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I think it is different for everyone. If I had loved my job, I would not have retired at age 47. If a better opportunity comes along, then perhaps it would be a good idea to retire from one job and seize that opportunity. If one has plenty of money and the job is so-so, well, time to spend some of that money and have some fun before it's too late. Isn't health and health of your loved ones a consideration? There are so many factors to consider. No doubt, retiring is a major step and there is normally no going back but life is all about changes anyway.
HOW DO YOU KNOW WHEN IT IS A GOOD TIME TO RETIRE?? Age? Health? Money? Job?
All of the above, plus health insurance until Medicare eligibility, which is an aspect of "money" of course, but which is so important as to deserve a separate mention.
All of the above, plus health insurance until Medicare eligibility, which is an aspect of "money" of course, but which is so important as to deserve a separate mention.
100% agreement on both the prior posts.
In regard to health insurance for those like me who were financially able to retire before Medicare age: the single, largest limitation and frustration of my life is obtaining health insurance. With pre-existing conditions, it is a nightmare. It determines exactly where we live - which state has a high risk pool (damn few). Which state will allow me in their high risk group (even fewer). What other countries can we move to for my healthcare for the next ten years until I reach 65? And that last sentence is one of the saddest statements this proud American citizen has ever spoken.
Location: Finally escaped The People's Republic of California
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Originally Posted by Jkgourmet
100% agreement on both the prior posts.
What other countries can we move to for my healthcare for the next ten years until I reach 65? And that last sentence is one of the saddest statements this proud American citizen has ever spoken.
I have Healthcare thru my employer and will until I'm 65 and can get into medicare (although I do pay 20% of the costs)
But it is a damn shame that this country doesn't have something for all it's citizens as all the other Industrialized Countries do....
This isn't an endorsement for Obama Care as I don't think thats the answer either....
Although all the things mentioned are important, the issue that too many miss is the change in lifestyle. Many of us have plenty of interests and activities to pursue, but some still have a focus and social needs at the workplace. I think you have to be mentally ready to retire and to move on to a new phase in your life. Take the time to make/plan lifestyle changes.
You'll just "know" when it's time to retire. You'll start doing those calculations and "what ifs" more often. You'll start thinking about what you want to do after and stuff like that.
I have Healthcare thru my employer and will until I'm 65 and can get into medicare (although I do pay 20% of the costs)
But it is a damn shame that this country doesn't have something for all it's citizens as all the other Industrialized Countries do....
This isn't an endorsement for Obama Care as I don't think thats the answer either....
Cali BassMan - I agree entirely 100% with your entire post.
And you are very lucky to have access to that health insurance.
For me, it was a combination of terminal job frustration, ugly future potential in my job/industry, and repeated financial modeling based on a realistic understanding of how much we needed to live on. When an attractive downsizing package was offered in '98, we closed our eyes and jumped. Of course, when the stock market hiccupped around '03 we questioned our sanity, but life moved on. Looking back, we chuckle at the naivety, luck, providence, or whatever it was, because if we had known what our investments were going to look like during that recession, we would never have retired and would have missed a bunch of great work-free/stress-free years.
I can only echo the previous cautions concerning health insurance. We maintained coverage through my employer, but with responsibility for a portion of the cost. In general, our financial models have done well, but the increase in our health insurance premiums has far exceeded even my worst case scenarios. Over the last 3 or 4 years, it has been a serious drain on funds. We will both go on Medicare within the next 6 months, and will then tell my employer's health insurance to kiss my ***. Even with Part B, Medigap, and Part D expenses, we will feel like we hit the lottery compared to what we are currently paying.
Bottom line, I'm not sure what all that says, but I agree you'll have a good idea when it's time. Build up a comfort level with your savings, your retirement income, and what your desired lifestyle will cost you. If you're not yet 65, make sure you've got the medical thing covered. When all that feels good, take the leap and never, never second guess yourself. Good luck!
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