BajaNomad

Should I retire to my fishcamp?

fishbuck - 12-19-2016 at 04:55 PM

I just found out last week that my company (Boeing) will offer another Volountary Lay Off next year.
This coincides with my 58th birthday so I will be eligile for full pension too.
I was hoping to have more money by now but oh well...
Now I am just wondering if I can survive on my pension and 401k until 62 and I will take early social security. I keep medical until I get medicare.
I just paid off my lots this year.
Some my fantasy is to put in my paperwork and get out on the 1st day possible.
Have my truck loaded and head south and not stop until I am at my camp.
I have no plan for what I will do after that.
Maybe pitch a tent and live outside until I build a small structure. I will have nothing but time...
A truck load of block at a time and a few bags of cement.
Anybody done this or thinking about it.
I mean I can litterally go off grid and live a very thifty life. A real pioneer.

jbcoug - 12-19-2016 at 05:17 PM

If you can, do it! You'd be living the life. I sure don't regret retiring as soon as I practically coul. Where is your lot?

fishbuck - 12-19-2016 at 05:26 PM

Bahia San Quintin.
I thinking sooner is better. If I am going to build something I want to use it as long as possible.
I mean at 58 how many "good" years will I have left? 20-25 maybe. Don't most people head back north at around 80 or so?
20 years go by quick.

chuckie - 12-19-2016 at 05:34 PM

DO IT! I got laid off at 59...Was at my place in Mulege 3 days later,,Never looked back...

tiotomasbcs - 12-19-2016 at 05:34 PM

I retired down south in 98 and a teacher's pension. I am so glad I have experienced some earlier years and am living comfortably at almost 70 today. Lots of Baja still to explore, come on down. San Q is a great jumping off place, too. Takes a few years to learn the weather--winds, water temps and the secret spots! Go for it!! Tomas

weebray - 12-19-2016 at 05:41 PM

My wife's favorite quote: "It's never to early to retire." - But remember + "The trouble with retirement is that you never get a day off." ~Abe Lemons

I sorta remember another good one: If everyone did the thing they loved the most there would be a shortage of fishing poles.

shari - 12-19-2016 at 05:55 PM

I vote for DO IT!!! With the world churning more chaotic turmoil every day...who knows how long we have left...enjoy it brother!

fishbuck - 12-19-2016 at 06:01 PM

I think about you and Juan often Shari. And ofcourse darling Sirena.
I remember your house when I first visited. It was simple but adequate. And the view...
That's what I want.
Of course your wonderful house has evolved a bit. Can't wait to visit again.


[Edited on 12-22-2016 by fishbuck]

motoged - 12-19-2016 at 06:05 PM

Quote: Originally posted by chuckie  
DO IT! I got laid off at 59...Was at my place in Mulege 3 days later,,Never looked back...


Now, Chuckie....if I remember correctly, when we met a few years ago with the Mulege cabal scarfing pizza, you were facing south....are the Kansas plains not to the north?

Ahhhh, you would have had to look back to get home....:coolup:

I "retired" this past April at age 65.....and am spending my first "full" winter in Baja....I have decided to not buy down here as it will be cheaper to rent than buy....and I can choose different locales for each session down here....

bajaguy - 12-19-2016 at 06:06 PM

Go for the retirement!! Buy yourself an 18 foot camping trailer and chill for a while. Sit on your property and enjoy the views

fishbuck - 12-19-2016 at 06:24 PM

This year was the 1st VLO which is early or full retirement with up to a years 26 weeks base pay.
I think about 2000 people did it. A few of my buddies did and they left in oct. and nov.
I wasn't even thinking about it until I talked with them a little and the light bulb went on in my head and I realized I was eligible.
Now I'm doing the math...

David K - 12-19-2016 at 07:50 PM

Quote: Originally posted by motoged  
Quote: Originally posted by chuckie  
DO IT! I got laid off at 59...Was at my place in Mulege 3 days later,,Never looked back...


Now, Chuckie....if I remember correctly, when we met a few years ago with the Mulege cabal scarfing pizza, you were facing south....are the Kansas plains not to the north?

Ahhhh, you would have had to look back to get home....:coolup:

I "retired" this past April at age 65.....and am spending my first "full" winter in Baja....I have decided to not buy down here as it will be cheaper to rent than buy....and I can choose different locales for each session down here....

Good question. Why not in Baja anymore? I know for some it is medical.

advrider - 12-19-2016 at 08:42 PM

The sooner the better I say! In four years I'll be 50 and can retire, I will! It's seems the older I get the faster the time goes and the more value I put on my time, so I will head South and enjoy it!

rhintransit - 12-19-2016 at 09:50 PM

Absolutely!

Udo - 12-19-2016 at 09:51 PM

I throw my vote for early retirement, fishbuck. You can live like a king on $1500.00 USD per month in Baja.
Wait until 66 to collect your SSI if doable on 401K and pension. It will be worth almost $500 USD per month if you wait until 66 to collect SSI.

bajaguy - 12-19-2016 at 10:01 PM

Hopefully he won't be collecting SSI......

willardguy - 12-19-2016 at 10:09 PM

didn't you already do the "should I retire" thread a couple months ago?:?:

BajaRat - 12-20-2016 at 11:30 AM

Life is short, and if your fortunate enough to be able to live comfortably on your retirement plan well the sooner the better.
Imagine all the cool places you can visit without the constraint of that four letter word schedule.
Like tin boat camping in that awesome bay.
Have fun, enjoy and all the best :cool:

Lionel

desertcpl - 12-20-2016 at 12:11 PM


I say take it and don't look back

but I would add one thing, buy a small inexpensive trailer

make this your home base while your building

you will need to place to get out of bad weather, buy a fully contained trailer

Bob and Susan - 12-20-2016 at 12:15 PM

work is about money...

you need to look at what you net now then
what "the man" will pay you if you stay home (retired)

the difference is what you actually make...divide that by 40hours
and that your new hourly wage if you stay

I've seen guys work for 25 cents an hour thinking they were making MORE money staying at work

do the math for you

bajabuddha - 12-20-2016 at 12:28 PM

Do it now before your back peters out, or vice-versa......... :coolup:

SteveWil - 12-20-2016 at 12:58 PM

Quote: Originally posted by fishbuck  
I just found out last week that my company (Boeing) will offer another Volountary Lay Off next year.
This coincides with my 58th birthday so I will be eligile for full pension too.
I was hoping to have more money by now but oh well...
Now I am just wondering if I can survive on my pension and 401k until 62 and I will take early social security. I keep medical until I get medicare.
I just paid off my lots this year.
Some my fantasy is to put in my paperwork and get out on the 1st day possible.
Have my truck loaded and head south and not stop until I am at my camp.
I have no plan for what I will do after that.
Maybe pitch a tent and live outside until I build a small structure. I will have nothing but time...
A truck load of block at a time and a few bags of cement.
Anybody done this or thinking about it.
I mean I can litterally go off grid and live a very thifty life. A real pioneer.



I am for retiring as soon as you can if working is not your thing, but do it on your terms. I would not leave as soon as possible if I was not ready. I would not kill myself getting to my camp just to be there a day sooner. I would get a small used trailer to camp in, I do not do tents, too old for that, even when I was 50. Take your time getting to your camp are there some thing you wanted to see/do between you and your camp that you always want to spend some time at. Like you said, you now have me time. I retired at 60 and I took my SS at 62 and I am 70 now and still have not found a right answer to when you should take it. I am sure that someone that is working should put it off but other then that I have not seen a definitive answer as to when to take it.

pacificobob - 12-21-2016 at 02:48 PM

do the math, if you have enough $, then go. sounds like you have a union negotiated pension, good for you! my union negotiated a great pension for me, and i went out at 55. i left money on the table, but who cares? time is what counts. cheers.

chippy - 12-21-2016 at 03:50 PM

Quote: Originally posted by paranewbi  
It's been hard to teach my adult kids that it's not how much you make, it's how much you spend. Spend one dollar more than you make and your broke.

Get a trailer any size you can handle. Use the first bricks and concrete to build a garage with a bathroom and kitchenette to put it in. Then figure out what you want to add on if anything.

At $1000 a month SSI from 62 to 66 you will miss $48,000. Wait till 66 and it will take 8 years to get it back at $500 more a month, 10 years at $400 more a month. If you can save it, invest it. Remember that's also $1000 a month you have to cover out of your pocket and that amounts to
$92000 combined loss (no SSI to 66, plus cover money) and that will actually take 16 to 20 years to recoup from your 'greater' amount starting at 66.

But don't listen to me do what your heart tells you and that will travel the 20 centimeters it is from your heart to your brain in seconds. Of course some take an eternity to travel that distance.




To the OP yes retire already.

Great advice to your kids. I have friends and family that still donīt get it. Debt is not your friend!

I donīt agree on the SS though. I have had 3 friends kick the bucket at 2x62 1x63. Take it as soon as you can get. You never know when your time is up.

My long term plan never involved SS and I retired in my 40s :cool:. God Iīm glad I did.

[Edited on 12-21-2016 by chippy]

BajaBlanca - 12-21-2016 at 06:05 PM

your biggest concern is health insurance! make sure it is primo and the rest you can make work.....expenses are very different down south and with time you get the hang of it.

Les "retired" me at 49 - I am such a lucky lady!

Best of luck in making that decision and hopefully you will be visiting us in La Bocana one of these days.

BigBearRider - 12-21-2016 at 08:02 PM

YES!

Sweetwater - 12-21-2016 at 11:39 PM


None of us here can walk in your shoes.
We can always tell you our story but you're in charge of writing your own story.
Just know that for every door that closes, a new one will open.
We don't know what will work for you and you probably don't either.
Enjoy yourself along the way and don't double down on questions, choose your path, commit and live in that reality.
I've never met a patient in health care who wished they had worked longer.

fishbuck - 12-22-2016 at 01:35 AM

Quote: Originally posted by soulpatch  
I retired at the age of 50.
I could have bumped my retirement almost 35% by working until I was maxed out.
The hell with that.... I have been living my dream for over 4 years now and manage to support my family on 40% less than I made up north.
Time is finite.

That was a brave decision. I admire your faith in yourself. I starting to remember that I had it once too.

fishbuck - 12-22-2016 at 01:38 AM

Quote: Originally posted by bajaguy  
Go for the retirement!! Buy yourself an 18 foot camping trailer and chill for a while. Sit on your property and enjoy the views

I am now an expert on 18 foot trailers. They have evolved alot. Very comfi looking.

fishbuck - 12-22-2016 at 01:42 AM

Quote: Originally posted by BajaRat  
Life is short, and if your fortunate enough to be able to live comfortably on your retirement plan well the sooner the better.
Imagine all the cool places you can visit without the constraint of that four letter word schedule.
Like tin boat camping in that awesome bay.
Have fun, enjoy and all the best :cool:

Lionel

I had a Gregor 16 baja for a while. That was fun.

fishbuck - 12-22-2016 at 01:55 AM

Quote: Originally posted by willardguy  
didn't you already do the "should I retire" thread a couple months ago?:?:

Yep. But since then I visited my camp, And the company is offering a second VLO. Also I turn 58 in 2017 and am eligible for full pension.
The 1st post was triggered by that I had finished paying off my lots this July. When I was there over thanksgiving I stopped in Ensenada and paid my attorney to open the fidiecomiso.
So all the stars are aligning. I didn't plan it this way but I might now.

fishbuck - 12-22-2016 at 02:05 AM

I have started thinking this way. It costs money to make money. After I subtract all the "overhead" I wonder if it's worth the struggle anymore.
Quote: Originally posted by Bob and Susan  
work is about money...

you need to look at what you net now then
what "the man" will pay you if you stay home (retired)

the difference is what you actually make...divide that by 40hours
and that your new hourly wage if you stay

I've seen guys work for 25 cents an hour thinking they were making MORE money staying at work

do the math for you

fishbuck - 12-22-2016 at 02:08 AM

Quote: Originally posted by bajabuddha  
Do it now before your back peters out, or vice-versa......... :coolup:

My thinking exactly. While I still "got it"..:cool:.

fishbuck - 12-22-2016 at 02:27 AM

This is right on.
I was thinking the garage just like this.

The money thing is always a challege. I always seem to spend more than I make and I'm never quite sure how or why. But like a good hamster I just keep spinning my wheel until I wear myself out.
Maybe it's time for this little hamster to jump off...

I'm taking my SS at 62. When you get that old it's not the right time to delay your gratification.
May I have 1 piece of candy now please.

Quote: Originally posted by paranewbi  
It's been hard to teach my adult kids that it's not how much you make, it's how much you spend. Spend one dollar more than you make and your broke.

Get a trailer any size you can handle. Use the first bricks and concrete to build a garage with a bathroom and kitchenette to put it in. Then figure out what you want to add on if anything.

At $1000 a month SSI from 62 to 66 you will miss $48,000. Wait till 66 and it will take 8 years to get it back at $500 more a month, 10 years at $400 more a month. If you can save it, invest it. Remember that's also $1000 a month you have to cover out of your pocket and that amounts to $92000 combined loss (no SSI to 66, plus cover money) and that will actually take 16 to 20 years to recoup from your 'greater' amount starting at 66.

But don't listen to me do what your heart tells you and that will travel the 20 centimeters it is from your heart to your brain in seconds. Of course some take an eternity to travel that distance.


[Edited on 12-22-2016 by fishbuck]

fishbuck - 12-22-2016 at 03:18 AM

Thank you all for indulging me on this.

Sometimes things playout a certain way. Maybe this is one of those times for me. Maybe this is what it's all been about for me and maybe always has been.
It's starting to be revealed to me...
It's an imperfect plan for an imperfect ... old buck.

And thank you for the advice and kind words too.

Now back to my camper and tin boat research...:bounce:

David K - 12-22-2016 at 06:47 AM

Quote: Originally posted by fishbuck  
Quote: Originally posted by bajabuddha  
Do it now before your back peters out, or vice-versa......... :coolup:

My thinking exactly. While I still "got it"..:cool:.


Start living Mike! Life begins in Baja! Enjoy life!

kevin_in_idaho - 12-22-2016 at 06:12 PM

Quote: Originally posted by fishbuck  
Thank you all for indulging me on this.

Sometimes things playout a certain way. Maybe this is one of those times for me. Maybe this is what it's all been about for me and maybe always has been.
It's starting to be revealed to me...
It's an imperfect plan for an imperfect ... old buck.

And thank you for the advice and kind words too.

Now back to my camper and tin boat research...:bounce:


My story is similar to yours and others. I was offered a "package" at age 50.5837 years :-). I didn't think I could make ends meet. I took the package and looked for a new job. I couldn't find one but found out that I was ok due to planning since I graduated from college. The plan was to retire at 50, I just didn't think I could. I could, you can (I think) esp. with a pension. I didn't get anything other than a buyout which was about 1 year salary. My advice? Buy your toys before retiring. I do have to think about expenditures a lot more now than I used to. Health insurance isn't that bad really once your income drops (you get some assistance right now).

Go for it! If it doesn't work out, you could get another job but I think you'll like it. The best thing? You wake up and literally don't know what day of the week it is!

Kgryfon - 1-7-2017 at 03:36 AM

If you take from your 401K before 59 1/2 the IRS sets a limit on how much you can take without penalty, and you have to stay with that amount for 5 years. Or, if you can stick it out until 59 1/2 you can do whatever you want with your 401K. If your golden parachute gives you a years worth of separation pay you could probably make it to 59 1/2 without having to hit the 401K.

I'm on almost the exact same timeline as you, and am also researching trailers and boats :) Maybe I'll see you there! No early retirement offer in the works for me, but I wouldn't be at all surprised if one was around the corner. Go for it - tomorrow is never promised - Happy trails!

Lee - 1-7-2017 at 06:57 AM

Quote: Originally posted by David K  
Quote: Originally posted by fishbuck  
Quote: Originally posted by bajabuddha  
Do it now before your back peters out, or vice-versa......... :coolup:

My thinking exactly. While I still "got it"..:cool:.


Start living Mike! Life begins in Baja! Enjoy life!


Baja will cure some things but not all.

I see as many people down here with as many problems as they have up North. I sometimes wonder why there are so many alcoholics living down here.

I haven't read the responses on this thread. Have you talked with a financial planner? I have one of the best you can talk to by phone -- u2u me for his name and number. He can give you a $$ road map which is what you need down here.

I'm in Baja for the surf and fish -- food is great too. When that's off, and it's been off in past years, I think of moving on. It's best to have more options than reading and hanging out when the fish aren't biting.

Until you live down here, and recognize the down side, you won't know the experience. Living can be Baja, but there's a price you still need to pay. Yearly vacations aren't what I'm writing about. Vacationers know the tourist side of MX.

Sounds like you're coming down. Don't have all your eggs in one basket.

chuckie - 1-7-2017 at 08:04 AM

I kinda just wore it out after 30+ years and some health issues....Fishing went away, and Been there done that set in....So I left...

hermosok123 - 1-7-2017 at 07:34 PM

After working in an emergency room for 13 years I had the opportunity to ask on occasion and only with the patients permission if there was any advice that a dying patient might impart. On more than one occasion there was no relative or significant other to share this time with other than myself as a lowly medic on the er totem pole. A common answer began with " I wish or If I could." Rest my case.....