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umpqua
Junior Nomad
Posts: 29
Registered: 12-10-2006
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I'm definitely waiting at least 6 years and maybe 7. I'm not wishing my life away as that time will pass quickly enough. I am mainly interested to
know if others on the forum think that I'm generally on track and if they group thinks early (62/63) retirement is doable with my projected retirement
income level.
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gnukid
Ultra Nomad
Posts: 4411
Registered: 7-2-2006
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Such a great topic for discussion for younger folks (under 70) and a great pool for informed support to provide input! What I would give to learn from
Dennis!
Likely, one should start with a budget plan and pie chart of major expenditure groups, housing, food, medical, transportation, entertainment.. what
other costs? Income both known and projected.
Consider ranking your hobbies and habits for enjoyment, do you like to be busy, in a city, creative, do you enjoy high social or low social solitude.
Are you self-sufficient? Do you have space and capabilities to repair your equipment, maintain yourself by growing a garden and go fishing? or do you
prefer eating out at restaurants and drinking fine wine?
Ultimately perhaps write a quality of life mission statement and goals for each 5 years with desired expectations. Review periodically or perhaps with
a weekly group of peers?
It could be good to share jobs people do into their 70s, 80s and 90s?
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Jack Swords
Super Nomad
Posts: 1095
Registered: 8-30-2002
Location: Nipomo, CA/La Paz, BCS
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Many have been down that road before. My father died at 55 and just before retirement. Savings and investments didn't help him. I therefore retired
at 57 realizing life is finite. I have also seen folks whose spouse died just as they retired, leaving all those retirement plans ruined. Talking to
other retirees, it seems their greatest regret is not retiring soon enough. Aging cannot be stopped and brings with it disabilities that are not
predicted. We have found that we live cheaper, enjoy life's experiences like beaches and other Baja resources, and don't spend that much money. Life
is for living, and that time is limited. To each his own, of course, but you are doing the right thing by asking other folks how retirement works for
them.
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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Hey, Ump...
Check your u2u
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bajabuddha
Banned
Posts: 4024
Registered: 4-12-2013
Location: Baja New Mexico
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Mood: Always cranky unless medicated
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Quote: Originally posted by Jack Swords  | | Many have been down that road before. My father died at 55 and just before retirement. Savings and investments didn't help him. I therefore retired
at 57 realizing life is finite. I have also seen folks whose spouse died just as they retired, leaving all those retirement plans ruined. Talking to
other retirees, it seems their greatest regret is not retiring soon enough. Aging cannot be stopped and brings with it disabilities that are not
predicted. We have found that we live cheaper, enjoy life's experiences like beaches and other Baja resources, and don't spend that much money. Life
is for living, and that time is limited. To each his own, of course, but you are doing the right thing by asking other folks how retirement works for
them. |
Amen and amen. My ol' man was going to retire at 60 and popped the cork at 57 (1980).
You can get out early, still figure an extraneous income above AND below board (damnit, I hate cheating, but sometimes you just HAVE TO....) but what
you do figure into play, make sure it's enjoyable this time. Necessity is the mother of invention. Be creative. Make life work for you rather than
vice-versa, and the key to all is DOWNSIZE. It isn't what you think you need to have, but what you can do without.
[Edited on 8-5-2015 by bajabuddha]
I don't have a BUCKET LIST, but I do have a F***- IT LIST a mile long!
86 - 45*
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SteveWil
Junior Nomad
Posts: 29
Registered: 7-9-2010
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It is all about cash flow. I have a friend and his wife that have a 80K income, and does not live as well as I and wife do on 40K, we are both living
in the USA. He has house payment car payment, income taxes, $300 in cable and phone bills and the list goes on, we have very few bills. I have
another friend that lives in Baja, he and his wife live on a less then we do.
The 3 of us retired before we were 60, and we all hated our jobs. I have 2 other friends that say they will be found dead at there desks, they love
their jobs and it is their life.
I believe you should not take SS and work, it just does not make sense to me.
As someone else said, I see people that are turning 70 not willing to do as much or take risks, like they did when younger. The 60's are a good time
to do the bucket list. You do have a list, right.
We also lived in mexico for 6 years. It got old and tiring but it is 6 years we would do over in a heart beat.
I have read the whole thread and it had a lot of good stuff to think about.
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bledito
Nomad
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Registered: 7-6-2013
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I also know a bunch of guys who just deliver pizzas make 100 a day cash for 4-5 hours work, now that's 2g extra a month when in the US. if you plan on
being in the states some of the time there are ways to make some bucks. And keep your self busy. the time out of states rest and relax. the average
Mexican scrap metal guys around here do 40000 a year with a pickup truck. There are options.
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bajabuddha
Banned
Posts: 4024
Registered: 4-12-2013
Location: Baja New Mexico
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Mood: Always cranky unless medicated
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..... The *K * I * S* S * technique.......
I don't have a BUCKET LIST, but I do have a F***- IT LIST a mile long!
86 - 45*
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Alm
Ultra Nomad
Posts: 2725
Registered: 5-10-2011
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| Quote: Originally posted by umpqua | | I'm definitely waiting at least 6 years and maybe 7. I'm not wishing my life away as that time will pass quickly enough. I am mainly interested to
know if others on the forum think that I'm generally on track and if they group thinks early (62/63) retirement is doable with my projected retirement
income level. |
In 6 years from now, when you are 62, you may have a different view of life. Maybe slightly different. Maybe a lot different. And your income and/or
assets will not be where you think they should've. It's too early now to talk about it.
Early 62/63 retirement is not a question. If you have enough income at that time, then you can.
$2,200 income "right now" would've been more than enough to me. Total 2.2K monthly to spend, this is plenty, even if I would have to rent. $1,000 a
month is a "tourist rent". People living permanently are paying less. There are casitas with running water and electricity from solar panel for under
4K a year.
For you - I don't know if 2.2K would be enough "right now". In 6 years from now - hard to tell. In 20 years from now... don't know. As others pointed
out, there are many ways to make it do with what you have. How self-sufficient you are - can you do anything with your hands or do you need somebody
to bring you fast-food from restaurant and sweep your house. And so on. I don't even want to touch the subject of drinking - that you mentioned as
important. This would skew all the projections.
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bledito
Nomad
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Registered: 7-6-2013
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the problem is inflation. figured at 3% annually it slowly eats away at your fixed income. at 62 you can make it on 2500 a month. at 72 you've lost
30% to inflation. will you still be able to make it? added costs like supplemental health care, prescriptions, medicare suppliments, more frequent
trips stateside for health care, or Mexican insurance. rents will increase in time as well as the costs for everything else. things like that need to
be considered also.
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bkbend
Senior Nomad
Posts: 693
Registered: 11-27-2003
Location: central OR or central baja
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It's good that you're thinking about it several years early. Adjust as time goes by. I spent a lot of vacations in Baja and asked all the retirees I
saw the same questions you're asking here. Ended up pulling the plug as soon as I could. Wouldn't change it. I split my time north and south and I
did find that maintaining two households was a little more expensive than I thought. You need duplicates of everything in both places. I was able to
absorb the cost but it was tight for a while. If you think you want to retire at 62 and worried about $$, live now like you are on SS and dump the
leftover money into 401K/IRA/extra mortgage payment -- something that will benefit you down the road.
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TMW
Select Nomad
Posts: 10659
Registered: 9-1-2003
Location: Bakersfield, CA
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Working till 70 will get you more money from SS but what are your finances. I retired at 65 and my wife went on SS disability at 60 2ywo years before
I retired. I have two pensions plus my 401K turned into an IRA after retirement.
The best thing is to payoff all credit cards and if possible your house before retirement so you don't have a lot of payments.
For me everyday is like Saturday. I can live well off what I get from SS and my pensions and my wife's SS. Actually our income is very close to what I
made before retirement so retiring was no big deal.
But each situation is different. Health will become a major problem as you age. You will not be able to do what you were doing in younger times. So
keep that in mind. I thought we would travel the world but my wife's health does not permit that. I do many Baja trips and go out to the Mojave desert
too so all is well.
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55steve
Senior Nomad
Posts: 857
Registered: 4-24-2006
Location: Warner Springs, CA
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I took mine 6 months after my 62nd b-day. I figured that my destructive lifestyle of my youth would lead to an early death. I am one of the lucky
ones that worked at a place that gave me a decent pension so along with the SS I do OK.
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Ateo
Elite Nomad
Posts: 5898
Registered: 7-18-2011
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| Quote: Originally posted by JoeJustJoe | I'm in the same boat as you Umpqua, and so I can't give you advice on what I did. For me, it's a wait and see game, and when I get to the age of 62, I
will see how I feel, how I still enjoy my job, or not, and I'll look at my retirement savings. That will determine if I retire at age of 62, or go on
to 66, and eight months. God forbid, I will wait till I'm 69 or 70, when social security actually provides a good monthly stream of income if you can
wait that long.
Now if I were you, I'd ask, how is your health? Do you smoke, are you overweight, did your parents die at an early age? If you answer yes, to two or
more questions, I might retire early, and at least enjoy a little bit of retirement early, before kicking the bucket.
Do you like your job, or do you hate your job, and wake up every morning using all of your will, strength and energy to stop you from committing
suicide because of your job, or do your think of going postal on your boss or fellow employees because of what they have done to you, or you
perceive something about them, or you have paranoid thoughts that they are plotting against you?
So if you hate your job, you might want to retire early. It could also be that you're the boss, and you love tormenting employees under your
control, and you enjoy this, and if so, you might want to continue working. ( some people who retire early actually get bored and then die)
You can also retire at age of 62 and still work, but you can't make over $15,000 dollars, because once you go over that limit of $15,000 and change,,
one $1 dollar will be deducted from your Social Security benefit for each $2 you earn above the limit. Now if you wait until full retirement at age
66 and 8 months, you can work all you want, and still collect social security.
You might also want to consider the political landscape, if Hillary Clinton, is elected, social security will be safe for another eight years or so,
but if a Republican wins the White House, who knows what they will do with social security, but it will probably be safe for older people nearing
retirement. So vote democrat, if you don't want to cut your own throat, and keep praying the early retirement option of getting SS benefits is still
around.
I never been to Nicaragua, but I hear it's nice, and they don't have the drug problems other Latin American countries have. Mexico is a great place to
retire in. Belize, is a nice place to vacation in, especially if you scuba dive, and it's great English is the official language, and most people
speak English in the tiny country, but the country is very very poor outside the hotel resorts. It just doesn't seem very appealing outside the
tourist areas.
Now for being single in a Latin America country, and wanting to find a lady friend to help with the rent, food and bills. For me it's a "no brainer"
forget finding and American woman your own age. Find a nice Latina, in the foreign country you decide to live in, who is perhaps about half your
age, and you pay the rent. Trust me, you will be happier, and you should have enough money to live off of based on what you said in your post.
[Edited on 8-5-2015 by JoeJustJoe] |
You should be a comedian. That had me laughing like crazy. Especially this part:
Now if I were you, I'd ask, how is your health? Do you smoke, are you overweight, did your parents die at an early age? If you answer yes, to two or
more questions, I might retire early, and at least enjoy a little bit of retirement early, before kicking the bucket.
Do you like your job, or do you hate your job, and wake up every morning using all of your will, strength and energy to stop you from committing
suicide because of your job, or do your think of going postal on your boss or fellow employees because of what they have done to you, or you
perceive something about them, or you have paranoid thoughts that they are plotting against you?
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umpqua
Junior Nomad
Posts: 29
Registered: 12-10-2006
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Thanks for all of the responses but on and offline. Really appreciate the constructive dialogue.
The first order of business is to speak with a financial planner to make sure the my expected retirement income will support my dream. My sense is
that I will be short but I still have a few short years to make adjustment.
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philodog
Nomad
Posts: 163
Registered: 10-9-2010
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If you would rather not work anymore it all comes down to how much is a year of freedom worth to you. Priceless in my opinion.
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umpqua
Junior Nomad
Posts: 29
Registered: 12-10-2006
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Agreed. Any of us could be hit by a Honey Bucket truck at any time.
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AlanDow
Junior Nomad
Posts: 38
Registered: 1-23-2011
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Great Discussion! One significant factor I haven’t seen discussed yet that is similar to the unknowable questions that have been raised of “When will
you die?” & “What will your health be in retirement?” is the really big question “What will the value / purchasing power of the dollar be during
the term of my retirement”?
I think many of us in the US have been lulled into not thinking about that question as a result of the sustained strength of the US dollar over much
of our lives (some of us do remember the runaway inflation of the 70s). And given that the US borrows or prints 40 cents of every dollar we spend, it
is clear to me that even though I do not understand how the dollar has remained so strong up until now, I do believe strongly that the US dollar
strength is unsustainable in the long run. Maybe the current strength is just “relative” strength, as in the US dollar is only strong relative to all
the other currencies that are being debased even faster than the dollar (like being the best looking horse in the slaughter house).
My concern is that I have been contributing into the SS system with dollars that have a lot of relative buying power, and I am afraid that if I wait
too long that when I get those same dollars back in SS retirement benefit payments, they may not buy very much (I am not so concerned about the 3%
inflation that Beldito mentioned, versus the double digit or runaway inflation that has eventually been suffered by every other country that has
tried to borrow and or print it’s way to prosperity, as the US is attempting to do currently). So since I believe that in the long run the dollar is
destine to lose significant value, I want to start getting some of those dollars back sooner than later so I plan to take my SS benefit at 62.
As others have wisely stated, you also need to be able to live on what you will get if you start drawing your SS early at 62, and if you can do that
then I whole heartedly agree with taking your SS benefit early.
I am 60 and I actually have already retired from full-time work and have been able to build my place in Bahia Asuncion in between working short-term
temp jobs. My wife (whose age will remain a mystery) will retire from full-time work this year, so we are looking forward to spending much of our
winters in Baja starting this year.
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motoged
Elite Nomad
Posts: 6481
Registered: 7-31-2006
Location: Kamloops, BC
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Mood: Gettin' Better
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As one of the "younger folks" (64 this month), I am planning on quitting my work this next spring. I don't have a pension or a wife with one, so am
needing to rely on meager savings and some gov't OAP/SS income.
As such, I have dreamed for years of spending a great amount of my "retired time" in Baja.
It seems that some folks who are a "couple" (married or just "shacked up" as my dad would say) are able to manage well on a few thousand $$$ a month.
So.....maybe there is an attractive, patient, energetic, healthy single woman with a great sense of humour and with no financial worries who is
presently living in her own place in Baja (somewhere from BoLA south) and who wants to share her
"excelente ubicación" with a creative, adventurous, funny, loving and caring guy.
While I enjoy fishing, I don't have a boat at this present time. I do enjoy motorcycling and desert adventuring, am a great cook, enjoy gardening,
love cats more than dogs (but enjoy a dog's company), and am trustworthy and responsible.
If anyone knows of a potential "retirement partner", please U2U me or post a reply here.
Oh.....please send a picture of your casita and boat.
[Edited on 8-6-2015 by motoged]
Don't believe everything you think....
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MulegeAL
Nomad
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Registered: 8-25-2009
Location: PDX/Mulege
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Ump,
Find a book called "Your Money or Your Life" by Joe Dominguez.
What you're trying to balance out is choosing between "to be" and "to have." The info in that book lead me to change how I value my time/life energy
in exchange for $$ for the better.
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