Retirement and adjustments

[Salavee]

There is an adjustment period after retirement, that's for sure. I'm in to my 16 th yr retired and it took me about a year to ditch the schedule / routine thing.
I found that creating a long term project for myself was key for me. I chose to re-landscape my property with no deadlines and no schedules. That worked.
Staying with your main interests or hobbies is a mainstay. If they include others, so much the better.
I'm sure you will find a pace that suits your new lifestyle.

Good Health to you all, and enjoy !

[ward]

Originally Posted by Salavee

There is an adjustment period after retirement, that's for sure. I'm in to my 16 th yr retired and it took me about a year to ditch the schedule / routine thing.
I found that creating a long term project for myself was key for me. I chose to re-landscape my property with no deadlines and no schedules. That worked.
Staying with your main interests or hobbies is a mainstay. If they include others, so much the better.
I'm sure you will find a pace that suits your new lifestyle.

Good Health to you all, and enjoy !

I am getting close to retirement and will need a project to help me transition.The
re-landscaping idea is a good one. Now just something for the seven months of winter.

[StiksnStrings]

Originally Posted by antlercarver

When you are retired, you don`t get days off

I prefer to think "every day is Saturday"

[spoiledsaskhunter]

Originally Posted by Big Racks

I'm at the point where I'm starting to really examine when I want to pull the pin. I've got over 22 years in now and could retire as early as 25 years in, OR go as long as 35 years in, depending how much of a pension I want to live off of. Pension plan is 2% per year of service of my best 5 years average salary. So, 25 years gets me 50%, 30 gets me 60%, maxes at 35 years for 70%. After 35 years I can still work, I just don't pay into the pension plan and don't accrue any more serviceable time, so other than raises upping my 5 year salary average there isn't any advantage financially to go past 35 years, and even the annual increases would be offset by indexing on the pension.

I'll be 50 years old when I have 25 years in, however my kid is just now in grade 11 so will theoretically still be in post-secondary school so going at 50 isn't really feasible. I'm already starting to plan my end game though, and am planning a transfer to a higher grade position next year to bump up my best pensionable years. It'll mean a move from Edmonton to Calgary, but the kid will be out of high school then and my wife can transfer to her Calgary office too. Being from BC, we also don't plan on staying in Alberta when we retire so transferring will allow me to sell the current house with my company picking up the moving costs, especially the real estate fees. We'll downsize in Calgary, then go from there. Just how many more years I put in down there will be the million dollar question. At least 5 in any case.

A lot of my uncertainty comes from not knowing what I'll do when I retire. I should have my finances in order, but actually staying active will be an adjustment. Quite a few of my hobbies have taken a back seat to work the last 10 years or so, and a day off now is usually spent just trying to recharge the batteries, so not very productive. I can see myself sinking into the recliner and not moving for a while, and it will take a while to adjust. That's where my concerns lie. I'm honest enough with myself to recognize that other than work, I'm not exactly a self motivated individual, and that'll be something I will have to work hard on. I am looking forward to that challenge though, lol.

.......sounds like exactly the same retirement plan I had.

I thought of it like this (but bear in mind everyone is entitled their opinion because retirement is life changing): if you go to work today and haven't made it to pensionable service, you get paid your full salary (say 80 grand for picking a number)......if you reach pensionable service tomorrow, they will give you 50% of your salary for not showing up, which means that you are doing the same job tomorrow for exactly half what you were doing it for yesterday! in my case, I didn't like my job enough to work for half price. figure out what your hourly rate is if you're only making 40 grand a year instead of 80. if you insist on working the next 10 years, why not go find another job and make WAY more money than staying where you are for half your annual salary.

[HunterDave]

Originally Posted by spoiledsaskhunter

.......sounds like exactly the same retirement plan I had.

I thought of it like this (but bear in mind everyone is entitled their opinion because retirement is life changing): if you go to work today and haven't made it to pensionable service, you get paid your full salary (say 80 grand for picking a number)......if you reach pensionable service tomorrow, they will give you 50% of your salary for not showing up, which means that you are doing the same job tomorrow for exactly half what you were doing it for yesterday! in my case, I didn't like my job enough to work for half price. figure out what your hourly rate is if you're only making 40 grand a year instead of 80. if you insist on working the next 10 years, why not go find another job and make WAY more money than staying where you are for half your annual salary.

Excellent point! When I became eligible to collect a pension this is exactly what I looked at. The other big point about this is that paying to work (ie vehicle ins, fuel, lunches, clothing, etc) takes a fairly significant amount of your salary. So, say that 30% of your salary goes towards the cost to work, you get your 50% pension and save the 30% cost to work. THEN, because you have more time on your hands, you can save money by doing repairs on your vehicle, etc that you’d have to pay for someone to do if you were working.

Last point about crunching numbers. Your pension is taxable income and if you take on a real job it increases your income and your taxes. That $20/hour job that you get in order to keep busy may sound good until you figure out that after taxes you’re only really working for $10/hour minus the $3/hour that it costs you to work. Something to think about.

[fordtruckin]

Originally Posted by huntinstuff

Depends on your age

I was 46

Within 3 months I was working again. Only so much piddling around i could do.

But, now i kinda miss my 3 month “piddle around” time......

A good friend of mine had a retirement from the military, a second from law enforcement. when I met him he was back in school getting a fourth degree in carpentry. His goal was to get skills to work on renovating his families cabin. After we graduated he ended up going back to work part time at Loews because he was bored out of his mind with nothing to do.

[2 Tollers]

Originally Posted by huntinstuff

Absolutely

Retirement is not being put out to pasture. The reason people think that is usually retired people are 65 plus. A stereotype

Retired means i can do as i please. I enjoy what im doing, no pressure, i do it for enjoyment rather than something i must do

People often think if they arent working, they are not doing anything. So wrong

I skidoo, clean, quad, hunt, travel, help family and friends, read, fix stuff, break stuff, cook, nap,and enjoy the stress free life. I owe nothing.

It is interesting to me that as I stepped out of the work force some people that I used to give work to have less / no time to get together for a coffee. I spoke to my wife on this - it is as if the only prior reason for contact was to get work. I know this is not true but it does point to people getting very wrapped up in their jobs and not taking time to smell / feel the environment around them. Given my make up staying busy will be important and the work lists will be important.

I have always been goal orientated for our family and my career. Early retirement was possible at 55 but mentally I was not ready so five year career plans became 3 year plans. At 63 I told my wife to get ready as I was now year to year. Going into this phase of life I knew I no longer wanted the HR issues / long hours. I wanted to do more of what I wanted to do vs the grind. As a couple of the previous posters have said there is a settle in phase and I think I have just started into what could be a long process.

I am looking forward to getting out after gophers, back into fishing and hopefully some spring snow geese. Just need to make these the priorities.

It is interesting to read some of the new studies on long life after retirement. Yes hitting the gym, stopping smoking, no excess on beverages are important. However the highest ranked are a solid support network of close friends that you can depend on and social integration (mental stimulus). We all need to keep these in mind moving forward as well.

[Big Racks]

Originally Posted by spoiledsaskhunter

.......sounds like exactly the same retirement plan I had.

I thought of it like this (but bear in mind everyone is entitled their opinion because retirement is life changing): if you go to work today and haven't made it to pensionable service, you get paid your full salary (say 80 grand for picking a number)......if you reach pensionable service tomorrow, they will give you 50% of your salary for not showing up, which means that you are doing the same job tomorrow for exactly half what you were doing it for yesterday! in my case, I didn't like my job enough to work for half price. figure out what your hourly rate is if you're only making 40 grand a year instead of 80. if you insist on working the next 10 years, why not go find another job and make WAY more money than staying where you are for half your annual salary.

Sorry, I’m not quite grasping what you mean. If you retire, why are you going back to the same job? I get the 50%, that’s your pension, but I don’t understand the part about doing the same job.

[Ronji]

I took an early retirement and buyout after 29 years in 2006. It was a great deal to leave. It was such a stressful job with 60 - 70 hours a week, and I knew it was consuming me. I was also involved in outfitting and guiding.
I lasted 3 months before I started getting a little anxious. My brother asked me to come pound nails for him and assist in home renovations. I then really found my calling. I sold my outfitting business so that I could go "all in" I've been at it for 12 years already and I love it. I work with the greatest staff and appreciative customers. But, in thinking ahead a few years it could be time to call it at day. My wife says, "if you love your work, its not a job".
I know a great deal of people who packed it in quite early and I always question them on, what do you do all day? Every one of them says they do not look back wishes they took it earlier.

[Freedom55]

Originally Posted by StiksnStrings

I prefer to think "every day is Saturday"

Except Sunday. That's the day after Saturday. Come to think of it, it's the day before Saturday.

Free (from harness)

[Big Grey Wolf]

Your retirement decision day involves a number of decisions; 1) How much $$ is in the bank, pensions, RRSPs, TFSA etc. 2) (How secure is your pension ie: Did you work for Sears or any other Canadian Corporation with unfunded pension). 3) How stressful is your job. 4) most important of all how good is your health? Lastly ask your self the question "Then What" when you park truck in your yard for last time.

[CritterCommander]

Best part of "everydays a Saturday" means every night's a Friday Night!

Retirement is what you make it. I say do it right! Keep busy, stay engaged and live it up everynow and then.

[Jack Hardin]

I'm 75 and to me, retirement is every day is a stat holiday. I have plenty of work on the acreage during the summer months plus I belong to 3 shooting disciplines that I attend regularly that includes camping on site during the summer.

Last year (2017) I walked 1,123 recorded miles or 1,807 kms and average 15 flights of stair per day. The key is to keep active. If you think and act like you are old then, you will be old. When I tell people my age, they have a hard time believing it. I am blessed with not having facial wrinkles or crows feet and that kind of throws people off regarding my age.

Remember, stay active and pretend you are not old. Don't sit around and watch paint dry or watch the grass grow.

Cheers!

[spoiledsaskhunter]

Originally Posted by Big Racks

Sorry, I’m not quite grasping what you mean. If you retire, why are you going back to the same job? I get the 50%, that’s your pension, but I don’t understand the part about doing the same job.

he was wondering if he should retire with 25 years service (50% of salary) or working another ten years to get 70% of his salary.....if he went back to work tomorrow (assuming he could retire today), he'd be working for half what he was earning yesterday.

[Big Grey Wolf]

During the last couple years before retirement set your living budget at 50% or 70%. Test drive it and see how it feels. You will need to make the significant adjustment anyway. "When you were working you had no time to spend your salary", now you have loads of time which needs even more $$ !

[2 Tollers]

So just maybe I am starting to settle into not wanting the full time work. I was called today to see if I would take on a 6 month very technical project full time. I declined and felt good after the discussion.

To add to what other posters have said on reducing and living within a lower take home we started practicing on that about 2 years before I pulled the pin. The other thing we did was in the five years prior to my retirement we renewed old items that would need replacing that were big ticket (washer , dryer, roof on the house, truck, some of the toys). We should be relatively safe for a few years now.

Thanks for all the input guys. Some valuable insights shared.

[muskegnmud]

bringing back an old post.
I'm set to retire at the end of the coming week after spending 40 years in a trades environment.
All the jobs I have had, have been production orientated.
Time is/was money.
Now all of that will come to a screeching halt in 5 more days.
I do have a list of things I want to do, doing them at the old work pace, I could probably clean that up in a couple of months.
Will definitely need to look for other opportunities to fill my time.
Looking for any additional info on how to cope with the transition/insights gleaned from experience of others having gone through this,
thanks in advance
Al

[Spidey]

I've got 20 years in and am on the last 1/3 of my career - now just trying to figure out timing - can retire with no pension penalty in 8 years or keep going for another few years to max out pension payments. I'm in management and dealing with millenials in a unionized environment is wearing thin. Not to paint all millenials with the same brush - I've got some great younger staff but they were the ones raised with a sound work ethic and know the world does not owe them a living.

Right now I'm leaning toward early retirement and pursuing some of my passions, and maybe make some extra spending money doing it. During my early career we also renovated and sold half a dozen houses on the side so may get back into that. I also love wood working and people have offered to commission me to make some things for them. Doing that now seems like added work, but maybe in retirement...

One thing I will not be doing is becoming "Facebook Dependent". I see way too many retired people who seem to be on FB most of the day, every day. I think it's a potentially habit forming and maladaptive way to feel connected, and from the posts I've seen from some - starts to skew one's sense of reality.

[The Cook]

Been retired for almost 3 years, slowly starting to forget and not give a rat's azz about the salt mine. It took a while to get used to but I'm busier now than I can remember and the best advice I got was " there will be days when you just don' want to do anything and that's OK" .

[2 Tollers]

Originally Posted by muskegnmud

bringing back an old post.
I'm set to retire at the end of the coming week after spending 40 years in a trades environment.
Will definitely need to look for other opportunities to fill my time.
Looking for any additional info on how to cope with the transition/insights gleaned from experience of others having gone through this,
thanks in advance
Al

July will be two years for me getting out of a high paced - high pressure role. We have settled in fine to the change (drop) in income level and get by on much less than the 70% of what I was bringing in and we have not compromised our life. So that takes away a pressure point of me having to find another job.

Now in saying that I got bored quickly (4 months into retirement) and found I missed the mental challenge / social aspects of technical work so I set up a consulting business with a max target of 2 days per week. Very short order I was busy full time and realised this was not the transition I wanted or promised my family. I am now more selective on project commitment and will only take on short term work. This has allowed the flexibility for travel (2 destination trips) plus my outdoor activities. I think I have found a balance for now and I can see in the near future (3 years) a further winding down on projects.

Not sure on what trade(s) you have but trades knowledge is golden. You should be able to set something up that is part time and perhaps in a slightly differently direction. There is a retired millwright in community that has fixed his garage up with small machine tools and advertises for knife / scissor sharpening and making of custom fit pieces. In speaking with him he has more small projects than he needs and he values the social connection plus a sense of still contributing value.

I have a friend that has walked away cold from everything and has turned into a major complainer. Nothing is right around him anymore and he is liking after hour beverages more. Not a good balance and I think part of this is that he does not feel like he is part of contributing. He will not volunteer or look for odd jobs.

I do think that finding something that keeps you going mentally and socially is very important. So take your break --- you have earned it. During the break think on other things you would like to do. They do not have to make money but it is important to get out and stay engaged.

For me the extra money from consulting is not touched. It is our new rainy day fund.

Hope some of this helps.

[wwbirds]

Never looked at it as retiring just doing something different for a change.

Farm was booming for dogs and birds in 2002 so I pulled the pin on CCRA after 25 years just before being locked into the pension at age 49. Enjoyed my time building farm business as well as competing in carving wooden fowl for first 5 years. If there was anything missing it was the social aspect of meeting and dealing with people (both clients and coworkers).

When the gun manager at WSS asked in 2008 why I wasnt working there I really didn't have much of an argument. they were going to pay me to sell guns, talk hunting and dogs all day. Where do I sign up! probably the most enjoyable job I have ever had although I am sure I spent my entire salary there and then some for at least the first two years.

UFA coming in and buying out the Butlers during 2010 made it a chore to get up and go into work after 2 years so in 2012 I welcomed the lay off having the kennel full all summer being my next focus.

Not sure what the next adventure is going to be but at least as a retiree I can assess every opportunity and decide if it is something I can or would like to pursue. It is often hard work to stay busy and engaged but I don't think the alternate is a healthy option.

[muskegnmud]

[QUOTE=2 Tollers;3981038]


I can see this happening, missing the mental challenge, the satisfaction of a job well done, the social aspects, the friendships the joking and laughter.

I am a dual trade, electrician and an electrical motor systems tech. I thought to take some time off and then maybe try something different, idk maybe something in solar, part time.


This is what I want to avoid BIG TIME!
I would be happy to volunteer if its something I like to do, helping someone else out if they need it and it brings me personal satisfaction.

this helps a great deal, thank you for the feedback, greatly appreciated!!

[saddleup]

I retired 14 years ago after 38 yrs working for the same company. I loved my work, except for last 4 yrs, when i started to become a liability to the company.
Only thing i still can't seem to grasp is.... how did i find time to work... i am busier now that i ever was. i have a frig magnet that says RETIREMENT ---- TAKES THE MEANING OUT OF 'WEEKENDS'

[Unregistered user]

The real reason birds sing in the morning is they don't have a job to go to.

[bat119]

After I retired, my wife insisted that I accompany her on her trips to WalMart. Unfortunately, like most men; I found shopping boring and preferred to get in and get out. Equally unfortunate, my wife is like most women - she loves to browse. Yesterday my dear wife received the following letter, from the local WalMart:

Dear Mrs. Harris:

Over the past six months, your husband has caused quite a commotion, in our store.
We cannot tolerate this behavior and have been forced to, ban both of you from the store.

Our complaints against your husband, Mr. Harris, are listed below and are documented by our video surveillance cameras:

1. June 15: He took 24 boxes of condoms and randomly put them in other people's carts when they weren't looking.

2. July 2: Set all the alarm clocks in Housewares to go off at 5-minute intervals.

3. July 7: He made a trail of tomato juice on the floor leading to the women's restroom.

4. July 19: Walked up to an employee and told her in an official voice, 'Code 3 in Housewares. Get on it right away'. This caused the employee to leave her assigned station and receive a reprimand from her Supervisor that in turn resulted with a union grievance, causing management to lose time and costing the company money. We don't have a Code 3.

5. August 4: Went to the Service Desk and tried to put a bag of M&Ms on layaway.

6. August 14: Moved a, 'CAUTION - WET FLOOR' sign to a carpeted area.

7. August 15: Set up a tent in the camping department and told the children shoppers he'd invite them in if they would bring pillows and blankets from the bedding department to which twenty children obliged.

8. August 23: When a clerk asked if they could help him he began crying and screamed, 'Why can't you people just leave me alone?' EMTs were called.

9. September 4: Looked right into the security camera and used it as a mirror while he picked his nose.

10. September 10: While handling guns in the hunting department, he asked the clerk where the antidepressants were.

11. October 3: Darted around the store suspiciously while, loudly humming the, 'Mission Impossible' theme.

12. October 6: In the auto department, he practiced his, 'Madonna Look' using different sizes of funnels.

13. October 18: Hid in a clothing rack and when people browsed through, yelled 'PICK ME! PICK ME!'

14. October 22: When an announcement came over the loud speaker, he assumed a fetal position and screamed;
'OH NO! IT'S THOSE VOICES AGAIN!'

15. Took a box of condoms to the checkout clerk and asked where is the fitting room?

And last, but not least:

16. October 23: Went into a fitting room, shut the door, waited awhile; then yelled very loudly, 'Hey! There's no toilet paper in here.' One of the clerks passed out.

[ceedub]

I retired from my day job in 2013 at the age of 52. I got bored quickly, so a few months later I told my wife that I needed a few animals to look after. I ended up buying 8 sheep.
6 years later there are over 200 sheep standing in our pasture....so much for retirement.

Craig


Sent from my iPhone using Tapatalk

[Grizzly Adams]

Originally Posted by ceedub

I retired from my day job in 2013 at the age of 52. I got bored quickly, so a few months later I told my wife that I needed a few animals to look after. I ended up buying 8 sheep.
6 years later there are over 200 sheep standing in our pasture....so much for retirement.

Craig


Sent from my iPhone using Tapatalk

Some of us just need a Good reason to get out of bed every morning.

Grizz

[Unregistered user]

Plan G - Nursing Home Plan



Say you are an older senior citizen and can no longer take care of yourself and the Government says there is no Nursing Home care available for you. So, what do you do ? You opt for "Medicare Plan G".

The plan gives anyone 75 or older a gun (Plan G) and one bullet. You are allowed to shoot one worthless politician.
This means you will be sent to prison for the rest of your life where you will receive three meals a day, a roof over your head,
central heating and air conditioning, cable TV, a library, and all the Health Care you need. Need new teeth ? No problem.
Need glasses ? That's great. Need a hearing aid, new hip, knees, kidney, lungs, sex change, or heart ? They are all covered !!

As an added bonus, your kids can come and visit you at least as often as they do now !! And, who will be paying for all of this ?
The same Government that just told you they can't afford for you to go into a Nursing Home. And you will get rid of a useless
politician while you are at it. And now, because you are a prisoner, you don't have to pay any more income taxes !! Is this a great country or what ?

Now that I've solved your senior financial plan, enjoy the rest of your week.

[Savage Bacon]

Keep active so your body doesn't shut down. I'm not close to retirement yet but my dad retired years ago. Now he goes hiking all the time and plays pickle ball to stay active.

May I suggest having a few more kids to keep you on your toes? Haha just kidding

[James Henry]

I retired after 27 years at age 52 in June 2015. My buddy and I fished a few times a week and I fished with other people as well. Come October I was at Cabela's and was offered a job due to the amount of time I spent there and I jumped at it, part time.
I stayed at Cabela's for the great staff, amazing customers and the staff discount. The pay was crap, but I had my pension! I left when I went back to school at SAIT for a construction pre trades course.
Now I tournament kayak fish, and do my own thing.
The adjustment from stressful full time shift work to a "no stress" life was tough, oddly enough, but I have never looked back.
JH