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Old 04-21-2015, 05:40 PM
 
Location: Eastern Washington
14,228 posts, read 44,895,263 times
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Another thought - it would probably not be possible to return to a "real", full scale job like I have now after retiring. Particularly after 60. Although on the other side of the coin, having a base load income and medical taken care of would facilitate being a contractor or consultant.

I guess one could reasonably describe this as a "First World problem"...

Splitting the difference by going to about half time (would probably be 3 X 8 hour days) might be a good first move.

Whatever, I have at least 3 years to think about what I want to do, and in those 3 years things will probably change enough that it only makes sense to rough out a general strategy of what I want to do then.

Thanks to all who have replied. Any other thoughts from the collective?
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Old 04-21-2015, 06:04 PM
 
Location: Central NY
4,662 posts, read 3,239,300 times
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It seems we all put an awful lot of emphasis on how much money we will have to retire with (including me). If you can take a break from that thought, think about all the things you would like to do when you are retired, but insist on working as long as possible, then find out you have a terminal illness or just drop dead...... what will all that money do for you then? Pay your burial expenses?
Give some thought to your life and what is important. Working till you are either dead or very ill really stinks. Everyone else will benefit monetarily from your refusal to retire.
I hate those sites and TV ads that keep reminding everyone...... have you got enough?? Well how much exactly is enough???? Maybe we should just live life. Make adjustments. It's a mind thing.
I also hate those lists of "best" and "worst" states to retire to. If you have a real desire to move to a certain state and it's one of the "worst", move there anyway! Life won't stop.
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Old 04-27-2015, 03:45 PM
 
Location: Eastern Washington
14,228 posts, read 44,895,263 times
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Quote:
Originally Posted by NYgal2NC View Post
It seems we all put an awful lot of emphasis on how much money we will have to retire with (including me). If you can take a break from that thought, think about all the things you would like to do when you are retired, but insist on working as long as possible, then find out you have a terminal illness or just drop dead...... what will all that money do for you then? Pay your burial expenses?
Give some thought to your life and what is important. Working till you are either dead or very ill really stinks. Everyone else will benefit monetarily from your refusal to retire.
I hate those sites and TV ads that keep reminding everyone...... have you got enough?? Well how much exactly is enough???? Maybe we should just live life. Make adjustments. It's a mind thing.
I also hate those lists of "best" and "worst" states to retire to. If you have a real desire to move to a certain state and it's one of the "worst", move there anyway! Life won't stop.
I hear you, but, I like what I do. Some of the projects I work on are important to national security, I don't kid myself that I can't be replaced, but it would take some doing, and the projects would probably end up with a less experienced hand.

That and part of my original "free hand" premise is that my health holds. If I have health issues, that might drive the decision to retire independent of any strategy I might come up with.

Thanks for your comment, I do indeed want to retire early enough to enjoy having "perpetual Saturday" - just want to make sure I will have enough money to enjoy those Saturdays, not having to worry about budgeting too much.
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Old 04-28-2015, 10:42 AM
 
2,429 posts, read 3,222,625 times
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OP Mitch, it sounds like you're where a lot of us are in life -- especially mid-to-tail end baby-boomers. Thinking about when to retire. I'm 55. And like you have 'started' thinking about it. You'll see that once you do initial research on Soc. Sec. and pension, and health care numbers.....then you stay informed as the next few years pass, run the numbers.....and see what they tell you when the time comes.

The good part is -- that now that the initial work is done...you just work your plan, stay informed, bump up the savings and investing (if you can or want to) ...... pray for early retirement offers.....and just bide the time until retirement is workable financially. What woke me up about working to 65 -- EVEN IF 62 is doable otherwise is at 62 I''d be paying my own health insurance for three years to get to 65....and personally, if health insurance is the difference between being comfortable and a little tight...I'll just keep working to get to 65. (dang it). WHich brings up another decision about retiring younger and work part-time (to earn moeny for health insurance) or just stay at the full-time job for the health insurance while continuing to trade a full time job for the full time money and benefits, and boosted Soc Sec. and Pension..... that go with that.

I mentioned bumping up the savings, because a couple of people where I work -- about two years before they retired --KICKED UP THE OVERTIME -- to unreal hours....to boost their nest egg, and pension, and SS as much as they could within reason. Personally I'm NOT planning to do that, because I don't want to work now as it is, so I'm certainly not going to volunteer to work more...even for more money.

Nothing to do now but improve our personal financial situations as much as possible, live life as much as possible.....until we actually do retire.
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Old 04-28-2015, 12:07 PM
 
2,294 posts, read 1,559,623 times
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Quote:
Originally Posted by M3 Mitch View Post
I hear you, but, I like what I do. Some of the projects I work on are important to national security, I don't kid myself that I can't be replaced, but it would take some doing, and the projects would probably end up with a less experienced hand.

That and part of my original "free hand" premise is that my health holds. If I have health issues, that might drive the decision to retire independent of any strategy I might come up with.

Thanks for your comment, I do indeed want to retire early enough to enjoy having "perpetual Saturday" - just want to make sure I will have enough money to enjoy those Saturdays, not having to worry about budgeting too much.
In some ways deciding when to retire isn't that difficult. If you have enough money to retire (sure, we all have unknowns, but figure it out best you can, etc.) and you are still working then apparently there's NO PLACE ELSE YOU'D RATHER BE. If you want to be somewhere else, then be there.
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Old 04-28-2015, 01:04 PM
 
2,429 posts, read 3,222,625 times
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^^Burkmere, THAT is what I find so interesting/fascinating that people have NO PLACE ELSE THEY'D RATHER BE than their job. I know it's only my opinion, but, personally, I find that very sad. But to be fair everyone is ready fro retirement at different times and stages in life. i'm ready now, at 55, an can't financially pull the plug. Others, co-workers, whose finances I don't know...have eventually -- at 68-70, given notice that they're retiring. They just want more family time, and finally....they'd rather have that, than work. (I and presume the finances are OK)

I know only a few people who have retired 'early' -- pre age 60:
-- my BIL who did 29 years in the military, retired from there at 48, and went right to work for Walmart as an assst manager so he's got a milit pension and full time salary now
-- a former manager who id 30 years at a major corp, retired at 55 (never married, single. I don't now her finances)
-- a friend, and former inner city HS teacher, who retired at 59 1/2....after her brother died and left her some insurance money...... with a paid off house she can live off her reduced pension. She gets group rate health care insurance through the pension system.
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Old 04-28-2015, 01:32 PM
 
Location: Southwest Washington State
21,856 posts, read 14,356,798 times
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Quote:
Originally Posted by M3 Mitch View Post
I'm 57 working a great job that I enjoy, with a defined pension that will go up about 15% per year that I continue to work till I reach 60 years old. Given that, it seems to me the "only move on the board" is to keep working at least to age 60. After that, the optimal path is not as obvious.

The job is mostly desk work, very mentally stimulating, and there are people around here working into their 80's and one guy who is a hero of mine who is still around in his early 90's. So working another 20 years or more is, assuming I stay healthy, a viable option.

At age 60 the pension would be about 46% of what I am making now. Currently we don't spend all I make, and some sort of part-time work would probably be available in retirement. Just me and my wife, and my cat. House is paid for, I don't do new cars. No particular desire to do heavy travel and vacations. 401K should be roughly 1M when I am 60. I could probably time taking SS (assuming it still exists) independently of retiring, people on here have explained the benefits of delaying till about age 70. Wife has never worked much outside the house.

However, I have plenty of hobbies. The job is fairly demanding, when I retire I can do more of what I want, I can hunt more, fish more, work out more. I could retire today, and not be bored (although I would have a couple of lean years till I could do 401K withdrawals without tax penalty).

Of course, a health crisis could change things, but assuming we both stay nominally healthy, what are your thoughts on an optimal age to retire? No doubt some posters will have follow-up questions that I didn't answer here, please post them up along with your ideas on when to retire and why!
I retired at age 60 for a couple of reasons, one of which was the deteriorating condition of my mother. But I was fed up, and I wanted out, and at 60 I could retire, so I did. I got insurance through DH's employment.

But no one can advise you about your own situation. If you don't have something you want to do with more free time, and you don't dread going to work, then I am not sure why you would retire before you could use Medicare. But I am not in your shoes, so it is impossible to know what is best in your case.
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Old 04-28-2015, 02:26 PM
 
Location: Myrtle Beach
1,498 posts, read 1,189,287 times
Reputation: 3790
I will be retiring next year at 65 (FRA is 66 for me). The major project I am working on will be finished and up and running, the difference in my pension and SS is not worth me staying on for another year. With Medicare in hand I will ride off into the sunset (or since I'm moving to the east coast, the sun rise).
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Old 04-28-2015, 04:03 PM
 
Location: Sterling Heights, Michigan
26 posts, read 17,650 times
Reputation: 39
I just retired April 1 at 55. I had been with GM for 36 1/2 years...starting as a college co-op. I loved it until we went thru bankruptcy and then all of a sudden I was considered too old for jobs. (of course, they didn't say that, but it was loud and clear). If I had loved my job, I would have stayed. I didn't love it anymore and decided to retire, even though I took a big cut in my pension. I'm not opposed to working a couple of days a week if the right job comes along, but it is definitely not a must. I decided to spread my wings, learn something new and try my hand at internet marketing. I'm drinking from a fire hose, but having fun.

If you love what you do, continue to do it until you don't love it anymore. Just don't stay so long that you can't enjoy what you've worked all this years for....travel, hobbies...whatever it may be.
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Old 04-29-2015, 02:24 PM
 
Location: Los Angeles area
14,018 posts, read 17,729,443 times
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Quote:
Originally Posted by rdflk View Post
^^Burkmere, THAT is what I find so interesting/fascinating that people have NO PLACE ELSE THEY'D RATHER BE than their job. I know it's only my opinion, but, personally, I find that very sad........
I guess I'm on the opposite side of the fence. What I find sad is when people can't even conceive that a job could be so fulfilling and gratifying that the job is THE PLACE where people can want to be. Try to imagine being an important part of managing a space mission, for example - you would be part of pushing the limits of human knowledge! That would be incredible. Or, imagine being a member of one of the world's great symphony orchestras - you would have the great joy of creating transcendent beauty for others.

It is sad that so many people apparently feel that their job is a necessary evil, a drudgery, an unpleasant necessity which gets in the way of their "real" lives. Work is not separate from life, but part of it. Khalil Gibran wrote, "Work is love made visible".
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