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I'm retiring soon, Any Suggestions?

Although this is a financial forum, my insights may or may not be useful.
Life experiences mold and change everyone.  This is a major life change.  Expect the unexpected.
You just cannot prepare for what will happen, the way you prepared for aspects of your life up to now.
For me, the hardest thing that I have had to deal with is the unexpected loss of a healthy, vital friend who I loved, adored and respected, to a brutal aggressive illness which I learned about this week.  Spend time with the people you care about most.  The other details will take care of themselves if you have made it this far.  Good luck and enjoy.
Financially, assuming your rental is in the same area as your new home, instead of selling it you could roll it over into your future retirement home.  You would have to rent the "retirement home" for awhile before moving in, but you would save some of the capital gains tax, particularly if you lived in it the rest of your life.  Check with a tax adviser. 
When your income goes down you can begin rolling money over into a Roth from your traditional IRA.  Plan to do enough each year to keep you in the lower tax bracket (if your pension doesn't go up).  Before downsizing your regular home you may want to move to a state with no state income tax on your rollovers.
bigchrisb - Thanks,
I think I need to sit down with my wife and discuss what we want to do. Prioritize the list, plan it, then do it.
I like the idea of volunteering at non-profit orgs. there is library and hospital where I can volunteer.
thanks again for your advice.

Siobhan - excellent point!


Time is valuable. I will have enough and should maximize the return on time investment.


Primm - Thanks! 

your insight is very useful.  Expect the unexpected! Spend the time with the people I care!

I will keep them in mind.

thank you for your advice.
You have reached financial freedom, not retirement. That means you get to choose how you spend your time whether that is a second career that interests you, travel, staying healthy, working around the house, volunteering, etc. You need to still have a purpose that is meaningful to you. I will recommend a book for you:


And this one is just fun, but not appropriate for work...

 The Position of FU - Spoof of The Gambler

That's all I have to say on the subject...
You have done awesome, enjoy.
I didn't think about moving into the rental house. It is free and clear so there is no mortgage but tax and insurance. However I lose the rental income if I move into the rental. Or maybe I can move into the rental in later year of my retirement. I plan to spend my money as much as possible. Getting a nice expensive car is my first gift of retirement. And nice trip with my wife would be next in my immediate actions.
Definitely I would speak to my CPA to plan my finance and tax situation.
Good point. Financial freedom, not retirement. I will definitely get those books and read them.
First of all, congrats on making it to the end of your working life and on accumulating a substantial portfolio.  I retired 18 months ago at 64, and now I could not imagine sitting in a cubicle for 10 hours a day.
You did a good job of informing the community about your assets and potential income, but retirement is no different to working in that it doesn't matter what you earn, it's what you spend that counts, so the first thing I would recommend is to create a budget to ensure that you are not spending too aggressively.
Spending.  The transition from saving/accumulating to spending has been more difficult than we expected.  It would be interesting to hear from other recent retirees on this.  Out Tax Guy tells us that we need to spend more!!!!
Healthcare.  You are retiring at 60ish.  Medicare is 5 years away.  How are you going to bridge the gap?  What will that cost?
The Wife!  We get along just fine, at least I think so:-)  We have had non of the problems that other members seem to have had.
To stay healthy, get some exercise.  We walk to Starbucks every morning for coffee, so we are now part of the early morning community with our Starbucks Buddies.  "You wanna go where everybody knows your name".
Keep busy.  The house and garden are looking better than ever.  We haven't traveled as much as we expected, but that will start this year.  Be open to new experiences.  I intended to learn to play golf, but that didn't happen.  Instead, I work as an Extra in movies and TV shows; never imagined that would happen.  I work every week or so on average and it actually pays a little.  Now I'm thinking of getting a private pilot's license.
Lastly, relax and enjoy it.  Your days of pressure and deadlines are over.  It's time to enjoy the fruits of your lifetime of labor.
Almost same situation except a tad more in non taxable a/c's, no rental property and 69/64. Probably the same as you, we do have a fair amount of funds in non retirement accounts. I retired at 58. Yes, go at 62. My male line history shows clearly chances are I will not make it much beyond mid 70's. Did a SS at the time and it revealed using only 5% return break even would be at age 81. My wife has worked all of her life as a professional so no concern about survivor benefits, she will be eligible for the max on her own earnings when she takes SS although it may be reduced by pensions and we all know a "means" test is coming. Not if, just when. She may delay as her family line shows she should make it to 90's.

Her Mom, 93, still lives in her little ranch house and drives her car for errands a few days a week. Mom's 11 sis's and bro's about the same, especially the sis's. Fixed Retirement income will be 2 SS checks and 2 defined benefit checks (hers), total about $7,500 a month. If we can earn a paltry 5% on our other beans, should push it to about $16k if we had to partially cash in which I cannot imagine. I will have to take RMD 2nd half of next year. We really do not expect to take much out of ira's except required rmd. Will swap our current paid for home for snow bird one in the next 2-3 years. Home is worth about $300k and we are not looking for a luxury address down south. Consensus, and agree is to convert regular ira to roth once you do not have earned income. Will do that when she retires more for our heirs than our own purpose or need.

For the last 10 years+, we have been in a capital conservation vs appreciation mode. Some would say we missed the boat, but have not lost a nickel going back to 2007. Last 5 years, earned on average about 10% on my ira and 13% on hers. Unfortunately, only 5% on her 403b, but we always considered that our "safe" money. On the ira a/c's, mainly playing with aapl, fb, duk, and especially bac. Figured 8 years ago if it was good enough for Buffet, it was good enough for me. In a couple of years, will probably place most of what we have in Duk or similar high div utility. Duk and others are more or less publicly supported companies. No matter what bad news comes their way, they escape with a rate increase. Have made a lot of bucks on Duk in the last 5 years. It likes to swing between low 70's to high 80's every 12-18 months, so if we had 10,000 shares in our ira's, 5,000 each we owned at $74, would sell at $85 or $88, keeping ex div date in mind. Then repeat the cycle. Am on the 4th cycle. Bot 2,500 in each a/c at $74.44 Feb 8th.

Closed ytdy at about $77.50 so already about $19k ahead with 3/15 div. If it goes to low 80's, will sell. If it goes to $71, will buy more. About a 4.5% div if you own anywhere in the 70's. Could do this with a high div utility index, but the side chance of making extra goes away. Naturally, when 12 mo CD rates get back to 4%, will use about 75% of everything we have to ladder jumbo's out 5 years. Many ways to skin the cat so not suggesting duk for you, just something low risk with a more or less cinch return (div almost certain), nothing is guaranteed. Obviously my approach has been an old **** who has some beans and does not need many more beans path. Not for most, but works for me.
My CPA once mentioned the conversion to Roth. It will be more clear when I speak to a financial advisor and my CPA.

thanks for the suggestion.

The transition from saving/accumulating to spending has been more difficult than we expected(using the Excel budget spreadsheet).

I am planning to spend as much as possible. I have not written down the all expenses, but I noticed that we don't spend much as we get older. We even share a dinner dish since we don't eat much. But a nice expensive car is in my shopping list.

I need to use my savings before 65. As others suggested, keeping busy and healthy physically and mentally. Find something interesting.

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