Thinking about retiring

[rockfan4]

I'm not 67 yet, but I'm thinking of hanging it up.
Everything is paid off, no issues there.
I've got plenty in the 401(k).
My wife is 5 years younger than me, and I'm on her insurance, so no issues there as long as she stays working. When she does retire, she's on the state retirement system, so she is set as well. Assuming we can both stay out of a nursing home, I don't see any financial problems.

My boss found out my intentions today, and called me up at the end of the day. He gave me the "what can I do to get you to stay?" speech. He didn't come out and offer more money, but he did mention going part time with no more on call. I'm thinking of doing this around mid June, when it gets nice out. That gives me plenty of time to plan it out.

The company I work though went through a merger about a year ago, and while there haven't been any layoffs yet, there are rumors. One of my coworkers said he heard a rumor of early retirement being offered, that's part of why I didn't want to say anything definite yet.

How did you know it was time to retire? What was the deciding factor? How long did you plan? In the time between deciding to retire and actually walking out the door, what sort of worker were you?

If I had one thing that might keep me from retiring, I'd like to get back into racing. That's not cheap, even at the amateur level.

[LWJ]

I’m working 5-10% ish. Some days I actually work, like today. Some days not so much- maybe tomorrow? It is weird. There is a grief from not doing what gave you validation. There is the search for people to hang out with. There is all that extra time with your spouse who is sick of your stuff.

I don’t regret my choice because I am really a burn out case and my motivation is gone. But there are lots of things I miss. Example: the person who is servicing my accounts is making an offer on a 2mm home. With income that I gave her.

Oh well. Move forward.

[Bill Douglas]

Originally Posted by rockfan4

How did you know it was time to retire?

I had no choice in the matter, I was fired.

Originally Posted by rockfan4

What was the deciding factor?

No deciding on my part.

But I'm making more than twice what I was when computer tech, now as a landlord and stock market investor/trader.

And I do almost no work each week

[Rusty Heap]

Every Day is Priceless.........that's why they call it the Present.

Retire now, thank me later.

[Baz]

My plan....

I turn 70 in June.

Although I'm semi-retired right now....I will continue to work until I'm 80.

After that I will continue my avocation for gardening and horticulture but not in the same capacity.

I always thought the 2 reasons one should retire are:

1. they want to spend that time in a different way

2. they want to travel - and their work wouldn't be possible if they did that

Otherwise if you like what you do and am OK with the time constrictions......have at it. There aren't too many things in life that provide the benefits working does.......

[stealthn]

I’ve been saying that for about 3 years, scaled back working, let all my employees take work elsewhere now I pick and chose what I want to do, so probably 40% work.

I love new projects so it’s hard to quit outright. I’m playing it by ear right now as I could see retiring at anytime, but I like I get to call all the shots on any giving day. If I did retire I could always go back to work if I wanted to.

Good luck

[wdfifteen]

Hanging around to see if they offer an early retirement buyout is the only reason to stay. I would not commit to any part time or consulting contracts. Once you are out the door the world will look different and you won’t want that albatross around your neck. Make sure you are retiring TOO something, (maybe racing?) not FROM your job. Plan out what you will be doing that is challenging and rewarding after you leave the job. Get into something you are “up to the elbows” committed to, don’t just drift. We bought a 5 acre farm (talk about commitment!). I know only one guy who retired to a life of leisure (golf and fishing) who was happy, and this guy was committed to golf and fishing like they were his jobs.

[wdfifteen]

Originally Posted by rockfan4

How did you know it was time to retire? What was the deciding factor? How long did you plan? In the time between deciding to retire and actually walking out the door, what sort of worker were you?

As to your specific questions, I'm probably not going to be much help since I was the owner of the business that employed me.

How did you know it was time to retire?
I knew I wanted a change when running my companies was keeping me from doing something more interesting.

What was the deciding factor?
I was bored and wanted to do something else with my time.

How long did you plan?
I'm a serial entrepreneur. I'm always looking for the another opportunity, so life has been a constant plan for the next thing.

In the time between deciding to retire and actually walking out the door, what sort of worker were you?

I was not engaged in my work. I was kind of pissed off because I really wanted to move on but it took 7 long years to get the core business sold.

[Aurel]

Simple technical answer: I will retire when my investable assets allow to reach my target spending goal without depletion of the principal.

[rfuerst911sc]

I retired when I was 60 . Tomorrow I turn 66 . My wife and I met with a financial planner in our 20's and made a plan to be able to retire early . We met all our goals and did retire early . We regret nothing and enjoy every day . When everything you own is paid for and the burden of work/schedule are removed it is VERY satisfying .

We both worked for Lockheed Martin and between us gave them 56 years . Loved the work and they paid us well . But the meat grinder of schedule pressures eventually burns you out . We don't miss any of it . Without knowing when you will expire the decision on when to retire is flawed . Will you live 1 month ? Or 1 year ? Or 10 years ? Or 20 ? Without that data it's a crapshoot . That was another reason to pull the trigger early .

Our decision works for us . Everyone's situation is different. Good luck to all when making this life altering decision.

[KFC911]

^^^^ Nailed it ... in a nutshell... and all of us are nutz .... and wired differently too .

My answer is just soooo wrong .... for anyone else but me ... jmho.

No regerts here ....

[zakthor]

I stopped because I couldn’t keep up the pace. Headaches. Couldn’t work so hard any more, totally fried. Loved the team and the job, and the customers. I waited 6 months until 7 year project was being reset for next iteration. I worked hard right up to my last day. Boss tried to keep me on in a reduced role but by then I really needed to rest and didn’t want to make any binding commitments.

Sure I could have dialed it back but no Adrenalin in that. I like being hungry and doing impossible stuff.

Took more than 2 years after quitting before I could feel the air in my lungs and want to do math again. In hindsight I should have had some sort of medical leave, too much thinking is pretty unhealthy.

I’m not ‘retired’, more like between jobs. I signed up for another intense year during covid, and I might do it again. Main thing the work needs to align with my passion.

[NY65912]

At 68+ and after 47 years in a very competitive construction business I have gone to 3 days a week. It has taken 3 years to come to grips that I will leave or scale back. I liken it to the character Brooks from the movie the Shawshank Redemption, it's all I know.

But, I have 5 grandkids, love to fish, work on my 911, putter around the house......etc. So, I will love the extra time. The plan is to fully retire a year from now, but, I am open to pulling the plug at any time.

I do not enjoy the business anymore, new people, new ways, too many headaches. It is funny, you know when you have to go.

I am very secure financially but want to keep busy. So, tomorrow is my first day of semi-retirement. I am very much looking forward to it.

Best of luck to all.

Cheers, Mike

[1990C4S]

I'm in a similar boat. I hate my job, but I've cut back to four days per week, and my job is really easy now. I go the office, supervise some people, go home. Almost zero travel, almost zero headaches. It seems crazy to walk away from benefits and easy money like this.

I'm at the tipping point, I have lots of other things I want to do, and a good portfolio that will support me for another forty years.

But it's not easy to walk away...

[slow&rusty]

I think we will see more and more threads with this type of theme popping up for discussion. Some good comments and feedback on this thread already.

My take? If your finances are in order and especially medical insurance, I say go for it, enjoy life to the fullest while you can as young as you can. The US is not a great place to retire if you are old and do not have good health insurance.

I would love to retire early to purse automotive interests and enjoy life while my health is good and youthful enthusiasm is still strong. I have enjoyed my 3-decade stint in the corporate environment and still do (for the most part) but if an opportunity presents itself to make a "good" exit, I'm ready.

[1990C4S]

Originally Posted by slow&rusty

My take? If your finances are in order and especially medical insurance, I say go for it, enjoy life to the fullest while you can as young as you can. The US is not a great place to retire if you are old and do not have good health insurance.

I fall into that boat, but I'm not ready for a life of 'uselessness'.

[wdfifteen]

Originally Posted by 1990C4S

I fall into that boat, but I'm not ready for a life of 'uselessness'.

Exactly. Do not retire just to stop working. Retire TO something. Have a plan for a new life doing something challenging and fulfilling.

[jhynesrockmtn]

I turned 60 last April. 10 years ago I relocated to a smaller community and work was not as lucrative as it had been previously for a few reasons.

I was burnt out 5 years ago, but luckily I found a 25/hour per week job in 2019 with a school that gives me a ton of flexibility, including normal school breaks. This allows me to camp in the summer, visit the kids/grandkids when I want, and generally take the time I want to screw around. This included a group of buddies taking 10 days to drive to Rennsport this past September/October. The pay isn't fantastic, but it pays basic bills and has great insurance.

My current plan is to retire when I'm 65. I'm happy to have this job and while the work isn't challenging, the people are great. Thankfully, the house is paid off, and there is no other debt other than a commercial loan on my small apartment building. I'm also not 100% sure how I would spend all of my time. I don't want to waste away, so this has been a great interim step towards full retirement.

[Mike Andrew]

How did I know it was time?
I couldn't sleep a full night due to production/procurement pressures in the aerospace biz. Even with Ambien. I was burned out and had nothing left but anger and stress to fuel it.

Deciding factor?
A trip to Taos and a mate talking to me about my stress level being at a point that, when he called at work, he did not recognize my voice. And, after a blistering run, no smiles or high fives, just back on the lift. Got me thinking about my 50 to 70 hour weeks as a result of our acquisition by TransDigm Group.( As an ESOP, the acquisition made me very sound financially)

How long did I plan?
Started at the CO Springs airport on Sunday waiting to come back. Made the final call Weds. night before dinner. Went into the office at 3:30 the following Thursday and typed my letter of retirement and hit Send. Had talked to my money guy and he said I was more than good to go.

What kind of worker was I in the interim?

I expected to be told to leave as soon as my email was read as that is the TransDigm way. Office was cleaned out before I hit the Send key. Oddly, they wanted me to stay for the 2 weeks that I had given. Tried to get me to stay longer for more $$ or doing consulting. I worked as I had before my decision as they were still paying me and I owed them a full day's work.


I was 60 with my wife working for ICE so nice govt insurance bennies. No more vacation time budgeting for fun. Skiing 30 - 40 days a year, spent about 45 days at my Northern WI place last year, Canada Fly In every other year, several trips to Road America, time for SC projects and driving, lots of gym time and time with Mrs. Mike when she's not working to support my insurance needs

IMHO, if you are set financially and have things that you want to do more than work, go for it. We don't know what tomorrow will bring, especially Healthwise, and there are too many stories of retirement followed by almost immediate health issues or worse.

[rfuerst911sc]

If you retire to uselessness then your plan is flawed . There are tons of home and automotive projects to do . There are so many volunteer and mentoring opportunities . It never hurts to give back to the community . Start an exercise routine. Travel this great country . If you retire to sit on the couch and watch TV you have no one to blame other than the man in the mirror .