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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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#16
Good point. Financial freedom, not retirement. I will definitely get those books and read them.
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#17
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.
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