Retirees, Those Soon To Be and the Hobby

Mike, I think that is good advice.  We don't get pummeled with as much snow as you do closer to Lake Erie, but still get all the cold.  I agree about not owning the second home.  So many people we know have camps farther into the National Forest or along the upper Allegheny River.  Many like my dentist brother-in-law and his wife like to get away to avoid being pestered about dental issues on off days.  However all those folks have two homes and properties to maintain.  A toy/model train hobbyist would never get a chance to build and operate a layout.

Ron and PH1975, Yesterday I was working outside, and it was the first day here in Western Pennsylvania that was cool.  I was thinking about not being happy that winter will soon be here.  Then I thought about working on the layout, which I hadn't had much time for when the kids were home and I was working.  It made me feel a lot better. 

Less outdoor yard work coming up soon and more indoor yard work coming up soon! 

Tom

@Mannyrock posted:

The decision as to whether to draw your social security early at age 61, or wait until you are 66, is a complicated one.  Not as cut and dried as most people think.

Yes, if you wait until you are 66, you will get more money per month, into the future.  But, because of a little something called inflation (very tame now, but who knows?), future dollars are worth less than present dollars.  A dollar received 10 years from now won't buy anything close to what that dollar will buy today.  AND, if you are comfortable enough to be able to invest those dollars today, then 10 years later they could well be  doubled or tripled.

If you have enough money so that you do not have to spend your early received social security dollars on living expenses, then as many advisors will tell you, you are far better off drawing your social security early at age 61, and investing those 5 years of payments for your future needs.

Also, although claiming social security at age 66 results in larger monthly amounts going forward, it takes approximately 14 years for those larger payments to equal the total amount that you will receive by receiving the lower payments 5 years earlier and continuing to receive them over that extra 14 year period.

Because of this, your health, family history, and longevity must be entered into the equation.   Age 66 plus 14 years is age 80.   Is it likely that you will live that long?   Has any male in your direct ancestor line in the past 60 years lived that long?   Do you have any high risk factors in your family history, such as cancer, congestive heart disease, athrosclerosis, excessive blood pressure?  Do you have any of those conditions today?

Just some things to consider in making the decision.  Especially when the U.S. Government is now printing literally trillions of dollars off the presses and paying it out to the public in stimulus payments and virtually free loans, and the national debt continues to grow.  What will those dollars be worth in 10 years? Not just because of inflation, but because of worldwide devaluation of the U.S. dollar.

Mannyrock 

Aside from the early age being 62, not 61, this is an excellent perspective.  IMO, too many advisers say to wait as long as you can, but it's not that simple.  The actuarial calculations behind Social Security are such that the "average" outcome is the same after the time value of money is considered.  It comes down to each person's spending and budgeting habits, other sources of income, and how long they want/need to continue working.

Based on family history, my longevity could range from being dead years ago to living to 100.  I'm not taking any chances - as soon as I can draw SS I'm out the door (I'm fortunate to be able to continue health insurance from work at the employee cost) .  The SS money will delay the extent to which I need to tap my other retirement sources, and it will allow me to golf and play with trains.

@Mallard4468 posted:

Aside from the early age being 62, not 61, this is an excellent perspective.  IMO, too many advisers say to wait as long as you can, but it's not that simple.  The actuarial calculations behind Social Security are such that the "average" outcome is the same after the time value of money is considered.  It comes down to each person's spending and budgeting habits, other sources of income, and how long they want/need to continue working.

Based on family history, my longevity could range from being dead years ago to living to 100.  I'm not taking any chances - as soon as I can draw SS I'm out the door (I'm fortunate to be able to continue health insurance from work at the employee cost) .  The SS money will delay the extent to which I need to tap my other retirement sources, and it will allow me to golf and play with trains.

Mallard, I agree completely!  I started taking SSA at 63 because after being pushed out earlier than planned at my employer and not being qualified for any suitable work in our area.  My wife was pushed with an offer that didn't give her much money, but did offer for us to stay on their same medical insurance for 5 years.

While both my parents are still living, if I live another year I will have outlived 3 of my 4 grandparents.  None of us knows how long we have.  While my health issues are all with my extremities, as I put it (knees, shoulder, sciatica, arthritis) my wife has some serious health issues that we have not found solutions for.  I need to be here helping her, not working at some job at a reduced income level from what we were used to and wearing myself out.

I'm now 77 years old. Retired at age 62 to become "Papa daycare" for my then two month old grandson. Then my daughter blessed us with identical twin granddaughters. Fortunately for me my wife was able to retire and help out there. I've never regretted going out at 62. I was lucky to have wife working until I was 65 and be on her insurance for those three years. Oh, and that now almost sixteen year old grandson? It's been worth every day of it!

This thread presents an ideal opportunity to introduce myself as I have finally joined the Forum.  I recently retired at age 58 after 30 years as a public defender in a very large city situated by a very large lake.  My initial plan, post-retirement, was to get a non-confrontational gig simply to maintain a semblance of structure in my day-to-day existence, thereby ensuring a regular bathing schedule, etc.  COVID hit at just about the time I was finalizing my exit with the pension board, so a job search hasn’t been in the cards.

Turns out I’m doing fine.  I am taking good care of myself, enjoying my wife’s company, corresponding regularly with my daughters, and waking up every morning without having a day in court hanging over my head.  AND, I am using my new-found freedom to explore aspects of our hobby that I previously had no time to pursue.

You’ll be hearing from me sporadically as I butcher a Marx 333 or blow out my fuse box with a Lionel Type V.

I am some-what retired since 1999 and totally retired since 2016. I have been working on my layout for years and create and scratch build all my projects. Since I am getting older I rearranged my layout by removing most of my switches so my Prewar and Post war O Gauge trains would run better. My 9'X16' layout was getting harder to reach and crawling under the layout is becoming a chore. By removing my switches I opened up a lot of space to create new things.

I volunteer at the Holyoke MA Soldiers Home, the Holyoke Senior Center and Look Park in Northampton MA. Since the Virus we have not been able to to to work at these places. But hopefully we will get back soon. At the Solders Home we have an HO Model RR that we run for the Vets. At the Senior Center a RR Club started a HO Layout but it was dormant for a while until another fellow and I completed the the construction of Mountain Park (an Amusement Park from the late 1800's until the 1970's) and downtown Holyoke Ma. At Christmas time the Deerfield Valley Model S Club set up and run a Christmas Layout. We run for about 2 weeks before Christmas and maintain the RR during the year so it is ready for the Holiday Season.

I have published a few articles in train magazines, keep up with my train clubs, restore old Lionel Tinplate, make stuff for my Grand Kids and generally keep active Running my RR and doing Train things. My Lionel 261 tinplate has been running around our Christmas Trees ever since I can remember.

@Jerry N. posted:

This thread presents an ideal opportunity to introduce myself as I have finally joined the Forum.  I recently retired at age 58 after 30 years as a public defender in a very large city situated by a very large lake.  My initial plan, post-retirement, was to get a non-confrontational gig simply to maintain a semblance of structure in my day-to-day existence, thereby ensuring a regular bathing schedule, etc.  COVID hit at just about the time I was finalizing my exit with the pension board, so a job search hasn’t been in the cards.

Turns out I’m doing fine.  I am taking good care of myself, enjoying my wife’s company, corresponding regularly with my daughters, and waking up every morning without having a day in court hanging over my head.  AND, I am using my new-found freedom to explore aspects of our hobby that I previously had no time to pursue.

You’ll be hearing from me sporadically as I butcher a Marx 333 or blow out my fuse box with a Lionel Type V.

 

Jerry,

  Glad things are working out. Lots of good ideas in this topic. Post pictures of your progress. 

Tom 

@gene maag posted:

I am some-what retired since 1999 and totally retired since 2016. I have been working on my layout for years and create and scratch build all my projects. Since I am getting older I rearranged my layout by removing most of my switches so my Prewar and Post war O Gauge trains would run better. My 9'X16' layout was getting harder to reach and crawling under the layout is becoming a chore. By removing my switches I opened up a lot of space to create new things.

I volunteer at the Holyoke MA Soldiers Home, the Holyoke Senior Center and Look Park in Northampton MA. Since the Virus we have not been able to to to work at these places...

Gene,

  I was also thinking about minimizing wy switches on my next layout. Has that worked pretty well. Nice that you have found time to try and volunteer. 

Tom 

Yes...All my trains are 1950's and older plus I have O Gauge track that I have been running on for over 16 years. Over time things change when you are in a basement, by eliminating 16 switches it made for a smoother run, A lot of my switches were in th back of my RR making it difficult to get at. I traded my yard for smaller circles and now I can run more trains at the same time. I got some good deals on E-bay and now have 5 trolleys running around the layout....The kids love it.

Gene, thank you for your service and your layout is magnificent. Do you have a schematic? I’m particularly interested in your trolley system.

@Jerry N. posted:

 a public defender in a very large city situated by a very large lake.

Yep...10 words when 1 (Chicago) would do. 

Hi Jay...Here is a sketch of my layout...The black lines are main lines, the green line is a second level and the red lines are my trolley lines. Before I removed the switches all the black and green and #2 and #3 lines were connected.

#1 red line starts at my elevated Bellerose trolley station and climbs to a 3rd level on one track as a bump and go line..#2 is one continuous oval and I can run several trolleys at once, I really like running two or three trolleys at once. The only problem is that none of the trolleys run at the same speed and they bump into each other, sort of like a Key-Stone Cop movie. #3 is a bump and go trolley that runs through the city.

@Jerry N. posted:

This thread presents an ideal opportunity to introduce myself as I have finally joined the Forum.  I recently retired at age 58 after 30 years as a public defender in a very large city situated by a very large lake.  My initial plan, post-retirement, was to get a non-confrontational gig simply to maintain a semblance of structure in my day-to-day existence, thereby ensuring a regular bathing schedule, etc.  COVID hit at just about the time I was finalizing my exit with the pension board, so a job search hasn’t been in the cards.

Turns out I’m doing fine.  I am taking good care of myself, enjoying my wife’s company, corresponding regularly with my daughters, and waking up every morning without having a day in court hanging over my head.  AND, I am using my new-found freedom to explore aspects of our hobby that I previously had no time to pursue.

You’ll be hearing from me sporadically as I butcher a Marx 333 or blow out my fuse box with a Lionel Type V.

 

Jerry, I totally understand.

Lawyers that litigate and do a lot of trial work have a hard life because of tremendous stress. Model railroading can be their salvation, as I say in my byline, which is also a lyric in my song about model railroading: "In my little world, I leave this troubled world behind."

As a family law attorney, I never had a lot of trials because most divorce cases get settled, often on the courthouse steps, but I had my share of trials, including a 4 month custody trial in Manhattan Family Court early in my career that I won! I enjoyed it even though I took a bath financially because it was such a new experience, I made some money and I have an extremely supportive wife. 

After 42 years of law practice, it is wonderful for me to continue to do collaborative divorce and mediation work (which does not involve litigation or trials) to be very close to retiring from litigation, and when done with work, to indulge in my hobbies including model railroading.

My issue is that I enjoy model railroading much more when I have done some law related work and made some money doing it. I think that is because being a provider dude, like my dad, is so engrained in me, and I think of my trains as a reward for having done some work and making some money earlier in the day.

I mention this because it's good to consider all of one's available options. I believe that for me, semi-retiring, only doing work that you enjoy, as well as my hobbies, is the way to go.

We are all different, which is also a very good thing, IMO.

Arnold 

Hi Arnold.

I appreciate your thoughts.  Undoubtedly your perspective is that of a wise man.

As for my future,  I’ll never say never to anything.  For now, I’m enjoying life away from convention.

Jerry

@Mallard4468 posted:

Aside from the early age being 62, not 61, this is an excellent perspective.  IMO, too many advisers say to wait as long as you can, but it's not that simple.  The actuarial calculations behind Social Security are such that the "average" outcome is the same after the time value of money is considered.  It comes down to each person's spending and budgeting habits, other sources of income, and how long they want/need to continue working.

Based on family history, my longevity could range from being dead years ago to living to 100.  I'm not taking any chances - as soon as I can draw SS I'm out the door (I'm fortunate to be able to continue health insurance from work at the employee cost) .  The SS money will delay the extent to which I need to tap my other retirement sources, and it will allow me to golf and play with trains.

I took my SS when I turned 62.   Neither my Dad or Grandfather lived to be 80!   So drawing reduced benefits earlier was my best choice.

This subject is as wide and varied as O gauge trains.

  With a 7 yr old to raise and provide for, I'm waiting till 70 to file.  I'd like to leave him and my wife with as much as possible.  The SSA document I received in August shows an impressive difference between if I took it at age 69 versus age 70.  My dad is still alive at 96, mom died at 94.

Until this year my job was enjoyable, a 1.8 mile commute,  and a wealth of electronic and mechanical tooling available to play with.

Now with an April pay cut back to 2007 salary; and in August, a new mgr/more stress and that SSA benefits document arriving,  I'm not so sure about working past 70.

Trying to balance all the factors against the new incoming tax proposal and the grim reaper is now just a crap shoot.

@aussteve posted:

 

This subject is as wide and varied as O gauge trains.

I'm not so sure about working past 70.

Trying to balance all the factors against the new incoming tax proposal and the grim reaper is now just a crap shoot.

In my case, I took a early retirement package, due to a take-over, from the company I had worked for 33 years. I was 55. At age 65 I found myself in the hospital with a heart rate that was twice normal. I said to myself, "Oh well, I've had 10 great years of retirement". Turns out a pill per day solved that problem, and I'm now 78 and have no "limitations". On the other hand, retirement can be a killer for those who have no hobbies or outside interests like we do.

@aussteve posted:

...Trying to balance all the factors against the new incoming tax proposal and the grim reaper is now just a crap shoot.

Tax laws constantly change.  I've always favored trying to be smart with money regardless of which way the tax winds are blowing at the particular moment.  (To briefly digress, I recall the high interest rates of the early 1980s - everyone said "buy a house because you'll save $$ on taxes".  Well, you still had to spend a lot to get the tax-deductible interest.  I bought a house when it made sense for my life, not because of tax laws.)

The grim reaper will always be there, we just don't know when.

@Mallard4468 posted:

Tax laws constantly change.  I've always favored trying to be smart with money regardless of which way the tax winds are blowing at the particular moment.  (To briefly digress, I recall the high interest rates of the early 1980s - everyone said "buy a house because you'll save $$ on taxes".  Well, you still had to spend a lot to get the tax-deductible interest.  I bought a house when it made sense for my life, not because of tax laws.)

The grim reaper will always be there, we just don't know when.

My concern isn't with tax laws but rather the proposed national retirement account. 

@Joe Hohmann posted:

In my case, I took a early retirement package, due to a take-over, from the company I had worked for 33 years. I was 55. At age 65 I found myself in the hospital with a heart rate that was twice normal. I said to myself, "Oh well, I've had 10 great years of retirement". Turns out a pill per day solved that problem, and I'm now 78 and have no "limitations". On the other hand, retirement can be a killer for those who have no hobbies or outside interests like we do.

Joe, what you say applies to me too.

I will share my experience because it might help you and many other Forum friends.

12 years ago, I developed symptoms of intermittent atrial fibulation at age 56. The symptoms included episodes of a racing heart and light-headedness that would typically last 20 to 30 minutes, and inpredictably happen 2 or 3 times per month.

I had various tests done by a cardiologist, which resulted in angioplasty and a stent for a partial blockage in a main artery leading to my heart, and I began religiously taking the cardiac cocktail of various pills, including blood thinners, blood pressure medication and cholesterol reducing medication. Once the blood pressure medication dosage was just right and I simultaneously started taking Krill Oil, all symptoms went away, and now I'm totally symptom free for over 5 years.

Everyone with cardiac related issues needs to consult with a good doctor to keep them stable, but for me, the best thing is not to baby myself, and stay as active and athletic as possible. The Covid crisis has increased my resolve to do this, and now I go 4 or 5 times per week for athletic (fast) continuous walks (no stopping) that are 45 to 75 minutes long in a State park near my house. These walks are a highlight of my day.

Of course, another highlight of my day and another way to stay active, often early in the morning or late at night, when my wife is asleep, are sessions in the basement tweaking the layout, running the trains, taking photos and videos of them, and posting them here, on this Forum. What great therapy and fun! What a wonderful way to enjoy one's semi or total retirement. Arnold

9 days retired.  I highly recommend it!

Gene, thank you for responding with the photos and the schematic. My apologies for not responding sooner but I didn’t realize you had posted the information last month. That looks like an enjoyable operation you have. Do you have any PCC or Peter Witt cars? I have two bump and go’s and a Septa PCC that I plan on incorporating.

Jay

Congratulations!

I read something recently that in these days of COVID retirees are losing out on retirement dinners, parties, etc.

Tom

@Arnold D. Cribari posted:

Joe, what you say applies to me too.

I will share my experience because it might help you and many other Forum friends.

12 years ago, I developed symptoms of intermittent atrial fibulation at age 56. The symptoms included episodes of a racing heart and light-headedness that would typically last 20 to 30 minutes, and inpredictably happen 2 or 3 times per month.

I had various tests done by a cardiologist, which resulted in angioplasty and a stent for a partial blockage in a main artery leading to my heart, and I began religiously taking the cardiac cocktail of various pills, including blood thinners, blood pressure medication and cholesterol reducing medication. Once the blood pressure medication dosage was just right and I simultaneously started taking Krill Oil, all symptoms went away, and now I'm totally symptom free for over 5 years.

Everyone with cardiac related issues needs to consult with a good doctor to keep them stable, but for me, the best thing is not to baby myself, and stay as active and athletic as possible. The Covid crisis has increased my resolve to do this, and now I go 4 or 5 times per week for athletic (fast) continuous walks (no stopping) that are 45 to 75 minutes long in a State park near my house. These walks are a highlight of my day.

Of course, another highlight of my day and another way to stay active, often early in the morning or late at night, when my wife is asleep, are sessions in the basement tweaking the layout, running the trains, taking photos and videos of them, and posting them here, on this Forum. What great therapy and fun! What a wonderful way to enjoy one's semi or total retirement. Arnold

Arnold,

  I had not seen your post originally. Glad your health has stabilized. Is that state park that you visit, FDR?

Tom

@PRR8976 posted:

Congratulations!

I read something recently that in these days of COVID retirees are losing out on retirement dinners, parties, etc.

Tom

Not surprised.  Neither my wife or I received anything when we were pushed out early, but that was before COVID

@chinatrain99 posted:

9 days retired.  I highly recommend it!

Congrats on the retirement... I’m almost out 9 years - it only gets better Let the train time begin!!!

I used to laugh at the little old ladies that would show up with their sack of meds. I have now become one of those little old ladies taking 11 pills a day and one shot a week. I am joining the happily retired in 4 weeks. I have my 8.5x16 plan and have to find enough Super O curves and straights to send to Len for cleaning and rebending. For the first time in fifty years I hope to be able to sleep Sunday nights.

I'll stay away from the Super O curves if you stay away from prewar T-Rail!

Tom

Petrifiedagg, congratulations on joining the realm of the gainfully retired. Hopefully, as you have more time for yourself, and less stress, some of your meds will go away too. Make sure you schedule exercise time 3 times a week. Also, it will be an enjoyable feeling on Sunday evening when you start thinking about work and you pleasantly realize, “no I don’t “.

@PRR8976 posted:

Congratulations!

I read something recently that in these days of COVID retirees are losing out on retirement dinners, parties, etc.

Tom

I wouldn’t hang out with these people if I was a dog and they were bacon.  Getting out of there was all the party I needed

My wife cracked up when I read what you said.

8,030 days retired. I'm becoming an expert on this. Attending a "Vintage Christmas Collectors" convention next July in Norfolk, VA.

Joe Hohmann - Holy Mackerel Joe!  I didn't know one could retire when they became a teenager!! (lol)  If I'd known that, I would've retired a lot sooner.  

@chinatrain99 posted:

I wouldn’t hang out with these people if I was a dog and they were bacon.  Getting out of there was all the party I needed

Bingo!  When my time comes next spring, I won't miss most of them, and most of them won't miss me!

Retirement, so, Petrifiedagg@, Yes, it’s a fun life if you’ve planned for this hopefully long term event. A fun adventure that we all work our lives for to enjoy those things, places, we have never had time to see or visit  before.  I, knock on wood so to speak, have been blessed in the area of health, modest wealth, no cardiac issues yet, just the normal aches and pains that come as one arrives at 76 years young. I do not take any medications other than over the counter Tylenol  sinus pills,  cough syrup, however sleep with a bi-pap machine to honor my wife, so she can endure my snoring. Now, I must interject that you ad the gym for exercise as others have mentioned. I started going to the gym June 2018, 2 months after retiring from a 55 year sales career. I could not believe how much better I feel and the energy level that I now have do to working out 3 days a week. I highly recommend exercise, outdoor yard work. Fixing up the house or condo, making your environment safe, fun, beautiful. Before I began going to the gym, I thought I could walk great, but found that the exercise made my legs stronger, and now I can walk longer. Congratulations on your retirement.

With the weather changing to fall, near winter, We can work on our layouts, run trains with friends, join in conversations on this fun OGR Forum, buy and sell our trains, it’s so much fun not being in a hurry to find time to work on our trains, but now planning time to enjoy our trains.  Our hobby is an escape to a fun world that helps us relax and have something to show for our efforts.  A silent Psychiatrist, a peaceful way to truly relax. Now, have Fun.

I'm flying to Oregon at Christmas, I sure hope the hysteria has died down by then.

I got a stent 3 years ago, I try to eat heart healthy and it's hard. I break the rules frequently especially f it's something I like.

I'm in a senors group at church and I see people who have stents eat terribly unhealthy

@PRR8976 posted:

Congratulations!

I read something recently that in these days of COVID retirees are losing out on retirement dinners, parties, etc.

Tom

So true. I consider myself very fortunate to have retired at the end of last year. Sometimes it's better to be lucky than good.

Pat

@gene maag posted:

another fellow and I completed the the construction of Mountain Park (an Amusement Park from the late 1800's until the 1970's) and downtown Holyoke Ma.

Very nice work

I liked going to Mountain Park but the wooden rollercoaster was always the best ride in my opinion

I made the right decision and finally retired last November

The only retirement party I got after 28 years was a free barbecue sandwich, a polyester Hawaiian shirt, and a big paperbook book called "How to Find and Date Young Women."

Mannyrock