Retirement from workforce

Dexter Sinister

Unspecified Specialist
Oct 1, 2004
10,168
539
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Regina, SK
Excellent advice JLM. I don't know much about investing either and I don't really want to, and neither does my wife, so we hire other people to take care of that. We were fortunate to find a really sharp advisor 20 years ago, who did really well for us, enriched us far beyond anything we could have managed ourselves and enabled us to give our children significant financial assistance for education and acquiring homes and cars. They're going to get it all eventually anyway, but it's nice to be able to give them a leg up while we're here to see them enjoy it. Investing is a long term thing, returns can be fast, sure, big, pick any two, and there's no such thing as something for nothing.
 

tay

Hall of Fame Member
May 20, 2012
11,548
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55 and just because I wanted to do other things on my own time although I do work part time on a consultancy basis. Sometimes I will work 3 days a week for a period of time (4-6 weeks) then do nothing for a month or 2. I never work on Mondays or Fridays unless it's absolutely urgent.

But then again I'm always working as I'm always keeping up with the latest events regarding the biz.

I still play guitar in the band but the bar scene has quieted down so it's down to playing events. My beer salesman buddy figures the down turn is due to 'no smoking in bars' and a changing demographic.....
 

Curious Cdn

Hall of Fame Member
Feb 22, 2015
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Yep, B.C. Gov't Ministry of Highways (at the time) Now Min. of Transportation.


The pay was generally a little less than the private sector, but while I was there we felt we had more security. I never got sent home because thing got slack for a day or two or even a week. We did get other duties assigned when our normal work was slow. I was on a mobile crew so had to be prepared to move on short notice.

How do the Chinese put it, again?

Iron rice bowl ...?
 

Danbones

Hall of Fame Member
Sep 23, 2015
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If you can retire now Kreskin, I strongly recommend that you do it. I know you have other interests, you won't be bored, and you'll be happier, more relaxed, and live longer. :)

trick is stay active and follow what makes you happy

55 and just because I wanted to do other things on my own time although I do work part time on a consultancy basis. Sometimes I will work 3 days a week for a period of time (4-6 weeks) then do nothing for a month or 2. I never work on Mondays or Fridays unless it's absolutely urgent.

But then again I'm always working as I'm always keeping up with the latest events regarding the biz.

I still play guitar in the band but the bar scene has quieted down so it's down to playing events. My beer salesman buddy figures the down turn is due to 'no smoking in bars' and a changing demographic.....

I used to manage bars, sub contract bar renovation services, supplied event security, and always did live sound and played in bars as well.

A liquor inspector told me in the 80's that they were going to destroy the bar business in ontariou
we thought he was nuts
no, he was not
the destruction of the bar biz was planned and executed purposley

ps, if you know the ol Brule, we may likely have met
 

DaSleeper

Trolling Hypocrites
May 27, 2007
33,676
1,666
113
Northern Ontario,
I retired at the earliest I could with full company pension.....at 58!
Since retirement after 39 years is about half of of your salary, my conclusion was that every day I kept working after the earliest retirement age meant that I was working for half wages.
In retirement I was also giving some unemployed guy or girl a job.
Whatever you plan after retirement, be flexible.....you are allowed to change your plans....
What I had planned changed the first year I went on the road....I went to a Bluegrass festival, met a bunch of musicians, new friends and was hooked for 12 years of pickin' and grinnin'
Still attend at least one festival a year.....
 

IdRatherBeSkiing

Satelitte Radio Addict
May 28, 2007
15,253
2,882
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Toronto, ON
I retired at the earliest I could with full company pension.....at 58!
Since retirement after 39 years is about half of of your salary, my conclusion was that every day I kept working after the earliest retirement age meant that I was working for half wages.
In retirement I was also giving some unemployed guy or girl a job.
Whatever you plan after retirement, be flexible.....you are allowed to change your plans....
What I had planned changed the first year I went on the road....I went to a Bluegrass festival, met a bunch of musicians, new friends and was hooked for 12 years of pickin' and grinnin'
Still attend at least one festival a year.....

So after retirement, stay away from Bluegrass festivals ... point noted. Thanx Das.
 

JLM

Hall of Fame Member
Nov 27, 2008
75,301
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Vernon, B.C.
Sure did. I retired at 56 because I'd planned for it carefully for 35 years and could afford it then, and I'd just had enough of being a manager and having to deal with other people's damnfool problems and that pettifogging backstabber in the next office. So when the mortgage was paid off, the children were established successfully, and the last cat died, I was gone. And a good thing too, in retrospect I think I was pretty close to burnout.

Interestingly, my gross income dropped about 30%, but that put me in a lower tax bracket and I was no longer paying into the superannuation fund, or getting deductions for EI, CPP, and a variety of other things, so my net income was not much different, only a few $hundred a year less, which I more than made up for by converting private RRSP funds into RIFs. And since retiring I've been to Scotland, England, Wales, the Netherlands, France, and Germany, bought the high end photo gear I've always wanted, got much better at playing a guitar, bought a lathe and started making pens and bowls and plates and tools for spinners and weavers, I'm thinking seriously of getting a good astronomical telescope and starting to photograph the night sky... Best job I've ever had, doing what I want, when I want, no deadlines, and no pressure but what I choose to put on myself.

If you can retire now Kreskin, I strongly recommend that you do it. I know you have other interests, you won't be bored, and you'll be happier, more relaxed, and live longer. :)


Every word is true D.S. My monetary situation after retirement is pretty well identical to yours. I just withdraw the minimum RRIF so the principal remains intact until I can see the end. Then there will be a hell of a party! (mostly kidding) Good advice you've given Kreskin. One piece of advice to any married person retiring. Before I retired I double checked just exactly what my wife's income would be should I drop dead. Just gives you a little piece of mind knowing she will be looked after.
 

Hoof Hearted

House Member
Jul 23, 2016
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I got a hoot out of all of the people who told me I was a loser for staying in my shipping job...

This was during the high tech boom at the turn of the century. When it all went bust, the same knobs came back to me and told me I was 'lucky' to have a job! lol!

At 51, I've lived by the seat of my pants my whole life. I'll probably work till 60. Fortunately, my wife is an only child and will inherit 2 estates on her side. I've got a crazy rich bachelor Uncle on my side. Combined with our good pensions, we should be set over the next decade or so.

I'm still hungry, though. Got an 'out there' money-making project I'm working on for later this year.
 

DaSleeper

Trolling Hypocrites
May 27, 2007
33,676
1,666
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Northern Ontario,
Every word is true D.S. My monetary situation after retirement is pretty well identical to yours. I just withdraw the minimum RRIF so the principal remains intact until I can see the end. Then there will be a hell of a party! (mostly kidding) Good advice you've given Kreskin. One piece of advice to any married person retiring. Before I retired I double checked just exactly what my wife's income would be should I drop dead. Just gives you a little piece of mind knowing she will be looked after.
We had a pretty flexible pension plan at work, a whole bunch of different choices in ratios of survivor benefits. So both my wife and I went through so extensive medical test, before deciding which specific plan to take.....A terminal desease in any one of us would have made a big difference in the decision.
 

JLM

Hall of Fame Member
Nov 27, 2008
75,301
548
113
Vernon, B.C.
I got a hoot out of all of the people who told me I was a loser for staying in my shipping job...

This was during the high tech boom at the turn of the century. When it all went bust, the same knobs came back to me and told me I was 'lucky' to have a job! lol!

At 51, I've lived by the seat of my pants my whole life. I'll probably work till 60. Fortunately, my wife is an only child and will inherit 2 estates on her side. I've got a crazy rich bachelor Uncle on my side. Combined with our good pensions, we should be set over the next decade or so.

I'm still hungry, though. Got an 'out there' money-making project I'm working on for later this year.


There are very, very few bad jobs. Virtually every one with the possible exception of the undertaker can provide a connection to something else! :)
 

JLM

Hall of Fame Member
Nov 27, 2008
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Vernon, B.C.
We had a pretty flexible pension plan at work, a whole bunch of different choices in ratios of survivor benefits. So both my wife and I went through so extensive medical test, before deciding which specific plan to take.....A terminal desease in any one of us would have made a big difference in the decision.


Yep, good planning is essential although it's not always a guarantee. We've both enjoyed good health for 18 years, so I think what happens now we are pretty much ahead of the game money wise. From now on I'm just keeping my fingers, toes, eyes and ears crossed.
 

lone wolf

Grossly Underrated
Nov 25, 2006
32,493
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In the bush near Sudbury
I was forced into it at 37 when the hose I was using to wash a snowplow jammed up in front of the main blade then released, slamming the back of my head, neck and right shoulder into the bottom bead of the truck bed. Pity I was on a contract job and employed by a crooked little bastard who just didn't give a damn.
 

Ludlow

Hall of Fame Member
Jun 7, 2014
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wherever i sit down my ars
I was forced into it at 37 when the hose I was using to wash a snowplow jammed up in front of the main blade then released, slamming the back of my head, neck and right shoulder into the bottom bead of the truck bed. Pity I was on a contract job and employed by a crooked little bastard who just didn't give a damn.
Lots of scum like that in America too.
 

Remington1

Council Member
Jan 30, 2016
1,469
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Years to go still, but reading a few posts in here I think it might be a good idea to look into savings. It would be nice to buy something in northern Ontario or spots in NB, I spent time there and ocean front land was pretty cheap. I like spots north of Kingston as well.
 

JLM

Hall of Fame Member
Nov 27, 2008
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Vernon, B.C.
Years to go still, but reading a few posts in here I think it might be a good idea to look into savings. It would be nice to buy something in northern Ontario or spots in NB, I spent time there and ocean front land was pretty cheap. I like spots north of Kingston as well.


Check out TFSAs...............little more flexibility (in some cases) than RRSPs. Or maybe best to do both!
 

Hoof Hearted

House Member
Jul 23, 2016
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When you hit your fifties, I gotta admit it gets a little tougher waking up with the raccoons on a cold February morning, to scrape and warm up the car for work.

I feel I'm nearing the end of this phase of my work life. I'd make a lousy retired guy, though so I'll probably keep coming up with my wacky schemes to make money and invent stuff in my senior years.

A recording studio in my basement is a priority when I do finally retire. I'd like to record and sell musical cues for Radio and Television. I enjoy doing that. Golf and chess will be my other hobbies as well.
 

JLM

Hall of Fame Member
Nov 27, 2008
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Vernon, B.C.
Golf and chess will be my other hobbies as well.


I would think Chess is an excellent exercise for the brain. I do a lot of scrabble myself, it really helps to sharpen the brain. There is a hell of a lot more to it than just making words. Defense is the biggest part of that game. I've been playing it off and on for 60 years. It helps your vocabulary too!