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I was one of the ones who did regret it. I've retired twice since I was 62, once for 1.5 years and once for 3 years. Now I am back to work full time and love it.
Money was not the motivator, although it comes in handy. More importantly was my physical and mental health......I was stagnating and losing my people skills. You can only talk to the cat so much and play with your toys so much before you get bored.
Now, my days off mean much more and I get to interact with people all day and use my brain. For some it might work to retire, but not for me.
Ditto...except for the cat....don't have one of those. I missed the challenges and the interaction.
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.
Back to the OP and his question on early retirement or not. I retired from NY State at 61 after about a year of weighing pros & cons, yes I got a pension but my income dropped by half. Also the medical is out of pocket to maintain existing policy so it was a financial hit. I had to start being a bit more frugal but it was doable. The key to my decision was health, a 65 yr old co-worker who looked in great health had a serious stroke.He had 40 yrs in, could of retired with 25 yrs but kept going because 'work was his life' he said. He's now in an assisted care facility. That made my decision for me, no regrets.After 7 months I've learned to set aside time everyday for exercise, walking, golf, staying physically active.Maintaining my health gives me a daily challenge, also reading or something that uses the brain is important. According to SS the average life span of a male is 82, females a bit higher,I want as many of those years free from a full time job. So unless you're in a serious financial bind don't fall prey to 'work is my life.' Read 'The Station' by Robert Hastings, its a short essay on the big picture. Good luck.
My brother got laid off from his job at 62 and could not find another job so took social security and retired. While he hated his new management and is relieved to not be working there, he is now 64 and struggling financially. If not for the kindness of family members, he would be regretting retirement.
I like hearing that people are doing great but it is important to get both sides.
Quote:
Originally Posted by mathjak107
as bella said , that is not a choice situation , it is nothing he had a choice to do or not do . not what the thread is actually pertaining to .
There were choices that could have been made earlier in life. If you're not set up for financial security in retirement, or really close to it, by the time you're 62, then you probably didn't make the correct choices earlier in life. I'm sure there is much more to this story.
There is a difference between ''drawing retirement pay'' in the form of a pension or SS and quitting/ending doing any job, full, part-time, self-employed, etc.
I am drawing SS at age 62 and working part-time, for example. I have a cap on wages earned until I am 66 as a part-time worker. After that I can make as much as I want.
''Retiring'' for others can mean never working again and living solely off retirement pay.
I don't see the big deal here. Either way you can return or continue in a work setting if you want to do so. I mean, what's to regret?
I only know two people that regretted retiring when they did as "early", ie 62 and under. My father retired in his mid 50s, though, and what he really needed was a long vacation from my mother. The other person actually retired at 62 with a full pension, and though technically educated, financially he was not very. He went back to work for financial reasons for 3 more years.
Out of the other perhaps 30 others, they all echoed what others have said; not only no regrets, but remorse at not leaving sooner, especially as they go in to their 70s. Of course, there is a certain 20/20 hindsight factoring in, especially when retiring at the beginning of an 8 year bull market.
I think I've read all of the posts, thanks everyone for posting. In my case, thinking of retiring in less than a year (just turned 60) so good to get perspectives.
I have 2 concerns, do we have enough to live the life we want to live for the rest of out lives (I think so) and will I get so bored and/or wife nagging drive me so crazy in retirement that I'll want to go back to work. While I'm certain we have plenty, wife isn't as optimistic especially because some of our acquaintances and family have so much going into retirement (I say good for them, I don't need a new 7 series every year). And that's all I have to say about that.
Uh... what's a 7 series? (I don't get out much...)
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Retire if able,
