The recent thread on shaving brought up thoughts of retirement. I am 53 and had the idea of my wife and I retiring around 60 so that we can hopefully travel while we are still pretty mobile. Mobile meaning able to take long hikes, kayaking, boating, etc. I feel like we are currently in a good place financially with retirement accounts and kids will be be off our payroll 2-3 years before 60. How did you make the decision on whether to retire or not? I will most likely take on some consulting work in my retire years to keep the brain functioning and some travel and spoil the grand kids income but just curious on how one determines that they are ready for retirement(financially and mentally) and what gave you the confidence to actually make the commitment to retire. Thanks.
OT: for retired posters, how\when did you make decision to retire?
- Thread starter TheBigUglies
- Start date
Time was right. I’ll miss teaching but it is the correct decision for me.
I retired when it got to the time i figured that i didn't need to work any longer. I was 57 and that was 22yrs. ago. Never regretted my decision. I did have a cush part time for 13 yrs.
Retire as soon as you are able. Don't put retirement off for a second. Life is to be enjoyed. I was in education, and retired after i got my 30 years in. Never regretted it. Make sure you have enough money to enjoy yourself. If you invested right during the Trump years , you are set. Good luck.
We always saved along the way v spend. We raised our kids in a fantastic house, but not as fantastic as our friends. Drove fun but statusless cars and had ZERO debt for going on 10 years. 4 years ago, we bought this house a mile from our lake (8k taxes) v on the lake ($25k taxes) then 2 years in we asked ourselves if we needed to buy more schit (our tuition payments ended) decided no we don’t need any more schit, and BAM, moms got a teachers assistant job at the local E school ($9kper) and I hooked up with my bros limo company ($20kper) We did this at 55yo.
We have no debt and modest invested stacks. After the 19 we’re gonna travel in the off season and lake all summer.
So in summary, do you want to buy more schit?
We have no debt and modest invested stacks. After the 19 we’re gonna travel in the off season and lake all summer.
So in summary, do you want to buy more schit?
You will know it's time when you wake up in the morning and realize that deciding to shave or not is the most important decision you want to make for that day.
And when a 9am breakfast milk stout makes perfect sense.
I retired at 52 in 1992. I told my wife when we got married in 1965 that when we reached our 25th we would be debt free, our kids education would be paid for , and we would never be in debt again. Things worked out good. We didn't have all the toys. But we sure are comfortable now. Sounds like you know what you are doing. Good luck. Invest well. Stocks will go down for a while, Buy low, sell high. Made a great deal of money the last 4 years. Won't be as good the next 4, especially if the demoncrats control the senate.
My wife was directly involved in several re-orgs (as a decision maker) and it takes a toll releasing a 15 year person with kids our kids age. The randomness and quickness of these re-orgs moved us to debt free living. Do I want a GT3? Fvckin right I do, but i think I’ll be ok lol 
key for me that i didn't enjoy my job as much as i had, and i didn't want to steal money, which i probably could have done. fortunately, i had a window, and we'd invested fairly well, so, at 55, i pulled the plug. haven't regretted one minute of it. people always asked me what i do. my response has been, nothing. found out i was good at it.
25x salary is a bit too generic of a rule of thumb for my liking. With some made up numbers... if you make $100k that rule states you need about $2.5M to retire. But the retirement age and spending budget is vital too. If you have a low budget and live in a low cost of living area $2.5M might be enough to retire at age 50 if you follow the 4% withdrawal rule. But if you are a spender in a HCOL area that amount might not be enough until age 60 or 65. That's a huge variance that should give pause to anyone using that high level of an assumption to make decisions.
There are a ton of FIRE (financial independence retire early) calculators out there that will factor in income, budget, savings, inflation, age, lifespan, etc. They are really worth looking at, particularly if you are considering retiring early. I'm a fan of this one. https://engaging-data.com/will-money-last-retire-early/. The one in the quoted post is also a good one.
If you do plan to retire early, it's also crucially important to know where your income will come from before you have access to retirement accounts like IRAs and 401ks that have restrictions until you reach age 59.5. This is less of a concern if you are following a more traditional retirement age.
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63 here, Got laid off in 2017 after 29 years (60 then) with the company (new owners). Only could part time work for a bit and not consistently and with less income. Health Insurance is a killer. Landed a permanent job in 2018.
They said it would be easy, no pressure. Well they were wrong. I was trying to learn this new system to be a backup related to investment reporting for clients. The person teaching me isn't a nice or friendly person. Basically I was teaching myself with no direction. A lot of stress. The partners saw this and did some research and found out that many other similar companies would outsource this function. So they hired a company to be the backup. In doing so, they reduced my pay, my work load but kept my full benefits. Health Insurance, 50% match on 401k -(no limit) plus 3% of salary profit sharing plan. So I am now semi-retired as of January 1. I will be working Tuesday thru Thursday doing the books and HR. My wife and I look at this as a win-win. I always wanted to retire around age 65 but that wasn't going to happen mainly due to the fact that my wife is 7 years younger than me and her job doesn't provide insurance. With this new work schedule I don't see why I can't work till 70.
They said it would be easy, no pressure. Well they were wrong. I was trying to learn this new system to be a backup related to investment reporting for clients. The person teaching me isn't a nice or friendly person. Basically I was teaching myself with no direction. A lot of stress. The partners saw this and did some research and found out that many other similar companies would outsource this function. So they hired a company to be the backup. In doing so, they reduced my pay, my work load but kept my full benefits. Health Insurance, 50% match on 401k -(no limit) plus 3% of salary profit sharing plan. So I am now semi-retired as of January 1. I will be working Tuesday thru Thursday doing the books and HR. My wife and I look at this as a win-win. I always wanted to retire around age 65 but that wasn't going to happen mainly due to the fact that my wife is 7 years younger than me and her job doesn't provide insurance. With this new work schedule I don't see why I can't work till 70.
Have too much schit already and don't want anymore.
Words to live by, for me at least. A lot of people that tend to focus on the rich also seem to focus on their high incomes and tend to overlook that you can also become rich with steady, average income and a mindset to not spend money unwisely on "wants" instead of "needs." There's a balance and it varies for every individual and lifestyle. A focus on eliminating spending where possible can make a massive difference, even in the absence of a high paying job.
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My company offered an early retirement program with full benefits for those with 30 years service, so I jumped on it. Very happy about the decision. I would not even think about going back to work again.
I could have retired last year with full benefits and pension. However, having both kids in their final year of school and the possibility of a wedding in the near future I’m still working.
Do you mind sharing what you did part time? If I can find the right part time gig that is low stress and lets me manage the hours in accordance with my goals, my retirement plan will accelerate quite a bit. The biggest concern is the cost to pay for medical benefits until eligibility for medicare kicks in.
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Yea, I have a wedding coming up also.
Got to the 30 year mark of my civil service job in NY state and decided it is time to go. Driving 2 extra hours/day for work also made the decision easier. When I ran the pension numbers plus taking early SS, I will make quite a bit more not working. As another poster said, don’t work one more day than you need to. Life is too short and it’s time to enjoy doing what you like on your own terms. I don’t have great needs because we live in a great area with tons of lakes, parks, and golf courses around.
Retirement affects everyone in a unique way. I retired at age 62 after making a very detailed spreadsheet showing that I would be OK financially. I announced my retirement at work, had a nice party and got nice gifts, and walked away. The first couple of months were like heaven. I didn't have to get up early. No stressful commute. No bosses pounding me to get work out the door. After a couple of months my attitude started to change. I started to miss the challenge of making an impact at work, learning new skills, interchanges with my colleagues, experiencing a high energy environment, etc. I got a chance to go back to work as an engineering consultant working half time. I took it. That evolved into a full time job which I have done for the past 10 years. I am happy. I intend to continue as long as my wife and I are healthy. I experience no stress since I can walk out anytime I want. I get paid well and funnel all the money to my kids. Each has built a brand new $400K house with my new found money. That is satisfying to me.
I made a mistake when I retired at age 62. All I thought about was the money. The money hardly matters. What does matter is how being retired affects a person mentally. For some it is a good thing. For me it wasn't. When making the retirement decision I suggest you spend more time thinking about the mental aspects and less about money. I see many friends who retire to a life of leisure and become near vegetables. They watch TV 10 hours a day and sleep 12 hours a day. They gain 50 pounds and become mentally dull and physical invalids. They have nothing to live for and just fade away.
Be careful when you decide to retire. Don't just retire to get away from your current situation without knowing what you are going to retire to. My experience is that a life of leisure and zero stress isn't nearly as satisfying as working.
I made a mistake when I retired at age 62. All I thought about was the money. The money hardly matters. What does matter is how being retired affects a person mentally. For some it is a good thing. For me it wasn't. When making the retirement decision I suggest you spend more time thinking about the mental aspects and less about money. I see many friends who retire to a life of leisure and become near vegetables. They watch TV 10 hours a day and sleep 12 hours a day. They gain 50 pounds and become mentally dull and physical invalids. They have nothing to live for and just fade away.
Be careful when you decide to retire. Don't just retire to get away from your current situation without knowing what you are going to retire to. My experience is that a life of leisure and zero stress isn't nearly as satisfying as working.
Thanks. You all have reconfirmed what I have taken from the books, Millionaire Next Door, and the Dave Ramsey stuff(debt is bad). We have neve been ones to keep up with the Joneses or go into debt for luxury items. We will be debt free this year(paying off mortgage after tax season). I think by 60 we will be in a good place financially to pull the trigger on retirement. I keep forgetting about the Health Insurance Nut once we are no longer working full time!
I'm not at retirement age yet but it has occurred to me that when you work you are de facto exposed to new things and challenges over and above your actual work. When some new technology comes along and your workplace adopts it, you HAVE TO learn it. OTOH, if you're retired and financially, you don't HAVE TO learn anything if you don't want to. That's a freedom that sounds nice but OTOH it can lead to a complacency that results in a person being 75 or 80 and not able to do certain things that everyone under the age of 60 does and considers to be easy.
What I'm getting at is if you retire, I think it's a good idea to force yourself to be challenged mentally and to adopt new things now and then even if you don't want to.
I'm in the same boat a looking to retire. Health insurance is the key for me. Cost of one year of health insurance is a lot of golf. I turn 65 in November, so thinking of retiring next spring after bonuses, profit sharing, etc. are distributed. Have always liked my job, but just getting tired of it after 40 years. Just not sure how much of a shock it will be to the system. Always thought I wanted to cut grass at a golf course for a couple years after I retire.
Great thread and thanks to everyone who posted. I've got a 16 year old and am a bit away from 66.5 so have been holding off. However, in the tech industry, agism is a thing and am growing tired of the time commitment. I've got the cash but am concerned about the costs of healthcare and college coming up.
I enjoy what I do but the pandemic hasn't made things very easy. Today, I work for a small company with some really cool tech but it is so hard to get your message out. People are zoomed, webinared, emailed and cold-called to death. It is hard to build brand.
I enjoy what I do but the pandemic hasn't made things very easy. Today, I work for a small company with some really cool tech but it is so hard to get your message out. People are zoomed, webinared, emailed and cold-called to death. It is hard to build brand.
At 65 you have to apply for Medicare. My insurance will be covered in retirement via unused sick leave over the years. I will still be on my wife’s insurance also.
Company had a package this summer, I was 62, with a decent pension. I was planning on retiring between Dec2021 and May 2022. Severance paid off the house, wife still works and will work till she is at least 62, (4 years to go). She makes enough to cover all expenses so we don't have to pull any out of the 401Ks. I'm holding off on collecting SS for the time being. With my severance , I figured out that that I working for free for 45% of the time I was going to work so I bailed. Maybe I will pick something up part time after the Covid thing settles down. For now I'm fixing up the house to sell and getting myself back into shape. Winter does suck up here in New England.
We were also savers versus spenders. Bought a nice house in a very nice area, then went looking for our permanent residence 8 years later when our boys were 2 and 4. Ended up with a somewhat smaller house than what we thought we would want at the time, but with an acre in our desired neighborhood and lower taxes (which you pay forever if you stay where you raised your family) we are here to stay. Paid the mortgage at a rate that had it paid off when our oldest entered college, and saved/invested continuously.
I remember when I finally convinced my wife to up her 403 savings plan from 6% to 30%, as I had been maxing out my contribution and the catch up for years. The Easter Seals HR called and asked if she had meant 3%. Her 403 will be more than enough to buy he health care insurance for the 4 years she will be retired before qualifying for Medicare and I take SS. Drove pretty modest cars, but most of those years had an older toy that was fun to drive as an extra car (corvette, RSX...).
I left the corporate world over 5 years ago at 60. I really did enjoy my work, but I had gotten put under a rather incompetent boss, and my blood pressure went down 20 points within a month of my departure. Worked some part time, but it was not the type of work that would inspire me to keep at it so I left that 3 years ago. I looked into some shorter term consulting work, but I priced myself out of some opportunities, which I don't regret. My wife, 5 years younger, will retire before long - she enjoys her work with handicapped children, but many of her coworker friends have retired and it just isn't as rewarding and fun for her as it used to be.
I don't regret retiring at all. I was kind of lost looking for a project the first few years. I managed a number of remodeling projects at our church during those couple years which was fun and there was a need there that I met. But recently I've build my dream garage/workshop in which I plan to do some car projects. My oldest son lives locally and enjoys car mods which will give us time together. We also helped both sons through graduate school the past 5 years, but that's pretty much ended. When my wife retires she'll get a new car, and I'll be looking for a pristine used car with snakes on it.
Some men are lost without their corporate responsibilities, but if your are not that attached to your work, you have saved, and you have a couple of hobbies, you will enjoy retirement. And most people really don't need as much money as they thought they would in retirement. We will have some major outlays from time to time, trips and capital outlays, but our investments have done well and I've moved more into cash after the recent run up to ensure we won't even consider going back to work!
Edit: A final thought. I also believe it prudent during your financial review for possible retirement to be sure you have the liquid assets to delay taking SS until age 70. I'll take my SS at 70, my wife will take half of mine when she reaches full retirement at 66, 10months, and then switch to hers at 70. Our pensions are pretty meager, and our resources other than SS are significant savings. But maximizing SS is really insurance against living long, as SS is our only inflation adjusted income source..... even though the current SS inflation calculation does not seem to adequately consider true senior living expenses.
I remember when I finally convinced my wife to up her 403 savings plan from 6% to 30%, as I had been maxing out my contribution and the catch up for years. The Easter Seals HR called and asked if she had meant 3%.
Her 403 will be more than enough to buy he health care insurance for the 4 years she will be retired before qualifying for Medicare and I take SS. Drove pretty modest cars, but most of those years had an older toy that was fun to drive as an extra car (corvette, RSX...).I left the corporate world over 5 years ago at 60. I really did enjoy my work, but I had gotten put under a rather incompetent boss, and my blood pressure went down 20 points within a month of my departure. Worked some part time, but it was not the type of work that would inspire me to keep at it so I left that 3 years ago. I looked into some shorter term consulting work, but I priced myself out of some opportunities, which I don't regret. My wife, 5 years younger, will retire before long - she enjoys her work with handicapped children, but many of her coworker friends have retired and it just isn't as rewarding and fun for her as it used to be.
I don't regret retiring at all. I was kind of lost looking for a project the first few years. I managed a number of remodeling projects at our church during those couple years which was fun and there was a need there that I met. But recently I've build my dream garage/workshop in which I plan to do some car projects. My oldest son lives locally and enjoys car mods which will give us time together. We also helped both sons through graduate school the past 5 years, but that's pretty much ended. When my wife retires she'll get a new car, and I'll be looking for a pristine used car with snakes on it.
Some men are lost without their corporate responsibilities, but if your are not that attached to your work, you have saved, and you have a couple of hobbies, you will enjoy retirement. And most people really don't need as much money as they thought they would in retirement. We will have some major outlays from time to time, trips and capital outlays, but our investments have done well and I've moved more into cash after the recent run up to ensure we won't even consider going back to work!
Edit: A final thought. I also believe it prudent during your financial review for possible retirement to be sure you have the liquid assets to delay taking SS until age 70. I'll take my SS at 70, my wife will take half of mine when she reaches full retirement at 66, 10months, and then switch to hers at 70. Our pensions are pretty meager, and our resources other than SS are significant savings. But maximizing SS is really insurance against living long, as SS is our only inflation adjusted income source..... even though the current SS inflation calculation does not seem to adequately consider true senior living expenses.
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Driver for a rental car company. Traveled all over the Northeast and Mid Atlantic. Trips as far West as Detroit and Columbus and even into Canada. Picked up new cars at dealerships and delivered them to rental car locations.
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Well put. I was retired for just a few months but found that I didn't have the self-discipline needed to really make myself do new things. It was really easy to slip into a routine of doing the same thing everyday. Another problem with retirement is those who work take advantage of you. I was at a church meeting and a friend brought his laptop over to me, plopped it down, and said, "You're retired and probably have nothing to do. Fix my laptop and call me when it is done!" This is the attitude a lot of people have toward retirees.
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i retired at 59 (I'm currently turning 65). I took my pension one year early(lost 10%). I had saved pretty decently to my 401 and to regular saving too. I took SS at 62. My total income from pension, 401k, and SS is about $76k a year. My wife is 5 years younger and works 20 hours a week. Our net worth is over $2M.
I would say to retire when all debt is paid off and you have at least half of your previous income coming in each month. It is definitely a challenge mentally to retire if you are used to saving money instead of spending it each month. You have to get used to seeing your bank account shrink - some people don't handle that as well including me. I have to tell myself that I can't take it with me and Ill be dead in 15 years so go ahead and spend it now. We don't plan on leaving a fortune to our only child either. We will leave enough to be comfortable but still have to work.
You will find that everyone is different with their money. Some people are thrifty and self sufficient. Others like to live it up and pay others to do their chores and repairs. My retired buddies spend a lot less than I do and need less money in retirement. We spend about $30k in travel and another $10k on wine - our 2 biggest expenses outside our normal living expenses(which aren't high). Look at your own lifestyle and decide.
I would say to retire when all debt is paid off and you have at least half of your previous income coming in each month. It is definitely a challenge mentally to retire if you are used to saving money instead of spending it each month. You have to get used to seeing your bank account shrink - some people don't handle that as well including me. I have to tell myself that I can't take it with me and Ill be dead in 15 years so go ahead and spend it now. We don't plan on leaving a fortune to our only child either. We will leave enough to be comfortable but still have to work.
You will find that everyone is different with their money. Some people are thrifty and self sufficient. Others like to live it up and pay others to do their chores and repairs. My retired buddies spend a lot less than I do and need less money in retirement. We spend about $30k in travel and another $10k on wine - our 2 biggest expenses outside our normal living expenses(which aren't high). Look at your own lifestyle and decide.
35 years in the classroom was enough. Plus, the district I retired from had a retirement incentive at 35 years that I would lose if I had taught longer than 35. Also, the math with my pension, I decided that going back to work for literally $5 a day wasn't worth it.
Retire when you want to and can afford it. If you have any question about it, you are not there yet. You will know when enough is enough. When I retired, an old guy whom I respected told me, "your next goal is to be retired as many years as you have worked." I am more than 1/3 of the way to that goal but I probably will not live long enough make it to the end. I worked too long.
I plan on retiring in about ten years. My teaching pension better be there because I’ll be in trouble otherwise. Got married with $0, had kids right away and paid for them to go to Catholic school K-12 (2 still in). College is on them. I assume I will get a part time job when I retire, which will be good for me as I tend to be unproductive without a job. Honestly, I’m not all that worried about it.
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