Retirement emminent

[Shovelhead]

I'm 60 and feeling the pains of working since I was 10 years old. In 2010 I've lost a younger brother, the last uncle on my Mom's side and the eldest aunt on my Dad's. A very rough year for the Mrs. I nearly lost her in February. All this has opened my eyes to thr fraility of life. I plan to retire in 6-9 months maybe a year tops. We are debt free and I'd like to get a small farm not to make a living. Just enjoy myself raise some chickens, maybe a pig or steer and lots of veggies. Save grocery money not get rich. I've saved for retirement but would like to hear from maybe some folks who are retired or close to it. I think besides my own savings I have to be 63 to apply for SS. The wife is already on SSI. I do have medical benefits from my 1st employer (HP 29 years) My biggest fear is to retire and in three years be broke and have to be a greeter at Walmart. Before you say consult a financial planner.. Been there done that... I still worry even though he said I'd be fine...

So who is retired? Do you miss work?

 

[gold7126]

Retired 5 years ago at 62. I have a part time job that is very flexible with my schedule and I am enjoying my 2 grandsons {both shot their first with me} and my wife still works full time so I do a lot of the cooking, cleaning and grocery shopping. It was the best for me.

 

[d2076]

God bless you both and I hope you guys get the rest filled retirement you both earned.

 

[cadillaczack]

Just a suggestion from a guy who is heavily vested in the stock market, buy stock. If you buy now in big companies that are beaten down as a result of the economy, you will have a great pay-out in the next 3-5 years. This is the time when fortunes are made. I am not saying to bet it all on black, just put some in some different deals now, and you have the potential for a great pay-out. It may sound funny, but I think BP has a huge upside.Good Luck and enjoy doing what you love.

 

[itsthemarket]

At your age, I'd give completely opposite advice from Cadillaczack. Stay out of the market. The recent gains have been on very low trading volume, consumers aren't spending and most comp numbers only look good because last year was such a train wreck. Read about the Great Depression, how government spending pulled the country out of depression for a short time...and then what happened around 1937 when the government spending pulled back. Then decide where/how you want to invest...or if you want to sit things out for a little while to see where the economy is headed.

I liked your original "self sufficiency" idea.

 

[Sagan]

Got to agree with itsthemarket. Standard advice has always been, the closer you get to retirement, the less risk you should have in your investments.

 

[cadillaczack]

Personally I play a much riskier strategy, but only with the money I would feel comfortable burning. Thought you should hear all sides.

 

[Shovelhead]

I'm all in cash right now.. well in my IRA. At least until I do retire. Things are too volatile in the market I finally am back
above pre 2000 levels when I was very close to retiring before... So lessons learned.... My original plan was to retire at 50.
The market and my stupidy cost me 8-10 years....

 

[itsthemarket]

I'm all in cash right now.. well in my IRA. At least until I do retire. Things are too volatile in the market I finally am back
above pre 2000 levels when I was very close to retiring before... So lessons learned.... My original plan was to retire at 50.
The market and my stupidy cost me 8-10 years....

Happened to a fine old gentleman I knew in Alabama as well...unfortunately, he lost about half his net worth due to bad advice from his brokers, and having already been retired for many years, he had no way to get the money back. It was a hard lesson for him, and showed me what not to do in that situation.

 

[rbstern]

Just a suggestion from a guy who is heavily vested in the stock market, buy stock. If you buy now in big companies that are beaten down as a result of the economy, you will have a great pay-out in the next 3-5 years. This is the time when fortunes are made. I am not saying to bet it all on black, just put some in some different deals now, and you have the potential for a great pay-out. It may sound funny, but I think BP has a huge upside.Good Luck and enjoy doing what you love.

That would be fine advice if his investment horizon was 20 years. But he wants to retire in less than a year. You're suggesting to him that he bet his life plans on a 1 year horizon in the stock market. Nobody can predict stocks accurately in a 1 year horizon.

Shovelhead, perhaps you could ease into retirement? Wind down your full time job, get a part time job, and use your free time to start looking for that retirement farm.