Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm not a runner, but, when I had to run, I learned an important lesson: "Don't start focusing on the finish line before you get close ... otherwise, you will run out of gas before you get there."
Retirement is the same way. If one gets too focused on the specific retirement date, it will become extremely difficult to find the interest and motivation to keep going on the job.
The alternative is to focus on something one enjoys or hopes to accomplish on the job ... and let the retirement date take care of itself.
That is a great analogy about running. I think you are right on all counts.
My last year was also like a prison sentence. I know how you feel. I don't know much about retirement plans and company bankruptcy. so I will only add this thought for you to investigate if you are interested.
Is your company solvent, and what happens if you wait a year and the company goes under? Could it be less risk if you just go now?
I can't wait for retirement either. I plan on staying here another 43 years and 5 months. I will be 92 then and will have worked here for just over 60 years.
Quote:
Originally Posted by Curmudgeon
More like insanity!
Something I've mentioned before but will do so again is the decreased costs that come with retirement. No more commute costs and possibly parking costs. Dry cleaning and shirt laundering expenses go out the window. Lunches out a thing of the past. Office staff costs for birthdays, Christmas, end of year parties, etc. are no more. "Social" obligations - dinners, cocktail parties and things of that ilk - Wazzat?
If any or all of those are in your life now, calculate what you spend on them and retirement just might result in significant savings and not be as limiting as you might think.
Just a few things to think about. I haven't worn a starched, dress shirt in six years and love it
A lot of people say how much money you save when you retire. Well, perhaps that is true for some people but you really can not generalize about it.
Let's look at my savings.
Commute: Working- 15 total miles each week to and from work, and I would run errands immediately after work.
Now- I still usually need to drive the same 15 miles just to get to the area where I used to do the errands, go to the doctor, pick up prescriptions, go grocery shopping, etc.
Parking: Working- zero parking expenses so no change.
Lunches: Working- I always took bag lunches so no change after retirement.
Dry cleaning: Working- I haven't needed something dry cleaned or professionally laundered for work EVER so no change after retirement.
Office staff parties: Working- hmmm, $15 per year for "sunshine committee" and a few dishes for potluck holiday meals. Retirement- I still send cards to a few work friends but now I buy them myself, plus use my own postage, so I probably still spend $15 a year now. I meet work friends for occasional drinks or a meal so that is probably a wash as well.
Copying expenses: That is a change! I now go through many, many more ink cartridges on my home printer than when I was working, plus I need to buy paper. All those little odds & ends that need to be copied all have to be done at home rather than at work.
If you have a long commute, need to pay for parking at work, "have" to eat at restaurants for lunch, have many expensive social work related dinners & activities, need an expensive, stylish wardrobe for work perhaps you will see a lot of savings after you retire but do not assume that everyone else will see those same savings, too.
OTOH, my husband used to wear a uniform at work (provided by his employer), even though he has always liked to dress up. Now that he is retired my husband wears a dress shirt, dress pants or a suit everyday. So, at least in my husband's case he spends more money on clothes and dry cleaning in retirement than he did while working.
Last edited by germaine2626; 01-17-2015 at 06:41 PM..
A lot of people say how much money you save when you retire. Well, perhaps that is true for some people but you really can not generalize about it.
Let's look at my savings.
Commute: Working- 15 total miles each week to and from work, and I would run errands immediately after work.
Now- I still usually need to drive the same 15 miles just to get to the area where I used to do the errands, go to the doctor, pick up prescriptions, go grocery shopping, etc.
Parking: Working- zero parking expenses so no change.
Lunches: Working- I always took bag lunches so no change after retirement.
Dry cleaning: Working- I haven't needed something dry cleaned or professionally laundered for work EVER so no change after retirement.
Office staff parties: Working- hmmm, $15 per year for "sunshine committee" and a few dishes for potluck holiday meals. Retirement- I still send cards to a few work friends but now I buy them myself, plus use my own postage, so I probably still spend $15 a year now. I meet work friends for occasional drinks or a meal so that is probably a wash as well.
Copying expenses: That is a change! I now go through many, many more ink cartridges on my home printer than when I was working, plus I need to buy paper. All those little odds & ends that need to be copied all have to be done at home rather than at work.
If you have a long commute, need to pay for parking at work, "have" to eat at restaurants for lunch, have many expensive social work related dinners & activities, need an expensive, stylish wardrobe for work perhaps you will see a lot of savings after you retire but do not assume that everyone else will see those same savings, too.
OTOH, my husband used to wear a uniform at work (provided by his employer), even though he has always liked to dress up. Now that he is retired my husband wears a dress shirt, dress pants or a suit everyday. So, at least in my husband's case he spends more money on clothes and dry cleaning in retirement than he did while working.
Very strange! and not the norm but it all depends on the profession.
No assumptions here. Clearly everyone's circumstances are different. That's a given.
Working in a political environment as both my wife and I did, formal attire and social expenses were very high. However, we were able to walk to both our offices as well as the state capitol. That helped.
Last edited by Curmudgeon; 01-17-2015 at 08:21 PM..
Wow you're ONLY 3 years out....
I'm 54! and 8 years from just 62.....and my full retirement age is 67! (and I've already been meatally checked our from work for a few years)
Here's hoping your 3 -- and my 8 -- fly by! (with all of us safe and healthy!)
I am planning to retire next year at 63.
I have a decent 401k and some savings.
Holding off on SS until age 66, if I can.
Refinancing a smaller home and in the process of debt reduction.
I think I am definitely less engaged now than I was at age 55 or even 60.
If I checked out of work mentally at those ages, I wouldn't have been kept around for very long.
I do just enough to make the bosses think I care. I do just. enough. volunteering and listening to earn brownie points every once in a while....but that's it. I'm coasting for another 10 years. Thank GOD my boss is OK. He doesn't want to be there either. You know it's bad when even MANAGERS are sick of the place. But that's good for us workers -- because the manager isn't trying to re-invent the wheel either.
I used to say "I can't do this another 15 years." Well, lo and behold, I'm down to 8-10 years. That's light at the end of the tunnel for me. Now I actually say I CAN do this another ten years. One day at a time is all I have to worry about. Can I go in just ONE more day? And the answer is yes. My job is where I have to trade my time 8 hours a day for the lifestyle I want ...until I can afford to retire. Lord willing the pension and SS I have coming will still be there...and profits from a house sale, a 401K and other savings, a paid off family home and I should be fine. I just have to put in these next ten years. Clearly it's a trade I'm willing to make. In the meantime I work...so I can afford the life I have AWAY from work.
I go through phases where I almost panic wondering if I can wait ~8 years. I run numbers that say I might do it 3 or 4 years earlier but if I am healthy in 20 years I would likely regret the trade off. I wish I could find a more rewarding job at anywhere close to what I am paid, but it won't happen. I am not being negative; I am very lucky to have stayed somewhere long enough that what I know is as valuable as what I do. I get calls from recruiters and they are very short despite my interest and qualifications. I am paid extremely well for what I do. I wish it still held my interest or that it was important. So in the meantime...
I am in a similar place mentally while waiting for retirement. There are aspects of my job I like but mostly not so much anymore. Perhaps I stayed too long in one place but the bennies were too good to pass up (pension, healthcare, etc). It is SO interesting to me to observe the enthusiasm of all the younger staff I work with. They take their work very seriously. At this age, though, one puts things in a different perspective and I am just ready to do what matters to me - not to the organization.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
