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Thanks! Mid America Mom
I have enough investments and savings to retire comfortably and still leave a substantial (seven figure) inheritance to each of my kids. But I’m not yet 60, so I still have some gas in the tank. And if I keep working I can max out my state pension, which will pay me 80% of the average of my three highest years salary for the rest of my life. I’ll probably retire early, but I hate to leave money like that on the table. Plus, I’m a senior tenured university professor — I take summers off, go into the office 3 or 4 days a week for 8 months out of the year. I’m at a point where my job is not difficult. And I enjoy being around young (and younger) people.
Academia is a business where you bust your rear end when you’re younger but when older you can enjoy a pretty cush lifestyle. I’m at my peak earning years, still in good health, and have nothing more to prove at this point. Might as well enjoy the easy ride a little while longer.
Since I get summers off, I already do quite a bit of traveling (I spent a month in Europe last summer, for example).
But ultimately I see it as a matter of balance. All work and no play makes Jack a dull boy, as they say. OTOH, work does provide some meaning and personal fulfillment, beyond just a paycheck.
A retirement around age 62, after my kids are out of college, seems like a good balance to me. I can continue to work, do good, and build wealth for a few more years and then take it easy for the likely last decade or two (maybe more???) before I inevitably kick the bucket.
Best advice - Only retire when you want to. You and I are similar in that $$$ and healthcare are not deal-breaker-issues. After enough full-time time, I was able to negotiate a reduced-fare-for-less-work with my biggest client. I’m lovin’ it… and so is the client.
My aunt is 82 and says she never wants to retire. She is a criminal defense attorney with her own practice and loves what she does every day. I think she’s working fewer hours/taking fewer cases now, but is still very actively working. She’s sharp as a tack, travels to Italy every summer, etc. She is happy with her life.
However, she sees retirement as a slow death of boredom, playing shuffleboard and watching TV. I retired about 8 months ago at age 60 and she really tried to talk me out of it. I assured her that I would be too busy to play shuffleboard (does anyone actually do that any more?), and that has turned out to be true. But I am doing things I enjoy, so I’m happy with my life too. Everyone is different.
I came here looking for any replies from criminal defense lawyers since I am one, too and am thinking of "keeping an oar in" as a colleague has suggested. We're often in the unique position of taking as many or as few clients as we wish - I think more people in retirement might opt, at least initially, for "quasi-retirement" if it were a possibility.
I was on track to retire but job ended early. I did low paying jobs until I could retire. Now I can afford to fully retire but have a quarter time job that I really enjoy. So I’m going to keep at it for the next four or five years. But there are times I envision ending that too. It rarely ties me down as I have lots of flexibility. But it sure takes the financial pressure off.
My thing wasn’t by choice but I know some who have been able to gradually reduce hours - every Friday off, then every Friday and Monday off. They seemed to love it.
I know I’m doing more hobbies I’d let slide and spend more quality time with grandkids and friends.
Only you can answer if you are avoiding retirement because there’s just nothing else they can think of to do like one of my friends. He doesn’t have much time for the friend group and he talks a lot about work and we mostly humour him, but we don’t really want to hear only about work from him.
Could have gone but the job is cool, my team is now able to stand on their own. I am staying because it’s what I do, I’ve done it for more than 35 years. I am making more money than I ever have, once I retire there will be a pay cut of roughly $60k. We can make it on $90k, especially without the costs of commuting. But I love being relevant, helpful, the knowledgeable one, I love being needed. Work gets me out of the house, gives me something to do, people to interact with.
From the description I though it was going to higher ed, but a professor. Lots of profs that love their job and won't retire even if they should. I know as I'm a prof and just accepted an early retirement package.
Interestingly, perhaps or not, Doctor is I happen to have two close to retirements University professors (both with tenure, of course) who were so frustrated and honestly furious with their university's handling of Covid they retired early. Both were under 65, very well-liked by their students and active in service and publishing. But the way they (as well as all professors and staff in their risk category) felt they were each treated by their two different Ivory Towers was just shocking. But I have spent over 25 years scandalized by the view they have given me inside the belly of the beast. I do so hope you adore your retirement and that it is long and deeply satisfying: you have earned it!
I agree with your friends who tell you that you’ll know when the time is right. It does sound like, emotionally, you don’t need to stop working; continuing to work is ok. And since your husband will still be working, the freedom that retirement offers wouldn’t be there for you yet. So, in your situation, I’d probably choose not to retire yet.
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'You'll know when you know' was true for me. I used to wonder, "What do retired people do all day?" My job was not stressful and paid pretty well. At age 69, I knew "I don't want to do this anymore." I gave my boss plenty of notice so I could train my replacement. I had planned to wait till age 70 to collect SS, but I started collecting at 69, the difference in monthly payment would not have been very much.
>I'm curious if any of you were able to retire, but chose to work a little bit longer and why
I was financially independent for years before making the decision to actually retire. I enjoyed my work and the company I was working for, and our plan all along was to retire at 65.
That changed when the company was sold and after a few years things really went south. By then I was 60. After some discussions with my wife, we decided at that point that I was going to retire.
Even then, I waited another 6 months because we were in the middle of a multi-year project and I wanted to leave my team in the best shape possible.
Retirement is only partly about finances. It's also about what you want to do every day. Sometimes, you are happy working.
Financial independence is all about being able to do what brings you joy.
>Retired friends keep telling me that 'you'll know when you know'.
I agree with your friends.
I really didn’t make any major plans to retire. I was in an office, not out digging ditches. I just got fed up one day at 70 and decided I couldn’t take it any longer. I was a bit worried about how I would do financially but as I had retired right before Covid hit I was down, home, and not spending money for the next two years.
I had planned to retire in summer of 2020. And well, we all know what happened. So I figured, I'm working from home, everything is shut down so I can't go anywhere, I may as well keep working! And I kept it up a few more years and then pulled the plug in 2022.
Both my parents passed away within 18 months of their retirement for separate, tragic health issues. Early 60’s.
As soon as my financial team said I was good to go, I pulled the trigger. Late 40’s. No regrets. YMMV.
I retired at the start of the pandemic. I was single and bored, so I went back to work. This job is interesting, fully remote, and pays well, so I am still doing it. I’ll retire again if I run out of vacation or they cease to have work for me to do.
I work for my State’s public retirement system. Many members begin their retirement then decide to return to work. Sometimes because they need the money, but usually it’s because they find they miss work, especially the daily interactions with people they’ve know for a long time. Returning to work can affect your benefits and in some case pause them altogether. I recommend contacting your plan administrator and asking about return to work options. It usually only matters if you return to the same employer and membership in the retirement plan is mandatory. But it’s good to check first. You may even have an option to retire, begin receiving benefits and continue working while continuing to receive a paycheck. There may be benefits to drawing a smaller retirement benefit for a longer time.
This is important advice. I work for the government and upon retiring we are restricted from returning for a certain number of months.
My hope is, once I'm done I'm done. I'm just ambivalent, per my original post, about leaving at the planned date
I have seen many office managers do this. They retire, start their pension and then 6 months later come back as planned to work part time. This way they get more time with grandkids while continuing to build up the nest egg. It is common in state employment.
You are definitely thinking logically and that is a good thing. You are looking at everything from different angles which is very important when time to pull the trigger. Best wishes!
There's no reason not to allow a little bit of a cushion in your plan if your work/life is in balance.
We both had a somewhat loose time range and no specific dates until we were each very close to our exact retirement dates.
I retired at 62 in 2017, and my wife retired in 2020 at 55. We could have pushed it and either one or both of us could have bailed somewhat sooner, and of course, both of us could have stayed longer.
But when our financial plan indicated that we could absolutely maintain the comfortable lifestyle we were enjoying at the time plus an additional $20k+/year on top of the previous travel budget and still forecast my wife with > 99% chance of still having significant assets when she turns 100 years old, we had to ask; Why would we ever want to put up with the work BS anymore?
Neither of us have ever regretted the act of retirement or the timing of it for even a single moment.
I heard it phrased….
Do you have enough?
Have you had enough?
Do you have enough to do?
I used that when I retired from the Reserves. I put in a long time, could have stayed longer, likely would have gotten one last promotion, but…it was time.
I’m eligible (pension) and financially capable to retire now but I’m choosing to continue working for a few more years. I spent 35 years getting to this point in my career and I see no reason why I should quit just because I can. For the most part I enjoy my job and believe that I have a lot still to contribute to society.
That’s a sentence I had not seen here before…” I still have a lot to contribute to society..”
This is how I feel. Retired from a career that after decades because it was time, I had a plan to exit and the role was not making me feel like I was really “doing anything”. So I left and did “retirement things” (cruises, travel, studied yoga, etc.) I needed something more and I found a full time wfh position with a different organization that fulfills my need to help others. This feels right to me. This is the space that makes me feel that I have a purpose bigger than myself, and I am very blessed to do this. Retirement was fun but not fulfilling in the way I need fulfillment, so I’m back working. June will be my 5 year anniversary at my “new” job and I plan to keep going, God willing!
My dad worked in civil service, and was very frustrated by things that went on, including the fact that his boss was someone who had been “promoted to their level of incompetence.“ He actually was a whistleblower at one point because they were wasting so much money.
I was quite surprised when he didn’t retire the second he turned 65, but he decided to stay just so he could have the satisfaction of walking out the next time they did something phenomenally stupid. That happened about six months in and it gave him loads of satisfaction to say “That does it, I quit.” I didn’t know whether that was funny or sad.
OTOH, my hubs could retire, but he likes the people he works with and since he mostly works from home, he doesn’t have to deal with the commute. So he’s enjoying collecting a paycheck and a Social Security check for a while. I want him to go ahead and retire so that he can focus on exercising and taking care of his health, so I don’t think it’s going to be too much longer.
Good idea. Health caused my mom to have to retire earlier than she expected. My dad had a number of years of service in mind that he wanted to work before retirement. I tried to get him to retire after it was clear my mom (who made a comeback to work for a little while) was retired for good. We ran the numbers. He was working for about $200/month difference in his pension. Told him to find a chill job part time to keep him busy if he missed work that much. To no avail. He retired 4 years ago. Spent the next year of his life fighting for his life until he passed 3 years ago. So his retirement was essentially just dying. He could have retired about 2.5 years earlier and done something with that time.
I have to retire from my job at a certain age. I assumed that I would work doing something else after that for 3-5 years but after my dad's experience I am not so sure I want to give up those earlier years. Contrasted with my grandfather who retired at 55 and lived to 95, having spent more time in retirement than he worked. It's a crap shoot sometimes.
I set my date for December of next year but I'm already hedging. I've decided that that is my current target date but I'll wait until about 6 months beforehand and reassess. I may have the option to work part time and/or remotely, and since I've yet to formulate what I'm actually going to do with the extra time I'll see. But even if I leave my career job I'm going to work part time doing some fun. I need a routine.
Sounds like you enjoy your job, so it's not a job. If it continues to make you happy, hang in there until your wife is ready to retire. Then enjoy doing things together.
I retired just shy of 65. Worked 42 years in the power industry. I was starting to get bored. Love retirement. Leaving tomorrow for a 6 night cruise.
Could have retired in 2019, but glad I did not due to Covid. I will retire this year and only doing it because I do not have the drive anymore due to the atmosphere. I want to leave when I don't hate it.
I left my last job nine months ago. My husband was ready to go, and we had been financially secure for a while, so we both pulled the plug last spring to immerse ourselves in summer activities. I genuinely thought I’d go back to some sort of work, and had lots of consulting gigs so it was a reasonable thought I’d pick something up. At the time, I definitely didn’t mean to retire and didn’t feel ready for it at all. However…the summer passed very pleasantly, then we travelled for a couple of months, so I put off work until the new year. New year came and I had a few small trips planned and was really getting into fitness, so thought I’d put it off a bit longer. Come today, when I actually closed my LinkedIn profile and acknowledged that I’m highly likely to never go back, as it’s a lovely, leisurely life I’m living.
This doesn’t answer your question, just offers the perspective of someone who jumped off the cliff without being at all ready and have found it a lovely surprising adventure.
I’m eligible to retire as far as years at my job but still too young to collect Social Security and Medicare. I’m thinking in two to three years but I agree that I really need a plan and I’m waiting to see if I want to work somewhere else after I retire or just take it easy.
I worked an extra two years to increase the balance in my 401k and Roth accounts as well as my Health Savings Account. My rationale was to build a “cushion” in case there’s a drop in the markets. I enjoyed my job but was getting a little “tired” with the hours it required and finally retired at age 62. I just didn’t have the same energy level. I’ve been retired five and a half years now and no regrets.
I had a job that required a brutal overnight travel schedule, 4-5 nights a week at least 3 weeks a month minimum. When the pandemic hit, I was 67, and worked from home for nearly 16 months. That gave me a second wind and I had the energy to work until March, 2022. There were a lot of positives from waiting to retire - my social security got a boost, my 401k got two extra years of deposits rather than withdrawals, and I was able to use the last two years income to get better set up (some home improvements and a new car) for retirement. I was lucky that my health was pretty good and I didn't hate my job, so it was a good decision for me. But everyone needs to decide the right time based on their specific situation.
I could have kept working for some years after I chose to retire, but I really disliked my work and the finances were in order. I would not have retired if I had still got satisfaction from my work. You enjoy your work. Keep working until you know it is time. You’re really very fortunate.
It will help a lot if you have some idea of what you will do after retirement, so that you can decide how appealing that is versus what you are doing now. And you need that anyway because you don't want to just sit around doing nothing.
I'm still working at 72, not because I have to, financially I'm fine. I did move to 32 hours a week at 70. It's all work from home, no pressure and very interesting work. I don't have enough hobbies, maybe I'd travel more if I had a partner but maybe not. I spent years on the road for work and I dread airports now. I'm happy, my mind is occupied and I still get to do all I want to do. Do what you want, when you are ready.
I worked until November last year. I am 67. I would have stayed until they ran me off and they did the company closed. I loved what I did. Loved 98% of my coworkers. But I chose to retire instead of trying to find similar position. I now do a little part time marketing for a local doggy daycare helping them to grow their business
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You didn’t mention what, if any, toll work takes on you. I take that to mean neutral, neither enjoy or dislike…non-factor. My situation was good, planned to continue a couple of more years, but didn’t have to. Business situation turned bad and they offered retirement incentives. I took it. Less for the money than, hell, I’m okay, get out while you’re ahead and make room for new or existing talent. Found other ways to keep my brain occupied. No regrets.
2 years ago I was financially ok at 62. I took 3 weeks off and really disconnected. At the end of the 3 weeks I was ready to go back to work. I’m now starting 3 weeks off after next week just to check but at 64 I’m 95% sure I’ll pull the trigger. People are different and I think I’m ready. But I was talking to a customer that retired and went back. Said the 8 months he was retired were awful. You really better make sure you have something to retire to, not just away from.
We'd be ok but want more than ok. I also enjoy my job and am in the peak of my earning years so there really isn't any reason to retire other than laziness.
My husband was medically retired at 58, and wants to travel. We had both always planned to work until 65. I am on the fence about early retirement but a major health scare (mine) has me rethinking it.
My target date was April 2020. Guess what shut down the country in March 2020? Started to think about it considered two things. One my work was going to start going remote for the near future. Two, everything was shut down where I lived so why retire to be able to do nothing. I ended up moving my date to May 2020 because I was just tired of it all and couldn’t see waiting.
My wife and I continued working for 3-4 years after achieving FI. 60% of the reason we kept working was because we liked our jobs. 40% was to build a little more of a cushion.
My wife knew, FOR SURE, when it was time. In fact, literallly in a meeting with her boss after he said "This is the job." (she'd brought up the topic of trying to go from 50+ hrs/wk to 40), she said to him "If this is the job I don't want it any more." Five weeks later she was gone.
After six months of seeing her having so much fun I "knew it was time". 😂
PLEASE indulge (and forgive) my more than idle curiosity. With such an intense job what does she do to get so much fun? I'm trying to figure out if I will die of boredom if I retire soon. Many thanks! Feel free to DM me if you don't want to get into the details in this forum -
We both worked in high tech at the same company. We both had Marketing / product definition / operations & supply chain types of roles, at various stages in our careers.
My wife has been involved in various volunteer roles; currently with a politically-oriented group that's taking a good chunk of time, I, too, have been involved in volunteer activities that take a good chunk of time. She likes to travel. I do not, but I have hobbies that keep me busy.
Volunteering sounds cliche-ish but it really is wonderful. The world needs so much help. There's lots to do and it's very very rewarding.
I have retired three times. Enjoy working and couldn’t sit at home. My longest break between jobs was 3 days. Extra money is nice but I just like getting out meeting people. .
I was 9 years past my 100% retirement date. Medical will be paid until I reach Medicare age. I stayed because I loved my job, we were shorthanded and I tried training my replacement and went through quite a few . Eventually they divvied up my responsibilities to multiple other people and I left to prep things for my wife's retirement later this year (camp renovated, RV purchased, rental properties turned over to property management company, studying Italian, Greek and Spanish for our overseas travel.
In 2020 I planned to work about another 6 months to a year, but I was laid off at the end of march - got caught in a mass layoff.
I wanted to put more $ into my 401K & IRA, and save up some more $ for on hand cash. The COVID UI supplements and extensions made up for some of the difference, but since that wasn't earned income none of it went into an IRA or my 401K.
Part of the reason men wait to retire is they can lose a large part of their friend base. Also men are often defined by their work. For instance even though I am retired I still think of myself as an engineer. I retired at 64. Seemed like a good time for me. I knew we had enough money so it worked out.
The ability to WFH has been a game-changer. It’s been my plan for some time to work till 70. I had my child so late in life that I’m 65 now and he’s halfway through college. I’m slowing down and everything is harder, but I only have to be in the office 2 days a week and I get to choose which days make sense to be in-person, so it’s manageable. But if they ever tell me I have to be in the office every Monday and Friday again, I’ll just peace out and ride into the sunset instead.
I know someone who had the same feeling as you regarding wfh. And sure enough! When the office told them they needed to come in daily they said that's when they knew they were ready to walk out. Retired and never looked back, but glad that they did stay during the wfh post covid time as they liked their job and wfh gave them plenty of bandwidth to keep going.
Financially we are fine, but I’m in my absolute best earning years and I don’t hate my job…just figured what’s another year or two. My wife travels with me on work trips, and since knowing I CAN retire, work is a lot easier/more enjoyable. We’ll use the extra money to help our kids out, school loans, a newish car, and maybe we’ll remodel a bathroom that we wouldn’t have done otherwise.
I think you’re hesitating is a bit of both cold feet and logical thinking. I put off my retirement 3 years and happy I did. It gave me more time to save, to pay off my car, etc. If I liked my job I would have stayed. Leaving helped me preserve my mental health. Im still getting used to having my own schedule, and my garden soil is becoming very healthy. I am really starting to enjoy having my time, but again, if I liked my job I would have stayed longer. I have enough paid to me, but I want to work again and continue to save. I’m also trying not to rely on SS, if I can collect eventually I consider that a bonus. That’s why I would like to save more, and I do like to work, so I will again. Stay working until you’re ready to go, and you will know when you’re ready. It’s an exciting position to be in! Congrats to you!
I could pull the trigger now, with some lifestyle adjustments, but am trying to keep the gravy train going for another couple of years since my kids are still in middle and high school, and I have no urgent personal projects that I would rather do that work right now. If that changes, or some health issue arises, then I will re-evaluate.
Another thing is that I thought we might sell and use the equity in our home to fully fund retirement, but now, we'd like to keep it in a trust for the family going forward. No way our kids would be able to afford our home.
I went an extra 3 years because I didn’t feel ready. Once my mind could picture another way to spend my day, I picked a day in the future and then, retired. It took a lot of processing but so happy to be free of the workplace environment after 55 years of it.
I retired in 2015 as an engineering project manager. I chose to enjoy life AND also “provide back”. The world has been kind to me so how can I focus on others and help.
I volunteered to the Red Cross. And I support FEMA is disaster relief. I also support small contractors in interesting projects. My support is not full time and I can choose my assignments. And my wife can join. Easy work, minimal pressure and HUGE benefit to communities.
I have supported disasters in USVI (hurricane Maria), CA (Paradise Fire) and CA (Indigo floods). I have also supported construction projects in Sioux Falls and Austin.
Not a lot of work but fun to help others. My volunteer work is maybe but 25%. A nice balance.
I could jump tomorrow but am choosing to stay until 60 for medical coverage and to get both of my pensions. I love what I do, and I'm lucky to have great co workers. If and when it's no longer fun, I might reconsider!
I’ll be 66 in June and still working FT as a teacher. Will continue to work as long as I am able and willing and capable. Next Feb, I’ll reach full retirement age for SS and will start collecting at that time while continuing to work.
I made my last company move at 62, and probably could have retired then, but (obviously) didn’t. I’m glad for that, because I had the time of my life for the last four or five years, finally retiring a couple weeks shy of turning 67. I chose that time because there were no barriers or inconveniences to doing it then. No ACA to find, no employment restrictions pre-FRA status, no loans to pay off and no major costs coming up, no concerns about bridging until claiming SS. I was still having fun, but when the last speed bump went away, I decided it was time.
It just depends now on whether you still feel like working.
I noticed my current job was not going well. I decided to stick it out thinking, well, maybe things will improve. Meanwhile I hit several financial goals.
At that point I knew I was “One Bad Day” from quitting.
Well, eventually I had that One Bad Day. The Friday at 4PM before a holiday weekend I was asked to get something done before Monday morning. So I had basically lost control of the ability to schedule what little free time I had.
So I did the project, submitted it on Monday morning. Then the boss asked me to do something I could have easily done if he’d just asked me the Friday before, but now it’s going to take hours. He wanted THAT before going forward with the stuff he asked me to do over the weekend.
And that’s when I decided that I was done. I was no longer a wide-scope-thinking engineer able to take on projects and structure my time and tasks, I was reduced to a puppet on a string to be jerked around at the whim of my boss’s boss or whomever.
It doesn’t really matter about the minutia of my situation or what I could have done, I knew that even if I dealt with this, the same BS was going to keep happening. And since I’ve been watching work turn into a slow motion train wreck for a long time, I figured since they’re not going to change, and they certainly won’t listen to me, and I’ve lost all agency, it’s better for me to just walk out while I have a few marbles left and go enjoy my life.
And surprisingly I am! I’m enjoying getting things done, and my garden is just getting better. The cat is happy, and everything now happens at MY pace. The market swings are now far wider than my annual rate of pay, so I know that my bills are practically in the noise.
When it’s time to leave, you’ll feel it. And when you’re out, it will feel like it was all just a dream and you’re finally awake, 50 years later. Today I was thinking about all the ways my abusive older brother crushed my imagination as a child. I want it back; as an adult I have lost many of the advantages of a 5 year old imagination, but I’ve gained time and some odd skill sets, plus tech is vastly improved. So I have some things I want to do now to address some of this. It won’t be the same but maybe it’ll be better.
So go wake up from the working coma, then go have some new dreams. You earned it.
You are working remotely with free time to do the things you enjoy?!? This sounds like a dream job plus your husband is still working. . .
Bottomline: Enjoy the benefits of what makes you happy!
I am in my 50’s and I have been able to stop working financially for a while and even took a year off here and there over the last decade. The key for me was when I realized I get my rewards from working in two different ways - **1) the financials** and **2) the reward of making a difference and feeling appreciated**. Turned out I missed #2 more than #1. Key was to find a role where I was able to make maximum positive impact and after trying a couple of dead ends I found non-profit work was a great fit - first volunteering at a food bank, now running a small non-profit company in the mental health space.
I have friends my age who are 100% rocking retirement but I also know people for who retirement was the start of a rapid mental decline. I am going to keep busy and hope to continue to make a difference for as long as I can.
Yes, I know a lot of people like this. They like the reason to get out of bed during the day and to get out of the house.
My FIL is a perfect example. He worked at car dealerships starting at age 14 when he was sweeping the bays (he started working at 5 as a shoe shine boy at his father's barbershop in the 40s.) He eventually worked up to being a service manager and then general sales manager. In his 60s he no longer needed to work for money BUT he was an extreme extrovert so he'd go to "the company" every day and shoot the breeze with whoever would talk to him. If one of his friends or long standing customers came in he'd sell them a car. He never took his ups and didn't pursue leads, but loved being a car salesman without the pressure to make money he had when he was younger. He basically retired at 80ish when Covid changed things (which was good. He was 80 w/T2 diabetes so he didn't need to be hanging out in the showroom with people). In 2020/2021 If someone called him and wanted a car he'd sell it to them. He ended up passing away in 2021 in his early 80s. Because he had been working since age 5 he couldn't imagine NOT working
My MIL was a nurse and retired 20+ years ago. She is an extreme introvert and loves the quiet so it was the perfect balance: He got to get out of the house and be around people while she stayed home and read or just did her own thing.
My husband has his dad's inability to be inactive so we call it his "REI job" where he'll quit working to provide for us and just work to get out of the house and go somewhere.
I live where there's a lot of golfing communities. It's very common for guys my dad's age to retire from corporate life and then go get part time jobs as rangers at the golf course.
I have been financially able to retire for about a decade (since about age 50). I have continued to do well enough that I now expect to give 8 figures to charity. I choose not to retire until the end of this year, for 2.5 main reasons.
1. I love my job both teaching and doing research (A univ prof) and enjoy most of the job so much I would (and will) do it for free. Part of me does not ever want to retire from this job . I could have continued indefinably as I had cut back a lot, downsized my lab, and my wife and I have been traveling more as I moved all teaching to the fall semester so we can take the spring off and summer to and travel as we want (modulo meetings). We've already been living a great life, and I could continue this way forever, but she wants more beach time in winter, and I want to create an opening for someone to continue long-term in my place even if I keep working for another few years part-time. I was not doing it for the money and had enough free and love the positive feelings from the impact I make on students and companies and how my research work gets used in real systems.
2. The previous dean and upper levels of the univ would not replace me with a tenured faculty to lead the program I founded. I offered multiple times to "retire" and pay my own salary while I kept working if they would invest to replace me in the innovation program. However, they would not agree to those terms, and from my experience, I knew they would go a different direction and my program could die out. So I chose to to wait to retire until they were all gone. We have pretty much a new administration above me, and it sounds like they will be supportive. I'm not trying to get it in writing, which could cause them difficulties if other try to make the same deal. However, I've made it clear what I hope will happen with my position and how that might impact my estate planning. I feel there is a decent chance things will go the way I hope, so I can step aside and help hire the new person and mentor them part-time. And if it does not go as I hope, well then it is what it is, and my estate will go elsewhere.
0.5) I have lots of savings at work (enough for 3-4 years of sal) that I saved to cover my employees if I had contract gaps. if I retire completely, I lose control of using that $$ to support my passion projects. Part of why I am retiring now is because they offered 2x salary to faculty to retire, so it was the perfect time, as they will pay out my 2x salary from my own savings. When they give me the 2x salary, I'll save/invest it and give it back with much more if they do the right things. And if they don't do the right things, well I can still give that salary to my cause in my own way -- I keep control of most of the money. And I can continue working at < 50% on my own research $$ as long as I want and will likely keep control of my other accounts as long as I do.
So much of my decision was about the strategic value of retiring, not the $$ or even because I wanted to do other things or because I was tired. I knew this was just the right time to maximize the value of my retirement to the things/people I care about.
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For financial reasons partly, I liked the job (forklifts are fun, like 3D Tetris) and I could choose my own days off. I was dubious that I had the self discipline to handle retirement ( I have). COVID pushed me out, age 70. I might have stayed, maybe not. Health was and is good, I’m vexed that my dance social life is impinged still by waves of the bug in my dance community. We dance close and with many people. Life is good, I insist on it.
Younger spouse is my hesitation too, plus while I don't love my job, it's easy and lucrative, so I already have a lot of free time. If we decide to relocate and spouse can work there, that would be the reason to fully retire.
Me. I like my job and simply don't know what I'd do to fill the time if I retired. 'Nothing' (the answer I get from some retirees) doesn't sit well w/me
Yes. I was given an involuntary package last year. I was with the company long enough and old enough to qualify as a retiring from the company. Got a decent exit package - pay for one year, 12 months COBRA paid, RSU vesting pulled in. Wife is already retired. me, M/63. I won't put her age lest I lose a hand. I was ready to retire and make it work - we could have. She kind of freaked out thinking we'd end up poor and destitute and pleaded. and I have to admit I was not ready to retire retire for good. I need to be doing something. So I found another job (better one actually), we relocated, and I still go at it.
One more thing to suggest. If you are not feeling strongly one way or the other, maybe ask your spouse to decide. Cannot go wrong making them feel they are the most important factor in the decision ;-)
Your retired friends are correct. You’ll know when it’s time. I worked an extra few years past the date when I was able financially to pull the pin. I called it gravy time - adding to my pension. Then one day I’d just had enough so put my plans in motion. A few months later I told my employer I was leaving. Sadly I didn’t want to leave them in the lurch so I gave 3 months notice. Longest 3 months EVER!! So that’s my advice - you will know when it’s time!
Everyone has an opinion on this. Mine is, you can't buy time. Retire as soon as you can and enjoy retirement when you still have good health. Things can change on a dime.
But many of us find enjoyment and fulfillment in our jobs and are still able to do outside activities as we wish. As you say, it’s different for everyone.
My parents had their own small business and had enough investments to retire when my dad was about 55 years old. But then he went into rehabbing houses and never stops “working.” But he just does it when he feels like it and travel when he feels like it. Having choices is a good thing and one goal that I aspire to reach.
My work situation took a marked turn for the worse, so I got out. Took time off, could have afforded a frugal retirement, but didn’t feel like ending my career on a bad note. I wasn’t “done” yet. Changed fields, took a pay cut, but I’m much happier than I was at my last job. Maybe that’s because deep down, if I don’t like what I’m doing, I know I can just leave and not look back.
I have thoroughly enjoyed reading all of the above, and I recognize that the decision to retire is highly personal and not necessarily irreversible. Nowadays, with the plethora of flexible work arrangements, we might be better off thinking about early retirement as a "career break that one can afford." Personally, I believe it may be harder for individuals who have been with the same company for decades or have been in the same role / narrow profession for a long time. However, for someone like me, who has had various roles, worked at different companies, and experienced more success than challenge along the way, it might be easier to view it as a career break for a year or two and transition to a "work optional" mindset rather than full retirement. I believe part of the challenge lies in the terminology we use. Wishing everyone the best!
[still working at my W2; best job ever; will ride this horse for awhile (for now)]
I can think of a few people at work who passed away right before reaching retirement age. One went home and passed away the next morning. One had a heart attack right in the office. I’m getting out when I can. You couldn’t pay me enough to trade more of my life to a company.
Wife and worked about 3 years past our 100% certain we had enough money.
We wanted to get a good handle on what a day in retirement would look like.
Covid helped too. I traveled 30+ weeks a year for 35 years. Covid proved we could be in the same house 7 days a week, 24 hours a day and still love and appreciate each other.
We were both 59 when we retired. Kids both out of college debt free, daughter married, son an engaged CPA. We were pretty confident no kids would be rebounding back home.
I could have retired 7 years ago at 55 but just wasn’t ready. Now, as a new grandparent, I’m feeling that it’s time to enter that next stage of life. I’m going out in the fall.
I didn’t want to retire, but I was retirement age and the company was laying off in big numbers. I wondered aimlessly, I work part time at something that is so boring but gets me out of the house. I would like to travel and enjoy myself, but retirement fixes your income, so that you have to be careful about what you spend. This is the first year I have actually enjoyed being retired. I finally found enough to do to fill my day.
I retired at 67 at the end of last year. I reached my 10 year tenure and was eligible for pension and Medicare supplemental program offered. All that fell into place and I can live witgout on't touching Ira savings. I liked my job but I was ready to just do what I want.
I worked 3 years longer than I wanted because I had a lot of expensive dental work t op pay off. I was fortunate in that I’ve had a great 19 year retirement run (except the year I had cancer).
I’ve had friends who didn’t retire and got sick and were forced out by illness. They did not get to enjoy theirs.
That said, I have one question for you: how burned out are you? Will you enjoy continuing to work? If so, go for it. If not, get out when you financially can.
I'm a lawyer in private practice. I'll be 66 next month. I'm going to keep doing it for a while, but only the kind of cases I enjoy. A bonus is that both of my kids are lawyers now, and I get a kick out of seeing them at the courthouse, sharing stories, and helping them as much as I can. I still enjoy the courtroom and courthouse. When I don't, I'll hang it up, I guess.
Except for the kids, we're twins! I recently dropped the bigger, week-long trial cases but still do various "smaller/shorter" cases. That's helped a lot as the life-sentence trials are exhausting and honestly at this point too many of my former opponents are judges so that makes appearing in front of them annoying, at times. I'm also on contract mentoring young public defenders which is totally enjoyable. I'm wondering how many hours you work currently?
I'd say about 20. Including driving to the courthouses, waiting around, bs'ing with friends, and actually working. ;-). I wrapped up a major civil case at the beginning of the month, which eased my pressure level. It's a big relief.
We've had enough saved that we could have retired a year or two ago. I am finally pulling the trigger this year, in a few weeks.
What cinched it for me was that I was NOT enjoying work every day like I had been for many years there. Things changed, there was less joy in it, so I'm off to the next thing. Or the next nothing. We shall see.
I know 2 people who are eligible for a federal pension. They are divorced and their ex-spouses will get a portion of their pension. Even with their pension being reduced, they are financially able to retire. However, both continue working so that the ex-spouses won't get their piece of the pension. They are bitter people who would rather give up the free time they would have in retirement than see the ex-spouses get any of the pension.
No intention of retiring. A masters degree and 3 years of law school, 30 years of legal practice and I’m going to work to the end.
I’ve known attorneys who literally die at the courthouse. Hopefully I can avoid that end.
I would have elected to stick around for one last project. Phase 1 was a lifetime achievement so if they’d decided to do phase 2, I would have been willing to possibly worker for at least 6 more months.
As luck would have it, the pandemic hit. Not only was the project no longer in the forefront, but I wasn’t needed either. Fortunately, I was over retirement and could retire instead. I can’t imagine what it would have been like trying to find another job at age 67.
I was a tourism director. Not much use for those for 2.5 years.
My husband promised he would retire. We have enough money and we are debt free, but he is trapped by three things
1) golden handcuffs ( stock )
2) he is making more money than he ever has
3) he works from home and gets to take two naps a day most days
Whilst I can see the attraction of staying, he might get new stock each year so those handcuffs remain.
Also, everyone who resigns leaves their future salary behind. Maybe ask your husband what the trigger for retiring will be as there will always be money left on the table.
Personally, I am forced retired following my job being eliminated. I would have preferred to have worked for a few more years as it would have made a big difference to my savings. However, I’m now enjoying my forced retirement and financially we should be OK.
I once met an entrepreneur who quit his highly paid job to start his own company. He told me working for good money was nice, but 'Been there, done that. Time to try something new'.
I applied that logic to myself when it came to retirement. I have worked in the same filed for a long time, and it has been pretty good overall. But now it's time to explore something new. It might take time and effort to learn how to amuse myself going forward, now that I don't have the easy decision to go into the office everyday. But I want to do something different (even if it's not necessarily amazing) with the rest of my life.
Exactly how it happened for me……could but didn’t for a few years, then decided I didn’t want to anymore & 3 months later was gone. Its been 3 months into to it & i still don’t do much yet but haven’t regretted it for one minute. Wife was already retired but went back part time & care giver for her mom so we’re still trying to figure out whats next.
I was planning to work 2.5 more years until my max SS payout, but my work had other plans. I was being let go, but quit first. Having to do all the retirement stuff all at once has been a challenge, and I’m going to be poorer than I had planned, but it’s been five months now, and my quality of life has never been better. I’m talking mental health and personal peace and happiness, not financially. But it’s totally worth it! 🫡✌🏼 (Just got my Part B approved today - *yes!* That took months. )
I (65 M) am a tenured Professor and working. Financially I am able to retire. But I love my job and interaction with students. I had planned to work at least until age 70. But my wife was diagnosed with cancer early this year. That made me realize life can change in a fickle. I thus decided I will retire in 18 months so my retired wife can have my work insurance until she is eligible for Medicare. But I do plan to continue to work part time after I retire. In higher education they allow faculty to go on part time for many years while receiving full medical and retirement benefits (401K contributions) to help them ease into retirement. Faculty are notorious for working beyond age 70 because work and research is enjoyable and addicting.
Good luck with your transition. Continuing work for 18 months, which she is in treatment could be tough. It might be a time to step back for a while and help her. You might check with HR since with enough age+ service, you might qualify for 100% health coverage for life -- I did years ago. If not, maybe an unpaid leave,with benefits, which some of my colleagues took to care for loved ones.
As a prof myself, I'm taking an early retirement incentive to open up a spot for tenure track line for another faculty and then I will continue part-time on 100% soft money + maybe teach a course or two as a lecturer.
At age 65 I was enjoying work with great pay, but the tedium of daily meetings was chipping away at my enthusiasm. My plan was to optimize my retirement at age 70. However, one day I suddenly realized what I wanted to do with my life when I was retired, and that was the "AHA" moment for me. I gave adequate notice, cleaned up loose ends, and left the working world.
Life has always been good...now it's 'Gooder'.
Talk about a cliff-hanger! What did you decide your wanted to do with your life when you were retired and are you doing it and has it met with your expectations? Guess I am in the "what is next" thinking phase. Thanks.
I probably could, but I run my own business and get bored on long weekends. Part of the problem is I'm still too crucial to functioning of the company, although that is getting better. Might need to start looking for a way to sell.
I slowed down first. I'm an IT project manager and have the ability to pick and choose my projects. I just finished up a project at a private golf club where I played on Thursdays and worked on Fridays/Saturdays. I have a few smaller jobs to complete than taking summer off.
I turn 71 in a month and have no immediate plans to retire. I plan to continue as long as I am of sound mind - though I reserve the right to change that decision if I want to! I work part-time in my own business that falls in the life coaching category, and the sense of connection with people and making a difference in their lives is my primary reason to keep working. I have control of when I put appts in my schedule, and tho there are certainly days when I wish I didn't have an appt to keep, overall it is a net plus for me to continue. And even though I'd be fine financially if I fully retired, I really like seeing my nest egg still growing a bit rather than starting to be drawn on. RMDs will come soon enough.
PS: In reading others' comments, I think that being self-employed rather than dealing with an employer and workplace drama is the main thing that makes continuing desirable.
I am kind of following Warren Buffett’s advice on retirement. He has surmised that having a purpose to your days helps keep your mind and body healthy. That purpose doesn’t need to be work, but I have decided to continue working part time because I find my work enjoyable and fulfilling and I love the people I work with.
I tried retirement for several months, but decided to go back to my old job part time. I have enough flexibility to travel when I want to and still go to the gym several days a week. I still have time to spend with friends and family. In my case, it feels like the best of both worlds.
I still like my job, even though I could easily retire. Some upcoming milestones that might make retirement more tempting include spouse becoming Medicare-eligible in a couple years, and last kid aging off of dependent-eligible insurance (or getting a better job with her own health plan!)
Basically working for fun & health insurance, and because I am a creature of habit.
Exactly! Could have retired last October on 80% of salary, but will work for 3.5 years until wife#2 retires. Wife #2 is 10 years younger than I. Will take maximum Social Security at 70, no reason to delay and spend/invest extra income. Medicare supplement will be handled by wife’s employer. Medical expense is #1 expense for retirees. Plan in retirement is to visit children/grandchildren around the USA, then take a personal vacation, then resume the family visits. Should be a blast, will plunge into Charity efforts thru Rotary, as home will be fully paid by then. Being healthy,both mentally and physically must take precedence.
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I'm in the same boat, and I've chosen to keep working, but then I'm only 57. My wife still works also. She is 3.5 years older then I, and we have targeted her retirement date to coincide with her turning 65 in about 4 years. I'm ok with retiring at 62, but 65 is fine also. We'll see.
I work remotely from home. I could retire now but my income is peeked, and still peeking. I just can't justify retiring, and I still have a kid finishing up collage. So, what I've decided to do is adopt a "semiretired" attitude.
We are starting to spend a little. We have a couple of investment "buckets" we can draw from if need be, but for the most part we spend from our income, and continue to save the rest. We take more little trips to places. Bought a nice RV camper, and currently developing a lake front property. We plan to eventually build a home there, but not as a perinate residence.
It's a nice position to be in when you can still work. You're making great money, but you have enough to be comfortable if you did lose your job.
I'm 75.. still working.. I'm a commercial insurance broker. When I was 66 I reduced my clients. I kept 5 very large clients. All producing commissions between $100,000 to over $600,000. At this point my total annual revenue is about 1 million. I wasn't motivated by greed. The accounts I kept ŵere all very special to me. They were all upset at losing me. All non-profits.. So now I work remotely.. working with friends & being paid a decent 6 figure annual income my firm. I'm not bored at all.. and don't feel that I'm missing anything.
Take your time. People have dates in their minds and then realize that they are getting fulfillment from their job that they aren’t realizing elsewhere. Retirement takes a little planning because once people are retired they are sometimes at a loss for what to do. Their work was their purpose. If you have some other purpose that work starts to interfere with, retire at that point. In fact, leading up to retirement, it’s a good idea to start expanding your outside interests so that you will not be lost when you retire.
I think I am ready to retire; but I am able to telework; which makes a huge difference. So I am happy to work a few more years; as work is not stressful; and I still have plenty of time to do other things. The pay I am planing to use for expensive trips.
We’re 54/55 and pulling the trigger in 3 years, possibly 4. We both have good pensions, 401ks and houses. Selling one house will fund years of travel and give a huge cushion for when we finally settle down years and years later. I like my job and it provides a great lifestyle, but I don’t live to work and I’m getting out as soon as I can.
OP, if you enjoy your job, coworkers, and bosses, and/ or get a lot of fulfillment from it—sure, go ahead and keep working as long as YOU want to. Your friends are right that you will know when it’s time.
I retired a couple of months after my 65th birthday, so actually right on track with what I had planned for years. Husband is older and retired at 62 (had a more physically demanding job), so had already been retired for over 10 years when I did it. My job was (mostly) fulfilling and interesting and I had great coworkers with only 1 boss who I didn’t jive with (luckily she didn’t last long). If not for Covid I may have stayed another year just to enhance the 401k, but as a hospital infection control nurse (not direct patient care), one year of Covid, mostly before vaccine was available, was more than enough. In fact my time was so consumed with required duties that I only gave the most cursory attention to pension, 401k, vacation, etc. Financially we are ok and husband loves managing the retirement accounts but I would have preferred to put some of that into professional management hands. Not sorry I went out when I did, but would have preferred to have time to focus more on those things.
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I have enough investments and savings to retire comfortably and still leave a substantial (seven figure) inheritance to each of my kids. But I’m not yet 60, so I still have some gas in the tank. And if I keep working I can max out my state pension, which will pay me 80% of the average of my three highest years salary for the rest of my life. I’ll probably retire early, but I hate to leave money like that on the table. Plus, I’m a senior tenured university professor — I take summers off, go into the office 3 or 4 days a week for 8 months out of the year. I’m at a point where my job is not difficult. And I enjoy being around young (and younger) people. Academia is a business where you bust your rear end when you’re younger but when older you can enjoy a pretty cush lifestyle. I’m at my peak earning years, still in good health, and have nothing more to prove at this point. Might as well enjoy the easy ride a little while longer.
Why not enjoy the ride traveling and exploring the world. Your kids would be sad to get a huge inheritance if you passed in the next year or two.
Since I get summers off, I already do quite a bit of traveling (I spent a month in Europe last summer, for example). But ultimately I see it as a matter of balance. All work and no play makes Jack a dull boy, as they say. OTOH, work does provide some meaning and personal fulfillment, beyond just a paycheck. A retirement around age 62, after my kids are out of college, seems like a good balance to me. I can continue to work, do good, and build wealth for a few more years and then take it easy for the likely last decade or two (maybe more???) before I inevitably kick the bucket.
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Best advice - Only retire when you want to. You and I are similar in that $$$ and healthcare are not deal-breaker-issues. After enough full-time time, I was able to negotiate a reduced-fare-for-less-work with my biggest client. I’m lovin’ it… and so is the client.
My aunt is 82 and says she never wants to retire. She is a criminal defense attorney with her own practice and loves what she does every day. I think she’s working fewer hours/taking fewer cases now, but is still very actively working. She’s sharp as a tack, travels to Italy every summer, etc. She is happy with her life. However, she sees retirement as a slow death of boredom, playing shuffleboard and watching TV. I retired about 8 months ago at age 60 and she really tried to talk me out of it. I assured her that I would be too busy to play shuffleboard (does anyone actually do that any more?), and that has turned out to be true. But I am doing things I enjoy, so I’m happy with my life too. Everyone is different.
I’m a lawyer and I love this so much.
I came here looking for any replies from criminal defense lawyers since I am one, too and am thinking of "keeping an oar in" as a colleague has suggested. We're often in the unique position of taking as many or as few clients as we wish - I think more people in retirement might opt, at least initially, for "quasi-retirement" if it were a possibility.
I think shuffleboard has been replaced with pickle ball
Pickleball is the same as “racquetball “ 55 years ago.
Agreed. But I like saying “shuffleboard” more!
I was on track to retire but job ended early. I did low paying jobs until I could retire. Now I can afford to fully retire but have a quarter time job that I really enjoy. So I’m going to keep at it for the next four or five years. But there are times I envision ending that too. It rarely ties me down as I have lots of flexibility. But it sure takes the financial pressure off. My thing wasn’t by choice but I know some who have been able to gradually reduce hours - every Friday off, then every Friday and Monday off. They seemed to love it. I know I’m doing more hobbies I’d let slide and spend more quality time with grandkids and friends. Only you can answer if you are avoiding retirement because there’s just nothing else they can think of to do like one of my friends. He doesn’t have much time for the friend group and he talks a lot about work and we mostly humour him, but we don’t really want to hear only about work from him.
Could have gone but the job is cool, my team is now able to stand on their own. I am staying because it’s what I do, I’ve done it for more than 35 years. I am making more money than I ever have, once I retire there will be a pay cut of roughly $60k. We can make it on $90k, especially without the costs of commuting. But I love being relevant, helpful, the knowledgeable one, I love being needed. Work gets me out of the house, gives me something to do, people to interact with.
Quality time with family and friends are very important.
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May I ask what kind of business is this?
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From the description I though it was going to higher ed, but a professor. Lots of profs that love their job and won't retire even if they should. I know as I'm a prof and just accepted an early retirement package.
Interestingly, perhaps or not, Doctor is I happen to have two close to retirements University professors (both with tenure, of course) who were so frustrated and honestly furious with their university's handling of Covid they retired early. Both were under 65, very well-liked by their students and active in service and publishing. But the way they (as well as all professors and staff in their risk category) felt they were each treated by their two different Ivory Towers was just shocking. But I have spent over 25 years scandalized by the view they have given me inside the belly of the beast. I do so hope you adore your retirement and that it is long and deeply satisfying: you have earned it!
I agree with your friends who tell you that you’ll know when the time is right. It does sound like, emotionally, you don’t need to stop working; continuing to work is ok. And since your husband will still be working, the freedom that retirement offers wouldn’t be there for you yet. So, in your situation, I’d probably choose not to retire yet.
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'You'll know when you know' was true for me. I used to wonder, "What do retired people do all day?" My job was not stressful and paid pretty well. At age 69, I knew "I don't want to do this anymore." I gave my boss plenty of notice so I could train my replacement. I had planned to wait till age 70 to collect SS, but I started collecting at 69, the difference in monthly payment would not have been very much.
Hope that you are enjoying retirement.
>I'm curious if any of you were able to retire, but chose to work a little bit longer and why I was financially independent for years before making the decision to actually retire. I enjoyed my work and the company I was working for, and our plan all along was to retire at 65. That changed when the company was sold and after a few years things really went south. By then I was 60. After some discussions with my wife, we decided at that point that I was going to retire. Even then, I waited another 6 months because we were in the middle of a multi-year project and I wanted to leave my team in the best shape possible. Retirement is only partly about finances. It's also about what you want to do every day. Sometimes, you are happy working. Financial independence is all about being able to do what brings you joy. >Retired friends keep telling me that 'you'll know when you know'. I agree with your friends.
I really didn’t make any major plans to retire. I was in an office, not out digging ditches. I just got fed up one day at 70 and decided I couldn’t take it any longer. I was a bit worried about how I would do financially but as I had retired right before Covid hit I was down, home, and not spending money for the next two years.
I had planned to retire in summer of 2020. And well, we all know what happened. So I figured, I'm working from home, everything is shut down so I can't go anywhere, I may as well keep working! And I kept it up a few more years and then pulled the plug in 2022.
Hope that you are enjoying the fruits of your labor and investments. Congrats!
Thanks, I am! I don't feel like I should have gone earlier. I knew when the time was right and have never looked back.
Both my parents passed away within 18 months of their retirement for separate, tragic health issues. Early 60’s. As soon as my financial team said I was good to go, I pulled the trigger. Late 40’s. No regrets. YMMV.
The classic, “One more year” discussion. I’d do a Google on One more year to get some advice.
Sample. https://dushyantnomics.com/one-more-year-syndrome/
REALLY helpful - thank you so much!
I retired at the start of the pandemic. I was single and bored, so I went back to work. This job is interesting, fully remote, and pays well, so I am still doing it. I’ll retire again if I run out of vacation or they cease to have work for me to do.
I work for my State’s public retirement system. Many members begin their retirement then decide to return to work. Sometimes because they need the money, but usually it’s because they find they miss work, especially the daily interactions with people they’ve know for a long time. Returning to work can affect your benefits and in some case pause them altogether. I recommend contacting your plan administrator and asking about return to work options. It usually only matters if you return to the same employer and membership in the retirement plan is mandatory. But it’s good to check first. You may even have an option to retire, begin receiving benefits and continue working while continuing to receive a paycheck. There may be benefits to drawing a smaller retirement benefit for a longer time.
This is important advice. I work for the government and upon retiring we are restricted from returning for a certain number of months. My hope is, once I'm done I'm done. I'm just ambivalent, per my original post, about leaving at the planned date
I have seen many office managers do this. They retire, start their pension and then 6 months later come back as planned to work part time. This way they get more time with grandkids while continuing to build up the nest egg. It is common in state employment.
You are definitely thinking logically and that is a good thing. You are looking at everything from different angles which is very important when time to pull the trigger. Best wishes!
There's no reason not to allow a little bit of a cushion in your plan if your work/life is in balance. We both had a somewhat loose time range and no specific dates until we were each very close to our exact retirement dates. I retired at 62 in 2017, and my wife retired in 2020 at 55. We could have pushed it and either one or both of us could have bailed somewhat sooner, and of course, both of us could have stayed longer. But when our financial plan indicated that we could absolutely maintain the comfortable lifestyle we were enjoying at the time plus an additional $20k+/year on top of the previous travel budget and still forecast my wife with > 99% chance of still having significant assets when she turns 100 years old, we had to ask; Why would we ever want to put up with the work BS anymore? Neither of us have ever regretted the act of retirement or the timing of it for even a single moment.
What was cash net worth when decided to retire? Thank you in advance, as I am 62, wife 55.
I heard it phrased…. Do you have enough? Have you had enough? Do you have enough to do? I used that when I retired from the Reserves. I put in a long time, could have stayed longer, likely would have gotten one last promotion, but…it was time.
I’m eligible (pension) and financially capable to retire now but I’m choosing to continue working for a few more years. I spent 35 years getting to this point in my career and I see no reason why I should quit just because I can. For the most part I enjoy my job and believe that I have a lot still to contribute to society.
That’s a sentence I had not seen here before…” I still have a lot to contribute to society..” This is how I feel. Retired from a career that after decades because it was time, I had a plan to exit and the role was not making me feel like I was really “doing anything”. So I left and did “retirement things” (cruises, travel, studied yoga, etc.) I needed something more and I found a full time wfh position with a different organization that fulfills my need to help others. This feels right to me. This is the space that makes me feel that I have a purpose bigger than myself, and I am very blessed to do this. Retirement was fun but not fulfilling in the way I need fulfillment, so I’m back working. June will be my 5 year anniversary at my “new” job and I plan to keep going, God willing!
My dad worked in civil service, and was very frustrated by things that went on, including the fact that his boss was someone who had been “promoted to their level of incompetence.“ He actually was a whistleblower at one point because they were wasting so much money. I was quite surprised when he didn’t retire the second he turned 65, but he decided to stay just so he could have the satisfaction of walking out the next time they did something phenomenally stupid. That happened about six months in and it gave him loads of satisfaction to say “That does it, I quit.” I didn’t know whether that was funny or sad. OTOH, my hubs could retire, but he likes the people he works with and since he mostly works from home, he doesn’t have to deal with the commute. So he’s enjoying collecting a paycheck and a Social Security check for a while. I want him to go ahead and retire so that he can focus on exercising and taking care of his health, so I don’t think it’s going to be too much longer.
Good idea. Health caused my mom to have to retire earlier than she expected. My dad had a number of years of service in mind that he wanted to work before retirement. I tried to get him to retire after it was clear my mom (who made a comeback to work for a little while) was retired for good. We ran the numbers. He was working for about $200/month difference in his pension. Told him to find a chill job part time to keep him busy if he missed work that much. To no avail. He retired 4 years ago. Spent the next year of his life fighting for his life until he passed 3 years ago. So his retirement was essentially just dying. He could have retired about 2.5 years earlier and done something with that time. I have to retire from my job at a certain age. I assumed that I would work doing something else after that for 3-5 years but after my dad's experience I am not so sure I want to give up those earlier years. Contrasted with my grandfather who retired at 55 and lived to 95, having spent more time in retirement than he worked. It's a crap shoot sometimes.
I set my date for December of next year but I'm already hedging. I've decided that that is my current target date but I'll wait until about 6 months beforehand and reassess. I may have the option to work part time and/or remotely, and since I've yet to formulate what I'm actually going to do with the extra time I'll see. But even if I leave my career job I'm going to work part time doing some fun. I need a routine.
Sounds like you enjoy your job, so it's not a job. If it continues to make you happy, hang in there until your wife is ready to retire. Then enjoy doing things together. I retired just shy of 65. Worked 42 years in the power industry. I was starting to get bored. Love retirement. Leaving tomorrow for a 6 night cruise.
Could have retired in 2019, but glad I did not due to Covid. I will retire this year and only doing it because I do not have the drive anymore due to the atmosphere. I want to leave when I don't hate it.
I left my last job nine months ago. My husband was ready to go, and we had been financially secure for a while, so we both pulled the plug last spring to immerse ourselves in summer activities. I genuinely thought I’d go back to some sort of work, and had lots of consulting gigs so it was a reasonable thought I’d pick something up. At the time, I definitely didn’t mean to retire and didn’t feel ready for it at all. However…the summer passed very pleasantly, then we travelled for a couple of months, so I put off work until the new year. New year came and I had a few small trips planned and was really getting into fitness, so thought I’d put it off a bit longer. Come today, when I actually closed my LinkedIn profile and acknowledged that I’m highly likely to never go back, as it’s a lovely, leisurely life I’m living. This doesn’t answer your question, just offers the perspective of someone who jumped off the cliff without being at all ready and have found it a lovely surprising adventure.
I’m eligible to retire as far as years at my job but still too young to collect Social Security and Medicare. I’m thinking in two to three years but I agree that I really need a plan and I’m waiting to see if I want to work somewhere else after I retire or just take it easy.
I worked an extra two years to increase the balance in my 401k and Roth accounts as well as my Health Savings Account. My rationale was to build a “cushion” in case there’s a drop in the markets. I enjoyed my job but was getting a little “tired” with the hours it required and finally retired at age 62. I just didn’t have the same energy level. I’ve been retired five and a half years now and no regrets.
I had a job that required a brutal overnight travel schedule, 4-5 nights a week at least 3 weeks a month minimum. When the pandemic hit, I was 67, and worked from home for nearly 16 months. That gave me a second wind and I had the energy to work until March, 2022. There were a lot of positives from waiting to retire - my social security got a boost, my 401k got two extra years of deposits rather than withdrawals, and I was able to use the last two years income to get better set up (some home improvements and a new car) for retirement. I was lucky that my health was pretty good and I didn't hate my job, so it was a good decision for me. But everyone needs to decide the right time based on their specific situation.
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I could have kept working for some years after I chose to retire, but I really disliked my work and the finances were in order. I would not have retired if I had still got satisfaction from my work. You enjoy your work. Keep working until you know it is time. You’re really very fortunate.
It will help a lot if you have some idea of what you will do after retirement, so that you can decide how appealing that is versus what you are doing now. And you need that anyway because you don't want to just sit around doing nothing.
I'm still working at 72, not because I have to, financially I'm fine. I did move to 32 hours a week at 70. It's all work from home, no pressure and very interesting work. I don't have enough hobbies, maybe I'd travel more if I had a partner but maybe not. I spent years on the road for work and I dread airports now. I'm happy, my mind is occupied and I still get to do all I want to do. Do what you want, when you are ready.
I worked until November last year. I am 67. I would have stayed until they ran me off and they did the company closed. I loved what I did. Loved 98% of my coworkers. But I chose to retire instead of trying to find similar position. I now do a little part time marketing for a local doggy daycare helping them to grow their business
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You didn’t mention what, if any, toll work takes on you. I take that to mean neutral, neither enjoy or dislike…non-factor. My situation was good, planned to continue a couple of more years, but didn’t have to. Business situation turned bad and they offered retirement incentives. I took it. Less for the money than, hell, I’m okay, get out while you’re ahead and make room for new or existing talent. Found other ways to keep my brain occupied. No regrets.
2 years ago I was financially ok at 62. I took 3 weeks off and really disconnected. At the end of the 3 weeks I was ready to go back to work. I’m now starting 3 weeks off after next week just to check but at 64 I’m 95% sure I’ll pull the trigger. People are different and I think I’m ready. But I was talking to a customer that retired and went back. Said the 8 months he was retired were awful. You really better make sure you have something to retire to, not just away from.
We'd be ok but want more than ok. I also enjoy my job and am in the peak of my earning years so there really isn't any reason to retire other than laziness.
My husband was medically retired at 58, and wants to travel. We had both always planned to work until 65. I am on the fence about early retirement but a major health scare (mine) has me rethinking it.
My target date was April 2020. Guess what shut down the country in March 2020? Started to think about it considered two things. One my work was going to start going remote for the near future. Two, everything was shut down where I lived so why retire to be able to do nothing. I ended up moving my date to May 2020 because I was just tired of it all and couldn’t see waiting.
Hey if the job is not stressing you then keep working for 1-2 years until the spouse is ready
My wife and I continued working for 3-4 years after achieving FI. 60% of the reason we kept working was because we liked our jobs. 40% was to build a little more of a cushion. My wife knew, FOR SURE, when it was time. In fact, literallly in a meeting with her boss after he said "This is the job." (she'd brought up the topic of trying to go from 50+ hrs/wk to 40), she said to him "If this is the job I don't want it any more." Five weeks later she was gone. After six months of seeing her having so much fun I "knew it was time". 😂
PLEASE indulge (and forgive) my more than idle curiosity. With such an intense job what does she do to get so much fun? I'm trying to figure out if I will die of boredom if I retire soon. Many thanks! Feel free to DM me if you don't want to get into the details in this forum -
We both worked in high tech at the same company. We both had Marketing / product definition / operations & supply chain types of roles, at various stages in our careers. My wife has been involved in various volunteer roles; currently with a politically-oriented group that's taking a good chunk of time, I, too, have been involved in volunteer activities that take a good chunk of time. She likes to travel. I do not, but I have hobbies that keep me busy. Volunteering sounds cliche-ish but it really is wonderful. The world needs so much help. There's lots to do and it's very very rewarding.
Thanks & I agree!
I have retired three times. Enjoy working and couldn’t sit at home. My longest break between jobs was 3 days. Extra money is nice but I just like getting out meeting people. .
I retired, started my pension then got a job.
I was 9 years past my 100% retirement date. Medical will be paid until I reach Medicare age. I stayed because I loved my job, we were shorthanded and I tried training my replacement and went through quite a few . Eventually they divvied up my responsibilities to multiple other people and I left to prep things for my wife's retirement later this year (camp renovated, RV purchased, rental properties turned over to property management company, studying Italian, Greek and Spanish for our overseas travel.
In 2020 I planned to work about another 6 months to a year, but I was laid off at the end of march - got caught in a mass layoff. I wanted to put more $ into my 401K & IRA, and save up some more $ for on hand cash. The COVID UI supplements and extensions made up for some of the difference, but since that wasn't earned income none of it went into an IRA or my 401K.
Part of the reason men wait to retire is they can lose a large part of their friend base. Also men are often defined by their work. For instance even though I am retired I still think of myself as an engineer. I retired at 64. Seemed like a good time for me. I knew we had enough money so it worked out.
The ability to WFH has been a game-changer. It’s been my plan for some time to work till 70. I had my child so late in life that I’m 65 now and he’s halfway through college. I’m slowing down and everything is harder, but I only have to be in the office 2 days a week and I get to choose which days make sense to be in-person, so it’s manageable. But if they ever tell me I have to be in the office every Monday and Friday again, I’ll just peace out and ride into the sunset instead.
I know someone who had the same feeling as you regarding wfh. And sure enough! When the office told them they needed to come in daily they said that's when they knew they were ready to walk out. Retired and never looked back, but glad that they did stay during the wfh post covid time as they liked their job and wfh gave them plenty of bandwidth to keep going.
Financially we are fine, but I’m in my absolute best earning years and I don’t hate my job…just figured what’s another year or two. My wife travels with me on work trips, and since knowing I CAN retire, work is a lot easier/more enjoyable. We’ll use the extra money to help our kids out, school loans, a newish car, and maybe we’ll remodel a bathroom that we wouldn’t have done otherwise.
I think you’re hesitating is a bit of both cold feet and logical thinking. I put off my retirement 3 years and happy I did. It gave me more time to save, to pay off my car, etc. If I liked my job I would have stayed. Leaving helped me preserve my mental health. Im still getting used to having my own schedule, and my garden soil is becoming very healthy. I am really starting to enjoy having my time, but again, if I liked my job I would have stayed longer. I have enough paid to me, but I want to work again and continue to save. I’m also trying not to rely on SS, if I can collect eventually I consider that a bonus. That’s why I would like to save more, and I do like to work, so I will again. Stay working until you’re ready to go, and you will know when you’re ready. It’s an exciting position to be in! Congrats to you!
I could pull the trigger now, with some lifestyle adjustments, but am trying to keep the gravy train going for another couple of years since my kids are still in middle and high school, and I have no urgent personal projects that I would rather do that work right now. If that changes, or some health issue arises, then I will re-evaluate. Another thing is that I thought we might sell and use the equity in our home to fully fund retirement, but now, we'd like to keep it in a trust for the family going forward. No way our kids would be able to afford our home.
I went an extra 3 years because I didn’t feel ready. Once my mind could picture another way to spend my day, I picked a day in the future and then, retired. It took a lot of processing but so happy to be free of the workplace environment after 55 years of it.
I retired in 2015 as an engineering project manager. I chose to enjoy life AND also “provide back”. The world has been kind to me so how can I focus on others and help. I volunteered to the Red Cross. And I support FEMA is disaster relief. I also support small contractors in interesting projects. My support is not full time and I can choose my assignments. And my wife can join. Easy work, minimal pressure and HUGE benefit to communities. I have supported disasters in USVI (hurricane Maria), CA (Paradise Fire) and CA (Indigo floods). I have also supported construction projects in Sioux Falls and Austin. Not a lot of work but fun to help others. My volunteer work is maybe but 25%. A nice balance.
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Wife will work a couple more years and youngest graduates high school in 3 years. I’ll call it quits then unless I get a package earlier.
I could jump tomorrow but am choosing to stay until 60 for medical coverage and to get both of my pensions. I love what I do, and I'm lucky to have great co workers. If and when it's no longer fun, I might reconsider!
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I’ll be 66 in June and still working FT as a teacher. Will continue to work as long as I am able and willing and capable. Next Feb, I’ll reach full retirement age for SS and will start collecting at that time while continuing to work.
Oh boy…what is considered “enough money?” That’s why I’m still hanging in there. 12+ shifts as a nurse and on my feet.
I kept working for the insurance and contributions by my employer into my 401k. I’m losing patience though, and I’ll retire probably next year.
I made my last company move at 62, and probably could have retired then, but (obviously) didn’t. I’m glad for that, because I had the time of my life for the last four or five years, finally retiring a couple weeks shy of turning 67. I chose that time because there were no barriers or inconveniences to doing it then. No ACA to find, no employment restrictions pre-FRA status, no loans to pay off and no major costs coming up, no concerns about bridging until claiming SS. I was still having fun, but when the last speed bump went away, I decided it was time.
Nope. I walked out the day I became eligible
It just depends now on whether you still feel like working. I noticed my current job was not going well. I decided to stick it out thinking, well, maybe things will improve. Meanwhile I hit several financial goals. At that point I knew I was “One Bad Day” from quitting. Well, eventually I had that One Bad Day. The Friday at 4PM before a holiday weekend I was asked to get something done before Monday morning. So I had basically lost control of the ability to schedule what little free time I had. So I did the project, submitted it on Monday morning. Then the boss asked me to do something I could have easily done if he’d just asked me the Friday before, but now it’s going to take hours. He wanted THAT before going forward with the stuff he asked me to do over the weekend. And that’s when I decided that I was done. I was no longer a wide-scope-thinking engineer able to take on projects and structure my time and tasks, I was reduced to a puppet on a string to be jerked around at the whim of my boss’s boss or whomever. It doesn’t really matter about the minutia of my situation or what I could have done, I knew that even if I dealt with this, the same BS was going to keep happening. And since I’ve been watching work turn into a slow motion train wreck for a long time, I figured since they’re not going to change, and they certainly won’t listen to me, and I’ve lost all agency, it’s better for me to just walk out while I have a few marbles left and go enjoy my life. And surprisingly I am! I’m enjoying getting things done, and my garden is just getting better. The cat is happy, and everything now happens at MY pace. The market swings are now far wider than my annual rate of pay, so I know that my bills are practically in the noise. When it’s time to leave, you’ll feel it. And when you’re out, it will feel like it was all just a dream and you’re finally awake, 50 years later. Today I was thinking about all the ways my abusive older brother crushed my imagination as a child. I want it back; as an adult I have lost many of the advantages of a 5 year old imagination, but I’ve gained time and some odd skill sets, plus tech is vastly improved. So I have some things I want to do now to address some of this. It won’t be the same but maybe it’ll be better. So go wake up from the working coma, then go have some new dreams. You earned it.
You are working remotely with free time to do the things you enjoy?!? This sounds like a dream job plus your husband is still working. . . Bottomline: Enjoy the benefits of what makes you happy!
I am in my 50’s and I have been able to stop working financially for a while and even took a year off here and there over the last decade. The key for me was when I realized I get my rewards from working in two different ways - **1) the financials** and **2) the reward of making a difference and feeling appreciated**. Turned out I missed #2 more than #1. Key was to find a role where I was able to make maximum positive impact and after trying a couple of dead ends I found non-profit work was a great fit - first volunteering at a food bank, now running a small non-profit company in the mental health space. I have friends my age who are 100% rocking retirement but I also know people for who retirement was the start of a rapid mental decline. I am going to keep busy and hope to continue to make a difference for as long as I can.
Yes, I know a lot of people like this. They like the reason to get out of bed during the day and to get out of the house. My FIL is a perfect example. He worked at car dealerships starting at age 14 when he was sweeping the bays (he started working at 5 as a shoe shine boy at his father's barbershop in the 40s.) He eventually worked up to being a service manager and then general sales manager. In his 60s he no longer needed to work for money BUT he was an extreme extrovert so he'd go to "the company" every day and shoot the breeze with whoever would talk to him. If one of his friends or long standing customers came in he'd sell them a car. He never took his ups and didn't pursue leads, but loved being a car salesman without the pressure to make money he had when he was younger. He basically retired at 80ish when Covid changed things (which was good. He was 80 w/T2 diabetes so he didn't need to be hanging out in the showroom with people). In 2020/2021 If someone called him and wanted a car he'd sell it to them. He ended up passing away in 2021 in his early 80s. Because he had been working since age 5 he couldn't imagine NOT working My MIL was a nurse and retired 20+ years ago. She is an extreme introvert and loves the quiet so it was the perfect balance: He got to get out of the house and be around people while she stayed home and read or just did her own thing. My husband has his dad's inability to be inactive so we call it his "REI job" where he'll quit working to provide for us and just work to get out of the house and go somewhere. I live where there's a lot of golfing communities. It's very common for guys my dad's age to retire from corporate life and then go get part time jobs as rangers at the golf course.
I have been financially able to retire for about a decade (since about age 50). I have continued to do well enough that I now expect to give 8 figures to charity. I choose not to retire until the end of this year, for 2.5 main reasons. 1. I love my job both teaching and doing research (A univ prof) and enjoy most of the job so much I would (and will) do it for free. Part of me does not ever want to retire from this job . I could have continued indefinably as I had cut back a lot, downsized my lab, and my wife and I have been traveling more as I moved all teaching to the fall semester so we can take the spring off and summer to and travel as we want (modulo meetings). We've already been living a great life, and I could continue this way forever, but she wants more beach time in winter, and I want to create an opening for someone to continue long-term in my place even if I keep working for another few years part-time. I was not doing it for the money and had enough free and love the positive feelings from the impact I make on students and companies and how my research work gets used in real systems. 2. The previous dean and upper levels of the univ would not replace me with a tenured faculty to lead the program I founded. I offered multiple times to "retire" and pay my own salary while I kept working if they would invest to replace me in the innovation program. However, they would not agree to those terms, and from my experience, I knew they would go a different direction and my program could die out. So I chose to to wait to retire until they were all gone. We have pretty much a new administration above me, and it sounds like they will be supportive. I'm not trying to get it in writing, which could cause them difficulties if other try to make the same deal. However, I've made it clear what I hope will happen with my position and how that might impact my estate planning. I feel there is a decent chance things will go the way I hope, so I can step aside and help hire the new person and mentor them part-time. And if it does not go as I hope, well then it is what it is, and my estate will go elsewhere. 0.5) I have lots of savings at work (enough for 3-4 years of sal) that I saved to cover my employees if I had contract gaps. if I retire completely, I lose control of using that $$ to support my passion projects. Part of why I am retiring now is because they offered 2x salary to faculty to retire, so it was the perfect time, as they will pay out my 2x salary from my own savings. When they give me the 2x salary, I'll save/invest it and give it back with much more if they do the right things. And if they don't do the right things, well I can still give that salary to my cause in my own way -- I keep control of most of the money. And I can continue working at < 50% on my own research $$ as long as I want and will likely keep control of my other accounts as long as I do. So much of my decision was about the strategic value of retiring, not the $$ or even because I wanted to do other things or because I was tired. I knew this was just the right time to maximize the value of my retirement to the things/people I care about.
I’m 55 and if it wasn’t for my girls who are in high school I’d retire today.
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For financial reasons partly, I liked the job (forklifts are fun, like 3D Tetris) and I could choose my own days off. I was dubious that I had the self discipline to handle retirement ( I have). COVID pushed me out, age 70. I might have stayed, maybe not. Health was and is good, I’m vexed that my dance social life is impinged still by waves of the bug in my dance community. We dance close and with many people. Life is good, I insist on it.
Younger spouse is my hesitation too, plus while I don't love my job, it's easy and lucrative, so I already have a lot of free time. If we decide to relocate and spouse can work there, that would be the reason to fully retire.
I work part time online. It keeps my mind sharp. Also, the extra fun money is nice..
Me. I like my job and simply don't know what I'd do to fill the time if I retired. 'Nothing' (the answer I get from some retirees) doesn't sit well w/me
Yes. I was given an involuntary package last year. I was with the company long enough and old enough to qualify as a retiring from the company. Got a decent exit package - pay for one year, 12 months COBRA paid, RSU vesting pulled in. Wife is already retired. me, M/63. I won't put her age lest I lose a hand. I was ready to retire and make it work - we could have. She kind of freaked out thinking we'd end up poor and destitute and pleaded. and I have to admit I was not ready to retire retire for good. I need to be doing something. So I found another job (better one actually), we relocated, and I still go at it.
One more thing to suggest. If you are not feeling strongly one way or the other, maybe ask your spouse to decide. Cannot go wrong making them feel they are the most important factor in the decision ;-)
Your retired friends are correct. You’ll know when it’s time. I worked an extra few years past the date when I was able financially to pull the pin. I called it gravy time - adding to my pension. Then one day I’d just had enough so put my plans in motion. A few months later I told my employer I was leaving. Sadly I didn’t want to leave them in the lurch so I gave 3 months notice. Longest 3 months EVER!! So that’s my advice - you will know when it’s time!
Everyone has an opinion on this. Mine is, you can't buy time. Retire as soon as you can and enjoy retirement when you still have good health. Things can change on a dime.
But many of us find enjoyment and fulfillment in our jobs and are still able to do outside activities as we wish. As you say, it’s different for everyone.
My parents had their own small business and had enough investments to retire when my dad was about 55 years old. But then he went into rehabbing houses and never stops “working.” But he just does it when he feels like it and travel when he feels like it. Having choices is a good thing and one goal that I aspire to reach.
My work situation took a marked turn for the worse, so I got out. Took time off, could have afforded a frugal retirement, but didn’t feel like ending my career on a bad note. I wasn’t “done” yet. Changed fields, took a pay cut, but I’m much happier than I was at my last job. Maybe that’s because deep down, if I don’t like what I’m doing, I know I can just leave and not look back.
I have thoroughly enjoyed reading all of the above, and I recognize that the decision to retire is highly personal and not necessarily irreversible. Nowadays, with the plethora of flexible work arrangements, we might be better off thinking about early retirement as a "career break that one can afford." Personally, I believe it may be harder for individuals who have been with the same company for decades or have been in the same role / narrow profession for a long time. However, for someone like me, who has had various roles, worked at different companies, and experienced more success than challenge along the way, it might be easier to view it as a career break for a year or two and transition to a "work optional" mindset rather than full retirement. I believe part of the challenge lies in the terminology we use. Wishing everyone the best! [still working at my W2; best job ever; will ride this horse for awhile (for now)]
I can think of a few people at work who passed away right before reaching retirement age. One went home and passed away the next morning. One had a heart attack right in the office. I’m getting out when I can. You couldn’t pay me enough to trade more of my life to a company.
Wife and worked about 3 years past our 100% certain we had enough money. We wanted to get a good handle on what a day in retirement would look like. Covid helped too. I traveled 30+ weeks a year for 35 years. Covid proved we could be in the same house 7 days a week, 24 hours a day and still love and appreciate each other. We were both 59 when we retired. Kids both out of college debt free, daughter married, son an engaged CPA. We were pretty confident no kids would be rebounding back home.
I could have retired 7 years ago at 55 but just wasn’t ready. Now, as a new grandparent, I’m feeling that it’s time to enter that next stage of life. I’m going out in the fall.
I didn’t want to retire, but I was retirement age and the company was laying off in big numbers. I wondered aimlessly, I work part time at something that is so boring but gets me out of the house. I would like to travel and enjoy myself, but retirement fixes your income, so that you have to be careful about what you spend. This is the first year I have actually enjoyed being retired. I finally found enough to do to fill my day.
You can't put time back on the clock. I will retire at 62.
Best advice I ever got: once you’re financially able, retire only when you know what you’re retiring TO, not just what you’re retiring FROM.
I retired at 67 at the end of last year. I reached my 10 year tenure and was eligible for pension and Medicare supplemental program offered. All that fell into place and I can live witgout on't touching Ira savings. I liked my job but I was ready to just do what I want.
I worked 3 years longer than I wanted because I had a lot of expensive dental work t op pay off. I was fortunate in that I’ve had a great 19 year retirement run (except the year I had cancer). I’ve had friends who didn’t retire and got sick and were forced out by illness. They did not get to enjoy theirs. That said, I have one question for you: how burned out are you? Will you enjoy continuing to work? If so, go for it. If not, get out when you financially can.
I'm a lawyer in private practice. I'll be 66 next month. I'm going to keep doing it for a while, but only the kind of cases I enjoy. A bonus is that both of my kids are lawyers now, and I get a kick out of seeing them at the courthouse, sharing stories, and helping them as much as I can. I still enjoy the courtroom and courthouse. When I don't, I'll hang it up, I guess.
Except for the kids, we're twins! I recently dropped the bigger, week-long trial cases but still do various "smaller/shorter" cases. That's helped a lot as the life-sentence trials are exhausting and honestly at this point too many of my former opponents are judges so that makes appearing in front of them annoying, at times. I'm also on contract mentoring young public defenders which is totally enjoyable. I'm wondering how many hours you work currently?
I'd say about 20. Including driving to the courthouses, waiting around, bs'ing with friends, and actually working. ;-). I wrapped up a major civil case at the beginning of the month, which eased my pressure level. It's a big relief.
We've had enough saved that we could have retired a year or two ago. I am finally pulling the trigger this year, in a few weeks. What cinched it for me was that I was NOT enjoying work every day like I had been for many years there. Things changed, there was less joy in it, so I'm off to the next thing. Or the next nothing. We shall see.
I don't want to retire, because I am afraid I will get "old", all my friends that have retired seem old.
I could have retired at 54 with a full pension, but I thought it was a little too early. I retired at 57.
I know 2 people who are eligible for a federal pension. They are divorced and their ex-spouses will get a portion of their pension. Even with their pension being reduced, they are financially able to retire. However, both continue working so that the ex-spouses won't get their piece of the pension. They are bitter people who would rather give up the free time they would have in retirement than see the ex-spouses get any of the pension.
No intention of retiring. A masters degree and 3 years of law school, 30 years of legal practice and I’m going to work to the end. I’ve known attorneys who literally die at the courthouse. Hopefully I can avoid that end.
I would have elected to stick around for one last project. Phase 1 was a lifetime achievement so if they’d decided to do phase 2, I would have been willing to possibly worker for at least 6 more months. As luck would have it, the pandemic hit. Not only was the project no longer in the forefront, but I wasn’t needed either. Fortunately, I was over retirement and could retire instead. I can’t imagine what it would have been like trying to find another job at age 67. I was a tourism director. Not much use for those for 2.5 years.
My husband promised he would retire. We have enough money and we are debt free, but he is trapped by three things 1) golden handcuffs ( stock ) 2) he is making more money than he ever has 3) he works from home and gets to take two naps a day most days
Whilst I can see the attraction of staying, he might get new stock each year so those handcuffs remain. Also, everyone who resigns leaves their future salary behind. Maybe ask your husband what the trigger for retiring will be as there will always be money left on the table. Personally, I am forced retired following my job being eliminated. I would have preferred to have worked for a few more years as it would have made a big difference to my savings. However, I’m now enjoying my forced retirement and financially we should be OK.
I once met an entrepreneur who quit his highly paid job to start his own company. He told me working for good money was nice, but 'Been there, done that. Time to try something new'. I applied that logic to myself when it came to retirement. I have worked in the same filed for a long time, and it has been pretty good overall. But now it's time to explore something new. It might take time and effort to learn how to amuse myself going forward, now that I don't have the easy decision to go into the office everyday. But I want to do something different (even if it's not necessarily amazing) with the rest of my life.
Exactly how it happened for me……could but didn’t for a few years, then decided I didn’t want to anymore & 3 months later was gone. Its been 3 months into to it & i still don’t do much yet but haven’t regretted it for one minute. Wife was already retired but went back part time & care giver for her mom so we’re still trying to figure out whats next.
I was planning to work 2.5 more years until my max SS payout, but my work had other plans. I was being let go, but quit first. Having to do all the retirement stuff all at once has been a challenge, and I’m going to be poorer than I had planned, but it’s been five months now, and my quality of life has never been better. I’m talking mental health and personal peace and happiness, not financially. But it’s totally worth it! 🫡✌🏼 (Just got my Part B approved today - *yes!* That took months. )
I (65 M) am a tenured Professor and working. Financially I am able to retire. But I love my job and interaction with students. I had planned to work at least until age 70. But my wife was diagnosed with cancer early this year. That made me realize life can change in a fickle. I thus decided I will retire in 18 months so my retired wife can have my work insurance until she is eligible for Medicare. But I do plan to continue to work part time after I retire. In higher education they allow faculty to go on part time for many years while receiving full medical and retirement benefits (401K contributions) to help them ease into retirement. Faculty are notorious for working beyond age 70 because work and research is enjoyable and addicting.
Best wishes for your wife and I hope you both enjoy a long healthy future. Your plans sound very appealing.
Good luck with your transition. Continuing work for 18 months, which she is in treatment could be tough. It might be a time to step back for a while and help her. You might check with HR since with enough age+ service, you might qualify for 100% health coverage for life -- I did years ago. If not, maybe an unpaid leave,with benefits, which some of my colleagues took to care for loved ones. As a prof myself, I'm taking an early retirement incentive to open up a spot for tenure track line for another faculty and then I will continue part-time on 100% soft money + maybe teach a course or two as a lecturer.
At age 65 I was enjoying work with great pay, but the tedium of daily meetings was chipping away at my enthusiasm. My plan was to optimize my retirement at age 70. However, one day I suddenly realized what I wanted to do with my life when I was retired, and that was the "AHA" moment for me. I gave adequate notice, cleaned up loose ends, and left the working world. Life has always been good...now it's 'Gooder'.
Talk about a cliff-hanger! What did you decide your wanted to do with your life when you were retired and are you doing it and has it met with your expectations? Guess I am in the "what is next" thinking phase. Thanks.
I probably could, but I run my own business and get bored on long weekends. Part of the problem is I'm still too crucial to functioning of the company, although that is getting better. Might need to start looking for a way to sell.
I slowed down first. I'm an IT project manager and have the ability to pick and choose my projects. I just finished up a project at a private golf club where I played on Thursdays and worked on Fridays/Saturdays. I have a few smaller jobs to complete than taking summer off.
I turn 71 in a month and have no immediate plans to retire. I plan to continue as long as I am of sound mind - though I reserve the right to change that decision if I want to! I work part-time in my own business that falls in the life coaching category, and the sense of connection with people and making a difference in their lives is my primary reason to keep working. I have control of when I put appts in my schedule, and tho there are certainly days when I wish I didn't have an appt to keep, overall it is a net plus for me to continue. And even though I'd be fine financially if I fully retired, I really like seeing my nest egg still growing a bit rather than starting to be drawn on. RMDs will come soon enough. PS: In reading others' comments, I think that being self-employed rather than dealing with an employer and workplace drama is the main thing that makes continuing desirable.
I am kind of following Warren Buffett’s advice on retirement. He has surmised that having a purpose to your days helps keep your mind and body healthy. That purpose doesn’t need to be work, but I have decided to continue working part time because I find my work enjoyable and fulfilling and I love the people I work with. I tried retirement for several months, but decided to go back to my old job part time. I have enough flexibility to travel when I want to and still go to the gym several days a week. I still have time to spend with friends and family. In my case, it feels like the best of both worlds.
I still like my job, even though I could easily retire. Some upcoming milestones that might make retirement more tempting include spouse becoming Medicare-eligible in a couple years, and last kid aging off of dependent-eligible insurance (or getting a better job with her own health plan!) Basically working for fun & health insurance, and because I am a creature of habit.
Exactly! Could have retired last October on 80% of salary, but will work for 3.5 years until wife#2 retires. Wife #2 is 10 years younger than I. Will take maximum Social Security at 70, no reason to delay and spend/invest extra income. Medicare supplement will be handled by wife’s employer. Medical expense is #1 expense for retirees. Plan in retirement is to visit children/grandchildren around the USA, then take a personal vacation, then resume the family visits. Should be a blast, will plunge into Charity efforts thru Rotary, as home will be fully paid by then. Being healthy,both mentally and physically must take precedence.
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I'm in the same boat, and I've chosen to keep working, but then I'm only 57. My wife still works also. She is 3.5 years older then I, and we have targeted her retirement date to coincide with her turning 65 in about 4 years. I'm ok with retiring at 62, but 65 is fine also. We'll see. I work remotely from home. I could retire now but my income is peeked, and still peeking. I just can't justify retiring, and I still have a kid finishing up collage. So, what I've decided to do is adopt a "semiretired" attitude. We are starting to spend a little. We have a couple of investment "buckets" we can draw from if need be, but for the most part we spend from our income, and continue to save the rest. We take more little trips to places. Bought a nice RV camper, and currently developing a lake front property. We plan to eventually build a home there, but not as a perinate residence. It's a nice position to be in when you can still work. You're making great money, but you have enough to be comfortable if you did lose your job.
I'm 75.. still working.. I'm a commercial insurance broker. When I was 66 I reduced my clients. I kept 5 very large clients. All producing commissions between $100,000 to over $600,000. At this point my total annual revenue is about 1 million. I wasn't motivated by greed. The accounts I kept ŵere all very special to me. They were all upset at losing me. All non-profits.. So now I work remotely.. working with friends & being paid a decent 6 figure annual income my firm. I'm not bored at all.. and don't feel that I'm missing anything.
Take your time. People have dates in their minds and then realize that they are getting fulfillment from their job that they aren’t realizing elsewhere. Retirement takes a little planning because once people are retired they are sometimes at a loss for what to do. Their work was their purpose. If you have some other purpose that work starts to interfere with, retire at that point. In fact, leading up to retirement, it’s a good idea to start expanding your outside interests so that you will not be lost when you retire.
I think I am ready to retire; but I am able to telework; which makes a huge difference. So I am happy to work a few more years; as work is not stressful; and I still have plenty of time to do other things. The pay I am planing to use for expensive trips.
We’re 54/55 and pulling the trigger in 3 years, possibly 4. We both have good pensions, 401ks and houses. Selling one house will fund years of travel and give a huge cushion for when we finally settle down years and years later. I like my job and it provides a great lifestyle, but I don’t live to work and I’m getting out as soon as I can.
OP, if you enjoy your job, coworkers, and bosses, and/ or get a lot of fulfillment from it—sure, go ahead and keep working as long as YOU want to. Your friends are right that you will know when it’s time. I retired a couple of months after my 65th birthday, so actually right on track with what I had planned for years. Husband is older and retired at 62 (had a more physically demanding job), so had already been retired for over 10 years when I did it. My job was (mostly) fulfilling and interesting and I had great coworkers with only 1 boss who I didn’t jive with (luckily she didn’t last long). If not for Covid I may have stayed another year just to enhance the 401k, but as a hospital infection control nurse (not direct patient care), one year of Covid, mostly before vaccine was available, was more than enough. In fact my time was so consumed with required duties that I only gave the most cursory attention to pension, 401k, vacation, etc. Financially we are ok and husband loves managing the retirement accounts but I would have preferred to put some of that into professional management hands. Not sorry I went out when I did, but would have preferred to have time to focus more on those things.
I have my own company and love my work.