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The One Retirement Cost That Took Me By Surprise

“Retirement reveals the buffet of choices available to us that a full-time job made us blind to.” – Rajib S.
Nov.18.2022
  • Lifestyle
  • Retirement
  • Retirement Diaries
    • Nov.18.2022

    Retirement Snapshot

    Rajib with a London Bobby
    Rajib with a London Bobby
    Photo credit: Rajib S.
    • Name: Rajib S.
    • Location: Jacksonville, Florida
    • Age: 67
    • Retired At: 66
    • Marital Status: Single 
    • Profession: College Administrator 

     

    Rajib S. was a college professor for 34 years and retired in 2021 during the COVID-19 pandemic. He then moved to Jacksonville, Florida, to be close to the beach, an airport with good connections to major hub cities, good healthcare, and a relaxed lifestyle. Rajib enjoys volunteering, writing, and traveling. One of his favorite trips was a recent journey to London to take part in the pageantry surrounding Queen Elizabeth’s funeral. He says it was a one-of-a-kind, bucket-list experience. We talked with Rajib about his retirement.

    Retirement Reality

    Retirement Awaits: What does a day in retirement look like for you? 

    Rajib: Stress-free! I get to choose what I want to do and what to avoid. No day is typical. Some days I put in a few hours of writing at the local library. Most days I ride my bicycle on dedicated trails in the evening when it is cooler. I volunteer for three local organizations on projects ranging from trail repairs, river cleaning, and city events. And except for bad weather days, every day I walk the beach and watch spectacular sunrises on the Atlantic Ocean. What I don’t do is watch television!

    Your Retirement Plan

    Retirement Awaits: Did you have a solid plan going into retirement?

    Rajib: Yes, I did. There are things I could not do while I was working. I developed a list of where I would make my permanent residence and the sorts of activities I would engage in.

    Best Part About Retirement

    Retirement Awaits: What’s the best part about retirement? 

    Rajib: Freedom from employer rules! For example, I do not have to be concerned with: Do I have enough vacation or time off to volunteer on a local project to restore park trails or attend an out-of-town wedding? I am also able to control the pace of my life as opposed to the organization determining that. It is a relief to escape the tyranny of deadlines!

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    Challenges In Retirement

    Retirement Awaits: What’s the biggest challenge in retirement?

    Rajib: Choosing between numerous alternatives! Retirement reveals the buffet of choices available to us that a full-time job made us blind to. It took me several months to try out various activities and engagements before I was able to settle on the ones that worked best for me.

    Cost Of Retirement

    Retirement Awaits: We want people to understand how much retirement really costs. How do you manage your money now? Do you have a budget, meet with your advisor on a regular basis, etc?

    Rajib: I have a budget and try to stay with it. Before retiring, I ensured I was debt-free including paying off my mortgage. But even then, money has to be set aside for taxes, insurance, and repairs. Having a fund equal to 2 percent of the value of the house in a “repair and replacement” account to pay for leaking windows or a broken dishwasher shields you from unexpected big hits. One item I was not prepared for was Medicare premium payments. It is based on your previous year’s federal income tax. Higher income translates into fatter premiums. I take a fixed sum of money out of my retirement fund on a monthly basis automatically, giving me a sense that I am still receiving a salary!

    Retirement Advice

    Retirement Awaits: What’s the best piece of advice you’d give someone about to retire? 

    Rajib: Check out carefully the place you want to have your primary home. If you are politically conscious or active, it can be socially and emotionally comforting to live in a community where politics comports with your own sensibilities. And register to vote in your new community as soon as you move to it!

    Things I Wish I Would Have Known

    Retirement Awaits: What are a few things you wish someone would have told you about retirement/this season of life/transition?

    Rajib: That a Medicare premium would be steeper and it can be very complicated to figure out the numerous drug plans if you are on medication.

    Best Retirement Vacation

    Retirement Awaits: What Is your favorite vacation or vacation spot?

    Rajib: Washington, D.C. I never tire of visiting the nation’s capital. On every visit, I find something new to see and experience — and enjoy! A highly recommended experience is being at Arlington National Cemetery on Memorial Day. It is soul-stirring!

    To read other articles about unique retirement experiences, check out:

  • Lifestyle
  • Retirement
  • Retirement Diaries
    • Image of Allison Godlove Allison Godlove View Full Profile

      Allison loves learning about new people and places and always jumps at the chance to take a trip. Whether it's visiting a town in her area or traveling across the country, she's up to explore!

      She has traveled outside the U.S. several times including trips to London, Switzerland, and a cruise through the Western Caribbean. Her favorite travel memory is visiting Sundsvall, Sweden, her great grandfather's birthplace. Growing up, she spent a lot of time with him, so it was special to see where he was born. It looked very similar to the town where she grew up in New York. Within the U.S., she continues to check states off the list, most recently making a trip to Alaska for her honeymoon.

      Allison spent almost 20 years of her career as a TV news anchor. She’s covered everything from political conventions to Super Bowl LV to hurricanes and, most recently, the pandemic. She is a two-time Emmy award-winning journalist. She's been recognized for her work nationally and regionally by organizations including the Associated Press, the Society of Professional Journalists, and the Florida Association of Broadcast Journalists.