When to hang it up

[hpdrifter]

I retired 11 months ago. Love it!!!!
I went just as fast as I could. Could not stand the way you had to work these days. Fill out 14 pages of bs to do a five minute job. Corporations "downsizing" every couple of months. As soon as I was able(well actually 6 months later) I decided I've had enough.

I don't have a huge nest egg. I didn't live on a lot while I was working. I "retired" from Mobil Pipeline so to speak and get a small pension from them and with a sizeable SS check, I can get by, learn to or starve.

I do believe all the safety rules and regulations are a communist plot to make America less productive!!!

I believe in working safe, but some of these rules are over the top.

I've never been bored a day in my life. My mind can keep me entertained for hours. Sometimes I feel like I need to do something, so I do it.

[MikeyG]

Ironically, I’m a certified financial planner and helping people retire and plan to retire is what I do every day for the last 20 years (I’m 42).
As long as I have a good assistant to help with the stuff I don’t like doing, I can do this job well into my 60s or more. It’s rewarding, I earn a good living and I have complete control over how much I want to work with no boss hammering me. As long as I can keep helping people as God put me on this earth to do, I’ll keep doing it.


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[Mudslinger]

Wife retired Jan 3 at age 66, me on May 22 at age 67 by 2 days. We have annuities, retirement accounts with a financial broker plus a little SS and teacher retirement that I get. I also draw half of my wife SS as she is going to wait until she is 70 to start drawing SS. Unfortunately I lost my Mom Nov 26 and her and Dad left us 3 kids and grandkids a lot of investments that we were not counting on. The wife is also consulting for her former company thru next year and that is welcome income not included in our plans.

The worst part or cost is Medicare and supplemental insurance. We had great and really affordable insurance thru her company but that went away when she retired. No house payment but we do have a truck payment but that may go away when we get the final distribution of my Mom's estate. We have been extremely lucky in our investments and help from family members (life insurance and financial planning/annuities) in planning our retirement.

It is really nice not having to set an alarm, do what you want to do when you want to do it and forget what day it is and not worry about it. I do not wear a watch anymore and do not wear my hearing aids unless needed for a doctor appointment or something similar.

So far retirement has been a blast!

[BO-N-ARO]

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

This. Medicare is very reasonable priced and to date, we have found the coverage is very good. Would advise you find a specialist to work with the supliments/drug plan for you.
As far as when for me was when I financially would not have to change life stiles and do what and when I wanted. Again, get with a financial advisor now and get a plan.
Fortunately I have plenty of hobbies and things I like to do, so I have a hard time understanding these guys that want to continue to work because of boredom if they retire.
I had planned to work till 70 but it was 68, and wished it would have been 66.

[El Viejo]

I was eligible to retire at age 50, but I still enjoyed doing my job (teaching gifted & talented elementary kiddos). My father, who was a retired elementary principal always told me to cut and run as soon as I could. "That extra hundred dollars a month isn't worth it," he would say. I figured that as long as it was fun I would keep doing what I was doing. I think that's the best advice I could give. If you enjoy what you do, there's no reason to retire. The straw that broke the camel's back for me was when they stuck me in a regular fifth grade classroom. Having taught G/T kids for 20+ years, I found that the regular classroom had changed too much. I knew then that it was time and I retired at the age of 57. So my advice to you would be to keep doing your job until it's no longer fun. An added piece of advice would to make it a matter of prayer. This also guided me in my decision.

[rtp]

I retired at 50 and now at 64 I sure don't have time for a job. I did well enough in business to not have to worry financially

My numbers are a bit different but same scenario. People always tell me how busy I am. I tell them Im not sure how I ever had time for a job/business. I have never understood those that retire and find themselves bored.

Lots of good advice in this thread. The sooner you start saving and the more you save at a young age the better off retirement will be for you. As mentioned, you get used to living off that bring home number every week/month and it is nice to see the retirement funds growing year after year.
We have a lot of friends who have never saved or started very late in life. Im pretty sure they will all be working well into their 60s, 70s or until the day they die. Not buy choice but because they have to.

[jmac24]

I "retired" the first time at 52, that lasted all of 6 mths before I knew I needed something else to do. Been back to work for 2 years now and I think I will try and stick it out until about 58. By then, my youngest had better be out of college and on his own.

Now if someone could tell me how much $$ I needed to live life like I want for the rest of my life, that would be wonderful. Maxed out the 401K for the last 25 years and have done well in business, so I am thinking I should be good. Insurance costs scares me though.

[MacDaddy67]

leaving at 60.....money should not be an issue....


Ins...I will take a chance till SSI kicks in...I am pretty healthy....I mean if we can take care of illegals what are they gonna do with me if I need hospitalization

[kerrbow]

Retired 3 times already. My advice is to be DEBT FREE first and foremost. You must also STAY ACTIVE. After my 2nd retirement I just hung out around the house and finally the wife said to find something to do as I was underfoot and she couldn't get anything done as I was in the way. Went to work part time and 2 weeks later went full time. Now I am 72 and doing ministry work for God. He keeps me busy and I get to work for the best boss ever.

[scjeeptx]

Hate to say it but Im just creeping up on 21 years at the same place but been under the worst supervisor in those 21 for the last 2. Like my job but man he makes it hard to stay around. Hes infected the entire staff. If I could Id punch that ticket tomorrow.

Until then Im in for tips from the lucky guys

Amen. Same boat. Good luck.

[meltingfeather]

Asap!

[JonBoy]

For a lot of people health insurance is the driver in the retirement decision.

This exactly. I started investing for retirement @ 22 and if it weren't for the rising cost of health insurance I'd be able to retire before I'm 50. I also don't count on SS being there when I retire...I think my generation is going to get screwed with means testing.

I swear the reason the Government (both parties) keeps our medical system FUBAR'd is to keep people from retiring early. Plenty of folks I know would if it weren't for health care costs.

[curtintex]

My numbers are a bit different but same scenario. People always tell me how busy I am. I tell them Im not sure how I ever had time for a job/business. I have never understood those that retire and find themselves bored.

Lots of good advice in this thread. The sooner you start saving and the more you save at a young age the better off retirement will be for you. As mentioned, you get used to living off that bring home number every week/month and it is nice to see the retirement funds growing year after year.
We have a lot of friends who have never saved or started very late in life. Im pretty sure they will all be working well into their 60s, 70s or until the day they die. Not buy choice but because they have to.

Same. I’m 47. I’m not “retired”, but I hired or promoted people to run the businesses that I own. Now, I spend my time thinking about and starting new businesses. I love the “chase” of business. I’ll never stop chasing it, but I did sleep until 7 this morning, had coffee with my wife, the grandkids came over for while and I got some hugs, I went to lunch at 11:30 and I’m still there....on TBH.[emoji23][emoji23][emoji23]


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[easeup]

For me there was always other things I wanted from life. I loved the job and its rewards. But I felt Gods call to get up and move. It only took me about 4 weeks from when the first urging started until I pulled the trigger at 60. Money, savings, health, insurance or the future worries had nothing to do with the decision. The future is what it is and my faith says He will provide what we need. But I did counsel with the Mrs. first. Today my work is in ministry. It keeps me busy.

[Black-N-Red]

I said the heck with it retired this year at 43. Been working for myself since 2011 & it just seemed that the customers always want something for nothing & complained about prices. So I talked to my lovely wife & just closed the doors. Now I can spend time with the grand kids & spoil them, especially since both my daughters work for me I get to see the grandkids at least 3-4 times a week. All I have to pay is 2 house notes till I sell my house in the city. Then I’ll be debt free!!


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