I'm retiring soon, Any Suggestions?

[DavidAnnArbor]

Hello,
 
I am about to retire (this month or next month) and would like to listen wisdom from fellow investors/retirees.
 
First let me give you where I stand.
59 years (2month), wife (60, housewife), have 2mil in stocks (401k/Roth IRA/Rollover IRA/taxable account)
2 rentals - 1 is free and clear, I am going to sell the other one this year. so rental income is $3000/month
house - would like to downsize and move to smaller house/condo, will buy in cash
Social Security - will get it when I become 62, estimate is $2500/month (reduced by 25% due to early retirement, don't want wait till 67)
my life expectancy is 80 years. I do not wish to live longer than 80, but that's not I can control.
I think my wife lives shorter than 80. Again it is unknown.
I do not play golf or fishing. Worked hard all my life, but I am willing to learn new trick or hobby.
 
Now what would you do if you were in my situation?
I am going to meet a financial advisor sometime this year to get professional advice. but love to listen what others may offer.
 
Any idea is appreciated.

[onlykelsey]

Congratulations. Time to have some fun since you and wife have done a great job saving for retirement. I retired at 55 and bought a new boat and have been fishing for nearly 15 years and let my investments keep working the same way as when I worked. buy a boat and drink cold beer. stay the course and godspeed

[budgetslasher]

Stay fit and eat healthy.
Stay active and engaged in things you are most passionate about.
Travel to far away places.
Keep the income flowing from your investments to pay for those things you are passionate about.

[Kanga16]

There are two (2) questions to ask yourself:

1. What are you planning to do in retirement?

• it's nice to take that vacation you've always planned BUT after you get home WHAT are you going to do?
  
• do you plan to stay in your existing location or move to a different location, e.g. Florida because of taxes and weather or Alaska?
  
• have you tried to look at your expenses and figured out if you can exist on your retirement accounts, savings and Social Security?
  
• has your financial planner gone over these questions and given you options or answers to these items?
  

2. Is you spouse on board with your plans?

• current biggest rate of divorce is couples approaching or just retired, due to future plans?
  
• do you plan to relocate and your spouse wants to stay put?
  
• do you plan to stop working your current job and take up a new career, leave as Marketing Exec and take up auto rebuilding?  
  
• are you plans aligned with you spouse, they like gardening and expect you to help them and you want to go to the golf course and spend every day walking the links (you hate gardening).
  

 
Whatever you do, I recommend you keep working until you answer these questions honestly and thoroughly then try a 'experimental retirement'. I mean both of you take a 2 month hiatus from the current jobs then live within the sample retirement budget and see if it works. Then tweak the rough edges and either retire or try it again and see if it works.

Been retired 6 years and never looked back.

[Systems101]

I had a very similar situation.  What I find us doing a lot is taking care of our daughters' dogs and children but not many trips or hobbies.  Still a lot of work maintaining older house and property.  Thinking of getting a winter place in Florida since we live in deep snow country which limits our movement and activities. The biggest negative has been my wife and I seeing a lot of each other which tends to lead to arguments we never had when we were both working and going to our kids activities.  I'm all for downsizing and moving and my wife never wants to throw any of her junk away.  I can see how retirement could lead to divorce. Good luck.

[Roamer]

Congrats and good luck with retirement.
I've been doing this for 8 years in May, it's a whole new life.
First suggestion is to upload a photo if you're going to be on the forum.
It's much more fun to answer a real person.
Second suggestion, have a celebration with your wife and friends.
I didn't have one due to travel commitments and activities.
When my friends retire and we throw a party, it's a nice event that marks the end of that stage.
Budget time with your wife and budget more time without your wife.
Indulge yourself a bit and the advice to take care of your health is well placed.
Find some physical activity and supplement it with mental activity.
I've gotten involved with multiple non-profits in areas that I enjoy and support.
That's been a great stimulus to be involved in communities of people who have my values and goals.
One tip from my father in law from 36 years ago when I married his daughter.
Buy her flowers every 6 weeks or so, roses are widely available but find out what she likes.
It was a great tip for us.

[tjrking]

If your assets are your retirement accounts and your real estate, don't forget about paying taxes on withdrawals and on sale of assets, such as when you buy that next house for cash unless you already have the cash or somehow plan to transfer the sale proceeds from one house to the other?

[DavidAnnArbor]

thanks for the great suggests.

S1) photo: I don't think so. I am a very shy person.

S2) party: good idea. but I do not have friends to celebrate with. However, I think I will have a trip with my wife to Hawaii.

S3) budging time: yes, I agree. Good advice

S4) non-profits: excellent idea.

S5) flowers: I have not done that, but it is not too late starting that.

---

I did 1031 exchange on one of my rentals. This rental will be my retirement income addition to social security. I am going to sell the other rental this year because I do not like to have too much equity in the house. Beside the real estate market in Southern California is crazy and I think this is a good year to sell it. Sell high, pay tax, keep the rest in cash, and spend the cash. I appreciate if you have some other idea. This is my first time in retirement and not sure how it will play out rest of my life. That's why I ask for wisdom from this group.

[bigchrisb]

First off, congratulations!  I'm happy for you, that you are able to retire at a good age.
 
What would I do if I were you?  Celebrate!  Actually, it seems like your financial affairs are in very good shape and others here have given you good financial counsel.  I'll just say that I hope you've been thinking hard about what you want to do during your retirement.  (And of course, discuss with your wife).  Perhaps there are some things you've always wanted to do, but never had the time.  Or, you may want to spend more time on some things you do already.  My hope is that whatever you choose to do will be important to you.  I would say think about it carefully (what you want to do), as the time will go by fast.
 
I've been retired for eight years now (where did the time go?).  Among other things, I volunteer with several organizations.  Not that many hours, but it is meaningful to me.  My other retired friends watch grandkids, care for parents, travel, golf every week, do consulting work, take classes, and the list goes on.  It is a new world we live in, and with the Internet, it is a lot easier to go in a different direction than it used to be.  Enjoy your wife, enjoy your health, and enjoy your time - best wishes!

[Siobhan]

Congrats, but like others have said, you need to figure out how you are going to spend your days. It is a shock to the system going from working full time to not working at all. I retired and quickly got bored so got a couple of part time jobs, tried to go on hikes almost daily to stay healthy and started to do volunteer work with a few local organizations. Drives me nuts when I learn of people who suddenly have a valuable asset--time--and don't use that gift to help others. Just makes sure you have a path not just for your investments but for your time. Your retirement and life will feel so much better that way.