When to hang it up

[dustoffer]

Did a 30-yr enlistment in the Army, flying 'choppers my first 20 years and an "LMD" (large metal desk} the last 10. Been retired 21+ years and make more now than we made when I was in uniform thanks to wife and me on SS. Nearly zero health insurance costs other than medicare and life is good. I didn't start my IRA until 1982 and didn't really get serious until I thought it through and figured out wife would only have my SS if I passed first as my military retirement would stop. My point is---you youngsters, think it through while you are still young enough to pile on your IRA/401k, as that, plus SS will be your sole source of income once you retire. And all those dreams you have about retirement are only going up in cost.

[brokeno]

Insurance is a big cost and knowing how much money you need til death is another. Hopefully everything you own is paid off. Your still going to have taxes, insurance, vehicles, and unexpected costs that will cut into your savings. If there was a magic dollar you needed it would be easy but there's not. What you don't want to do is retire when your not financially able to because you don't want to have to find a job being old because no one will hire you. I've seen so many people retire early and start drawing their reduced social security and take a hit. I would not draw SS until you receive the max. Jmo. Hang in there as long as you can.

[mdb]

I'd say insurance costs and what you want to do really have an impact on retirement age. It also doesn't help the age to reach full SS benefits is getting up there.

I once heard a financial planner say something to like this -
Retirement age can be broken into a span of 3 decades - 60's, 70's and 80's.
On average, in your 60's you are pretty comfortable doing just about anything you used to do in your 40's and 50's, and you still are in decent health. Traveling around the world is still plausible as well as many of the physical activities involved. That would include exotic hunting/fishing trips, etc.
In your 70's, your health begins to decline and at the same time your dependencies on doctors, medications, etc. increase. With that comes restrictions on your physical capabilities and possibly where and how much you want to travel.
In your 80's, you are much more dependent on medical care and spend more time than ever, going to doctor appointments. Your traveling days might be almost behind you.

What I took from that is retiring in your 60's is the ticket if at all possible. That is unless, you just love to work. A lot of people truly never get to do what they really wanted during retirement as they retired too late. I for one am shooting to retire around 60.

Went back to revisit the advice on post. Lots of things going on since I first started this thread. This one is something that still catches my eye. Because I can relate to friends and family that fall in the 3 decades. It’s thought provoking.!!


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[Geezy Rider]

I retired at the end of last year.
There were several reasons why.
First off, after 41 years as an aircraft mechanic, my body was just wore out. Five job related surgeries and three non job related surgeries take their toll.
The industry and the company I worked for is/was just getting stupider every day. I ain’t lying, I was on the verge of throat punching some manager before it was all said and done.
I’ve developed a minor heart condition and I after a friend of mine, whom I’ve known for 20 years, got into an argument with a supervisor and then collapsed on the shop floor of a massive heart attack and died, I didn’t need that to happen to me. On top of that It took several men to keep me off of that supervisor.
I’ve always had a goal of walking out of that place under my own power.
I was at the top of my field. There was no where else to climb in my company. Everyday was a constant battle with management over doing the job right and fighting them over this covid bs. They insisted I wear a mask and I refused. I held too much value in my position and they couldn’t fire me so they just harassed me and I harassed them. It became a game and I got bored with it.
All in all, I was just done, physically, mentally and emotionally.
I make a third of what I used to but it’s enough to live on.
Life is so much better now. Now I just go outside and yell at the clouds and feel much better.
Now get off my lawn!

[Tyrex750]

I can probaly retire when they put me in the dirt, its sad to think about. After 14 yrs of child support with 4 more to go, there aint much to save. Hopefully when these next 4 yrs are up, i can put all that money into 401k. Seems like the regular workin man dont have anything to look foward too after workin all their lives anymore, unless u have a good pension and 401k which alot of companies dont offer anymore.

[Pedernal]

For those that are on the fence what is keeping you working?? I am at a split in the road and I am having trouble deciding what to do. I am financially able to retire just not sure if I am ready to give up doing a job I enjoy.

[Pedernal]

I retired at the end of last year.
There were several reasons why.
First off, after 41 years as an aircraft mechanic, my body was just wore out. Five job related surgeries and three non job related surgeries take their toll.
The industry and the company I worked for is/was just getting stupider every day. I ain’t lying, I was on the verge of throat punching some manager before it was all said and done.
I’ve developed a minor heart condition and I after a friend of mine, whom I’ve known for 20 years, got into an argument with a supervisor and then collapsed on the shop floor of a massive heart attack and died, I didn’t need that to happen to me. On top of that It took several men to keep me off of that supervisor.
I’ve always had a goal of walking out of that place under my own power.
I was at the top of my field. There was no where else to climb in my company. Everyday was a constant battle with management over doing the job right and fighting them over this covid bs. They insisted I wear a mask and I refused. I held too much value in my position and they couldn’t fire me so they just harassed me and I harassed them. It became a game and I got bored with it.
All in all, I was just done, physically, mentally and emotionally.
I make a third of what I used to but it’s enough to live on.
Life is so much better now. Now I just go outside and yell at the clouds and feel much better.
Now get off my lawn!

Congrats to you Sir!

[kevin nicholls]

I would love to retire. I could financially but I would have to cut back on my playing. The company I work for would be hurt for awhile and they've been good to me. I'm 61 and it won't be long I hope. I would love to retire, I said that twice didn't I.

[Slew]

I don’t work hard enough to retire!!

[Death from Above]

I’m just tired…

[Oleman]

We are blessed, but it did not come easy. 20 + years in the military, moving often, separations, etc, retiring and took a stock clerk position in Tex State. Two years later became manager. With service and age, I retired at 58. I did not look back when I retired from the military, nor when I retired from the State of Texas. Took SS as soon as I could, although I relinquished higher pay. But, at 81 yrs old, we live great and mama has her SS to spend, plus some of mine. LOL. Good luck everyone with your decisions when you make the most important decision in your life.

[Pedernal]

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

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[Joel]

I'm 52 and will retire in 13 months with 22 years of working for Department of Homeland Security/ICE. I also have 6 years of military that will add to my years in service computation.
I plan on taking it easy for 6 months and then going to work for a good friend until my wife retires 4 years later.
I started contributing into my TSP/401k from the beginning so that going to help put things at ease on all the future uncertainties.
I was told by several older coworkers from the start-to put the max amount on our TSP toward retirement, so that you can retire with the same “Life style” that you are used to. I have been putting 15% of my salary toward retirement.
Federal Law Enforcement is a good career for all the young guys reading this. It's a mandatory retirement at 57 but by then you should be ready for retirement.


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[GARY]

As fast as I can. At almost 56 (oct) the 3 things holding me back are
1) 2 kids still in College and on payroll
2) my spreadsheet is on track if Biden doesn’t screw it up ( he is trying hard ) by 60
3) medical insurance coverage concerns as a don’t have company coverage past retirement
4) democrats covid


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[pure lefty]

Retired at 52 with 29 1/2 years state time. Why? Difference in take home salary and retirement check of 3.24. I was out like a light.