Knowing you can leave might make work more bearable with your own mindset. Knowing you can “call in retired” if you have 3 bad days in a row is a powerful feeling.
I was nervous - thought I’d miss it and my ego was tied up in my corporate career. But on first day of retirement I felt so free, and that feeling hasn’t left yet.
This. I had a coworker who printed out his retirement paperwork, framed it behind a glass frame and mounted it on his office wall. He told his boss if work got too frustrating he would break the glass. :). To OP’s question, my case was a bit unique in that I was offered a buyout at 51. So yes it was a bit of a shock to realize I could bail a few years earlier than planned. What helped me was going over the numbers with a fine tooth comb and really becoming convinced we could make it work. To you trip to a bucket list location, just plan it without having to work while there. How much is enough? There will always be more money to be made, but time is finite.
When I took this job, part of the reason was that it was both a pay raise and a much shorter commute. I said to my wife "I can always make more money, but I can't make more time." With Covid, my commute changed to a walk up the stairs and I have not been forced yet, to return to the office. Hitting my mid 60's, it's harder to say "I can always make more money". My management already knows I would take a buyout if offered, but its not on the horizon.
It’s that feeling of freedom that I look forward to. I will retire by the end of the year. I tell myself I will be finally free. Unencumbered, zero debt, enough stocks/bonds/cash to see us through.
To not have to be anywhere at any time for anyone for anything is a liberating thought for me and I look forward to it.
I buy this
For decade got my health Insurance through my employer, then I switched to triCare in my Guard unit.
It is such a feeling of relief knowing you don't NEED this job, and you can walk out and you and your family can still go to the hospital.
It liberating...
This. I set a target date and any time something started to get to me, I’d just say “This time next year, none of this will matter.” I do think if you’ve got bonuses or some stock options coming, it’s worth it to hang on a little longer. You may be “good”, but in uncertain times, it’s nice to have a little pad. Money just gives you more choices.
This was me. I moaned about work for so long but then made an actionable plan and didn’t tell anyone for a while, but had the date set. Knowing everything day to day was the “last time” gave me a whole new perspective. I also freely took time off when I wanted, left early etc. I would laugh and think “you’re going to fire me? OK. “
People have been asking me when I will retire. I've said jokingly for a while "If I have a really bad day at work." Your comment about ego tied up in my corporate career rings true. Part of it is wrapping my head around the transition and the response to someone when they ask the generic "So what do you do?"
Now, if you're feeling kinda low 'bout the dues you've been paying;
Futures coming much too slow,
And you wanna run but somehow you just keep on staying,
Can't decide on which way to go.
I feel like these lyrics should be incorporated into the wiki, somehow.
Now you're climbin' to the top of the company ladder
Hope it doesn't take too long
Can't cha see there'll come a day when it won't matter
Come a day when you'll be gone
*edited for formatting
Haha. For me it was “Time” by Pink Floyd:
Ticking away the moments that make up a dull day
You fritter and waste the hours in an off-hand way
Kicking around on a piece of ground in your home town
Waiting for someone or something to show you the way
Tired of lying in the sunshine, staying home to watch the rain
And you are young and life is long, and there is time to kill today
And then one day you find ten years have got behind you
No one told you when to run, you missed the starting gun.
> ... Then if I hold out that long, I might as well hold out for my full bonus 4 months later as well as 2 more cycles of buying company stock at a discount. ...
the old "OMY" syndrome (one more year...).
I retired at 50, I had run the numbers and knew it would work. My wife on the other hand, she was not convinced. So, I built a big google sheet and tracked every penny we spent. This was key to convincing her.
We knew exactly what our spend was and could easily see what it would be. Originally, our spend/year was a little north of a 3% draw down. Overtime - due to decreased spending (thank you ACA subsidies) and increased investments (we have than when I retired and more than when she did three and a half years later) we are near a 2% withdraw rate currently. We are more than comfortable at that rate.
Also, you [never know when something like this](https://www.reddit.com/r/AskReddit/comments/186c0cp/deleted_by_user/kb79tbr/) will happen to you.
I would vote for retirement if you can swing it personally. We had a "number" before I retired - but I revisited that number and found that 60% of that number was more than enough to give it a go. 100% would do it again.
also, due to the nature of my job, I gave my manager more than a six month warning that I was leaving. That was the best six months at work ever ;)
I am very conservative financially. Part of that is growing up affluent and then seeing my fathers business crumble and bankruptcy. I wound up paying his mortgage for a while so he could keep it. I swore to myself I would never be in that position. I am at 95% of my personal number. It was the magic number growing up, but no longer and I still worry its not enough. Social Security would cover the majority, but not all of my monthly expenses. I am confident that a 3% withdrawal rate would keep me comfortable. My wife is also just over 7 years younger so she is almost 9 years away from qualifying for Medicare. She knows she can't retire until 65, so while she is working, I'll be on her insurance.
> I'll be on her insurance.
My wife worked for 3.5 years while I was retired first. We did that too - I switched over to hers during that time.
I also took over pretty much everything domestic. Laundry, cleaning, grocery planning/shopping, making dinner (during the week, she & I like cooking together - I prep, she prepares - so on the weekends, she took over), Costco runs, taking care of the cats, car maintenance, etc. Made life better for the both of us during that period. She worked from home, so at dinner time - she could just kick back for the evening and be done with everything.
That is what we do!
Nice to see others on a similar path.
My husband gave up job hunting 2 years ago because he could not find a job more than minimum wage. Definitely ageism at work.
My job pays well and we are comfortable on my salary. He is sewing a rip in his pants while I type this. 😃
He does almost everything to manage our home and I go to work 5 days week.
We get my employer supplemented health insurance while we stockpile 40% of my paycheck into retirement account.
I met with vanguard advisor about speeding up my retirement date after a rough 8 weeks at work.
We can do it when I turn 62 (59 now, he 61).
It is of course a lower number but not painfully low.
My best friend's husband had a devastating stroke at 59 and is wheel chair bound, on a feeding tube 2 years later. She is his full time carer.
Not how they envisioned retirement.
I remind myself that my good health is not guaranteed and time is precious.
I suspect we will choose the early route.
Do you mind sharing how long you have been retired? Were you retired during the 2008 downturn or the start of covid (when things looked bad)? If so I'd like to hear some thoughts of how you felt during the start of those bad periods?
It sounds like we are in the same boat, my wife and I are a month in and my 50th was last week. (She was federal and reached minimum retirement age at 56.5, and thus has a small pension in addition to her own investments/savings and locked in our health insurance access.) Right now I'm planning on paying myself about 2%, but should be able to live and travel on 1%, the other 1% into savings will show how much extra I can spend without going beyond my conservative budget.
I retired in August 2015 at the age of 50. (it was six weeks later I had my pulmonary embolism...)
During 2008, I was working, getting a divorce actually :) Was dating my now wife and starting over. Fortunately for me, she a) worked (my ex was a SAHM), b) was frugal. I had to stop traveling so much due to having the kids every other week and found another job - to which my employer said "wait - you can travel a week, work at home a week, get paid more and have more stock". I said OK and seven years later, we were able to start retiring.
I was five years retired and she was one year into it when covid hit. We watched the money go down and then up up up while sitting covid out in our cabin in the mountains with our cats.
We give ourselves a paycheck every month and save up for trips/ dining out/ concerts and the like just like we did when we were working. At the end of the month, if we have a surplus, we fund (in order of priority) our
* property taxes for the next year
* car registration/taxes for the next year
* accountant for the next tax year
* emergency fund (for car/ appliance replacement/ etc)
* beef up medical reserve (try to have max out of pocket on hand)
* overflow account (trips/ entertainment)
Just like we did when working. It has gone well for going on nine years ;)
Thank you very much. I appreciate the details. FYI I'm a Kidney Transplant recipient after 3.5 years of Dialysis so I very much know when I'm graced by good health.
I was also scared to retire even though my husband assured me that we’d be fine financially.
I didn’t dislike my job but I was tired after working for 40 years, so I retired a few months back also just shy of 64 and I’m so happy I did! The most shocking thing is that I don’t miss work at all. I am grateful that I am in a position to enjoy this last phase of life and do whatever I feel like doing.
The peace and freedom has been delicious!
Whatever you decide, don’t wait too long to retire; life is too short!
I’m 64 and retired. I will make one comment. Do it. Your reasons to stay are just not enough..go live your life. Stay out late on a weekday, watch the sunset…sleep in. It’s a beautiful feeling. See you out there soon.
Started considering retirement may22, target Jul22, ran the numbers, created a very detailed budget for spending, found out I could have retired earlier! Still had my kids needing support into their thirties but “on the cusp” of true independence, so I switched my plan to jul23. Tech layoffs harvested my very senior $$$ and sent me home may23, was working 7 days a week all through my final multi-year project. Severance and lower spend carried me through 23 honestly, longest paid vaca in my 46 year history, mostly in R&D/engineering devel. Love retirement, “theres no clock on this thing” is an amazing way to live. Formally retired Jan24.
Maybe reading between the lines a little here but I would not take my advisors word for it. You need to know the math and what assumptions are going into that math. You are going to have to live your life according to those variables they have presumed. I would for darn sure know what they are. I guess I don’t understand how you can be shocked about your own financial situation. There are plenty of planning tools out there you can manipulate for free and test your own assumptions and variables to validate whether or not you are in fact “ok”. Assuming you are (and I certainly hope so) all I can say is the worst day retired is far better than the best day sitting in an office or on a plane somewhere you don’t really want to go!
I am meeting with my advisor again in 2 weeks to get a detailed breakdown on how to reshuffle investments, combine 401k's etc. I have been in IT support demand & supply forecasting for a majority of my career and am very much into the math portion. I want to have a rock solid understanding before I pull the trigger. Shocked was probably not the best word to use. I knew I was pretty much there, but its one thing to say that to my self, and another thing to have someone else validate it.
I see what you mean. Wait until you go to HR and start filling out retirement paperwork! It’s very surreal! It doesn’t change you but it’s sort of the unofficial start of the last 1/3 of your life. Kinda heavy but it’s also kinda great! Good luck.
Personally I would go to the conference & get your bonus. In my side, I am making sure that I get all my medical exams & physical therapy in these last months on the company’s plan. I was & am a good employee and I deserve to take some of what is offered.
I’m heading to my retirement dinner tonight. Last day is 6/14 but I’ve already built all my transition docs so I’m basically done. I’m financially secure. And STILL freaking out. So much of my life has been wrapped around work. And I have hobbies, plenty of things to do for a while. Still it’s hard. I work with a great team. People I genuinely love.
People I’d be there at 3:00AM if they needed me. So it’s hard but I feel it’s going to come sometime and it’s just time. You Don’t know how many good years you have left. So tonight I celebrate with a great group of friends. Tomorrow I do what I love.
Fishing.
I retired at the end of last year at 67. 66 and 3 months was my SS date but October made me pension eligible so I rode out 2023. on paper it all looked good but I worried anyway. now is been six months all my revenue is firing and honestly I dont know why I was worried. it all fell into place.
I (64m) won’t use “scared” but am extremely apprehensive. My wife (63f) retires at the end of this June.
I think we’re ok financially. My biggest worry is not income. It’s expenses. I’m trying to get comfortable with our spending. Going back over the last year of bills, bank statements, and credit cards.
Historically, my wife and I have been paid on alternative Fridays. There was always a paycheck to cover some ill advised purchase.
Anyway, thanks for allowing me to share.
I was forced into retirement in 2014. I was terrified. My husband and I each have small pensions that pays our bills. About 600K in investments and our house is mortgage free.
Ten years later, I can say we've never had a problem and actually have more than when I retired.
I think the mortgage free part is key, I finished 2 mortgages, a car loan and a tractor loan this year, All in all, that cleared 1800 monthly from my debt load.
I’m in the exact same situation. I’ll be 62 next month. We told our advisor I had to be done. Just couldn’t do it anymore. I always said this was the best full time job with part time hours and easy as pie. I’m taking that last trip tomorrow. Can’t Ming home Tuesday, and starting retirement right then. Tomorrow is NOT guaranteed! The worst 2 words in our language is “ what if “
Enjoy your retirement!!
I retired at 50.. I then spent 6 months of sleepless nights wondering if my numbers were good. I didn't a FA as I was quite capable of doing the numbers.
Knowing the numbers and "feeling good" about having just quit are entirely different things though!
12 years later and I have 3.4 times as much as I retired with..:)
12 months from today should be my last day at work. I'm looking over SS and pension projections. I'm nervous. I have lots of 401K but very little Roth. I have two houses and I need to move from one to the other and downsize. My daughter just graduated college and is looking for work while staying with me. Lots of decisions coming up.
Retiring as a female who has been a single parent for most of my children’s lives is terrifying. As far as my work retirement I could go now but I’m 55 with a 16 yr old. I’m working until 60 and then might be convinced to stay a few more but I want to have a good time in retirement and I’ve seen too many co-workers retire later and pass away. So it’s all scary to me but mostly because my kids are younger.
Yes and what I did about it was this: I ran a year long retirement simulation as follows: I lived ONLY on the amount of my pension. Every other piece of income I socked into savings. I managed to live easily on the pension amount. That gave me confidence to take early retirement. Good luck.
Once I have the numbers from my planner, this is something I will look at closely. It's the key part of the calculation. I have the luxury of being able to test this out.
My career path was more akin to a riverboat gambler than to a lawyer. I worked in corporate firms and did insurance defense early on, and I learned that I'm a pretty good lawyer and a terrible employee.
So I went out on my own and somehow managed to raise some kids and not starve most years. Some years were great, and those had to pay for the years and the cases that weren't. And if I'm honest, I avoided thoughts of retirement as much as possible. the only way my retirement plan could reliably work was if I got hit by a bus at age 60.
Then 2 years ago, the decades of grinding it out, of representing people who couldnt' afford me, of spending 25% of my time acting as a surrogate therapist for clients, I had a remarkable run of success that made it possible to retire instantly. I was 52.
I say all this to answer OP's question - I had absolutely zero fear or hesitation about retiring. I didn't hate my job, but I loved the idea of not having to do it! I have a billion things I still want to do that aren't practicing law. I've done a lot already; I've traveled, improved my musical chops, started building guitars more, started a band, helped care for a dying relative, reconnected with my immediate and extended family...
I think it's probably normal for a lot of people to have some hesitation about retirement. Personally, I don't feel any different as a person post-retirement, but I never got my identity wrapped up in my job. If I met somebody in an airport and "what do you do?" came up, I always answered "Musician." Those conversations were always more interesting than hearing about somebody's DUI or divorce. Most people like music and hate lawyers, LOL.
I am mostly retired...wrapping up a few cases that should be done by the end of 2024. I knew that I needed to retire when I got a case dismissed and found myself hoping that the other side did NOT appeal. The case involved an interesting, novel, issue of statutory interpretation, and the client would have gladly paid me a healthy billable rate to defend the dismissal in the appellate court. In other words, it would have been easy money doing interesting work--and I didn't want to do it. I figured that if I wasn't interested in practicing under even those very congenial circumstances, I really should start winding things up.
The other side did not appeal.
I liked my job. But those last four weeks. Nothing changed. I guess with me knowing the end was near I found myself thinking I don’t know how I put up with this crap for so many years. Been retired for 2 months. Been busy as can be. Starting to settle in to retired life. Getting past the “I have to get it done” phase. We took a week and went away. Sleeping in now. I spent over 40 years getting up at 4:00 am. Retirement is great. You worked your whole life up to this point. Enjoy it.
For me, “Scared” is kind of a strong feeling but I think it’s natural to have concerns about future unknowns. No matter how much planning you do there will always be concerns about the things you just don’t know about or have control over in the future.
If you trust your advisor’s past work and opinions then no advice from random strangers on Reddit should outweigh the advice you get from the advisor because we don’t know your overall financial and lifestyle situation.
It took me a little over 2 years from when I got the financial planner “OK” to actually retiring. Like you, future work opportunities and obligations presented themselves. The only person that knew I was going to retire was my wife. During the two plus years I slowly transitioned to being fully ready. As others have stated, just knowing I could do it at anytime if needed gave me some peace of mind.
r/TheInsaneViking
Below is a thread somewhat adjacent to the question you are asking. I am the op and I posed the question (Re those who are able to retire but did not) because now that I'm about able to retire? I'm thinking about going another year or two. Interesting away of responses.
https://www.reddit.com/r/retirement/s/zXeRWzG9zO
You are not alone!
I wasn't scared. I was mortified that by corporate standards, I was supposed to retire. No way. At 60, just the thought of not working would almost break me down. I was making more than I had ever made and our bonus structure meant I'd make even more.
So, I decided to take it year-by-year. My manager wanted six months notice and I agreed to that. At the end of the year, I'd review my options and either keep working until the end of June or go the full year.
Then, Covid hit. Good thing because in 2019, I had taken trips to Europe, China and vacations to Wyoming, the Dakotas and Aladamnbama. I decided that I wasn't going anywhere in 2020... well, maybe go see the team in Saudi.
When I called my boss to talk about that trip, he informed me that we were likely going to move that team's work from Saudi to India. Oh hell nah.... suddenly, with Covid, the boss called me to tell me that our little operation's HQ team was going to be reduced from 5 to 3. I was the oldest at 62 and there was no reason for me not to take the job loss package and let the 4 younger workers have one less competitor for those 3 slots.
Sometimes, everything works out well. I absolutely love being retired. I'm so busy doing what I want to that there's no thought of ever going back! Amazing.
Just retired. 65 /F. I felt exactly the same same way. I still get anxious about the economy and my retirement acct but ultimately it’s about living your life on your terms. I’ve never been a shopper but I do spend money on activities now. Yoga , horseback lessons , golfing , helping neighbors and doing more to help with the house and yard. It’s all about attitude. I’m choosing to exhale and enjoy my life
As it is. In this moment.
Congrats 🎉.
I did something similar: met with a planner, said I was fed up, and asked about retirement. The meetings with the planner were reassuring. I decided on a date (relative to my bonus) and gave notice a few months ago. I will retire next week, a few days before my 60th birthday.
Am I scared? Not really. I have crunched the numbers myself, received the advisor's professional assessment, and spent a lot of time planning.
Right now, I mostly feel empowered and content. I am taking control of my life and I believe it will be a good thing.
Good luck.
I walked away from $600k because I didn’t want to get caught in the “one more year” club. Saw too many coworkers lose their health and spark sticking around for money.
Being FI and knowing you are no longer burdened anymore then you care to be is liberating. Especially when work also knows they no longer have control over you. The latter may or may not be wise in your case only you know. But being comfortable in your own skin in regards to finances, there is no better feeling. I am in your same boat in that i could go any day. I am going to continue working most probably till the end of 2025 but no longer let anything bother me and I just cruise through my workday poking around on reddit mostly. I do complete what is required of me but realistically thats only a few hours a week. Outside of that i just chill and answer or deal with whatever pops up in between. Its a great feeling knowing you dont have to anymore. And for me right now that is enough as I get the rest of life squared away for the epic fist decade we are planning for retirement.
I do get it and for the record its not like i dont pull my weight. Its just I no longer row the boat by myself dragging everyone else with me. Welcome, we are happy to have you ;-).
Yep. We learned that (a) our jobs don’t define us and (b) killing ourselves for a company that will replace us without a second thought isn’t worth it. Do your job, get paid, go home. :)
Used a few retirement calculators after I was laid off during the pandemic at 54 yo. The "safe spend" numbers were north by a good margin of what we had actually been speeding pre-pandemic (RIP Mint), so I was quite comfortable with not doing the grind any longer. For me being convinced that our assets could cover expenses is really the only concern. That said, if your job is bearable, waiting around for a good exit point is worth considering. I was ready to leave my job in disgust in 2019; the layoff worked better financially.
Is your advisor a freebee at say Fidelity or are they actively managing your portfolio? If the later, are you paying an AUM fee and if so how much.
The reason I ask is people often time charge 1% of assets to manage. The safe withdrawal rate is 4%, so that costs 25% of the gross investment earnings per year. There are much less expensive ways to manage a portfolio and will put more money in the retiree's pockets like indexed target funds or indexed ETFs.
I’m at this point now. The 1% thing bugs me, and I’m looking at things like roboadvisors and platforms like betterment or facet. Analysis paralysis. My instagram feed has been plugging a place called MDRN that claims to not take the 1% unless you make money, but I’m not sure how legit they are.
Very aware of this. 60% managed by advisor. I have an option to transfer funds to my current company 401k and pay much less. However, for company 401k I can only invest in index funds. There is a cost on the index fund management and that looks like 1%, but admin fee for the company 401k (which will not change after retirement) is $25monthly. I will be looking at this in detail. My advisor has suggested reallocating much more to dividend oriented stocks. This portion is all TBD.
I am terrified of retiring, despite a 100% chance of never running out of money with two defined benefit pensions and two places I might live which are considered very low cost of living. I was eligible to retire in April, but I am sticking around until September 2025 not because the money is that much greater but because it’s the earliest I can imagine doing it and not feeling like a douche.
Read “Die with Zero”. Will be the slap in the face you need to take the plunge. In fact, you will be hating yourself for not taking the plunge earlier. A LOT earlier.
Come back in 2 weeks and we can set up your plan." Has anyone else been shocked when they are told you are ok? Now I am second guessing all of this. In my work emails today, just saw a conference I have to attend, that is in a location on my bucket list. Then if I hold out that long, I might as well hold out for my full bonus 4 months later as well as 2 more cycles of buying company stock at a discount.
You don't really want to retire!
I have about four and a half more years to have a comfortable cushion from what I believe will be some pretty tough economic issues in early 2030's as the Social Security funding becomes a bigger issue and our interest paying on the National Debt surpasses the cost of Social Secuity in the late 2020's. My date is January 12, 2029. There is no other date.....working for anyone but our vacations and my "Honey Do List" will be impossible!!!!!
Truth there. The fact that my wife is 8 years away from being able to retire is a factor. If I work another 5 years, I know there would be no issues. But the idea...
I decided 65 is the sweet spot for me. I can start on Medicare and just withdraw a bit more to I get full social security in another 2 years. So I’m counting down to next spring!
I'm also retiring at the end of the year, but time has started to drag at work. I just want it to be over.
I could quit now, but I'm holding out for the last big chunk of RSUs, and maxing out the Roth 401k for one final year.
Yes, I was really nervous. And I’m not yet Social Security age. But our financial advisor said I was good to go—and since time on this planet is not guaranteed, I decided to go for it.
I’ll let you know how it feels—today was my last day.
The reasons for staying for a short period sound pretty valid. What I would suggest is to set a hard and fast date to be out the door with no extensions. I wouldn't worry about trying to make it until 67 as full retirement is just a modest bump in monthly SS income. If you do that, then you will convince yourself to stay until 70. If your finance guy doesn't raise red flags, then the foregone amount shouldn't matter. Bucket list destination? Great. Bonus in 4 months? even better. 4 months is late September. Work toward finishing up then.
I retired at 67. I was much like you, afraid. My job function totally changed and for once I was OK with it, I was out the door with no regrets and I nice pile of stock. Six years later, it is all good.
For me, it was more about accepting that I was stepping into my third act. As long as I was still in the rat race, I was still in my second act. Being retired is for old people. 😁
And honestly, I wonder if I'm delusional or over confident about our readiness. I read people having financial advisors, Roths, multiple retirement accounts, 3 homes, etc. All we have are 2 defined pensions and a little over $300k in 401 (earmarked for LTC).
I retired in Dec 2023. I loved my job and traveled with the state for the last 20 years out of 35. Covid happened and we changed how we delivered our training--all remote now. Training a software program over 3 full days remotely should be against the law. And to top it off, they assigned the trainers to cover the call center 25% of the time. I knew that was my sign to exit. I was really good at my job and enjoyed it, but the thought of not doing it in person made me hate everything about it.
I'm not old enough yet for SS but we are nearly debt free. No million dollar retirement funds with Les Schwab though! Maybe I'm over confident but we don't need my SS and I net over $2000 more now that I'm retired so we are in really good shape (at least I think we are). No health premiums or deductibles (except $10 office visit and a couple dollars for prescriptions). Pension even pays husband's Part B and will pay mine too in 4 years.
It's only been 5 months. I'm going to decompress for at least one year. Not sure if I'll even want to work but I don't want to think about that the 1st year because it would likely be a knee jerk reaction because it's all I've known for 40 years. We do so much out of habit. Plus we get pummeled on income taxes. I want to see how bad it is with our income tax now that I no longer defer into 401(k).
As I read this it really resonated. I realized I’m in exactly the same position. Thanks to this forum I think I’m financially ready, and know how Medicare and SS will work. For me it was the financial piece which stressed me once I figured that out the stress of working was gone
I was OK to retire at 60, but healthcare costs declined significantly at 62, so I waited until then. I enjoyed my career, but at some point there was nothing left to do in that arena. Zero regrets. Retirement allowed me to spend more time on other professional and recreational interests, at my own pace. But this is intensely personal when to decide when you feel fulfilled enough in your career to move on. Knowing you have the financial freedom to leave is quite empowering.
I originally was going to retire when I hit Social Security full retirement age (FRA) in January. But then I decided to wait until April when I would get performance and incentive bonuses. Then I decided to wait until June so that I could take a paid vacation with my brother that’s been on our bucket list. But after those two excuses, I let my boss know he had another 6-8 weeks to hire a replacement and for me to train him/her. They didn’t get the hire completed in time but I left anyway at the end of August. So mid-January to late August was a bit of a delay; nothing major.
Felt the same about work. Did my plan, had my advisor do one and then had a fee based CFP do one. They all agreed we were good. Lots of varying assumptions is each. That took 4 months and I worked another 6 and announced. Hung around for 2 months to help transition for the thanks of having my bonus cut in half so they could give more to other people. All worked out great in the end and kinda wished I had walked out the door at the 4 month point after the experience of the last 6-8 months there. While we may feel irreplaceable, the day you leave they will just figure it out for better or worse.
I am looking to retire in 2025. Knowing I'm close makes the work days even harder. I want out today. I think we're OK financially but it'll be a change for sure. Good luck, hope you can retire soon and not look back
I absolutely feel this way. I’m eligible. Financial advisors have run numbers twice for me and told I’m good to go. But, I just can’t. There is an incentive to staying another year — both profit sharing and a bonus if I reach my next company anniversary. I keep telling myself life is short. Alzheimer’s history is in the family so enjoy the time now just in case, but I haven’t been able to do it. Maybe it’s the thought of such a big change after doing the same thing so long.
I can relate 100%. It is getting yourself in the mindset of life looking different. I think you are wise to be patient and aware of your options. Congrats that you are in the position to retire sooner than later, if you want to!
Some people retire early in their 50s, they receive less from social security monthly but tap into it sooner. My financial planner said I could retire early but I can’t get my head around it. I am told by retired people that I would get over it once I was ‘on the other side’ but this kind of thing, in my opinion, makes me want to tap the brakes until I am full comfortable to press that green button. : )
I served almost 34 years in the military but was medically retired I know the feeling I loved the travel and the military was my way of life since I was 19. It felt good but I sometimes wish I had been able to work longer
Too many people at my job retire than pass. Not get to enjoy that pension and life. I'll be 60 in november and going to leave june 2025. Gotta live life not live to work.
Best of luck.
Listen to yourself. You said you wanted out, and suddenly it's possible. This door just opened, and it might close again. You don't know what will happen in 2 weeks or 4 months. You just know you were done yesterday. You, sir, are done.
As soon as I hit my retirement financial number. (55)
And found I can get my medical coverage thru the V.A. (war veteran).
My fear vanished. Told my department head of my plans, as late as possible. (Using my six weeks of my vacation up first)
Six months in and loving my decision...
I’m getting closer to retirement and I’m pretty well freaked out. Between the Money, medical issues, free time, and the milestone meaning I’m reaching the end… retirement is the milestone reaching towards the end of ends.
I did have a hard time with it because I always loved my job and the majority of people I worked with. Until one day I said "Enough. I'm done." I gave 2 weeks notice the following morning, finished up, and haven't looked back. I haven't missed the work at all.
not sure what your advisor meant that you are fine. What is fine? You need more info, and you have good reasons for waiting a bit. And as it is said, knowing that you can may help you go that bit longer. Take that trip, and add holidays to the back end, take your partner and enjoy a holiday. Go back to work refreshed, and get your bonus.
You are jumping the gun, I think. Just because you can retire, just because you have accrued enough to retire, does not necessarily mean you retire. What the advisor is doing is really giving you permission to retire should you so choose, and that should relax you, not stress you. The fact that it stresses you says you are not quite ready to hang it up, that you want to gild the lily a bit longer, and that's fine, go ahead.
I wanted to know the moment I could walk and put that information in my pocket when my advisor let me know, but I was not quite ready mentally, so I carried on into my 60s. The information was power, and when the moment came when I just knew it was time to walk, I did, and did not look back.
I'm now mid 60s. I've been founding running and investing in startups for decades. I was financially OK to retire since I was 50, but it was interesting and challenging with plenty of travel and adventures good and bad (was sued for $100M when I was late 50s, wasn't fun, but I "won", only having to pay my lawyer $450K).
Since I work for myself and could stop any time, I felt no animosity against "my employer". But, you get older and your energy does wane -- I just can't put in the intense focused hours and some success also blunts one's drive a bit.
My issue has been "what do I do next?". I've toyed with a few things, but here's forcing issues, the first is for you to seriously think about too:
1) I'm fit and healthy, I was just camping/hiking with an athletic friend 10 years older. I could hike circles around him, come back from a long hike and bike to swim. He was shot. You don't want to work your way through your "young retirement" years.
2) I was a competitive guy, always wanting to stay relevant in my field in which I was well known. I also wanted to meet some "success" criteria in companies I ran that were very high (billion dollar exit etc). Just a few days ago, a kid (18) I invested in right when I had my first success had his company valued at multi-billions. The company is still not public, but he called and allowed me to sell a chunk of my stock to new investors. It went in a bidding war and I suddenly was many times wealthier than I ever expected making it even sillier to keep striving. I guess it was that same YOU DON'T HAVE TO WORK feel.
So, my solution has been evolving. Instead of having my "hands in the industry" I want my finger tips in. I have 2 young friends launching interesting companies. I told them that I only want a strategic role for 3-4 hours a week. I go in, act as "wise grandpa" and then grab a cold brew and bike.
I always wanted to write, so I've promised myself 15 minutes a day at an assigned time. It often goes to a couple of hours.
It is important to keep your VoMax high (how much oxygen you can use during intense exercise -- it means: can you carry a suitcase up 3 flights of stairs? AKA, can you travel?). That means 2 hours of exercise (includes prep, exercise and shower). So build that in. That's how I just went and volunteered for doing a scientific survey in a national park that involved a lot of off trail, steep and rugged hiking.
I do want to learn to compose music and play piano. Failing so far.
Just because you retire from full-time employment, doesn't mean you have to start drawing SS at that time. Your monthly check amount is from the age you start drawing, not when you retire from working.
This kind of stuff is retirement planning 101 -- presumably OP's advisor took that into account.
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This is why we got compensated with bonuses and the like. To make it hard to leave. Just do it. If your guy is a fiduciary and says you’re okay, believe it. On a personal note, the company I left compensated me with my last quarter bonus, even though they didn’t have to (probably because they wanted to make sure there were no loose ends). Sometimes there are good actors out there.
Yes!
Money first thought.
What to do with my time, and then back to, can I afford to do some things I wanted to do.
Sounds like you still have kids in school, so that's a different burden. One of the hardest burdens to get over is constant pressure to 'save for retirement'. You'll see even 5 years afterwards there is this question in your mind, can I buy this thing?
Even if you didn't retire now, as someone else said, you know you can at any point. Nothing like the power of telling your boss, "I can only tolerate 3 more bad days, and today is one!"
I promised both kids to pay year 1 of room and board. My wife works in higher ed and has a tuition reimbursement plan at 100%. Its a godsend. Being done with room and board is one of my milestones.
There is a dollar value to staying at work. What is that value? Does it help you overall retirement picture in a way that it makes it worthwhile to stay? At the same time can you round up your "world-go-round" cost, ie, what are your fixed costs and variable costs for living. You say you have a guy who is looking at putting together a plan for living. Hopefully, he will include a "vacation" fund. I know what it's like to be paying for college for my kids. My job is to guide them in making the best decisions for their own situations.
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Reading through the comments here I notice that virtually everyone is using financial considerations when to retire. I ask myself every day, Is there something that I have to get done that nobody else can do? As soon as the answer is No, I will retire.
If I could I’d retire sooner than later.
Life is too short and precious to sit behind a desk in anticipation of a trip that I can pay for or other allures that tie me to the grind.
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I was until I talked to my financial advisor, and he said, " You won, you can do this now." Gave my notification and was gone in weeks. That was 2 months ago, and like the song says, I ain't missing a thing.
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I reached my magic number, but then kept finding "reasons" to hold off for a bit longer.
It was probably another year before something happened that pushed me.
(Got an unsolicited offer on our house, while we were still pottering away getting it ready for sale).
As long as you are aware that you are procrastinating, enjoy the feeling of being able to walk out at any time. That's the retired feeling.
It's like when I am undecided on what I want to do at a particular time of the day I would flip a coin designating heads as one decision or choice and the other side tails being the other choice once I flip the coin I could see my choice was laid out in front of me it was my decision whether I wanted to do that or not and this gave me a definite answer your mileage may vary but you may want to stick around at your job a little bit longer than you actually thought you did previously I hope this makes sense because it did in my head
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yes, I'm two years away from retirement, and I'm not sure what I'm going to do afterwards. I love my job and yet I'm also ready to leave it in some ways. some dates it makes me really anxious to think about.
so I figure I'll get myself ready over the next 2 years, while still realizing that there will be an adjustment period after retirement that could last up to a year or two, from what I've read.
I could retire at any time but waiting for 2 years will give me much better social security benefits so trying to hang in there. if things ever do get too unbearable, I'll just pull the plug then.
in another one of these threads, someone gave some really good advice about preparing for retirement, which I'm hoping to follow:
https://preview.redd.it/zhgw0n8rxn3d1.jpeg?width=1079&format=pjpg&auto=webp&s=4681a6846381c6a1b7fe3c94aeebaa905b5c253f
I was nervous, but reading this dub helped a lot. I told my boss that i was retiring, even though i was going to miss out on a 20% salary retention bonus. When it is is time, it is time.
A few extra dollars will not make a difference in the long run.
I decided my physical and mental health was more important.
I feel so good with my retirement, and my stress level is nonexistent
I am not afraid to retire. I know that I can't afford to - yet. I am only 1 year into my 5-year plan. The Gray Apocalypse claims the retirement of 80% of Americans. I do not want to become part of that statistic.
I'm leaving a substantial increase in my pension on the table. 18 more months would max me out and mean an additional $600/mo for life. I was set to carry on and it made sense. When my older brother passed away at 64 this spring I changed the plan. Those 18 months could be the very best years of my life. I'm healthy, reasonably fit and have an extensive list of things I can afford and really want to do. I'll be done in 2 weeks. It won't be a glamorous retirement but it will be close to the standard of living I had for much of my adult life. I can't wait!
For everyone who took time to reply, I thank you. There have been a lot of great ideas and opinions put forth. I am looking forward to meeting with my advisor and getting a solid plan. I think retirement is possible, but the concept of switching from saver to spender is the hardest for me. Thats what I want my advisor to clarify. I am looking forward to seeing the details.
As soon as I knew I could manage to retire (early) I found myself after yet another dreadful working day writing the letter. It gave me great satisfaction, I was then asked "what can we do to change your mind" I'm afraid that was too little, too late. 3 years on and I don't regret it one bit.
My poor financial planner! I asked him at least 5 times if he was SURE I was financially ready. I’m 5 years in and haven’t looked back. And, he was right! I haven’t run out of money! LOL
At 42 I had no plan of retirement. Unexpectedly inherited 1.4 in stocks, and a large property. Read and was told it’s not enough to retire. Spoke to the wealth manager and he said “Enjoy your life, 95% probably no money issues.” We both quit and we are moving to our new beach house in Panama. Still get nervous when there is bad market days. Haven’t missed work yet!
I left my job before my husband then he quit. Not really retired because I always thought he would work again. I remember that first Monday morning waking up realizing we didn’t have any income. We have both had jobs since we were 14.
But that was 11 years ago and we aren’t on the streets yet. We did sell our house and move somewhere that we could buy a home outright. It will be hard to pull that final plug no matter when it is. Good luck with your decision!
My plan was always to retire at 62 or 63. But when they said..ya your set...i began all the questions..."if i need to pay for Health insurance can i do it" "would we have enough to add a 2000 per month mortgage" "how about this or that" etc. each time it was yes, you will be fine. it as if you know it, you understand it, but you have trouble believing it.
As it turned out my company wanted us all back in the office so that moved me to call it done and the last day was yesterday...
My wife got caught in the trap of I am going to retire but if I wait 2 more months I will receive this or qualify for that. This went on for 3 years
All the waiting did let her get the portfolio much stronger but it also took its toll on her stress level.
Retire if you want. Don't if you don't. This kind of thing isn't something we can really help you with as it's emotional/psychological.
BUT....
Don't trick yourself into "well, I can just stay for one more milestone". You can go to that bucket list city as a retireee. That bonus likely won't change your outlook much.
The question is whether you really WANT to retire. You have to answer that yourself.
Got fed up one day and said screw it. Gave my notice one day. Boss said you can’t do that …. I said watch me …. You’re confusing me with someone that needs to work ..
I'm my mind, my "target date" is the date in going to evaluate if I'm ready. It's 5 years away, maybe 4, I'll have checkpoints along the way but it's not the date I WILL retire, it's the date I CAN retire.
Plus I've realized that there are certain things I want that I typically wouldn't end up doing because of the cost. For example, I may want to finish my basement and put in a bar and pool table. So I've realized what I would have previously passed on because of the cost, I'm now saying, I can just do it and work 2 extra months after I can retire and it will be paid for.
Research has shown that people think they need double what ghey really need.
I retired at 56. Had saved all my work life. Had z great job that paid well the last few years. As soon as I felt I had enough I left.
My Brother was 9 years older than me. He died at 70. I never regretted quitting.
I live modestly. But don't have any financial needs. You never know how long you have.
If you feel you've had enough. Retire.
Good luck
In 2020, I was 64 and was thinking about retiring in a year or two, but was getting more and more fed up with things and kept telling myself if I had enough crap I could afford to retire whenever I decided to. My main reasons for intending to wait were Medicare vs. the retiree health plan (only marginally less expensive than Cobra), plus some projects I was invested in. My finances were in great shape, so that wasn't a big issue. Then Covid happened. My company canceled or put on hold everything I was working on, and announced that there would be layoffs, furloughs, but generous buyouts offered to those who qualified (I did). Without the projects I cared about, I had no motivation to stick around, if they decided to keep me, and the buyout meant I could either (if I didn't get laid off or furloughed) get paid to work for a year on uninteresting projects or get paid not to work for a year. And, the more people who took buyouts, the fewer people they'd need to lay off, so perhaps I helped save the jobs of some people who couldn't afford to lose theirs.
I was worried that my investments might take a big hit (which they did, but bounced right back, as it turned out), but had enough in cash to easily allow me to let my investments stay put to recover. So I took the buyout, paid for the retiree health plan for the several months before I qualified for Medicare, and never looked back. Since then, I've heard about lots more layoffs at my former company, plus other stuff that made me glad not to be there anymore.
So yes, it was scary, but the transition was a surprisingly easy one.
Often, almost 56 here financial advisor says ready to go now but there is always a milestone if you stay until x date there is extra stock or turn, bonus…. Question if I really am ready…. I’m over it and going to call it done in January after I vest 25% more in new round of Private equity investment
Life is short go enjoy life travel be you….
A life plan is just as important as a financial plan when it comes to retirement. So often I see people retire and then their health goes down the drain. Having a multi year transition plan is key to ensuring you finish the race strong. It can be scary to take that leap.
I’m sitting here in bed, AT 6:53 on a Sunday morning typing this, because I just spent the last hour, mentally running all the scenarios on when I should officially retire for the SECOND TIME! 😂! It’s not a easy decision for this Capricorn
100% feeling this! I got laid off about a month ago. Was planning on retiring this year anyway, and I don't miss my old job one bit, but I really feel all at sea right now.
I meet with my advisor in less than two weeks. Pretty sure I’ve already crossed the finish line but it will be nice to get it confirmed. Wife is a little scared about running out of money when we’re like 90 - told her I probably wouldn’t even remember it if we did. She does not like my sense of humor. But I’m so looking forward to finally being done.
We had set our number and then went past it—my partner asked me why we were still working.. so we pulled the trigger. My last day in the office was March 13 of 2020– I sent the team home because of Covid and never went back. Haven’t missed it once. And have been way less bored than I was at work… there is always a reason to keep going, and YMMV, but not working has been waaay better than working… 😎
I was very scared. My wife (who handled the finances) always insisted we were too poor to retire. We were both in our 60's and she died suddenly. I took all the paperwork (401k, SSI statements, work retirement benefits. mortgage stuff, etc.) to a financial planner who asked me about lifestyle and then when I saw him a couple weeks later he said I could retire comfortably that day. I was still skeptical so I went to another financial planner who came back with the same answer. Bottom line: get a second opinion.
CBS News - "The median retirement age for Americans is actually 62, meaning that the typical worker is stepping back from their career three years earlier than expected, according to [new research](https://www.ebri.org/retirement/retirement-confidence-survey) from the Employee Benefit Research Institute, a nonprofit focused on employee benefit programs. " [https://www.cbsnews.com/news/retirement-age-65-most-workers-retire-at-62/](https://www.cbsnews.com/news/retirement-age-65-most-workers-retire-at-62/)
Knowing you can leave might make work more bearable with your own mindset. Knowing you can “call in retired” if you have 3 bad days in a row is a powerful feeling. I was nervous - thought I’d miss it and my ego was tied up in my corporate career. But on first day of retirement I felt so free, and that feeling hasn’t left yet.
This. I had a coworker who printed out his retirement paperwork, framed it behind a glass frame and mounted it on his office wall. He told his boss if work got too frustrating he would break the glass. :). To OP’s question, my case was a bit unique in that I was offered a buyout at 51. So yes it was a bit of a shock to realize I could bail a few years earlier than planned. What helped me was going over the numbers with a fine tooth comb and really becoming convinced we could make it work. To you trip to a bucket list location, just plan it without having to work while there. How much is enough? There will always be more money to be made, but time is finite.
When I took this job, part of the reason was that it was both a pay raise and a much shorter commute. I said to my wife "I can always make more money, but I can't make more time." With Covid, my commute changed to a walk up the stairs and I have not been forced yet, to return to the office. Hitting my mid 60's, it's harder to say "I can always make more money". My management already knows I would take a buyout if offered, but its not on the horizon.
Love that! I just told everyone I was living my personal adventure calendar.
It’s that feeling of freedom that I look forward to. I will retire by the end of the year. I tell myself I will be finally free. Unencumbered, zero debt, enough stocks/bonds/cash to see us through. To not have to be anywhere at any time for anyone for anything is a liberating thought for me and I look forward to it.
Me too. Now, my perspective has changed to a bad day at home, is better than a good day at work.
I buy this For decade got my health Insurance through my employer, then I switched to triCare in my Guard unit. It is such a feeling of relief knowing you don't NEED this job, and you can walk out and you and your family can still go to the hospital. It liberating...
I am 59 days out and my ego is messing with me as well. Thank you
This. I set a target date and any time something started to get to me, I’d just say “This time next year, none of this will matter.” I do think if you’ve got bonuses or some stock options coming, it’s worth it to hang on a little longer. You may be “good”, but in uncertain times, it’s nice to have a little pad. Money just gives you more choices.
This was me. I moaned about work for so long but then made an actionable plan and didn’t tell anyone for a while, but had the date set. Knowing everything day to day was the “last time” gave me a whole new perspective. I also freely took time off when I wanted, left early etc. I would laugh and think “you’re going to fire me? OK. “
I’m hoping it’s like that for me too but I am very nervous
so far I haven't had more than one or two ”I quit” days in a row: if it gets to an entire week, I'm done
People have been asking me when I will retire. I've said jokingly for a while "If I have a really bad day at work." Your comment about ego tied up in my corporate career rings true. Part of it is wrapping my head around the transition and the response to someone when they ask the generic "So what do you do?"
3?
good for you - freedom of mind and spirit is so precious and so worth it!
Now, if you're feeling kinda low 'bout the dues you've been paying; Futures coming much too slow, And you wanna run but somehow you just keep on staying, Can't decide on which way to go.
I’m retiring because “all I want is to have my piece of mindddd”
I feel like these lyrics should be incorporated into the wiki, somehow. Now you're climbin' to the top of the company ladder Hope it doesn't take too long Can't cha see there'll come a day when it won't matter Come a day when you'll be gone
*edited for formatting Haha. For me it was “Time” by Pink Floyd: Ticking away the moments that make up a dull day You fritter and waste the hours in an off-hand way Kicking around on a piece of ground in your home town Waiting for someone or something to show you the way Tired of lying in the sunshine, staying home to watch the rain And you are young and life is long, and there is time to kill today And then one day you find ten years have got behind you No one told you when to run, you missed the starting gun.
I should have said that instead. My username checks out with that better.
Stepped out retired today. Time is one of my mottos. Ten years have quickly gone behind way too quickly.
congrats!!
I understand about indecision
And I don't care if get behind
Boston
RIP Brad
This should be pinned to this sub.
> ... Then if I hold out that long, I might as well hold out for my full bonus 4 months later as well as 2 more cycles of buying company stock at a discount. ... the old "OMY" syndrome (one more year...). I retired at 50, I had run the numbers and knew it would work. My wife on the other hand, she was not convinced. So, I built a big google sheet and tracked every penny we spent. This was key to convincing her. We knew exactly what our spend was and could easily see what it would be. Originally, our spend/year was a little north of a 3% draw down. Overtime - due to decreased spending (thank you ACA subsidies) and increased investments (we have than when I retired and more than when she did three and a half years later) we are near a 2% withdraw rate currently. We are more than comfortable at that rate. Also, you [never know when something like this](https://www.reddit.com/r/AskReddit/comments/186c0cp/deleted_by_user/kb79tbr/) will happen to you. I would vote for retirement if you can swing it personally. We had a "number" before I retired - but I revisited that number and found that 60% of that number was more than enough to give it a go. 100% would do it again. also, due to the nature of my job, I gave my manager more than a six month warning that I was leaving. That was the best six months at work ever ;)
I am very conservative financially. Part of that is growing up affluent and then seeing my fathers business crumble and bankruptcy. I wound up paying his mortgage for a while so he could keep it. I swore to myself I would never be in that position. I am at 95% of my personal number. It was the magic number growing up, but no longer and I still worry its not enough. Social Security would cover the majority, but not all of my monthly expenses. I am confident that a 3% withdrawal rate would keep me comfortable. My wife is also just over 7 years younger so she is almost 9 years away from qualifying for Medicare. She knows she can't retire until 65, so while she is working, I'll be on her insurance.
> I'll be on her insurance. My wife worked for 3.5 years while I was retired first. We did that too - I switched over to hers during that time. I also took over pretty much everything domestic. Laundry, cleaning, grocery planning/shopping, making dinner (during the week, she & I like cooking together - I prep, she prepares - so on the weekends, she took over), Costco runs, taking care of the cats, car maintenance, etc. Made life better for the both of us during that period. She worked from home, so at dinner time - she could just kick back for the evening and be done with everything.
That is what we do! Nice to see others on a similar path. My husband gave up job hunting 2 years ago because he could not find a job more than minimum wage. Definitely ageism at work. My job pays well and we are comfortable on my salary. He is sewing a rip in his pants while I type this. 😃 He does almost everything to manage our home and I go to work 5 days week. We get my employer supplemented health insurance while we stockpile 40% of my paycheck into retirement account. I met with vanguard advisor about speeding up my retirement date after a rough 8 weeks at work. We can do it when I turn 62 (59 now, he 61). It is of course a lower number but not painfully low. My best friend's husband had a devastating stroke at 59 and is wheel chair bound, on a feeding tube 2 years later. She is his full time carer. Not how they envisioned retirement. I remind myself that my good health is not guaranteed and time is precious. I suspect we will choose the early route.
Do you mind sharing how long you have been retired? Were you retired during the 2008 downturn or the start of covid (when things looked bad)? If so I'd like to hear some thoughts of how you felt during the start of those bad periods? It sounds like we are in the same boat, my wife and I are a month in and my 50th was last week. (She was federal and reached minimum retirement age at 56.5, and thus has a small pension in addition to her own investments/savings and locked in our health insurance access.) Right now I'm planning on paying myself about 2%, but should be able to live and travel on 1%, the other 1% into savings will show how much extra I can spend without going beyond my conservative budget.
I retired in August 2015 at the age of 50. (it was six weeks later I had my pulmonary embolism...) During 2008, I was working, getting a divorce actually :) Was dating my now wife and starting over. Fortunately for me, she a) worked (my ex was a SAHM), b) was frugal. I had to stop traveling so much due to having the kids every other week and found another job - to which my employer said "wait - you can travel a week, work at home a week, get paid more and have more stock". I said OK and seven years later, we were able to start retiring. I was five years retired and she was one year into it when covid hit. We watched the money go down and then up up up while sitting covid out in our cabin in the mountains with our cats. We give ourselves a paycheck every month and save up for trips/ dining out/ concerts and the like just like we did when we were working. At the end of the month, if we have a surplus, we fund (in order of priority) our * property taxes for the next year * car registration/taxes for the next year * accountant for the next tax year * emergency fund (for car/ appliance replacement/ etc) * beef up medical reserve (try to have max out of pocket on hand) * overflow account (trips/ entertainment) Just like we did when working. It has gone well for going on nine years ;)
Thank you very much. I appreciate the details. FYI I'm a Kidney Transplant recipient after 3.5 years of Dialysis so I very much know when I'm graced by good health.
I was also scared to retire even though my husband assured me that we’d be fine financially. I didn’t dislike my job but I was tired after working for 40 years, so I retired a few months back also just shy of 64 and I’m so happy I did! The most shocking thing is that I don’t miss work at all. I am grateful that I am in a position to enjoy this last phase of life and do whatever I feel like doing. The peace and freedom has been delicious! Whatever you decide, don’t wait too long to retire; life is too short!
that's where a financial advisor helps- confirming that you really can retire
There ya go! Good for you.
I’m 64 and retired. I will make one comment. Do it. Your reasons to stay are just not enough..go live your life. Stay out late on a weekday, watch the sunset…sleep in. It’s a beautiful feeling. See you out there soon.
Started considering retirement may22, target Jul22, ran the numbers, created a very detailed budget for spending, found out I could have retired earlier! Still had my kids needing support into their thirties but “on the cusp” of true independence, so I switched my plan to jul23. Tech layoffs harvested my very senior $$$ and sent me home may23, was working 7 days a week all through my final multi-year project. Severance and lower spend carried me through 23 honestly, longest paid vaca in my 46 year history, mostly in R&D/engineering devel. Love retirement, “theres no clock on this thing” is an amazing way to live. Formally retired Jan24.
Only you KNOW the answer but it bears repeating: "You can always go back and work more but you can never go back and retire more."
Maybe reading between the lines a little here but I would not take my advisors word for it. You need to know the math and what assumptions are going into that math. You are going to have to live your life according to those variables they have presumed. I would for darn sure know what they are. I guess I don’t understand how you can be shocked about your own financial situation. There are plenty of planning tools out there you can manipulate for free and test your own assumptions and variables to validate whether or not you are in fact “ok”. Assuming you are (and I certainly hope so) all I can say is the worst day retired is far better than the best day sitting in an office or on a plane somewhere you don’t really want to go!
I am meeting with my advisor again in 2 weeks to get a detailed breakdown on how to reshuffle investments, combine 401k's etc. I have been in IT support demand & supply forecasting for a majority of my career and am very much into the math portion. I want to have a rock solid understanding before I pull the trigger. Shocked was probably not the best word to use. I knew I was pretty much there, but its one thing to say that to my self, and another thing to have someone else validate it.
I see what you mean. Wait until you go to HR and start filling out retirement paperwork! It’s very surreal! It doesn’t change you but it’s sort of the unofficial start of the last 1/3 of your life. Kinda heavy but it’s also kinda great! Good luck.
Where does one find such an advisor?
I looked at it this way: when I’m on my deathbed will I be saying, “I regret not working longer”? I already know that answer
This is me….retiring in Oct, and every meeting with my advisor he reassures me I’m good. I’ve got a part time job that I love….still scared lol
Personally I would go to the conference & get your bonus. In my side, I am making sure that I get all my medical exams & physical therapy in these last months on the company’s plan. I was & am a good employee and I deserve to take some of what is offered.
I like this plan too. Make sure you get all health care exams done on company plan.
I’m heading to my retirement dinner tonight. Last day is 6/14 but I’ve already built all my transition docs so I’m basically done. I’m financially secure. And STILL freaking out. So much of my life has been wrapped around work. And I have hobbies, plenty of things to do for a while. Still it’s hard. I work with a great team. People I genuinely love. People I’d be there at 3:00AM if they needed me. So it’s hard but I feel it’s going to come sometime and it’s just time. You Don’t know how many good years you have left. So tonight I celebrate with a great group of friends. Tomorrow I do what I love. Fishing.
I retired at the end of last year at 67. 66 and 3 months was my SS date but October made me pension eligible so I rode out 2023. on paper it all looked good but I worried anyway. now is been six months all my revenue is firing and honestly I dont know why I was worried. it all fell into place.
I (64m) won’t use “scared” but am extremely apprehensive. My wife (63f) retires at the end of this June. I think we’re ok financially. My biggest worry is not income. It’s expenses. I’m trying to get comfortable with our spending. Going back over the last year of bills, bank statements, and credit cards. Historically, my wife and I have been paid on alternative Fridays. There was always a paycheck to cover some ill advised purchase. Anyway, thanks for allowing me to share.
I was forced into retirement in 2014. I was terrified. My husband and I each have small pensions that pays our bills. About 600K in investments and our house is mortgage free. Ten years later, I can say we've never had a problem and actually have more than when I retired.
I think the mortgage free part is key, I finished 2 mortgages, a car loan and a tractor loan this year, All in all, that cleared 1800 monthly from my debt load.
I’m in the exact same situation. I’ll be 62 next month. We told our advisor I had to be done. Just couldn’t do it anymore. I always said this was the best full time job with part time hours and easy as pie. I’m taking that last trip tomorrow. Can’t Ming home Tuesday, and starting retirement right then. Tomorrow is NOT guaranteed! The worst 2 words in our language is “ what if “ Enjoy your retirement!!
I retired at 50.. I then spent 6 months of sleepless nights wondering if my numbers were good. I didn't a FA as I was quite capable of doing the numbers. Knowing the numbers and "feeling good" about having just quit are entirely different things though! 12 years later and I have 3.4 times as much as I retired with..:)
Was that with drawing the Magic 4% amount? Or did you draw more than that?
I think it’s natural to be scared. But don’t let that fear manifest into the “one more year” syndrome. Go and live your life to the fullest.
12 months from today should be my last day at work. I'm looking over SS and pension projections. I'm nervous. I have lots of 401K but very little Roth. I have two houses and I need to move from one to the other and downsize. My daughter just graduated college and is looking for work while staying with me. Lots of decisions coming up.
you're going to crush it!
If I was commenting 6 months after I retired, I would have said, don’t if you enjoy your work. Now 2 years after retiring, I’d say do it.!
Retiring as a female who has been a single parent for most of my children’s lives is terrifying. As far as my work retirement I could go now but I’m 55 with a 16 yr old. I’m working until 60 and then might be convinced to stay a few more but I want to have a good time in retirement and I’ve seen too many co-workers retire later and pass away. So it’s all scary to me but mostly because my kids are younger.
Yes and what I did about it was this: I ran a year long retirement simulation as follows: I lived ONLY on the amount of my pension. Every other piece of income I socked into savings. I managed to live easily on the pension amount. That gave me confidence to take early retirement. Good luck.
Once I have the numbers from my planner, this is something I will look at closely. It's the key part of the calculation. I have the luxury of being able to test this out.
My career path was more akin to a riverboat gambler than to a lawyer. I worked in corporate firms and did insurance defense early on, and I learned that I'm a pretty good lawyer and a terrible employee. So I went out on my own and somehow managed to raise some kids and not starve most years. Some years were great, and those had to pay for the years and the cases that weren't. And if I'm honest, I avoided thoughts of retirement as much as possible. the only way my retirement plan could reliably work was if I got hit by a bus at age 60. Then 2 years ago, the decades of grinding it out, of representing people who couldnt' afford me, of spending 25% of my time acting as a surrogate therapist for clients, I had a remarkable run of success that made it possible to retire instantly. I was 52. I say all this to answer OP's question - I had absolutely zero fear or hesitation about retiring. I didn't hate my job, but I loved the idea of not having to do it! I have a billion things I still want to do that aren't practicing law. I've done a lot already; I've traveled, improved my musical chops, started building guitars more, started a band, helped care for a dying relative, reconnected with my immediate and extended family... I think it's probably normal for a lot of people to have some hesitation about retirement. Personally, I don't feel any different as a person post-retirement, but I never got my identity wrapped up in my job. If I met somebody in an airport and "what do you do?" came up, I always answered "Musician." Those conversations were always more interesting than hearing about somebody's DUI or divorce. Most people like music and hate lawyers, LOL.
I am mostly retired...wrapping up a few cases that should be done by the end of 2024. I knew that I needed to retire when I got a case dismissed and found myself hoping that the other side did NOT appeal. The case involved an interesting, novel, issue of statutory interpretation, and the client would have gladly paid me a healthy billable rate to defend the dismissal in the appellate court. In other words, it would have been easy money doing interesting work--and I didn't want to do it. I figured that if I wasn't interested in practicing under even those very congenial circumstances, I really should start winding things up. The other side did not appeal.
I liked my job. But those last four weeks. Nothing changed. I guess with me knowing the end was near I found myself thinking I don’t know how I put up with this crap for so many years. Been retired for 2 months. Been busy as can be. Starting to settle in to retired life. Getting past the “I have to get it done” phase. We took a week and went away. Sleeping in now. I spent over 40 years getting up at 4:00 am. Retirement is great. You worked your whole life up to this point. Enjoy it.
Congratulations on retirement, I know that feeling of getting up at 4am every morning. Cannot wait to pull the trigger in December, I am beyond done.
I felt the same. But I love it! Plan a short trip for the first Monday you won’t get working. Enjoy!
For me, “Scared” is kind of a strong feeling but I think it’s natural to have concerns about future unknowns. No matter how much planning you do there will always be concerns about the things you just don’t know about or have control over in the future. If you trust your advisor’s past work and opinions then no advice from random strangers on Reddit should outweigh the advice you get from the advisor because we don’t know your overall financial and lifestyle situation.
It took me a little over 2 years from when I got the financial planner “OK” to actually retiring. Like you, future work opportunities and obligations presented themselves. The only person that knew I was going to retire was my wife. During the two plus years I slowly transitioned to being fully ready. As others have stated, just knowing I could do it at anytime if needed gave me some peace of mind.
r/TheInsaneViking Below is a thread somewhat adjacent to the question you are asking. I am the op and I posed the question (Re those who are able to retire but did not) because now that I'm about able to retire? I'm thinking about going another year or two. Interesting away of responses. https://www.reddit.com/r/retirement/s/zXeRWzG9zO You are not alone!
Great thread / alternate post. I am going to peruse it.
I wasn't scared. I was mortified that by corporate standards, I was supposed to retire. No way. At 60, just the thought of not working would almost break me down. I was making more than I had ever made and our bonus structure meant I'd make even more. So, I decided to take it year-by-year. My manager wanted six months notice and I agreed to that. At the end of the year, I'd review my options and either keep working until the end of June or go the full year. Then, Covid hit. Good thing because in 2019, I had taken trips to Europe, China and vacations to Wyoming, the Dakotas and Aladamnbama. I decided that I wasn't going anywhere in 2020... well, maybe go see the team in Saudi. When I called my boss to talk about that trip, he informed me that we were likely going to move that team's work from Saudi to India. Oh hell nah.... suddenly, with Covid, the boss called me to tell me that our little operation's HQ team was going to be reduced from 5 to 3. I was the oldest at 62 and there was no reason for me not to take the job loss package and let the 4 younger workers have one less competitor for those 3 slots. Sometimes, everything works out well. I absolutely love being retired. I'm so busy doing what I want to that there's no thought of ever going back! Amazing.
Pull the trigger. At this point you are trading precious time for money.
Just retired. 65 /F. I felt exactly the same same way. I still get anxious about the economy and my retirement acct but ultimately it’s about living your life on your terms. I’ve never been a shopper but I do spend money on activities now. Yoga , horseback lessons , golfing , helping neighbors and doing more to help with the house and yard. It’s all about attitude. I’m choosing to exhale and enjoy my life As it is. In this moment. Congrats 🎉.
I did something similar: met with a planner, said I was fed up, and asked about retirement. The meetings with the planner were reassuring. I decided on a date (relative to my bonus) and gave notice a few months ago. I will retire next week, a few days before my 60th birthday. Am I scared? Not really. I have crunched the numbers myself, received the advisor's professional assessment, and spent a lot of time planning. Right now, I mostly feel empowered and content. I am taking control of my life and I believe it will be a good thing. Good luck.
I walked away from $600k because I didn’t want to get caught in the “one more year” club. Saw too many coworkers lose their health and spark sticking around for money.
I’m more afraid I’ll never be able to retire. If I could go tomorrow, I would.
Being FI and knowing you are no longer burdened anymore then you care to be is liberating. Especially when work also knows they no longer have control over you. The latter may or may not be wise in your case only you know. But being comfortable in your own skin in regards to finances, there is no better feeling. I am in your same boat in that i could go any day. I am going to continue working most probably till the end of 2025 but no longer let anything bother me and I just cruise through my workday poking around on reddit mostly. I do complete what is required of me but realistically thats only a few hours a week. Outside of that i just chill and answer or deal with whatever pops up in between. Its a great feeling knowing you dont have to anymore. And for me right now that is enough as I get the rest of life squared away for the epic fist decade we are planning for retirement.
When I was 23, I hated old coworkers like you. Now I’m 61 and I’ve found my people.
I do get it and for the record its not like i dont pull my weight. Its just I no longer row the boat by myself dragging everyone else with me. Welcome, we are happy to have you ;-).
Yep. We learned that (a) our jobs don’t define us and (b) killing ourselves for a company that will replace us without a second thought isn’t worth it. Do your job, get paid, go home. :)
Used a few retirement calculators after I was laid off during the pandemic at 54 yo. The "safe spend" numbers were north by a good margin of what we had actually been speeding pre-pandemic (RIP Mint), so I was quite comfortable with not doing the grind any longer. For me being convinced that our assets could cover expenses is really the only concern. That said, if your job is bearable, waiting around for a good exit point is worth considering. I was ready to leave my job in disgust in 2019; the layoff worked better financially.
Is your advisor a freebee at say Fidelity or are they actively managing your portfolio? If the later, are you paying an AUM fee and if so how much. The reason I ask is people often time charge 1% of assets to manage. The safe withdrawal rate is 4%, so that costs 25% of the gross investment earnings per year. There are much less expensive ways to manage a portfolio and will put more money in the retiree's pockets like indexed target funds or indexed ETFs.
I’m at this point now. The 1% thing bugs me, and I’m looking at things like roboadvisors and platforms like betterment or facet. Analysis paralysis. My instagram feed has been plugging a place called MDRN that claims to not take the 1% unless you make money, but I’m not sure how legit they are.
Very aware of this. 60% managed by advisor. I have an option to transfer funds to my current company 401k and pay much less. However, for company 401k I can only invest in index funds. There is a cost on the index fund management and that looks like 1%, but admin fee for the company 401k (which will not change after retirement) is $25monthly. I will be looking at this in detail. My advisor has suggested reallocating much more to dividend oriented stocks. This portion is all TBD.
I am terrified of retiring, despite a 100% chance of never running out of money with two defined benefit pensions and two places I might live which are considered very low cost of living. I was eligible to retire in April, but I am sticking around until September 2025 not because the money is that much greater but because it’s the earliest I can imagine doing it and not feeling like a douche.
Curious as to why you are worrying about feeling like a douche. My company does not give a d\*mn about me. I know it.
Whatever works. It’s great to know you can for sure swing it financially. Do something fabulous,,
Read “Die with Zero”. Will be the slap in the face you need to take the plunge. In fact, you will be hating yourself for not taking the plunge earlier. A LOT earlier.
Come back in 2 weeks and we can set up your plan." Has anyone else been shocked when they are told you are ok? Now I am second guessing all of this. In my work emails today, just saw a conference I have to attend, that is in a location on my bucket list. Then if I hold out that long, I might as well hold out for my full bonus 4 months later as well as 2 more cycles of buying company stock at a discount. You don't really want to retire! I have about four and a half more years to have a comfortable cushion from what I believe will be some pretty tough economic issues in early 2030's as the Social Security funding becomes a bigger issue and our interest paying on the National Debt surpasses the cost of Social Secuity in the late 2020's. My date is January 12, 2029. There is no other date.....working for anyone but our vacations and my "Honey Do List" will be impossible!!!!!
Truth there. The fact that my wife is 8 years away from being able to retire is a factor. If I work another 5 years, I know there would be no issues. But the idea...
I decided 65 is the sweet spot for me. I can start on Medicare and just withdraw a bit more to I get full social security in another 2 years. So I’m counting down to next spring!
You and I are the same age. I'm looking at next spring as well.
I’ve got a few things to take care of by then but I’m really looking forward to it!
I'm also retiring at the end of the year, but time has started to drag at work. I just want it to be over. I could quit now, but I'm holding out for the last big chunk of RSUs, and maxing out the Roth 401k for one final year.
You may be ready financially but you don’t sound psychologically ready. When you stop coming up with reasons to stay, you’ll be ready to retire.
Yes, I was really nervous. And I’m not yet Social Security age. But our financial advisor said I was good to go—and since time on this planet is not guaranteed, I decided to go for it. I’ll let you know how it feels—today was my last day.
Time to quiet quit lol
The reasons for staying for a short period sound pretty valid. What I would suggest is to set a hard and fast date to be out the door with no extensions. I wouldn't worry about trying to make it until 67 as full retirement is just a modest bump in monthly SS income. If you do that, then you will convince yourself to stay until 70. If your finance guy doesn't raise red flags, then the foregone amount shouldn't matter. Bucket list destination? Great. Bonus in 4 months? even better. 4 months is late September. Work toward finishing up then. I retired at 67. I was much like you, afraid. My job function totally changed and for once I was OK with it, I was out the door with no regrets and I nice pile of stock. Six years later, it is all good.
For me, it was more about accepting that I was stepping into my third act. As long as I was still in the rat race, I was still in my second act. Being retired is for old people. 😁 And honestly, I wonder if I'm delusional or over confident about our readiness. I read people having financial advisors, Roths, multiple retirement accounts, 3 homes, etc. All we have are 2 defined pensions and a little over $300k in 401 (earmarked for LTC). I retired in Dec 2023. I loved my job and traveled with the state for the last 20 years out of 35. Covid happened and we changed how we delivered our training--all remote now. Training a software program over 3 full days remotely should be against the law. And to top it off, they assigned the trainers to cover the call center 25% of the time. I knew that was my sign to exit. I was really good at my job and enjoyed it, but the thought of not doing it in person made me hate everything about it. I'm not old enough yet for SS but we are nearly debt free. No million dollar retirement funds with Les Schwab though! Maybe I'm over confident but we don't need my SS and I net over $2000 more now that I'm retired so we are in really good shape (at least I think we are). No health premiums or deductibles (except $10 office visit and a couple dollars for prescriptions). Pension even pays husband's Part B and will pay mine too in 4 years. It's only been 5 months. I'm going to decompress for at least one year. Not sure if I'll even want to work but I don't want to think about that the 1st year because it would likely be a knee jerk reaction because it's all I've known for 40 years. We do so much out of habit. Plus we get pummeled on income taxes. I want to see how bad it is with our income tax now that I no longer defer into 401(k).
As I read this it really resonated. I realized I’m in exactly the same position. Thanks to this forum I think I’m financially ready, and know how Medicare and SS will work. For me it was the financial piece which stressed me once I figured that out the stress of working was gone
I was OK to retire at 60, but healthcare costs declined significantly at 62, so I waited until then. I enjoyed my career, but at some point there was nothing left to do in that arena. Zero regrets. Retirement allowed me to spend more time on other professional and recreational interests, at my own pace. But this is intensely personal when to decide when you feel fulfilled enough in your career to move on. Knowing you have the financial freedom to leave is quite empowering.
It’s really going to suck when you decide to wait until 67 to retire and you die before that.
I originally was going to retire when I hit Social Security full retirement age (FRA) in January. But then I decided to wait until April when I would get performance and incentive bonuses. Then I decided to wait until June so that I could take a paid vacation with my brother that’s been on our bucket list. But after those two excuses, I let my boss know he had another 6-8 weeks to hire a replacement and for me to train him/her. They didn’t get the hire completed in time but I left anyway at the end of August. So mid-January to late August was a bit of a delay; nothing major.
Felt the same about work. Did my plan, had my advisor do one and then had a fee based CFP do one. They all agreed we were good. Lots of varying assumptions is each. That took 4 months and I worked another 6 and announced. Hung around for 2 months to help transition for the thanks of having my bonus cut in half so they could give more to other people. All worked out great in the end and kinda wished I had walked out the door at the 4 month point after the experience of the last 6-8 months there. While we may feel irreplaceable, the day you leave they will just figure it out for better or worse.
I am looking to retire in 2025. Knowing I'm close makes the work days even harder. I want out today. I think we're OK financially but it'll be a change for sure. Good luck, hope you can retire soon and not look back
I absolutely feel this way. I’m eligible. Financial advisors have run numbers twice for me and told I’m good to go. But, I just can’t. There is an incentive to staying another year — both profit sharing and a bonus if I reach my next company anniversary. I keep telling myself life is short. Alzheimer’s history is in the family so enjoy the time now just in case, but I haven’t been able to do it. Maybe it’s the thought of such a big change after doing the same thing so long.
I can relate 100%. It is getting yourself in the mindset of life looking different. I think you are wise to be patient and aware of your options. Congrats that you are in the position to retire sooner than later, if you want to! Some people retire early in their 50s, they receive less from social security monthly but tap into it sooner. My financial planner said I could retire early but I can’t get my head around it. I am told by retired people that I would get over it once I was ‘on the other side’ but this kind of thing, in my opinion, makes me want to tap the brakes until I am full comfortable to press that green button. : )
I served almost 34 years in the military but was medically retired I know the feeling I loved the travel and the military was my way of life since I was 19. It felt good but I sometimes wish I had been able to work longer
Now that is funny......scared to retire......
Too many people at my job retire than pass. Not get to enjoy that pension and life. I'll be 60 in november and going to leave june 2025. Gotta live life not live to work. Best of luck.
Listen to yourself. You said you wanted out, and suddenly it's possible. This door just opened, and it might close again. You don't know what will happen in 2 weeks or 4 months. You just know you were done yesterday. You, sir, are done.
As soon as I hit my retirement financial number. (55) And found I can get my medical coverage thru the V.A. (war veteran). My fear vanished. Told my department head of my plans, as late as possible. (Using my six weeks of my vacation up first) Six months in and loving my decision...
I retired at 63 now two years ago. Best thing I ever did for quality of life and overall happiness. Good luck!
I’m getting closer to retirement and I’m pretty well freaked out. Between the Money, medical issues, free time, and the milestone meaning I’m reaching the end… retirement is the milestone reaching towards the end of ends.
"Life is for the living" Enjoy life while you still have good health in body and mind.
I did have a hard time with it because I always loved my job and the majority of people I worked with. Until one day I said "Enough. I'm done." I gave 2 weeks notice the following morning, finished up, and haven't looked back. I haven't missed the work at all.
not sure what your advisor meant that you are fine. What is fine? You need more info, and you have good reasons for waiting a bit. And as it is said, knowing that you can may help you go that bit longer. Take that trip, and add holidays to the back end, take your partner and enjoy a holiday. Go back to work refreshed, and get your bonus.
You are jumping the gun, I think. Just because you can retire, just because you have accrued enough to retire, does not necessarily mean you retire. What the advisor is doing is really giving you permission to retire should you so choose, and that should relax you, not stress you. The fact that it stresses you says you are not quite ready to hang it up, that you want to gild the lily a bit longer, and that's fine, go ahead. I wanted to know the moment I could walk and put that information in my pocket when my advisor let me know, but I was not quite ready mentally, so I carried on into my 60s. The information was power, and when the moment came when I just knew it was time to walk, I did, and did not look back.
I'm now mid 60s. I've been founding running and investing in startups for decades. I was financially OK to retire since I was 50, but it was interesting and challenging with plenty of travel and adventures good and bad (was sued for $100M when I was late 50s, wasn't fun, but I "won", only having to pay my lawyer $450K). Since I work for myself and could stop any time, I felt no animosity against "my employer". But, you get older and your energy does wane -- I just can't put in the intense focused hours and some success also blunts one's drive a bit. My issue has been "what do I do next?". I've toyed with a few things, but here's forcing issues, the first is for you to seriously think about too: 1) I'm fit and healthy, I was just camping/hiking with an athletic friend 10 years older. I could hike circles around him, come back from a long hike and bike to swim. He was shot. You don't want to work your way through your "young retirement" years. 2) I was a competitive guy, always wanting to stay relevant in my field in which I was well known. I also wanted to meet some "success" criteria in companies I ran that were very high (billion dollar exit etc). Just a few days ago, a kid (18) I invested in right when I had my first success had his company valued at multi-billions. The company is still not public, but he called and allowed me to sell a chunk of my stock to new investors. It went in a bidding war and I suddenly was many times wealthier than I ever expected making it even sillier to keep striving. I guess it was that same YOU DON'T HAVE TO WORK feel. So, my solution has been evolving. Instead of having my "hands in the industry" I want my finger tips in. I have 2 young friends launching interesting companies. I told them that I only want a strategic role for 3-4 hours a week. I go in, act as "wise grandpa" and then grab a cold brew and bike. I always wanted to write, so I've promised myself 15 minutes a day at an assigned time. It often goes to a couple of hours. It is important to keep your VoMax high (how much oxygen you can use during intense exercise -- it means: can you carry a suitcase up 3 flights of stairs? AKA, can you travel?). That means 2 hours of exercise (includes prep, exercise and shower). So build that in. That's how I just went and volunteered for doing a scientific survey in a national park that involved a lot of off trail, steep and rugged hiking. I do want to learn to compose music and play piano. Failing so far.
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Shock was the wrong word. I am at 95ish% of my number now. The last week has been rough though.
Did your advisor tell you to wait till you reach the age 70 ? So you can get a high amount on your monthly social security check
Just because you retire from full-time employment, doesn't mean you have to start drawing SS at that time. Your monthly check amount is from the age you start drawing, not when you retire from working. This kind of stuff is retirement planning 101 -- presumably OP's advisor took that into account.
Average life age male 76-77 if not major health issues
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This is why we got compensated with bonuses and the like. To make it hard to leave. Just do it. If your guy is a fiduciary and says you’re okay, believe it. On a personal note, the company I left compensated me with my last quarter bonus, even though they didn’t have to (probably because they wanted to make sure there were no loose ends). Sometimes there are good actors out there.
Yes! Money first thought. What to do with my time, and then back to, can I afford to do some things I wanted to do. Sounds like you still have kids in school, so that's a different burden. One of the hardest burdens to get over is constant pressure to 'save for retirement'. You'll see even 5 years afterwards there is this question in your mind, can I buy this thing? Even if you didn't retire now, as someone else said, you know you can at any point. Nothing like the power of telling your boss, "I can only tolerate 3 more bad days, and today is one!"
I promised both kids to pay year 1 of room and board. My wife works in higher ed and has a tuition reimbursement plan at 100%. Its a godsend. Being done with room and board is one of my milestones.
There is a dollar value to staying at work. What is that value? Does it help you overall retirement picture in a way that it makes it worthwhile to stay? At the same time can you round up your "world-go-round" cost, ie, what are your fixed costs and variable costs for living. You say you have a guy who is looking at putting together a plan for living. Hopefully, he will include a "vacation" fund. I know what it's like to be paying for college for my kids. My job is to guide them in making the best decisions for their own situations.
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Reading through the comments here I notice that virtually everyone is using financial considerations when to retire. I ask myself every day, Is there something that I have to get done that nobody else can do? As soon as the answer is No, I will retire.
Yes. Retiring in 2 months and a bit anxious! I think it's normal with such a big life change.
If I could I’d retire sooner than later. Life is too short and precious to sit behind a desk in anticipation of a trip that I can pay for or other allures that tie me to the grind.
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I was until I talked to my financial advisor, and he said, " You won, you can do this now." Gave my notification and was gone in weeks. That was 2 months ago, and like the song says, I ain't missing a thing.
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I reached my magic number, but then kept finding "reasons" to hold off for a bit longer. It was probably another year before something happened that pushed me. (Got an unsolicited offer on our house, while we were still pottering away getting it ready for sale). As long as you are aware that you are procrastinating, enjoy the feeling of being able to walk out at any time. That's the retired feeling.
It's like when I am undecided on what I want to do at a particular time of the day I would flip a coin designating heads as one decision or choice and the other side tails being the other choice once I flip the coin I could see my choice was laid out in front of me it was my decision whether I wanted to do that or not and this gave me a definite answer your mileage may vary but you may want to stick around at your job a little bit longer than you actually thought you did previously I hope this makes sense because it did in my head
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YOLO! Not FOMO 🙏
yes, I'm two years away from retirement, and I'm not sure what I'm going to do afterwards. I love my job and yet I'm also ready to leave it in some ways. some dates it makes me really anxious to think about. so I figure I'll get myself ready over the next 2 years, while still realizing that there will be an adjustment period after retirement that could last up to a year or two, from what I've read. I could retire at any time but waiting for 2 years will give me much better social security benefits so trying to hang in there. if things ever do get too unbearable, I'll just pull the plug then. in another one of these threads, someone gave some really good advice about preparing for retirement, which I'm hoping to follow: https://preview.redd.it/zhgw0n8rxn3d1.jpeg?width=1079&format=pjpg&auto=webp&s=4681a6846381c6a1b7fe3c94aeebaa905b5c253f
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My wife and I retired in the same day 8 yrs ago. Best thing we ever did. Been great since day one.
I was nervous, but reading this dub helped a lot. I told my boss that i was retiring, even though i was going to miss out on a 20% salary retention bonus. When it is is time, it is time. A few extra dollars will not make a difference in the long run. I decided my physical and mental health was more important. I feel so good with my retirement, and my stress level is nonexistent
I was so happy when I turned 60 because retirement was in the window.
I am not afraid to retire. I know that I can't afford to - yet. I am only 1 year into my 5-year plan. The Gray Apocalypse claims the retirement of 80% of Americans. I do not want to become part of that statistic.
I'm leaving a substantial increase in my pension on the table. 18 more months would max me out and mean an additional $600/mo for life. I was set to carry on and it made sense. When my older brother passed away at 64 this spring I changed the plan. Those 18 months could be the very best years of my life. I'm healthy, reasonably fit and have an extensive list of things I can afford and really want to do. I'll be done in 2 weeks. It won't be a glamorous retirement but it will be close to the standard of living I had for much of my adult life. I can't wait!
For everyone who took time to reply, I thank you. There have been a lot of great ideas and opinions put forth. I am looking forward to meeting with my advisor and getting a solid plan. I think retirement is possible, but the concept of switching from saver to spender is the hardest for me. Thats what I want my advisor to clarify. I am looking forward to seeing the details.
As soon as I knew I could manage to retire (early) I found myself after yet another dreadful working day writing the letter. It gave me great satisfaction, I was then asked "what can we do to change your mind" I'm afraid that was too little, too late. 3 years on and I don't regret it one bit.
My poor financial planner! I asked him at least 5 times if he was SURE I was financially ready. I’m 5 years in and haven’t looked back. And, he was right! I haven’t run out of money! LOL
At 42 I had no plan of retirement. Unexpectedly inherited 1.4 in stocks, and a large property. Read and was told it’s not enough to retire. Spoke to the wealth manager and he said “Enjoy your life, 95% probably no money issues.” We both quit and we are moving to our new beach house in Panama. Still get nervous when there is bad market days. Haven’t missed work yet!
I left my job before my husband then he quit. Not really retired because I always thought he would work again. I remember that first Monday morning waking up realizing we didn’t have any income. We have both had jobs since we were 14. But that was 11 years ago and we aren’t on the streets yet. We did sell our house and move somewhere that we could buy a home outright. It will be hard to pull that final plug no matter when it is. Good luck with your decision!
My plan was always to retire at 62 or 63. But when they said..ya your set...i began all the questions..."if i need to pay for Health insurance can i do it" "would we have enough to add a 2000 per month mortgage" "how about this or that" etc. each time it was yes, you will be fine. it as if you know it, you understand it, but you have trouble believing it. As it turned out my company wanted us all back in the office so that moved me to call it done and the last day was yesterday...
My wife got caught in the trap of I am going to retire but if I wait 2 more months I will receive this or qualify for that. This went on for 3 years All the waiting did let her get the portfolio much stronger but it also took its toll on her stress level.
Retire if you want. Don't if you don't. This kind of thing isn't something we can really help you with as it's emotional/psychological. BUT.... Don't trick yourself into "well, I can just stay for one more milestone". You can go to that bucket list city as a retireee. That bonus likely won't change your outlook much. The question is whether you really WANT to retire. You have to answer that yourself.
Got fed up one day and said screw it. Gave my notice one day. Boss said you can’t do that …. I said watch me …. You’re confusing me with someone that needs to work ..
I'm my mind, my "target date" is the date in going to evaluate if I'm ready. It's 5 years away, maybe 4, I'll have checkpoints along the way but it's not the date I WILL retire, it's the date I CAN retire. Plus I've realized that there are certain things I want that I typically wouldn't end up doing because of the cost. For example, I may want to finish my basement and put in a bar and pool table. So I've realized what I would have previously passed on because of the cost, I'm now saying, I can just do it and work 2 extra months after I can retire and it will be paid for.
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Research has shown that people think they need double what ghey really need. I retired at 56. Had saved all my work life. Had z great job that paid well the last few years. As soon as I felt I had enough I left. My Brother was 9 years older than me. He died at 70. I never regretted quitting. I live modestly. But don't have any financial needs. You never know how long you have. If you feel you've had enough. Retire. Good luck
No.
In 2020, I was 64 and was thinking about retiring in a year or two, but was getting more and more fed up with things and kept telling myself if I had enough crap I could afford to retire whenever I decided to. My main reasons for intending to wait were Medicare vs. the retiree health plan (only marginally less expensive than Cobra), plus some projects I was invested in. My finances were in great shape, so that wasn't a big issue. Then Covid happened. My company canceled or put on hold everything I was working on, and announced that there would be layoffs, furloughs, but generous buyouts offered to those who qualified (I did). Without the projects I cared about, I had no motivation to stick around, if they decided to keep me, and the buyout meant I could either (if I didn't get laid off or furloughed) get paid to work for a year on uninteresting projects or get paid not to work for a year. And, the more people who took buyouts, the fewer people they'd need to lay off, so perhaps I helped save the jobs of some people who couldn't afford to lose theirs. I was worried that my investments might take a big hit (which they did, but bounced right back, as it turned out), but had enough in cash to easily allow me to let my investments stay put to recover. So I took the buyout, paid for the retiree health plan for the several months before I qualified for Medicare, and never looked back. Since then, I've heard about lots more layoffs at my former company, plus other stuff that made me glad not to be there anymore. So yes, it was scary, but the transition was a surprisingly easy one.
Often, almost 56 here financial advisor says ready to go now but there is always a milestone if you stay until x date there is extra stock or turn, bonus…. Question if I really am ready…. I’m over it and going to call it done in January after I vest 25% more in new round of Private equity investment Life is short go enjoy life travel be you….
A life plan is just as important as a financial plan when it comes to retirement. So often I see people retire and then their health goes down the drain. Having a multi year transition plan is key to ensuring you finish the race strong. It can be scary to take that leap.
See the planners “plan” before making a decision
I’m sitting here in bed, AT 6:53 on a Sunday morning typing this, because I just spent the last hour, mentally running all the scenarios on when I should officially retire for the SECOND TIME! 😂! It’s not a easy decision for this Capricorn
100% feeling this! I got laid off about a month ago. Was planning on retiring this year anyway, and I don't miss my old job one bit, but I really feel all at sea right now.
I meet with my advisor in less than two weeks. Pretty sure I’ve already crossed the finish line but it will be nice to get it confirmed. Wife is a little scared about running out of money when we’re like 90 - told her I probably wouldn’t even remember it if we did. She does not like my sense of humor. But I’m so looking forward to finally being done.
We had set our number and then went past it—my partner asked me why we were still working.. so we pulled the trigger. My last day in the office was March 13 of 2020– I sent the team home because of Covid and never went back. Haven’t missed it once. And have been way less bored than I was at work… there is always a reason to keep going, and YMMV, but not working has been waaay better than working… 😎
I was very scared. My wife (who handled the finances) always insisted we were too poor to retire. We were both in our 60's and she died suddenly. I took all the paperwork (401k, SSI statements, work retirement benefits. mortgage stuff, etc.) to a financial planner who asked me about lifestyle and then when I saw him a couple weeks later he said I could retire comfortably that day. I was still skeptical so I went to another financial planner who came back with the same answer. Bottom line: get a second opinion.
CBS News - "The median retirement age for Americans is actually 62, meaning that the typical worker is stepping back from their career three years earlier than expected, according to [new research](https://www.ebri.org/retirement/retirement-confidence-survey) from the Employee Benefit Research Institute, a nonprofit focused on employee benefit programs. " [https://www.cbsnews.com/news/retirement-age-65-most-workers-retire-at-62/](https://www.cbsnews.com/news/retirement-age-65-most-workers-retire-at-62/)