After the positive responses and congratulations on my Retirement thread, the idea came to me that there should be a thread that helps everyone prepare for the eventuality of retirement.
There were many great ideas, comments and great suggestions that came out of the conversation. What I would like to do is put this here as a repository for information for anyone who is:
Ready to retire
Close to retirement
Beginning to plan for retirement
One of the things I came to find out is that no matter how much I had thought I was prepared for retirement, there were still things I had not pondered or prepared for.
So this thread is for all your questions, comments, advice to help others that are close to retirement.
I mean....this board is about a year and a half away from being around for a quarter of a century, and many of us who have been around are there already.
Originally Posted by greg63:
Thank you all for the advice. I really hadn't any clue. I work for a non profit and started a 403(b) plan about a year ago, I'll start upping the amount that goes into it each month. I have about 13,000 in KPERS that is really just sitting there. I thought about putting it into an Edward Jones account. Not trying to bring "DC" talk here but I fear the prospect of the unrealized gains tax.
Giving that I'm retired I don't follow the limit anymore, but a quick search says that the limit for a 401K or 403B in 2024 is $23K, so if you can max it out to the point of pain, that would be a good start. For 2025 it looks like the limits will be $23.5K, so see if you can budget ~$1,950 a month for all of 2025. If you can, great, if not, put as much in as you financial pain threshold will allow. Remember, 401K and 403B contributions are pre-tax, or they were, so that's a little relief for you...
Originally Posted by GloryDayz:
Giving that I'm retired I don't follow the limit anymore, but a quick search says that the limit for a 401K or 403B in 2024 is $23K, so if you can max it out to the point of pain, that would be a good start. For 2025 it looks like the limits will be $23.5K, so see if you can budget ~$1,950 a month for all of 2025. If you can, great, if not, put as much in as you financial pain threshold will allow. Remember, 401K and 403B contributions are pre-tax, or they were, so that's a little relief for you...
Originally Posted by TrebMaxx:
I am now officially retired. Just returned home from the happy hour my co-workers had for me. It is still hard for me to comprehend but I am ready for this new phase in my life.
Congratulations on your retirement....welcome to the club!
The first few days of your retirement are odd...your body will wonder why you are sleeping in and not getting ready to work. [Reply]
Originally Posted by Mosbonian:
I'm retired because I have worked all my life to get here. I am puzzled that some people think you should work until you drop dead.
I agree. I just want to have a few years before health issues could start happening and be able to do somethings I didn't have time to do while working. [Reply]
Originally Posted by Mosbonian:
I'm retired because I have worked all my life to get here. I am puzzled that some people think you should work until you drop dead.
We had a plan. One of the reasons I took the job in Florida was because we were tired of snow and ice. Just go into Quick Trip and you slip on some ice and bust your ass. Had enough of that.
Now, I had to retire a couple of years early but the plan still was in place. We bought at the bottom of a crashed housing market. Set us up for a successful retirement. Now, the hurricane insurance may make us move away from the water but we still stay down here.