What are your retirement plans?

cruiseroutfit

Cruizah!
Moderator
Vendor
Location
Sandy, Ut
Perhaps off in the weeds a bit? While a few have discussed what they plan to do with their time when they retire, many have not and are focusing how they are going to retire. So what would your day, month, week look like if retired?
 

Hickey

Burn-barrel enthusiast
Supporting Member
Perhaps off in the weeds a bit? While a few have discussed what they plan to do with their time when they retire, many have not and are focusing how they are going to retire. So what would your day, month, week look like if retired?
Most of my time will be filled with work. It may be working on equipment or something else, but I don't want a retirement filled with leisure or travel. Staying productive has always been a goal.
 

zmotorsports

Hardcore Gearhead
Vendor
Location
West Haven, UT
Similar to Jeremy. As much as I love traveling I don't think I can/could do it full-time. I love my home and love being home and working in the shop so I plan on doing more of that and maybe some personal vehicles that I've wanted to build but in the shop working for the most part when we're not in the coach traveling.

When we travel we will take the coach and Jeep out for extended periods of time but still want to come back home in between. I like to keep busy so when home I picture my days getting up and enjoying my coffee on the deck before heading out to the shop to start working. Now it seems like I grab my coffee as I'm rushing out the door to work and don't really get to sit, relax and enjoy it until the weekends.

As far as work, I would like to get to the point where I'm more of a small job shop doing odds & ends welding and machining jobs. Small one-off jobs that I can continue to learn and build my skillset upon.

Mike
 

glockman

I hate Jeep trucks
Location
Pleasant Grove
My parents both retired in the last 5 years. They then started working harder than they had in the 20 years prior. They remodeled their house, finished the basement, built a shop, took on 10X more church related work and are happy as they have ever been. They also both have aging mothers that are a part time job each. This has validated my perspective that you have to have a reason to get up. Working on projects or serving others is what makes life worth living. I hope to retire from my "Must have" job in the next 10 years and do a "want to do" job. I have been paying into a 401k since I was 21 and am now 42. I should be a millionaire at least twice by the time I can collect social security and will have a paid off house in my early 50's with no debt. I will stay in Utah where my 5 kids are and play with my grand kids, travel more around the state and the US and spend more time with my parents before they pass.
 

DAA

Well-Known Member
Supporting Member
I'm 57 and have not been unemployed since I was 12. My only retirement plan, is to quit when I'm 66. In 9 more years.

Whether that means dying at 67 after living out the final months of my life living under an overpass, or living a couple more decades of comfortable life, remains to be seen.

I have a financial goal, which is on track, ahead of schedule by a couple years, in fact. If that all holds together, I'll have enough money to live a modest but comfortable life in retirement for a lot longer than I have any chance of living.

But who knows what my abilities and interests are going to be in 9 years? Things change.

I live in the camp that tries to get it all done now. If I'm too feeble, or have too much responsibility at home, or end up too broke, or whatever, to have any adventures when I retire, at least I won't be able to complain I didn't have them when I could.

- DAA
 

Greg

I run a tight ship... wreck
Admin
Perhaps off in the weeds a bit? While a few have discussed what they plan to do with their time when they retire, many have not and are focusing how they are going to retire. So what would your day, month, week look like if retired?

I'm sure I'll stay busy one way or another, I have a hard time sitting still and not working on something, tinkering etc.

I mentioned our plans to travel and hope that will fill the majority of our time. I think when we have downtime at home, I'll be spending it in the yard or the shop. I don't plan to have massive builds like I'm tackling now, but still have a couple toys to play with.

I'd be happy getting out on local midweek day trips into the mountains, deserts and just spend time exploring new places. That has always been one of my favorite things, seeing somewhere new.

Sounds like we'll still have a place down in San Felipe in the future, so I'll probably be spending the more mild months down South, exploring Baja, enjoying fish tacos and a cervesa or 2. That will be the unplug and unwind location... and friends will be welcome!
 

Greg

I run a tight ship... wreck
Admin
Something to consider if you are going to change your location - what type of social network and / or infrastructure are you leaving and what will you have in your new location? I hear of people retiring, then moving across the country where they no nobody, don't know the area nor the local scene, don't have any doctors etc. (I don't have any data to say they're not happy, but I personally would struggle with 're-starting' my social life). Maybe that doesn't matter to you but you should at least think about how it might affect you / your family / spouse etc. A way to mitigate that is to visit that area on an annual basis so that you can establish that stuff. My Uncle and Aunt bought property in Florida 15 years ago or more and they started spending their winters down there. By doing that, they truly built themselves a new home. They still split time between Massachusetts and Florida but they have an option now if they decide to sell one of them.

Me personally, some of you know what I've been up to. I retired from my job in November 2020 and closed on the sale of my house one week later. Prior to that, I bought a cool adventure van and got rid of about 95% of my 'stuff'. I spent the last year traveling and hiking with my dog Gunner (RIP). I'm now back in Greenville, SC, where I was living before my retirement. I came back in October and will be hitting the road again in a few weeks, after I close on a vacant lot at the top of a place called Caesars Head, just north of Greenville, SC.

My plan is to build my dream shop on that vacant land and use it as a base station (mostly winter time) for my travels. Now that my dog is gone I will have more opportunity to do the cycling and running in the very many cool forests and parks in the continental US. Perhaps when this covid madness dissapates, I'll get opportunity to explore more in Canada and perhaps Mexico.

Good insight, John! You're totally right about the social networking and friends infrastructure... having moved to a new place and started over a couple times, it's not easy.

Good call about making frequent trips to visit the places you want to retire.

Sorry to hear about Gunner, I'm sure he cherished his time with you and the adventures you shared right up until the end.



Having recently done this at the ripe old age of 58, I’ve read a lot of good advice here, and a lot of just dreams that will never come true.

One of the biggest hurdles to overcome is the cost of health care. Plan ahead for that and over budget. You’re going to need it.

If relocating is in your plans, I suggest you decide where and buy now. Pay the future place off before you retire and you’ll be set. You can’t comfortably retire with a mortgage hanging over your head.

And for Greg, Prescott (pronounced prescut) is among the fastest growing cities down here.

We bought this house nearly 10 years ago. Used it as somewhat of a vacation home, then decided to make it full time. I don’t miss the snow, smog, and traffic of Salt Lake one bit.

Thanks for sharing, BC! Planning ahead for expensive health care costs is wise, I've known a few retired coworkers that have both planned ahead with a dedicated investment account to help cover those costs and others that did nothing and were shocked by the additional expenses.

I'm hoping our current home will be paid off in 10 yrs, once that's done we can get serious about buying a new place. Either way, we won't have a mortgage after retirement.

I know a couple people in Prescott, as long as it's not growing like St George I'd still consider it. I don't want to be in town, but out in the country and away from the crowds. And yeah, I'm familiar with the proper pronouncement ... 😉
 

cruiseroutfit

Cruizah!
Moderator
Vendor
Location
Sandy, Ut
Sounds like we'll still have a place down in San Felipe in the future, so I'll probably be spending the more mild months down South, exploring Baja, enjoying fish tacos and a cervesa or 2. That will be the unplug and unwind location... and friends will be welcome!

We camped on the beach not far from your in-laws place again last month. Were you ever able to make it over to the Chenowth Museum nearby?
 

Greg

I run a tight ship... wreck
Admin
We camped on the beach not far from your in-laws place again last month. Were you ever able to make it over to the Chenowth Museum nearby?

I haven’t made it there yet, but from what I understand it's right near their place. I'm trying to make a trip down over spring break in March, just a week long. I'd like to see the museum, get down to the Bay of LA and possibly San Francisquito.

I heard the museum just added a restaurant too!
 

skippy

Pretend Fabricator
Location
Tooele
My wife and I both dump obscene amounts of money into our retirement accounts. We are both currently 33 and I have no desire to move away from where we currently are and come retirement time I just want to be in relatively close proximity to my kids. I plan on just doing side jobs to stay busy or do what I currently do and just keep building myself new rigs and selling them off a year later at a hefty profit.
 

cruiseroutfit

Cruizah!
Moderator
Vendor
Location
Sandy, Ut
I haven’t made it there yet, but from what I understand it's right near their place. I'm trying to make a trip down over spring break in March, just a week long. I'd like to see the museum, get down to the Bay of LA and possibly San Francisquito.

I heard the museum just added a restaurant too!

Rooms were done last month, we snagged a couple to rotate through for showers. The restaurant wasn’t quite open, they said after the first of the year.

I don’t recall exactly where you mentioned your family place is but here is the Chenowth

1985B8CD-EFB9-4D3F-9A99-C07A079DCD21.jpeg
 
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Greg

I run a tight ship... wreck
Admin
Rooms were done last month, we snagged a couple to rotate through for showers. The restaurant wasn’t quite open, they said after the first of the year.

I don’t recall exactly where you mentioned your family place is but here is the Chenowth

View attachment 144428

Sorry, just saw the updated pic... the family property is about 10 houses North of the Chenowth Museum. 🙂 I've driven past it many times, but that was before they opened.
 

cruiseroutfit

Cruizah!
Moderator
Vendor
Location
Sandy, Ut
Sorry, just saw the updated pic... the family property is about 10 houses North of the Chenowth Museum. 🙂 I've driven past it many times, but that was before they opened.

It's a very unique building, not just the museums but the dozens of vaginas (literally) carved into the wood beams throughout the museum. Lynn said that is why he has to have the place :D
 

DaveB

Long Jeep Fan
Location
Holladay, Utah
I am in the over 65 age group and can attest to the importance of enjoying life when you are younger and can do it. I would retire in an instant but my wife has just wrapped up cancer treatment and keeping her insured is a must. Hopefully she has it behind her since retiring alone isn't something I want to do. Enjoy every minute while you can, old age isn't for wimps.
 

johngottfredson

Threat Level Midnight
Location
Alpine
No plans to retire. I made some hard decisions early on to get into a field of work that I love. All retirement will be is taking in fewer clients and only ones that are awesome, and adding in more travel. With five kids, we will live wherever the kids land. Which means probably here.

That said, I love the PNW and would love to have a second place in Washington, somewhere close to the coast, with giant trees everywhere. Since I source trees from that area I’m sure I can do it all under the umbrella of work so I don’t feel extravagant :)

As far as how I’ll make it all happen, I’ll keep building my business in such a way that it can function more and more independent of me personally. I also have a real estate cash flow investment that should be doing good things in the next 10-20 years. I’m 39, so I have a bit of time to make things happen still.
 

Skylinerider

Wandering the desert
Location
Ephraim
Not really thinking of retirement in the traditional sense. But I am making progress towards being location independent as far as work goes. If I can travel where and when I want and still work, it's all gravy. Ideally, once my kiddos graduate HS, I'd like to buy some land between New Harmony and Toquerville, for a second home down that way.
 

comingdown

Active Member
Location
Orem, UT
We have land up in northern Montana just outside the east entrance to glacier NP. We plan on building a cabin up there to spend the pleasant summer months up there, and then the rest of the time either here or closer to wherever our kids end up. It’s a long ways off for us though so we may not even still be here.

My folks are retired and while my dad owned a small mom and pop construction company his only retirement plan comes from real estate that he bought along the way. His union penchant is gone, he gets paid pennies of what he should be getting. He keeps himself as busy as he wants to be tinkering with his yard, or repairing rentals. They live in San Diego so he has no snow, but two acres of property so mo neighbors breathing down his neck. I imagine I’ll be a lot like him. They go and do whatever they want, and work as much as they want. With 4 kids it seems like such an impossible dream right now but those kids grow up fast. We rent out our basement and we’re gonna kick them out lately to have more space but decided that instead we’d use that as our annual vacation fund. So we put that in an account and plan a cool vacation every year somewhere new. That way we can start making memories now together rather then wait on a future that we aren’t promised. I do invest in my 401k at work but we’re putting most of our eggs in the real estate basket and I hope it works out. Plus I’ll inherit properties in San Diego I can sell or keep, who knows.
 
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