Retirement??

[MMW]

Just kind of thinking out loud here.

Anybody on here retire from welding? (or any hard working career) As I get closer to when I planned on retiring I realize I am going to have trouble mentally walking away from working. It's still a couple years away but starting to plan for it. I have plenty of my own projects to keep me busy for a long time so that won't be an issue. I always thought of just scaling back to part time but the problem I see now is I work for myself and have a lot of long time customers who count on me. How do you pick and choose who you still do work for? Any bad customers I send packing right away so nobody I can just get rid of.

The other issue is the mental part of not having a paycheck coming in. I wouldn't be thinking about retiring if I didn't think I had enough money to do it but I keep thinking about not having that steady money coming in and being able to bank it. Now I would just be living off investments which is kind of scary.

So I guess my problem is mentally how to deal with slowing down and taking it easy?

[Noel]

Well sunshine...Your asking some tough questions?

"

Anybody on here retire from welding?"

I did and I wish. I don't know anyone who was in the welding game who actually leaves it. Sure...some end up eating dirt with a massive tool sale, but most it seems never go far away from what that hard work bought them? They need it for those projects they've dreamed about finishing one day?

"

As I get closer to when I planned on retiring I realize I am going to have trouble mentally walking away from working. It's still a couple years away but starting to plan for it."

Look at the bright side, you got options. Frankly...I'd talk to a professional about it. Seriously, it messes with your head. Your brain says 43 your body says 60, you look in the mirror and see old and tired and you know your now spending the pot of gold you squirreled away all these years. It's goes fast let me tell you.

"

I have plenty of my own projects to keep me busy for a long time so that won't be an issue."

No it won't. Wanting to do them will. That crap wears thin after a while. When your done cutting the same grass, raking the same leaves, shovelling the same snow you'll have plenty of time for unfinished projects or to start new ones. Just spend that money.
Now your doing these things why? Because you what, have more free time?
I'm not sure what to say about my retired friends? They all got nice remodeled houses, well kept lawns, and lead really boring lives of comfort, or they are surviving on limited incomes hoping the money lasts long enough that they don't die homeless. I'm in the latter but I'm one man one income.

Sure...you can down size. Sell it all, find a condo and watch sports all day if you want, but even that wears thin. Might be time to get a dog? Another distraction but a mouth to feed, and if you like to walk, could be a good reason to get some exercise or a distraction with a purpose.
Every day is a Saturday? You do what you want when you want and who's to say right or wrong?
Retirement...start looking at it and thinking Is this what it's about? Will I have a purpose to exist with out a job?

"I always thought of just scaling back to part time but the problem I see now is I work for myself and have a lot of long time customers who count on me. How do you pick and choose who you still do work for? Any bad customers I send packing right away so nobody I can just get rid of. "

One thing for sure, when I left the self employed game there was someone else who picked up the slack. Scale back and keep a few clients? A little work is good for the social benefits it provides, It could be your purpose? I know a few who go back to work just to get away from the home life? Sell the business and do a transition with the new owners? Expand and change hats? You have options and you'll figure it out as the time draws closer?

"The other issue is the mental part of not having a paycheck coming in. I wouldn't be thinking about retiring if I didn't think I had enough money to do it but I keep thinking about not having that steady money coming in and being able to bank it. Now I would just be living off investments which is kind of scary."

Truth is the pay check is missed unless your filthy rich. If your filthy rich... your hobby is making money not fixing fences or build car projects to fill the day. Which I might mention, it what work offered... a way to fill the day, make money, and dream of one day spending it doing nothing, when you start thinking limited income, it cost a lot to live in the real world and prices don't go down it seems when tomorrows generation is expected to pay for it?

That mental thing...I'm telling you talk to some one. Just think, you will soon be like all those who don't work? Stand about all day not a care in the world right? Actually, it's harder then it looks. It's called grinding for a reason.
Sure, your retired...But really, your a bum with money... till it runs out then your just a bum? And grinding.

While it's got it moments of yea lets go fishing, or afternoon beers, not doing much sure I'll help you move in the middle of the night? It's different for everyone and will take some adjusting to the lifestyle of what you can afford or healthy enough to do, willing to try or experience.

"So I guess my problem is mentally how to deal with slowing down and taking it easy? "

Guess you have a choice to make. Fear and loathing or puttering the days away on the things you think you enjoy doing? If you got the money, always something to do or spend it on. On the cheap, volunteer, mentor, save sea turtles?
Your acknowledging your life and the path it's lead you down. Good or bad, it's a change in life. Call it grieving. Loss, change, and moving forward. One door closes another opens. Go left. go right, or stay the same? Growth is about change. And your void will be filled.

I got a few things done today, coffee with the neighbor, bit of grass cutting, pulled some weeds, transplanted strawberries, fed the 4 gold fish in the rain barrel. Went out for a burger and feeling a bit tired had a nap.
Didn't once think, boy I wish I had to be up at 6am to go to work tomorrow like my neighbor? Took about a year and a half for that to change, not the going to work, waking at that hour. But it did. Now I'm a constant 7:45 start.

Yes, retirement is a scary thing. One thing for sure, staying active, staying healthy is the key to living long enough to spending the pot of gold. Shoot for that and the rest will mange well enough on it's own.

[aametalmaster]

7 years ago I walked from a $150,000 a year job because I couldn't do what I wanted. I got a normal job in a shop. I did miss the money but not the 7 days a week. I bought a few more machines for my little machine shop to keep me happier. Now I just downsized again. I am almost 60 and moved to my grandmothers 1000 acre farm. I am just keeping 2 welders and 1 lathe. The rest is going. I am sure I will find something to tinker with...Bob

[FusionKing]

I think about this a great deal.
I always acted like I would live forever. All my friends were conservative and saved and skimped. I spent it all and made it back. As I grew older and lost my tail a few times, I got smarter. My shop IS my retirement. My son left his job building powerplants and threw in with me. We Brainstorm everything.
At the present we have a large Morton building that is sectioned off between living quarters and welding shop. I am sitting in my little office between my bedroom and my shop typing this.
It is all one level and handicap approved.
My Grandsons are now beginning to weld for us. I have no idea if that will last but it can't hurt them.
As we grow, I have had to "change hats" a bit and bid jobs and sell more. Unless something requires my unique voodoo.
My wife will retire soon and it is more scary than I would like. They will carry me out of this place more than likely....hopefully with some fresh scars from the shop.

[griff01]

I've been retired for 2 1/2 years. I've never looked back!
I still do small jobs. Mostly stainless or aluminum. Emphasis on small.

Griff

[MasterKwan]

Do you want to retire? If you enjoy what you're doing, keep doing it till you can't anymore. If you don't enjoy it, I'd consider retiring. Any existing customers should understand that it's just that time. My financial adviser just retired and handed me off to the son of the company founder. I have no complaints so far but it was a bit jarring. If I did what he did, I'd want to retire too.

I share your worries about the stock market. It's a rigged game and the only people who always win are the insiders. I have another 5 years till I might consider retiring too. I've managed to pay everything down in order to reduce my "burn rate" to the very minimum. I can live well on not that much. Not that I want to, but just in case '08 rolls around again and it gets a bit lean for a couple years. My #1 biggest expense is health insurance and it's going up every year.

My brother in law was a successful salesman for a big company and always made good money, has a decent retirement account. He's probably 67. He gets jobs driving shuttle buses just because he wants to be out of the house 4 hours a day. He doesn't need the money.

[MMW]

Thanks for the responses. As far as the question "Do you want to retire". Not really because I really enjoy what I do most of the time. My body is telling me that I can't do this much longer though. I do mostly repairs on farm/construction equipment so crawling around, up and down I really feel it now and also working out in the cold winter takes it's toll. I also want to make more time to do things I keep putting off now because work is always calling.

There is no magic answer. I know I need to find a way to scale back my work and maybe go in a different direction that is easier on my body. At this point I think it is completely mental as to why I keep doing what I do. Maybe Noel is right that it would help to see a professional. For now I'll just keep plugging along while I contemplate how to do this. I always thought that one day I'll wake up and say I'm done but if I wait for that day it may never come or I will be forced to because physically I can't do it anymore which I don't want to wait for that. Now I understand why athletes keep going after their prime, they don't know how to stop.

[aametalmaster]

I just want to weld aluminum wheels and fix sewing machines. I will be happy...Bob

[MasterKwan]

My body is telling me that I can't do this much longer though.

It's pretty clear then that a change is inevitable. Maybe it's time to buy a rusty car you admire and use your retirement and skills to re-build it? Retirement should be a time where you get to finally do the stuff you want to do.

[old jupiter]

Noel, you just offered MMW a whole lot of food for thought, as did everyone else here, but then you said, "Talk to someone." Who should he talk to? Some shrink who naturally is a white-collar guy who has had his head in a book most of his life and has never had dirt under his nails, and has no personal knowledge about or frame of reference for what a professional welder/businessman does?? I'd say MMW can get more good feedback from people like himself, people here, people like you, people who can personally relate to MMW and his situation form their own life experience

In reference to something Kwan said, I read a similar opinion somewhere stating that retirement is a concept with more meaning to wage-slaves who don't really like their work. This can apply to anybody at times, but generally for a SKILLED tradesperson who is a master of his craft, the work he does is a central part of his self-identification, And THAT is not something from which he would ever want to fully retire. Scale back? Certainly. You refer customers to some younger professional who does good work; tell 'em a few times and they will understand. Then you quietly do what you want for whom you want. Of course it's not that easy. LIFE is NEVER simple (which is one of the illusions of the word,"retirement"). If blue-collar work teaches anything, it demonstrates on a daily basis that while lots of tasks are simple in concept, and sound easy and quick, somehow they nearly always take twice the effort you expected, with endless hidden surprises. But that's life, and that's retirement. We only really retire when we croak.

[tarry99]

Retirement is a state of mind............everyone needs something to do. While being a self employed Business owner most of my life , I also consulted at the very same time in a parallel field for the past 35 years at two different non competing firms .......in 2011 I finally pulled the pin on the consulting employment......and was immediately faced with for the first time in over 3 decades with having to buy my own daily driver ,give up my fuel & credit cards and buy my own phone!!.....Humm...didn't bother me a bit!.....as I was ready for change and looked forward to getting back in the shop at home and play with my toys. I still own and run my original business to this day...........and why you say? Cause I can do it in my sleep......or with a Sat-phone from anywhere......

The key to retirement is to hopefully develop at least a few sources of long term income during your working years.........I did so in Property and when I'm done with it the kids can ride that horse.

[Noel]

-"Noel, you just offered MMW a whole lot of food for thought, as did everyone else here, but then you said, "Talk to someone." Who should he talk to? Some shrink who naturally is a white-collar guy who has had his head in a book most of his life and has never had dirt under his nails, and has no personal knowledge about or frame of reference for what a professional welder/businessman does?? I'd say MMW can get more good feedback from people like himself, people here, people like you, people who can personally relate to MMW and his situation form their own life experience"

One thing that's going to come out of this for our friend is he's going to see he's not alone with those demons.

I did say talk to some one. Question is who and why?

You might talk to your Doctor and Dentist to check on your physical health going into retirement? Maybe a Lawyer to ease the transition out of business and it's liabilities? Estate and will planning? Accountant to wrap up and balance the books? A financial planner to plot a direction on how to make it last?
I'm not saying like minded people in the same boat don't have something to offer as well of the experience, just will it be relevant or as helpful for answers to the questions retirement brings?
Misery loves company comes to mind?

So yes,, maybe talk to a therapist. A mental health check up. The one in the group paid to listen to what you have to say, who tells you what they hear, and working with you, assistance in understanding why those fears bother you or cause you worry?

Talking to you and I works but it has it's limits. We all have advice to give, solutions to offer... let the forum be your guide to that?
We pony up a response to end the uncomfortableness of the situation, as to what we'd do, or they should be doing different? Then we move on thinking we've done the job proud?

No, we don't listen well enough to be of much help because in our attempts to be helpful, offering advice and solutions that may or may not be relevant under the circumstances presented, or matching our situations, we've stop listening to what the other party needs or wants from us, an outlet to express these fears that's non judgemental.

If you keep an open mind, most therapists, councillors, shrinks, are you and me. Good days, bad days, and rife with their own problems and issues. Some worthy of the time and some do more harm then good. Not all relationships are good relationships.

Doctors, dentists, lawyers, teachers, priests and welders. Not all professionals are top of the class even with a degree, a warm smile and a firm hand shake?
If anything came from my time in a chair talking it was that understanding.

Sure, talk to your wife, brother, mother, father, friends or a random stranger and you'll usually get advice on fixing a problem that starts with, if it was me? Or you should do this? A couple of I told you so's and problem solved good to go?

It's not always that easy to discover what causes us to fear things? Running out of money? Health issues? Death? Loneliness? The news of the day?

What's rare is for those who try to help to take the time to just listen and hear you out? It's uncomfortable.
What do you say to the man crying because he can't pay the bills? Can fill the car with gas to make the doctors appointment? Pay for the prescription because the pension check hasn't arrived?
So we try to fix what we see as a problem or broken causing the problem, as quickly as we can, hence the phrase talk is cheap. Seems it's listening that costs money who would have guessed?

I should mention, most think those toll free lines for mental health are only for those thinking of a Smith & Wesson moment. Far from it. They are there to let you know your not alone when something is bothering you and someone is there to listen as you explain what it is. Big or small.

Anyways...when it comes to retirement, it's different for all of us. I'm repeating myself but I do think if it's bothering you, talking to someone about it is a good first step.

[FusionKing]

-"Noel, you just offered MMW a whole lot of food for thought, as did everyone else here, but then you said, "Talk to someone." Who should he talk to? Some shrink who naturally is a white-collar guy who has had his head in a book most of his life and has never had dirt under his nails, and has no personal knowledge about or frame of reference for what a professional welder/businessman does?? I'd say MMW can get more good feedback from people like himself, people here, people like you, people who can personally relate to MMW and his situation form their own life experience"

One thing that's going to come out of this for our friend is he's going to see he's not alone with those demons.

I did say talk to some one. Question is who and why?

You might talk to your Doctor and Dentist to check on your physical health going into retirement? Maybe a Lawyer to ease the transition out of business and it's liabilities? Estate and will planning? Accountant to wrap up and balance the books? A financial planner to plot a direction on how to make it last?
I'm not saying like minded people in the same boat don't have something to offer as well of the experience, just will it be relevant or as helpful for answers to the questions retirement brings?
Misery loves company comes to mind?

So yes,, maybe talk to a therapist. A mental health check up. The one in the group paid to listen to what you have to say, who tells you what they hear, and working with you, assistance in understanding why those fears bother you or cause you worry?

Talking to you and I works but it has it's limits. We all have advice to give, solutions to offer... let the forum be your guide to that?
We pony up a response to end the uncomfortableness of the situation, as to what we'd do, or they should be doing different? Then we move on thinking we've done the job proud?

No, we don't listen well enough to be of much help because in our attempts to be helpful, offering advice and solutions that may or may not be relevant under the circumstances presented, or matching our situations, we've stop listening to what the other party needs or wants from us, an outlet to express these fears that's non judgemental.

If you keep an open mind, most therapists, councillors, shrinks, are you and me. Good days, bad days, and rife with their own problems and issues. Some worthy of the time and some do more harm then good. Not all relationships are good relationships.

Doctors, dentists, lawyers, teachers, priests and welders. Not all professionals are top of the class even with a degree, a warm smile and a firm hand shake?
If anything came from my time in a chair talking it was that understanding.

Sure, talk to your wife, brother, mother, father, friends or a random stranger and you'll usually get advice on fixing a problem that starts with, if it was me? Or you should do this? A couple of I told you so's and problem solved good to go?

It's not always that easy to discover what causes us to fear things? Running out of money? Health issues? Death? Loneliness? The news of the day?

What's rare is for those who try to help to take the time to just listen and hear you out? It's uncomfortable.
What do you say to the man crying because he can't pay the bills? Can fill the car with gas to make the doctors appointment? Pay for the prescription because the pension check hasn't arrived?
So we try to fix what we see as a problem or broken causing the problem, as quickly as we can, hence the phrase talk is cheap. Seems it's listening that costs money who would have guessed?

I should mention, most think those toll free lines for mental health are only for those thinking of a Smith & Wesson moment. Far from it. They are there to let you know your not alone when something is bothering you and someone is there to listen as you explain what it is. Big or small.

Anyways...when it comes to retirement, it's different for all of us. I'm repeating myself but I do think if it's bothering you, talking to someone about it is a good first step.

I agree

[old jupiter]

My short experience with a couple of those mental health professionals was to come away with the opinion that what they have is a license to guess. Utter waste of time. But maybe others have better luck with that stuff. Now, when you talk about financial counselors, some of them are very good.

Come back, MMW, tell us more.

[MMW]

From old jupiter "Come back, MMW, tell us more."

What more do you want to know? Should I lay on the couch to have my mind dissected?

Not really up to talking to a shrink at this point. I still have a while to work through things.

I asked here first because sometimes like minded people have experience. Who better to get advice from than somebody who has actually retried from the same field or at least a blue collar field? Should I ask a professional therapist person, they haven't retired yet so maybe they only have book smarts? Not discounting them, just not to that point yet.