Retirement - is it over-rated?

Preparing for life after work. RRSPs, RRIFs, TFSAs, annuities and meeting future financial and psychological needs.

Retirement - is it over-rated?

I'm retired. I'm glad. I'll never work again.
98
38%
I'm retired. I'm glad, I'm working to make ends meet.
4
2%
I'm retired. I'm glad. I'm working because I choose to.
30
12%
I'm retired. I'm sorry. I would have kept on working.
5
2%
I'm working. When I retire I'll never work again.
44
17%
I'm working. When I retire I'll need another job
5
2%
I'm working. When I retire I'll do something else.
54
21%
I'm working. I'll never retire.
8
3%
I don't work. I'm a gentleman (lady) of leisure.
8
3%
 
Total votes: 256

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kcowan
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Re: Retirement - is it over-rated?

Post by kcowan »

SQRT wrote: 23 Dec 2017 09:27I also have spinal stenosis. I’ve kept it at bay for the last 11 years through a daily regimen of core stretches and exercises. So far so good, but at some point I know it will be an issue.

I wish everyone good health in the New Year.
You have my sympathy. Spinal stenosis is a terrible disease, good luck.
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Re: Retirement - is it over-rated?

Post by LAJ »

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.
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Arby
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Re: Retirement - is it over-rated?

Post by Arby »

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.
Wallace, thanks for that post. It reminded me that I should be very thankful for my good health and prosperity.
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Re: Retirement - is it over-rated?

Post by Flaccidsteele »

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
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.
Maybe it's not a bad thing that I'm having trouble "retiring". I don't know.
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Re: Retirement - is it over-rated?

Post by kcowan »

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.
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!
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Re: Retirement - is it over-rated?

Post by JaydoubleU »

"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.
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Re: Retirement - is it over-rated?

Post by StuBee »

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
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Re: Retirement - is it over-rated?

Post by fireseeker »

Headline from the New York Times:
The Connection Between Retiring Early and Living Longer

https://www.nytimes.com/2018/01/29/upsh ... lness.html
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Re: Retirement - is it over-rated?

Post by Getyoungk »

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.
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Re: Retirement - is it over-rated?

Post by ghariton »

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
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Re: Retirement - is it over-rated?

Post by Peculiar_Investor »

ghariton wrote: 05 Feb 2018 10:34 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.
Congratulations :thumbsup: :thumbsup:
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Re: Retirement - is it over-rated?

Post by longinvest »

ghariton wrote: 05 Feb 2018 10:34 So my retirement really started Friday.
Congratulations!
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Re: Retirement - is it over-rated?

Post by kcowan »

Must have been a tough decision George. Welcome to the club!
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Re: Retirement - is it over-rated?

Post by Shakespeare »

Welcome, George. Which iteration is this? :wink:
Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones
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Re: Retirement - is it over-rated?

Post by deaddog »

ghariton wrote: 05 Feb 2018 10:34 So my retirement really started Friday.

George
:thumbsup: :thumbsup:
What took you so long :wink:
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Re: Retirement - is it over-rated?

Post by fundamental »

SQRT wrote: 08 Nov 2016 08:36
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.
Agree 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.
The "magic number" by poll sample is here
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Re: Retirement - is it over-rated?

Post by SQRT »

fundamental wrote: 08 Feb 2018 08:42
SQRT wrote: 08 Nov 2016 08:36
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.
Agree 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.
The "magic number" by poll sample is here
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.
Last edited by SQRT on 08 Feb 2018 09:13, edited 1 time in total.
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Re: Retirement - is it over-rated?

Post by Peculiar_Investor »

fundamental wrote: 08 Feb 2018 08:42 The "magic number" by poll sample is here
"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
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Re: Retirement - is it over-rated?

Post by Flaccidsteele »

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
A 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.
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 that

Nobody lives forever, so does it really matter if you die at 85 or 95?
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Re: Retirement - is it over-rated?

Post by ockham »

ghariton wrote: 05 Feb 2018 10:34
So my retirement really started Friday.

George
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.
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Re: Retirement - is it over-rated?

Post by brucecohen »

Congratulations George. I trust you will find no shortage of other ways to keep your mind engaged. How did Brandy take the news?
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Re: Retirement - is it over-rated?

Post by Koogie »

Flaccidsteele wrote: 20 Feb 2018 18:19 Nobody lives forever, so does it really matter if you die at 85 or 95?
Ask an 84 year old that question... :roll:
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Re: Retirement - is it over-rated?

Post by Flaccidsteele »

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
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."
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Re: Retirement - is it over-rated?

Post by OnlyMyOpinion »

FS, maybe my memory is wrong but I recall you having a young child(ren)? If so, it surprises me you would be bored.
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Re: Retirement - is it over-rated?

Post by deaddog »

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
How can you possibly be bored if you can do anything you want?
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