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I say retire as early as you qualify for a pension, which is what I did at age 50. Unfortunately I became bored to tears in less than a year. So, I took a job driving a school bus, which I absolutely love. I always thought it was a part time job, but I never put in less than 40 hours a week.
Ours is the 10th largest public school bus fleet in the country with a 1600 buses and a $80 million annual budget. In just 5 years, I make $21 an hour and am now vested in the County's generous retirement plan. I will one day be a double dipper...collecting a Federal and Local government pension.
I've been asked to join management (the transportation director makes $110K), but I love "my" kids too much. And those Friday night football trips are a BLAST!
School buses have come a LONG way since I was a kid....ours are rear-engine, transit (flat nose) buses that are air-conditioned, air brakes, diesel powered and automatic trannies. We buy 100 new ones every year @ $110K a pop. They drive better than a Cadillac!
I have a good friend who could retire now (financially secure) but says "I want to keep working while I am able". We both drive for a living. So when he's not "able", what does that mean? He can't drive anymore? He can't walk? He has a serious illness? etc. etc. So God forbid, if he has one of these afflictions and has to retire, how is he going to enjoy retirement? And the strange thing is he hates his job. I've heard other people say the same thing and just can't understand that reasoning. When I retire I want to be "able".
I can understand your friend's thinking. We may think we're financially able to retire now. But in 30-40 years who knows what could happen and we could regret not making more money. I'm in the health care field, so leaving for 10 years then returning may be difficult --
I have a good friend who could retire now (financially secure) but says "I want to keep working while I am able". We both drive for a living. So when he's not "able", what does that mean? He can't drive anymore? He can't walk? He has a serious illness? etc. etc. So God forbid, if he has one of these afflictions and has to retire, how is he going to enjoy retirement? And the strange thing is he hates his job. I've heard other people say the same thing and just can't understand that reasoning. When I retire I want to be "able".
Perhaps his mental image of 'retirement' is one of wheelchairs and IVs, diapers, alzheimer's and hip replacements.
I'd worry about retiring and ending up regretting having not saved more money. Only.
If I had the financial security I think I need, I'd leave smoke quitting my job. I've had it. And I'll worry about "keeping busy" and all after. I've been working full-time since age 18 (now 55) through schooling and different kinds of work, and I'm just plain old finished.
I'd worry about retiring and ending up regretting having not saved more money. Only. If I had the financial security I think I need, I'd leave smoke quitting my job. I've had it. And I'll worry about "keeping busy" and all after. I've been working full-time since age 18 (now 55) through schooling and different kinds of work, and I'm just plain old finished.
Worry, worry, worry.
I am so sorry to hear this.
55 is rather old to begin thinking about retirement, shifting to a mortgage-free home is a good start. If a household has been paying half of their income on rent/mortgage, getting rid of that instantly drops how much you 'need' by half.
If you had 50% of your income freed from housing and available to do some investing with; you could surely do some serious investing.
"55 is rather old to begin thinking about retirement,"
I appreciate your sympathy, but am honestly not sure what you are being sympathetic about.
I thought about retirement late, but not yesterday. I went back to a particular job because of the pension in 1999 (where I was already vested) and have clunked along with my 403b.
I never thought of such things before I was, oh, 40, for a number of personal reasons, most of them being that I had no idea how one could live without working, and because I kept doing all the things I thought I wanted to do in life (the things many people put off until they're retired). I wish I'd been more prudent, but I'm glad I did so many of those things, which largely turned out not to be worth the trouble (moving places, changing jobs, going back to school, etc.)
I am willing to work the "weekend package" at my current job- work two shifts every weekend, get paid for three, get pro-rated benefits. I think I could do that if I take my pension at age 62. Again, I worry about not having enough money to do this relatively safely, and becoming older and needing more money and not being able to get it.
I don't worry/worry about it- just try to plan reasonably. I'm in lots better shape than most people I know, to be honest.
When should a person retire? At what age? 40’s 50’s 60’s 70’s or even 80’s
If they are financially ok to?
If their health is starting to fail them?
If they can’t find another job?
If they just don’t like to work any longer?
If they need to stay home and care for a love one?
When???
I understand it’s up to each individual person and their personal needs at the time. My question was to find interesting answers and thought ~ each of you provided just that, and I thank you all.
If a person’s health is failing and they can’t or shouldn’t work, retire
If a person can financially retire and they (personally) don’t care to work ~ then retire.
If they don’t like to work and can take care of their own personal needs without depending or be a burden on someone else ~ then retire.
There are so many answers that fit the question but it truly is an individual’s choice if all the factors are in favor of it.
When people get in their 60s, 70s, and 80s - they reflect back on their lives. I vaguely remember some psychosociologist theorist named Erickson who studied this. He discussed that the older adult goes through their final stage of life development called, "Integrity vs Despair". This is where the "oldtimer" reviews his/her life accomplishments, deals with loss and prepares for death.
So regarding retiring early, I don't want to reach that final stage and look back at my life with despair because I quit working too early in life and didn't accomplish enough with my life. This is a big factor in my decision to retire. I can afford it financially, but I'm not sure psychosocially if I'm ready.
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