BajaNomad - Retire or not Retire

Retire or not Retire

CortezBlue - 4-26-2013 at 09:47 PM

Ok, all of you Nomads who have retired, I have a question.

First, I am 56 and mainly interested in folks who have retired at that age and not at 65 or so.

Questions?

Did you retire or just tire of working?

How much did you have in your 401K or 403B?

Did you feel like you retired to soon?

Did you develop a drinking problem or just continue the drinking problem you had while working!!

So here is the deal

My wife is retired and has a nice pension from a school district.

We still owe about 300K on our house, but have a 2.8% ARM that is good until about 2017.

I own a home in San Felipe, but do not plan on moving to Mexico full time.

U2U me with any advice

micah202 - 4-26-2013 at 09:51 PM

.......it's always good to get a new set of tires whenever you can! :smug:

msawin - 4-26-2013 at 10:04 PM

Hey that's me too. I am 56. wait that's Sunday. I have a day. But what about me and my house payment and Baja. My wife worked with me for 24 years in our business, but no union retirement for her. ??. How much do we need for Mexico a month to survive? How much is enough?

bajagrouper - 4-26-2013 at 11:01 PM

It is probably better info if you stated the equity in your home and not how much you owe.

Bajafun777 - 4-26-2013 at 11:30 PM

Look you will always be chasing dollars if you think about what you think you need to retire. Sit down and figure out just how much you save by not working like not having to buy such things as work clothes, meals from home, transportation costs, insurance for car as mileage counts, less taxes due to lesser monies coming in during retirement, not buying all of the other employees charity event tickets or other kid function tickets etc. You will be amazed how much this adds up to during the month. Next just cut down on the buying of things that you buy on impulse but don't need, you all know about things that go in closets or drawers never to be seen again once bought.

I retired at 57 and just told my wife we will get by and with smarter shopping for things and thinking out trips for best deals we do just fine. I started going to too many friends funerals and decided it was time to enjoy life, especially since my first working experience was picking cotton with a gunny sack at age 10 on the farm. We don't regret it and I had a close call at age 59 so glad I had done some of my bucket list and working on the rest of the list as I type this, LOL. Don't chase retirement dreams but let retirement dreams chase you, enjoy yourselves because you just never know when the time clock is set to run out on you. Take Care & Travel Safe----"No Hurry, No Worry, Just FUN" bajafun777

CortezBlue - 4-27-2013 at 02:26 AM

Quote:

Originally posted by bajagrouper
It is probably better info if you stated the equity in your home and not how much you owe.

Good point

market value $800k

mortgage $300k

CortezBlue - 4-27-2013 at 02:28 AM

Quote:

Originally posted by msawin
Hey that's me too. I am 56. wait that's Sunday. I have a day. But what about me and my house payment and Baja. My wife worked with me for 24 years in our business, but no union retirement for her. ??. How much do we need for Mexico a month to survive? How much is enough?

Trust me, no union pension here. AZ is a right to work state, we are not union fans

CortezBlue - 4-27-2013 at 02:33 AM

Quote:

Originally posted by Bajafun777
Look you will always be chasing dollars if you think about what you think you need to retire. Sit down and figure out just how much you save by not working like not having to buy such things as work clothes, meals from home, transportation costs, insurance for car as mileage counts, less taxes due to lesser monies coming in during retirement, not buying all of the other employees charity event tickets or other kid function tickets etc. You will be amazed how much this adds up to during the month. Next just cut down on the buying of things that you buy on impulse but don't need, you all know about things that go in closets or drawers never to be seen again once bought.

I retired at 57 and just told my wife we will get by and with smarter shopping for things and thinking out trips for best deals we do just fine. I started going to too many friends funerals and decided it was time to enjoy life, especially since my first working experience was picking cotton with a gunny sack at age 10 on the farm. We don't regret it and I had a close call at age 59 so glad I had done some of my bucket list and working on the rest of the list as I type this, LOL. Don't chase retirement dreams but let retirement dreams chase you, enjoy yourselves because you just never know when the time clock is set to run out on you. Take Care & Travel Safe----"No Hurry, No Worry, Just FUN" bajafun777

You are correct master, I am chasing the dollar. Round and round we go. I feel like I am in one of those acrylic boxes with dollar bills flying around, with my arms grabbing and stuffing bills into my pockets :rolleyes:

zoesterone - 4-27-2013 at 07:05 AM

Quote:

This is excellent advice and spot on. There is no magic formula and everyone has different ideas of what they need to "be happy". I find it takes very little in Mexico and it is mostly up to not being a major consumer. There is plenty left for fun.

nbacc - 4-27-2013 at 07:22 AM

I retired at 55 from public school teaching. I loved it but when I was done I was done, I also had been socking into my 401 since my first month of teaching and was ready to go. BUT the health insurance really made me sit down and crunch the numbers, We also own a house in Sf and are not planning on moving there full time. Would I do the same again? Even though it is tight and we make it work I think I would. I took a little part time job that I am enjoying but can quit anytime and take a month or so off to go to Mexico whenever, It works for us,. Nancy

Osprey - 4-27-2013 at 07:30 AM

This might help. Most of my gringo neighbors, way down here by the tip of the peninsula, drive back or fly back to the states to use major insurance plans in special medical facilities in the states. The costs of their care, in U.S. dollars (eye work, knee replacement, heart operations, etc. etc.) is a staggering amount (in the millions paid by the insurors) compared with any expense they may lavish on their home and habits or families. So if you have that coverage, the luxury of travel whenever and wherever you need to go, all the other considerations dwindle to a pittance ---- if you don't have those, you'll need to spend every extra dime on care in Mexico.

Here's the rub. Care in Mexico is chump change for the small stuff but major medical needs down here could really eat your lunch for services you needed and received at Kaiser or Cedars, etc. for which you'll be sorely pressed to recover.

Most of these high rollers live on 2K to 3K a month and think nothing of the $400,000 dollars the insuror pays for some special surgery (10 to 15 years of all the money they spent to live on in Mexico). That's the real big dollar picture in my view.

durrelllrobert - 4-27-2013 at 08:19 AM

Quote:

Originally posted by CortezBlue

Quote:

Originally posted by bajagrouper
It is probably better info if you stated the equity in your home and not how much you owe.

Good point

market value $800k

mortgage $300k

$800k in AZ? You must be in a very high end neighborhood. I had a 5000 sq ft house in Litchfield Park and I had to pay someone $5k to take my $250k equity. Of course that was in 1986.

CortezBlue - 4-27-2013 at 08:27 AM

Quote:

Originally posted by durrelllrobert

Quote:

Originally posted by CortezBlue

Quote:

Originally posted by bajagrouper
It is probably better info if you stated the equity in your home and not how much you owe.

Good point

market value $800k

mortgage $300k

$800k in AZ? You must be in a very high end neighborhood. I had a 5000 sq ft house in Litchfield Park and I had to pay someone $5k to take my $250k equity. Of course that was in 1986.

La Sendas area near Saquaro Lake.

1.5 acre lots, no street lights, and 800 ft. above the valley with great mountain and city light views.

I was my own GC 13 years ago, so we were able to save a ton of dough up front.

desertcpl - 4-27-2013 at 09:59 AM

well Cortez
you have pretty much answered your own question, I retired at 54,, had every thing paid off before, home, cars, boats, commercial property ( income )

some times you have to make a discussion to go the pay window and cash out,
it sounds like you are able to do it, and not look back
most people do reach that point some time. if your able to make the move, I remember when I first retired, I had so many bucket list thing that we did it was exciting,, some times I do miss being in business, but sure don't miss the hours and having employees

I also should add, that I did take a big hit in income for being in business to retirement,, but never looked back, we did just fine

[Edited on 4-27-2013 by desertcpl]

durrelllrobert - 4-27-2013 at 10:52 AM

Quote:

Originally posted by CortezBlue

La Sendas area near Saquaro Lake.

1.5 acre lots, no street lights, and 800 ft. above the valley with great mountain and city light views.

I was my own GC 13 years ago, so we were able to save a ton of dough up front.

You must be off Teria Mesa or Copper Canyon?

BajaBlanca - 4-27-2013 at 01:18 PM

I find it interesting that retiring is not only about money

Some folks actually love what they do and are not remotely interested in stopping. I have a wealthy, very wealthy uncle, and at 70 he says he wants to die working. Go figure.

Others can't wait, they retire and never look back.

If you crunch your numbers and financially you can make it work......I say give it a whirl. If you don't like it, you can ALWAYS find work to do again......learn something new.....volunteer.....

It is a big decision, wish you the best of luck in making the right one.

absinvestor - 4-27-2013 at 01:57 PM

I retired the first time at 52. We sold our house in the US and moved to Mexico where the cost of living was much lower. We had sold a couple of businesses that we owned( on contracts) and used that monthly income to live on. The wife became homesick for the kids and so we eventually returned to the US. Although we still had sufficient income to live the cost of living in the US was much higher and , of course, we needed to purchase a house which added a new monthly payment. I did not want to start depleting our savings so went back to work at the age of 58 and worked for 4 years before retiring for the second and final time at 62. What has not been discussed and what you'll want to put into the equation is 1. Social security benefits are based on lifetime earnings. You don't give your wife's age but I'm assuming that she retired at a fairly young age. By retiring early you adversely effect the amount of your future social security benefits and that effect can be huge since our highest earning years are normally our last working years. 2. Generally speaking as we get older our kids move out etc and the years between the mid 50's and retirement allow us to dump more money into 401ks, IRA's vs (when retiring early) maybe having to withdraw funds from those accounts (Without earned income you can't add to those retirement vehicles.) 3.Future income tax can become a problem. I'm assuming that your wife's retirement is fully taxable. Add that to 1/2 of your social security benefit and monies withdrawn from 401k's etc and amounts over approx. $32000 are taxable. We often think that social security is not taxable but depending on earned income which includes withdrawals from IRA's and retirement checks up to 85% can be taxed. (As we get older deductions that we have enjoyed ie children, mortgage interest etc go away. Additionally medical deductions currently limited to amounts over 7.5% are being increased to 10% in 2014 etc.)
In our case we were burned out at 52 and dreaded going into work. Financially we would have been better off to delay that retirement. ( For us the hit was less severe because we returned to work.) Also on a personal note I don't see expenses in retirement as being less. While we do spend less on clothes and the other items listed by bajafun777 we spend a great deal more eating out, golfing and traveling. Retirement is only fun if you can get out and enjoy it. Good luck!!

CortezBlue - 4-27-2013 at 04:01 PM

Quote:

Originally posted by absinvestor
I retired the first time at 52. We sold our house in the US and moved to Mexico where the cost of living was much lower. We had sold a couple of businesses that we owned( on contracts) and used that monthly income to live on. The wife became homesick for the kids and so we eventually returned to the US. Although we still had sufficient income to live the cost of living in the US was much higher and , of course, we needed to purchase a house which added a new monthly payment. I did not want to start depleting our savings so went back to work at the age of 58 and worked for 4 years before retiring for the second and final time at 62. What has not been discussed and what you'll want to put into the equation is 1. Social security benefits are based on lifetime earnings. You don't give your wife's age but I'm assuming that she retired at a fairly young age. By retiring early you adversely effect the amount of your future social security benefits and that effect can be huge since our highest earning years are normally our last working years. 2. Generally speaking as we get older our kids move out etc and the years between the mid 50's and retirement allow us to dump more money into 401ks, IRA's vs (when retiring early) maybe having to withdraw funds from those accounts (Without earned income you can't add to those retirement vehicles.) 3.Future income tax can become a problem. I'm assuming that your wife's retirement is fully taxable. Add that to 1/2 of your social security benefit and monies withdrawn from 401k's etc and amounts over approx. $32000 are taxable. We often think that social security is not taxable but depending on earned income which includes withdrawals from IRA's and retirement checks up to 85% can be taxed. (As we get older deductions that we have enjoyed ie children, mortgage interest etc go away. Additionally medical deductions currently limited to amounts over 7.5% are being increased to 10% in 2014 etc.)
In our case we were burned out at 52 and dreaded going into work. Financially we would have been better off to delay that retirement. ( For us the hit was less severe because we returned to work.) Also on a personal note I don't see expenses in retirement as being less. While we do spend less on clothes and the other items listed by bajafun777 we spend a great deal more eating out, golfing and traveling. Retirement is only fun if you can get out and enjoy it. Good luck!!

Some good stuff.

My wife was 54 when she took her retirement and it is a good thing she did.

She is an educator and retired at the top of the Superintendent heep in her district, how ever, the district had a phased retirement program that allowed her to retire but retain her position. However, she took a 25% cut in pay and did not receive any benefits. So it is like doing her job for about 1/2 of what she was making.

However, the year after she retired they changed the medical spiff that she received per year. Granted it is about $3600 per year toward our future insurance expenses. So she is grandfathered in on that plus they have raised the annual percentages that she still has to pay, but get's no benefit from.

As far as the SS side of things, I don't think it will affect me due to the fact, according to SS, you must have 35 years of paying into SS. Also, I have been an highly compensated individual and paid the max SS for the past 15 years. I have played with the numbers and even if I quite today, it doesn't make much difference to my 62 or 66.5 retirement picture.

I also will have small pension that I can take today, but will probably wait til 60 when it will be about $1100 per month or 65 when it hits $ 1500.

We will not be moving to Mexico permanently, although, we are, as of this year, Permanente status. Our goal is to chase the sun in the winter and run away from it in the summer.

We use to own a beach front condo in Oceanside that we sold in 2005, but we still have many friends who own condos in the same place. So chances are we would hang in San Diego Cty during Aug and or Sept. Or go to Boise where we have other friends that have a cabin that we could rent for a month or two.

I haven't mentioned my wife's pension is nearly $90K per year gross. So she get's about 6K per month clear. And except for a small mortgage on our US house, we don't have any expenses.

absinvestor - 4-27-2013 at 04:18 PM

My vote is for you to retire early Monday morning!! You can afford it- hopefully you'll have many healthy years to do whatever is fun for you.

CortezBlue - 4-27-2013 at 04:24 PM

Quote:

Originally posted by absinvestor
My vote is for you to retire early Monday morning!! You can afford it- hopefully you'll have many healthy years to do whatever is fun for you.

That's the damn answer I've been looking for, besides, I can always go back to work!!

J.P. - 4-27-2013 at 04:40 PM

Quote:

Originally posted by CortezBlue

Quote:

Originally posted by absinvestor
My vote is for you to retire early Monday morning!! You can afford it- hopefully you'll have many healthy years to do whatever is fun for you.

That's the damn answer I've been looking for, besides, I can always go back to work!!

I retired 12 years ago, If I was Holding the cards you have I would have ben gone long ago.

desertcpl - 4-27-2013 at 05:47 PM

Cortez

I don't know what your waiting for, if your fixed up like that

Some good stuff.

My wife was 54 when she took her retirement and it is a good thing she did.

She is an educator and retired at the top of the Superintendent heep in her district, how ever, the district had a phased retirement program that allowed her to retire but retain her position. However, she took a 25% cut in pay and did not receive any benefits. So it is like doing her job for about 1/2 of what she was making.

However, the year after she retired they changed the medical spiff that she received per year. Granted it is about $3600 per year toward our future insurance expenses. So she is grandfathered in on that plus they have raised the annual percentages that she still has to pay, but get's no benefit from.

As far as the SS side of things, I don't think it will affect me due to the fact, according to SS, you must have 35 years of paying into SS. Also, I have been an highly compensated individual and paid the max SS for the past 15 years. I have played with the numbers and even if I quite today, it doesn't make much difference to my 62 or 66.5 retirement picture.

I also will have small pension that I can take today, but will probably wait til 60 when it will be about $1100 per month or 65 when it hits $ 1500.

We will not be moving to Mexico permanently, although, we are, as of this year, Permanente status. Our goal is to chase the sun in the winter and run away from it in the summer.

We use to own a beach front condo in Oceanside that we sold in 2005, but we still have many friends who own condos in the same place. So chances are we would hang in San Diego Cty during Aug and or Sept. Or go to Boise where we have other friends that have a cabin that we could rent for a month or two.

I haven't mentioned my wife's pension is nearly $90K per year gross. So she get's about 6K per month clear. And except for a small mortgage on our US house, we don't have any expenses.

Bob and Susan - 4-27-2013 at 06:06 PM

retire...

the bad news is... you are dieing

56 give you 15 years of good life and 5 or 6 of "old age"

if you can go now..."go dog go"

have fun and spend it all

Do some research

bajaguy - 4-27-2013 at 07:08 PM

Quote:

Originally posted by desertcpl

As far as the SS side of things, I don't think it will affect me due to the fact, according to SS, you must have 35 years of paying into SS. Also, I have been an highly compensated individual and paid the max SS for the past 15 years. I have played with the numbers and even if I quite today, it doesn't make much difference to my 62 or 66.5 retirement picture.

I would do some research or call SS. That doesn't sound right.

You should be getting a SS statement of benefits just before your birthday every year that tells you if you qualify for Medicare (need 40 quarters paying into the system), and what your SS monthly benefits will be if you take an early option at 62 (do it if you need it) or at 65/67, whatever your qualifying year is.

J.P. - 4-27-2013 at 07:56 PM

Quote:

Originally posted by bajaguy

Quote:

You can retire at 62 at a reduced rate. No medicare untill 65

[Edited on 4-28-2013 by J.P.]

Terry28 - 4-27-2013 at 08:40 PM

The problem with being retired is that you never get a day off!!!

woody with a view - 4-27-2013 at 09:03 PM

Quote:

Originally posted by Terry28
The problem with being retired is that you never get a day off!!!

and you never have to get up early if you don't wanna!

acadist - 4-28-2013 at 07:21 AM

Just turning 50 with my youngest turning 9 yesterday I figure I have at least 10 more years of the rat race.........that is why I buy a powerball ticket every now or then :lol:

lizard lips - 4-28-2013 at 07:31 AM

I am 58 and have lived in Ensenada for 25 years so actually I already feel like I'm retired. My son still has four more years of medical school so I really need to work for at least another 20 years so it looks like 78 for me. If I make it!!!

CortezBlue - 4-28-2013 at 08:38 AM

Quote:

Originally posted by bajaguy

Quote:

I do get a statement, however, there is an actual calculator on line that allows you to plug in dates and it will give you an estimate for the dates you want to retire.

It didn't make hardly any difference.

I would do some research or call SS. That doesn't sound right.

You should be getting a SS statement of benefits just before your birthday every year that tells you if you qualify for Medicare (need 40 quarters paying into the system), and what your SS monthly benefits will be if you take an early option at 62 (do it if you need it) or at 65/67, whatever your qualifying year is.

desertcpl - 4-28-2013 at 09:12 AM

Cortez

as been asked earlier about SS,, haven't you been receiving yearly statements from SS.. it would clearly state what and when you are eligible for both SS and medicare

mtgoat666 - 4-28-2013 at 10:06 AM

Quote:

Originally posted by desertcpl
Cortez

as been asked earlier about SS,, haven't you been receiving yearly statements from SS.. it would clearly state what and when you are eligible for both SS and medicare

...beware! The tea baggers want to slash those SS and Medicare benis! Could get taken away if an austerity nutjob like Paul Ryan gets his way! He wants you to experience austerity!

durrelllrobert - 4-28-2013 at 10:09 AM

Quote:

Originally posted by desertcpl
Cortez

I don't know what your waiting for, if your fixed up like that

Some good stuff.

My wife was 54 when she took her retirement and it is a good thing she did.

She is an educator and retired at the top of the Superintendent heep in her district, how ever, the district had a phased retirement program that allowed her to retire but retain her position. However, she took a 25% cut in pay and did not receive any benefits. So it is like doing her job for about 1/2 of what she was making.

However, the year after she retired they changed the medical spiff that she received per year. Granted it is about $3600 per year toward our future insurance expenses. So she is grandfathered in on that plus they have raised the annual percentages that she still has to pay, but get's no benefit from.

As far as the SS side of things, I don't think it will affect me due to the fact, according to SS, you must have 35 years of paying into SS.

voices.yahoo.com/what-requirements-receive-social-security-7249452.ht...

To be eligible for benefits, one must have accumulated at least 40 "credits." One receives a Social Security credit for certain increments of employment income, currently set at $1,120, up to four credits per year. So if a person made at least $4,480 in 2010, that's four credits. One could be eligible for Social Security retirement benefits, then, with just ten years of very part time employment.
How much one pays into the system over the course of one's working life is the main factor in what one's benefits will be, but on the narrower question of whether a person is eligible to collect benefits at all, it's all the same whether one has 40 credits or 140 credits. Once a person has reached 40 credits, they've fulfilled this requirement.

nbacc - 4-28-2013 at 10:42 AM

I say go go go if you can Nancy

desertcpl - 4-28-2013 at 10:43 AM

Quote:

Originally posted by mtgoat666

Quote:

...beware! The tea baggers want to slash those SS and Medicare benis! Could get taken away if an austerity nutjob like Paul Ryan gets his way! He wants you to experience austerity!

well I agree with you on this, they want to end all SS and Medicare, but people our age are grandfathered in

bajamedic - 4-28-2013 at 11:21 AM

My neighbor repeatedly told me, the day you can retire, do it, don’t wait one day, just do it. Three years ago when my local government job ended, I decided and fate allowed me to retire, it was one of my better decisions, I am now 56 years old. After caring for my wife that died of cancer in our home and caring for my father until his death from cancer, I cashed out my State retirement and took the whole extended family to Hawaii in celebration of my daughter kicking cancer in the butt. I cashed in my teaching retirement for other memory making events as I only have one life to live. I live moderately on investments and do not regret not showing up for a jobs that seemed to get along without my expertise and time. I still “work” keeping up with investments, keeping the grandkids, overseeing care for my elderly mother, etc. I think keeping my neighbors advice was a good thing. JH

Cypress - 4-28-2013 at 11:38 AM

Retire ASAP!

Don't let all those sunny days go to waste while you're doing _________ at work. :biggrin:

bajamedic - 4-28-2013 at 02:42 PM

I think Cypress said the same thing, just more eloquently. JH

rhintransit - 4-28-2013 at 03:27 PM

just do it.
you can live on whatever you have, if you want to badly enough.

pauldavidmena - 5-23-2013 at 03:48 PM

This type of discussion is exactly why I registered for this forum! I am 53 and am targeting retirement at age 60. I work in the computer field in the suburbs of Boston, a fairly high-stress job in a young man's world. I've been saving aggressively since becoming an empty nester a few years back, so I'm hoping I can hold out for another 6 or 7 years.

David K - 5-23-2013 at 04:14 PM

I am 55, and wish I could retire... and just explore and relax in Baja... ! Sure, it would be nice to not have to work, but that isn't in the cards for me, yet.

I will continue to write about Baja places and Old California history, even after I am no longer installing landscape irrigation, drainage and lighting.

Being self-employed was wonderful to raise my kids as a single dad, since I could take them to Baja and the desert when they had no school, so they could connect with nature and the people of Baja.

Bahia las Animas, 2004

I had lunch with my son yesterday (he is now 24) and he wants to go back south and enjoy camping, as I had and we had.

[Edited on 5-23-2013 by David K]

Retirement

J.P. - 5-23-2013 at 04:52 PM

I listened to my Mother and Father plot and plan for retirement.
It never happened for them. When I bought my first big boat my father said I needed to wait until I retired to have something like that He never owned a boat I have had several. The list goes on. The message I learned from them. Do it the first chance you get. If you wait until you have enough you will never do it . I have learner to make do on what I have and do just fine. :yes:

Mexitron - 5-23-2013 at 05:34 PM

Quote:

Originally posted by David K
I am 55, and wish I could retire... and just explore and relax in Baja... ! Sure, it would be nice to not have to work, but that isn't in the cards for me, yet.

I will continue to write about Baja places and Old California history, even after I am no longer installing landscape irrigation, drainage and lighting.

Being self-employed was wonderful to raise my kids as a single dad, since I could take them to Baja and the desert when they had no school, so they could connect with nature and the people of Baja.

Bahia las Animas, 2004

I had lunch with my son yesterday (he is now 24) and he wants to go back south and enjoy camping, as I had and we had.

[Edited on 5-23-2013 by David K]

Maybe we should be investing in some gold-leaf shopping carts :lol:

Osprey - 5-23-2013 at 05:35 PM

We need to talk. I retired to this tiny little fishing village from a good job in Las Vegas in 1996.

Have never been back or looked back. Look for the U2U mode of private communication this board gives us in the board banner.

churro - 5-23-2013 at 07:04 PM

I just turned 48. I am looking for a sweet spot to buy a lot now in Baja to use as a vacation spot till I can get closer to retirement.... Any advise? kinda like the Pacific side... I have chased a few lots but I have not been able to purchase because i have not been comfortable with the title or the lot location

BajaRat - 5-23-2013 at 07:56 PM

Retire now! you owe it to all of us that will have to live vicariously through you guys for now. :yes:

Make a few course corrections and smooth sailing ahead. In my line of work I watch many people leave this world far to soon to enjoy their retirement.
With that income you two could tour the planet year round.
:cool:

Bob H - 5-23-2013 at 08:43 PM

Worked hard all my life and lastly at UCSD for around 20 years. Retired in 2005 at the age of 56... pension every month. Now at the age of 63 I am receiving SS, plus pension and 403(b) from UCSD on top of that... Wife still working... life is great !!!
:coolup:

[Edited on 5-24-2013 by Bob H]

805gregg - 5-25-2013 at 06:14 PM

I retired at 62, my wife has a great retirement plan from her job, I get ssi plus my investments in toys, but we own our home no mortgage and no other outside payments (vacation homes, boat slips etc) we live fine but watch our expenses, I would pay off the house first or sell and down size, who wants a house payment in retirement?

3464james - 5-25-2013 at 08:12 PM

I retired at age 56. My goal was to have everything paid off prior to retirement, did so. My pension netted me $4,600.0 per month., But, I had to pay for my own medical, approx. $900.0 per month for my wife and myself. Since my wife has always been a stay at home mom, no other income. 401K fell to the bottom so I cashed it out, turned out to be a god decision. I continued working, buying the boat and slip I wanted, leasing a place in Baja. BUT, I like being around the grand kids. SO... went back to work, one week a month, and make more then my retirement. SS is a joke with WEP, I would only only garner $800.0 per month from SS. so I don't bother at this point. I am very concerned about the state of the U.S. economy and the retirement systems, therefore I will continue to work for the next year or two at least. Your comfort factor is the issue, remember as you get older you will require more medical services and thus necessitate you obtaining said services in the U.S. of A. Semi-retirement is good too.

pauldavidmena - 5-26-2013 at 06:22 AM

My wife and I are both in our mid-50s but have different perspectives on retirement. She owns her own business, which has evolved to a point where she can really be anywhere as long as she has a laptop and an internet connection. I've been in the computer field for over 30 years and can't wait to get out. Currently our plan is to move to Baja (we're targeting Todos Santos) when I turn 60, for her to continue working and for me to figure out what to do next. :cool:

sancho - 5-26-2013 at 01:23 PM

I remember reading about SS and when to take it,
most finincial advisor types say wait until 66 +,
a part that stuck out to me was, if you take a reduced rate
at 62, or the higher rate at 66 or 70, somewhere around
76/77. it all equals out, meaning the TOTAL amount payed
to you is approx the same at that point, that is when you
pull ahead if you waited, another point, which is telling
to me is that the SS system hopes you wait

CortezBlue - 5-26-2013 at 02:55 PM

Quote:

Originally posted by sancho
I remember reading about SS and when to take it,
most finincial advisor types say wait until 66 +,
a part that stuck out to me was, if you take a reduced rate
at 62, or the higher rate at 66 or 70, somewhere around
76/77. it all equals out, meaning the TOTAL amount payed
to you is approx the same at that point, that is when you
pull ahead if you waited, another point, which is telling
to me is that the SS system hopes you wait

Yep, that is the math challenge!!

So the part of that equation, if you are married, is who makes more on SS?

We have decided to have my wife take here SS at 62, with her pension and what ever we need from our 403B and 401K.

Because my SS is greater, if I croak before her she will get half of my higher amount, whereas if she croaks first, I get nothing. We also put a $500K life insurance policy on her until she is 75 and she took 100% of her pension. If we would have used the states program and I had survivor benefits, it would take nearly 50% of her monthly pay, and I would get half that if she dies. The insurance policy cost us about $100 per month, which is a small percentage of her monthly pension.

pauldavidmena - 5-26-2013 at 03:14 PM

It seems like retirement in Baja boils down to 2 questions, the first of which applies to retiring anywhere: "will I have enough to live on if I retire at age X?" The second is probably the subject of another thread: "how will my wife and I deal with healthcare when we retire?"