When did you know it was time to retire? How did you know? (moving, social security)

[Wwanderer]

I also was "used up". But the decision came when I got laid off during the financial downturn of 2008, with no hope of finding a position consistent with my skills. But I found I was dreading finding another job anyways--it was just too stressful and I didn't believe in it any more.

[theoldnorthstate]

i am on my second career after retirement and am ready to retire completely probably in March 2013. Mostly for health reasons and lack of enthusiasm after all these years.

[imcurious]

For me, it was a very demanding, unrewarding job that was killing me. I just realized one day that I could not do it anymore, if I wanted my health.

[jghorton]

Work had not been much 'fun' over the 2-3 years prior to retirement ... plus, I always had a mind to retire at about 62. However, my wife retired in 2008, about the same time my company offered a buyout package that equaled the year remaining before I reached 62. So, the decision became: 'Should I work the next year and then retire --- or, should I retire now and get paid for the next year .. while not working?' --- Not really a 'rocket science' decision! -- 4-years in with no regrets!

[Pilgrim21784]

I went out at the "top of my game", had a great job, was very well treated and ran my own (very small, if not tiny) empire, but it was mine and nobody bothered me. I bailed the moment my personal ducks were in order and the numbers looked right. I've never looked back.

Truth is, I probably could have been a bum by nature from birth if I had been born wealthy, unfortunately (perhaps) that wasn't the case. As a kid I was dirt poor and developed an appreciation for not having to worry about money for food, shelter and the usual expenses of living. Hand me down clothes/shoes get "real old" if you're the youngest of three boys.

Did my job well for many years and retiring was a great liberation - free at last!

[Gandalara]

When did you know it was time to retire? How did you know?

I've planned for years, but it hit home this year at 5 AM on New Year's Day. My sister passed away after a very very short illness at age 68. The women on both sides of my family usually are around until their mid 90's.

I'm waiting for the buy-out package to be offered - it will be either December 2012 or June 2013.

Then I'm gone, in the RV that my sister left me. California can kiss my backside.

I still have to think about my 91 year old mother though - I think I'll tell my brother he can take the next 11 years.

[AnotherBravesFan]

Originally Posted by imcurious

For me, it was a very demanding, unrewarding job that was killing me. I just realized one day that I could not do it anymore, if I wanted my health.

^ This exactly. I realized that no amount of money was worth it to continue sacrificing my mental health. Thankfully, I had saved enough money to bridge the 2 year gap between the date I quit and my pension eligibility date.

[Art2ro]

Originally Posted by Escort Rider

My story is mundane and boring. When I was in my fifties I started studying the structure of my pension and doing calculations. I determined that I could more or less maximize the pension after 34 years of service and upon reaching age 61 and a half. I had no desire to work past that point, so I kept my eye on that date and recalculated things every year just to make sure. About five months out I filed the paperwork. Now, seven years later, I would not change anything. I was getting a bit burned out. It was the correct time to go, both financially and personally.

That was exactly what I did, but while I was in my late 40s with 30 yrs of service with Civil Service.
When the U.S. Government was offering early retirements during the mid/late 90s, I was quick to accept their offer of an early retirement requiring one to have a minimum of 25 yrs of service regardless of age! Well, I qualified meeting their requirements so I retired at age 49! We then immediately moved a yr later even though we didn't have any assets or a lot of money in our pockets, because we paid all our debts, got rid of everything, owed no one and we retired overseas in the Philippines, our roots! The cost of living here was affordable where we didn't have to work anymore living on just on my initial small pension from my Civil Service employer and just wait for my other U.S. Government pensions to kick in 13 yrs later!
13 yrs later I'm now 62 1/2 yrs old, now financially stable, debt free, home paid for! Best of all, I started collecting the rest of my U.S. Government pensions; Military Reserve Pay at age 60 & my small Social Security pension at 62 due to the "government offset" aka "Windfall" computations, because I was a "CRS employee" under the old retirement system that didn't contribute into the Social Security system, but my prior 12 yrs of military service probably did!
So, we are still here in the Philippines and enjoying our well deserved retirement!
Life is truly grand when a plan comes together!

[LauraC]

Originally Posted by Caladium

When did you know it was time to retire? Was it a single moment, or a series of small awakenings?

Was it a health issue? An idea sparked by family members moving away? Something that someone else said? Or maybe one day you just couldn't stand rush hour traffic anymore?

What's your story?

None of those. I worked for the government so there is an eligibility date based on age (55) and years of service (30). I happened to have the 30 years of service, 4 years before I hit the eligibility age so 4 years before I was eligible to retire, is when I started to even think about retirement. No action, just thinking. I did max my savings plan contributions to what was allowed. In the back of my mind I was going to go out at 60 but there was no specific reason for picking that age other than more money I thought I'd need in retirement. I was wrong.

A year before I approached my 55th birthday, I started to research retirement relocation. When I mean research I mean I immersed myself in it. I love research so that was enjoyable and I like change. When I got bored in the past I would change jobs (same employer) but I was at my peak earning power and frankly, nothing else interested me. I got excited about an entire change to my life - retirement, relocation, new activities, new people, new household furnishings. I know a big decision like that scares people but I've picked up and moved to a new state before because of my job so part of it wasn't all that scary. A whole new adventure is how I saw it. I geared my vacation time to visiting my new location (wrong place and right place) and attending a retirement seminar still with a 60 years old target in the back of my mind. Then I discovered something totally unexpected. Even though there was a huge difference between my gross pay and what would be my gross pension pay, because I had been maxing my savings plan contributions every pay day, I had actually been living on way less (net pay) than I thought or more importantly, felt. In fact, it was around the same amount I'd have in retirement plus I had my eye on a state that just happened to have a low cost of living. Since I was doing just fine on less money while working, I really had no reason to wait for 60 once I turned 55.

Because I rent, timing for moves is around lease expiration date and new apartment availability date (I was also going to a brand new apartment complex still under construction). So, I had a month when I would go, only the year was in question. I decided my head was already there, the money was right, the new apartment complex would coincide with lease expiration, it was time. I retired 6 weeks before I moved and as I have said before, retirement took a backseat to relocation. Retirement was just something else I had to do before I moved.

Since I don't live with anyone (their feelings would be a big consideration), nor was I living anywhere near my only relative at the time I moved (that would have been another big consideration), nor did I have a house to sell (that would have been a pain in the butt), nor would I be getting Social Security ever (that would have been a big consideration), I acknowledge my decision to retire was probably a lot easier to make than it is for other folks. I never saw it as "leaving my job or leaving home." It was always about what was over the next hill.

[StealthRabbit]

Originally Posted by Wwanderer

I also was "used up". ...

Me too (literally BEAT) age 49... w/32 yrs with employer & 32 yrs as eldercaregiver for disabled parent, + 14 yrs a homeschool parent, and running a farm / side businesses to boot.

I was tired/expired (and ALL used up) (@ age 49, I had the equivalent of 99 yrs of service if I had been working 40 hr weeks)

Employer offered 'adios option' that included 1 yr salary (taxed at 40%) + 2 yrs unemployment and 2 yrs FREE COLLEGE Poof, I was gone It was fun to get 'carded' for asking for fulltime student discounts to Symphony / Chamber Music seasons.

I can live VERY cheap, and always saved diligently as well as invested in income producing and speculative (desirable) real estate.

Retirement @ age 49 brought some challenges (NO PENSION / healthcare & need for LONG-term planning... 50 yrs in retirement...), but I sure wish I had done it at age 30.

I think it is far better to be retired when kids are @ home, and go back to work when kids LEAVE home.

IIHITDOA.... I would have bought a few 'senior' duplexes / 3 plexes (LT financing at mortgage rate) when age 18 and had them paid for by age 40, then rented out to age 70, then sell and carry the paper (with 30% down) from age 70-100. THUS NO employment INCOME needs from age 40 to age 100. Oh to do it all over again... (no thanks).