Retirement plan status
10-04-2017, 05:00 PM
#111
Thread Starter
I am 41 and have too far to go to retire :P
I manage medical device development projects for design firm. I like the money that comes with it, I like the fact that I still get to do some engineering work even though I am managing the projects (and running the PMO for our company) and I even like the types of projects. However, I have found that I am tiring of dealing with big company customers (you want to find the cheapest, hard to deal with people ... work with big product companies) with zero technical ability and way too much time on their hands to keep me on the phone instead of getting their work done and am mostly tired of dealing with all the BS.
I would be much happier I think opening a small shop and doing custom wood working. I worked for a custom cabinet shop for a number of years before and during college and still love doing that work. Puts me at peace instead of constantly stressing me out.
So the issue is that the current gig likely gets me retired sooner, while the second option likely allows me to live longer, happier ... until I get to be 65 and still have to work because I do not have enough retirement saved back :P My dad has been a mechanic all his life, used to love it, but is still working (still for himself, by himself as before) at 71 and has physical issues due to working himself so hard. So it is a tough decision. It is certainly nice for my day to be over the minute I walk out the door, but having more money put back to hopefully retire sooner is a plus.
So at 41 I dont know what I want to do with my life :P I am seriously considering doing sort of what I am doing now, but being a consultant. I get more than enough attention by recruiters for contract gigs of 12+ months, have built a good name in what I do, have lots of connections and cam literally make almost double what I do now as an independent consultant, IF I stay busy all the time. That last part is the downside of consulting, so there is more risk there.
We will need to stay close, or actually move closer, to our aging families for now, but at some point when we are retired and our parents are gone, I am definitely considering selling it all and moving to a small place in CO ... if I am still healthy enough to enjoy snowboarding, hiking at that point
I am more concerned about the WHEN of retiring right now.
I manage medical device development projects for design firm. I like the money that comes with it, I like the fact that I still get to do some engineering work even though I am managing the projects (and running the PMO for our company) and I even like the types of projects. However, I have found that I am tiring of dealing with big company customers (you want to find the cheapest, hard to deal with people ... work with big product companies) with zero technical ability and way too much time on their hands to keep me on the phone instead of getting their work done and am mostly tired of dealing with all the BS.
I would be much happier I think opening a small shop and doing custom wood working. I worked for a custom cabinet shop for a number of years before and during college and still love doing that work. Puts me at peace instead of constantly stressing me out.
So the issue is that the current gig likely gets me retired sooner, while the second option likely allows me to live longer, happier ... until I get to be 65 and still have to work because I do not have enough retirement saved back :P My dad has been a mechanic all his life, used to love it, but is still working (still for himself, by himself as before) at 71 and has physical issues due to working himself so hard. So it is a tough decision. It is certainly nice for my day to be over the minute I walk out the door, but having more money put back to hopefully retire sooner is a plus.
So at 41 I dont know what I want to do with my life :P I am seriously considering doing sort of what I am doing now, but being a consultant. I get more than enough attention by recruiters for contract gigs of 12+ months, have built a good name in what I do, have lots of connections and cam literally make almost double what I do now as an independent consultant, IF I stay busy all the time. That last part is the downside of consulting, so there is more risk there.
We will need to stay close, or actually move closer, to our aging families for now, but at some point when we are retired and our parents are gone, I am definitely considering selling it all and moving to a small place in CO ... if I am still healthy enough to enjoy snowboarding, hiking at that point
I am more concerned about the WHEN of retiring right now.
10-04-2017, 05:02 PM
#112
Thread Starter
I think I need to spend time with both an accountant and an independent financial advisor. My investment firm consultant is very good, but at the end of the day he works for the investment company, not me.
10-05-2017, 03:59 PM
#113
Retire as early as possible!!!
You will not regret being able to do things that you want to to, while you are still healthy enough to do them.
If for some reason, our savings get drained at age 85 (very unlikely, but you never know what the market will do!).... we'll go live under a bridge in a cardboard box. At that point, we probably won't really care, or maybe we'll move in with one of the kids!
Quit working... get out and enjoy life, you never know if you will wake up tomorrow, or next week, or ????
You will not regret being able to do things that you want to to, while you are still healthy enough to do them.
If for some reason, our savings get drained at age 85 (very unlikely, but you never know what the market will do!).... we'll go live under a bridge in a cardboard box. At that point, we probably won't really care, or maybe we'll move in with one of the kids!
Quit working... get out and enjoy life, you never know if you will wake up tomorrow, or next week, or ????
10-05-2017, 04:12 PM
#114
Retire as early as possible!!!
You will not regret being able to do things that you want to to, while you are still healthy enough to do them.
If for some reason, our savings get drained at age 85 (very unlikely, but you never know what the market will do!).... we'll go live under a bridge in a cardboard box. At that point, we probably won't really care, or maybe we'll move in with one of the kids!
Quit working... get out and enjoy life, you never know if you will wake up tomorrow, or next week, or ????
You will not regret being able to do things that you want to to, while you are still healthy enough to do them.
If for some reason, our savings get drained at age 85 (very unlikely, but you never know what the market will do!).... we'll go live under a bridge in a cardboard box. At that point, we probably won't really care, or maybe we'll move in with one of the kids!
Quit working... get out and enjoy life, you never know if you will wake up tomorrow, or next week, or ????
Remember the campaign slogan, "It's the economy, stupid." Well for us, right now, "It's the health insurance." He's Medicare eligible, I'm not. Can't justify dishing out the kind of $ needed for health insurance for three years, But I don't plan on waiting until I am Medicare Eligible..Moving in with the kid? Not happening....The granddaughter is pretty smart, maybe she'll make a lot of money and put us up at the Residence Inn if we run out of money.
10-05-2017, 04:38 PM
#115
Retire as early as possible!!!
You will not regret being able to do things that you want to to, while you are still healthy enough to do them.
If for some reason, our savings get drained at age 85 (very unlikely, but you never know what the market will do!).... we'll go live under a bridge in a cardboard box. At that point, we probably won't really care, or maybe we'll move in with one of the kids!
Quit working... get out and enjoy life, you never know if you will wake up tomorrow, or next week, or ????
You will not regret being able to do things that you want to to, while you are still healthy enough to do them.
If for some reason, our savings get drained at age 85 (very unlikely, but you never know what the market will do!).... we'll go live under a bridge in a cardboard box. At that point, we probably won't really care, or maybe we'll move in with one of the kids!
Quit working... get out and enjoy life, you never know if you will wake up tomorrow, or next week, or ????
10-05-2017, 04:48 PM
#116
Hmm can you talk to Rick for me? Remember the campaign slogan, "It's the economy, stupid." Well for us, right now, "It's the health insurance." He's Medicare eligible, I'm not. Can't justify dishing out the kind of $ needed for health insurance for three years, But I don't plan on waiting until I am Medicare Eligible..
Moving in with the kid? Not happening....The granddaughter is pretty smart, maybe she'll make a lot of money and put us up at the Residence Inn if we run out of money.
Remember the campaign slogan, "It's the economy, stupid." Well for us, right now, "It's the health insurance." He's Medicare eligible, I'm not. Can't justify dishing out the kind of $ needed for health insurance for three years, But I don't plan on waiting until I am Medicare Eligible..Moving in with the kid? Not happening....The granddaughter is pretty smart, maybe she'll make a lot of money and put us up at the Residence Inn if we run out of money.
Yeppers, insurance will be expensive.... and I'll probably b*tch and groan about it.... but we want to enjoy what time we have left (1 day to 40 years!).
Gotta spend that 401k and IRA money somewhere!
10-05-2017, 06:12 PM
#117
We are using Kathy's insurance (cobra) till the end of December.... still looking what we will do after that (can use her cobra till April 2018)....
Yeppers, insurance will be expensive.... and I'll probably b*tch and groan about it.... but we want to enjoy what time we have left (1 day to 40 years!).
Gotta spend that 401k and IRA money somewhere!
Yeppers, insurance will be expensive.... and I'll probably b*tch and groan about it.... but we want to enjoy what time we have left (1 day to 40 years!).
Gotta spend that 401k and IRA money somewhere!
10-06-2017, 04:43 AM
#118
Retire as early as possible!!!
You will not regret being able to do things that you want to to, while you are still healthy enough to do them.
If for some reason, our savings get drained at age 85 (very unlikely, but you never know what the market will do!).... we'll go live under a bridge in a cardboard box. At that point, we probably won't really care, or maybe we'll move in with one of the kids!
Quit working... get out and enjoy life, you never know if you will wake up tomorrow, or next week, or ????
You will not regret being able to do things that you want to to, while you are still healthy enough to do them.
If for some reason, our savings get drained at age 85 (very unlikely, but you never know what the market will do!).... we'll go live under a bridge in a cardboard box. At that point, we probably won't really care, or maybe we'll move in with one of the kids!
Quit working... get out and enjoy life, you never know if you will wake up tomorrow, or next week, or ????
10-06-2017, 05:22 AM
#120
Retire as early as possible!!!
You will not regret being able to do things that you want to to, while you are still healthy enough to do them.
If for some reason, our savings get drained at age 85 (very unlikely, but you never know what the market will do!).... we'll go live under a bridge in a cardboard box. At that point, we probably won't really care, or maybe we'll move in with one of the kids!
Quit working... get out and enjoy life, you never know if you will wake up tomorrow, or next week, or ????
You will not regret being able to do things that you want to to, while you are still healthy enough to do them.
If for some reason, our savings get drained at age 85 (very unlikely, but you never know what the market will do!).... we'll go live under a bridge in a cardboard box. At that point, we probably won't really care, or maybe we'll move in with one of the kids!
Quit working... get out and enjoy life, you never know if you will wake up tomorrow, or next week, or ????