# mistakes (new) retirees make?



## Micheal (Jan 28, 2009)

According to a recent article on MSN/Money a few mistakes "new" retirees make are:
: moving to somewhere you don't know anyone - not always easy to rebuild social networks (make friends).
: quitting your job before you are fully vested in the retirement plan.
: retiring before you set up health insurance.
: thinking your (good) health will last forever.
: taking SS to soon.
: forgetting to take RMD (required min distributions) from you retirement plan(s).
and finally
: spending to much on travel and new hobbies.....

Don't know so much if'n many (or if any) of these apply to any of us retired homesteaders; but then again they all may apply. eep:
Only "you" really know. :ashamed:

Me? I missed them all - got this year to start the RMD from my IRA other than that. I'm good :cowboy:


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## Ramblin Wreck (Jun 10, 2005)

I'm OK on the list so far, but I've still got to make a decision on social security a few years down the road. The variables could change, both for me personally and how the law is structured, so I'll just keep watching and listening for now. 

What did surprise me/fool me in my planning was the effect of the housing bust. My sister/BIL were both in the housing business in a big way and to save family farm land from being lost, I had to buy acreage from her. Shortly after that, the 40 acre tract immediately to my South, the view from my front porch, went up for sale. My brother and I bought it/split it at what I think was a good price, but it too was a purchase I had not considered when I retired. To assist with these purchases, I refinanced my mortgage, so instead of being debt free by now, I've still got a few years of payments in front of me. Thank God (and not my sorry planning) I can afford it, and I'm still content with the purchases. I like my privacy and the view from my front porch protects that.


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## stillhere (May 28, 2007)

Interesting.... Retirement a year away for us and we know we cannot stay here nor do we want to. It is scary moving and leaving friends and that comfort zone but the winter and cost of living make living here harder every year. 
I want to think of it as our next adventure.


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## Ramblin Wreck (Jun 10, 2005)

stillhere said:


> Interesting.... Retirement a year away for us and we know we cannot stay here nor do we want to. It is scary moving and leaving friends and that comfort zone but the winter and cost of living make living here harder every year.


Although my lack of moving around does not provide much in the way of credentials (still live on the farm where I grew up), I have traveled a little. I've found that if you listen more than you talk, have a genuine interest/concern for those you meet, and attempt to fit into your surroundings rather than remold it into your own image, you'll do just fine. I'm having dinner tonight with some friends from where I worked before retiring, and half of them are originally from the rust belt. They've been doing well here for decades.


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## where I want to (Oct 28, 2008)

When moving to a new place, there may be lots of surprises to those who have only visited on vacation. 
For instance, you may find the most charming little town to live only to find you have to travel an hour to get to a doctor or hospital. That can matter a great deal in your later years. 
Or you can find that that lovely mild winter weather is a hot, humid, miserable summer that keeps you as confined to your house in the summer as the winter keeps you confined in the winter in some places. 
Or you can find that a polite small town is fine to visit but they are already chock full of life long friends and there is no place for you in their world except as fodder for gossip. 
Or you love to walk but the beautiful hills you so admired from the higway while driving means you will always be walking up or down hill. 
I just think great care is needed- rent before you buy, stay a month or more in the "off" season, check out distance to services, etc.


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## where I want to (Oct 28, 2008)

BTW- the greatest distruption to my personal plans was that, even though I was very conservative in my estimate, I never thought that interest rates would be held under 2% for so long. Ohwell, flexibility in retirement is good too.


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## ET1 SS (Oct 22, 2005)

Micheal said:


> According to a recent article on MSN/Money a few mistakes "new" retirees make are:
> : moving to somewhere you don't know anyone - not always easy to rebuild social networks (make friends).


We did that.

During my career, we rarely lived anywhere longer than 3 years [at one duty station we stayed for 4 years]. Every year the personnel at each command can expect approximately 1/3 to transfer away and be replaced by new personnel. So we are accustomed to landing in new places, making friends quickly, and re-packing.

I think we possibly have more social networks in place now than we have ever had working.





> ...
> : quitting your job before you are fully vested in the retirement plan.
> : retiring before you set up health insurance.
> : thinking your (good) health will last forever.
> ...


My employer covers my healthcare [my costs however just went up].

The day that I qualified for the company pension was also the same day that I was in-voluntarily retired, due to my employer's 'High-Year-Tenure' policy.





> ... and finally
> : spending to much on travel and new hobbies.....
> 
> Don't know so much if'n many (or if any) of these apply to any of us retired homesteaders; but then again they all may apply. eep:
> ...


We do not have much desire to travel any more. 

We blew all of our portfolio on buying our farm, building this house, and starting farming.


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## Ana Bluebird (Dec 8, 2002)

Looks like a good list to me. I've known many retirees that just were not ready for one reason or another and returned to work, at least part time. My husband found out he couldn't stand staying at home and couldn't afford to travel on retirement funds. Now he is happier working parttime and me too.


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## jwal10 (Jun 5, 2010)

Plan out a full year and stick to it. Have a budget with a good backup reserve. My plan changed in that I was wanted at this job and I could do it my way. It has been a good thing but I need to reevaluate after 2 years. I see no downside yet, and unless things were to change at work or my health becomes a problem I will continue. I have less time for becoming lazy but I have been able to do most of my plan, travel when I want and enjoy a stress free transition....James


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## TheMartianChick (May 26, 2009)

The nice thing about retiring at this point in the world is that there is so much technology to keep you in touch with those that you care to be in contact with. I'm often reminded of the OLD days of wagon trains, when families said goodbye to loved ones heading out west. They might never see them again because the distance and mode of travel was too costly or unavailable.

Now we have planes, trains, automobiles, telephone, Facebook, Skype, etc... If you stay current on the tehnology, you might actually interact with distant friends and family far more than you ever did when you lived in close proximity to them.


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## Chixarecute (Nov 19, 2004)

I recently helped a just retired couple (he is 62) sign up for HIRSP. They were both denied for private market health insurance, he do to a knee replacement (followed arthritis), and she for migraines. The catch 22 was this: in order to keep income flowing, you need to talk to SS 2-3 months in advance, in order to get your pension going, sign up 90 days in advance. Private insurance wouldn't quote them further out than 60 days from the end of employer insurance. I believe he probably had some sick time built up that was cashed out to keep employer insurance for a while. So, less than 2 weeks before employer insurance ended, they got their denials from private insurance. They signed up for a $5,000 deductible, coverage after deductible is 80/20. They COULD have tried to delay the SS, but the retirement was already in effect and his job was gone. Say what you will about Obamacare, but in 2014, a person under the age of 65 will not be denied because of pre-existing conditions.


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## Sculkrusha (Feb 10, 2013)

Oh Wow, Yep, I think we fit into that list. throughout our working life, (wife was a banker and I am a builder) we were very staid, lived in one place for 30yrs.
Once we retired we were gone, travelled all over and ended up buying another house 2,000 mile away. Everyone thought we had gone mad. We have since moved again another 1,000 mile. We have never been happier, we have made great friends, my wife is already secretary for the local poultry club and has just started playing hockey again.
I have my livestock, gardens and veggies and there is great fishing 15 minutes away.


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## Maura (Jun 6, 2004)

DH has been talking about retiring for the past year. He is determined to retire in 2014, so I am reading these posts. 

When he sounded serious, I told him he needed to imagine himself retired and what would he do? He decided to keep his hand in his career, but do it part time, which is doable. In fact, he could make a full time wage doing his job only one day a week (we're talking a rural wage here, he's quite underpaid). That will at least give him something to do and keep money coming in to augment his pension for three or more years- we will not collect SS for three years and will not have medicare for five.

We are moving, but we are moving back to the place we left eleven years ago, different town, same area. We will be walking distance from one of his daughters and 20 minutes driving from his parents and two of this brothers. Also fifteen to twenty minutes driving to my friends. So, while I hate giving up the house we built and living in the country, I can look forward to a social network. We've put a bid in on a house and I am getting antsy to move into it (short sale = long wait).

We are taking advantage of the downturn in real estate and buying this new house at less than half of it's value. Meanwhile, we can wait to sell our house and have a nice chunk of change in a couple of years. Our current house is a step or two above the one we are buying and we will make a profit even after buying the new one. It's good knowing that we are going into retirement with a nest egg, small pension, and no mortgage. We are giving up the house in the country before we _have _to and moving into a house that we know we can take care of for many years to come. And, we will be just minutes away from the best farm market in the thumb.


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