31.4 years in the saddle....what now?

[old brown shoe]

Been talking to a guy who has helped a few drivers retire. He said that if you get a good life insurance policy and take the full amount on your pension it would be more money now. If you pass before your wife she would still be taken care of after your gone. Not sure how your pension works but my wife would only get half as much monthly if I passed and it would not be enough to take care of her. Hopefully you have put money into your 401k that you can tap into at 59 1/2 and then things would get allot better. Might want to talk to someone who specializes in helping people retire and get some ideas. Any way good luck and thanks for all your years of service.

 

[Re-Raise]

Been talking to a guy who has helped a few drivers retire. He said that if you get a good life insurance policy and take the full amount on your pension it would be more money now. If you pass before your wife she would still be taken care of after your gone. Not sure how your pension works but my wife would only get half as much monthly if I passed and it would not be enough to take care of her. Hopefully you have put money into your 401k that you can tap into at 59 1/2 and then things would get allot better. Might want to talk to someone who specializes in helping people retire and get some ideas. Any way good luck and thanks for all your years of service.

That is an interesting thing to look into. I ll bet a lot of retirees that select the survivor benefit option haven t priced the increased life insurance instead. Good advice.

 

[brownmonster]

I tried to start a thread about how there would be no pension guarantee after this contract due to the exchange of 6 Billion dollars in 2008.
Some guy named BUG told me I didn't know what I was talking about so I gave up.
Best wishes to those who retire after this contract.

Only for those in this fund.

 

[Catatonic]

That is an interesting thing to look into. I ll bet a lot of retirees that select the survivor benefit option haven t priced the increased life insurance instead. Good advice.

I have and it is almost a wash or worse.
5 - 10 years ago, there was better margin.
You have to be a non-smoker, non-alcoholic in perfect health for it to make sense.

 

[brownmonster]

OP makes 110K a year and employed for 30 years and still has a house payment? The key to retiring is planning for retirement.

 

[Catatonic]

OP makes 110K a year and employed for 30 years and still has a house payment? The key to retiring is planning for retirement.

I don't think the OP is looking for advice.
I think he came here expecting people to tell him to go for it.
It's his/her decision.

 

[brownmonster]

A 50 year old guy is looking to take pension. The majority of workers will never have this option at any age. Big dilemma.

 

[trickpony1]

Only for those in this fund.

You're right.
I wasn't clear.
My statement refers to those in the central states fund.

 

[brett636]

Uh, how can signing a few papers and then them giving me $3000 per month not be free? Again, what does $3000 per month, any age mean? Granted I will have to quit a job I really, really dislike.

Its not free because you had to devote 31 years of your life to earn that $3000 a month. Its $3000 a month you can rely on for the rest of your life but it doesn't sound like it would sustain you unless you picked up another job which you have already mentioned. What may make more sense is if you can swing it max out your roth 401k deduction for the next 9 years and with a little luck can retire with a bigger monthly pension check and $250k in the bank depending on what the markets do in the next 10 years. I realize you don't like working nights, but there are worse jobs out there and $110k/yr. to drive a truck is not something to squander. Just remember there are two kinds of retirees in this world, those who become walmart greeters and those who are on the golf course everyday. Which kind of retiree do you want to be?

 

[brown bomber]

recently retired...after being on disability for over 2 yrs., still have one daughter in college...everything is paid for except 2 yrs. of college....after my own health care ($200.00/month)..and coverage for my daughters ($187.00/month)...everything else is free and clear, along with some steady monthly income from investments which I started over 25 yrs. ago........I work 1 day a week, for ****s and giggles I am in no way an investment savant.........I always paid my bills in full and on time when they were due.........It's real simple...PAY YOUR BILLS, DON'T SPEND MORE THAN YOU CAN AFFORD.....I don't need more than $2000.00/ month from my pension to enjoy life

 

[Catatonic]

Its not free because you had to devote 31 years of your life to earn that $3000 a month. Its $3000 a month you can rely on for the rest of your life but it doesn't sound like it would sustain you unless you picked up another job which you have already mentioned. What may make more sense is if you can swing it max out your roth 401k deduction for the next 9 years and with a little luck can retire with a bigger monthly pension check and $250k in the bank depending on what the markets do in the next 10 years. I realize you don't like working nights, but there are worse jobs out there and $110k/yr. to drive a truck is not something to squander. Just remember there are two kinds of retirees in this world, those who become walmart greeters and those who are on the golf course everyday. Which kind of retiree do you want to be?

I agree with your point except I might prefer to be a Wal-Mart greeter than be on the golf course everyday.

Spending your days at the golf club/course is better than being dead but only marginally ... based on my observations.

 

[UpstateNYUPSer(Ret)]

Spending your days at the golf course has little to do with hitting a ball.

WalMart has begun to phase out their greeters.

 

[menotyou]

This and a 20 ft Grady White is all I need for retirement.

 

[Jones]

Americans now expect to work longer

 

[Babagounj]

View attachment 6792 This and a 20 ft Grady White is all I need for retirement.

Good choice, The Grady White.
Keeping it simple.
I daily see many boats that just spend all most all their in-water time tied up, because the larger the boat the more crew needed to properly handle it.

 

[Catatonic]

Spending your days at the golf course has little to do with hitting a ball.

Exactly ... you use the golf club and your group members to replace
1) the sense of community you had at work,
2) the structure of breakfast, warm-up and tee time and the daily match/competition
3) The purpose in life ... why I jump out of bed looking forward to another day. Getting good at golf (I was a 6 handicap) is hardly a real "Purpose".

The Purpose was why I would rather be a Walmart greeter than a Golf Club "hanger-outer".

I decided golf was not that thing that will provide Purpose in my life based on observing and talking to dozens of retirees who inhabit the golf course clubs.

 

[menotyou]

Good choice, The Grady White.
Keeping it simple.
I daily see many boats that just spend all most all their in-water time tied up, because the larger the boat the more crew needed to properly handle it.

I grew up with a Whaler. That thing would go anywhere. If you saw a shoal that had moved from last year, you can just grab the Evinrude and pull the prop out. Dad has a Grady White, I think it's a 20 foot. Perfect for the St. Lawrence. I love it up there. Of course, we lived there in the summer every year in between school.

 

[barnyard]

The reason that people pay to use a financial planner is so that they can have a definitive plan to retire. One might tell you to, "buckle down" and pay off your house by making double or triple payments. One would also run the numbers on a planned budget, which would show you how much you may need to cover a shortfall or how much extra you may have for goodies. Planning is the key. If you do not have a plan to do reasonably well in retirement, you are already behind the 8-ball.

 

[Bubblehead]

Exactly ... you use the golf club and your group members to replace
1) the sense of community you had at work,
2) the structure of breakfast, warm-up and tee time and the daily match/competition
3) The purpose in life ... why I jump out of bed looking forward to another day. Getting good at golf (I was a 6 handicap) is hardly a real "Purpose".

The Purpose was why I would rather be a Walmart greeter than a Golf Club "hanger-outer".

I decided golf was not that thing that will provide Purpose in my life based on observing and talking to dozens of retirees who inhabit the golf course clubs.

I don't get this need for purpose and structure.
I am striving to retire asap, with the goal that my purpose and structure can and will change daily.
I, like most here, have spent my entire adult life answering the bell 5 days a week in order to provide for my family.
I look toward the day when I get to deal the cards and decide when the bell will ring and where.
I am planning to avoid "structure" on "purpose".

 

[Bubblehead]

Exactly ... you use the golf club and your group members to replace
1) the sense of community you had at work,
2) the structure of breakfast, warm-up and tee time and the daily match/competition
3) The purpose in life ... why I jump out of bed looking forward to another day. Getting good at golf (I was a 6 handicap) is hardly a real "Purpose".

The Purpose was why I would rather be a Walmart greeter than a Golf Club "hanger-outer".

I decided golf was not that thing that will provide Purpose in my life based on observing and talking to dozens of retirees who inhabit the golf course clubs.

Perhaps the golf club will be looking for a greeter?