Retiring

[Aurel]

I could retire in France, move into my fathers house that he left us, never have to worry about healthcare costs…only problem is my American family may have a hard time adapting and miss their country.

[hbueno]

I suggest heading over to the bogleheads.org Personal Investments forum. You'll get opinions from a financial viewpoint if you're willing to share information about your financial status.

I'd love to retire, but health insurance is the blocker. My employer plan is fantastic and I will never find an equivalent private plan for the price.

[creaturecat]

Originally Posted by Aurel

I could retire in France, move into my fathers house that he left us, never have to worry about healthcare costs…only problem is my American family may have a hard time adapting and miss their country.

bad luck.

[ckelly78z]

You will want more money for active years (60-70), than any other time in your life if you choose to travel/relocate/take up expensive hobbies. The older you get, the more you will stay, and eat at home, and not have to pay dearly for medical insurance.

[tdw28210]

Originally Posted by vash

that would be cool. is it expensive? i was eating lunch iwth a friend that has family in the Philippines. he said, if your home was paid for, you could live for $1000 a month easy. fly back for doctor check ups, etc.

that includes a housekeeper.

Not that cheap, but cheaper than most of the rest of Japan.

[fintstone]

It is a tough call. I was much stronger/more fit and active (as I went through a serious exercise/diet phase then) in my 50s and would have been able to put the time to good use but would have struggled to afford the house and lifestyle I could afford after another 5-10 years of work. By waiting, money will never be an issue...but many of my friends and family that I would have liked to spend time with have passed and my wife has slowed down a lot...which restricts what we do somewhat. On the other hand, people that I know that are in their mid 60s and 70s that have little money really are hit hard. Those with money seem to have a pretty good life albeit slow (and a bit boring for my taste) for many. Being young and broke is tough but being old and broke is brutal as there are so many things you cannot do for yourself that you once did...and going back to work is usually not a good option. While you can't necessarily buy health and happiness, you can buy a lot of fun/toys/travel. The longer one is retired, the more money they need. It seems to me that the early 60s is a good compromise for folks with the financial ability to do so...unless health issues dictate sooner.

[Superman]

Try and find someone who regrets retiring, or believes they retired too early.

[fintstone]

Originally Posted by Superman

Try and find someone who regrets retiring, or believes they retired too early.

I know a couple of guys that say they really miss it (neither have financial difficulty). Everyone else says the opposite. I guess it depends on what you have to do with the extra time (and how much you hate your job).

[Aurel]

Originally Posted by creaturecat

bad luck.

We may still be able to spend extended periods of time there at some point in retirement.

[dmcummins]

Originally Posted by Superman

Try and find someone who regrets retiring, or believes they retired too early.

My mother passed away at 55, my dad was 57 at the time and retired then. He always said he regretted not retiring earlier as he could have.

[jhynesrockmtn]

I'm meeting with my guy Thursday for a check in. We're lucky that we both work part time and enjoy what we do. Our schedules leave time for long weekend type trips, etc. My wife is turning 65 in a few weeks and very active. I'll be 59 in a few months. We spend a bit more than we bring in right now so I'm looking at accessing some of our retirement funds, likely through the dividends we get. Right now those are being reinvested. I was pleasantly surprised to see that yield is about what I bring home currently. Our investment guy has been telling me we can use those for a few years. I think now is that time. I don't know when I'll retire or what that looks like yet, but I think she will be done in a year or so. Healthcare is part of the equation. Right now my PT job includes a nice 100% employer paid plan. I'll likely wait until I'm 65 to be 100% done with work.

OP, Beaux Arts is a beautiful little area. You must have done well, congrats! Sounds like it might be time to slow down and enjoy it more.

[3rd_gear_Ted]

Retired @ 56 from Rockwell / Boeing after 30 years with pension & lifetime medical in 2013

First rule of retirement; Everyday is a Saturday.

[Jims5543]

I see a common theme here, tell me if I am wrong. Everyone clamoring to retire worked for company.

I saw a post somewhere from Rick Lee that echos my sentiment.

I never have felt this overwhelming need to retire.

Yes, the last 3 years I gave been working insane hours. Except I directly benefit from that effort.

I plan on keeping it up for at least 1 more year, since my business depends on a decent economy to do well, I plan on making hey while I can.

During the 08-14 recession I had a lot of time on my hands, I was always home, working on hobbies / projects. We traveled a lot my work week was not demanding at all.

I provide jobs to people, and I want to keep them employed, I have 2 employees that have been with me a long time. I want to keep doing this. I enjoy it, it keeps me in shape and young. It is not physically demanding, although it s mentally demanding, which I like.

I worked corporate just enough to know it sucks your soul out, I got away from it.

Anyone that put in the years in a corporate gig to the point of retirement?

Respect.

Sent from my SM-G781U using Tapatalk

[TimT]

This is timely.. Next week I turn 61..and have been working for the same company for 38 years.. we are an employee owned company.. so I have an ESOP we do construction management, and specialize in Bridges/Highways....

My latest assignment takes me to one of the worst neighborhoods in NYC ( and I've worked in some crappy areas)... And since COVID.... so many more people are driving rather than use public transportation.. the commute is unbearable..

So the other day I had a sit down with my boss... And told him Jan 28th would be my last day...We had good long talk as we've know each other for 30 years... He told me we just won a new contract close to my home... about a years duration...

So I'm going to retire at 62....

Last Year my Esop grew almost 70K

Last year my 401K grew almost 205K

so just by showing up to work I can add potentially 275K to my nest egg, which is beside my salary for living expenses...

So it benefits me in the long run to work..

I'll run the number next year and decide..

[fintstone]

Originally Posted by TimT

This is timely.. Next week I turn 61..and have been working for the same company for 38 years.. we are an employee owned company.. so I have an ESOP we do construction management, and specialize in Bridges/Highways....

My latest assignment takes me to one of the worst neighborhoods in NYC ( and I've worked in some crappy areas)... And since COVID.... so many more people are driving rather than use public transportation.. the commute is unbearable..

So the other day I had a sit down with my boss... And told him Jan 28th would be my last day...We had good long talk as we've know each other for 30 years... He told me we just won a new contract close to my home... about a years duration...

So I'm going to retire at 62....

Last Year my Esop grew almost 70K

Last year my 401K grew almost 205K

so just by showing up to work I can add potentially 275K to my nest egg, which is beside my salary for living expenses...

So it benefits me in the long run to work..

I'll run the number next year and decide..

That is almost exactly what I did. I was about the same age and was offered similar. I stayed an extra year (almost 2) which really helped financially. Much like you, they allowed me to work much closer to home (I previously had a 2-hour commute). So close, that I did not even have to leave home. I did not physically go back to work again for almost 2 years and mailed my computer and cell phone back when I retired (never went back and had a "virtual" retirement ceremony). No suits to lean and no commute costs really helped financially as well. It sounds too good to be true, but working from home just turned into long, long hours where I could do even less of what I wanted (as some tasks were more difficult and there is no "end" of the day, so I ended up working late every night and every weekend. I really wanted to visit my grandkids and spend time with them, but when we did, I had to take my equipment and work the entire time. My net worth has increased significantly as expected. So far, I am glad I waited, but I assume/pray I have another 20 years to play. I hope that is really the case.

[HarryD]

FWIW. I retired when I turned 66. I have no meaningful change in lifestyle other than everyday is Saturday.

As noted above, typical retirees experience the following:
Retirement to age 75:Go-go years. Do what you want when you want to do it. There are few limitations beyond what held you back prior to retirement once work is eliminated.
75-85: Slowing down. You age is catching up but you can still did most of the things you want but sometimes it does not feel right.
85-beyond: Physical limitations become real and affect what you can do.

Why did I wait. Several reasons.

1-I know what medical insurance cost and a decent plan would have been a big chunk of our nest egg. This set my date to age 65.

2-I had a State job and my barely employed daughter was on my insurance but would drop off When I turned 66. So I stayed for one year to be sure she had insurance z a bd made a plan going forward (which she did).

3-I was laid off when I was in my early 50’s. I looked into retirement and realized that condition #1 made retirement very difficult if I wanted to maintain my current life style.

[TimT]

Oh.. and to mention

My yearly salary is somewhere mid 100K-200K

So just watching my benefits grow is really a no brainer..

[p911dad]

Originally Posted by ckelly78z

You will want more money for active years (60-70), than any other time in your life if you choose to travel/relocate/take up expensive hobbies. The older you get, the more you will stay, and eat at home, and not have to pay dearly for medical insurance.

We have found this to be very true for my wife and I. We have been retired now for 14 years and did a lot of house stuff, weddings, traveling and visiting family in the first years, but now only take 2 major trips each year, 1 abroad and one in the US, not by design but just how it works out. We don't go out much anymore, no longer go to the local theatre, generally eat in (I cook, wife bakes) and Medicare takes care of most health bills and UHC gets the rest. 3 older vehicles and don't care if we ever buy a new one (lost the urge I guess). The money just piles up, while in earlier years it all seemed to go out the door. For us I would say the cash out kept rising until about 70 and then started going the other way. Life.

[Hugh R]

When pondering it here a while ago, some sage pointed out that at 65 I should live to maybe 85, therefore each year I continued to work consumed about 5% of my remaining life.

[astrochex]

I just turned 59 and plan to work until 65. The big short term goal is to pay off the mortgage, which should happen this year.