Thinking about retiring

[Seahawk]

Originally Posted by Rusty Heap

...There was a guy there that had 45 years and Retired. He was back at work after 3-4 months saying he was bored and the wife driving him crazy.

I see that all the time but I also, in my late 60's, see folks who manage retirement - and not work - perfectly.

My best friend is a former Steeplechase jockey, trainer and Race Starter who transitioned to managing a facility on Long Island that uses horses therapeutically. He was there for over ten years. He did well, lived well and managed his finances well.

He still starts Steeplechase races but works at a golf course 3 days a week mowing greens and fairways. He is 70 and could still ride, but, as he told me a few weeks ago, "I had to get out of the tack".

We all do at some time...our own versions of "tack".

I'm done after this year but already have a remote gig lined up which I can do from South Carolina.

Seasons change.

[cockerpunk]

Originally Posted by Rusty Heap

Check out Belize to retire to....

its kind of amazing how often the american dream is "get the hell out of here"

[astrochex]

I recently turned 61 and my plan is to work another 5 years or so. My wife also works, but my job is the main one and we use my benefits. We are both in pretty good health and we have no prescriptions. We also, very thankfully are debt free having paid off our house in November.

My biggest fear is the threat of laziness. I go to the gym twice a week but we are not active, mainly due to my wifes thyroid issue that she is trying to treat without drugs. Hobbies that interest me are not athletic either.

Kudos to all that have planned well and are enjoying retirement.

[Rot 911]

I retired when I turned 62, although I still do the occasional trial consulting. My wife still works and I don’t think she has any intentions of retiring in the next few years. Which means I pretty much have to entertain myself.

The first few years of retirement were tough as being a trial attorney kept me in the courtroom and my mind sharp. And yes, I identified myself with my work. The trial consulting does keep my foot in the door. On the other hand, I hate having things scheduled on my calendar!

While I do have some hobbies, winters are tough up here in Nebraska. I think I’m actually going to have to come up with a daily schedule of house, work, hobbies, and puttering in the garage. There are days that go by that I don’t talk to anyone other than my wife when she gets home from work. It can get lonely at times. I tried doing volunteer work, but I have yet to find something that makes me want to go in and volunteer.

[astrochex]

I know I will miss my job. It is challenging, genuinely important and I work with an amazing group of people. I cannot match the interactions I have on the job anywhere else.

[greglepore]

I think it depends entirely on your personality, assuming money is not the issue. I got out very young due to an injury, but haven't really looked back.
I'm so busy day to day that I marvel at how working people survive, but that's because I have a bunch of oldish cars, a 27 acre property that requires attention, a couple horses and serious cycling and gardening addictions. Don't travel, too busy.
If you don't find yourself needing time for what you would do if you didn't work, then maybe keep working. If you have one passion, not enough.
But the simple fact is, the one thing you can never buy, no matter how hard you work, is time. So if you can use it in a way that is more interesting to you than work, stop.

[Black968]

I worked 34 years for the same company and started planning retirement seriously at around age 40. We went through 3 takeovers in my time there, things got worse and the people at the top got more inept with each takeover. It was truly sad to see a company progressively deteriorate and work ethic go down the toliet. During Covid I got the "feeling" and just knew it was time to leave. In the last three years, I've thought about work for maybe 3 hours total. I make more money now trading/investing and looking after my finances. My stress level is way down, I play guitar, workout, golf, maintain cars and property. Have more time to spend with and enjoy family, no regrets.

[slow&rusty]

@Rot 911 - Made a good point about being in a colder climate and it can get lonely during those long winter months. I also experienced that when I lived for a few years north of Toronto. Winters there were long, harsh and grey, I felt like months went by before I would see my neighbors and going out was an effort. If I still lived in the snow belt, I would have the best garage heater and tinker to pass the time.

[Dixie]

Originally Posted by Rusty Heap

He was back at work after 3-4 months saying he was bored and the wife driving him crazy.

I find doing nothing is the best part of being retired. I do errands and work on my paintings during the day, and go dancing or hanging out at impromptu neighborhood parties in front of my house at night. I love my lazy retired life.

[jcwade]

I was going to retire at 60. My boss heard the rumors and gave me a bunch of retention stock.
I stayed 2 more years then retired after that boss moved on.
Luckily, the stock vested at 62 and I just had to wait for it to mature.

Retired 6 years now and it was the best decision I ever made.

[rwest]

I retired this last June at 55 years old. I’m physically very active, but very project lazy!

I ended up with a foster dog one month after retirement; didn’t want one, but a paralyzed dog came into the rescue that I volunteer for and since I have a bit of experience in caring for that disability, I couldn’t say no, so that does take up a bit of time and puts a damper on freedom and how I’m able to schedule activities.

I take a lot of naps, but I do so pretty intense running workouts on some days and during the summer longer bike rides that I use as a “excuse” to take the naps.

Thursday nights there is a late night swing dance that starts at 9:45 and goes until 1:00am. Very, very young crowd, mostly college age, a few high schoolers and a few older folks. I look a lot younger than I am and seem to have a less mature “vibe”, so most of the young women dance and talk with me- none of them have any obvious interest in me, but it is fun to be there and it gives me a social connection each week as well as a bit of exercise, although my watch showed that my heart rate stayed below workout levels- probably because I do harder workouts normally so the dancing doesn’t push me.

Money wise, I bring in only about a quarter of what I made pre-retirement, but everything is paid for and I live cheaply. I buy less gas and weirdly my grocery bill is less- I think because I bought more preprepared sort of meals to bring to work each day and now I make my own. I also used to keep my candy dish outside my office stocked and had better chocolate for the receptionist and all of that cost me about $250 a month! I no longer spend that of course.

I had a high deductible health care plan while working that included the company putting the yearly deductible in to a VEBA and my unused vacation got converted to the VEBA as well, so I have separate funds to pay for insurance.

I also have no dependents and was never married or had children, so that helps greatly.

[Por_sha911]

Back in 2010 the industry I was working in collapsed. I found myself in my 50's looking for a new industry. At first I enjoyed being unemployed but didn't have the finances to enjoy it. I also didn't have a lot of things I really wanted to do. The wife wanted to travel but we don't have the savings to become full time travelers. I am getting close to retiring and I am ready. Why?
-At 68, I can enjoy my current level of spending with SSI and savings (we still ain't going to be jet setting but the wife is not physically up for it anymore).
-I find it harder to keep up with all the constant changes at work. It is more work to keep relearning our "new and improved" software that is more complex, takes longer, and has a ton of glitches than for me to produce sales.
-I have been working from home since COVID and have learned to enjoy it. I don't miss being in the office.
*** Most importantly: In the last 12 years I have found myself with a growing list of things I will have time to do when I don't work. I want to relearn playing guitar, do more detailing on the Porsche, spend more time in the yard, get involved with the Mens Bible Study...

So, yeah, I'm ready. I'm not planning out my landing date.

[Por_sha911]

Side question: a lot of folks talk about medical insurance costs. Are you not taking advantage of Medicare and associated add on plans? If so, why not?

[rwest]

Originally Posted by Por_sha911

Side question: a lot of folks talk about medical insurance costs. Are you not taking advantage of Medicare and associated add on plans? If so, why not?

At 55, I’m not eligible for any assistance. For information purposes, I chose a plan with Health Partners with a $6,250 deductible for roughly $542 a month. I figured I could take a few years of risk at the higher deductible as I am a fairly healthy individual and stopped lipping off to people larger than me a bunch of years back!

[dmcummins]

I retired at 50, I’m 66 now. Sometimes I think of the money I could have made if I had kept working a few more years. But then I would have lost all that time working.

My wife also retired at 50, she is a couple of years younger than me though. We then moved to Florida as I wanted to get away from the winters.

Health insurance was and is expensive, but it was in the budget and one of our largest expenses.

I currently golf around 3 days a week, shoot sporting clays around 2 days a week. Go offshore fishing when the weather permits, and we go out with friends several nights a week. I’ve also taken up the guitar. My wife also has several hobbies and stays busy.

I don’t know how anyone has time for a job.

My mother passed away at 55, it made me realize you don’t know how much time you have.

[Paul T]

Originally Posted by dmcummins

I retired at 50, I’m 66 now. Sometimes I think of the money I could have made if I had kept working a few more years. But then I would have lost all that time working.

My wife also retired at 50, she is a couple of years younger than me though. We then moved to Florida as I wanted to get away from the winters.

Health insurance was and is expensive, but it was in the budget and one of our largest expenses.

I currently golf around 3 days a week, shoot sporting clays around 2 days a week. Go offshore fishing when the weather permits, and we go out with friends several nights a week. I’ve also taken up the guitar. My wife also has several hobbies and stays busy.

I don’t know how anyone has time for a job.

My mother passed away at 55, it made me realize you don’t know how much time you have.

My Mom passed suddenly at 50, that was a big part of me retiring early. Made me realize early on in life that you never know how much time you have. I have a lot of early heart attacks in my family….genetics aren’t on my side. So, I live for the day.

[Mike Andrew]

Not included in my earlier poat.

Left at 60 and had planned on 63 to leave. At the time, I was somewhat concerned about leaving 3 years of good salary on the table.

Fast forward to 64. Bicuspid, not tricuspid aortic valve was calcified to a point that it was causing fainting. Knew about it for several years but waited until I had to do it Scheduled surgery for 9/20/16. On 9/19/16 my urologist insisted that I come in to discuss prostate biopsy results. Yep, prostate cancer. Heart got fixed the next day and the prostate got seeded a few months later.

I had the potential to be one of those guys who retired into a world of heath chit. Fortunately, I had 4 solid years of following my passions to the fullest before these issues. Things are fine now and I continue chasing fun. Off for a week?? of skiing tomorrow.

My suggestion, based on my experience, is that, if you can, do it and never look back. As others have noted, we just don't know what tomorrow will throw at us.

[Dixie]

Originally Posted by Por_sha911

Side question: a lot of folks talk about medical insurance costs. Are you not taking advantage of Medicare and associated add on plans? If so, why not?

I'm not eligible. I'm not 65. Here in Florida, health insurance is my biggest single expense. My second is home insurance, and my third is car insurance. *sigh*

[jcommin]

Originally Posted by Por_sha911

Side question: a lot of folks talk about medical insurance costs. Are you not taking advantage of Medicare and associated add on plans? If so, why not?

I'm on Medicare with a supplemental policy that is excellent. Medicare, so far, has been great. My prescription costs are low as well. I'm also by myself. Health costs can get expensive fast especially if you have a spouse/partner isn't covered on any plan or if preexisting conditions require prescriptions that are very costly. That all has to be factored in for monthly expenses.

I spent many years tracking monthly expenses to determine what I needed to live on. Then I compared it to what I saved to see if the model works. My financial wealth got hammered with a divorce and issues with my youngest son. My model works with no debt of any kind - which I succeeded to do. I build a reserve for unknown unknowns. 2024 is the first year I'm living this model. My finance guy tells me I'm ok, but you never know.

[ted]

If you want to retire early find your long term career in your early 20s.
I worked in my career from 18 to 50 years old.
I missed many days surfing in my 20s with my friends.
So important the decisions we make at 20 years old can determine our quality of life in our 50s and later.