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Old 09-16-2020, 09:16 AM   #1
mdb
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Default When to hang it up

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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Old 09-16-2020, 09:20 AM   #2
glen
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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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Old 09-16-2020, 09:32 AM   #3
breederbuck33
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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!
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Old 09-16-2020, 09:36 AM   #4
E.TX.BOWHUNTER
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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.
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Old 09-16-2020, 09:38 AM   #5
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Quote:
Originally Posted by mdb View Post
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
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Old 09-16-2020, 09:40 AM   #6
Rusty
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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.
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Old 09-16-2020, 09:43 AM   #7
JhuntsAlot
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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
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Old 09-16-2020, 09:45 AM   #8
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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.
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Old 09-16-2020, 09:49 AM   #9
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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.
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Old 09-16-2020, 09:56 AM   #10
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After being home a ton with this 'Rona mess I'm not in a hurry to retire.
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Old 09-16-2020, 09:57 AM   #11
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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.
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Old 09-16-2020, 09:59 AM   #12
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I have just turned 61 and am looking forward to it. Insurance is the issue as well.
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Old 09-16-2020, 10:09 AM   #13
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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".
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Old 09-16-2020, 10:21 AM   #14
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Originally Posted by Rusty View Post
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. Iím in the same boat.


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Old 09-16-2020, 10:25 AM   #15
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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

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Old 09-16-2020, 10:36 AM   #16
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Quote:
Originally Posted by mdb View Post
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.


Sent from my iPhone using Tapatalk
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
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Old 09-16-2020, 10:41 AM   #17
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I enjoy what I do and I am an equity partner in my business and run the show... I could retire tomorrow, but there are other families that are depending on me. I've socked away the maximum amount allowed in my 401K/IRA's since I was in my mid 20's... At the time, I didn't see the real importance of what I was doing... My dad just told me to pay attention and do it. I am SO glad I listened to him... The older I get, the smarter my dad gets... He went home in 1999... My wife is younger, so it wouldn't do me any real good to retire with her still working... When she reaches retirement age with full benefits from SSA, we will both retire... We bought our farm so our grandsons would have a place to live and grow in the outdoors and to give us both something to "retire to"... If I am blessed to be able to carry out this plan, it will happen in January of '23... That is IF there is still such a place as the United States of America... If the DemoKrauts get in charge of things, we may not last that long... Folks you need to go vote for your own retirement!! DemoKrauts are NOT the right answer for retirement!! You youngsters need to remember this!! Ask ANYONE and they'll tell you they made more money and lived better when the Repulsians were in charge... been that way since the Great Depression and even more so now a days with the hard left turn the DemoKrauts have taken... The bigger the gubment gets, the smaller your retirement will get... It's just that simple.
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Old 09-16-2020, 10:43 AM   #18
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I'm almost 74 and retired at 63. I never looked back. I wish I had retired at 60.
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Old 09-16-2020, 10:55 AM   #19
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I am on my 2nd week of retirement due to RIF. I will be 62 in 3 months and have decided to go ahead and retire even thigh I wanted to work till 65. I am lucky that I can get on my wife`s insurance who is retired, only if I am laid off. Saved us over 900 a month. I will probably file for my SSI sometime next year after all of my severance benefits expire. Being debt free also makes the decision easier.
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Old 09-16-2020, 10:55 AM   #20
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I am 50 and hoping to retire from my 55-60 hour a week job in 8 years and then hope to find a part time job that gives me insurance and a small check....I am single and no kids so also looking at moving to Cozumel or possibly Panama. Heath insurance is easily my biggest concern with early retirement...


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Old 09-16-2020, 10:55 AM   #21
ladrones
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I was forced to hang it up a couple years ago due to long term respiratory exposure.

It took me quite a while to come to grips with being forced to retire at 46 with 25 years in the work force.

I was able to find something I love to do as a hobby. It is now a blessing to be retired and be able to spend so much time with my wife, daughter and the dogs.


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Old 09-16-2020, 11:05 AM   #22
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I blew my knees out after 35 years of heavy electrical construction and my Dr told me I was too young for replacements and not strong enough to return to work. We have no light duty. So here I am at 56 retired and limited physically( can't drag deer and can't climb trees). Money/insurance is not the issue for me, that is covered. My sons(3) are all out and independent. That makes it easier. Put as much as you can into your deferred salary plan(401K). You will be surprised by what a working man can end up with. Sometimes you do not get a choice about when or how you go.
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Old 09-16-2020, 11:09 AM   #23
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Retired 2 yrs ago day after tomorrow at 58. BEST thing I ever did for me & my health. I was there 40 yrs and the last several years , I hated every morning I got up to go to work.
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Old 09-16-2020, 11:18 AM   #24
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Great thread and lots of good responses.

I could have retired a couple a years ago but I enjoy what I do. I have never really gone to work a day in my life to be honest. I hadn't given it much thought. I am 58 with 37 years in the same field.

But, having the last six months off (actually NOT going to the office and working from home) due to covid has made it really hard to go back to the office this past few weeks. I basically did what I wanted to do and when I wanted to during covid time.
Here is the next ( but). During covid we couldn't go do anything we really wanted to! So now we want to go do things and I am back at work.

Very confusing!
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Old 09-16-2020, 11:46 AM   #25
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I was very lucky to start at the Sheriffs dept at 21. Did 33 and retired at 54 making considerably more than I did while i was working and have good insurance. Its been 2 years now and could not be happier! Best thing is my wife also had 33 and did the same thing.

I've been at the lease bumming around for the last couple of days. Waiting on Glen to show up now and fish for a few more. Life is good!

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Old 09-16-2020, 12:03 PM   #26
az2tx
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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
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Old 09-16-2020, 12:12 PM   #27
kmitchl
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For a lot of people health insurance is the driver in the retirement decision.
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Old 09-16-2020, 12:15 PM   #28
mdb
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Some great testimonies and advice for sure.
And
I will 100% agree with voting for our retirement and our familyís future.


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Old 09-16-2020, 12:16 PM   #29
mdb
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Quote:
Originally Posted by kmitchl View Post
For a lot of people health insurance is the driver in the retirement decision.

Yes. Definitely prior to getting on Medicare.


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Old 09-16-2020, 12:16 PM   #30
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I’m ready. 4 more years to go.
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Old 09-16-2020, 12:30 PM   #31
hpdrifter
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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.
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Old 09-16-2020, 12:34 PM   #32
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Ironically, Iím a certified financial planner and helping people retire and plan to retire is what I do every day for the last 20 years (Iím 42).
As long as I have a good assistant to help with the stuff I donít like doing, I can do this job well into my 60s or more. Itís 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, Iíll keep doing it.


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Old 09-16-2020, 12:34 PM   #33
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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!
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Old 09-16-2020, 12:42 PM   #34
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Quote:
Originally Posted by Huntingfool View Post
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.
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Old 09-16-2020, 12:42 PM   #35
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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.
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Old 09-16-2020, 12:49 PM   #36
rtp
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Quote:
Originally Posted by az2tx View Post
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.
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Old 09-16-2020, 12:58 PM   #37
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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.
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Old 09-16-2020, 12:59 PM   #38
MacDaddy67
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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
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Old 09-16-2020, 01:09 PM   #39
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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.
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Old 09-16-2020, 02:26 PM   #40
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Quote:
Originally Posted by Quackerbox View Post
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.
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Old 09-16-2020, 02:40 PM   #41
meltingfeather
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Asap!
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Old 09-16-2020, 02:43 PM   #42
JonBoy
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Quote:
Originally Posted by kmitchl View Post
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.
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Old 09-16-2020, 02:53 PM   #43
curtintex
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Quote:
Originally Posted by rtp View Post
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. Iím 47. Iím not ďretiredĒ, 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 ďchaseĒ of business. Iíll 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 Iím still there....on TBH.


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Old 09-16-2020, 03:07 PM   #44
easeup
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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.
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Old 09-16-2020, 03:21 PM   #45
Black-N-Red
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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 Iíll be debt free!!


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Old 09-16-2020, 03:32 PM   #46
gtsticker
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Hang it up when you can make the same retired as working if you have annuityís. Then get another job to maximize your earnings until you are ready to retire for good. This will give you a double salary to pay off everything and save. If you wait too long to retire you may be to old to the things you have always wanted to do in retirement.


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Old 09-16-2020, 04:00 PM   #47
big_smith
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I am looking forward to it and will probably retire as soon as I can. I love my job, but I want to have some life at the end to just do what I want. I did 21 with a police department and am now teaching at a college. The great thing about the college is they count my time with the city as time in service, so I will soon have reached my rule of 80 and could retire from here as well. I have to do 10 to get 50% of my health benefits paid, 15 years gets me 75%, and 20 years gets me 100% health benefits. I have been here for a little over 5 years so far. I plan on doing no more than 15 total and being done. My oldest just started his Masters, but he is on nearly a full baseball scholarship so we don't pay much for his schooling. My youngest is in 8th grade so if I do another 10 years I should have him out of college, and my house will be paid off. As soon as I get those things done I am out. Look forward to enjoying some life outside work.
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Old 09-16-2020, 04:11 PM   #48
MossyRockRanch
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When I turn 55 1/2 plus 1 day this boy is headed to ranch and not looking back come Hell or High Water ! Biggest thing is have a plan and stick to it ....
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Old 09-16-2020, 04:21 PM   #49
Tony Pic
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These are true words I got from an old timer back in the early '80s
You can live on less money, but you cannot live on less life.
More money will not buy you another minute.
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Old 09-16-2020, 05:51 PM   #50
CaptainDave
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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.
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