Every man is, or hopes to be, an Idler.
By Samuel Johnson. That quote has stuck with me over the years. After I retire, I hope to read all 103 essays of The Idler.
First, I struggled a little with where to put this topic of Retirement. Finally, I reasoned since > 80% of the effort I put into researching, reading, planning, calculating, budgeting, documenting, etc. for retirement happened on the weekends, holidays, and vacations, I’d put it in Hobbies. If it gains traction, maybe we can make it a sub-Category.
For the average person (that’s me!) there must be about a hundred moving parts one has to navigate to retire with the same life style than during their accumulation phase. That complexity has held me back from starting this topic. As I am getting near the end of planning my retirement, I have wanted to start this conversation for a while. I am hoping to share with others and I expect to learn something too. One’s retirement is a huge, long-term, complex, and deeply personal endeavor/project.
I visit a couple retirement and financial planning websites. On one, there is a sharp person who sums up the difficulty with planning and executing a good retirement with his signature line of, “Numbers is hard”. So very true! One’s numbers indicate if, and when, they win the retirement race.
Speaking of numbers, I am 63 years old, so is my dear wife (DW). I started working at 15-1/2, have always held a job except when in college, and I plan to retire at 65. DW has been a SAHM since 2010. She holds an AS in Executive Secretary. We had 1 kid and adopted 4 more. They are ages 21 to 34 now. The baby is the last one in University. He probably has 2 more years. He and I, mainly me, are cash flowing the cost as he goes. This is one of the many reasons my plan is to retire at 65. I want the kids to get an education, if they want it, and be debt-free.
I have not decided my last day at work yet, but the 35,000 feet view of my plan is:
- At 65, I start my pension and Medicare
- At 65, DW starts her pension and Medicare
- At 66.5, DW starts Social Security (SS) on her record
- At 70, I start my SS
- At 70, DW starts her SS spousal benefit adder
Wow! The execution phase sure looks simple, given all the time and effort I have put into the accumulation phase to be sure I do not screw it up! Do not be fooled though, the details of the hundred moving parts that went into and have yet to be executed have not even been touched on yet. I am hoping to discuss these hundred moving parts with some knowledgeable people on SimpliEngineering, who are on a similar journey and/or who have already won the game.
What say you? Interested?