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MikeBear…..while you expect it to come -- technically you could be waiting for something that might not come…..how long are you going to wait? One year? Two? Of course, if you keep waiting then you'll end up NOT retiring.
Financially everything is all set for 65, only 18 months to go. Medical insurance is the only thing that worries me, it's expensive and getting worse, it's also become political so who know what's going to happen. I just hope we have enough cushion to absorb the increases. If not, I can always work PT to earn enough for insurance.
I would think a lot of people understand that once they pull the trigger and the checks stop coming they can't turn back the clock and get a do-over. Once they stop working the paychecks, at least at their previous amount, stop forever and that can be a scary thing to a lot of people.
This sums up my feelings and although I'm eligible to retire in July of this year, I'm waiting until January to get myself mentally ready for this transition. Although I've crunched the numbers many times and we should be able to live comfortably, the idea of giving up a perfectly good paying job out of boredom and the desire to move elsewhere (we really dislike where we live now) is a very scary thing. I could stay right where I'm at and continue to stagnate into old age and make a lot more money in the process, but I've reconciled with myself to take the leap and go. Doubts do sometimes creep in though, because I understand that once that trigger's pulled, there is no going back!
I'm 68 and could retire right now but I won't yet. Reason is simple it's financial security.
According to our retirement budget we would very comfortable with what I think generous amounts for what we want for our standard of living in retirement.
But if I retired right now while we would have everything we wanted there wouldn't be much extra for unforeseen.
What would happen if the air conditioning went out? Right now we would have an extra $176/month left over and while I am sure we could cut back on food ($541/month budgeted), entertainment ($433/month budgeted), gifts ($100/month budgeted) and utilities by turning the thermostat up ($300/month budgeted) who wants to live a life with cutbacks like that?
If we see a special deal on a cruise come up we want to be able to jump on it without having to give up our standard of living.
So I am going to try to do it another two years which will add an additional $396 to my monthly benefit bring the monthly slush amount to $572 so when something special pops up we can feel free to jump on it.
By getting the extra money we can keep our IRA money for the day something really unexpected pops up.
Another very big reason for my putting it off is my wife. If I should die first I want her to have a secure and comfortable retirement and as she will receive my benefit that extra $396 every month will insure she has plenty of cash for what she wants to do.
What does she want to do? Spend the money on the grand kids... oh well...
Good for you...sounds like a good plan! Remember that the IRAs will have to have RMDs, so your budget will get better whether you like it or not!! Good news is that you can stash it away to either grow it (invest somewhere), or put it away for other new stuff...like more kids!!
I have a co-worker…he tells me he likes his job…but then again he's also helping out his adult kids AND college age grandkids. Having worked with him for 20 years -- I also know he liked being Mr. Money Bucks.
At 74 he's getting a previous pension, collecting maxed out Soc. Security -- AND making 6 figures -- AND doing all the overtime he can get. But he's also buying and maintaining grand kidS cars, helping to pay for trips and college costs, and helping out HIS adult children who are in their 30s and 40s. (He'll do overtime during his VACATION week! AND has had spats with others about them getting OT instead of him. )
I will say he's a pleasant sort BUT a bit self-absorbed. Skips in, swingling his lunch box, starts talking and disturbs everyone. He's NOT the sort to notice he's bothering people or help people out. He's too busy bragging about what HE'S doing.
I sort of think it's sad that at 74 he has nothing he'd rather do than work. But he's in his own world -- and happy there. And there's nothing nothing really wrong with that.
To me this is actually sad and pathetic - but it's a free country and if this guy wants to work himself into the ground to "help" his grown children and their spawn - I guess he can have at it.
And, if he had raised them right, he wouldn't have to "help" them...
I would think a lot of people understand that once they pull the trigger and the checks stop coming they can't turn back the clock and get a do-over. Once they stop working the paychecks, at least at their previous amount, stop forever and that can be a scary thing to a lot of people.
This is very true. A few rare individuals manage to make significant bank at least on contract after retiring at say 50+ years old - but for most of us, once you leave that full-scale, full-time job, that last paycheck is the last big one you are going to get. I'm not "afraid" of that as such, but, I do have to respect the facts of the situation.
And, if he had raised them right, he wouldn't have to "help" them...
Oh, please. You have no idea why he's helping them. For all you know, maybe he has a daughter whose son is in the military and is overseas. Maybe he has a grandchild with leukemia. Save the witticisms for your comedy show.
I could have retired years ago. I'm an independent real estate appraiser and over the years I have integrated my work into the rest of my life so well that working doesn't bother me at all, in fact I really enjoy it. I work for myself, choose my own hours, work from home and when I want a day or a week off, I take it. Today, for example, I left my house at noon, appraised two homes and arrived back at home by 3:30 with $ 1,000 in my pocket. Now I'm writing up the reports with the TV on in the background. No appointments tomorrow, but 2 scheduled for Wednesday so far. How do I walk away from such an easy gig?
To me this is actually sad and pathetic - but it's a free country and if this guy wants to work himself into the ground to "help" his grown children and their spawn - I guess he can have at it.
And, if he had raised them right, he wouldn't have to "help" them...
Not sad and pathetic at all.
I think treating family member to vacations and other life experiences is a good thing. Better than just leaving the money in an estate.
And his gesture is no indication of raising his children wrong.
I think treating family member to vacations and other life experiences is a good thing. Better than just leaving the money in an estate.
And his gesture is no indication of raising his children wrong.
I stand by what I said. If your 40-something kids need "help" to the tune of a guy who is making 6 figures and (apparently) spending most on his kids - those 40-somethings are not right.
If he's filling up 521 funds for the grands to go to college - that is one thing. But direct cash to a 40-something is just wrong.
What will they do when this guy can no longer "help"?
I have seen this in real life more than a few times, where grandpa continues to work to supplement his kids, who for whatever reason can't quite reach "break-even" financially. In the real world cases I have seen, the kids were self-indulgent bums, who simply spent more than they earned, and they didn't earn much, because they had poor skills, no real training, just were not worth much to any employer.
But maybe you have seen different.
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