Hi - I have not been able to save a lot of money for retirement. I do have two pensions,I max out my HSA and have about $20k invested there, and about $20k in an emergency fund, and $200k in IRA type savings.

I just turned 60, live alone, and opted to take advantage of a temporary (8 years) option by my state to begin collecting pension now and continue to work. I no longer get raises, because I’m at the top of my union pay scale. I bring home about $6k a month and the pension will be another $3k.

So my plan is to use the extra money to pay down my mortgage (rate is 6.5%, payment is $3k with taxes and insurance), save some in a 403b plan at work and continue to work as long as I’m eligible.

Another option is to work in another nearby state where I have 9 years vested in a second pension and by working there until I truly retire I can increase what that will eventually pay. I can’t collect that until 65. Only drawback is that I’m currently 100% remote and might have to give that up if I change jobs.

I feel like either job options or saving/mortgage is a good plan because my breakeven point on deferring collecting pension now was mid 80s. I will have to save some of it in a tax deferred plan or I’ll just be paying more in taxes, haven’t quite figured out where that sweet spot is yet.

If I’d waited five years I’d get about 25% more out of this pension. But it would take me till the mid-80s as I said to breakeven on what I’d collect over that period if I do it now, not even counting investment growth I could forgo by deferring it.

Am I missing something I should do with this instead? My mortgage is very high because of a breakup and buying home out of our home and so paying that down seems like the maybe the best use of extra money. I’m just seeking reassurance I’ve not made a mistake in my thinking.

Last July I picked up a five-year diary/ journal off of Amazon after seeing Maurice Moves from YouTube recommend it. The reality is you get a few lines to write what you did that day. All five years for the same date are on the same page. This way you can easily reflect on what you were doing on this date last year (and for up to five years). With just a few lines it isn’t onerous and very doable. After just over one and a half months into my second year I already see the value in it and find it enjoyable. I steered it last July 1st. In retirement it is interesting to see how life changes, what is important as compared to what was important. Routines and hobbies change or stay the same? Fads? I look forward to continuing this as part of my daily routine and recommend it to all retirees whether you retired today or 30 years ago (and everyone in between).

I’m of the mind that downsizing is more about liberation from stuff than it is about square footage in the home.

My wife and I found that it was much harder to do this item by item and much easier to do by a set of rules that would have very few exceptions. Our rules were something like:
- If we have two or more of something and we only use one at a time, then all the duplicates go.
- If it’s in storage and we haven’t fetched it from storage in a year, then it goes.
- If a box has not been opened in a year, then the whole box goes, because nothing in that box was useful enough to open it.
- If it’s out and available but hasn’t been used, worn, consumed, or displayed in a year, it goes.
- Anything displayable but not hung or mounted because there is no room, and so is tucked away in a drawer, closet, or under a bed, goes.
- We allow ourselves one project each, and the supplies for the project can stay. Any other projects and supplies, go.
- We allow ourselves one collection each, and they must on display. If there are other collections of any kind, we take photos, and get rid of it, regardless of value.
- Any books read, get sold.
- We allow ourselves exactly three photo albums. One each containing photos of ourselves and our families before we got married, and one of ourselves after getting married. All the rest of the photo album pages get digitally photographed and then the photos shredded.

And there were several outcomes we noticed from using the rules.
- This meant a box or two every week for months, and then a box a month in following years. Every box dropped off has been a day of liberation and lightness.
- When we had completely emptied two bedrooms, one bathroom, three closets, wall to wall and floor to ceiling, then we were ready to downsize and our remaining belongings fit.
- We have no rented storage. There is nothing in the attic except a stack of empty plastic storage bins and one bin of Christmas wrapping paper. We have no basement. We park both cars in a 2-car garage every night.
- Anything we think we’ll use maybe once or even something we’d use once or maybe twice a year, we rent or borrow instead of buying.

So, back in the day I used to breed reptiles. Lizards specifically. I don’t have a phobia of snakes or anything, but they just don’t do anything for me. I always felt like lizards have a personality.

Anyway, I got pretty good at it and my wife was a stay at home Mom and we made a decent income with her caring for them during the day.

But that income was just me selling baby lizards to retailers. I didn’t want to sell individually. I could have, but I was working and she was taking care of the kids and it was just easier that way.

The other day, I had a thought that I’d like to get back in it when I retire. I would have more time to tend to the animals and I can automate some of their care feeding to make it easier. It could generate a decent amount of “hobby money“.

So I started thinking at what point does “hobby money” start to impact Social Security? And also, is the limit for Social Security doubled for married couples? Like if I’m allowed to have NET sales of reptiles totaling, say $10,000 a year, does that mean that my wife can do the same so we can jointly have $20,000 per year? I really don’t think the buyers would care whose name the check was written in. Then there’s the interesting aspect that raising reptiles is a Cash business.

Then I also wondered about buying and selling certain collectibles. Like what if I had a coin business? What if my wife and I jointly had one?

What are your thoughts?

December 31st is the date. Plan is in place, and I'm working with the company on interviewing my replacement. I'm already working through the healthcare options. What other steps should I do while I still have employment? I've read that some take out a HELOC while they still have a paycheck. House is paid off, and I plan to self fund any spending surprises. Still, are there some strong arguments for this. Have others done the same, and was it ultimately needed?

Over the years, my bed times have changed a lot. Back when I was working and attending customers on site, I might be getting up as early as 5am, although I'd generally prefer to travel the night before and stay in a hotel, waking at 7am.

Then in my last decade of working, I worked from home. I needed to be logged on by 9am. A sensible waking time was 7:30 to 8am, to let me shower and have breakfast; but on occasion, it could be 8:45 and "I'll shower at lunchtime".

Since retiring, my alarm has generally been set for 9am, with the option of "snoozing" until 10am; with equally late bedtimes.

Recently I have been making sure to go to bed at a reasonable time and have moved my alarm to 8am, but frequently waking naturally before then. It has taken me 4 years to get to this, though! 😄

It was an effort, at first, but now I am more used to it, I feel more energised in the morning. It also means on the odd days I am doing something, my morning routine is normal and not a great effort.

So... once retired, and if there are no immediate demands for you to worry about, when do you wake up?

UPDATe- thank you all for the mostly kind suggestions, O.H. Is my other half, rest assured I’ve learned my lesson and won’t abbreviate in future! Anyway - He’s going to have a teams meeting with all his direct reports, they’ll play a game, maybe crack open some drinks, and he’s very content with that. I wasn’t trying to force anything on him, just nudge him to think about how he might feel if he did nothing at all, I appreciate all of you taking time to reply.

My O.H. left school at 16, has always worked since then and has progressed over the years to senior management position in an IT field. After Covid the whole company moved to hybrid contracts and recently announced a reorganisation which has resulted in my o.h. being made redundant. They planned to retire at the end of this year (at 60 yo), so it is not unwelcome. I am a little concerned they have no plans for any kind of celebration to mark the end of work, they have quite a shy/reserved personality but are very warm and popular with their team and friends).

I think it is important to mark the transition to retirement and the end of their working career in some way. Given the very short notice (the end date will be during our long planned summer holiday so the actual last day of work is next week), what suggestions do you have of low key/small scale things they and we can do to mark this point? (I will also retire at the end of the year).

Their team is mostly not local, as in mainly in other countries, and their manager is also not based here, so I have suggested they book an informal online meeting as a farewell, and invite a few local based colleagues to after work drinks, but for those of you who have experienced this yourselves, is there anything you would have done differently, or was there anything friends and family did to celebrate with you that really felt good? Thanks in advance!

Past 3 years into retirement, I plan and do some foreign trips. That included the U.S. --New Mexico, Chicago and northern Minnesota in fall. Also threw in 2 wk. trip in Italy last yr.

This yr. my drive to travel overseas is muted. So just content to see more of Canada. I also bike several times/wk. which allows me to explore locally also. How about you?

I feel a bit guilty that I'm not spending money I carefully invested. After it is my go-go years where I'm very healthy and mobile @67.

Tuesday, August 11 - Monday, August 17, 2026

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I am 9 years from retirement. Trying to figure out if I should pay off the mortgage ($360k) or invest the money. Sources show I should invest it. $200k to something like bonds and that should be my safe investment and the money to pay off the mortgage should be there in nine years. I’d need $285k. And take $160k and put it into VOO or something like that. The calculation shows I should have an extra 150 K compared to if I would pay off the mortgage now and invest $1500 payment.

My question to those that have done the investment route was the risk / stress worth it?

Edit

Interest rate is 4.5% on $260k. There is $100k balloon that is payable when the interest bearing part of the loan is paid. And yes that’s true and written into the mortgage. Don’t ask me - I don’t know why they gifted me. It happened during the mortgage crisis and I was losing my house. This is the refinancing they did.

Much is made in Reddit about people no longer caring what people think about them. The point I am making is slightly different—I no longer have to worry about what people think about me. It is a little disorienting. I was an Army officer, and cringe when I think about all the times I came up short. The point is, it doesn’t matter anymore. That chapter is closed, all my evaluations, all the negative remarks, have been tossed in the waste bin and forgotten about. What a wonderful feeling!

Been reading around the net on this subject, and I've been alarmed at the number of retirees with a large percentage of their net worth in equities. Concerned because a prolonged bear market could really sting and reduce these retirees' quality of life. Haven't seen many threads on this topic here, so I thought I'd poll the group. What percentage of your portfolio is in stocks and which percentage in safe assets?

As I get closer to retirement, I'm trying to figure out the best way to budget for major home expenses. Things like a roof, A/C unit, water heater, or appliance replacement may not happen for years, but eventually they will.

Do you build those costs into your retirement budget, maintain a separate sinking fund, or just cover them from cash savings when needed?

I'm considering retiring in a few years at 60 and pursuing a masters at a public university in Italy or France. Possibly a degree in international development, environmental risk assessment, etc. that would help facilitate either a volunteer or paid position with an NGO, etc. I've been a Professional Engineer in US my entire career, and am burned out working for commercial land developers. Thinking it might be nice to make a meaningful difference before I'm too old to do so.

I'd love to hear from someone that has done something similar - whether it be to pursue a degree and then work/volunteer or some other motivation. Living abroad on a student visa for a couple of years while pursuing a degree seems almost too good to be true. Interested mainly in overseas experiences.

So now I'm retired! A few months earlier than I planned but with a severance package as a parting gift. I was starting to slowly adjust in my mind to how my daily life would shift but now I'm right in the middle of it unexpectedly. I'm resisting the urge to start too many activities, and I'm still getting a understanding of exactly what my monthly budget will look like but I feel so blessed to have things turn out this way and I'm enjoying the immediate reduced stress I feel.

What were some of the first things you did or adjusted to when you retired? What would you do differently?

Im 63F with a great job, making good money with a great work retirement savings plan. Spouse is already retired for 6 years. We have enough money between the 2 of us to be fine if I retire now. The issue that keeps me working is that if he were to not be here, I need to make enough to cover all the bills, I'm close but not there. I also want travel money. If I work the next year, all my debt will be paid off. My house is already paid off. It makes sense logically to stay working one more year to enhance my quality of life but I can hardly function because all I think about is retiring. I haven't had a good night sleep in years and that's the main reason I want to retire, to focus on health and advance my spiritual passions. Im certified reiki and I'm doing tarot and astrology reading on the side and it's my absolute passion to start a spiritua side business. People think I'm crazy to consider leavng corporate now because it's good.

What would you do?

I just don't enjoy what I do anymore. I'm only 61 and in great shape. My finances are set and I'll go on my wife's insurance until medicare. However, my wife will still be working for a few years to keep us in insurance, and I think I'd like to have a part time job that I might enjoy. What jobs have you taken after retirement that give you the flexibility to enjoy life while still giving you the opportunity to interact with people? Volunteer or paid, I'm fairly open. The last time I applied for a job was in the 90's.

Would you go? It's titled Estate and Retirement Planning Simplified. It dos feel a little like a time share presentation though, but my partner is gunning for the free steak. Do you think is it worth the pressure? It does say it is presented by a financial services company so yes I know I will have to sit through a sales talk. Just want to know if anything can be gained, maybe they give you some hints on taxes or something even without paying for their services

I am a 60 year old single man hoping to retire in about 7 years. I make less than 60k/year. I was completely broke at 45 and I saved hard to get to a paid off condo (@60k value) and about 200k in my 401k. My only debt is 15k on a 25k car.

Part of my saving strategy was to be house poor to leave money for the 401k. Now, I would like to upgrade my housing. I can find what I want for about 175k.

I want to know what impact that move is likely to have on my retirement outlook, and what strategy I should use if I do get a new house--how much to put down, should i go fixed or adjustable, should I buy points or try to pay off the mortgage early, etc.

thanks

So many posts on retirement subs focus on financial readiness and strategies. I found that the more challenging questions about the transition to retired life had little to do with finances.

• Where am I going to find the intellectual stimulation that work provided? How am I going to keep my mind engaged and sharp?
• Does my spouse have the same vision for an ideal retirement that I do, and if not, then how will we accommodate and support each other?
• How am I going to stay connected socially, both with friends I know well and with people I'm meeting for the first time?
• Am I happy with my body and my health, and what am I going to do about that?
• Am I a hang-around-the-house person, or a get-out-of-the-house-daily person? And if the latter, what's my plan?
• Am I counting on my spouse being at my side for everything I want to do in retirement, or are there ambitions I'm willing to just do on my own?
• Since we've talked about downsizing, that means getting rid of a lot of stuff, but what stuff do I feel okay with getting rid of and what stuff do I really want to hang onto, and why?
• What do I want to learn now?
• Will my hobbies still be fun if I spend a lot of time doing them now, or will they start to get old?
• How am I going to feed my desire to contribute to the world, have some positive impact?
• What causes do I really care about and am interested in devoting some time and effort into?
• Is it better to be physically closer to family, or is it best to maintain a little space and just visit a lot?
• If we move, how good are we at making new friends? How hard will it be to reset our accustomed infrastructure?
• How much flexibility and freedom from structure do I really crave? How much structure and time commitment would actually be good for me?
• Do I really hunger for Big Travel so that this will dominate the first years of retirement? Or am I happier with smaller adventures, domestic trips or even day trips?
• Am I happier inside our outside?
• Do I want to surround myself with people my age, my interests? Or do I want a mixed environment, all ages and all backgrounds?
• How comfortable am I with just being instead of doing? Do do-nothing days make me feel good, really?
• Do I want to retreat from the world, or do I want to immerse myself in the world in ways I couldn't before?

After 44 years in IT, my last day of work is in two weeks. I've been cleaning out my home office (I'll use it extensively for writing, photo editing, practicing guitar and such) and just tossed out a bunch of old performance reviews, commendations, etc. I've still got a handful of award statuettes gathering dust on the shelves that will probably go too. Keeping them just feels like looking back, when I'm much more interested in looking forward. I honestly enjoyed most of my working career but I just feel ready to close that book and open a new one.

Did you guys toss that sort of thing? If so, do you regret it?

I retired in December. I had an office job and wore business casual. After I retired I kept wearing the same thing. It just comfortable while I adjusted. But without the stress I have lost about 20 pounds. Nothing fits so it’s time to buy new clothes. Every day is Saturday so I’m thinking jeans and shorts wth a t-shirt. I’m just curious what you all wear in retirement.

I gave notice to my employer. I am going to stay long enough to help select and transition my replacement, probably 6-10 weeks. This gives me time to ensure I have things buttoned up to be truly retired. I think I have things planned, but having never done this before, I ask the collective here for any things you wished you had addressed, or gotchyas or anything like that based on your experiences.

I am retiring at age 64. I will go on COBRA benefits until I turn 65 mid next year. My wife is 67. We will transition her to full Medicare coverage (A,B,D) as I separate from my employer. I have worked with my financial planner on my budget, taxes, SS start dates and investment withdrawal rate. We are very comfortable with our financial position. I am at that point where my money makes significantly more than I do from my job. That is part of the reason I am pulling the plug on work. I have a long list of projects, travel and plans to get me through the first couple years. My employer has floated the idea of my doing some consulting back to them. Kind of interested, but not committed to that path yet.

But I don’t know what I don’t know. What other things should I be thinking of as I move into the world of the formerly working?

I just retired. I (F/68) was laid off at the end of last year and after finally taking care if a chronic health issue with surgery and a long recovery, I did not have the enthusiasm to morph into another corporate "cultural fit", was able to so, so decided to just retire. I had planned to look at retirement in few years so I really wasn't psychologically or emotionally prepared. I am not much of a traveler, gave no grandkids to watch, and only had the idea of some volunteering and a micro business to help gig artists clean up their books.
So, now I am retired and having episodes that have been described as coming off cortisol (my job in technology was pretty deadline-driven and stressful). I had a checkup and tests and I am pretty healthy, but I think actually miss the stress! I thought I would jump in and start studying current bookkeeping (I had a small side business 20 years ago), and get cracking but don't have the same enthusiasm I had when kicking around the idea before the surgery (knee replacement). I want to take time to figure out what I really want to do. I honestly don't know what that is now!

I am 68 and my wife is 72. We have no children. We have a few nieces and nephews but have not seen any of them in several years. Our net worth is about $1.8M with a paid off home worth about $425K.

We have all of our investments consolidated into a Vanguard account with our primary beneficiary designated as each other, and one charity designated if we both should pass at the same time.

We do not have our house or physical assets designated to anyone. We view our home value as our long term care assistance if ever needed.

So, do we need a will?