Retirement Plans

I was planning on retiring by the end of this year, but thanks to record high inflation and property taxes increasing by as much as 100% where I live, I may end up waiting a little longer. Is anyone else on this forum dealing with skyrocketing property taxes? I'll have 34 years in at the Post Office with a good pension, but I will still only be turning 58, which means I'll have to wait another 4 years before I start getting cost of living raises again (a lot can happen in 4 years these days!) and I have to be 59 1/2 before I can draw money out of my TSP (which is similar to a 401K) without an additional 10% penalty. My wife is getting discouraged and wants me to retire ASAP. I feel like I'm in a race against time to retire before this country crashes and burns. I would have plenty of things to do once retired.

Hi Ms. Mediator!

Thank you for starting all these threads about important life topics. I really enjoy reading them.

I consider myself to be in a "pre-retirement" phase right now. I've spent at least half my life living near or looking after retired people, so retirement always seemed like a progressive part of life to me. And every retired person always told me the same thing: "Save your money, and maybe someday you can do this, too."

My biggest inspiration was my grandparents, who traveled the world when they retired (visiting every continent EXCEPT Asia, ironically, since that's the one I'm from!) And so I always used to think I would grow up and do the same.

For the past 10 years, I've spent most of my time living in retirement communities and even a nursing home near family members. I wasn't just "near" these places, but I actually lived within them and was a part of them, paying for my own residence there and either down the hall or down the street from family, so it's been quite an eye-opening experience.

People were always asking me the same two questions. "WHAT are YOU doing HERE?" -- sometimes out of curiosity, sometimes out of bitterness -- so I used to tell them that I had spent all my money on Botox.

The other thing they had no qualms about asking was, "What's WRONG with YOU???" because they assumed the the only way I could live there was because I was severely mentally/physically handicapped and/or disabled.

In some cases, I was around people in their 70's and 80's playing golf and pickleball everyday, and in another location, I would regularly eat every meal with people who had canes, walkers, and were in wheelchairs. Many weren't all that old. There was one man who had to use a full walker whom I thought was about 40 -- I was genuinely shocked to learn he was almost 60. And I heard story after story of how people thought their retirement was going to be, but life had blindsided them (illness, disability, death of spouse, spouse with dementia, etc.) with something completely different, and now they were doing their best to adjust. It's a lesson that's always in the back of my mind, and sometimes creeps more to the front.

I am currently trying to shift into partially retired life, having been able to cut down on working hours and have more flexibility with my schedule, which I am very grateful for.

My biggest concern is that I don't want to be a financial burden to anyone. I've seen case after case in which either children are irresponsible and expect parents to pay for them, or parents have been irresponsible and now expect to live off their kids.

I really hope to be something different. I have my eye on some ministry work I'd like to do -- I would love to go back to serving through writing letters to inmates and people in the military (the common theme for me is corresponding with people who are in extreme situations,) but I don't feel I have the ok from God due to safety issues.

So I'll look for other small ways, like a volunteer quilting group I came across that makes items for military families (even though I have no clue about quilting, the lady said if I could cut fabric and sew in a straight line, I'd be good!) and/or doing things like packing care boxes, etc. Writing letters seems to be a crucial part of my life though, and I'm glad to see there are some groups that still utilize them (such as to cancer patients, etc.) But I admit I haven't joined yet because I am unsure of what I would say, especially if I were writing to multiple people.

My initial dream for retirement was to travel the world like my grandparents. I've found some travel agencies that specialize in single female travel (designed with safety in mind,) but it's very, very expensive, and I'm not nearly as keen on flying as I once was (most of the trips are overseas.) I'm thinking I might have to limit my itinerary to the USA and/or places attached to it.

It's all in God's hands. One thing that my time in retirement communities has taught me is to heed the passage about the rich fool who thought the party would never end, so he kept building bigger store houses -- and God demanded His life from him that very night. I don't want to make plans for which God is telling me there is no storehouse to put them.

Whatever is ahead, I just hope it can at least be of some kind of useful purpose... and oh, maybe a bit of fun (and maybe even a little mischief) along the way.

I'm 61. I wasn't planning to retire until 70 because I still have a 14 year old. But like many, SS would be a considerable part of my retirement. So I don't have to worry for awhile. And I do have some passive income sources.
You must be in a state where people are leaving for property taxes to be so high. In South Carolina taxes are low and if I told you how low you would move here tomorrow.
Many northerners move south to retire and find the cost of living much lower.

We have a 2500 square foot home and the property taxes are $5,000 a year. Could jump to at least $8,000. We are still waiting to receive our assessment. Been hearing horror stories from other people who live in our same county who received their assessments. % increases range as high as 60% to over 100%. I understand that home values have gone up, but these huge increases are just plain criminal!

We have a 2500 square foot home and the property taxes are $5,000 a year. Could jump to at least $8,000. We are still waiting to receive our assessment. Been hearing horror stories from other people who live in our same county who received their assessments. % increases range as high as 60% to over 100%. I understand that home values have gone up, but these huge increases are just plain criminal!

I was planning on retiring by the end of this year, but thanks to record high inflation and property taxes increasing by as much as 100% where I live, I may end up waiting a little longer. Is anyone else on this forum dealing with skyrocketing property taxes? I'll have 34 years in at the Post Office with a good pension, but I will still only be turning 58, which means I'll have to wait another 4 years before I start getting cost of living raises again (a lot can happen in 4 years these days!) and I have to be 59 1/2 before I can draw money out of my TSP (which is similar to a 401K) without an additional 10% penalty. My wife is getting discouraged and wants me to retire ASAP. I feel like I'm in a race against time to retire before this country crashes and burns. I would have plenty of things to do once retired.

We have a 2500 square foot home and the property taxes are $5,000 a year. Could jump to at least $8,000. We are still waiting to receive our assessment. Been hearing horror stories from other people who live in our same county who received their assessments. % increases range as high as 60% to over 100%. I understand that home values have gone up, but these huge increases are just plain criminal!

You communicated perfectly what I tried to say.

Thank you so much for this!

I was hesitant to post because I had what might be seen as a rather pessimistic view in light of some of the other much more upbeat ideas presented. And I know retirement SHOULD be a happy subject.

I have this odd experience of not being disabled or a senior but have spent quite a bit of time living in and among senior places (including a facility that had sections for assisted living and memory care resident,) and it was more than a bit eye-opening.
For instance... Hearing people who woke up screaming in the middle of the night, listening to the maids who had to clean up closets that people (in their confusion) used as toilets (for minimum wage pay,) and listening to people whose spouses has passed away or worse yet, didn't know who they were anymore.

I truly believe it was God telling me, "It's ok to make plans. But don't be surprised if they change -- drastically -- and never forget those around you who have have their plans changed as well."

I was care-giver for my brother through his gradual decline from being independent, to assisted living, to nursing home and though memory care. I know a little bit about what you write and I admire what you have accomplished.

Yup, higher taxes and less service!

We have a 2500 square foot home and the property taxes are $5,000 a year. Could jump to at least $8,000. We are still waiting to receive our assessment. Been hearing horror stories from other people who live in our same county who received their assessments. % increases range as high as 60% to over 100%. I understand that home values have gone up, but these huge increases are just plain criminal!

I was planning on retiring by the end of this year, but thanks to record high inflation and property taxes increasing by as much as 100% where I live, I may end up waiting a little longer. Is anyone else on this forum dealing with skyrocketing property taxes? I'll have 34 years in at the Post Office with a good pension, but I will still only be turning 58, which means I'll have to wait another 4 years before I start getting cost of living raises again (a lot can happen in 4 years these days!) and I have to be 59 1/2 before I can draw money out of my TSP (which is similar to a 401K) without an additional 10% penalty. My wife is getting discouraged and wants me to retire ASAP. I feel like I'm in a race against time to retire before this country crashes and burns. I would have plenty of things to do once retired.

The first thing that I would do before I retired is down size the home. Unless you can afford a maid, caring for a large house much more difficult when you reach 75. Also hold a huge yard sale, and a trip or two with donations to the thrift shop. Don't become a storage shed for things that you (or the kids) never use.

So sorry Brother.......sometimes you just have to take a "leap of faith...." but, sometimes you need to be pragmatic and not rush in...... hmm..... that doesn't help much does it?

The cost of every darn thing is rising for sure......soon it will be too expensive to live, huh?

The cost of everydarnthing is rising for sure......soon it will be too expensive to live, huh?

I don't ever recall inflation being this bad in my lifetime. The last house we owned, it took almost 10 years in order for our house payment to go up $240 a month based on rising costs of taxes and insurance. These days it can go up higher than that in just 1-2 years solely based on taxes alone! It is getting too expensive to live. My wife and I are disgusted every time we go to the grocery store or out to eat. Our weekly grocery bill was around $120 prior to covid. Now it's closer to $200. Two meals at a fast food restaurant prior to covid cost us around $14 and now it's like $22. Everything just costs too much! Even the cost of traveling has gone up too much. Lodging seems like it's doubled after covid. The cost of new vehicles (especially trucks and SUV's) is outrageous! This is what happens under corrupt, failed leadership.

I understand people wanting to take a year or two to travel or relax. Also, if one is older they can work less hours/part-time, as older people don't have the same energy levels/stamina.

There has been inflation like this once before....it was when Jimmy Carter was president. A loaf of bread went from a quarter to a dollar "because of the price of sugar". Actually it was the sugar cartel of Florida rigging prices and the sugar beet producers of sugar going along with it because they were getting richer too. Brazilian sugar was almost banned. Also some lousy wheat harvests in the plains due to drought and a few grain elevators catching fire helped balloon prices too.

Oil prices (especially gasoline) had a 100% price spike almost overnight and then another 100% one as this new cartel decided to almost halt all shipments of oil to the USA. There were lines for gas in CA and you had to alternate which days of the week you could fill your tank.

This also was around the time that new legislation in CA stopped all new home construction in the state and house prices quadrupled in a few years. A once $20k home went for $200K in about 5 years. All the while interest rates for mortgages was around 9%.

Jobs were scarce going into the '80's. Unemployment was high. (Double digits) and a ad in the newspaper for a dishwasher brought long lines of desperate people looking for work. They literally were wrapped around the restaurant wanting to fill out an application for $3.35/hr. (A good career job would pay $10.50/hr or more)

This was mid '70's to mid 80's.....you would have been in grade school to high school during these years. But it was what life was like during the Carter years. Unpleasant to say the least. Minimum wage went up in stages from $2.35 to 3.35 during these years and then were static afterwards for another 20. Median income to median housing ratio was at a 7.5.....it was a 4.3 pre-covid and now post covid it again increasing to 7.2 last time I looked.

Restaurants didn't pay waitors and waitresses...waitstaff paid the restaurant. Usually $5/shift and the bulk of their wages was tax free. People fought long and hard to get these jobs too...it was usually better money than any regular job. And the waitstaff was very professional. Today waitstaff is clumsy dolts who can barely bring you the right food after you, yourself punch it into the table kiosk and pay for it there too. There really is no service in Restaurants anymore and the cooks don't make a living wage either.

Things have not changed for the better in a long time.