I can tell you that this topic really concerns me. I don't trust that social security will still be there in +25 years or atleast it will not look like it does today. I also do not trust companies/local gov't holding peoples retirements funds in pensions and like kind investment vehicles. I have seen and heard to many horror stories over the last 5 years of people being burned. I am self employed and believe I am on my own when it comes to retirement. I still have a ways to go and want to be able to enjoy playing with grand kids and going fishing/hunting when possible.
I can tell you that this topic really concerns me. I don't trust that social security will still be there in +25 years or atleast it will not look like it does today. I also do not trust companies/local gov't holding peoples retirements funds in pensions and like kind investment vehicles. I have seen and heard to many horror stories over the last 5 years of people being burned. I am self employed and believe I am on my own when it comes to retirement. I still have a ways to go and want to be able to enjoy playing with grand kids and going fishing/hunting when possible.
My distrust of government and corporations is very high also. I contribute enough in my regular 401(k) to get the full company match and that's it. The rest goes into a Roth and you can bet your arse Obama and his goons are trying to figure a way to tax Roths even more. I agree SS will be drastically downscaled if still here at all.
My parents retired when they were in their late 60's and are in their mid 70's now.
After retiring they spent a lot their time volunteering at the local school, hospital, church and attending local college to learn about European history and arts. They ride their bicycle for 5-7 miles each morning and walk 2-3 miles each evening. They travel to New England in the fall, to West coast in the spring and go overseas in the summer. They are is also writing a book about my grandfather's travel through India and Burma in 1930's. My father worked part time as a greeter at Walmart for couple months but it interfered with his volunteer schedule at grandchild's school so he stopped that. Everyday they get up at 5:00AM and ends around 9:00PM.
As they put it, they never would have retired if they knew how busy their life would be after retiring.
They have to keep busy to stay healthy and to keep their mind sharp. Worse thing would be to just stay home and watch TV all day.
I retired 1 year ago at 55 years old after working 33 years in the banking business. For the past 12 months it has been a steady flow of chores I neglected over that 33 years. The problem was I did the chores with a vengance and ran out of projects. I started a very small black bear outfittting business (www.blackbearoutfitters.ca or Canadian Black Bear Outfitters on facebook) in the fall of last year which kept me very busy baiting sites and everything else which goes along with guiding. This was for 2 months of the year August 15th-September 20th, then deer season in November, then, when the ice came in late December started smelting till about February, then April to trout season and now the long wait till black bear season again. The problem is only 2 of my buddies (65 years old+) are retired and they can't go all the time which I would do if given the chance. As well, I purchased a new side by side, had a contractor build a garage, purchased a bunch of power tools, and have a camp which keep me fairly busy. If I had to stay at home 24/7 I would go absolutely crazy. My wife works part time which is also a godsend as after working for 33 years and being married for 32 years we would drive each other crazy if she stayed at home.
In a nut shell, when you retire it's important to remember to take your time doing chores as you don't really have a deadline for most stuff and you have to have hobbies, be it hunting, fishing, farming, wood work, etc. or you will go stark raving mad.
Triple Creek Reaper, pandaxmx, treefarmer, kc45, and deutze all have great advice and insight as well. You're only young but it's great you are starting to think about your retirement options. Good luck and hope everything works out for ya.
