Can I retire yet?

I work at a research institute associated at a medical school. Pay was about 25% lower than base pay when I left pharma but with pension, I didn't need to cut back. Still use the medical knowledge I gained while in pharma but none of the red-tape, pressure, stress. I deid have to move however which was tough on family. I know how you feel; good luck.

 

My question to all of you is why would you want to retire? I mean, working for Merck

is an incredibly rewarding experience, and conveying much needed drug information

to clinicians and payors, is a mission unto itself.


Why so anxious to retire everyone? Being a drug rep at Merck is a calling...


Ok now...Be well!

 

I don't want to work for Merck. I 'm just trying to get ideas of where to retire to?

Anyone near Denver? Thoughts?

 

#462: I think the question is: why wouldn't you? New car continually, better $ great benefits. All of this very difficult to duplicate in other industries. Pharma companies are #2 next to oil companies for benefits.

 

It’s an easy job. All you have to do is placate an idiot manager. Just tell them whatever crap they want to hear. The job is dumb as fu#$.
I make over 100K a year, car, good benefits and eat free. All I do is tell that lame bitch manager (coach—whatever she wants to be called) what she wants to hear.
I make 1/2 calls a day and fake the rest. Relax.

 

For those that have recently retired early (pre 62), what type of annual spend do you plan on...including taxes and health insurance if no retiree subsidy? My wife and I are just about ready to pull the plug and have been tracking our spending for the previous 7 years. We will not receive retiree health insurance and won't be Medicare eligible for another 8 years.

I know where you live has an awful lot to do with annual budgets, but I'm just curious where other recent retirees fall in terms of an annual spend. We live a nice life, have no debt, but don't go to Europe twice a year either. I guess I would call it a comfortable lifestyle, but certainly not excessive. We are active outdoors, like to travel regionally and do go to Europe every 3 years. We are planning to spend $90,000/year adjusted for inflation including taxes. Would appreciate hearing from others out there!

 

I had your same attitude when I was at Merck...thought I had it made and come to find out
later, I was in total denial...You're not cheating Merck with your dumb, fake pharma "sales"
job. Ultimately, you are cheating yourself.

You'll find out what I am talking about when your "career" at Merck ends - and it will
end...You will find yourself up a creek and shI&ts gonna get real pretty fast...

Seriously, enjoy the fun and the paycheck now...It is gonna suck when it's over.

 

You appear to be where we are. We are 58, have no debt, live in the Midwest and have over 4 M saved. I may quit at 59.5 but am not sure what I'd do after that. The money is so good, but the hassle of this job is so high. It's not hard, it's just a huge pain. The job was fun 20 years ago. Now it's checking boxes, being a caterer, getting little time, not being valued and metrics out the wazoo. We are trying to decide where to retire to. I hate humidity and cold. I don't like Florida, and CA is too expensive. I think 90K is a good figure to spend per year. I'd agree. We'll get about 48 K a year with SS between myself and my husband.

 

think about somewhere like Reno, Nevada...Yeah, it can get cold a few months a year, but not crazy
cold like some other states...low taxes, close to other nice vacation spots, and a good place for
retirees...Sounds like you have everything ready and have saved well...Don't lose your sanity sticking
around Merck just for a few more sheckels...It ain't worth the hassle...

 

Based on the retirement lifestyle you describe $90000/year should do it but won’t leave you much wiggle room for much else. Healthcare is out of control but there’s hope Trump will tackle that soon. Been retired now for two years and travel a lot (almost too much). Young and healthy enough for now so we go while we still can.

 

Thanks for the info, I'll look into Reno, Husband is so worried about water shortages--he's a bit OCD so he doesn't want Arizona. We need to start traveling more to truly see where we want to go, I thought of Colorado, but I'm not sure about all that snow. It's not humid at least. I appreciate the info.

Thank goodness some of this thread have been helpful and not the normal idiots that most people are on Cafe Pharma threads, lol,

thanks

 

Retiree from Lilly here (but also worked at Merck). Lots of Lilly retirees keep their primary homes in Midwest but rent for 2-3 months in Fl, Ga,Tx, wherever, from Jan-Mar. No need to make a major change right after retirement - test waters out first.

 

Great thread. For once, there is helpful info on here. Thank you for all the mature responses, I , too, am looking to retire in about 3 years. Wondering what will come next, where I will live. live in ILLINOIS now, and I"m over the snow and cold. I , along with others, want a decent cost of living and not a lot of humidity. Not lots of options out here, Any other posters with some info? Thanks

 

Arizona nice, but it's so darned hot there in July and August.

 

I'm in the Midwest too. The cost of living is so inexpensive. I just hate the humidity in the summer and the cold/ice/rain.

I'm not into Dallas or Florida and still trying to decide where we should go. I'm thinking possibly of Denver, but then they get lots of snow. I want the lower humidity.

 

I'm in Illinois too. I appreciate the responses from the posters who have given good info. Lots of options. Cost of living is a huge factor here.

 

Not sure I agree that there won't be much wiggle room. That depends on where they live and how they spend their money. What we don't know is how much of OP's saved $ is in taxable vs. tax deferred accounts. If 1/2 their savings is in taxable and 1/2 tax deferred, they own their home outright, and have no other debt, $90K can provide a nice lifestyle. If they are under 65 y.o. with no paycheck coming in they could gradually move tax deferred IRA/401K money via Roth rollovers and big-time minimize their federal tax obligation prior to pension and Soc Security coming. They could get to a point where they are paying very little tax and are able to spend the majority of the $90K each year. This is what we've done. Health insurance is a concern though, I agree. In the current environment, they may still qualify for major ACA subsidies. Subsidies are based on income and not annual spend. So if only a small portion of the $90K is actual income, they might be able to get health insurance and not break the bank. Best though would be if they get free retiree health insurance, can buy retiree insurance with a subsidy, or even pay full freight retiree insurance without a subsidy. At least that way they wouldn't be living in constant fear of changes to ACA.

But honestly, I don't even feel totally comfortable with our retiree health care. We have it from my wife's former employer but they could pull the plug at any time. It's been known to happen.

I don't think there's any possible way to prepare for every black swan event out there. Sometimes you have to balance a retirement when you're still healthy and be willing to take on a little bit of risk, vs. saving and working longer and longer...then croaking at age 70 before you've spent much of the money you worked so hard to save.

 

I also think $90K is a decent amount to have per year. Do I want more, yes. I would love 5 million when I retire.

I keep getting pushed by a friend to go into annuities, and I don't know much about them. Some on this thread have stated to stay away. She says--guaranteed. Can someone add some additional clarity to this?

 

Most people may not know about annuties or Whole life because they lack education. Just talk to an agent at say NY Life for free to become educated.

 

Here is your retirement plan

Buy rental properties in states and cities that they are not an arm and a leg; Clevland Ih, Detroit MI, Texas, Pittsburgh, etc. Start with one get it cash flowing, then buy the next. If you can get 5+ before you retire you should be in pretty good shape. Don't say it cant be done because I'm doing it. Buy turn key properties.