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Old 04-27-2017, 09:36 AM
 
Location: North Scottsdale
30 posts, read 18,001 times
Reputation: 104

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It isn't that I dislike the job, and the money is great - but that there are other things I would rather be doing with my time. I have no debt and own a home and a vacation home free and clear. There will be pensions - so everything says "GO" - but my frugal side says stay, and save and build more resources.


Conflicted like a deer in the headlights in Arizona. Deciding to retire - is tough! Deciding to stay is so much like doing the right thing - which at 57 is getting old.
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Old 04-27-2017, 10:13 AM
 
Location: Montana
1,752 posts, read 1,653,911 times
Reputation: 5951
There is probably some figure of "slush fund" you need to grease your yearly finances. For me that amount is about $30,000. I retired about 6 months too early (unforced error on my part), and that lack of "slush fund" still haunts me a little when a major expense comes up, because instead of paying and replenishing over time, I have to choose between debt (anathema to me now that I'm in retirement), pulling from long term assets with tax and penalty implications, or delay until I can build up the cash for the purchase.

Day to day, and planned expense/travel wise my monthly income meets everything we want and then some, so this isn't a "I can't make it in retirement" concern, it is an ease of money management concern. For example, I want to fence my property (not a planned expense when we moved here), and the cost is around $4,000. It will take about 3 months to accumulate that cash from the monthly pension, but if I had the "slush fund," I could front the money and replenish it leisurely over 6-9 months. First world problem I know, but if you can avoid them, why not? I would figure out what that "slush fund" number is for you - beyond the monthly budget and 401K/Retirement account, that is your retirement budget income, a different thing in my way of thinking. This is so when unexpected expenses come up (it happens, should not be frequent, but it happens), you can roll with it, and not struggle with it. Put the "slush fund" in place before you pull the plug would be my recommendation.

Once that "slush fund" is ready, whenever somebody thoroughly pisses you off, or a company policy or program is so stupid it makes your head hurt, pull the plug and join the world of "not going today!" As an aside, I have never heard anybody say "I have too much money" in retirement, but most of us "have enough" - and that's the real sweet spot IMO, having enough.

Last edited by Tuck's Dad; 04-27-2017 at 10:23 AM..
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Old 04-27-2017, 10:31 AM
 
Location: North Scottsdale
30 posts, read 18,001 times
Reputation: 104
Thanks TDad. I think you may be on to something. I work/live best when I have a goal. A fund like that would give me a "financial finish line" rather than an age or a date. And the pay off is more money!
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Old 04-27-2017, 12:43 PM
 
12,825 posts, read 20,135,648 times
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Quote:
Originally Posted by canoesmith View Post
It isn't that I dislike the job, and the money is great - but that there are other things I would rather be doing with my time. I have no debt and own a home and a vacation home free and clear. There will be pensions - so everything says "GO" - but my frugal side says stay, and save and build more resources.


Conflicted like a deer in the headlights in Arizona. Deciding to retire - is tough! Deciding to stay is so much like doing the right thing - which at 57 is getting old.
57 is young. At least it is in my physically cushy, mentally demanding High Tech world. Obviously more physically demanding work is a different story.

My considerations go beyond salary. For example, the other perqs and benes I get from being a permanent employee.
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Old 04-27-2017, 12:56 PM
 
Location: Grosse Ile Michigan
26,523 posts, read 62,937,402 times
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My Dad retired at 57 and then supplemented his income doing something he loves. He became a golf course groundskeeper. Not a lot of money, but he loved that job, probably would have don it for free. He quit when he was 76 or 78 because my Mom got cancer and he wanted to look after her, and because we moved back nearby and he wanted to spend time the plethora of grand-kids we brought along when we moved. He never regretted retiring from his "professional" job, but he regretted at times retiring form the golf course. After my mom died and the kids got older an no longer cute, he filled his time with charity work. He claims if he did not have an occupation, he would wither and die.
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Old 04-27-2017, 01:11 PM
 
5,822 posts, read 13,313,859 times
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All the money in the world can't buy your health. If you can afford to retire, do it now. I know too many people who put it off for "another year," and either had a catastrophic illness or passed away.
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Old 04-27-2017, 01:16 PM
 
Location: Out West
273 posts, read 179,564 times
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Canoesmith,

I feel your pain. After years in less than ideal jobs, I'm finally in a job that pays well, and that I enjoy, but it would just be so nice to retire. So I have two thought bubbles next to my head. One says, "We've got plenty--just retire already!" and the other says, "But what if [insert enormous unplanned expense here] happens--we'll face financial ruin and I'll never get another job like this one." Sixty has been chasing me all year and is about to catch me, so I am especially feeling this arrival at the crossroads.

Tuck'd Dad has a point--setting one more financial goal that gives you extra assurance will probably go a long way toward easing any worry about retiring. But once you hit that goal, it's a leap of faith, and you (and I) just have to take the plunge. After you!
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Old 04-27-2017, 01:21 PM
 
662 posts, read 477,547 times
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Slush fund is a good idea. So is staying put since you don't mind the job. Quit when you do mind it. Why not? Is there a significant other? If so, what do they say?

Also, have you thought about what you'd do during retirement? If you're not itching for some adventure/experience, you should at least be thinking about what you'd like to do. Thinking about such things often catapults one into doing it.
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Old 04-27-2017, 01:37 PM
 
Location: New Mexico
6,561 posts, read 3,659,218 times
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Quote:
Originally Posted by Coldjensens View Post
My Dad retired at 57 and then supplemented his income doing something he loves. He became a golf course groundskeeper. Not a lot of money, but he loved that job, probably would have don it for free.
I think this is the way to go for many people. I retired at 52 and then worked at something I really enjoyed for seven years (part-time) just for pocket money, the interesting & varied work and the social contacts. I learned a lot in that part-time job just working and dealing with a different sort of person and different set of problems from my 30-year career.
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Old 04-27-2017, 01:38 PM
 
Location: Grosse Ile Michigan
26,523 posts, read 62,937,402 times
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Quote:
Originally Posted by crusinsusan View Post
* * * * * Why not * * * * catapults
Catapults are cool. It would be fun to make catapults after retiring. I am going to put that on my list. I think I will add trebuchets and ballistas too.
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