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OP...you didn't say whether you liked your current job or not (sounds like not) but that is a huge factor.
If you love your job that's one thing as people who do aren't doing it just as a job...they actually look forward to going to work (but these people seem to be very rare)....if you're just meandering away the hours feeling like you are wasting your life or bored at your job why on earth would you stay??? To copy an old saying "being bored & free at home is better than being bored and trapped at work".
Sounds like your fear of a non structured, carefree lifestyle may be scaring you off from leaving and you're staying just because it is what you know. But with that kind of mindset you'll never make the jump because of the what if's......also....do you want to wait until you may not be in the best of health or medical issues crop up? Will it be too late then to enjoy it if you can't get around or are limited??
I retired at 50 and it was the best thing I've ever done.....no stress now, getting much more done and more exercise than I ever did before and the one priceless thing - freedom!!
Good point. I used to love my job. Everyday was an adventure and I felt productive and overwhelmed with a sense of camaraderie.
As the years passed on, I moved up through the ranks and guess I arrived at this position of disenchantment. When I was younger I never noticed all the problems but now I'm the problem guy. All the problems come to me. Sometimes its as simple as holding the "court of hurt feelings" and sometimes its more challenging like trying to get a fleet of cars fixed on a non-existent budget. I'm also jammed up in the middle of the chain of command, high enough to be respected but not high enough to be protected=leaves me accountable for the actions of others. Lots of worrying. Lots of office politics and suck-ups. Maybe things have always been this effed up or I have just had the chance to see being the curtain.
On the good side, when I do have victories at work they are usually large scale and very rewarding, although few and far between. When I was younger just going home at the end of the day was a victory. I also now enjoy being in a position to mentor people and watch their careers grow. If I can show a younger guy or gal something and they use it for a victory I feel like that is my victory as well. I am also in the position to help our workforce that is in need....advanced sick leave, compassionate transfers, and job reassignments-very rewarding.
I wouldn't say I'm in the dead pool yet but I have just about topped out as far as Im going to go and I don't feel like making another big push for another promotion, which may mean moving or leaving my current comfort zone. I can go another seven years before I'm mandatory but definitely won't go that far. If I retire this year or in the next few my main focus until then will be on looking for and training up the next generation to take the baton. Thats where i am at right now.
I just turned 67 and don't wish to retire, as my job is enjoyable (most days). I follow guidelines and am evaluated, but no one bosses me. I am 2 miles from work, too. The work is congenial and I feel that on the whole I am giving back and staying young (in flexibility and mind-set), not being used up or exploited. I work long hours and there is seldom a round of applause, but there is satisfaction in doing a difficult job well. I think I would miss it too much right now. Things can always turn on a dime, of course, and a health problem could change all that.
I am just posting to suggest that you give yourself a one-year or two-year time-table to plan that second business. The finances of retirement are very complicated, and forums such as this are a reality check and full of information about both the rewards and some of the pitfalls (financial and psychological) of retirement.
I just retired yesterday, and one of the questions I asked myself is exactly what you are asking:
What am I going to do with my time?
First thing I did was make a list of things I have not had time to get to:
extensive work inside the house. These are the winter chores I have.
That alone is going to take me several months.
In the spring and summer I will move to the outside of the house.
Next, I made a list of all the classes that I have always wanted to take but never had time.
I start banjo lessons at the local community college in a few weeks. I want to learn a foreign language.
I want to take classes on American history.
There is a resale shop in town that gives it's proceeds to children's charities that is always looking for
volunteers. I will be contacting them in a month.
Finally, because it's so easy to sit around and do nothing, I made up a daily schedule.
For instance: Monday, clean the upstairs restroom. Go to the gym. Go to the range. Go visit a friend while I am out and about. Spend time making quality meals instead of eating on the fly like I used to. I enjoy reading, going to forums on the computer, and watching a little TV. Those activities can easily fill in the gaps where I don't have to do anything.
So each day will have a set schedule, with plenty of flexibility to it.
I understand where you're coming from completely echo. I felt many of those same feelings and it terrified me to stop working because I was a workaholic and that's all I could see. Yet while I was at work I was always wishing that I was at home. That mentality becomes a trap and you remain stuck in your misery because of the what if's. My husband retired at 56 and never looked back two years ago. He wanted me to quit my job but I just wasn't ready. We were ready financially but I wasn't ready emotionally. There's nothing like looking at a 2cm mass in your breast on a mammogram and waiting for the radiologist to come and tell you if you're in serious trouble or not to make you open your eyes and force you to see a different perspective of your life. I quit my job two months later. The what if's became about what if I wasted my life chasing money we didn't need? What if I wasted all that time at work and missing all the fun times with my husband and friends? Would it have been worth it? Heck no. Yes change is hard and yes there is stress involved, but for me there was far less stress then I had imagined. The minute I left that hospital for my last day of work I felt free and happy. Not sad that I wasn't going to have to conform to their rules and time constraints anymore. Your life will change in ways you may find more appealing. Yesterday we went to a strangers house to buy some old Edison records for one of our antique phonographs, one of our new passions. There was a little six year old autistic boy that was adorable and very friendly. The poor littles had a feeding tube and a very limited vocabulary. Dad was the only one home at the time and had to give him a feeding while we were there. He and John were playing the Edison records while the precious one had to lie still for 30 minutes. I spent time watching his shortie so the guys could have some guy time. After the feeding the little one took me by the hand and brought me over to "man." He asked man to pick him up and John was dancing around the room with him while his dad went to get something. His mom came home and saw two strangers alone with their child and saw John dancing around with him. I had to unlock the door for her and she smiled and introduced herself. We spent the whole afternoon with them and that adorable little boy. They were the nicest people and spending time with their little one was far more fun then being at work You will know when you're ready to retire echo. For me the switch just flipped to the off position of being a workaholic just like that. I knew I couldn't stand one more minute of it and you will feel that way as well. My advice would be not to wait until you're too old to enjoy life and can only sit in front of the TV. Life is an incredible adventure and so far I'm having way more fun living it then I was chasing bucks. Remember the feeling you would get when you left work for a vacation? Well that feeling is with you every day of your life when you quit working. Once in awhile I still have to give myself a mental pinch because I still have that twinge of anxiety about having to go back to work. Nope retirement is not just a beautiful dream, it really is my new happy reality.
I will give you my perspective as I am in my mid 50's and retired.
What do I do all day? Whatever I want!!! If I want to sleep in I do that. Maybe I will go to the gym. Go play at my local card room. GO to the movies. Plus me and my wife love to travel. Plan many many vacations. See the world.
Not sure why so many feel this impulse to "start a business." Starting your own business takes a lot of time, effort , and money. Working for someone else you might work 40-50 hours per week. Starting your own business will see you "working" 60-80 hours per week and perhaps losing money. Is that what you want in your 50's? Not me. For what? So I can say I am the "boss?" Good luck with that.
Another thing. If other family members or close friends realize you are 50 and retired they will figure out you have money and will look to mooch off you in a variety of ways. Like Nancy REagan use to say ....JUST SAY NO!!!!
You will need to make your money last for the next 35-40 years. No small feat. Also be careful about being too philanthropic. Charity starts at home. Be stingy and enjoy life. You've earned it!
Hey, stop having so much fun!
Good point on starting one's own business and all the headaches that comes with it. Everything that seems mostly/all good on the surface often comes with some or lots of baggage....well, other than retiring/retiring early perhaps.
In our experience, we haven't had any issues with friends or family members hitting us up/asking for money in our situation retiring early. And surprisingly, no innuendo/jealousy in any nasty words directed at us which I guess kind of surprised us a bit, at least to our face anyways. As you say, the key wor is "no" if the matter comes up. And depending on how aggressive someone was on the matter, I think that "friend" or family member should potentially be off one's radar, very quickly. I think people can pick a vibe on those that are pushovers on such matters.
Ive been retired due to ill health for 5 years now (im only 50)
its as boring as hell
on the other hand spending my life doing what I used to do seems Impossible and Intolerable now
Could no longer shut myself in a room with 10 other sweaty individuals all yakking about their dogs/boyfriends/kids/weekends than I could swim to the moon
We retired in 2003 at ages 50 and 51....never regretted it!
Here's the most important thing for early retirees to remember: You will not have one retirement, you will have a series of retirements. What you want to do, how and where you want to live at age 50 will be very different from your desires and needs at age 60 or at age 70.
Here's what we did:
We decided our retirement would be a series of 5 year plans....and it's worked well for us.
Our first 5 year plan was to leave the East Coast where we'd always lived and go out West, where we had vacationed over the years. We regressed to our old hippie lifestyle and lived in Bisbee AZ a funky arts town. We used it as our base to travel all over the West, including new travels to every major Hawaiian island. And also south, to Mexico.
Our second 5 years....we moved to central Mexico. Bought a house south of Guadalajara and used it as our base to travel all over Mexico, by air and by land. We loved it so much, we didn't think we'd leave at the end of the 5 year plan. But family needs (eldercare issues) brought us back to the eastern US.
We found a funky artsy town in Florida...Gulfport. It's great! Our home is one block from Boca Ciega Bay on a brick street, with over a dozen non-chain restaurants within walking distance. There are also a few bars, with live entertainment almost daily and attracts a lot of young people; this is not a FL retirement town, it's a very hip, LGBT, dog-friendly town. We are 25 minutes drive from Tampa Int'l Airport. Between breaks from eldercare needs, we fly to Europe for vacations.
We're only mid-way into this 5 year plan, but our circumstances recently changed...our beloved parent we moved back East to care for, recently died. We no longer need to be where we are and even though we love it here, the summers aren't too likable. We plan to stay put, but to spend 3 or 4 months each summer in a different foreign country.
So, yes, go ahead and retire and perhaps, re-invent yourself!
I am in my mid/late fifties and retire in 25 days. I plan on teaching a course or two per semester with local CC or online as an adjunct Prof. I also plan to write - some thing I have always wanted to do, but financial constraints limited my writing to technical and business writing in my career (my family became accustomed to eating regularly and living in an actual house... the b@stards!!!).
You now have the resources (via a retirement income stream) to be free of the constraints of having to make something financially viable in the short term to live off of, and can do whatever you have always dreamt of doing or find fulfilling.
Good point. I used to love my job. Everyday was an adventure and I felt productive and overwhelmed with a sense of camaraderie.
As the years passed on, I moved up through the ranks and guess I arrived at this position of disenchantment. When I was younger I never noticed all the problems but now I'm the problem guy. All the problems come to me. Sometimes its as simple as holding the "court of hurt feelings" and sometimes its more challenging like trying to get a fleet of cars fixed on a non-existent budget. I'm also jammed up in the middle of the chain of command, high enough to be respected but not high enough to be protected=leaves me accountable for the actions of others. Lots of worrying. Lots of office politics and suck-ups. Maybe things have always been this effed up or I have just had the chance to see being the curtain.
On the good side, when I do have victories at work they are usually large scale and very rewarding, although few and far between. When I was younger just going home at the end of the day was a victory. I also now enjoy being in a position to mentor people and watch their careers grow. If I can show a younger guy or gal something and they use it for a victory I feel like that is my victory as well. I am also in the position to help our workforce that is in need....advanced sick leave, compassionate transfers, and job reassignments-very rewarding.
I wouldn't say I'm in the dead pool yet but I have just about topped out as far as I'm going to go and I don't feel like making another big push for another promotion, which may mean moving or leaving my current comfort zone. I can go another seven years before I'm mandatory but definitely won't go that far. If I retire this year or in the next few my main focus until then will be on looking for and training up the next generation to take the baton. That's where i am at right now.
Exactly how I felt and knew it was time to go while still at the top of my game. Made a plan for an 8 month exit strategy (teacher contract, told them in October that I would be finished in June). They were eliminating the position (except for 1 aspect, they were hiring a NEW full time teacher for that one piece) and all of the other components were split among 4 guidance counselors and the guidance secretary. Coached everyone on what I had done, what worked for me, how to evaluate and motivate students, gave them all of my files, contacts and resources, stored everything on the school network drives, informed all of my contacts that I would be leaving and that XXX would be their new go to person.
Would it be possible to leave and then be kept on as a consultant for projects or even to reduce to 50% time (at your convenience) while you transition out of the workforce? My husband recently started a part time job with the county and his predecessor came in 1x week and a few days at the end of the month to help with reporting (accounting position where many departments have to feed all info and submit payments to one administrator). She also came in 2x a year to help with fiscal budget reviews, adjustments and projections. Maybe something like this would work for your situation, where you came in a filled gaps or put out fires, mentoring and empowering others to fill your shoes.
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You will know when you're ready to retire echo. For me the switch just flipped to the off position of being a workaholic just like that. I knew I couldn't stand one more minute of it and you will feel that way as well. My advice would be not to wait until you're too old to enjoy life and can only sit in front of the TV. Life is an incredible adventure and so far I'm having way more fun living it then I was chasing bucks. Remember the feeling you would get when you left work for a vacation? Well that feeling is with you every day of your life when you quit working. Once in awhile I still have to give myself a mental pinch because I still have that twinge of anxiety about having to go back to work. Nope retirement is not just a beautiful dream, it really is my new happy reality. 
