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Old 08-18-2014, 02:31 PM
 
Location: Backwoods of Maine
7,118 posts, read 8,163,742 times
Reputation: 18774

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My vote is for you to continue working, IF that's what you really want to do.

I'm also 67, once owned a business, have 2 grown daughters and 6 grandchildren. That's where our similarities end, but we are 2 different people. I'm retired, have always been a mechanical, hands-on guy, a devoted family man, and now a doting grandfather. I hear ya about not being the sociable, out-going type, but that has not been the case in my relationships with family. You may differ that way.

Don't listen to the scare-mongering about dying shortly after retiring. If you are 85 - 90 years old and you retire, what do you expect will happen in a few years?? 85 to 90 is OLD, and pasing on could happen at any time (or even before that). It may not be work-related at all.

However, it sounds like you are a bit lost...not sure what you'd do if your "life" (your work) were suddenly taken away from you. Almost as if the prospect scares you some. You are still young; 67 is still "young" to me, and many people live 20-30 years longer than that. What are you going to do with those years, twiddle your thumbs? You didn't say how you feel about your work...how you really feel about your family...what you really think of that 'retirement home'.

I think your answer lies there.
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Old 08-18-2014, 04:36 PM
 
224 posts, read 431,021 times
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Some very interesting responses. Thank you all. To add to the information, yes, I think I am a "family man" love my wife, daughter and two grandchildren. Early in our marriage we went to trade shows and while there attended theater plays and other activities. Daughter's wedding was destination wedding in Hawaii! Their really is not any friction between my family and me. Just love my work and trying to figure out what to do after a possible retirement in 3-5 years. Enjoy going to the retirement city in the South, being with family-including my dog! See grandkids every day I'm there and love it. I do not have a problem letting go of the family business as it's not been all that financially rewarding the last few years. All things come to an end. After 100+ years we have had a good run! Just looking for the something that will come after that end. As has been said-it could be for 20-25 years!
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Old 08-18-2014, 04:57 PM
 
Location: Boca Raton, FL
5,177 posts, read 8,702,783 times
Reputation: 6199
Smile A thought

Ever thought of having some of your employees buy into the company and it could become theirs (with you still in charge - even from a distance?)

22 employees is a nice number; I had 34 at one time so I remember well.
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Old 08-18-2014, 05:11 PM
 
Location: Durham NC
1,190 posts, read 1,298,977 times
Reputation: 926
Quote:
Originally Posted by tbill View Post
Some very interesting responses. Thank you all. To add to the information, yes, I think I am a "family man" love my wife, daughter and two grandchildren. Early in our marriage we went to trade shows and while there attended theater plays and other activities. Daughter's wedding was destination wedding in Hawaii! Their really is not any friction between my family and me. Just love my work and trying to figure out what to do after a possible retirement in 3-5 years. Enjoy going to the retirement city in the South, being with family-including my dog! See grandkids every day I'm there and love it. I do not have a problem letting go of the family business as it's not been all that financially rewarding the last few years. All things come to an end. After 100+ years we have had a good run! Just looking for the something that will come after that end. As has been said-it could be for 20-25 years!
That monthly commute has got to be rough on you and your wife. I just started doing it 4 months ago only plan on doing it till mid 2017 then retire. If your biz isn't on fire it should make the decision a lot easier.
There are more important things in this world than work and money. If you afford to keep up two residences you must be doing OK. My 62 yo BIL died today. You never know when they are going to call your number. I can't wait to let go of work and play golf and do not much of anything else.

Good luck.
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Old 08-18-2014, 06:43 PM
 
2,421 posts, read 3,727,406 times
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Closing a business of that lifespan, would be a very difficult decision to make for anyone. When I closed mine after 36 years, it was like a death to me, and I cried like a baby as I took my last look and walked away for the last time.

But speaking from experience, there is life on the other side, and though no one can tell you of all of life's opportunities after age 67, they are there waiting for you to discover them.
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Old 08-18-2014, 07:00 PM
 
Location: State of Being
35,885 posts, read 67,199,962 times
Reputation: 22375
Quote:
Originally Posted by tbill View Post
Some very interesting responses. Thank you all. To add to the information, yes, I think I am a "family man" love my wife, daughter and two grandchildren. Early in our marriage we went to trade shows and while there attended theater plays and other activities. Daughter's wedding was destination wedding in Hawaii! Their really is not any friction between my family and me. Just love my work and trying to figure out what to do after a possible retirement in 3-5 years. Enjoy going to the retirement city in the South, being with family-including my dog! See grandkids every day I'm there and love it. I do not have a problem letting go of the family business as it's not been all that financially rewarding the last few years. All things come to an end. After 100+ years we have had a good run! Just looking for the something that will come after that end. As has been said-it could be for 20-25 years!
Well, you could always start a home business - especially if it is something fun for you and your wife together! Take up painting or pottery . . . write "how-to" books. Fishing? Gardening? Gourmet Cooking?

Wine aficianado! I have a friend who worked until 68 or so and was worried about what he was going to do when he retired. He had a high level exec position in a large company and traveled weekly and he didn't really have any "hobbies." He and his wife decided they liked wine and would like to learn more about it . . . so they mapped out trips to vineyards all over the country. They decided to start by exploring the Napa Valley. After that, they planned trips closer home, and to vineyards in several states nearby, but continued to return annually to a delightful B&B in the Napa Valley for their anniversary.

Year before last, they made a month long trek to Italy and France, touring wine vineyards. They found they really enjoyed learning about cheese so then they branched out into excursions to discover cheeses here in the USA . . . and now they are planning a trip to England and France to track down where some of their favorite cheeses are made.

So maybe some sort of pursuit along those lines could be a lot of fun for you and your wife.
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Old 08-19-2014, 10:10 AM
 
3,945 posts, read 3,267,263 times
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The old saying about changing horses in the middle of a stream is probably an appropriate analogy for those who see retirement as something apart from life, instead of it being a thing apart from work. The OP doesn't want to quit working simply put, his life has been his work and that may seem strange to some but it's more common than we think.

I always thought of work as the thing that paid the bills, like most people I also "got into" my work just because that's the way we're wired I suppose. But what advice could you possibly offer to those who have worked long and hard to get through life? Is it fair to say that most of us have a different bent when it comes to our views on life and work? All the silly stuff that we as retired humans have managed to elevate to a level of near worship can always be subjectively viewed as something worthy of our time while others fear the mere mention of such activities as a substitute for their work.

Life isn't about what others are doing, it was meant to be an [Individual pursuit[/i] and married couples have that as a point of friction from time to time. Making up our daily "task sheet" seems to be a chore for some in retirement, they miss the feeling that their work position is pivotal in the overall view of the enterprise, for some being the boss is nearly a retirement in itself, with others doing the work of running the day to day business they meander around the premises thinking that they are necessary to the operation, but often their presence is simply a formality.

Working in the old steel mills or on the docks, hot, hard and nasty work that had it's own kind of retirement incentive and the worker seldom saw any reason to want to continue any longer at it than was absolutely necessary. The OP obviously has none of that disproportionate grief of work when compared to his off time, so, he'll most likely continue to work until he doesn't, or can't, and at that juncture he'll be facing a future possibly filled with trepidation and remorse, an ending rather than a beginning. Personally I feel a bit of sadness when reading such posts as the OP's, and to think that retirement could be so daunting a thing for others while it has been a kind of salvation for me leaves me bewildered, I hope he finds his own solution and peace of mind.
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Old 08-19-2014, 11:14 AM
 
Location: Tennessee
34,696 posts, read 33,714,187 times
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Quote:
Originally Posted by tbill View Post
OK, here is my situation. Will be 67 in Sept., and still working in my 101 year old family retail business. Wife wants me to retire, but I have no hobbies. I work. 90-100 hours per week. Done this for 45 years and only had 2 vacations in those forty years of marriage. That was for our daughters trips to Disneyland and Disney World.
Tried golf, lost interest. Nothing else appeals to even explore. Father lived to age 97, he quit work at age 90 (so I have 23 years left, LOL) Family business will close upon my retirement or death.
I have gone thru the "Hobby" section, but don't see anything that would appeal to me. Looking for ideas...I know-volunteer, but to what. Thanks for any input.
There may be aspects of your work that can be parlayed into something. What exactly is it that you like about your work? If you run the business, you may wind up running a club or a community event or being on some homeowners board. People will be only too happy to have you take charge. If you like dealing with customers, look for opportunities to be involved with the public. After 45 years you must be an expert in something at work. Anything you can teach or make presentations on? Retirees like to learn. If you like selling, maybe you'd be good at fundraising or ticket sales even if it's just for an event. Does your work have an element of competition that you like. Look for hobbies or sports where you can compete (tournaments, shows, races, salons, etc.). If there is a social element to your work that you like, find an organization to join that has a lot of social events along with their primary function.

If you think you might like to volunteer, but you aren't sure, do it for a community event rather than for an organization. The "job" is over when the event is over. So, if you don't like it, you can do something else.
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Old 08-22-2014, 07:39 AM
 
Location: Loudon, TN
5,794 posts, read 4,848,703 times
Reputation: 19498
Trying something new is scary. New places, new jobs, new empty time on your hands. It must be very daunting to think of not having the thing that has been the centerpiece of your life for so long. It's a leap of faith, especially since the job/business will be gone once you leave. As an alternative to leaving "cold turkey", can you start training a successor/manager to take over daily operations and you could still be the owner but in a more hands-off sort of way? With the hiring of the manager you could cut your hours to less than 40 a week and start to wean yourself away. When you are confident with the manager's abilities you could walk away knowing the business is in good hands and you can start to relax. It's hard, but now is the time for you to start making your family and your own health and happiness the centerpiece of your life.
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Old 08-22-2014, 02:44 PM
 
Location: Copenhagen, Denmark
10,529 posts, read 8,775,701 times
Reputation: 12218
I guess I'm blessed. I love to do as little as possible.
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