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I'm retiring soon, Any Suggestions?

#11
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.
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#12
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.
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#13
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.

 
thanks

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.
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#14
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:

https://www.amazon.com/Retire-Inspired-I...1937077810


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.
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#15
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.
 
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