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What's your plans (or dreams?) in retirement?
- Thread starter PrivatePilot
- Start date
Priller
Well-known member
With retirement feeling a very long way off, especially with Covid affecting our finances (primarily through loss of bonuses), it's difficult to set as a goal these days...
That said, the plan for us is to convert the house into two small condos, one here and one in Italy, likely in the centre of Rome. Spend winters there and summers here, enough to maintain residence. We may also do the short-term rental thing there while here, but I'm not a fan of that whole deal for a variety of reasons, so it would only be if the payoff was significant.
Italy is hardly the cheapest place to retire, but it offers a lot of hidden benefits. Healthcare is excellent, food is reasonably priced and very healthy, and they know how to savour the simple things in life. I'm slowly working on a possibility of getting my citizenship, which would help immensely, but it's still doable without.
I know a number of people who have tried to do the Mexico (and South) retirement because of the tempting financials, but all have returned eventually. Not sure if Europe will offer the same challenges, but I think it's absolutely key to get the local language sorted. We're studying Italian now, but the urgency isn't there, so it's slower than it should be. I'll be fine, but my wife's accent is hilariously bad, so she's got a lot more work to do...
I'm interested in how many here have hopes/plans to travel by RV. I've never done it for any extended time, but I'm not sure it would work for us. I've traveled a good chunk of the US for work, and while the people are some of the nicest you'll meet anywhere on an individual basis, collectively it's not a place that does much for me.
That said, the plan for us is to convert the house into two small condos, one here and one in Italy, likely in the centre of Rome. Spend winters there and summers here, enough to maintain residence. We may also do the short-term rental thing there while here, but I'm not a fan of that whole deal for a variety of reasons, so it would only be if the payoff was significant.
Italy is hardly the cheapest place to retire, but it offers a lot of hidden benefits. Healthcare is excellent, food is reasonably priced and very healthy, and they know how to savour the simple things in life. I'm slowly working on a possibility of getting my citizenship, which would help immensely, but it's still doable without.
I know a number of people who have tried to do the Mexico (and South) retirement because of the tempting financials, but all have returned eventually. Not sure if Europe will offer the same challenges, but I think it's absolutely key to get the local language sorted. We're studying Italian now, but the urgency isn't there, so it's slower than it should be. I'll be fine, but my wife's accent is hilariously bad, so she's got a lot more work to do...
I'm interested in how many here have hopes/plans to travel by RV. I've never done it for any extended time, but I'm not sure it would work for us. I've traveled a good chunk of the US for work, and while the people are some of the nicest you'll meet anywhere on an individual basis, collectively it's not a place that does much for me.
My plans was to travel in my motorhome, but still keeping a residents in Canada, I own a place in NS and two homes in ONT. Was looking at doing a few months south and summer times in Canada. Hopefully things will be fine when we make that choice to say FU to the work world and fulltime retire.
It was a frosty day, mid February 1996 on my way to work.
At work, the suits had been canvassing workers high on the seniority list to take early retirement. I would always blurt out "pick me, pick me, I'll go".
Well, on that frosty day, the suit finally popped the question. I had 23 yrs. I told the suit.....there's 1 thing.
1) Credit me with 25yrs, and I'm gone.
He couldn't do it fast enough. (I should have said 30 yrs).
March 1st will be 25 yrs since I retired.
At work, the suits had been canvassing workers high on the seniority list to take early retirement. I would always blurt out "pick me, pick me, I'll go".
Well, on that frosty day, the suit finally popped the question. I had 23 yrs. I told the suit.....there's 1 thing.
1) Credit me with 25yrs, and I'm gone.
He couldn't do it fast enough. (I should have said 30 yrs).
March 1st will be 25 yrs since I retired.
The automotive golden handshakes are getting fewer and fewer, The GM Oshawa was a masterclass in cleaning out a factory, announce the close, keep some ugly metal stamping going that will scare the long timers into taking any offer that doesnt involve standing in front of a 100Ton press, keep some younger (way less expensive) guys that will stand in front of a 100T press, then shazam!! We are opening up and making trucks! Union happy, Oshawa happy! federal influx of cash coming...
My pals that went to Ford and Chrysler Brampton, great wages, boring work, awesome pensions
My pals that went to Ford and Chrysler Brampton, great wages, boring work, awesome pensions
I think more and more about the “retire at 55” and then take a part time job or something doing something I actually enjoy instead of tolerate.
I could go work on a farm someone mucking stalls and working with horses again for $15/hour and be happy as hell. And probably more fit as a result, too. Even though my best horseback days are probably well in my rear view mirror, once a horse guy always a horse guy.
Lots of other jobs in that category as well. And if I get bored of one, quit and move onto another.
The pension thing at work is the big attachment right now. If I work to 65 I’ll have just short of 40 years of contributions. I could probably get out at 30-35 and still have more than enough contribution wise to make up a decent monthly buyout but I’d have to let it sit and earn Interest but not collect until 61-63 (the claw backs of collecting before 65 are brutal in our plan) and do that part time job thing. And be a lot happier person.
If they offered a buy out to get rid of some of us heavy seniority guys at some point in the next 10 years I’d have to seriously contemplate that as well. Never say never, it happened 5 or 6 years back.
I also recently learned I can collapse and commute the pension to an RRSP before my 55’th birthday. I’d have about 30 years in it at that point and a tidy sum sitting there. And maybe GTFO.
lots to think about in the next 6-8 years.
I could go work on a farm someone mucking stalls and working with horses again for $15/hour and be happy as hell. And probably more fit as a result, too. Even though my best horseback days are probably well in my rear view mirror, once a horse guy always a horse guy.
Lots of other jobs in that category as well. And if I get bored of one, quit and move onto another.
The pension thing at work is the big attachment right now. If I work to 65 I’ll have just short of 40 years of contributions. I could probably get out at 30-35 and still have more than enough contribution wise to make up a decent monthly buyout but I’d have to let it sit and earn Interest but not collect until 61-63 (the claw backs of collecting before 65 are brutal in our plan) and do that part time job thing. And be a lot happier person.
If they offered a buy out to get rid of some of us heavy seniority guys at some point in the next 10 years I’d have to seriously contemplate that as well. Never say never, it happened 5 or 6 years back.
I also recently learned I can collapse and commute the pension to an RRSP before my 55’th birthday. I’d have about 30 years in it at that point and a tidy sum sitting there. And maybe GTFO.
lots to think about in the next 6-8 years.
Mikedezo44
Well-known member
follow in my parents footsteps of having a motorhome for winters in arizona/california and come back up and live in canada in the summer. Only difference would be mine would be a toy hauler style motorhome that can accomodate a streetbike and dirtbike so I can ride the MX tracks down south. With some inheritance/no mortgage I should be able to start doing this around the time I am 40, maybe sooner. I make all of my money in the summer and get to take winters off anyways right now at 31. Usually vacation for a month every winter somewhere hot (Thailand, bali, vietnam, etc) for the last few years. Life is good!
I'm not sure if I'm sad or happy to see the same **** that's happened to me happened to you guys who are much older lol
It's not a job if you enjoy doing it right?
Lol.....cell phones weren't happening when I retired.
My wife and I will do some travelling with cycling mixed in, until we can't. While I could easily do the motorhome bit and be away for months or years, my wife couldn't be isolated from family for that long, so we probably won't do that. I'm planning on working until 67 as it's only two more years, and I really do enjoy my work. This year I have rethought that a bit, but I think I'll let it play out. I've got lots of stuff to do around the house, and with the farmer who leases our land having ploughed the fields up this year in preparation for planting next year it has put the bug into me to improve the trail system as walking through the fields is going to be messy. That's probably a multi-year project. i can't see myself being bored, unless I want to be.
I don't know what happened to you guys while aging but my body is falling apart* lol. That has a direct impact on options.
At the same time, I'm never gonna forget this 66 year old dude at Shannonville in red group. We called him Gandalf. So hopefully I become like Gandalf!
EDIT: * Should clarify that by "falling apart" I'm referring to pushing limits. So not necessarily something many care about or notice.
Trials
Well-known member
Another rider and myself cleared, marked and rode about 2km of enduro trails yesterday, then it started snowing :/ his bike started running like crap and we rode out of the woods through an inch of fresh snow, then I woke up this morning with a tick embedded in my neck.
... one of the hazards of extreme retirement.
... one of the hazards of extreme retirement.
My Australian friend had a different point of view...
Do all the stuff you want to do when young while you can. Planning adventures with dodgy hips and knees isn’t as much fun.
He negotiated good positions with plenty of vacation time and he uses it all. Trekking across Mongolia on a camel etc. He figures when he’s older he won’t need as much cash to live on.
Onto our plans. We want a place down south to escape to. We want to rent it out while we aren’t there. We know it’s a tough deal and that any rental income will likely only cover a second mortgage.
Do all the stuff you want to do when young while you can. Planning adventures with dodgy hips and knees isn’t as much fun.
He negotiated good positions with plenty of vacation time and he uses it all. Trekking across Mongolia on a camel etc. He figures when he’s older he won’t need as much cash to live on.
Onto our plans. We want a place down south to escape to. We want to rent it out while we aren’t there. We know it’s a tough deal and that any rental income will likely only cover a second mortgage.
I think the whole carpe diem mentality is a cultural thing. On our journeys, by far the youngest group of cut-the-strings travelers are Australians. They have a whole "Live for Today" attitude that no other country has.
Germans make up a large group of young long-term travelers as well, but it's not quite the same thing, as they all get 12-weeks of vacation a year and still have jobs waiting for them when they get home.
Rest of the full-timers are all Grey-Beards who waited till traditional retirement. Lot more Canadians than Americans - Yanks don't seem to make it out of their country.
Mad Mike
Well-known member
Not worth renting imho. My experience is short term renting in the off season is a net zero business. First, the rents in vacation land are dirt cheap in the summer, electricity and water can be a killer, rental bed taxes, insurance, wear and tear plus the cost of immediate emergencies and an gobble up the profits. You also pay daily taxes in a lot of places
In a normal year a modest seasonal rental in a costal area in FL fetches $1000 a week for about 14 weeks (high season). That drops below 200/week average for the rest of the year.
I figure I could recover $2k a season if I tossed mine into a rental pool. Not worth it.
Mad Mike
Well-known member
Your body is a bit like a motorcycle. If you want a 1985 model to run well, maintain it well.
Sooner or later it becomes impossible for that 1985 bike to stay with the pack.
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