Should I retire?

[masraum]

Originally Posted by 911 Rod

Being debt free is only the start.
I come to work so I stop spending.

Exactly. Back when I was younger and poor and paid hourly, I realized that taking time off ended up losing double whatever I didn't make that day because I ended up spending. IE, take the day off and not make $100, meant that I'd probably end up being $150-200 down because I ended up spending money when I wasn't working.

If I were to retire now, I'd need a bunch of disposable income, because I'd have plenty of time to travel, do things that I'd always wanted to do, try things that I've always wanted to try, etc....

[cockerpunk]

Originally Posted by 911 Rod

Being debt free is only the start.
I come to work so I stop spending.

yup. in life you are either spending money, or making money.

so you have to spend a significant amount of time making money, if only a small amount, just to stop yourself from spending more money.

i dont think ill ever retire. but i would get out of the ratrace and do something more rewarding for less money.

[Rusty Heap]

simple answer, you could die tomorrow, retire today.

[craigster59]

Based on what you’ve posted I’d say “no way”. First is the kids, that’s $$$$ right there. You still have a whole lot of living to do that’s going to cost mucho dinero.

I’m 62. Have enough equity in my home to buy another outright if I downsize. No kids, health insurance until death, some money in stocks and other investments and a pension and SS that would net me around $6-7k a month.

But with the current economy and inflation it will be a few years before I think I could comfortably retire.

[Bob Kontak]

Originally Posted by craigster59

that would net me around $6-7k a month.

That's pretty MF good. You should sell your house and buy about a square kilometer of homes in Akron and call it Craigsville.

(Just sayin', I am still jealous you got to be on set for that strange incestuous X-Files episode......but I digress.)

I say work as long as you can simply for the mental benefit.

To BK911, I mirror Island's "Nope". Don't even think of it, even if you die tomorrow.

You are still a pup. It's not time. Your youngest kid in third grade show and tell gets a question, "What does your Dad do?" Response is "Nothing" yet you are 53.

Seriously, I have no doubt you would not be sedentary. I'm just saying give it several more years.

[Solamar]

Good friend of mine, 52, had some crazy **** go down at work recently. We had lunch and he said he thought he was going to get canned.

He has enough saved, income property and his wife makes good $$ so I asked him if he would retire.

"Are you kidding me? My wife would kill me in my sleep if she knew I was heading to the beach as she was heading to the office"

Rule #1
Happy wife = happy life

[KFC911]

^^^ It's all the unexpected expenses that might pop up too!

Atty. fees, alimony, child support, a new place to live....

I keed, I keed....

[Seahawk]

Originally Posted by Bob Kontak

(Just sayin', I am still jealous you got to be on set for that strange incestuous X-Files episode......but I digress.)

Craig, you have some 'splaining to do!

[craigster59]

Originally Posted by Bob Kontak

That's pretty MF good. You should sell your house and buy about a square kilometer of homes in Akron and call it Craigsville.

Ha, that's great Bob!

I think my problem is having lived in SoCal so long (it ain't cheap) it's hard for me to comprehend living on $50-60k a year (the extra would be put aside for emergencies and splurges) but i guess I'll eventually "Get busy living" instead of working towards dying.

I do like my job and would still pick up a few days here and there on select projects. The only problem is there's no way I would be based here in California. I'd either fly in or drive depending on where we end up.

My Wife would like to retire sooner rather than later (she's 60) so I'm thinking 2 more years.

I always tell my co workers that you know you've been at it too long when you start working on shows where you worked on the original. They just started up "Road House" so I'm helping get stuff together for the Dominican Republic where they'll shoot it. I worked on the original with Patrick Swayze and Sam Elliott back in 1989. maybe it is time to hang up my spurs.

[craigster59]

Originally Posted by Seahawk

Craig, you have some 'splaining to do!

It wasn't incest, she was just a bit shorter than me, and had some orifices in odd places.

Come to think of it, at least I think it was a she!!

[Rusty Heap]

simple answer, you could die tomorrow, retire today.

[MMARSH]

You know your situation better then anyone here. If you can do it, I say go for it. I'm 55 and retired a couple of weeks ago. We spent the last week in the RV at the beach and I'm leaving Monday for about 10 days on a motorcycle trip. I have a pretty full money spending schedule thru the end of the year. (I may need to find a side gig) My youngest is a sophomore in college and lives on campus, so that's an expense I'll have for a couple more years.

The feeling of not having to go to work anymore is unbelievable. I've had some kind of job since I was ten years old. I liked my job, but there are alot of things I would like to do, so I'm happy to be thru.

Oh my wife still works. She's going to go 2 more years and retire when my daughter graduates college. She will be 57, which is still young. It's always nice to have options....

[Por_sha911]

I don't have to read the thread. If you are thinking about it, its time.

[look 171]

Ah siht, this is the thread.

I have been seriously thinking about it for the past couple or three years. 56 by end of year, still love what I do but can do without some of the BS that's part of the business. Money is great but I want my time back. Been working since my first summer job at age 14 I signed up for, offered by my Jr high school. Financially, we are in good shape. Rentals pay for all our expenses with enough left over to live comfortably. High school age kids, and will be off to college very soon. My plan is for them to get a loan, get through school, rental money can help pay it back once they are out so they have a head start without loan burdens. Sell the goddamn 911s if things get really tight? Wife's been stay home mom before the kids were born, no way she's going back to work. She applied for jobs in her field few years back, never got any calls and the many other she looked into, she was over qualify.

My plan is to take the easy and fun jobs so I can slow down. But I know how that goes, once I am committed, I will jump in head first and work to finish. I know one thing, I will sorely miss running my construction jobs and working with home owners on the design or problem solving aspects of the job. Question is, what the hell am I going to do with my time? I am truly afraid. Thought about going back into teaching my trade at the high school, but that will just become work again? No part time teaching that I know of. You guys are correct, with too much time, that means time to spend too much money. I like to live in some foreign countries for two to three months at a time then come home to take care of business.

[wildthing]

Check out the FIRE people and see what they do.

[Crowbob]

Originally Posted by Por_sha911

I don't have to read the thread. If you are thinking about it, its time.

OTOH, if you’re asking the question, the answer is no.

[cantdrv55]

Listen to mommy. I did retire just 6 months ago however at age 58. My wifey was in full agreement though otherwise I would’ve stayed in my job. Read up on FIRE as someone earlier suggested. Maybe you can get mommy on board that way.

[PorscheGAL]

Any chance you could take a sabbatical just to feel out if you could stay home without going crazy? Some people can retire and not go crazy, some can't. I'm not sure you really know until you have taken some time off.

I would also recommend not pushing your wife into working. I think that could become a disaster for your relationship.

I was a SAHM who also homeschooled until our son went to college. When he went to college, so did I because I knew I didn't want to be at home with nothing to do. My husband never pushed, never even suggested I work but when I said it was time, he supported me completely. Now he is taking time off work to get his MBA and he is going stir crazy. After he finishes his degree, I'm not sure he will ever retire.

Good luck on the decision.

[DWBOX2000]

Didn’t read all of it but owning two houses with no mortgages doesn’t cover the cost of running. I’m finding out insurance and property tax on a 2nd out of state house is incredibly expensive. I basically just added more years of work to my years remaining. I say keep working, set a date 5 years out and save like crazy. With kids, they will keep costing you until they move out and even that continues for a bit. Good luck.

[BK911]

Wow, you guys are all over the place!!

Couple of common comments:
-Expenditures
-Boredom
-Happy Mommy
-Emergency funds

I have all of those covered except the happy Mommy part. To truly retire and not lose any monthly income, we would have to rent out our primary residence and move to the lake house. Only 35 minutes away, but kiddies would have to change elementary schools. Or Mommy would have to drive 35 minutes each way. I told her to drop off the kids, work all day, then pick them up on the way home. Then cook dinner and clean up afterwards.

Haven't completely closed that deal yet!