Retirement and life after career

[Glycomann]

What are your plans? If you have already retired please comment on the process and your thoughts after starting and some time into it. I'll be 65 this year. I'm probably a couple years out. I have run some numbers. Although my total income will drop, based on different tax structure and policies, My net income will probably be much closer than what it looks like. What have you guys found?

 

[J.S.]

I retired from my first job in 2012, I was 56 and had a job that came with a pension every month. That’s what allowed me the flexibility, I still worked off and on for about five years, maybe a little more and didn’t start collecting my SSI till I was 66 and 4 months. My wife and I talked about things for a while before we did this, she worked for a couple of years longer till we saw how it was going work out, we sold the house and made good money on it and downsized to a condo, no more mortgage. We paid as much as we could off before we did this, it’s so different for everyone, I’d think way easier if there’s two then only one person involved. It’s a big adjustment! But make a plan and stick to it.

 

[chadmack]

At 52 in July I will probably never be able to afford to retire if the financial environment stays the way it been since 2020.
If i did retire i dont know what i would do to keep my mind occupied to keep from getting to deep into my own head.

 

[Meetketchup]

Just turned 50 and spent 25+ years in real estate on Long Island. Worked my ass off but was a thankless, stressful and non-rewarding career. Financially did very well which I don't regret but luckily started my coaching business around the same time and that has come close to matching my financial intake from real estate. I was also lucky to invest in properties, stocks and crypto in the past, which means I can go coaching full time which is my passion and is honestly considered retirement. Will probably happen within the next year or two as I have a lot of things to get in order.

Word to you young guys. Don't get into a profession you hate despite the money. If you can't make the money you want with your passion, then do it on the side while you amass some financial security. Don't get in debt, live within your means, always look to invest in something and take calculated risks. Life is a fine balance. The emotional reward from 1 client who says you've changed their life is more meaningful than a bank account.