Thru Hike When I Retire

[jefals]

Pick up an actual newspaper once a week and scan the obituaries, note the ages of the desceased. This practice helps one consider their priorities. For example: an AT thru-hike planned 20 years in the future conveys that it is an interest but FAR down the list of priorities.

Is the idea here to point out that young folks die, so if there's something you want to do, best go do it -- OR -- that by and large people are living a lot longer than they used to, so, if you're in fairly good health you'll likely be ok planning for retirement?

[MtDoraDave]

It's not just death.
I broke my collar bone 2 months ago mountain biking. Got titanium hardware now. Still haven't tried to put the backpack on, but the hardware could be a problem.
It reminded me of our (ok, "my") fragility. They considered not repairing it surgically, in which case I would have healed poorly, likely unable to lift my arm past 90 degrees from my torso. It would have changed my life, as I work with my hands and arms for a living.

So, as someone said above, enjoy life now. Plan for the future, but don't sacrifice your "now" in order to have some amazing future that may never happen.

As I said earlier, I've been saving for a thru hike (because it will NEVER happen if I don't save up for it), but I've also been doing sections of the trail since I started. I've come to understand the old saying: The journey IS the destination.

[BuckeyeBill]

Pick up an actual newspaper once a week and scan the obituaries, note the ages of the desceased. This practice helps one consider their priorities. For example: an AT thru-hike planned 20 years in the future conveys that it is an interest but FAR down the list of priorities.

The biggest problem where I live you see 20-35 year old listed with no mention of cause. Most obituaries say after battling cancer or as a result of an auto accident. After asking around you find out they died as a result of an overdose of heroin or fentynol. It is a so large across the state, that we are among the top nationally for ODs. Medical Examiners are flood and consistently running behind with their regular autopsies.

[rickb]

I retired at 55. Plan early and live below your means.

You may we’ll be the exception (as was my Father) but most people I know who manage to retire at 55 have at least one member of the family who worked for the government (teacher, LEO, military, etc.) and has a defined benefit pension of some sort, and perhaps even some sort of “free” medical benefits.

Of those that work in the private sector, I expect a great many have concluded that “the magic number” for savings they once thought would put them on easy street going into retirement is a whole lot more than they imagined — when looking at how long it needs to last.

Either way, congrats on your achievement!

[Lnj]

I'm just trying to figure out how people retire at 57 years old. Clearly I'm doing it wrong

+1, Amen and amen...

[One Half]

I knew a guy who was a family friend of mine (a non-hiker) who couldn't wait until he retired at age 62 and guess what? He was diagnosed with cancer at age 63 and fought it very hard, but he died at age 65. That was about 15 years ago-and now as I approach age 50 myself, I think about him and his philosophy on retirement. As for me, I like the work I do a great deal (I teach history and sociology), but I also remember that "time waits for no one."

I can beat that for sad.

My dad's cousin - Uncle Bob - worked for decades for the airlines. All I remember him talking about was all the fun he would have when he retired. He was turning 65 and retiring a month later. His 65th birthday he comes out of the bedroom in the morning walking in to get his coffee. His lovely wife had just retired from teaching school the previous month. She turns to say good morning and he hits the deck! Docs said he was dead from a massive heart attack before he hit the floor. Course, he had been morbidly obese as long as I had known him. He never saw a day of retirement but his wife, she has been to some wonderful places since then. Truly one of the nicest guys you could ever know.

[jgillam]

I can beat that for sad.

My dad's cousin - Uncle Bob - worked for decades for the airlines. All I remember him talking about was all the fun he would have when he retired. He was turning 65 and retiring a month later. His 65th birthday he comes out of the bedroom in the morning walking in to get his coffee. His lovely wife had just retired from teaching school the previous month. She turns to say good morning and he hits the deck! Docs said he was dead from a massive heart attack before he hit the floor. Course, he had been morbidly obese as long as I had known him. He never saw a day of retirement but his wife, she has been to some wonderful places since then. Truly one of the nicest guys you could ever know.

That...would...suck.

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[Odd Man Out]

I'm planning to hit the trail on my birthday in April, 2049, the day I turn 90 to become the first 90 year old thru hiker. I'll do a flip flop. Start at HF and hike north first. Then fly down to to Springer and hike back to HF. I'll put a $100 bill under a rock where I start at HF. If it's there when I get back, I'll use it to buy myself a beer. BTW, don't tell anyone about the money. I really want that beer.

[colorado_rob]

You may we’ll be the exception (as was my Father) but most people I know who manage to retire at 55 have at least one member of the family who worked for the government (teacher, LEO, military, etc.) and has a defined benefit pension of some sort, and perhaps even some sort of “free” medical benefits.

Of those that work in the private sector, I expect a great many have concluded that “the magic number” for savings they once thought would put them on easy street going into retirement is a whole lot more than they imagined — when looking at how long it needs to last.

My retirement at 56 involves no free or even reduced health insurance, but a very modest pension, about half or maybe slightly less than we need to live on, so it's about drawing on savings, which of course for most, is the key.

Quite simple for a lot of folks, yet they don't listen to the sages of personal finance: Starting relatively young, put at least 10% of your paycheck into some sort of diversified investment. Period. How many on here do that? I realize some just plain cannot, but those that can, yet don't and choose to drive a new car every 2-3 years, etc, etc, well, if you cannot retire before 60, you're making different choices than I and my wife made. Save and live frugally! Then start playing in your 50's. Still plenty of time to enjoy the grandkids too....

[Venchka]

Retirement and backpacking should come as no surprise.
Apparently retired Geezer Boomers are the fastest growing group of backpackers.
Have fun Y’all!
Wayne

[rickb]

My retirement at 56 involves no free or even reduced health insurance, but a very modest pension, about half or maybe slightly less than we need to live on, so it's about drawing on savings, which of course for most, is the key..

It’s a tricky question, but I do know that even a modest pension has tremendous value — especially if it is guaranteed by the government and is indexed to inflation.

To pick a number out of the air, I cannot help but wonder what the financial gurus would see as worth more (in an objective, mathematical sense) for a person your age — a$15,000 pension guaranteed by the government and indexed to inflation, or $500,000 in the bank?

I get your point, though. I am struggling with my own magic number now.

[jefals]

Quite simple for a lot of folks, yet they don't listen to the sages of personal finance: Starting relatively young, put at least 10% of your paycheck into some sort of diversified investment. Period. How many on here do that? I realize some just plain cannot, but those that can, yet don't and choose to drive a new car every 2-3 years, etc, ....

Amen to this! Hard to believe folks really can't save 10%. I ask my kids often how different life would be for them if their paycheck was 10% less. They seem to get it, but never start saving, always with that line "I just can't afford it".
Another aspect of it is that they aren't interested in learning about things like stocks, investments.
Finally my son - at 38 - started some kind of plan. Called Acorn. I think he said it's tied to his credit card or debit card, so if he spends 1.10, they round up to the next dollar - so, in this case they take 90 cents - and that goes into a diversified portfolio. Dividends are reinvested. So far, he's got 15 cents in dividends! Hey -- it's a start!

[OCDave]

Is the idea here to point out that young folks die, so if there's something you want to do, best go do it -- OR -- that by and large people are living a lot longer than they used to, so, if you're in fairly good health you'll likely be ok planning for retirement?

I thought my context was clear but, I guess it does depend upon one's philisophical view. I suggest you do it for a few weeks and let us know what you take from the experience.

[jefals]

Is the idea here to point out that young folks die, so if there's something you want to do, best go do it -- OR -- that by and large people are living a lot longer than they used to, so, if you're in fairly good health you'll likely be ok planning for retirement?

I thought my context was clear but, I guess it does depend upon one's philisophical view. I suggest you do it for a few weeks and let us know what you take from the experience.

No thanks. I'm not interested in spending my time studying obit statistics. So, without crunching the numbers, I can just repeat - you'll find both. Young folks do die before they should, but folks overall live longer. So, hard to make your plans based on what you read in the obits. IMO

[T.S.Kobzol]

It would be interesting to see how much each member thinks the could have saved to retire...I bet we would get an interesting variety of perspectives


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[TexasBob]

It’s a tricky question, but I do know that even a modest pension has tremendous value — especially if it is guaranteed by the government and is indexed to inflation. To pick a number out of the air, I cannot help but wonder what the financial gurus would see as worth more (in an objective, mathematical sense) for a person your age — a$15,000 pension guaranteed by the government and indexed to inflation, or $500,000 in the bank?..........

To answer your question the $15,000 pension vs the $500,000 in the bank would probably provide about the same amount of yearly income in today's environment provided you invested the $500,000 in something other than a saving account or CD. Vanquard, Fidelity etc. have calculators online that can help you figure out how much you will need to retire, how long your savings will last etc. Check out this link https://investor.vanguard.com/retirement/

[double d]

I can beat that for sad.

My dad's cousin - Uncle Bob - worked for decades for the airlines. All I remember him talking about was all the fun he would have when he retired. He was turning 65 and retiring a month later. His 65th birthday he comes out of the bedroom in the morning walking in to get his coffee. His lovely wife had just retired from teaching school the previous month. She turns to say good morning and he hits the deck! Docs said he was dead from a massive heart attack before he hit the floor. Course, he had been morbidly obese as long as I had known him. He never saw a day of retirement but his wife, she has been to some wonderful places since then. Truly one of the nicest guys you could ever know.

PennyPincher, that is a tough story to read, I'm sorry he died without enjoying his retirement. There is a lot of wisdom in his story-thanks for sharing it.

[rocketsocks]

Nothin’ beats pullin’ a “nooner ‘r sooner” on a Friday and tellin’ the boss to go pound sand!

[jefals]

It’s a tricky question, but I do know that even a modest pension has tremendous value — especially if it is guaranteed by the government and is indexed to inflation. To pick a number out of the air, I cannot help but wonder what the financial gurus would see as worth more (in an objective, mathematical sense) for a person your age — a$15,000 pension guaranteed by the government and indexed to inflation, or $500,000 in the bank?..........

To answer your question the $15,000 pension vs the $500,000 in the bank would probably provide about the same amount of yearly income in today's environment provided you invested the $500,000 in something other than a saving account or CD. Vanquard, Fidelity etc. have calculators online that can help you figure out how much you will need to retire, how long your savings will last etc. Check out this link https://investor.vanguard.com/retirement/

Huh? You’re already retired, so that $15,000 pension isn't growing is it? Aren't you tapping into it already? What is the thinking that this could be equal to $500,000?
Or, are you saying that your pension is paying you $15,000 / year?
If that's the case, that's better than 500,000 in the bank . That would be a 3% return on 500,000 which so far is better than bank cds. Rates are slowly rising, tho...Keep checking back every few months...

[One Half]

PennyPincher, that is a tough story to read, I'm sorry he died without enjoying his retirement. There is a lot of wisdom in his story-thanks for sharing it.

The lesson: Carpe Diem! This is why we are "going homeless" within the next 4 years to hike the AT.