Thinking about retiring

[ted]

I am 66 now and retired when I was 50.
As we get older its more difficult to be active and find the energy to do our bucket list items.
I am very grateful to have been retired in my 50s and to have enjoyed a healthy active lifestyle.

For last 16 years somehow was able to afford race cars, hobbies and enjoy gardening/landscaping upkeep of our yard.

Although I had a successful career, it was never my entire concept.
I always found my hobbies, sports and activities outside of work more rewarding.
So retiring was an easy and welcome improvement in my quality of life.

The later you retire the less chance you will have of being physically able to be active in interests that require stamina and strength.

[jcommin]

My story: I'm 73 and just retired on November 1st of last year. I have been in manufacturing since I graduated college in 1973. 50 yrs is a long run. I enjoyed what I did. Saw allot, did allot, traveled around the world, moved plants, closed plants. I was very good at what I did.

I didn't want to work as long as I did: life takes left hand turns and I had to work longer. I was fortunate to have good health, passion and an employer who thought highly of my performance. My last 35 years, I worked for a tier 1 automotive company with a large aftermarket presence. I know allot about the automotive business cycle and have seen buyouts, layoffs and restructuring. Toward the end of my career, I was hoping for a package, never to get one. I came to the conclusion I was never going to get one.

You see enough of work collogues get laid-off or receive packages: all good people which retired or continued working - there is no shame in this: nothing personal, just business.

The average life expectancy for a male in the USA is about 77 yrs old. I'm 3 1/2 years away from that milestone. I ask myself how long do I want to do this? I wrestled with this all of 2023. Sure, the money is great, I will just ride it to the end.

What changed? several things:

I'm divorced and my children live in different states. I'm a grandparent. Spending more time with them and getting to know my grandchildren is important to me. I didn't grow up with grandparents, neither did my kids.

The company culture was changing: McKinsey was/is there, and they decided to make wholesale changes. I became tired of providing reports, charts and graphs and attended more meetings than I wanted to. There was no debate or discussion even if the goals or direction were flawed. It is dollars and cents with no understanding of manufacturing or related business.

There was/is this mentality of just reducing heads and not respecting the tribal knowledge of staff. People became a number and there are too many indirect heads affecting the bottom line.

There is never just one thing, it's a combination of factors. I have no regrets making a decision. In early December, the company eliminated over 90 positions, including managers, engineers, salaried supervisors and team leaders and well as shrinking indirect staffs. If I would have stayed, I thought, I coulda got a package. Nah, it wouldn't have happened. Many, who are there, are not happy.

No regrets leaving, retirement is a work in progress. I don't miss work, any of it. I stay in touch with collogues. I have hobbies and things that keep me busy. I would not return to work part time for them - I look to do something else.

Retirement consists of 2 phases: the first phase is having great health and being able to enjoy life. The second phase is when everything is in decline and I'm in a diaper with a feeding tube. I hope I have a longer 1st phase and a short second phase.

[3rd_gear_Ted]

The word retirement is not found anywhere in the Bible

[CurtEgerer]

I don't even know how to spell werk anymore. Retired at 59, 7 years ago. Werk is seriously not a concept I can even get my head around at this point. Even if I wanted to, my schedule prohibits it - I'm booked solid for the foreseeable future!

[brp914]

We were to roll out a major software revision which meant me learning it then training others. I was thinking, why learn all this, then retire and not use it? Fortunately we found a new guy who was good and had the enthusiasm for this that I once did and was willing to take over. My enjoyment came from writing custom applications. I did a lot of that but what needed to be done was already done. And out the door I went. I'm healthy, very fit, no debt, and active. Once I'm reasonably confident my new-to-me '65 Mustang won't crap out in the middle of Arkysaw, I'll take it cross country.

[911 Rod]

I had a plan and now a divorce is turning it sideways.

[jhynesrockmtn]

Originally Posted by 911 Rod

I had a plan and now a divorce is turning it sideways.

Ugh, sorry. Happened to me 17 years ago. Will never fully recover, as I made most of my net worth in those years, and she got half. I live smaller now, which is fine. Best of luck to you.

[Evans, Marv]

^^^^^ Sorry to hear that Rod. I've said this before, so I hope it's not getting too repetitive. I've been retired close to twenty years now since retiring at the age of 62. Retirement can open a whole new vista to life if you want it to. One thing I've mentioned before is to understand your likes, dislikes, preferences, etc. will change as you enter and live through retirement. It is another journey in life that is mostly what you make it.

[SpyderMike]

I knew it was time to retire once I started working! I was in the old school plan of working my way up the food chain. Ugh, what a rut. This motivated me to come up with a long term plan. Luckily my plan worked better than I had imagined. I retired early. Now I can do what I want...not what I have to...to have the life I want to lead. That was my fundamental goal.

Go for it...you can always find a way or ways to make money.

[911 Rod]

Originally Posted by jhynesrockmtn

Ugh, sorry. Happened to me 17 years ago. Will never fully recover, as I made most of my net worth in those years, and she got half. I live smaller now, which is fine. Best of luck to you.

Something that I am beginning to realize (or hope for) is you aren't any happier living larger than smaller.

[Dixie]

Originally Posted by rockfan4

How did you know it was time to retire? What was the deciding factor?

A week after I turned 62 I ran the crazy idea of retiring past my financial advisor. He only asked two questions. "Do you love your job?", and "Are you up for a really big pay raise?" I answered no to both. His next words were, "then retire."

[Paul T]

Putting finances and health insurance aside, I think the biggest thing to ponder when considering retirement is how you plan to spend your time. It’s easy to think about all these jobs around the house that you’ve been putting off etc., but I’m telling you, you will knock those out in the first month. If you don’t have hobbies, or volunteer work, or lots of travel plans, I think it can get boring really quick - that is where it can get dangerous for some people. You get bored, you start going out and eating/drinking a little too frequently and, while fun at first, it’s just not sustainable long term for most people. We need intellectual stimulation in some form, even if we aren’t “working”. And that can be anything that floats your boat - gardening, restoring a car, boating, whatever….you get the idea. What you want to avoid is watching 12 hrs of TV a day and doing nothing - you will decline big time and faster than you think. I retired 5 yrs ago at 50 and I stay pretty busy between travel and friends, hobbies and cars, but sometimes I catch myself slipping into “lazy mode” a little too much. Just something to be cognizant of IMO.

[monoflo]

Have a plan --Everyone is different-
WE planned on retiring --then I got laid off 5 years early--the plan made it possible to be semi retired for 5 years and then retire.
We planned to do many wonderful things all within budget - one year into full retirement she got cancer-one year later she was gone. So you never know --don't put off too much for a tomorrow that may not come.
Kill your debt and it can be weird paying yourself --- I lost myself during her cancer being a care giver and what not-- always celebrate your life-- staying busy is easy --liking what you are busy at might take some time.

[craigster59]

During the actors/writers strike I seriously considered hanging it up. The COVID pandemic and the new rules applied when returning to work made it extremely frustrating. Having to work on a stage with 60 other people in close proximity but divided into "zones" was a complete drag along with disinfecting every hand prop an actor touched.

Things have changed a lot and the fun and enthusiasm just doesn't seem to be there anymore. And the quality has also suffered in my opinion, just rushing along to get the project "in the can" so that you can move on and produce more content at a lower budget.

And when you find yourself working on a remake of a film you did early in your career, well that's a sign that can't be ignored.

I'm set financially, I golf and fish and have hobbies. My Wife will still work a few more years for Homeland Security so she has good medical. I also have medical and pension in retirement so I might take the plunge in August when I turn 65.

I just had two friends pass within this month who hadn't been retired more than 4 months. One was 62 and the other 67. I'd like to at least have a little playtime before "moving towards the light".

[jhynesrockmtn]

Originally Posted by 911 Rod

Something that I am beginning to realize (or hope for) is you aren't any happier living larger than smaller.

I can vouch for living smaller being fulfilling. When I got divorced I lived in a close to 4,000 sq ft home with a shop and apartment above that. Close to an acre a block off of Lake WA.

I now live in a 2,000 sq ft modest home that's paid off. I do have a shop and my projects are out there. They are part of my retirement plan. Restoring a car here or there, learning new things, caring for my small old Porsche fleet. I get more joy from a bike ride, walking my dogs or wrenching on my cars than I ever did "servicing" the big house and lifestyle with a big job.

One key is my 2nd wife and I are on the same page. She came into our marriage from a divorce where she got royally screwed over by her alcoholic ex. She is so appreciative of what we do have. Her joy is a good camp site at Priest Lake and our used 25ft travel trailer.

[gsxrken]

Healthcare is a huge factor, depending on your age of course. Out of pocket expenses (premium and deductibles) are just about $30,000 a year now. That'll put a dent in any nest egg if it goes on for 10 or 15 years until you reach Medicare.

[Tim Hancock]

I really don't like my job anymore as it changed over the years. We recently got bought out by a big corporation. Not fun at all.... I am 57 and would love to stop working, but I don't think I have enough in my 401k to retire for many more years. My wife is 60 and has been working for the last 15 years once the kids left home but she does not bring home a big paycheck. I can see her quitting within a year or two.

We have zero debt but without any income, we would have to live like peasants without any social security and having to pay for health insurance. I applaud all of you guys who were able to retire in your 50's and still be able to afford to live a decent life filled with travel and hobbies.

[jcommin]

Originally Posted by 911 Rod

I had a plan and now a divorce is turning it sideways.

Rod, this happened to me at age 60. The accumulated wealth got destroyed - my divorce took 4 years. I had to rebuild my savings and downsized everything. I learned it was just stuff.......... I live really lean and happier for it.

Sorry - I wouldn't wish a divorce on my worst enemy.

[zakthor]

When i went back for a year the money was great, but when i looked at the numbers the money was not great enough to change how i live. And its taking these great healthy years when i can still do stuff. Even with those high earnings i couldnt think of how it changed my life, other than stealing my years. For example id never gather enough extra in 5 years to, say, casually have a netjets subscription, or have a crewed yacht on standby. The ‘next level’ couldnt be reached with my salary range.

I think it is interesting that theres a point where you have enough and ‘more’ doesnt really matter. Is hard to say no but wow do i treasure my time now. I still wouldnt say no to a gifted netjets subscriiption but its just not worth a bunch more years of pain. Im actually happy flying economy.

I dont see any reason someone should fear a funded retirement, its absolutely great.

[gsxrken]

It's too bad the only job you can get at 80 is the Presidency or a Congressman. It makes more sense to take 10 years off when you're 60-something and can still do anything you want, and then go back to pay the bills when you're 80, bored, and physically unable to do a lot of what you used to be capable of.