Should I retire?
 

53.5 years old.
Married with 2 kids; 5 and 7.
I can sell off a rental house and pay off ALL my debt and still have some $s left over.
Plus I can collect a few grand a month on early retirement from my current job.
And the family keeps our healthcare from my current job.
Youngest kiddie starts school this august and Mommy will get a job.
Won't live the exact lifestyle we live now, but have a paid off lake cabin and primary residence and no other bills.
I am pretty healthy but why wait if I do not have to?

Mommy doesn't want me to because she really doesn't want to work, but I have worked long enough. Her turn!!

What do you guys think?

I say go for it..

For most:
If you have something to keep you happily occupied about 6 hours per day your soul being needs will be answered and your head will be in a good place.
Only then can you ever retire irrespective of the $$$

Rule #1
Everyday is a Saturday

I too say go for it but then the conservative, cautious part of me kicks in and wants to run through every possible scenario. Don't worry I won't :)

The first thing that came to mind though was if your wife doesn't want to work and you force the issue, she will eventually feel resentment towards you. I'm not saying it's right, not saying you don't deserve to retire early, just saying this could be an issue down the road for you.

Second and last thought I am going to address is the fact your kids are so young. Lots of future expenses coming your way...

On the flip side, it would be awesome to be able to retire so young and enjoy the things you love and not have to work until you are too old to do so!

All the best to you and your decision.

@ BK911 - Nope.

With all the boomers retiring this country needs help.
Your family will benefit from your continued income and example.
Men need to be productive.

Consider redistributing how much you work/produce, but just cutting off usefulness seems a mistake.

retiring early sounds great, but I'd want/have to be in a REALLY go position financially. IE, if I thought I needed $4million to retire at 65, then to retire at 53.5, I'd want to have a fair amount more. It would be hard not to spend more money with lots of free time. Plus, I'd be concerned about big changes that would impact the finances in a big way.

But, I guess if you're debtless and you have passive income, that may be another story.

To me, as some others have stated, it seems like it would be a better idea to change to less work (reduced hours, reduced stress, maybe something that you enjoy).

Listen to Mommy.

Do you have some good hobbies?

I know several men that retired for various reasons, and they were going nuts with boredom in short order. They had to start expensive hobbies, or a small business to have something to do, and to help pay for the new hobbies.

I say no, and this is the reason behind that advice.
We made the conscious decision that my wife would be a stay at home mom for our kids. She was very active in their school years becoming PTA prez at every school they attended up through and including high school. That participation paid big dividends when it came to our kids education.
Your kids are just starting out in school.
Are you going to be willing to get involved in their educational development?
It may be different in your neck of the woods, but the parents who are involved with their kids schooling seem to do better.
I'd suggest selling off the rental property, paying off all the debt and keep on working, allowing your wife to be a mother to the kids.
Being debt free and still working you'll be able to offer your kids opportunities that most kids don't get to enjoy.

If mama ain't happy, then....

That said, I retired from my corporate gig back in '08... at 48. No regrets and no looking back... with no wife and no kids either ;).

Only you can answer this question ... no one here can.

Best of luck to you!

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

If you’re certain you’re set with income that will support you for the next 40 years, including inflation, sure.
Doesn’t sound like you’re anywhere near that, esp. with 2 young kids, based on the little bit of info you’ve provided, though. In fact, based on your post, it sounds like a recipe for financial, and personal, disaster.

Blunt ^

But he wasn't the only one thinking that.

Keep working you lazy bum. ;)

Perfect.

I have written here before concerning my views on retirement/retirement (thinking you are going to completely pull the plug) so I wont bore you folks again other than to say 90% of the people I know who try at a your age begin to focus on the most mundane crap imaginable (think HOA Board level gradu) and then try and share it with the rest of the world...nobody is going to care.

Certainly reorder your priorities if you feel that is important, take a sabbatical, go to night school or get trained in a field that allows more personal freedom, etc.; but retire/retire?

Nope.

Listen to Mommy.

Happy wife, happy life ;)

I agree with most above. McLovin hit the nail on the head. I am in a similar situation, but different.

My wife doesn't work. She volunteered to do so when I retire. BUT, I know my wife. She is a resenter. It could fester. The relationship could blow up. And then where would I be???

I am 56. Have funds to never need to work again. And am coasting towards the Big R.

My perspective is that you need to have 110% financial security to even contemplate this. Why? Because economies crater. Stuff happens that cost a lot - my disabled child for example. College for my other two. Weddings?

And, I like stuff. That costs as well.

Anticipate the costs, work backwards. You have a level of security now. But it doesn't sound as if you have a level of wealth.

Sorry to be blunt. Your prime earning years are now. Perhaps you and your wife can power through 5 years and build up a war chest?

Good luck!

Maybe if your wife started working you could both retire in 5 years?

This part... good luck. I'd feel the same but I'm a dude. My wife pulled similar when our kids were young. Didn't work and that was a joint decision. But had to have a nanny a few days a week so she could get a break. And on Saturdays I had to take the kid(s) so she could get a break. Not like working 50 or more hours a week was a break for me.

I just retired in April at 50. I have two kids, 14 and 15. I still have a mortgage on our house but it's relatively low and at a very low interest rate. Wife still works and brings home a little extra but my retirement covers all of our expenses and then some. She indicated she'll keep working until she's tired of her job.

I think having kids in the house makes all the difference because you'll be busy with them. During school I was picking them up from school, dropping them off at a friends house, taking them to practice etc. Now that it's summer I'm able to take them places at more convenient times when most people are still at work. We saw Jurassic World Dominion in 3D a few days ago and were the only people in the theater. I told them I bought the place out LOL. Today we're going to the aquarium.

My schedule since I retired:
6:30am - get up
7:00am - finish breakfast
8:00-10am - Home Gym

:-)

The only other advice is to make sure you have a healthy emergency fund. We've had to tap into ours already a few times for major service on two cars and we had a flood in the basement. We'll need a new roof and AC unit soon as well so I planned on all that. Better to have money in the bank so it's not a hardship when it happens.

Finally, I think it's best if your wife is on board. At the very least I would make sure you can live on just your retirement without her income. Good luck!

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....

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.

simple answer, you could die tomorrow, retire today. SmileWavy

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.

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.:D)

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.

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

^^^ 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.... ;)

Craig, you have some 'splaining to do!

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.

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!! :D

http://forums.pelicanparts.com/uploa...1656538918.jpg

simple answer, you could die tomorrow, retire today. SmileWavy

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....

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

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.

Check out the FIRE people and see what they do.

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

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.

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.

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.

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!