have made in quite some time!!! I feel a sense of usefulness now that I was not aware that I had lost! Purposefulness is important to our sense of worth. Our sense of worth is closely related to our sense of well-being. It is also good to be busy (within limits).
I have also (since August) began a personal "getting in shape" program. I have found that this also has been good for me.
I contribute my own experience hoping that it may be of benefit to you in your reflections.
Stuart
"The term is over: the holidays have begun. The dream is ended: this is the morning."-C.S.Lewis, The Last Battle
-
- Veteran Contributor
- Posts: 1007
- Joined: 03 Jun 2017 15:21
Re: Retirement - is it over-rated?
Headline from the New York Times:
The Connection Between Retiring Early and Living Longer
https://www.nytimes.com/2018/01/29/upsh ... lness.html
The Connection Between Retiring Early and Living Longer
https://www.nytimes.com/2018/01/29/upsh ... lness.html
Re: Retirement - is it over-rated?
I have been retired for just over a year and I am down to pinching myself once a day. I left at 57 after 34 years with the same company. I only have to think back to being in all those mind numbing endless meetings, caught in traffic, etc, etc, to realize just how much I do actually love this next "chapter". I now focus on a few of my hobbies, a little travel here and there, I am at the computer for when the markets open for an hour or so, and then off to the gym with my wife for a couple of hours. It just works.
I used to feel a little guilty about having so much free time, but that has passed! The thing that made everything feel so right I think is that our finances were in order and I started investing many years ago for this. So we have no stress about affordability of a long (I hope)retirement.
Dividend investing with companies that grow their dividends year in and year out has been an incredible way for us to "pensionize" our investments. My yield on cost has an average in the high single digits, with some companies near a 15% return after around 15-20 years.
Anyway, I believe retirement is a gift, and it is truly a wonderful time, you just have to be prepared both financially and emotionally.
I used to feel a little guilty about having so much free time, but that has passed! The thing that made everything feel so right I think is that our finances were in order and I started investing many years ago for this. So we have no stress about affordability of a long (I hope)retirement.
Dividend investing with companies that grow their dividends year in and year out has been an incredible way for us to "pensionize" our investments. My yield on cost has an average in the high single digits, with some companies near a 15% return after around 15-20 years.
Anyway, I believe retirement is a gift, and it is truly a wonderful time, you just have to be prepared both financially and emotionally.
Re: Retirement - is it over-rated?
Well, I sent in my papers Friday. Now I'm waiting for the Law Society's permission to stop being a lawyer, but that should be a formality.
That means that I no longer can give any legal advice, not even on a pro bono basis. (If I wanted to do that, I would have to apply for "emeritus" status.) I suspect that they police retired lawyers more closely than the general public as to not giving legal advice.
So my retirement really started Friday.
George
That means that I no longer can give any legal advice, not even on a pro bono basis. (If I wanted to do that, I would have to apply for "emeritus" status.) I suspect that they police retired lawyers more closely than the general public as to not giving legal advice.
So my retirement really started Friday.
George
The juice is worth the squeeze
- Peculiar_Investor
- Administrator
- Posts: 13267
- Joined: 01 Mar 2005 14:52
- Location: Calgary
- Contact:
Re: Retirement - is it over-rated?
Congratulations
finiki, the Canadian financial wiki New editors wanted and welcomed, please help collaborate and improve the wiki.
Normal people… believe that if it ain’t broke, don’t fix it. Engineers believe that if it ain’t broke, it doesn’t have enough features yet. – Scott Adams
Normal people… believe that if it ain’t broke, don’t fix it. Engineers believe that if it ain’t broke, it doesn’t have enough features yet. – Scott Adams
-
- Veteran Contributor
- Posts: 3956
- Joined: 10 Sep 2012 17:26
- Location: QC
Re: Retirement - is it over-rated?
Variable Percentage Withdrawal (finiki.org/wiki/VPW) | One-Fund Portfolio (VBAL in all accounts)
Re: Retirement - is it over-rated?
Must have been a tough decision George. Welcome to the club!
For the fun of it...Keith
- Shakespeare
- Veteran Contributor
- Posts: 23396
- Joined: 15 Feb 2005 23:25
- Location: Calgary, AB
Re: Retirement - is it over-rated?
Welcome, George. Which iteration is this?
Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones
Re: Retirement - is it over-rated?
What took you so long
"And the days that I keep my gratitude higher than my expectations, well, I have really good days" RW Hubbard
-
- Contributor
- Posts: 511
- Joined: 30 Aug 2005 11:26
Re: Retirement - is it over-rated?
The "magic number" by poll sample is hereSQRT wrote: ↑08 Nov 2016 08:36Agree for fixed streams of income. But I view my dividend income stream as a hedge against inflation. Divs now exceed my non cola pension and are growing by about 7% per year. So, in total, my total income is growing by almost 4% per year. Beating inflation.fundamental wrote:The earlier you retire, any "magic number" you can think of using today's dollars should consider inflation and gradually be halved in purchasing power if you expect to live another 30-40 years.
“Courage is what it takes to stand up and speak. Courage is also what it takes to sit down and listen.” - Winston Churchill
Re: Retirement - is it over-rated?
Right. Nothing “magic” about this. At a 4% WR (inflation adjusted going forward) this number will generate about $30k per year. Add in CPP and OAS you get up to about $45-55 k per year. Any other pension on top of that. Seems reasonable that the average annual income in retirement for those that have saved a reasonable amount might be in this range, ie $60-80k.fundamental wrote: ↑08 Feb 2018 08:42The "magic number" by poll sample is hereSQRT wrote: ↑08 Nov 2016 08:36Agree for fixed streams of income. But I view my dividend income stream as a hedge against inflation. Divs now exceed my non cola pension and are growing by about 7% per year. So, in total, my total income is growing by almost 4% per year. Beating inflation.fundamental wrote:The earlier you retire, any "magic number" you can think of using today's dollars should consider inflation and gradually be halved in purchasing power if you expect to live another 30-40 years.
Last edited by SQRT on 08 Feb 2018 09:13, edited 1 time in total.
- Peculiar_Investor
- Administrator
- Posts: 13267
- Joined: 01 Mar 2005 14:52
- Location: Calgary
- Contact:
Re: Retirement - is it over-rated?
"Magic numbers" such as this generally seem to occur in February, aka RRSP season. More discussion in RRSP season - the retirement polls and ads are in full swing
finiki, the Canadian financial wiki New editors wanted and welcomed, please help collaborate and improve the wiki.
Normal people… believe that if it ain’t broke, don’t fix it. Engineers believe that if it ain’t broke, it doesn’t have enough features yet. – Scott Adams
Normal people… believe that if it ain’t broke, don’t fix it. Engineers believe that if it ain’t broke, it doesn’t have enough features yet. – Scott Adams
-
- Veteran Contributor
- Posts: 4523
- Joined: 06 Mar 2014 12:52
- Location: Retired Gen Xer somewhere on the planet earth
Re: Retirement - is it over-rated?
Now that people are living longer and longer, retiring at 65 means something different when average life expectancy is 60 vs 80
It's Time To Say It, Retirement Is Dead, This Is What Will Take its Place
It's also seems that retiring at 60 when you have another 20 or 30+ years to go may not be so great for your health
Nobody lives forever, so does it really matter if you die at 85 or 95?
It's Time To Say It, Retirement Is Dead, This Is What Will Take its Place
It's also seems that retiring at 60 when you have another 20 or 30+ years to go may not be so great for your health
The Harvard Business Review article is entitled, "You're Likely to Live Longer If You Retire After 65". It doesn't seem to get more clear than thatA recent Guardian article about research on aging and retirement cast an interesting light on the topic. According to the article, "[Research was conducted on] 2,956 people who were part of the Healthy Retirement Study funded by the National Institute on Aging in America...found that healthy retirees who worked a year longer (over the age of 65) had an 11% lower all-cause mortality risk. Even the unhealthy group reduced their likelihood of dying by 9% if they delayed retirement." An analysis on the study was also published in the Harvard Business Review.
Nobody lives forever, so does it really matter if you die at 85 or 95?
Re: Retirement - is it over-rated?
I've been away, so missed this news. Congratulations.
"The law is a jealous mistress" we were told in law school. And so she proved to be. That she was has only added to the pleasure of retirement. I retired 65 months ago and have enjoyed it immensely. I hope the same for you.
-
- Veteran Contributor
- Posts: 13310
- Joined: 20 Feb 2005 16:47
Re: Retirement - is it over-rated?
Congratulations George. I trust you will find no shortage of other ways to keep your mind engaged. How did Brandy take the news?
Re: Retirement - is it over-rated?
Ask an 84 year old that question...Flaccidsteele wrote: ↑20 Feb 2018 18:19 Nobody lives forever, so does it really matter if you die at 85 or 95?
-
- Veteran Contributor
- Posts: 4523
- Joined: 06 Mar 2014 12:52
- Location: Retired Gen Xer somewhere on the planet earth
Re: Retirement - is it over-rated?
I was another person who didn't didn't expect boredom to be a problem, but it is
31-year-old self-made millionaire: The No. 1 downside to being rich that no one thinks about
31-year-old self-made millionaire: The No. 1 downside to being rich that no one thinks about
Though it may sound relaxing, Kim doesn't believe that people truly want to sit on a couch watching Netflix for 15 hours a day for the next 60 years or sipping martinis on the beach all day long.
"[People] think that they want that because they have so little downtime," he says. "But it gets boring super quick."
-
- Veteran Contributor
- Posts: 4231
- Joined: 24 Jan 2014 23:17
Re: Retirement - is it over-rated?
FS, maybe my memory is wrong but I recall you having a young child(ren)? If so, it surprises me you would be bored.
Re: Retirement - is it over-rated?
How can you possibly be bored if you can do anything you want?Flaccidsteele wrote: ↑27 Apr 2018 01:36 I was another person who didn't didn't expect boredom to be a problem, but it is
"And the days that I keep my gratitude higher than my expectations, well, I have really good days" RW Hubbard