Rethinking Retirement

[Whiteboat]

If mentally you are ready, it then becomes a financial decision. Healthcare is the big "gotcha" until you reach 65. If you are prepared, then do it.

If you have a skill that is in demand, consider a part time job to ease yourself into retirement.

I am retired and consider myself mentally unemployable - although I do some contract work for a former boss to the tune of 30 hours a month. It pays for my fishing.

One thing to consider is if your job is in jeopardy of being eliminated, I would hold out a little longer and see if they put a severance package on the table. You can quit anytime.

[TNT]

If mentally you are ready, it then becomes a financial decision. If you are prepared do it.

Couldn't agree more. I'm eligible to retire with 23 years of service at any age. My goal has been to do 35 years. I just passed 31 years and I'm mentally ready to go, just want to put in enough more time to be set financially.

[bshort]

Planning to retire from one career at 50 and enter another within a different defined benefit retirement system. A retired friend pays $1500 a month for health insurance (him and his wife) and I'm just not ready for that.

[milligjg]

We are out at 62, 1 yr, 1 month & 23 days!

[Hoot]

I went to 65 mainly because of Health Insurance and the wife who is three years younger was offered a very lucrative early buy out by the School District to those teachers with Master's and 30 plus years of experience who were pulling down some good bucks.

I had managed to get myself out of management and all the headaches that go with it when my employer had sold out a few years before then took a job with a competitor that I spent the last decade of my career with. It meant less money but the stress level and demands weren't there no more late night calls, meals interrupted, calls on holidays or the cell phone ringing on Sunday afternoon while enjoying tine fishing.

It took a while to gear down from the previous 20 plus years and it helped prepare for retirement mentally, physically and financially.

[bassrman]

I would find a new financial advisor if you are that close to retirement and this virus hurt you that bad. You should have transferred funds to a much safer portfolio by now.

No one could see it coming ‘ unti it was too late ! , I’ve seen what happens to the “inside traders” !...

[grout-scout]

My buddy retired at 55 and 10 years later, inflation has made him tighten his spending. He said it was the best decision he’s made and I let him work part time with me for extra income. His wife retired at 60 and was set to receive more money, 6 months after retiring, she was diagnosed with a rare leukemia.


I think there’s a fine line between making money and living life. My wife’s grandma used to scold me for working too much and not buying what I wanted. She said, “you better enjoy life while you’re able too; because once you get old your body won’t let you do what you want”.

[C130]

I’d retire in a second if I could afford it but I’m 52 and have a ways to go. Talked to my sister this morning and one of her good friends just lost her mother to Covid 19 and her dad is on a ventilator and not doing good. I’m not sure of their age, didn’t ask. I like my job most of the time but it’s not my life, I definitely don’t need an “identity” as some do, and I like doing other things like fishing way more than work. Good luck in your decision.

[jcdogfish]

No one could see it coming ‘ unti it was too late ! , I’ve seen what happens to the “inside traders” !...

That's why if using a "financial advisor" and was close to retirement, investments should have been slanted to more stable investments, cash etc. If you are close to retirement and got slammed bad with this downturn you really need to have a long conversation with your financial guy if you use one. Personally, my conversation would be very short and to the point, including where to transfer my investments. This is exactly why you paid a lot of money for someone to advise you financially. When times are good you could throw a dart at the charts and pick winners and do well, its times like this that they should earn their money. If you are years away from retirement I can understand riding the wave.

[Stein]

I'm 53 and working for four more years until my wife's daughter graduates from high school then I'm retiring. Wife is 30 so I don't care if she is a cashier at Home Depot, as long as she likes the work and gets benefits I'm fine with whatever job she wants.

[local16]

I started drawing my pension as early as allowed which was 60 1/2 and SS at 62. That was in 2016 and I have no regrets.

[Atomicbassturd]

I am retiring in approximately 90 days. Gonna be 59 1/2. Can’t wait. It is a personal/financial choice. A long time friend once grabbed a tape measure and gave a visual timeline demonstration of life expectancy. He asked , what is the average life expectancy of “place your gender”? He stretched the tape out , in my case as a male, to 78. He then asked, what age do you want to retire? Once that number was called out, grabbed that number(59 for me) and said, pointing backward towards the start of the tape measure, that’s where you’ve been. Then he showed the portion from 59 to 78 and said, that’s what you have left. It is a very real visual account of a life timeline. Also remember that at some point, age will physically limit your capabilities. Make and enjoy the decision that meets your goals.

[The Arch]

My saying us to be I don’t work so I can hunt and fish ,I hunt and fish so I can tolerate working . Lol

[C130]

I'm 53 and working for four more years until my wife's daughter graduates from high school then I'm retiring. Wife is 30 so I don't care if she is a cashier at Home Depot, as long as she likes the work and gets benefits I'm fine with whatever job she wants.

So, when you were 30 your wife was 7. I’d be fine letting her do whatever job she wants also if she’s supporting me and that young.

[lpugh]

Almost 73 and still working and no plans of stopping, broken down body will determine when I quit. Still look forward to new challenges of The auto repair business. I firmly believe that one must stay physically and mentality active as long as possible and retirement in most cases is detrimental to that

[marlake]

I retired at 54, 20 years ago. I had a high stress job and I truly believe I'm here today and thriving, by the way, because of retiring and removing myself from the stress.
Having said that, initially I had a tough time with the transition from struggling up the corporate ladder and being rewarded with larger and larger pay checks to doing nothing and, for the first time in my life, not bringing home the "bacon".
Fortunately about three months after retiring I saw a survey in USA Today that was directed at people who had retired "early". They asked the simple question " If you had it to do over is there anything you would do differently"? The number one answer was "I would have saved more and spent less prior to retiring". The number two response was "I would have retired earlier".
It has also been recommended that you learn to be "blissfully useless". And I certainly have, thank you.
Good luck whatever you decide.

[brushsjigs]

If the only bills you have is utility's and watch your spending habits you will be fine at 62. The pension should be the gravy just to set aside,, I sure wouldn't want to bank on it to get by the way things are going.. I retired at 63. Almost didn't collect my 1st SS check. Self employed high stress job for 30 years almost took me out at 62. Nothing on TV, and really don't want to go anywhere, but I sure wouldn't want to be self employed with what is coming up. If everyone went back to work tomorrow it will be a minimum of 10 months to get things rolling again.

[Mark Perry]

3 more years is the plan if all goes as we want. If not we will keep working towards that goal.

[Boat4Life]

Retired at 59 with pension and took SS at 62, no regrets. Saw too many work til 65-68 and live 2-3 years after retiring.

[Stein]

So, when you were 30 your wife was 7. I’d be fine letting her do whatever job she wants also if she’s supporting me and that young.

Yes. It's kind of funny. I was already married when she was born. LOL She went to take some pictures in a traditional Ao Dai for National Women's Day last month.

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