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 would not want to retire at age 50 unless I had something I was passionate about and the money to travel extensively and to try to do some good in the world. Lots of studies show that cognitive function plummets when people stop working. I just don't think it is good to have that much spare time and no direction. It sounds like the OP has some hobbies he enjoys, but no real passion. With that being the case, I would strongly advise against retiring at age 50. I have personally seen several examples in my family of people who are in good health and when they retire things fall apart in a matter of a few years.
IMO the ideal situation is to have a job/career that you actually enjoy and to be able to scale back so you are working part time as you get older. If you don't love your job, maybe you could try to transition. That is tough when you are older, but if money is not an issue, it may be worthwhile.
I would not want to retire at age 50 unless I had something I was passionate about and the money to travel extensively and to try to do some good in the world. Lots of studies show that cognitive function plummets when people stop working. I just don't think it is good to have that much spare time and no direction. It sounds like the OP has some hobbies he enjoys, but no real passion. With that being the case, I would strongly advise against retiring at age 50. I have personally seen several examples in my family of people who are in good health and when they retire things fall apart in a matter of a few years.
IMO the ideal situation is to have a job/career that you actually enjoy and to be able to scale back so you are working part time as you get older. If you don't love your job, maybe you could try to transition. That is tough when you are older, but if money is not an issue, it may be worthwhile.
I think the conclusion of studies about cognitive function plummeting, unhappiness, the health of people failing after they retire, etc, have to be viewed cautiously because they might not take into account the many people who are forced into retirement because of health reasons.
The OP did post this in the middle of the thread in regards to their job:
Quote:
Originally Posted by echo42
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.
I think retiring at a certain age and if it's right or wrong can't be generalized by studies to determine if it's a good or bad thing. Way to many variables. Some need lots of stimulation, busy schedules, etc. to be happy. Some are content with leading a very simple life in retirement. I indeed have known relatives/people that became unhappy in retirement. However, the vast majority of people I've met who retired early or later in life have been very happy in retirement. My dad was retired over 20 years and had the same concerns about being bored before pulling the plug but absolutely loved being retired. He never went back to working again/didn't feel the need and he was sharp as a tack right up to the end of his life just keeping busy enough with his small hobbies, reading, etc. The same for my father-in-law. They weren't out to change the world, not passionate about anything in particular, but just took in the simple pleasures of life and enjoyed a new phase of their life and weren't out to mimic their previous life.
Well if you're POSITIVE you can be retired for the next 30 years with no financial liabilities then go for a second fun career.
Do you have LTC insurance or enough net worth to pay for the rest of your life in Assisted, Skilled or Memory Care living? Right now it's running 75 - 100K per year for a nice place. If you're in a high price area like Calif I don't even know, then.
You might want to consider as you approach the qualifying age, to move to one of those aging in place communities where you buy in, then can go from independent normal living in a normal house or condo to assisted, to skilled or memory care or whatever. On site.
Don't laugh it's a big problem. And the good ones have waiting lists.
People say: NEVER! I'll die at home. It doesn't work that way.
ANyway, I inadvertently started a second career. I was lucky in my Fortune 10 company there was a ton of movement and you could literally change careers internally. Go from IT to Marketing, for example.
I took a buy out at your age and was supposed to get rehired in another state. (long story). FINALLY they called me, I had to go to yet another city but ok.
I HATED that office. With a passion. Thought OH GREAT what now.
Suddenly it occurred to me in the elevator one day, that there was no dog walker in my highrise. Of three huge buildings. After researching for a week or so, I gave my notice and within two months built my business and was living off of it independently.
I DO caution you, I had businesses before and knew how to be a dog walker/pet sitter. And my corporate job was product manager which is just like running a business.
MANY MANY people I know failed at this idea and lost alot of money because a business start up is HARD. Especially for some reason, guys opening up golf stores!
So I'd go learn how to create a business plan. It's a thing. You have to create your concept then define the "Four Ps". Product, Place, Price, Promotion. Then flesh it out in full. Some people don't charge correctly don't even know what a margin is. They consider what they "can get by on" instead of what the CORRECT price is and if they can live on that "margin". In other words they become "price shoppers" in reverse. NOT ME LOL. I want all wealthy clients who want to and will pay for value.
For example I offered a promo "two walks per day for the price of one" when I started my business but only for a FINITE period of time until I could steal this other dog walker's clients. (LOL). Then their prices went up to normal. It was SO easy but I had to work hard. My clients were so excited to have someone on site. I had doctors calling me from the ER asking me to run up and let their dogs out at 11 Pm when they got delayed and I did it happily because those call outs were a premium rate. They were HAPPY to pay it.
It's a mind set.
Other novices would have just charged cheaper indefinitely. NO! Never look for price shoppers in the service industry.
Many years now I've ALWAYS had one or two high volume clients who each pay around 28K per year for PET CARE! That's besides all my other regular clients. I do thousands of dog walks per year.
You actually COULD do that with pool service or property management if that's your gig...if you will be the most fantastic pool guy around! OTOH, most people just ignore the poor pool guy and leave a check and expect perfection and there's not much you can do to differentiate yourself.
Anyway, then I'd go work in a field where I thought I'd have some passion and learn the business from the inside. From entry level so to speak.
THEN I'd go try it on my own.
OBVS you won't lose much in the service industry but something like retail is a nightmare. Just learning about inventory and how to not screw that up financially is HARD.
So anyway, everybody gets sick of working at some point but my advise is to see if you can visualize something you'd really like. That you CAN do. Not something unrealistic like "become a chef" and have to work every night for the rest of your life LOL.
Or "I love golf, I'll open a golf store" then lose an enormous amount of money and have nothing to show for it. In fact, I'd really steer clear of retail. Just learning how to not have your employees steal from you is an education.
Last edited by runswithscissors; 01-06-2016 at 10:36 PM..
Won't argue with 1 or 2 (although #2 doesn't apply to others & myself who are lucky enough to have a pension & benefits - but I can see how those solely relying on their investments might be a little unnerved).
But becoming second class when you don't work?????....really?...says who?? That's a very subjective opinion....some with money who don't or never had to work look down on those that do as being "second class" BECAUSE they must have a job to get by. Or are you going by the media hype against it and some in the business/financial world which portrays early retirement as a sin and oh, here, by the way...buy that new iPhone, new car, go on extravagant vacations, take out a home equity loan or borrow some more so we can keep you working so we can continue to bleed more money out of you for as long as possible....and if you drop dead we'll take it out of your estate?
While I don't have that opinion of those who must work I in no way feel I'm second class because I was intelligent & circumspect in my choice of career & financial planning which allowed me to retire young.....in fact I feel pity for many that continue to work at jobs they hate in order to stay afloat.
How about don't work, every day's a Saturday, go to bed whenever, sleep late, financially secure, do whatever I want when I want and answer to no one.....second class??....hah....sounds like the life of a rock star to me!!
How about don't work, every day's a Saturday, go to bed whenever, sleep late, financially secure, do whatever I want when I want and answer to no one.....second class??....hah....sounds like the life of a rock star to me!!
I will be eligible to retire this year, not mandatory though, and I am contemplating it. I will almost be able to match my current lifestyle but may have to cutback a bit. So in essence, the money issue is not a problem.
My quandary is "what the hell do I do all day"? I play golf, but can only play a few times a week before my back gives me problems. I like to fish but would be bored if I fished everyday. I like hiking alone, but the solitude after a while becomes downright lonely. I have a few other hobbies that are frivolous in nature that I enjoy but worry that they would also lose their luster.
Don't get me wrong, I love my wife and family and they love me and the idea of spending more time with them is appealing but too much and I think I may end up driving them crazy.
I have been thinking about some volunteer work but can not think of a cause that would get me excited enough to donate my valuable time. Does anybody do any volunteer work that they enjoy?
I have been thinking about starting some kind of business venture that is far removed from what I do now. This sounds good to me. I like having a purpose and making things happen. Only problem with that is after over 25 years as civil servant my skills are limited to cutting the lawn and cleaning the pool. Is San Diego in need of another pool guy or landscaper (rhetorical)?
I think retirement will provide me with a new found freedom but I also worry that it is a countdown to death.
So in short:
What the hell do I do all day?
Does anybody do any volunteer work?
Has anybody started a business?
I am "eary retired" due to being disabled. I have about 1-2 hours a day that I actually have NOTHING to do. ONLY 1-2 hours! I DO have a small income so that takes time, but other time is used up doing something.
I rarely have "down time". I am always busy, so for a man who "has nothing to do", I sure as heck don't have the time to get accomplished all I HAVE to get done!
I pretty much try to keep up with the housework as MOH works two jobs. But, That is not all i have to do, so it doesn't always get the complete treatment it should, sometimes I give it a "lick and a promise". Clean enough to be healthy, messy enough to be happy.
They say " if you want something done, give it to the busiest person you know, they will get it done".
You are right: ~Volunteer at something. I volunteer at the local food pantry when I have time. If you are a higher level business/technical experienced guy volunteer to teach the local unions/college or for SCORE.
~Take a part time job doing something.anywhere anything if you have to. Then you will have something to do, and won't have to "cut back a bit" as you are used to spending what you previously/currently earn.
~ start reading a series of books from the library. Volunteer to read to the blind or children at the library. Have a "reading hour" for children to help have a place for parents to send their children after school and cut their day care expenses a day or two a week.
~play your golf when you feel like it.
~get another hobby...stamp collecting, coin collecting, model trains, building plastic models etc.You can find one!
~ take up or expand your gardening skills, plan to learn to home can your goods for yourself and family for winter,or to give away, that will keep you busy .Even if you are in an apartment, get a plot or two in the local garden plot.
~volunteer at the local school or town board, attend meetings and learn the ways and means. Perhaps instead of complaining about the cost of your taxes you can work on and better understand them!
~If you are good at repairing things, open an inexpensive rent shop to repair things, you don't have to charge and arm and a leg, just parts and a reasonable hourly wage.
~ offer to be a paid consultant/instructor part time for your type of employers across the board in your state or region.
~you WILL "find things to do", and won't be so bored!
I rarely have an hour to myself, have about 1 hour computer time a day,and am always going out to do something, though I really have "no place to go"!
You will adapt.
BEst of luck in your "happy" retirement!
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.
