Ask your friends and coworkers for a referral. Sit down with them and talk to them about their investment strategy and methods. You might have to talk to several before you find the right one.

It was a vague idea for awhile, and I was saving via a financial advisor.

About 3 years ago I knew I would retire as soon as I could, and this turned out to be last summer - if I hadn't broken my leg in the fall of 2015, I probably would have retired about five or six months sooner, but I figured since it was on Workers Comp to give the company some more time before pressing the button.

I attended work sponsored retirement seminars prior to the ankle breakage, valuable and helped answer some questions. I did have a problem we straightened out with health insurance (a procedure done shortly post retirement but before the insurance company was completely on board - but all the data and information showed that they should have been on board. The insurance company eventually retroactively paid up.

Do attend the seminars, and keep records of everything.

I am now 63, and I'm holding off on SS until I am 66. I had both a 401K and a pension - I opted to take the lump some pension at my advisor's recommendation, and I draw a certain amount automatically from it each month, sort of like a paycheck.

(For long term care in aging, should I need it, I opted several years ago to buy into term insurance, which will help.)

I retired in December 2014 at 62, the earliest I could retire without losing a percentage of my pension. I worked for our school system 8 yrs part time in a school and 10 years full time in the admin offices.....so it is not a full pension.

Several things led me to retire when I did. I was not happy in my job. The workload had dwindled over the years so I was bored most of the time with not much to do and I wasn't crazy about my boss. In 2013 a coworker died unexpectedly in the summer. She was just two years older than me and was going to retire the following summer. Another friend died of colon cancer that December. My original plan was to retire at 64....splitting the difference between 62 and 66..... I knew I was too miserable to make it to 66. But when my friends died I thought " what am I doing here? I'm not happy, and I don't want to still be working here if I keel over."

Of course had I worked another two years we would have a little more in 401k and my pension would have been a little more but my feeling is unless you plan to work til 70 or beyond by the time you hit your early 60's you're pretty much where you're gonna be financially. We talked it over, looked at our finances and decided it was do-able. DH talks to our advisor once or twice a year and they gave the go ahead as well. DH is still working and will retire within 18 months. One thing that made a big difference was paying off our mortgage.

I don't regret the decision at all and have not looked back. Even if I'm sitting at home doing nothing it beats getting up at the crack of dawn and going to a job I don't like. I'm anxiously awaiting DH's retirement. We plan to move to a lower cost, less hectic area...not sure where yet.

Good luck with your decision. It's a big one. Everyone says you will know when it's time and I think that's true.

I only work part-time, but I plan on retiring this year. I've been thinking about it for the last few years. My husband wants to wait a few years (he's 56). Back a few years ago when he changed jobs, he kept some of his customers and does occasional work for them. He likes to be busy, whether it is fun busy, work busy, etc. The plan is for him to work a few more years then retire and keep his customers. He'll be able to control the amount of hours he wants to work. I've not decided for sure what I want to do. Nothing for awhile. Meaning, projects, trips, etc. things I/we want to do. I do some community volunteer work, some with our church and will continue that. I've had a couple of offers of part-time, but if so, I will do no more than 2 days a week or fill in for others. I'm a people person so at least for a while, that's my plan. I am at the maximum retirement benefit with my company. We've almost always had our medical insurance through my work (government plan so better benefits). We can both stay on that till we go on medicare. That is a HUGE relief. We have had a financial planner for years (and yes Ida, a financial planner is different from a CPA, we have one of those for taxes). We went through a couple that we weren't crazy about, weren't making us any money, etc. but during the time I was handling my grandparents finances, changed over to this guy. LOVE HIM. Just met with him last week. I have also been to retirement seminars in the last couple of years offered through my company. You do need a plan.

You do need a plan (in my opinion). We also felt it important to be free of debt before going into retirement. I would ask friends/relatives for recommendations for a financial planner.

Can anyone explain, in a nutshell, how pensions work? Are they all basically the same, or can they be quite different? I have one of those in addition to my IRA, but I really don't have a clue how it works. My employer has a lot of online tools that I can access, but I still remain confused (or maybe just a little scared to jump into it). For instance, in reading up on our pension plan, I see that as of this year I am eligible to draw from it if I were to retire, and there is a formula applied to determine how much my monthly draw would be. How long am I able to draw from the pension? Do they all have a lump-sum option?

See? I told you I'm clueless, but I'm enjoying this discussion. I feel like so many of you know a good deal on this subject.

Ida, mine has a lump sum option - I suspect most do? But I'm just guessing.

This is one place your financial advisor can help - he can help you decide whether a lump sum or a monthly pay out of the pension itself is best for you. While I did take the lump sum, the majority of the money is being invested by my advisor, and just to make life easier (for me), we decided together how much money I'd typically need a month. This advisor should ideally be someone who is also managing your other accounts, presuming you have those.

By having the pension money managed this way, you stand to gain more interest than if you let your company just dole out money according to their formula. Because they won't really have your interest (ahem) to heart. Although I suspect there are scenarios where it is better not to take the lump sum -- but that's why I do have an advisor!

I plan to retire at my full SS age, 66. I've been savings the max in my 403b for 35 years and should be just fine. I also have an excellent financial advisor; we began talking about my retirement years ago and developing a plan moving forward. I'm on the fast track to pay off my house in a couple years, as well as doing some remodeling, so I will go into retirement with 0 debt.

So the financials are in order for me. More difficult is the fact that I want not just to retire from but retire to. My plan over the next few years is to really consider what I want to do in this new phase of my life--travel, volunteer, etc. As a planner and an active healthy person I surely don't want to do nothing! That's just not me.

My situation nearly mirrors Linelle (down to the excel spreadsheet)--government employee, retired in 2008 at 56. It's like a bird leaving the nest--frightening, yet exciting. My city had a buyout, which made my choice easier. I had free healthcare up until last year, when my eye, dental, and health costs were about $850, so I'm very lucky. DH was covered through his work until he went on Medicare a couple of years ago. My pension plans also gives me $337 per month HSA (I think they call it a HRA) to purchase a supplemental policy once I start Medicare this year. I made "rules" for myself when I retired: no staying up into the am, no sleeping in, no leaving the bedroom without being fully dressed with shoes on, no daytime television. I made the rules because I wasn't retiring to anything, and feared I would vegetate. After a year of retirement, I began a seasonal job, completely different from my former job, which lets me use my mind, work a lot from home, make extra money to indulge my decorating habit, and ends for the year before I get tired of it. It's like I have the fun of the act of retiring every year. I will say I have never regretted my decision, and I loved my job. I'll also echo the statement that it seems we have more discretionary money now than we had before. But, also, we're of that rapidly diminishing group who have ss, pension, and investments.

I'I'm 56 and have been thinking about retirement for the last couple of years. I've sort of lucked out in that I didn't really make a plan but made a couple of good real estate investments that worked out. (I did arrange to meet with a financial planner with one of those franchises (can't think of the name but their main color is forest green). When I asked him what was his background he said he was a history teacher. That was enough for me.)

I'm not good with planning and live by the principle of "if this happens I'll do this, else..." For instance, if something happens to my job, I've got more than enough easily accessible savings to 59 1/2, in 3 years, when I can withdraw from 401k. Then when I hit 62 can start taking SS to slow down withdrawals from 401K.

Else, I'll retire at 62.

As others have said the biggest worry is the cost of medical insurance. Fortunately I don't live a high level lifestyle and barring a major event should be okay.

You just have to find your comfort level.

I had to seriously consider retirement when we sold our main residence and moved into our lake house. It was too far of a commute. My DH retired at age 60 in 2015. I've always worked and am discovering that I still want to work. We will be purchasing a second home in a warmer climate and splitting our time so I am struggling with how to work 6 months in 1 state and then 6 months in another. I've always had a professional career so working at Walmart isn't going to cut it for me. I really have to figure out what to do with the rest of my life.

I do have a pension and so does dh. Our pension plans are very different. His plan has different payout options with survivorship or not and different payouts on when he starts payments. Mine is simple. I start collecting when I turn 60 and collect the same amount till I die. No additional payout if I wait.

We both have 401K's and are eligible for our own SS payments. We have been planning for retirement for a long time and met with a planner about 5 years ago to make sure we were on the right track. It was a simple meeting where we laid out our plan and he made some minor suggestions. We have not met with another. The options for married couples with two SS options are complicated and we've been talking about sitting down with someone to map out the best strategy for us. We've both done a ton of research online but we think it pays to have someone advise you on your own specifics.

Edited to add our health care situation. DH's company provided a great continuation of his healthcare plan at retirement to stretch to medicare. Unfortunately, they changed their plan and now we have to get our healthcare from the ACA exchange. His company does provide a subsidy but our healthcare is expensive since we still have 2 young adults on it as well as dh and I. And if the ACA goes away, I'm not sure what his company will be providing to retirees.

Re a financial planner.....look for a "fee only" planner. They will charge a flat rate and will not try to sell you anything. Companies that try to sell you annuities, etc may not give you unbiased information. Try this website as a start.

https://www.napfa.org

Re a pension.....I had six options for receiving my pension. Lump sum was not one of them. One was get more $ but it ends when I die. Another was less $ but it continues until we're both gone. I forget what some of the other ones were but we picked a hypothetical age we'd each die (DH's family live into their 90's) and figured out how much we would get over the years in each scenario. We ended up choosing the plan where it continued til we're both gone...it was the most $ provided DH lives to 90 and whoever dies first the other will still have that income for life. Of course, it's sort of a crapshoot and educated guess since no one knows how long they'll live.

I will retire at the end of the year at 62. I will have a monthly pension from my state's college system and a modest 401k. I will likely begin SS early and am okay with that. I have loved my career and have many accomplishments of which I am proud - I will leave my mark in ways that are important to me. That said, I am slightly terrified. I have worked my entire adult life and have no real plan for how my days will unfold. My husband owns a winery so I can certainly spend time with him in the business. I want to travel, learn to knit, get back into photography and generally just do whatever I want. I am really good at doing nothing so that may be something I have to watch.

I probably should be worried (and I am a little) but I really am happy that I can retire relatively early. Life is short and it is time to savor all that life has to offer. I do believe work is important and am confident that I will find a way to redefine that for myself.

As is my nature, I researched retirement extensively - both quantitatively and qualitatively. Ida, I think you are on the right track and I wish you the best of luck in making your decision!!

I got retired at 63 -- laid off from a job that had become pretty miserable thanks to a rotten manager (who was later fired). Since I lost my job when lots of people were losing jobs, the government had programs in place to help. My former employer kept my benefits going for several months and then I went on COBRA. I had a gap of about three months between the time COBRA ended and I could go on Medicare. On the advice of my financial advisor (fee only!), I collect half of my ex-husband's SS and will collect my full amount at age 70. That way my payment will be larger and I will collect more over my lifetime. As my planner says, if I die soon, I won't care. If I live I will be better off. I also contributed the maximum amount to my retirement plan at work, but did not start contributing until I was in my mid-40's. That had to do with my doofus ex-husband and when i finally was working full time and could afford it. Wish I could have started sooner. I do collect a pension. It is not a big amount per month, but I will collect until I die. Woo hoo.

As for lifestyle, at first I felt both shell shocked because it happened so suddenly and also like a bird left out of a cage. At first I was going off on day trips, gardening, catching up around the house, connecting with old friends, doing volunteer work. Still, I truly missed the feeling of contributing to something larger and the sense of purpose. I missed getting dressed for work and looking professional. I think preparing for how to spend your time is as important as your finances.

Yes, take classes on understanding Social Security, understanding Medicare, how to choose a Supplemental Insurance policy. There seems to be more available now that a few years ago as all the Boomers are retiring or close to it.

I only work part time but DH has worked for the same company for 25 years. He was getting burned out and started thinking about what to do about 2 years ago. Took him a while, but he finally sat down with the powers that be and proposed a semi-retirement. They were extremely generous -- he ended up taking 2+ months off last summer, and returned to work as a part-time consultant/advisor. He works 3 days a week, and keeps all of his FT benefits. He's 55 and will probably keep this schedule for about 5 years, I think, then fully retire. It's been an adjustment, but now that he's almost 6 months in, he's loving it.

I have been working with a financial advisor on the plan for years. DH bought a business a few years ago and has no plans to ever retire from it unless health or something else forces him to. I worked with the advisor on a plan for me to retire at 60. However I'll be 60 this year and have no interest in retiring. After spending 10 days off last year at our weekend/retirement home I couldn't wait to get back to work.

I like everything about my job including the things my income allows me to do. I get six weeks of vacation which is more than enough free time to do anything I want to do.

I have no defined benefit pension but according to the financial advisor I'm financially set to retire. I do have a retiree health plan that's excellent. It's expensive but with the way things have gone with the individual market I'm very happy to have it if needed. I think the amount of employer contribution increases if I work another three years so that's kind of my next possible retirement milestone. That is also when we're done paying for the business so a good time to reevaluate.

Right now I figure I'll retire when I no longer like my job, or the company no longer likes me or my health indicates it's time to call it quits.

I use a fee for service advisor - I pay an hourly rate. I make all my own trades based on her advice. I don't buy anything from her. She got the message after she tried to sell me some annuity.

I decided to skip the whole career thing and just go directly into retirement. :-)

As Joaniepoanie said......your financial advisor should get paid for his/her time and advice NOT for a product that is sold to you! I retired at age 55 and have been even busier than before! I have multiple volunteer jobs that keep me both physically and mentally active. We also have 3+ grandchildren that we try to see often.

As for finding a good professional financial advisor.....I married one. :)

We haven't used a financial planner. When we married back in 2002, we were both in substantial debt and began working the Dave Ramsey plan in earnest. We've stuck with that pretty well over the years, keeping debt minimal and maximizing savings.

DH will be 65 this year and I'll be 52. DH is retired military/federal civil service, but also had enough working years in the private sector to get a SS payment. We're drawing his SS and his two pensions. We elected the survivor's benefit for his pensions, which reduces the monthly draw a bit, but provides for 55% of each for me should he predecease me (likely with the age gap). The military retirement also carries with it the tremendous benefit of eligibility for Tricare health insurance. I'm sure Congress will continue to increase the costs of maintaining Tricare, but it will still always be more affordable than what's available in the private sector. At present we're both covered under Tricare and under my employer-based BCBS -- we seldom have copays/deductibles this way.

DH turns 65 this year, so I'll be able to take him off my employer's BCBS insurance as he migrates to Medicare plus Tricare for Life. I'll be eligible for this as well when I turn 65. We'll still pay a premium for Part B, but the Tricare for Life is a wraparound that covers Part D and most copays/coinsurance/deductibles.

I was a private sector employee until age 49, so contributed regularly to 401Ks at each employer, and have rolled those over to an IRA and Roth IRA at Vanguard as I've changed employers. I have primarily index funds with very low fees. I rebalance as needed. At 49 I became a state employee, therefore eligible for a defined-benefit pension. I'm five years away from the 8-year vesting date. If I quit then, I'll get a pension at age 65 of 20% of my high five (but that means no income for me from age 56-65 -- just DH's income). For every additional year I work after that, I get 2.5% more of my high five.

Our focus at present is on paying off the house. Having that payment gone will in large part determine when we're comfortable with me walking away from work and my paycheck. I think the sweet spot may be when I'm around 60. That will get me to a 30% pension at 65, and will have me working four years past the payoff of the house, which will allow us to bank the bulk of my income for that period.

But that's all about the numbers -- your question was also about what to DO when retired. That's something DH and I really have to work on. We've been so focused on the monetary goals that we haven't really talked about the intangibles. Travel? Motorcycles? Getting horses again? RV? We really have no idea. We did buy a business back in our old state that DH's son is managing. I use the term "business" loosely, as from all objective viewing angles it is really a hobby. It creates an income source for my stepson and three employees, but nothing really for us. It gives DH something to do, and I've acknowledged the purchase/start up as sunk costs, but I've been quietly pushing to unwind this thing before it gets back into costing-money mode.

I do know that I need to make time while still working to take some regular vacations with DH. His time is his own, so he regularly takes trips back to check on the business, or visit his uncle or his dad. But I've just taken on a new position at work with a lot more responsibility and find it difficult to get away. I also have a tendency to hoard leave time just like I hoard money -- what the heck am I saving it for? I need to make a concerted effort to do several long weekend-type trips in the coming years, lest we grow further apart.

I have always worked outside the home and am now planning on retiring either this year or next, but I have very conflicting feelings about it. I am 63 and really love my job, which has excellent benefits and allows me to carry the medical/dental insurance for DH and me. We have always meet quarterly with our financial advisers, with the goals changing throughout the years. First and foremost, our focus was on our plans for retirement and for funding college for three children. The goal was for DH to retire from a high pressure corporate job at 60 and to do some consulting for a couple of years. He did that and continued to do consulting right up until this year. He will still take on a job if it becomes available--but he doesn't "have" to. No pressure!

I think hitting our retirement goal and knowing we both could retire gave us a sense of comfort. However, who could have factored in the rising costs of health insurance? I'm basically working for that, however I do like the paycheck and the mental challenge my job provides. So, if I retire in June, we will have to pay out of pocket for insurance for me until I hit 65 and DH will have to buy supplemental insurance. If I work until I am 65 then we will both be on Medicare and will buy a high quality supplemental plan. In the meantime, I am still saving for retirement.

DH volunteers and keeps quite busy. I expect I'll do the same and am not worried about that. We have traveled throughout the years, but in retirement will be able to do longer trips.

I would find a good financial planner and make an appointment to interview him/her.

One thing to take into account when choosing a pension payout option is survivor benefits. If you're married, you should have an option to take a reduced benefit in exchange for the pension payments continuing until your spouse's death if you should predecease him. The reduction in benefits is based on actuarial tables based on your age and your spouse's age. If your spouse is a lot older, you won't have a big reduction, since it is unlikely they will outlive you, but if your spouse is 15 years younger, the reduction would be much larger. If you dig into the website for your pension, they should have all that info available.

NAPFA is the National Association of Personal Financial Advisors, which represents fee-only planners (charging hourly fee or % of assets under management, as opposed to commission-based). There are inherently fewer conflicts of interest with fee-only planning. For what you are asking about, I think a planner with an hourly fee, or who would do a retirement plan for a fixed fee, would be appropriate. One thing you can do to make the process work is to be very organized about your financial data--have recent statements for all your accounts, list of assets, income sources, expenses, etc.

http://findanadvisor.napfa.org/Home.aspx

I will note I am single, and while my brother is my primary beneficiary, if you have a spouse, things may change. My brother doesn't need to depend on my financial state and inheritance - indeed I think he makes about twice as much as I did! ((Don't let your brothers grow up to be cowboys... er, scientists...)) Everyone's situation will vary, so I really suggest a good financial adviser, and I'd find him or her at least five years before you plan to retire, so that you get a good feel for his abilities and his willingness or not to bring in risk factors unless appropriate. Which will vary depending on your situation. I lucked out - I am using my father's adviser, and he's been working with the family for a couple of decades. (This long is definitely NOT essential. But it helped.)

I'm eligible for my full pension in 2.5 years and given how my health is at times quite dicey, I'm thinking of retiring. I've asked for an estimate of monthly benefits works out to be almost what I take home now-however I'd be on the hook for health insurance. My DH is self-employed-he's got a small (compared to my pension) and my employer paid health insurance covers him also, with no out of pocket for the premium.

My plan to was wait to see how the ACA worked out for us, but now that that is completely out of the picture, I don't know when I'll retire. If they raise the minimum retirement age, and along with it the age for Medicare, I may have to work a lot longer than I planned.

For me, it all boils down to what it will cost for insurance. The plan is to sell the house and move to something much smaller when I retire, so there will be no mortgage and property taxes will be a lot less. We can comfortably live off the income, but not if insurance is going to take up 1/2 or more!

My DH has worked for our state for 12 years now. Roughly 10% of his gross is contributed to the pension (though that could be going higher if the governor gets her way). In 13-14 years from now, when he retires (at roughly age 56) his pension would pay him 80% of the average of his last 5 years salary. Sounds great. He should also receive health care when he retires (there is a fee for this out of his paycheck, too). That sounds great, too.

I have worked part time in order to care for the needs of our family and have no retirement benefits at this time and the best thing I can do in that regard is work down debt.

As I am looking into the future, DH's retirement sounds good. The pension fund is actually in pretty good shape. However, what concerns me is the trend I see of government trying to solve its financial problems on the back of its workers. Legally, I am not sure how much can be done with the retirement accounts but I am concerned. Even though he pays into the retirement health insurance, I think that could be taken away as well. I feel it is no longer safe to "count on" the promised benefits. I had hoped to quit my job and just focus on the family entirely but these concerns about the future have helped me to realize the need to get ourselves in a more secure position before taking that first step.

Thanks to all who shared their stories, goals, and plans. I greatly appreciate all of the info, and you've given me a great place to begin doing some indepth research. Each scenario is of course unique, but you've all got a really good handle on your future finances from the sound of it. This has been very helpful to me and I'll be coming back to this thread often to reread. Once I'm back on my computer (instead of phone) I may have some more questions as well. Thanks again for your willingness to share.

Tishtosh - I'm really hoping that 3.5% pension swap is dead in the water. But I'm sure your husband is dealing with the same issues I am -- cut, cut, and cut some more from the budget. I'm sure the gov prefers the pension swap to layoffs or furloughs, but that pension swap, once done, would be tough to ever unwind. Not to mention it pretty much erases the two small raises we've gotten over the last eight years.

Ida I'd find a good financial advisor for a one-time consultation. If you like him/her you can continue. I see my advisor 2 x a year. I really clicked with her and she's helped me a great deal over the years. It has made me feel much more secure as I get close to retirement: the peace of mind is worth the expense. She's also helped with things like major purchases (ie. house buying/selling), taxes, wills, etc. Keep in mind that there are also a number of retirement calculators online so you could, in theory, do it yourself: Firecalc and Fidelity are two that people like. Firecalc is especially enlightening.

Jakabedy: I am also hoping it does not come to pass. At least the last time they had a pension swap, it was for a limited time frame. It would definitely hurt tremendously, especially since the co-pay on non-generic prescription drugs went up 25%. The agencies are definitely feeling the budget burden with positions not being filled and still needing the same work accomplished. Government jobs have certainly lost some of their luster.

Sorry for not having read all that came before.

I've bored y'all several times with my story. My DH and I retired with children in elementary school, so our situation was very different. They kept us busy. I was very glad to dinners at home with them, go to their games, volunteer in their schools, and have lots of time for long, far flung vacations. I also liked having so much leisure time with my husband, and being parts of clubs and organizations.

But I could easily live another 40 years, according to this, and given family history.

https://www.johnhancockinsurance.com/life/life-expectancy-tool.aspx

I stopped working for one full year and then began working essentially 1-day a week (1 in the office, plus a few hours here and there at home). I would like to ramp it up a bit in the next few years, as the kids head to college and my youngest enters HS.

A few reason:s

1. I make very very conservative assumptions about inflation and my investment returns. When I first started planning my retirement on an Excel spreadsheet, my broker and accountant thought i was crazy. Then we saw interest rates plummet, and stock values plummet. Thank God I didn't listen to conventional wisdom

2. Who knows how policies may change. Can I count on social security? Pensions go belly up, too. What might happen to Medicare?

3. Working keeps you young, vibrant, and gets you out of your social demographic bubble.

So, I advise anyone who is looking at retirement not to do it without finding someway to keep a part time or consultant role. New careers are even better if one has the gumption!

I haven't had time to read all the recent posts.

About a financial planner. I was totally clueless. I had a 401/457K account through work and not a good idea of how to distribute my money among the various funds.

My husband and I had a savings account at the local credit union. When he died (4 years before I retired), I walked in with his life insurance payout to deposit it into said savings account. The teller asked me if I'd like to speak to one of their financial planners. I asked, how much? They said, it's free to members.

The financial planner and I hit it off immediately. She had also lost her first husband and we connected emotionally. That was over 12 years ago. We still meet twice a year, unless something else comes up that needs my input and/or decision. She gets that I'm averse to a lot of risk (hardly any) and so we have charted a modest, diversified course. It has gone well for me. If anything is not performing to her satisfaction, we regroup and change course again. I trust her implicitly.

I knew zero about investing and had no one at home to bounce things off. I'm just a widow on a pension, but my local credit union has helped me immensely manage and grow the resources I have.

Linelle that is a great story, how you found someone to help you. Glad to hear that worked out so well for you.

Both my husbands and my retirement was so poorly thought out I will not share the details. Two things I can strongly suggest is to get out of debt. If there is no reason to stay in the big house with the big mortgage then get out as soon as possible. It will save you a ton of money. The other thing is to not retire without insurance. I'm about to turn 71 and although we and our friends were healthy and strong ten years ago, and even five years ago, we are now falling like flies to every imaginable ailment. I was told at about the age of sixty that if there was anything I wanted to do such as travel, etc., that I should do it now while I was relatively young. That has certainly proven true for me and my friends of the same age.

Our present financial planner used to work with the credit union my grandparents used (I also have had an account there since a child as dad belonged). My grandfather really liked and trusted him and we were growing unhappy with the 2nd or 3rd planner we had been working with. We switched over to him and several years ago he went out on his own. He has advised us very well. My husband has worked for smaller independent companies and does not have a pension, So investments were really important. In addition to pension and insurance through my company, I have an 401K that the company adds to. We've been more aggressive with my investments. With my husband's, we've played it safer. I can't imagine doing this on our own.

"Working keeps you young, vibrant, and gets you out of your social demographic bubble." For some, but for others there are other options that will do the same.

Sue, I was allowed to do similar as your husband. When I went part-time, I was offered a position and enough hours to let me still receive full-time benefits. That has been great! But I'm feeling the need for a change and IF I decide to work a couple of days a week, it's going to be something new and different!

A great resource:

Work Less, Live More: The Way to Semi-Retirement by Robert Clyatt.

Your local library may have a copy. My local library has so many amazing books and services, especially things that I can put onto my iPad. If you haven't been to your library in a while you may need to check in there.

We are in our mid-fifties so retirement is definitely on our radar. DH will have a pension, and we opted for the survivor's benefit also. In recent months, we have consolidated all of our various IRAs and 401ks to simplify our life and also our children's when we are gone.

We both have advanced finance degrees, so have never felt the need for a financial planner. We use Excel spreadsheets! If I did go to a planner, I would go to a fee-only CFP. You can look on their website for planners in your area. If your company is big enough, there is probably someone in HR/Benefits that can counsel you on the various pension options.

In my experience of watching my parents and in laws age, medical costs are definitely a concern in later life. My mom has a long term care policy, which is now paying most of the cost of her assisted living, but the policies are pretty expensive and don't cover as much as the one she bought years ago. It is suggested that those policies be bought before age 60. My dad couldn't get one since he had a heart attack before he turned 50. If you have an opportunity to get one through your employer, do it. My brother works for a huge company and the cost of his LTC premium is really low since his company subsidizes it. The logistics of a LTC policy also depend on your net worth. High net worth individuals are generally better off funding their own late in life care.

Just throwing this in, a friend a work who was in her mid-60's & was winding down to retire(hubby too) over the next few yrs,; while she and hubby still had their salaries, bought a new van, appliances--stove, refrigerate, DW, washer/dryer, TV's, etc figuring they probably wouldn't have to replace them until ______________

They also took care of hse painting/maintenance issues.

We plan on an early retirement (and DH is obsessed with it). Our FP came via our brokerage, but is essentially an independent counselor. It is separate activity from the investment side. Health care is a big variable, as is the long term viability of certain entitlement programs. DH had them run a worst case scenario on various economic and political changes, to see where we would land. (Oh per the above, we've built in a budget for periodic remodeling and replacement. But I think I have a great excuse for my next remodel, based on @chijim's post)

It's tough to also think what are you going to do for 40 years. A second career, perhaps in a more creative field or in volunteer work. A former colleague now works for a non-profit in improving education in underprivileged neighborhoods.

So, I advise anyone who is looking at retirement not to do it without
finding someway to keep a part time or consultant role. New careers are
even better if one has the gumption!

Greatest advice ever given!

We both did that in 2014. We're 66 and have consultant contracts through age 70.

Life is good when you have a purpose - every morning.

Running - I so agree with you! I know there are many who need/want to continue with their career, but my hubby and I are right there with you. While I do think my husband will keep a few clients for at least a while, we both very much look forward to retiring and doing what we want. We are both active people with various interests (and these are very fulfilling). For me personally, I have other things to fulfill me vs my job. Everyone is different!

Two things I will add to this discussion. One, I think it is very important to get a handle on your finances, come up with a plan, and you can educate yourself a lot without paying someone to do it. Thank G-d for state sponsored libraries! And places like this. Two, I looked into long term care insurance. The time to get it inexpensively is when you are in your 30's, and the price goes up pretty steeply as you age. So cant really think about it when you are approaching retirement. I looked into it but could not afford it so I'm hedging my bets on my genes. I am single without children, so my biggest worry is not retirement, it is how will I take care of myself once I become very infirm and if my mind goes. Who can I trust not to take advantage of me? I've known a fair share of single, childless women who did OK, they just went into nursing homes that they pretty much picked out for themselves, often starting out with apartments in assisted living. But they all more or less kept their marbles until the end. My extended family has done pretty well brain wise, but I know a few people who had some kind of serious health problem in old age that impaired their memories, not Alzheimers. One friend lost it when she went under anesthesia. I guess this is not retirement, but it is the largest aspect I worry about. As for what to do, I am thinking I am going to have to work almost as long as I am able and can stay employed, from a financial perspective. Sadly, SO is going to have to keep going at his physical work job until his body gives out. That won't leave many options for retirement. He may have to sit out the rest in a rocker!

I'm also single and bought long term care insurance when I was 55. It is about 2500/year, which for me (like all insurance) represents some peace of mind. LTC is a can of worms, however; I think I'm at the place where I could self-insure but that comes with its own huge risk in that future costs are so uncertain, and rapidly rising. So I keep paying it.

My plan at about 65 is to put myself on the waiting list of two very attractive senior facilities in my area that have degrees of care, depending on health needs. For both the waiting list is about 8-10 years right now.

I'm also one that really benefits from a financial advisor--of course not every one does. I'd recommend the Bogleheads forum and the Early Retirement forum. I've learned a ton from both sites over the years.

My story--DH and I left education after 30+ years. I was afraid to "just stay at home" so went to work for a city government. It became a very high stress job with a tremendous work load as another employee retired and her position was divided to remaining employees. I lasted two years. I went back to education as a substitute. It is wonderful!! DH now working in the golf industry and plays golf almost daily. He is happy-happy-happy. We had always saved into a 403b. Each yearly raise after kids left home went into 403b. Our former employer paid most of our health insurance, now we pay ourselves. I worked 5 extra years beyond the minimum to retire. Glad I did because it did increase my monthly pension, especially as these were my highest salary years. We downsized our home to a one story with a smaller yard. Both of us have the freedom to work if we choose. It is important to do something. I believe if you just retire you become stagnant.

Running,

Just to assure you, we're not killing ourselves by keeping clients. We work from home about 10 hours per month each and earn over $5,000 extra, all taxable of course. We're very happy that we have those faithful clients to build our super-retirement fund until age 70 when we call it total quits.

Just some additional consideration when working with a financial advisor.

http://www.businessinsider.com/trump-executive-order-on-fiduciary-rule-main-street-retirement-money-2017-2

Jen, sometimes things change when you least expect them, and thank goodness for a retirement plan! DH and I started getting things pulled together a bit later than most couples, he was 62, and *talked* about retiring at 70, and I was 61~that was 14 years ago. DH was forced into retirement at 69, when it was discovered he had bile duct cancer, with a very poor survival rate. He passed away 7 months after the diagnosis. Being an auditor/accountant he was quite a planner and had a pension plan already in place, and had started taking SS when he got the diagnosis. I had started taking mine at 62, when the business I was working at went bellyup. We also put together a porfolio since he had many stock options with his company, as well as stocks gifted by his grandmother. We added bonds and a few other options, as well as a 401K, which is now part of an IRA. When he passed away he had several life insurance policies, and I decided to purchase 3 annuities which are 'adding up quickly' as I only started taking RMD's last year. Considering your relatively young age, an annuity might work for you. In all honesty, my 'lifestyle', which I don't consider high end, the SS/pension is quite enough, and the RMD's go into a separate savings account. I never understood DH when he talked about 'saving for retirement', but thank goodness he was a *thinking* man!

I get way too many emails with re:to retirement/savings, and thought this might be of interest to you. You're a very smart young woman for thinking of what could be *your* future. Best of luck, Jen!

http://www.frugalrules.com/betterment-review-investing-option/

Patty, weren't you and your husband divorced many years before his death? It's great that he was willing to continue to partner with you financially but I seem to recall you posting that you were divorced well before he died. You mentioned taking money from your joint account when you left him, actually. Or am I mis-remembering?

I was a STAH mother until my daughter was 13, and then I went back to work part time in retailing. I worked 3 days a week and got some pretty decent benefits. Then the company fell on hard times, and they wanted me to work 3 hrs a day, 7 days a week. NOT going to happen - a full-time commitment with no benefits and pay that while well above minimum wage, was not great. I quit and never worked again other than my decorating business which has always been part time. I now do very little of that - really only family and very close friends - too big a hassle these days and I'm old.

My husband had intended to retire at 65 but he was diagnosed with prostate cancer at 62 and died when he was 64 and a few months. I'm lucky that he had three pensions; SS, Navy (active and reserve duty for 20 years), Maine teacher's pension, and one from TIAA CREF. There is also some trust income. I'm far from wealthy, but I'm reasonably comfortable if I watch where I spend my money.

The greatest thing he did for me was stay in the Navy for 20 years! Tricare for Life is free as are many of my drugs if I drive to Ft Knox. That's HUGE!!

If it weren't for the trust income, I would not have been able to stay in my house. The mortgage wasn't large, but the upkeep on a house built in 1948 is significant and the taxes keep going up.

I was also lucky that I was totally aware of our finances - I was never the "I let Harry take care of those things" kind of wife. That makes an enormous difference!

No longterm care insurance - I'm living in that!

I retired at age 60. That was seven years ago and I have loved it. I had always hoped to retire at age 60. In the early 90's, I re-financed my house with a 15 year mortgage so that it would be paid up before I turned 60. It was paid up about 6 months before I retired. Also, in the early 90's, I took an investment course and started investing in mutual funds. I was very fortunate in that my company offered an early retirement incentive right at the time I was planning to retire. That added 3 years of service to my pension. I am very fortunate that I have 2 pensions as well as Social Security. I do not pay anything for retiree health insurance. I have a Long-Term Care Insurance policy that costs me about $1400 a year. I have never regretted retiring. I wanted my own free time and had become very resentful of not having enough free time. I have never been bored and I don't understand the concept of people being bored in retirement or wanting to work after retiring. After I retired, my company asked me if I would consider coming back part-time. I told them "No". Honestly, I do not understand that concept. I retired because I do not want to work. I should add that I had a "career", carried the Coach briefcase, travelled for work, etc. along with the stress that went along with it. I just like having my own free time. Also, that I financially planned for it and tracked all of my expenses for 5 years before I retired.

Lucy, your story and feelings are very reassuring!!! Nice to know I'm not the only career woman who looks forward to just doing whatever I damn well want to do upon retirement ;).

Anglo, what a life blow you had to deal with! I'm sorry for your early loss of your partner although your experience exemplifies why it is so important for women to be aware of their financial situations regardless of what alphabet soup is attached to our identities--WOH, SAH etc.

I haven't read all the stories above, and my (and DH's) story may be quite different from many. We both retired fairly early from our Civil Service careers and have a for-life income from the Government which is good. He also has income from his military retirement, which also provides Tricare health benefits in addition to Medicare which we now have. I also have Blue Cross that I kept as a Federal Retiree (I can suspend that at any time), so I pay nearly nothing for any health care or prescriptions. After we retired from the Government, we both went back to work as Government contractors. DH left that several years ago and I am about to retire this summer.

Upon retiring from the Government we hired a financial planner and consolidated most of our retirement savings, which has benefitted us financially tremendously. We have been able to put aside some for our grandkids in trust accounts which they will be able to use for college and tax shelter some for us as well. We meet with him at least twice a year or more and stay on top of our investments.

As far as where and how to find one you trust, ask around. Look at ratings of the firms that do best by their client base and use that info too. Friends and co-workers you see doing well are a good starting point. Even a boss or higher-up in your company you trust or an attorney you have confidence in can possibly advise you. Our financial planner also sent us to a great attorney we used who specialized in estate planning (new wills, advance directives, etc).