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fishbuck
Banned
Posts: 5318
Registered: 8-31-2006
Member Is Offline
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When to retire?
I have been teasing myself with the idea of retiring.
I'm still a bit young at 57 but will be eligible for full pension at 58. At 59 I can start taking some 401k money and then early social security at
62.
So it's roughly doable.
Having moved to Everett Wa about 5 years ago I miss being in close proximity to Baja.
My ideal plan is to work until 62.
But lately I have been having some self doubt.
I miss living in SoCal. It was my dream to live there when I was younger and still living in Massachusetts with my family. Motocross, aviation,
beaches and bunnies, sun.
I think the DavidK birthday post sort of reminded me about how much fun people are having in baja while I'm stuck here living where I don't really
want to be.
I know this is a bit rambling but only other baja fans can understand this.
Can anyone please share with me their thought process regarding about when and how to retire.
I think I will split my time between somewhere in San Diego and my fishcamp in San Quintin. San Quintin is the best spot for traveling south for trips
too and I will do that.
I don't want to work anymore if possible.
I have some savings but not great. I spend most of my money just surviving and living life and an glad I'm did it that way.
You can't save life to live it later.
Any "Words of wisdom" from my fellow BajaNomads?
"A ship in harbor is safe, but that is not what ships are built for." J. A. Shedd.
A clever person solves a problem. A wise person avoids it. – Albert Einstein
"Life's a Beach... and then you Fly!" Fishbuck
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taoswheat
Junior Nomad
Posts: 73
Registered: 11-29-2007
Location: Taos, NM USA
Member Is Offline
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Not a negative on your retirement ideas, but be aware that your monthly social security increases 8% each year beyond 62. I started at 62 to be able
to retire when I wanted and it worked out OK, but just sayin, I would be getting more per month if I had waited.
Good luck and stay on plan!
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willardguy
Elite Nomad
Posts: 6451
Registered: 9-19-2009
Member Is Offline
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the old guy on the park bench telling peyton "work as long as you can"......nope, retire as soon as you can!
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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Run your numbers and plan through a competent financial advisor
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larryC
Super Nomad
Posts: 1482
Registered: 8-11-2008
Location: BoLA
Member Is Offline
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Work is not all it is cracked up to be. I say go as soon as you can afford it. I retired at 52. I have never woken up and wished I was going to work
that day. Just make sure you can afford it.
Off grid, 12-190 watt evergreen solar panels on solar trackers, 2-3648 stacked Outback inverters, 610ah LiFePo4 48v battery bank, FM 60 and MX60
Outback charge controllers, X-240 Outback transformer for 240v from inverters, 6500 watt Kubota diesel generator.
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AKgringo
Elite Nomad
Posts: 5805
Registered: 9-20-2014
Location: Anchorage, AK (no mas!)
Member Is Online
Mood: Retireded
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I started collecting a modest union pension at 60, and my SS at 62. I would like to have worked a couple of years longer since I was fairly well
established with one of the better Anchorage construction companies. Both my SS and union pension would have continued to increase.
My decision was made by the fact that my dad in northern CA needed a lot more personal support with his daily activities and the family property and
equipment.
I have no regrets, but if I was still facing a mortage or substantial rent, I would not be able to travel.
One statistic that I saw (but can't quote) was that people who retired early, but stayed active, lived longer than those who worked till 70. How
many years I draw a pension is more important than how much per year, assuming my health is at least fair!
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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Maybe. Depends on rate of inflation. I recall recently about three years the rate didn't increase for this reason. Goes for disability as well.
"YOU CAN'T LITTER ALUMINUM"
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Alm
Ultra Nomad
Posts: 2716
Registered: 5-10-2011
Member Is Offline
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x2.
Plenty of online calculators will give you a ball-park figure. Or hire an advisor.
No offense, but asking at the expat forum, with questions like "when and how to retire" - shows that you didn't do much homework, if any.
Range of Baja lifestyles is wild, as is the range of budgets. Can you live without motocross and aviation? Can you live on SS pension alone, if it
comes to that? Do you absolutely require a housing built by US standards and willing to pay for that, and if so, then - where? Etc, etc, ad infinitum.
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David K
Honored Nomad
Posts: 64476
Registered: 8-30-2002
Location: San Diego County
Member Is Offline
Mood: Have Baja Fever
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Hi Mike,
I turned 59 on Sunday in Las Pintas, a very spiritual site and home to some of the oldest rock art in Baja California...
I was with new friends in an old land that has been in my heart for over 50 years.
Come south again as soon as your heart tells you because your mind will say stay at work and that may be until your last day on earth.
Don't miss a chance to be back where you feel alive, back in Baja California!
I will "retire" in 3 years unless there is a major change coming for us.
San Quintin (or somewhere else) is waiting for you and you have a friend there now, thinking of you who can help with your decision.
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ehall
Super Nomad
Posts: 1906
Registered: 3-29-2014
Location: Buckeye, Az
Member Is Offline
Mood: It's 5 o'clock somewhere
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Check the 401k. I might be wrong but I thought you could start drawing it at 57.
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SFandH
Elite Nomad
Posts: 6924
Registered: 8-5-2011
Member Is Offline
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Quote: Originally posted by DENNIS  |
Maybe. Depends on rate of inflation. I recall recently about three years the rate didn't increase for this reason. Goes for disability as well.
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He means the amount you get if you keep working, delaying enrolling in SS. Don't know if the number is correct.
Man do I wish my check increased 8% annually
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Bob and Susan
Elite Nomad
Posts: 8802
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
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I agree with this guy : )
retire asap... I retired 10 years ago...fantastic
the body's not keeping up... in 10yrs it'll be even worse
go NOW!!
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fishbuck
Banned
Posts: 5318
Registered: 8-31-2006
Member Is Offline
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Great points all. Please keep them coming. Be harsh if necessaries. Encouraging if possible. The truth shall set me free (to retire!).
"A ship in harbor is safe, but that is not what ships are built for." J. A. Shedd.
A clever person solves a problem. A wise person avoids it. – Albert Einstein
"Life's a Beach... and then you Fly!" Fishbuck
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bkbend
Senior Nomad
Posts: 693
Registered: 11-27-2003
Location: central OR or central baja
Member Is Offline
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I'm happy I retired as soon as I could. It was pretty much as you think you may be able to. Took a pension at 59 and SS at 62 filling the gap with
401K. I didn't already have the Baja fish camp so I spent more than I should have on that before I started collecting SS but once I did start
collecting I'm doing fine on pension and SS. Just make sure the numbers you run are sound. I didn't want to work long enough to maximize pension or
SS and then be too old to enjoy it. I lived on the cheap while working and do have some savings and a free and clear house when I'm not in Baja.
That helps me sleep at night. Work a year or two more living on what you pension would be and bank the balance.
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Bob and Susan
Elite Nomad
Posts: 8802
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
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spend it ALL!!!
that's why you worked...enjoy life NOW!!!
in the end YOU WIN if you die BROKE!!!
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Bajaboy
Ultra Nomad
Posts: 4375
Registered: 10-9-2003
Location: Bahia Asuncion, BCS, Mexico
Member Is Offline
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San Diego is America's Finest City but it's also an expensive place to live. I love what I do and don't regret going to work. But with that said,
I'm able to spend about 2 months out of the year in Baja. I'm typing this from Baja. Pay off all of your debt before you consider retiring except
possibly a mortgage. I plan on retiring in 12 plus years when my youngest goes off to college or wherever.
Life is good!
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Mula
Super Nomad
Posts: 1653
Registered: 8-16-2011
Location: San Nicolas y Lopez Mateos
Member Is Offline
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Retire as soon as you can.
My husband retired from the union work at 55.
Thank gosh he did.
He passed away this summer. Just short of 61.
You never know. . . .
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Jack Swords
Super Nomad
Posts: 1094
Registered: 8-30-2002
Location: Nipomo, CA/La Paz, BCS
Member Is Offline
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A wise man told me when I contemplated retirement that life is finite. You can work longer to have more money, but you have less time left in which
to spend it. Retire sooner, you have less money, but more time to spend it. I retired at 57 and never regretted it.
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bajabuddha
Banned
Posts: 4024
Registered: 4-12-2013
Location: Baja New Mexico
Member Is Offline
Mood: Always cranky unless medicated
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It's not as much what you need to have to retire on, but what you can do without. One word of advice; DOWN-SIZE. Then it's easy-peasy, and stick to
the 'KISS' technique. You'll be well taken care of, so get to it!
I don't have a BUCKET LIST, but I do have a F***- IT LIST a mile long!
86 - 45*
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KurtG
Super Nomad
Posts: 1201
Registered: 1-27-2004
Location: California Central Coast
Member Is Offline
Mood: Press On Regardless!!
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10 years ago at age 62 I decided to stop working and find a way to live decently on what I had. I have never regretted that decision. I lead a low
overhead life on a modest income and couldn't be happier. As we age we lose the physical ability to do what we could at a younger age, it is easy to
delude ourselves that we have a long string of physically good years in our future but that is not always the case. If you would rather fish than
work then find a way to get out on the water!
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