What is 'Retirement'?

#27
#27
SpaceCoastVol said:
Not sure yet. We are still looking around, but I kind of like the Greenback area. I'm looking for 20-50 acres with a small house. Greenback might be too pricey now though.
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I was just back in Tri-cities area and was shocked at the cost of real estate. Not looking at a lot of acreage like you, just something around Boone Lake. Prices are in line with here in SW FL. I was floored.
 
#29
#29
SpaceCoastVol said:
A post in another thread prompted me to start this one. I apologize if this gets a bit long, but I really hope you will stick with me and respond with your definitions.

As a little side note: In France, they are currently experiencing a bunch of unrest because of a government proposal to raise the 'retirement' age from 62 to 64. In many of the socialist leaning countries, they have a state pension. In order to receive it, you have to have worked for a minimum of 42 years. (This would mean you started working at 20, so I am not sure how college graduates qualify.) Retirees are entitled to receive up to a maximum of 50% of their average annual earnings. (I guess if you were interested in seeing how much you would be receiving, you could look at your Social Security statement and averaging all the years of earnings) But anyone born after 1951 must receive a minimum of 37.5%. My point here is that I am not sure how 'lucrative' their retirement system is, but they want to be able to continue to receive it at an earlier age. But it appears that their particular brand of Ponzi is starting to show it's weakness.

My question is more along the lines of how each of us sees/defines retirement. In my particular case, I am forced to stop working at 65. Some call it 'retirement', but there is no pension. It is merely a cessation of employment in my particular line of work. Some define retirement as the age at which you can begin receiving Social Security and/or Medicare; government paid (taxpayer funded) monies -which interestingly enough - the .gov taxes as income. I know that few of you that have been working for a long time and don't have some sort of .gov pension (military or other) are receiving a traditional defined benefit pension. So how do YOU define 'retirement'? If it is merely a cessation of work, what does it take to reach that point? Do you have a financial number in mind? (and I am not trying to get anyone to talk numbers because for each of us it is vastly different).

So I'll start. To me, 'retirement' means the point at which I am both financially secure enough to stop working and I have the desire to stop working. I have been blessed to be doing something that I very much enjoy doing, but I also recognize that at some point I will get tired of traversing multiple time zones and not want to do that. The thought of having nothing to do other than fish or golf has zero appeal to me personally. I would like to have enough time available to have season tickets to Vols games in football/basketball and even baseball, so maybe that would be my retirement hobby. (along with shooting my scary black rifle and making corn likker)

It is a question that I have thought about for a long time actually, and I have asked numerous other guys I work with, but I would be interested in getting VN's take on what 'retirement' means and what you see yourself doing when you get to that point.

I hope you'll take a couple of minutes and discuss. Thanks
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Obviously, I'm in the same boat retirement wise. "Retirement" to me means I want to be in a position to control, as you mentioned. Plan on dropping a trip a month once I hit 60, coverage permitting, as my version of "semi-retired". Will fly a reduced schedule of just a few three day trips as long as I'm healthy and feel good. Was hired in April 2000 and first year pay sucked. Had half of a decent year in year two pay wise and then got creamed for the next 12+ years post 9/11 and post bankruptcy, as you well know. Did without any toys, club memberships, etc. and limited vacations for a long time so I could max out the 401K every single year after the bankruptcy axe fell. Coming out of the financial crisis, I knew I had to go big or go home investment wise and bought a lot of good companies, a lot of big growth. Been pretty aggressive to build up my retirement and fortunately, I like where I'm at with ten years to go. I expect SS to see big formula changes, followed by means testing, followed by confiscation. It really doesn't factor into my equation. I might fly post retirement, but would have to be a very flexible and minimal schedule. Love the job and it suits me perfectly, but I'll also be ready to walk away from it when the time comes. Financially secure for me means debt free (pretty much there already), income/dividends paid out from investments that meets living and leisure expenses, lots of golf, lots of travel, hiking and camping, continue to attend three or four Vols home football games each year, etc. while only drawing down principal at a negligible rate.
 
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#30
#30
gcbvol said:
I was just back in Tri-cities area and was shocked at the cost of real estate. Not looking at a lot of acreage like you, just something around Boone Lake. Prices are in line with here in SW FL. I was floored.
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Yeah, it's been crazy in ET and surrounding areas. The rest of the country is bailing out of certain states and everyone seems to have discovered Tennessee and Western NC. I can't believe what I can get for my house today, knowing what I paid for it 22 years ago. It's gotten completely insane.
 
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#32
#32
Vol737 said:
Yeah, it's been crazy in ET and surrounding areas. The rest of the country is bailing out of certain states and everyone seems to have discovered Tennessee and Western NC. I can't believe what I can get for my house today, knowing what I paid for it 22 years ago. It's gotten completely insane.
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Me neighbor sold their house last year. They only lived there 2 years and it sold (quickly) for more than double what they paid for it.
 
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#33
#33
Vol737 said:
Yeah, it's been crazy in ET and surrounding areas. The rest of the country is bailing out of certain states and everyone seems to have discovered Tennessee and Western NC. I can't believe what I can get for my house today, knowing what I paid for it 22 years ago. It's gotten completely insane.
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My BIL is a market director for Lowes and he said three states are far and away the busiest: TN, FL, and TX. Folks are flocking there and real estate is booming.
 
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#35
#35
K-town Vol Fan said:
Me neighbor sold their house last year. They only lived there 2 years and it sold (quickly) for more than double what they paid for it.
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About a month ago, I heard on the local news that the Knoxville median real estate market was the highest in the country at $457k with the next closest market being over $40k less. Crazy!
 
#36
#36
malinoisvol said:
About a month ago, I heard on the local news that the Knoxville median real estate market was the highest in the country at $457k with the next closest market being over $40k less. Crazy!
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country or county? hard to believe that Knox is highest in the USA (from my Fort Sanders living survival experience).
 
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#38
#38
I thanked my retired FIL for helping me with some work around the house on a Saturday. He said "No need for that. Everyday is Saturday for me. Which sounds great. But then there is nothing special about a Saturday, or any day, for that matter."
 
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#39
#39
volfanhill said:
I thanked my retired FIL for helping me with some work around the house on a Saturday. He said "No need for that. Everyday is Saturday for me. Which sounds great. But then there is nothing special about a Saturday, or any day, for that matter."
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Every time I go to my dentist, he asks me if I have any plans for the weekend. I always tell him that I'm retired and there are no weekends in my life anymore.
I'm happy to be retired, and it is really enjoyable to wake up in the morning and know that I can get up whenever I want and do whatever I want every day for the rest of my life.
 
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#42
#42
I find it interesting that so many on the left both see retirement as a right, while also seeing having children as unethical at worst (environmental) and undesirable at best

I’d love to know in their mind how that works.
 
#44
#44
Vol8188 said:
I find it interesting that so many on the left both see retirement as a right, while also seeing having children as unethical at worst (environmental) and undesirable at best

I’d love to know in their mind how that works.
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I think you are referring to having an income sufficient to live past when you can realistically work. Society has created that expectation but I don't think it's static other than SS and Medicare. They've not been managed well though there are some realistic fixes that could be made if the political will existed to do so.
 
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#45
#45
lawgator1 said:
I think you are referring to having an income sufficient to live past when you can realistically work. Society has created that expectation but I don't think it's static other than SS and Medicare. They've not been managed well though there are some realistic fixes that could be made if the political will existed to do so.
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Even you seem to be claiming it relies on SS and Medicare which implies the need for a new generation that some on the left find immoral.
 
#47
#47
hog88 said:
TX is a high tax commie state.
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Tax rates were manageable until a bunch of dumbass Kalifornians moved in and way over paid for properties. In our neighborhood I saw two sales north of $900k that aren’t worth a penny over $600k
 
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#48
#48
NorthDallas40 said:
Tax rates were manageable until a bunch of dumbass Kalifornians moved in and way over paid for properties. In our neighborhood I saw two sales north of $900k that aren’t worth a penny over $600k
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Must be dumbasses to move to TX.....

But yeah, we're feeling it here too. People snapping up 1970s lake houses that haven't been updated since they were built and paying a mil+ without blinking an eye.
 
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