Retiring
 

For past 5-10 years I spoken with retirement planners who give me thumbs up.

Few days ago I spent some hours to play with the fidelity planner.

Learned some stuff and now feel like I need some perspective slapped into me.

Pretty much no matter how long I work I'm never going to be able to afford a 9 figure castle on lake como. I'll not be hosting parties with saudi princes.

Fidelity predicts a band for future assets. The most pessimestic future says each additional year I work my portfolio value at 'end of plan' increases by 5% (todays dollars), which I think will feel like peanuts to my future 95 year old self. Of course future might be better but that 5% end-of-plan increase seems to stick.

Never thought about this before but looks like my future lifestyle is relatively set whether I work or not. Working more isn't going to change the dollars I can spend per day and it seems like I have 3x more than I need to just stay even.

Assuming those bounds are true, at what point do I quit and go do cool stuff? Is there some middle aspirational goal that means a few more years of work will be worth it?

Seems like I should walk away from salary and use my fitness while I have it, spend time with friends and family. In my heart I'm worth $6.50/hr so is hard to walk away from a huge salary.

Advice from those who took the plunge?

I quit at age 59...was hesitant with the decision.
Now...9 years later, I realize I could have quit earlier with no problem.

Do it.

Yep.

How old are you if you don't mind me asking? If you have the option to retire comfortably today but are trying to figure out if you should stick it out what if you worked an extra year or two and used 100% of those earnings right away? I.e. spend your earnings on that cabin in the woods or the dream workshop you've been imagining or that 930. If all of your earnings from here on out are bonus/fun money it can cast a different light on things.

I just want to hear all sides of this. It’s coming for me too.

I can't imagine what I'd do if I retired. I've had a lot of five day weekends in the last six weeks and I'm still making more than I ever have. I work for myself and enjoy the work. Why would I retire? I can just work less if there's more personal stuff I need to take care of. I used to lose sleep at night over retirement savings. But I no longer want to retire. Though I do need to look into some kind of disability insurance, as I'd be really screwed if I got injured or sick and couldn't work.

And it's a yep from me too.

I'll not be hosting parties with saudi princes. F' the Saudi princes. They can pay for the drinks - You're retired.

I retired a bit shy of 50. Income is working class, but with everything paid for I have no financial worries. Lavish lifestyle was never my bag. Enjoyed every minute...and very grateful to have had those years out of the work force before the old age medical problems came along. And they will come along. Nobody beats father time.

But then, my choice isn't for everyone. A man who would be happy as a woods living recluse needs a lot less than a man who feels he "needs" to live in a high rise penthouse.

I retired 4 years ago at the age of 60 . It was a goal I had planned with a financial planner for 20 years . In my opinion a key decision maker is your debt load . For us everything we owned like cars/home/toys were paid for . So the only monthly payments we have are utilities and groceries along with taxes and day to day expenses .

In that scenario it is very easy to budget and stay on track . My wife and I both collect a pension along with SS plus I picked up a part time job . We live VERY comfortably but within our means . The one hit that is costly is health insurance to bridge the time from early retirement to Medicare eligibility .

Everyone's situation is different but I have no regrets retiring early . The day to day routine is anything we want it to be . Good luck with your decision .

I retired at 50, in 2007. I could probably have a few million more in the bank if I worked another 10 years or so. But I dought if my lifestyle would change much. I might have a little nicer boat, but I have a very nice boat. I might have had a little nicer plane, but my plane was very nice.

I was working quite a few hours so it was easy for me to quit. Retired I had time to do what I want. Piddle on the cars, golf, go fishing, flying, whatever.

I worked for a highway and bridge construction company. I don’t get those who say they would rather work, I liked my job, but was there for the money. When I determined that my lifestyle wouldn’t change if I quit working, I Quit.

I was a litttle off, my lifestyle is probably a little better now. I moved to Florida to a nicer house with the boat on a lift in the backyard. No winter now so more time for golfing or any other thing I want to do, I also took up shooting sporting clays.

Time is worth more than money, as long as you have enough. You don’t know how many summers you have left. My mom died at 55, my dad has had health issues since his late 70’s.

Health care was the deciding factor for my wife and me. My wife’s company paid for her Cobra (which also covered me) and when that ran out we were eligible for Medicare. That’s what determined our retirement age.

Please continue to work. I really enjoy getting my social security deposits every month.

Thanks in advance! ;)

^^^+1

His circumstances may be vastly different than yours.
You may have had $10 millions dollars while he may have $200k.
Do it?

i'm too envious to respond.

i could do it NOW if i sold my home and moved to po-dunk NM. :)

or the Philippines.

I'm planning to retire in three years -- at 53. I will certainly have a second career. On my terms :)

Watched a video on YT about Okinawa in Japan. Gotta say, it has some appeal. Totally different vibe than the rest of Japan.

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.

"Seems like I should walk away from salary and use my fitness while I have it, spend time with friends and family".

Speaking of health and energy it is true being retired in your 50s is much better and more fun than in your 60s or 70s.
Retired at 50 and now at 65 coming up to my anniversary retired for 15 years.
Many people have to be 80 to have been retired 15 years.