How did you know it was time to retire? (pension plan, spouses, coverage)
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I hadn't even thought of retiring. I had a very bad year in real estate (had 11 deals go south in one month) . . .was just totally burned out and had some family issues I was dealing with and a whole bunch of responsibilities and it just dawned on me that I didn't HAVE to keep working at that job (still am "working," but it is family stuff).
Although I still work a few hours each day it's not a matter of having to so much as I enjoy it.
For me personally, retirement came down to a few different factors including:
- Could I comfortably afford to retire for the rest of my life considering all factors including possible medical problems, college savings for my kids, and travel expenses as we enjoy traveling?
- Would I be bored or still find "purpose" with my time?
- Could I handle the drastic change from being in an office everyday for many, many hours to just being at home all day every day and how it would possibly affect my relationship with my wife?
I'm happy to report that I find it absolutely wonderful. I've had some GREAT offers to go work again and make quite a bit of money but the trade offs to me don't seem compelling after enjoying the time off.
Although I still work a few hours each day it's not a matter of having to so much as I enjoy it.
For me personally, retirement came down to a few different factors including:
- Could I comfortably afford to retire for the rest of my life considering all factors including possible medical problems, college savings for my kids, and travel expenses as we enjoy traveling?
- Would I be bored or still find "purpose" with my time?
- Could I handle the drastic change from being in an office everyday for many, many hours to just being at home all day every day and how it would possibly affect my relationship with my wife?
I'm happy to report that I find it absolutely wonderful. I've had some GREAT offers to go work again and make quite a bit of money but the trade offs to me don't seem compelling after enjoying the time off.
That's the best of both worlds; doing what you love to do but only as much as you want to do.
I retired when I was 55 from a union bakery job. The work was hard and physical. I was a dough mixer which included lifting up to 100#’s to approximately chest level. I pulled troughs weighing between 2000# to 3000#’s approximately 20 to 25 times per shift which was 7 hours including 3 breaks and no lunch time. After 25 years in the same place abusing my body the flour dust left me with COPD and weakened shoulders I knew when I was hired I was going to work for what was called the golden 80 (age plus years worked. I knew I wasn’t qualified for SS for 7 years but managed to live on my union pension and savings. I’m now 63 and have been collecting my SS for 20 months and have never regretted retiring early.
I retired when I was 55 from a union bakery job. The work was hard and physical. I was a dough mixer which included lifting up to 100#’s to approximately chest level. I pulled troughs weighing between 2000# to 3000#’s approximately 20 to 25 times per shift which was 7 hours including 3 breaks and no lunch time. After 25 years in the same place abusing my body the flour dust left me with COPD and weakened shoulders I knew when I was hired I was going to work for what was called the golden 80 (age plus years worked. I knew I wasn’t qualified for SS for 7 years but managed to live on my union pension and savings. I’m now 63 and have been collecting my SS for 20 months and have never regretted retiring early.
Thanks for sharing your story, which is an excellent example of why any normal retirement age set by Social Security is going to be unfair for some people. It's fine and dandy for people with a desk job to advocate increasing the SS full retirement age, but HARD physical labor for 25 or 30 years often takes its toll, as you experienced.
"Have you had enough? And do you have enough?"
When you can answer "Yes" to both questions.
I join with other posters in saluting your pithy wording which contains profound truth in such few words. The dilemma for some folks comes when they have "had enough" before the point at which they "have enough". Stress can be so bad that one's physical and mental health is endangered, and in that case it may be the wise choice to retire before having enough and just finding ways to be frugal enough to make it work.
Answering "yes" to both questions is the ideal, but is not possible in all cases.
I join with other posters in saluting your pithy wording which contains profound truth in such few words. The dilemma for some folks comes when they have "had enough" before the point at which they "have enough". Stress can be so bad that one's physical and mental health is endangered, and in that case it may be the wise choice to retire before having enough and just finding ways to be frugal enough to make it work.
Answering "yes" to both questions is the ideal, but is not possible in all cases.
If they are able to make ends meet by being frugal, then they have enough. What's enough for one person may not be enough for another. I don't have family to fall back on so I have to be sure I have enough to get by on to the age of 95 without running out of money.
I am lucky because DH worked for years to make sure we would have a nest egg for us. He did well, in spite of circumstance. He chose his retirement based on how much pension he could draw if he worked till over 65.
I was able to retire at the age of 60. My place of employment allowed this, and I could draw a smallish pension as well. I decided I would retire about three years before I did, when all staff was reminded that it was possible for longer term employees could retire at age 60. Since my mother was having difficulties, I was glad to be able to retire. I had to take quite a bit of sick leave in that last year to deal with her.
I have never regretted retiring or longed to go back to work.
For several years I did a part time volunteer gig that I really enjoyed. Now that I am in the PNW--me a lifelong midwesterner--I am pretty much free. I wouldn't mind another part time volunteer gig, but I haven't found one yet.
How did you know it was time to retire? When after 50 years in the retail business I got tired of the rat race that goes along with retail sales. So when I hit 62 I retired, love it, and never looking back.
After working 45 years nonstop, I decided I didn't want to die at my desk. I wondered, if I wait until I'm 70 years old (or more), what if i croak and never get a chance to enjoy my later years? So, I took stock of what my income would be (Social Security plus a VERY good pension from the University), then at age 62 took the plunge! ..... and never looked back
Of course, careful planning is absolutely necessary... you must have enough $$ to live on... without the University pension I could not have done it solely on my Social Security.
Being bored has never been a problem... while these past 8 years of retirement have not been a whirlwind of nonstop travel (who can afford that?), I take one extended vacation every autumn, and 5 or 6 day trips a month. Love gardening and photography! And some days... well.. I find enjoyment doing nothing, just spending the day reading or veg out watching videos, knowing my time is my own, and very humble and grateful I have this opportunity to enjoy my sunset years
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