Woodalls Open Roads Forum: General RVing Issues: Retirement at 55??
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 > Retirement at 55??

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freestoneangler

Washington

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Posted: 01/02/13 02:31pm Link  |  Print  |  Notify Moderator

Hello All,
My name is Bill and I'm new to the forum. My wife and I have been planning for a good number of years now for an early, age 55 retirement. We plan to 5th wheel snowbird for 4-5 months/yr -- having watched our good friends do so and LOVE IT!.

As the date gets closer, I always wonder if we'll have enough. We've planned well, forgone lots of discretionary items and have been debt free for nearly 10 years now. I do have a defined pension which includes medical until Medicare (or Obamacare) whatever kicks in at age 65. According to our financial planner, we should be fine to pull the rip-cord.

I'm curious just how many of those on the forum retired at age 55 and whether you found your financial plans more (or less) what you expected. Sure would love to hear some candid feedback from those who have taken this path... Thanks.

LynnandCarol

Rockport, TX

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Posted: 01/02/13 02:36pm Link  |  Print  |  Notify Moderator

Just remember that no one gets out alive! We were forced into retirement and are struggling, but it has been worth every minute!!! We will get back on our feet soon. The biggest rule for retirement is to RELAX! Stress about anything and everything is not healthy Best of luck and see you down the road!

HappyKayakers

Malabar FL

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Posted: 01/02/13 02:38pm Link  |  Print  |  Notify Moderator

A lot depends on where and how you decide to snowbird. Boondocking at Quartzite for the winter would be much cheaper than finding a 5 star RV resort in SoCal. You have a great deal of control over your living expenses.

I semi retired in my early 50s and supplement my income by workamping. There will always be unexpected repairs and breakdowns.


Joe and Dakota, the wacko cat
Fulltiming since 2006
2006 Dodge 3500 QC CTD SRW Jacobs Exhaust brake
2006 Heartland Bighorn 3600RL, MorRyde suspension, TrailAir pinbox
http://happykayakers.com/


rk911

Wheaton IL

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Posted: 01/02/13 02:41pm Link  |  Print  |  Notify Moderator

freestoneangler wrote:

Hello All,
My name is Bill and I'm new to the forum. My wife and I have been planning for a good number of years now for an early, age 55 retirement. We plan to 5th wheel snowbird for 4-5 months/yr -- having watched our good friends do so and LOVE IT!.

As the date gets closer, I always wonder if we'll have enough. We've planned well, forgone lots of discretionary items and have been debt free for nearly 10 years now. I do have a defined pension which includes medical until Medicare (or Obamacare) whatever kicks in at age 65. According to our financial planner, we should be fine to pull the rip-cord.

I'm curious just how many of those on the forum retired at age 55 and whether you found your financial plans more (or less) what you expected. Sure would love to hear some candid feedback from those who have taken this path... Thanks.


we both went at 55 although that was a year apart (2005 for me, 2006 for her) and haven't regretted it for one sec. in normal years we travel about 6-mos of the year (mar/apr/may and aug/sep/oct). the rest of the time i'm busier than when i was working...just doing the things i want. as long as you're planning to do something other than sit in front of the TV or on the proverbial park bench i don't think you'll regret it.


'73,
rich, n9dko
Every retired man needs three things....a good truck, a good dog and a working wife
_________________________________


_________________________________
2000 Itasca Suncruiser 35U
'46 Willys CJ2A
'03 Jeep Wrangler TJ
'10 Jeep Liberty KK



Old-Biscuit

Verde Valley

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Posted: 01/02/13 02:45pm Link  |  Print  |  Notify Moderator

We both retired at 50...me first and then 4 yrs. later her.

Debt free!!

Hit the road FT (sold everything) April '07

Only regret...didn't do it sooner.


2007 RAM 3500 QC LB SRW 5.9L CTD 48re 4:10 4K in bed 'quiet genny'
2007 HitchHiker II 32.5 UKTG 2000W Xantex Inverter
Hit the Road Debt Free & Clear April '07
Came off the road still Debt Free & Clear Jan. '14


jmtandem

western nevada

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Posted: 01/02/13 02:46pm Link  |  Print  |  Notify Moderator

Quote:

Hello All,
My name is Bill and I'm new to the forum. My wife and I have been planning for a good number of years now for an early, age 55 retirement. We plan to 5th wheel snowbird for 4-5 months/yr -- having watched our good friends do so and LOVE IT!.

As the date gets closer, I always wonder if we'll have enough. We've planned well, forgone lots of discretionary items and have been debt free for nearly 10 years now. I do have a defined pension which includes medical until Medicare (or Obamacare) whatever kicks in at age 65. According to our financial planner, we should be fine to pull the rip-cord.

I'm curious just how many of those on the forum retired at age 55 and whether you found your financial plans more (or less) what you expected. Sure would love to hear some candid feedback from those who have taken this path... Thanks.


I retired four years ago at 58 and have not looked back. Retire as early as you can since nobody knows how much life is left in them and enjoy what you worked so hard for so many years.


'05 Dodge Cummins 4x4 dually 3500 white quadcab auto long bed.
'09 299bhs Tango.

Big Katuna

Deland, FL

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Posted: 01/02/13 02:49pm Link  |  Print  |  Notify Moderator

Two mistakes most people make when retiring;
Overestimating returns and underestimating their expenses.
Are u Planning on $15k per year medical? Fuel doubling and tripling?
We couldn't stand not doing something. And volunteer work isn't right for everyone. Not me anyway. So I went back to work. Albeit at a low stress environment.


My Kharma ran over my Dogma.

sdianel

Tampa, FL

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Posted: 01/02/13 02:51pm Link  |  Print  |  Notify Moderator

I retired at 55 due to a buyout. Didn't get free insurance but got reduced premiums. That was 10 years ago! We both now get Social Security and I get Medicare this year. If you watch what you spend you should be able to travel quite a bit. The only difference is that we sold our home and went full time so we wouldn't have the expense of a home. Even taxes, insurance, utilities, maintenance on a stick house add up. We watch how much we spend on fuel and campgrounds. We don't eat in expensive restaurants as we prefer our own cooking in the RV or on the grill. We spend very little money on entertainment. We spend less on clothes. Vehicle insurance is another cost that you can't control. We decided that if we didn't have enough money, then we would find workcamping to supplement our income. So far we haven't had to do so. go for it!


Lonny & Diane
2004 Country Coach Allure 33' "Big Blue"
Towing 2008 Chev Colorado 4x4
Semper Fi


Wind Surfer

I don't remember

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Posted: 01/02/13 02:52pm Link  |  Print  |  Notify Moderator

I retired at 55, a year and a half now, and hit the road soon after retirement. It takes a while to learn how to retire and relax. Living on the road is different but it is a great adventure for us.

The financial part of it only you can answer. We are conservative and don't need to stay in RV resorts, in fact that really isn't our style. Therefore our daily park rental costs are reasonable. Health care is a huge cost, our largest. If your pension has medical care then your pension $$ will go farther.

I would suggest putting together a budget and go from there. We put together spreadsheets that allowed us to vary the cost of items (such as fuel), to understand the impact of variable costs (such as fuel and how much we thought we might travel). We also choose a 5th wheel, and having owned one once before, I was familiar with the associated costs as opposed to a DP, where I understand maintenance can get a little pricy.

In regards to 'what we expected' cost wise; I would say we were pretty close. BUT (Behold the Ultimate Truth) we spent a good year researching 'full-timing' before we made the commitment. It pays to do your homework.

Good luck and go for it!


2011 Dodge 3500 DRW Laramie
2011 HitchHiker 31.5 FKLS

gbopp

The Keystone State

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Posted: 01/02/13 02:53pm Link  |  Print  |  Notify Moderator

I retired at 54. Everything was going as planned.
Now, we are raising our grandsons, which wasn't planned or expected.
Do it while you can, you don't know what tomorrow will bring.
Money is important but, it's not all about money.

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