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Old 03-13-2017, 12:20 PM
 
Location: Fairfield, CT
5,842 posts, read 8,603,714 times
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Quote:
Originally Posted by Steve40th View Post
I am not quite 50, but I have enough money to live on with my pension, health care is good forever etc. Not living at same standards, but enough to just chill and get out of the rat race. With one exception, daughters college, I dont see any reason to keep killing myself living to work..
So, what finally made you retire, and just start living?
I have not retired yet, but I plan to retire in about 2 years. I am 54 now, so I will be 56-57 most likely when I retire.

By then, I should have enough money to keep up my present lifestyle. I want to retire because I have always worked very demanding jobs with heavy responsibility and long hours. I am tired of it. I have done well financially but most of my life is spent doing things for other people.

The two main commodities we get in life are time and money. Depending on circumstances, you can trade time for money, or money for time. For many of us, we have a sufficiency or surplus of money, but a severe shortage of time. The choices to deal with this are to (a) step down to a lower paying but less demanding job, with consequence of delaying actual retirement or (b) continue to maximize income and save as much as possible to allow for a retirement as early as possible.

I considered (a) about 8 years ago, but I feared that I would end up with just as much stress and aggravation for a lot less money. I know many people who put up with much of the same stress that I have had at work, for a lot less than I am making. So I opted for option (b). My work situation has calmed down a bit and as I have become more senior, I have had more control over my schedule which has helped.

Still, I am very tied down much of the year. My job is financial and centered around quarter closes and year-end financial reporting, so there are large blocks of time during the year when I can't even consider taking a vacation. Many places I want to visit are best visited during the times I can't go, and would require a longer time to visit than I could possibly take out of the office. Retirement means freedom.

I probably won't fully retire in 2 years. I may take something part time for a while. But I will be at the point where I don't have to work in order to survive financially.

Hopefully my answer makes sense.
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Old 03-13-2017, 12:27 PM
 
10,813 posts, read 8,059,843 times
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Quote:
Originally Posted by Steve40th View Post
So, what finally made you retire, and just start living?
DH & I enjoyed working and didn't wait until we retired to start living.

We both pulled the plug at 62 though because there were things we wanted to do - travel extensively and relocate to another area - that we couldn't do while working.
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Old 03-13-2017, 12:41 PM
 
Location: Fairfield, CT
5,842 posts, read 8,603,714 times
Reputation: 6286
Quote:
Originally Posted by biscuitmom View Post
DH & I enjoyed working and didn't wait until we retired to start living.

We both pulled the plug at 62 though because there were things we wanted to do - travel extensively and relocate to another area - that we couldn't do while working.
I have always lived relatively well while working. I have been taking two major vacations per year, usually to Europe, and I have a lot of "extras" - nice car, nice house, nice dinners, social events, etc. I also got a dog a couple of years ago and she is a delight.

Still, everything has to be so tightly scheduled because of my heavy work schedule. It will be so nice to have the freedom that you can never have while working. Even a high school or college schedule is so much better than a working schedule in which I am out of the house for 13-14 hours every day.
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Old 03-13-2017, 12:47 PM
 
Location: RVA
2,164 posts, read 1,265,616 times
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Oddly, I never thought of retiring really early, like 50 or 55, even though my parents did retire at around 52. My job is iinteresting and includes a private company pension and I just could NOT leave that kind of money on the table. At 59 now, I debate the time vs money issue constantly, and 62 still seems to be the sweet spot, though I can work part time and still increase my pension, so I may continue afterwards. I have only one classmate that has retired already, and though some are very wealthy, far above where I ever could be, they still continue to work. My college roommate has started his 3rd successful company & is a multimillionaire. Whenever we discuss it, the answer always seems to be "You will know when it is right". Luckily, we plan to retire in place, where the COL is pretty good, compared to where we grew up in NY and NE.
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Old 03-13-2017, 12:48 PM
 
Location: Myrtle Creek, Oregon
12,233 posts, read 12,495,497 times
Reputation: 19379
I retired because I got old. When I started falling asleep at my desk, I knew it was time to get out. Plus, thanks to decades of saving and planning, my wife and I have a comfortable income and no debt. Now I can enjoy my afternoon naps without feeling embarrassed.
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Old 03-13-2017, 12:55 PM
 
Location: New Mexico
6,562 posts, read 3,659,218 times
Reputation: 12333
My wife was older and had already retired early so in order to share in retirement I took the first opportunity to throw off my collar and run out of the gate. I was retired at 52 and she died when I was 58 so if I had stayed working we would not have had any time together. That was my primary reason to retire early but the job stress of the political environment was making my angry 24/7 so I needed to get out. We had almost no debt and the financial end of the decision was fine and has generally gotten better over the years. I'm living where I always wanted to live and my health is tolerable as I approach 70 so it was a good decision. (I had a P-T job for the first few years mainly to keep busy.) Another factor was that my parents made retirement plans for post-65 retirement and then my mom came down with Alzheimer's so they really had no enjoyment in retirement. He had a stroke as her caregiver and they ended up sharing a room in a nursing home. That inspired me to travel and do things earlier than we might have done otherwise.
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Old 03-13-2017, 03:47 PM
 
Location: Colorado Springs
4,834 posts, read 4,949,965 times
Reputation: 17302
I retired at FRA, for me 66. Having Medicare available at 65 cinched the deal.

I was getting too tired in the afternoons and I couldn't tolerate the 12 hour days anymore. At 23, that was no problem. At 66, it was a huge problem. Getting old sucks.

In my final year of working, we tried out living on our targeted income and it was plenty. Also, our kids are doing well so building a bigger pile of money to leave for them makes no sense.

I also started having back problems. Too many people I know at my age are dying. That freaked me out.

So I retired. I used to think you should work for as long as you can. No more. Now I advise my friends to retire as soon as they are financially able to do that.
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Old 03-13-2017, 04:02 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,549 posts, read 39,934,465 times
Reputation: 23673
Quote:
Originally Posted by Steve40th View Post
I am not quite 50, but I have enough money to live on with my pension, health care is good forever etc. ...what finally made you retire, and just start living?
out at age 49 -because the stars lined up.. - No Pension, No HC (Pre A(?)CA, HC was manageable with a few options)
why?
  • worn out (worked 3 jobs for 33 yrs) working by night, Single hourly earner family + farming by day
  • great severance (2 yrs college + 2yrs HC and salary)
  • Had just finished 32 yrs of elder care
  • Kids were done with homeschool and over age 18, and on their own (no college funding by me..., had helped them accrue $100k assets by age 18)
  • Pre-spousal care (a given till EoL)
  • Investments would support us (minimal, but acceptable)

Post retirement;
A(?)CA torpedoed HC,
Property taxes increased from $8/ day to $30 / day (same house, no improvements, just 'older and all worn out' (just like me). Assessor really likes our view, neighboring properties popular for 1031 exchanges, raising sales price comparable. )

Adjustments needed to be made to cash flows and retirement allocations. 2x the cash flows needed, compared to 'targets' when retired. (Due to HC and property tax increases)
"prepare for change" but you will do fine.
Pull the Plug!
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Old 03-13-2017, 07:58 PM
 
26,589 posts, read 52,277,138 times
Reputation: 20410
It's a topic I follow except that I have no pension... just the luck of the draw... I went to work specifically for companies that offered pensions but was always at the tail end.

Employer was just acquired by a company with 55,000 employees... daily there are changes and I may decide enough is enough...

I owned my own Property Management company for 10 years and still dabble in rentals so this is my default retirement plan... although it is still a job.
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Old 03-13-2017, 08:22 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,549 posts, read 39,934,465 times
Reputation: 23673
Quote:
Originally Posted by freshjiv View Post
I plan to retire by age 45 at the latest. I am 37 now. ...Life is too short to work forever. I have 2 girls, age 6 and 3, I would like to be retired by the time the older one hits high school, which is in 8 years.
Retire earlier if possible, If you have kids, you are missing precious moments with them, In RE, you can always work later, and markets are changing. (thus, so will your investment choices and knowledge)

Replace your current income with your Cash Flowing RE and retire SOON!

Retire early, retire often....

1) You might not get it right the first time!

2) Too fun to do just once!
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