Thanks, Tom.
The model railroad is a labor of love... Fifteen or twenty years ago, I had no idea that O gauge model railroading would again become such a big thing with me. When I was a youngster, it was airplanes first and model trains second. These days, it's only trains - and the family.
MELGAR
I turned 65 two weeks ago. That is milestone #1. I am now eligible for medicare. Since I don't get medical with my retirement plan, being eligible for medicare is a milestone for my retirement. My wife turns 65 in September 2018. October 1 2018 is my planned date for retirement. Looking forward to it.Last week I reached my 43rd anniversary of working for my company. I've been there, done that and bought the t shirt with all this company bull. The workplace is not what it used to be. I'm looking forward to having more time for my hobbies while I'm still healthy enough to enjoy them.
At 55 I've got ways to go but I would certainly keep my hobbies going. Trains, golf, and fishing will keep me out of the bride's hair. My father-in-law retired at 54 (28 years ago), and has done NOTHING since. Been great babysitter but otherwise I don't know how he's kept his sanity all these years.
My youngest will be 13 next month so I figure 11 years till he's done with college (I get free tuition at my job) and I can start seriously planning. Unless Congress moves the goal posts again that is....
Bob
On the outside I am looking at 2.5 Years and on the inside 18 Months. I intend to make my train layout and displays my full time hobby starting late fall thru early spring here in the State College area of PA. Most likely take me that long to get the basement ready for the display shelves but not the layout it will start this winter I hope.
MNCW posted:I was wondering how much train related stuff retirees get to do once they are retired...like what's your "Train To Do List" like?
For those soon to retire, any big plans?
I need 7.5 years if all goes well. Seems like 750 years sometimes!
Tom
My advice - enjoy everyone of those 7.5 years. Don't wish away your life. Trust me, it will go quickly enough. The limiting circumstances in every endeavor are time, opportunity, and resources. When you retire time and opportunity are easy enough. It is the money that is the limiting factor. I can spend ALL DAY every day working up in the "train room" on lesser projects. Bigger train events are limited to 3 or 4 a year. Most of those involve real trains. Overall, being retired is GREAT - but I did enjoy my job.
Ron H posted:My wife and I are so very blessed to have retired with our health.
The only thing I can add is exercise a lot. Whatever your health or age, walk a lot, jog if you can and lift weights if you can. Better yet a sport. There are a lot of old fart leagues. The exercise will add years to your life, but more importantly, you will feel so much better for so much longer.
Believe me I know it can be a drag, actually it is a drag to go to the gym, but man you'll be so surprised with the results and benefits.
Can confirm. I'm at the gym 2-3 times a week and spend a lot of time doing strenuous things on my bike. Can't say I really enjoy it, but I feel so much better and my health is so greatly improved that I won't be giving it up.
I retired in 2010, and have never looked back for a moment. I have plenty to keep me occupied, and for hobbies I have my trains and my rifles, to all of which I can now devote as much attention as I always wanted. Retirement is great; I wish I could have done it sooner.
835 days to go, or tomorrow if the powers that be decide my position is no longer needed. 835 puts me at medicare and out the door. Sooner presents a problem but not an insurmountable one. Then it's good bye New Jersey, nice knowing you.
4 years to go......been in the automotive industry 30+ years...worked for the government...recently sold off some of my classic cars to help jumpstart my retirement and build my train room (finished this spring)...after moving into my last house, my trains have finally come out of hiding...I have built a descent sized garage behind my house, fix a car here and there to keep the trains running. my plan is to be in the train room every day (yeah right)...the closer I get to retiring, seems like less hours in a day.....that and grandchildren keep adding up like they are being cloned....so they suck up time too....but I aint complaining about them....pack them up with sugar and send them home. I'm still pinching myself that I have a large enough train room and a dedicated train repair shop at my house.....one day at a time...aint rushing nothing....
I retired for the fourth and last time in 2012 and now spend time traveling,boating and trains in the Fall,Winter and early Spring.
Mikey
MNCW posted:Boomer posted:I've already made massive changes to my train hobby. Like many folks,my eyes are not what they used to be (Cataracts) and I've developed Rheumatoid arthritis in my hands.
Boomer, I think we have some things in common. I'm starting to get arthritis in my fingers and I have the early stages of Cataracts, too. One good thing about much of prewar and postwar, it is fairly affordable.
To everyone who posted this evening, thanks and I'm glad I rekindled this topic. Lots of interesting responses which I hope will continue.
Tom
I didn't bother looking back to see what I wrote before. Probably something about an early retirement package and then working as a contractor at the same company. Crazy!
i have arthritis that is hindering me some and cataracts too. If fact, I am seeing the eye doctor Thursday and probably get the cataracts removed soon. At least that's what he said last time. We will see what difference it makes. I have gone from far sighted to near sighted in a year or two.
Next year, I will be 62, and will check into Social Security, but probably have to keep working until 65. Until then it looks like layout time will be limited with 4 elderly relatives we have to do various things for. I will be happy to leave work for good after 41 years, but would rather my wife stop working. Though she is almost 4 years younger, her health isn't as good as mine.
Michael Hokkanen posted:My advice - enjoy everyone of those 7.5 years. Don't wish away your life. Trust me, it will go quickly enough. The limiting circumstances in every endeavor are time, opportunity, and resources. When you retire time and opportunity are easy enough. It is the money that is the limiting factor. I can spend ALL DAY every day working up in the "train room" on lesser projects. Bigger train events are limited to 3 or 4 a year. Most of those involve real trains. Overall, being retired is GREAT - but I did enjoy my job.
Michael, That is actually Great Advice...to enjoy every day!
Many of us have also acquired some nice railroad libraries/reading materials over the years. I hope to not only have more time to operate, but to also have more time to read the things that I haven't had too much time for lately.
For those of us that are within a range of 5-7 years to retire (so, hopefully soon) and are getting anxious...you might like a book entitled, "How to Retire Happy, Wild and Free," by Ernie Zelinski. You can find it in the Money section of Barnes & Noble stores or on Amazon. Good common sense advice in there about how to deal with going from a regular 9-5 job (or whatever your shift was) to going cold turkey, etc. He mentions:
1)Gain Courage to take early retirement
2)Put money in proper perspective so you don't feel you need a million dollars to retire.
3)Generate purpose in your retirement with meaningful pursuits (I take that to be train related things, although he does not mention trains at all).
It is an easy to read, rather humorous book and I've already read it 3 times and enjoy it.
Tom
Tom and Michael,
Good advice!!!
I'll look for the book!
LIVE, LOVE AND DO NOT WAIT FOR TOMORROW !!! I have been fully retired now for about eight years. I worked for more than thirty seven years and now I am busier than ever. There are no rules and there is no golden path. Give back as much as you can and don't be afraid. Don't just plan. DO !
Eliot
Here is my sob story. I am 62 and just may win the contest for working at the same place the longest. For me, it is 45 years and counting. I started the day after high school graduation at 17 years old.
My wonderful Company re-allocated most of the "old-guys" pension plan into buying real estate and building buildings. My account got froze a number of years ago to an amount far less than I would have received at age 65. My pension plan is still guaranteed, I just never expected it to be terminated. Now I have to work longer just to catch up.
So, for me...I keep chugging away until I reach the golden year and any thoughts of retirement at 62 are long gone. I work for an "off shore" mega Company that loves to kick the old guys out before they leave gracefully on their own. I am counting my days.
As far as our hobby, I cannot complain. During the last 45 years, my wife and I raised two very successful boys and I have tried to always be busy. Like most guys my age, there are health issues to compound the process. However, I was able to build my layout to a point that is was the feature cover in RUN 255 and was also a feature story in that "other" magazine.
I also played a lot with restoration of classic cars along the way. But I gave that up as it was close to impossible to maintain both the toy train and car hobby anymore.
I am now working on a brand new layout.....I tore down the old one last summer and I have never looked back. This one is a lot larger but is also more "age gender appropriate".
My advice to all is too keep active, try to do something layout related everyday. Forget the fact that once you knee down it is an effort to get back up!!
For me. Three years to go!
Donald
My countdown clock hit zero then started counting up. Its at 11 now and still counting. If you enjoy what you are doing its not work. I like my job and the people I work with. New challenges every day. Also a very liberal vacation policy. I feel fortunate. I have many outside interests beside trains so I could retire and still find things to do, not sure any of them would provide the same mental exercise though.
And Donald you are still three years behind me so I will have to retire before you can catch up.
Pete
Mark Boyce posted:MNCW posted:Boomer posted:I've already made massive changes to my train hobby. Like many folks,my eyes are not what they used to be (Cataracts) and I've developed Rheumatoid arthritis in my hands.
Boomer, I think we have some things in common. I'm starting to get arthritis in my fingers and I have the early stages of Cataracts, too.
i have arthritis that is hindering me some and cataracts too. If fact, I am seeing the eye doctor Thursday and probably get the cataracts removed soon. At least that's what he said last time. We will see what difference it makes. I have gone from far sighted to near sighted in a year or two.
Looks like cataracts is a common problem. I had mine fixed a couple of years ago. For those who are thinking of having it done, it was easy and painless. They even improve your eyesight while they're at it.
with so many years in, and so much time accrued ......I took today off specifically to run my trains....and ****it!....that's what I'm gonna do!....
Pat Kn posted:Mark Boyce posted:MNCW posted:Boomer posted:I've already made massive changes to my train hobby. Like many folks,my eyes are not what they used to be (Cataracts) and I've developed Rheumatoid arthritis in my hands.
Boomer, I think we have some things in common. I'm starting to get arthritis in my fingers and I have the early stages of Cataracts, too.
i have arthritis that is hindering me some and cataracts too. If fact, I am seeing the eye doctor Thursday and probably get the cataracts removed soon. At least that's what he said last time. We will see what difference it makes. I have gone from far sighted to near sighted in a year or two.
Looks like cataracts is a common problem. I had mine fixed a couple of years ago. For those who are thinking of having it done, it was easy and painless. They even improve your eyesight while they're at it.
Pat, Thank you for the great report!
Tom, wonderful thread, thanks. Don
Don,
It has been very interesting to hear so many different scenarios and good advice.
Tom
Depends if you'd rather spend your social security checks on trains or food.
I am over 65 and still working full time. I have stockpiled a lot of things to do and things to play with. Cars to modify, kits to build, changes in the layout, cleaning up the workbench so I can see it, and if possible stake out more territory to conquer and claim for the trains.
But I prefer to continue working since that high level of activity and walking probably will extend my life. I can avoid Medicare (which allows me to use the HSA system) and Social Security (which increases monthly) until I have to have it.
From age 61 to 64 the job was very stressful and I counted the weeks to reaching 65. The past few years some job environment changes have made it more lucrative to continue working than to retire. I like the money and the freedom it affords.
In the meantime, I can continue doing as much train stuff as I have time. Retiring would accelerate some projects, but I would loose access to a very large machine shop, the measurements lab, DAGE and xray equipment and our state of the art soldering/repair facilities. So some projects would be much more difficult or impossible.
But now that I'm past 65, when things become stressful I can stop, take a deep breath and remember that I can always I walk away if I want to. It's kind of like doing a 5 second Yoga routine, without all the incense, weird posture and endless humming.
Retire as early as possible and take all the money you can; SS, Retirement, Cash-out, whatever. Waiting until "full retirement age" leaves most with just a handful of years to enjoy it all. And who's going to reach 95 years old; the usual break-even point for early SS.
Run with it and never look back!
Spend it on yourselves and the grandkids NOW. They will remember the good times with you more than a handful of dollars when they reach 30 or so from the will.
In my line of work,I can work as much as I want and take off when I want. Most of my work is away from home and overseas. The overseas work is more like a working vacation. During my off time,we travel a lot. I may be different that most folks on this forum as a large chunk of my spare time and interests do not revolve around trains. I only spend 2-4 hours total a week working in the train room. Sometimes a week or two will pass without giving the trains a thought. In contrast,I spend 1-2 hours daily practicing on my keyboards. It keeps the arthritic fingers nimble and the mind sharp.
I may have mentioned in my previous post that my Dad is still running the family farming operation (All row crops). In the next few years my brother and I will be taking over those responsibilities. I really don't ever see myself being retired at home playing trains and living off of savings and pensions.
Landsteiner posted:" SS is only about 3% more per year for the three extra years you work."
It's 8% per each year you postpone retirement. So if you start collecting at 70 instead of 62, you collect about 64% more dollars per month. Not too many investments you can reliably earn 8% on annually, so postponing collecting until 70 makes good sense if you are in reasonable health and have other sources of income. If your salary grows during those last years, your payment is higher than it would be earlier. Most states don't tax social security benefits, so that additional 8% each year isn't subject to state income tax, and only 85% of it is subject to federal income tax. Social security income is thus more valuable than other sorts of income due to lesser taxation.
Full retirement age of 66 is arbitrary. If you retire at 62 you collect about 32% less and if you retire at 67 you will get about 8% more than at 66 and so on. Just worth keeping in mind. If you wait till 70 you collect 32% more than at your "full retirement" age. That said, no use in waiting past 70 as there is no further increase in your social security income beyond that age.
Here it is from the federal horse's mouth:
Yeah but retiring at 62 you don't have to work. I read somewhere that if I live to 80 I will have gotten the same amount from SS than if I retired at 66.
Kerrigan posted:Spend it on yourselves and the grandkids NOW. They will remember the good times with you more than a handful of dollars when they reach 30 or so from the will.
My parents are past 80 each, and they still scrimp and save like they had to when I was a kid. They grew up during the Depression in east TN, and they never lost the "spend it later" mindset that drives me insane. I keep telling them should enjoy what they got (as I don't care what they leave me, just as long as it isn't their debt), but they never will.
When I think of all the things they could buy and would love, but they never have and never will, it almost makes me cry. I wish I was rich so I could have bought some of those things for them...
As for me, I'm 47. I'm a very long way from retirement.
I retired at 62 and let me tell you there is a lot of things you can't do as well when your 70 as 62. I wouldn't trade those years for any amount of money. If you plan to live on SS you won't be living high. That's me on the left taking a friends girls on their first dive with my dive partner. I went diving with turtles this morning, it was turtle soup out there. Don
Second posting to this thread: Still run trains, not laying track but still buying a building now and then.
Folks if you are looking for some FUN exercise try "Pickle Ball"" Google it, I play 5 days a week but does not replace the joy of TRAINS
Brent
My plans changed a little. In January 2017 I stopped night call and weekends which I had done regularly since the late 70s.
I just turned 64 in June.
I have a 3 year, no nights/no weekend contract that lasts 3 years until the end of 2019 (so basically, I've cut back to 60 hr weeks). I will be 66 and a half when this contract is over. I would love to work until I am 68. So, I probably will probably transition to just seeing office and outpatient dialysis patients (give up the hospital) through mid to late 2021.
I still love what I do, but it does wear me out physically. 68 years old will be a good time to stop, I think.
By the way, July 1 began year 33 for me at Richmond Nephrology....a long time with the same phone number!
Peter
I retired earlier than I had thought I would, mainly because my boss turned 60 and said he wasn't working one day extra. I really did not feel like breaking in another Superintendent, and cut a deal with him. I pointed out that Railroad Retirement does not pay anything for the month in which you retire, so the time to go is the last day of the month. So, we agreed to teach 'em, a lesson and leave 'em high and dry 
on the last day of 2007. I was a little uneasy as we jumped off, but soon realized that it was a good decision for me.
The model railroad was track on carpet when I retired. I had been planning a modification of Thrice Around the Room that would have been perfect for a whole house basement, which we do not have. I tried to tighten the curves and it was obvious that it was just not the plan for scale equipment in the space I had available. So my wife told me to go ahead and call Roger at Trainworx, have a layout designed and built, and enjoy running the trains.
Haven't looked back.
And one other thing: I particularly enjoy staying away from the drama that erupts from time to time on these Forums. I worked in an environment where there was internal politics, an almost entirely unionized workforce, went through a company-wide restructuring to enable buying our way out of hostile takeover threats, a merger with another railroad, plus immediately responding to derailments, injuries and other crises at all hours, and I have retired from drama. But I still like trains and my Home Road.
p51 posted:My parents are past 80 each, and they still scrimp and save like they had to when I was a kid. They grew up during the Depression in east TN, and they never lost the "spend it later" mindset
When I think of all the things they could buy and would love, but they never have and never will, it almost makes me cry.
We are all different when it comes to what will make us happy. To some, knowing that they have enough cash to take care of the unexpected (like needing a new roof) is important. Others have always wanted a new BMW. My wife and I spend a LOT on travel (mainly in Europe), but we are happy with driving a 5 year-old Chevy and a 17 year-old Acura. I read a lot, but all are library books. My watch is a Casio. We have a beach house. And so it goes.
Do you have an idea of what your parents might love, but don't feel they can afford? In any event, it's nice that you care for their happiness.
But SS is not as great for a widow if you have taken your SS at 62. I enjoy my work, I recruited two younger people to cover for me, it cost me but it has been worth it, I like having extra cash to give away to strangers on occasion. Work allows me a lot of freedom actually.
Wow! I think this is my favorite thread that I ever started, except maybe for my resurrected steam switcher.
https://ogrforum.com/...rewar-steam-switcher
Just a small sampling...We have people building their own layouts, Number 90/Tom having a layout designed for him, Peter/Putnam Division is still chugging along, Don/Scale Rail is diving and teaching others...not too much about all of our ailments! Just the right mix I would say.
I'm one of those guys who plans on being out by 62. I've been in my current job for 28 years now and I am lucky to work with so many great, mostly younger folks.
I'd be interested if many people moved after retiring? Moving is one of my least favorite things especially after accumulating lots of train stuff. I had a bit of skin cancer earlier this year and got a good bill of health after that. Heat and the sun (Florida) do not interest me as much as cool weather and a good dry basement. Hoping to move from the Lower Hudson Valley of New York State to mid to upper or even Western New York. Property taxes are 1/3 less in many of these places and people seem to be quite a bit friendlier. Property taxes get lower in NY when you hit 65, too.
Thanks for all the great stories and advice. Hope it continues and we can keep updating how things progress.
Tom
Joe Hohmann posted:Do you have an idea of what your parents might love, but don't feel they can afford? In any event, it's nice that you care for their happiness.
That's the thing, the stuff they'd love, they can afford, and then some. They just won't spend the money.
I couldn't afford it, though, for them...
Lee, Sounds like they are used to the lifestyle they have been living for all these years and don't want to change. Hopefully, they are happy and in good health. Since they have each other that's a good thing. My parents were like that, too.
Tom
I retired 5 years ago at age 55. Most of the locomotives and cars I bought when I was still working. I haven't built a layout yet, but hope to soon. In the meantime, I set a few pieces out on display on a bookshelf may late younger brother built when he was in high school. I still keep an eye out, especially for the cheap plastic four wheel Marx rolling stock. My first train set was a Marx that my parents bought for Christmas when I was six years old That was in 1963.
.
Doesn't sound like there is one answer that's best for everybody. So let's enjoy our time here living in the best country in history.
MNCW posted:I'd be interested if many people moved after retiring? Moving is one of my least favorite things especially after accumulating lots of train stuff. I had a bit of skin cancer earlier this year and got a good bill of health after that. Heat and the sun (Florida) do not interest me as much as cool weather and a good dry basement. Hoping to move from the Lower Hudson Valley of New York State to mid to upper or even Western New York. Property taxes are 1/3 less in many of these places and people seem to be quite a bit friendlier. Property taxes get lower in NY when you hit 65, too.
Thanks for all the great stories and advice. Hope it continues and we can keep updating how things progress.
Tom
I didn't move but some of my friends have. Some of their moves have been what I call "good moves" and others have been "bad moves."
Many moves have been motivated by wanting to be closer to the kids and the grandchildren. Unfortunately, some of my friends have found that kids and grandchildren don't want to see them very much. It all depends on family dynamics. In these cases my friends would have been better off to stay in their old neighborhood where they had life long friends and relationships.
There is one case where the parents moved to get away from the kids and grandchildren. This didn't work either because the kids and grandchildren followed them to their parents new and bigger house. The parents had to call the police to get their kids out. It was messy. In this case, the kids were into drugs, etc., and were counting on their parents to provide a roof over their head while they did nothing but space out.
Other friends have moved to from the city to country to take advantage of lower costs and get a bigger home. They didn't count on, however, that more health problems come with aging. The country hospital is fine if you have the flu or a broken leg. If you need sophisticated cancer or heart care, however, the country hospital is not adequate. Some friends have to drive 3 or 4 hours to see a specialist. One friend needed a knee replacement. They have to spend several nights in a hotel in the city far from their home to get this done. Physical therapy is also a long drive from the their home and it needs to be done a couple of times a week.
Another couple moved to a rural town about a six hour drive from a major airport. One of their goals was to travel once they retired. Every time they want to take a trip they have to drive six hours over mountain roads to the airport. They are getting tired of this trip.
There are many things to consider before you move after retirement. My wife and I stayed near a major city. We can reach an international airport in 15 minutes and we have great medical care just a few minutes away. I have had 4 surgeries this year and have another one scheduled in September. All of the surgeries are related to getting older - prostate and cataract. Our family, when we want to see them, is about a 3 hour flight away. In our family it is better to visit and leave than to be close and burdensome.
NH Joe
I have always been into trains. When younger it was HO and then O and then Live Steam. Retired 13 years ago at 60. In a past life I owned a hobby shop, managed a hobby shop and had a custom layout building business. Currently I do live steam daily at Train Mountain in Oregon. My buddy and I are building a 20x40 triple deck ON30 layout. Today at the train park I ran rail tour trains for visiting tourists. In 2000 my wife and I sold a tiny track house in Cal and moved to Oregon, bought 10 acres on a river where the view is just terrific.
I am living a dream. Russ
"And who's going to reach 95 years old; the usual break-even point for early SS."
The break even point for waiting until 70 versus collecting earlier is about 82, not 95. Most people these days will live longer than their parents. The numbers of people living into their 90s is astonishing to me and others, and larger than ever.
Worth remembering that you should only start collecting Social Security at 62 or 66 or whatever if you NEED to or you are in not so great health. Retiring and collecting do not need to be done at the same time. If you have a pension, savings or a working significant other, you may able to retire and wait until 70 to start collecting. That's what my wife did, since I was still working. Then your payout will be at a much higher amount, at a time in life when you are more likely going to need it. Or, as someone pointed out, if your spouse does not have much income in retirement, his or her collecting if you die will be much more generous. Just another option to consider.
As some have noted, those who genuinely enjoy their work are better off working as long as they can/want to. It's both financially and mentally healthy. When 65 or so was accepted as the retirement age a century ago or so, and even much more recently, the average life expectancy at age 65 was a few years, maybe 10 at most. Now it is about 18 years for women and 15 years for men. That's the average. Meaning, obviously, that 50% live longer, many times much longer. People are also remaining healthy for longer. Go on a European trip as one of my sons recently did and there are plenty of people in their 80s on the tour. The two men who I consider mentors lived until 89 and 95. These days, people greatly underestimate the amount of money they will need in retirement in some cases, because they aren't aware that they are likely to live much longer than previous generations.
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