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I am leaning towards retirement at 62 or 63 (am 61 now) and I am amazed at how many people have told me that if they could do it over again, they would have worked a little longer. Frankly, I am surprised. Does anyone who retired at that age have any comments, advice, regrets, etc. Would love to hear. Thanks for reading and for your time.
I retired at 61.5 and have never regretted it. (Now 72). What is the reason given by people who have told you they would have "worked a little longer" if they had it to do over again? Primarily financial, I suppose? Or just missing the gratification and socialization of the workplace?
Why are you surprised that many people have regrets? Once actually retired, the decision tends to be one of those "no return" decisions because getting back into the workforce after age 62 is impossible for most unless they want to work for almost nothing as a greeter at Walmart or similar.
If one's financial planning and analyses have been careful and thorough, there should be no regrets at the financial level. But some folks have a tenency to shoot from the hip and/or engage in wishful thinking, so I'm guessing that may be the case in some of the ones you've talked to.
I am 65 and will retire in a couple of months at 65.5. Thought about bailing at 62, but the main reason for continuing is employer provided medical coverage. Based on that, I elected to continue working until I was Medicare eligible. (Good thing I stuck it out because my retirement financial accounts are looking pretty good lately.)
A common reason given for retiring at 62 is because one becomes eligible to receive Social Security benefits, albeit greatly reduced, (and assuming enough 'credits' accrued). Keeping inexpensive and good medical coverage was more important for me personally.
I am 65 and will retire in a couple of months at 65.5. Thought about bailing at 62, but the main reason for continuing is employer provided medical coverage. Based on that, I elected to continue working until I was Medicare eligible. (Good thing I stuck it out because my retirement financial accounts are looking pretty good lately.)
A common reason given for retiring at 62 is because one becomes eligible to receive Social Security benefits, albeit greatly reduced, (and assuming enough 'credits' accrued). Keeping inexpensive and good medical coverage was more important for me personally.
DH is waiting three more years for continuing benefits of health, dental and life insurance also. Working one more year past 65 for Medicare until he reaches 66 for FRA is his plan.
I retired at age 59 and have no regrets. With spousal health coverage I could and I'll wait to take SS until FRA at age 66 too in three years, having put in over 30 years of work.
DH continues to love his work and while I loved my work and the challenges too, it was time to go out at peak performance, which was probably two years before I actiually did.
Retired in 07 at age sixty two, no regrets here. Retirement is such a personal decision that it seems almost trite to include others beyond one's spouse, in the decision making. And in that vein, I'd bet that many who live to regret their retirement decisions are allowing others to make them. If your health and wealth are holding up then by all means get on with the life you will most likely spend your last days living, it takes some doing for people to reinvent themselves from a worker to a life of more choices of what to spend one's time doing. Enjoy your life, and celebrate the fact that you can retire..
Sometimes....however, that was due to the fact that I had a "forced retirement" at 58 and could not find a job, full time, in my chosen field, nor do I think I could have done such because of the inherent stress (federal level litigation paralegal in trial all the time) anyway.
I have a healthy bank balance (at least what I think is a healthy bank balance) and can make a penny scream, and my needs are not lavish so I have been able to deal with the added stress of working part time in (as Mathjak opined) suck ass jobs with crappy hours and pay.
That being said...I do not have a spouse to level the field so it is all me. Good and bad.
Having a spouse to share the costs can be a game changer, however, I have a friend who has a husband that has serious chronic illnesses which cost them a bundle each month in just scripts and she just had a kidney removed because of cancer.....so, what can I say. Their life style is not meager, however she does say that she had no idea and never expected just how costly things would become. They are almost 80. They have spent too much on their grands and that should not have happened in my oh so humble opinion, once they hit retirement. It has hurt them dreadfully with the ability to enjoy some travel etc. But I say nothing because it is their money and the grands have two working parents who live in a big house...if you know what I mean.
That being said...the family is very close and have a wonderful relationship all round.
I will keep a suck ass job for extras and I will not completely retire until I have too. I have 9 months to 62 and I will file for SSI.
We retired at ages 50 and 51. Thirteen years ago. No regrets...not one minute!
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