When to hang it up

[mdb]

For you guys that are retired, what was it that lead to your decision? Was it years of service, your age or a number goal in your nest egg or health?
Just turned 62 and will have 30 years next January if I can keep my mouth under control.!!! Along with 10 former years in the oil patch. Total of 40.
For me, biggest issue is affordable insurance leaving early.


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[glen]

I’m about to retire at 52. Biggest deal for me is gonna retire while I’m young enough to do some stuff while I’m able to. If I start getting low on cash in my later years I’ll go to work doing something. Figure I can work part time at a bait shop or something

[breederbuck33]

We have a few guys at the office that are at the age of retirement. Well after getting 2 weeks off with the hurricane, and COVID back to back they all said they're gonna wait another 5 years before they retire because they didn't even like having 2 full weeks off! I'm 29, and I find that hard to believe!

[E.TX.BOWHUNTER]

That's my issue too. You will have little control over future insurance costs. My wife retired early but I can carry her costs. Don't know how much insurance would be if we both retired. I will worry about that when I seriously look at retiring. It is a number and insurance thing for me.

[Huntingfool]

For you guys that are retired, what was it that lead to your decision? Was it years of service, your age or a number goal in your nest egg or health?
Just turned 62 and will have 30 years next January if I can keep my mouth under control.!!! Along with 10 former years in the oil patch. Total of 40.
For me, biggest issue is affordable insurance leaving early.


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when you and wife turn 65 your health insurance issues are over - medicare plus a good supplement (best ones run around $100 a month per person) is very affordable and good coverage

[Rusty]

In a similar situation. I've got 31 years in Law Enforcement at the same department. I will be 60 in January. In fairly good health. Thinking of retiring at 62, but the kicker for me is not having insurance when i retire and having to purchase insurance until until Medicare kicks in.

[JhuntsAlot]

I have been ready to retire for the last 20 years. Mentally, just not financially. lol

I have sort of come to the conclusion that I will probably have to work until I am dead. Taking loans on the 401k during hard times and starting pretty late makes for a small number.

Good luck to you.

J

[hooligan]

My dad retired from the Navy at 32 years. Went to the private sector and retired at 62. He lasted 6 months and is back with the same company as a contractor now instead of being a W2 employee. Said he'll retire again when he wakes up unmotivated to go to work.

[HeyMikey]

I'm almost 61, and I'm looking to retire at 65. My wife is younger than me, so she will still be working for at least 5 more years after that. Our house will be paid off in 2 years. I don't have as much in my 401K as I'd like, but I've got a pretty good sized account. I don't plan on drawing SS until 66yrs 10months, when I'm eligible for full benefits. After working for over 41 yrs, in a field that I've always enjoyed, my present job situation isn't enjoyable at all, but I'm glad to have it right now.

[Throwin Darts]

After being home a ton with this 'Rona mess I'm not in a hurry to retire.

[Dakota7493]

I'll be able to retire at 54 with my pension but don't know if that will be an option yet because of health insurance. It's still 7 years away and a lot of things can change so I'll have to wait till it gets closer before I really sit down and figure it out.

[bownutone]

I have just turned 61 and am looking forward to it. Insurance is the issue as well.

[Russ79]

Let me give my take on this. Because I am Type II diabetic, with all the other health issues that come with it, insurance is very important to me. Fortunately, we have very good insurance where I work. The idea of "retiring early enough to enjoy it" only works if you strive towards that starting early in your life. Throughout all my years with International Paper and now Norbord I have only put into my 401k what the company matched. Looking at what is in it, I wish I had started putting more in when I was younger because you get used to living on what you take home and you may need more financially once you retire than what you need when you are younger- especially if you are single. I didn't get married until I was 54 so for the first 24 years with the company I should have been putting in much more than I did. Now at 64, and December will be 34 years with the company, my next step is to work until I am 65 and Medicare eligible. I am not eligible for my full social security benefits until I am 66 and 4 months. I have contemplated working beyond that once I found out that you can make unlimited money when you draw social security after your full benefits date, but lately when I take a few days off, other than just a weekend, it is so nice to not go to work. Also, if I were to wait until I am 70 before drawing SS my monthly pay out will increase by about $800/month but not sure at this point if I could do it. Bottom line, if you are young get with an investment planner and start working towards a retirement date and putting aside what is needed to reach your goal. One thing I did a couple of years ago is meet with my Fidelity person and we set up a plan that every April, which is when we generally get raises and is normally around 3%, we started adding another 1% to my 401k- I still see a raise and am putting more away for retirement. Not sure if this helps any but don't look back and say "I wish I had saved more".

[mdb]

In a similar situation. I've got 31 years in Law Enforcement at the same department. I will be 60 in January. In fairly good health. Thinking of retiring at 62, but the kicker for me is not having insurance when i retire and having to purchase insurance until until Medicare kicks in.

Yes. Exactly. I’m in the same boat.


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[tps7742]

I retired at 53 but I had 34 and some change years at one company. First and foremost I have been married once and god willing until I die. I am thankful and blessed she tolerated me all these years. Things that influenced and allowed me to retire was: I chose the traditional retirement plan, I have insurance that is paid 80/20 for life but will have to adjust matters at 65/Medicare, I made sure all my social security quarters were paid up, 401k was funded & mainly I worked with my fianancial planner make a plan, verify the plan and work the plan. I can’t stress enough, in our case, how working with a financial planner gave us confidence. I tried to go on the “three legged stool retirement analogy’.” I also wanted to get out why I was healthy. I had a round of cancer last year and thank the good Lord above I am still cancer free and enjoying life.
Things I should have done differently: we sold our house in the suburbs within six months, in our case should have waited a year and get comfortable with the transition to retirement. We went from city to extreme rural overnight. We have adjusted, had a new home built etc, just sayin. Lol