Two important men in American history — President Barack Obama and David Letterman — are getting ready to retire. The Late Show host, 68, is coming up on his final episode after more than three decades on the air, and the U.S. Commander-in-Chief, 53, will be stepping down in about a year and a half after the 2016 election. 

“First of all, I know you like Michelle a little bit more than me, which is okay, and I assure you you’re not alone,” Obama accused Letterman on Monday, May 4. “But I’m not going to let her have all the fun. Mainly I came here to say goodbye to Biff and Paul, but they said I couldn’t get on the set unless I spoke to you.”

President Obama went on to joke with Letterman, quipping, “Unlike late-night talk show hosts, I’m term-limited.” 

So when it comes time for both men to step down, Obama has plans to hang out with his new pal. 

“Well, I was thinking, you and me, we could play some dominos together,” he joked. “We could, you know, go to the local Starbucks and swap stories.” 

Letterman revealed that the President’s actual plans were pretty busy. 

“I want to say something the President said to me during the commercial break, and I was very impressed,” he said. “He says, ‘When I leave the office, I plan on taking a month off.’ Are you kidding me? After eight years, you’re only taking a month off?” 

Watch the clip to see them discuss their plans!