Retirement discussion

I'm sure many people will think, when they see this topic, and wonder if they will ever be able to afford to retire. Things are so expensive these days.

I would really like to hear from folks who are already retired, or like myself, just about to retire. Here are some tentative questions that you could keep in mind, if you post:

• Has retirement changed your life much?
  
• How old were you when you retired?
  
• Did any plans you made pre-retirement work out the way you planned them, or were there hiccups along the way?
  
• How much of a concern is having to watch every dollar you spend?
  
• Are you able to afford luxeries like travelling where you want?
  
• Were you able to get health coverage of some kind?
  
• Have you found that you actually do have more time for hobbies and other interests?
  

Here is my story:
I will be officially retiring from my current job as an electric and gas meter reader 1 May 2006 (I'll be 55 by then). I'm going on pre-retirement leave by January 2006, using up holidays and banked time. So, as it stands now, my last actual day of work will be December 30th.

I'm counting the days and will be glad to get out of my line of work. It can be quite dangerous.

I do have a company pension plan to rely on. This was mandatory for all employees. Then, at 65 (in Canada), our Canada Pension Plan will kick in as well. So, I'm hoping that all will work out okay.

I also do have health plan coverage that I can take advantage of from the company. I will have to put a little bit of money towards it to get full coverage, but it will be worth it. My wife and I are both on medications. I have one prescription that is particularily expensive, so I'm glad that this is still available.

I do have plans, starting next year, to do some part time work of some kind. It'll probably end up being something minimum wage ($8 per hour). I'm doing this as a hedge against inflation and possible unexpected expenses coming up. I'd be happy with 3 to 4, 4 hour shifts per week. That would be enough to pay for groceries, etc. I feel this is still a good idea, as I'm still relatively young and in good physical shape.

Timing for me is quite good, housing-wise. Our mortgage on our townhouse will be paid off by July 2005. As every home-owner knows, this is a huge worry off one's mind.

My wife and I can live a comfortable life, but there's not much room for luxuries, like travelling, etc. Ours has always been an old-fashioned family with me in the workplace, bringing home the paycheque, and my wife was home raising our daughters and taking care of everything to do with the household. This was by mutual agreement and we were both happy with the arrangement.

I've always told my wife that when I retire from my present job, we would share all the household duties equally, so she would be able to retire as well. I once mentioned this to an elderly fellow (who already did help around the home), and he said that he never thought about it that way, but agreed with me. It isn't unusual for housewives to carry on with the same routine post-retirement of their husbands. I'm going to make sure that doesn't happen in our household.

My wife and I both have our own hobbies and interests that we look forward to being able to have more time to spend on them. I'm also looking forward to the change from the weekly grind of going to my job.

So, what's your story?