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Old 10-31-2011, 12:12 PM
 
Location: Maine at last
399 posts, read 746,829 times
Reputation: 687

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You have made it. Why would you wait? I think you will be fine with your current assets and income. Now it's time to slow down and enjoy yourself because you never know what tomorrow will bring. How does your wife feel about retirement? I would not wait one day past the time where I thought I could retire for anything extra. My wife's boss just buried her husband who wanted to "wait another year for more money". The writing is on the wall. Don't be afraid to call it quits and enjoy yourself.
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Old 10-31-2011, 02:05 PM
 
174 posts, read 257,981 times
Reputation: 389
Quote:
Originally Posted by halfabuck View Post
You have made it. Why would you wait? I think you will be fine with your current assets and income. Now it's time to slow down and enjoy yourself because you never know what tomorrow will bring. How does your wife feel about retirement? I would not wait one day past the time where I thought I could retire for anything extra. My wife's boss just buried her husband who wanted to "wait another year for more money". The writing is on the wall. Don't be afraid to call it quits and enjoy yourself.
Thanks - I think I am pretty well committed to retiring, with the attitude of "I don't intend to work again, but I'll cheerfully become a Walmart greeter if this becomes financially necessary sometime down the road and will at least consider doing something part-time with my legal skills if it sounds genuinely interesting and enjoyable." I do think the driving factor for me is that life becomes so uncertain once you reach age 60 or so, and I say this even as someone who is in ridiculously good health now. I just can't see worrying about what my life may look like when I'm 83 or 96 - who can even say what society is going to look like 20 or 30 years from now???

I'm sort of concluding that retirement discussions are a lot like abortion or capital punishment discussions - the various camps are entrenched in their views and pretty much talk past each other. The "financial paranoia" camp believes you can never have enough, should make your plans on the basis of being in an expensive care facility when you're 95, and should work until you're absolutely too old and tired to continue. The "live for today" camp believes you should retire the instant there is any realistic possibility of making ends meet for the next 12 months. The "pragmatist" camp is somewhere in-between.

I think of myself as a pragmatist toward the "live for today" end of the spectrum. I want to feel confident that I can get through the next 10 or 15 years (barring a complete collapse of the economy), but I'm not willing to gamble the healthiest years of my remaining life against the remote possibility that I might live to be one of the one-in-a-million 85-year-olds who would actually be capable of an active, enjoyable life but finds himself warehoused in a gloomy facility because he ran out of money. Even if I worked to 66, my financial situation wouldn't be dramatically different, and I suspect the same people who now say "You won't have enough if you live to be 85!!!" would be saying the same thing because they are in the financial paranoia camp.
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Old 10-31-2011, 02:15 PM
GLS
 
1,985 posts, read 4,849,297 times
Reputation: 2408
Quote:
Originally Posted by The Venerable Bede View Post
......

I'm sort of concluding that retirement discussions are a lot like abortion or capital punishment discussions - the various camps are entrenched in their views and pretty much talk past each other. The "financial paranoia" camp believes you can never have enough, should make your plans on the basis of being in an expensive care facility when you're 95, and should work until you're absolutely too old and tired to continue. The "live for today" camp believes you should retire the instant there is any realistic possibility of making ends meet for the next 12 months. The "pragmatist" camp is somewhere in-between.

I think of myself as a pragmatist toward the "live for today" end of the spectrum. I want to feel confident that I can get through the next 10 or 15 years (barring a complete collapse of the economy), but I'm not willing to gamble the healthiest years of my remaining life against the remote possibility that I might live to be one of the one-in-a-million 85-year-olds who would actually be capable of an active, enjoyable life but finds himself warehoused in a gloomy facility because he ran out of money. Even if I worked to 66, my financial situation wouldn't be dramatically different, and I suspect the same people who now say "You won't have enough if you live to be 85!!!" would be saying the same thing because they are in the financial paranoia camp.
Not sure if you had a chance to reflect upon my previous post. However, like you, I perceive myself to be a pragmatist. I would make one suggestion for expanding your approach. I would like to see you "live for today AND tomorrow."
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Old 10-31-2011, 03:33 PM
 
174 posts, read 257,981 times
Reputation: 389
Quote:
Originally Posted by GLS View Post
Not sure if you had a chance to reflect upon my previous post. However, like you, I perceive myself to be a pragmatist. I would make one suggestion for expanding your approach. I would like to see you "live for today AND tomorrow."
Oh, yes, I'm in full agreement with what you wrote. My current job would be viewed by most people as the opposite of stressful - most people who have never been in the situation of being forced to be in an office while having no work to do think it sounds like heaven, while quite the opposite is true. This is the most frequent comment I get: "What are you complaining about??? I'd LOVE to get a paycheck and have nothing to do!" I actually terminated another job as a city attorney in mid-contract more than 20 years ago, telling the city council "You don't need anything like a full-time city attorney, and I'm going to lose my mind if I have to keep coming in here with nothing to do." I happen to be at an extreme of health, both mentally and physically (which sounds arrogant to say, but it's quite true), so I'm not too worried about the immediate future, but I can see that my current situation has taken a toll and could take a serious toll if allowed to continue much longer. I do see the benefits of waiting 5 months until I'm 62 as outweighing those of quitting right now, but once I hit 62 I can't imagine anything anyone here could say to induce me to stay even another 30 days.
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Old 10-31-2011, 04:22 PM
 
54 posts, read 138,350 times
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Not sure if anyone brought this up yet, but if you (the o.p.) stay at your job for a while you may be able to max out your 457 contributions to the tune of 33k per year for up to 3 years so you would be able to build up a bigger tax deferred nest egg before you retire
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Old 10-31-2011, 10:00 PM
 
Location: Wisconsin
21,542 posts, read 44,060,337 times
Reputation: 15155
OP is not going to run out of money. Nor is he going to need to work as a Walmart greeter unless either his pension or SS fail. Both are decent sums and have COLAs. House free and clear, no debt. With annuities totalling almost $70k w/COLAs, he and wife will be just fine. Huge nest egg is not a consideration for him and I don't think it needs to be.

Now me, as a single person with a pension not worthy of the name, I would have preferred to work another two or three years. I was saving at the rate of $33k/year. I would happily have borne the insanity for $100k more. But my situation is different. Had I a decent retirement benefit, I wouldn't hold that view.
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Old 11-01-2011, 11:38 AM
 
Location: Hiding from Antifa?
6,424 posts, read 4,186,192 times
Reputation: 5726
Why not try for a new job in a legal environment that "your recent experiences will add to the general well being of yourself and the public at large". Get a job in the local DA's office. Watch them sweat that one.
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Old 11-01-2011, 01:11 PM
 
16,092 posts, read 36,591,693 times
Reputation: 6277
I am facing a similar situation as the OP but I am in my early to mid 50s. I think you all have convinced me to retire also!
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Old 11-02-2011, 10:00 AM
 
Location: Maine at last
399 posts, read 746,829 times
Reputation: 687
Quote:
Originally Posted by The Venerable Bede View Post
Thanks - I think I am pretty well committed to retiring, with the attitude of "I don't intend to work again, but I'll cheerfully become a Walmart greeter if this becomes financially necessary sometime down the road and will at least consider doing something part-time with my legal skills if it sounds genuinely interesting and enjoyable." I do think the driving factor for me is that life becomes so uncertain once you reach age 60 or so, and I say this even as someone who is in ridiculously good health now. I just can't see worrying about what my life may look like when I'm 83 or 96 - who can even say what society is going to look like 20 or 30 years from now???

I'm sort of concluding that retirement discussions are a lot like abortion or capital punishment discussions - the various camps are entrenched in their views and pretty much talk past each other. The "financial paranoia" camp believes you can never have enough, should make your plans on the basis of being in an expensive care facility when you're 95, and should work until you're absolutely too old and tired to continue. The "live for today" camp believes you should retire the instant there is any realistic possibility of making ends meet for the next 12 months. The "pragmatist" camp is somewhere in-between.

I think of myself as a pragmatist toward the "live for today" end of the spectrum. I want to feel confident that I can get through the next 10 or 15 years (barring a complete collapse of the economy), but I'm not willing to gamble the healthiest years of my remaining life against the remote possibility that I might live to be one of the one-in-a-million 85-year-olds who would actually be capable of an active, enjoyable life but finds himself warehoused in a gloomy facility because he ran out of money. Even if I worked to 66, my financial situation wouldn't be dramatically different, and I suspect the same people who now say "You won't have enough if you live to be 85!!!" would be saying the same thing because they are in the financial paranoia camp.
Exactly! You got it. Do some consulting work if you feel the need. We are 58 and 59 and after a health scare last year, my thought process has changed dramatically. You never know. Life holds no guarantees. Good Luck!
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Old 11-03-2011, 05:58 PM
 
2,742 posts, read 728,333 times
Reputation: 7096
Go for it! I early retired five years ago. Completely self-financed retirement. No pensions. Pay $1500 a month for DH and my health insurance---at 57, still have 8 years to go until Medicare. We live simply, on the interest from our savings. Even though we have 25% less in investments than we did five years ago thanks to the market crash and pulling our money out to preserve what was left of it (admittedly not the most sophisticated thing to do, but it enabled us to sleep at night), have never regretted it! Joined a gym, became more social, and just loving life away from a soul-deadening job.

The other day I realized what a difference retirement has made in my overall attitude and behavior. A four year old boy came over and sat in one of the plushy chairs between me and DH. He was so friendly and engaging that we put down our newspapers and fully interacted with him for a few minutes. He had a lot to say about Halloween, his age, and a future puppet show he would be attending. When he left, I realized that I had fully been in the moment and wasn't worrying about "wasting" time talking to him. It seemed like a quality use of those minutes. I am not sure I would have been open to this had I not been early retired---my j*b did zap some energy, patience, etc.
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