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When do you start to think about it?
What was the trigger?
What factors did you evaluate (in addition to money)?
What criteria did you base your decision on?
What regrets do you have? If any?
And if you are willing, what did you do before and after retirement?
The US Navy has a High-Year-Tenure policy. How high you climb in rank determines how long you can stay on Active Duty. When I reached 20-years I had no choice, I was booted out.
So we planned for it way in advance. Maybe too much.
We owned homes, we adjusted our lifestyle to comply with a low pension income, and when the time happened it was a smooth transition.
What percentage of US workers are covered by a pension plan?
The BLS overview shows that pension coverage is much higher in the public sector (78 percent) and among unionized workers (67 percent) in the private sector. In contrast, only 13 percent of non-union private-sector workers are covered. Jan 11, 2013
When do you start to think about it?
What was the trigger?
What factors did you evaluate (in addition to money)?
What criteria did you base your decision on?
What regrets do you have? If any?
And if you are willing, what did you do before and after retirement?
Trigger: My mom had pancreatic cancer, and my father hadn't driven in years due to TIAs and other health problems. I was working a stressful job 50 hrs a week while driving all over the state to bring them to doctor appointments. My boss was great, allowing me very flexible hours, but the stress was affecting my health. My groovy groom agreed we'd be fine on one income and encouraged me retire early (55) so I could help my parents.
Factors (besides $): Knowing that my mother was terminal and that my father would need help.
Criteria: See above
Regrets: NONE!!! I don't believe in having regrets, knowing the decisions I make are the best I can do at the time. Besides, I'm no longer in a freezing cold office every day.
Did: I was an Environmental Project Manager at an engineering firm.
Do: I've gone back temporarily part time twice in the three years since leaving. They called me again a couple of weeks ago asking me if I wanted to help with some particularly miserable, tedious tasks, but I turned down their request (yuk).
I occasionally substitute at the consulting firm where my husband works when the receptionist is out or they need an extra hand. It helps that I have computer skills that they don't have.
My mom passed away six days after I retired. I had been helping my father out several times a week - shopping, cleaning, etc... - but he reached the point where he couldn't, and was afraid to, live alone. He also didn't want to move in with any of my siblings when they offered, or to have anyone move in with him. (He did want ME to move in. Yeah... No.) He moved into assisted living, and I spent last summer cleaning and selling his house while he was again in the hospital and rehab. He fell Monday and yesterday in his apartment, and I just got back from taking him to the rehab facility from the hospital. Not sure if he'll be going back to his assisted living apartment.
I visit my father two or three times a week and still take him to his appointments. I'm also doing plenty of fun things. I've been tutoring adults in ESL once a week during the last couple of years, I go kayaking, work out at the gym, go running, do housework (yuk, but needs to be done), do yard work (which I enjoy) and get dinner ready for when my sweetie gets home. He did all the weekday cooking when I worked, because he used to get home first.
When do you start to think about it? - about age 30
What was the trigger? - hit our number
What factors did you evaluate (in addition to money)? - nothing
What criteria did you base your decision on? - expenses vs. savings
What regrets do you have? If any? - none yet
And if you are willing, what did you do before and after retirement? - I was software developer, wife was an attorney. Now we travel to see/taste the world, I guess bums.
I should've been more specific about one thing - I want to know what AGE you started to think about retirement and then then rest.
I'm 50, right at a point where you can suddenly get hit by some illness. I am starting to think about how to transition into a life where I can enjoy life more. But it doesn't seem right for a 50-year-old to be thinking about actually retiring... or is it?
I'm not retired, yet. But I will comment on your question above. I had not even begun to think about retirement at 50. I was just hitting my stride in my running, was at the gym most nights, and was very much enjoying life, more than ever. I had started a new job a couple of years earlier, that offered a pension and some excellent retirement savings plan options but really do much with them until around that 50th year. I started socking away as much as I could that year. I had some retirement funds from previous employers, but not a whole lot. When I hit 55 - that rang a little bell inside, but still didn't seriously think anything about it as I was pretty certain I would never retire. Loved my job, and the housing crash took such a chunk out of my accounts that it made retirement a distant thought. Maybe 3 or 4 years later, it hit me. 60 was around the corner, and my savings were finally looking pretty serious.
I will retire in a bit less than 4 years, and I will be so ready.
When do you start to think about it?
What was the trigger?
What factors did you evaluate (in addition to money)?
What criteria did you base your decision on?
What regrets do you have? If any?
And if you are willing, what did you do before and after retirement?
Been thinking about it for years now Started collecting a small pension from a prior 'career' at 55. Didn't think it was enough to actually live on, so at 62 now, and with an additional 12 yrs with the government, I am ready to go. I think fairly firm target date 4/27/2019
Trigger: I'm 62 and have been working my whole life. Just don't really enjoy my work although the salary is excellent. I don't get much satisfaction from it at all, and since my husband is already retired (and has been), I just feel like I want to do what I want to do, not have to answer to anyone (unless I choose to) and live on my own terms.
Factors: $$ of course. Health care (I'm eligible for reasonably priced health care through the prior retirement (won't have to use the state plan, which in my state is a disaster. Hubby is already on his and is going to get their dental part of it now since it's open enrollment. I've been carrying him on mine....) My age. Physical condition (osteoarthritis) - I don't want to be decrepit by the time I pull the plug and not be able to do anything. Bills/financial obligations. Location (we do want to move).
Criteria: I believe we can afford it now. Health and dental care should be covered. I want to be outside with dog and hubby and enjoy nature. Take some road trips, see some national parks, 'do whatever I want' on my own time frame. Would like to learn how to cook, take some classes, etc. **caveat. where we live now is very costly, and has a very long/often harsh winter, and even though we could afford to stay here, I don't want to. So we are looking to relocate further south, which also has some cost benefits.
Regrets: don't know yet am hoping it all works out but keep in the back of my mind that if I need to or want to, I presume I could work again but would do something PT that I enjoy.
Post retirement: referencing above: Figured if I get 'bored' I could do some PT work, but not office/government work unless it really was a perfect gig. Thinking more summer nursery work, PT with the forest service, if possible, in (their) home doggy day care or dog-sitting. I would hope my age would NOT be a factor, but on other boards where we've discussed this, my opinion is that I am very dependable, trustworthy, a hard worker, and I can sell myself for almost any position except heavy manual labor (cause I'm old and I ain't doin that!!!) Volunteering: reading to seniors in nursing homes, or doing their nails (no, I am not a manicurist!)
Prep:Made a simple spreadsheet for income/expenses and just need to sort out the taxes on my 401K and gov't retirement distributions. We know we will adjust our spending but we don't live extravagantly anyway.
This was a great opportunity to put this down in writing
EDIT: waiting until I am MRA to take my social security, from which I'll have a windfall elimination due to the earlier pension I mentioned but waiting gets me more $$, and added to our other resources, will come when we probably need a raise....so....
When do you start to think about it? I started to think about it in my early 50's.
What was the trigger? Began to hate my job for a lot of reasons. But it provided decent pay and good pension, so I stuck it out until it was time.
What factors did you evaluate (in addition to money)? Health and happiness.
What criteria did you base your decision on? Age 65 when I could start withdrawing my retirements. Also, access to affordable medical coverage through my retirement.
What regrets do you have? If any? Not one single thing. In fact, I'd have done it sooner if I could have.
And if you are willing, what did you do before and after retirement?
I worked for city government in the Finance Dept. Little energy left to do much of anything besides work. Today, I do "whatever I feel like". I am tacking numerous household projects, just finished a 2-week road trip that was in my bucket list for 23 years, and I no longer do a damn thing for anybody. Dropped 22 lbs and feel a lot better.
The third time my wife sat me down and told me I had to.
What was the trigger?
Shingles and the aftermath.
What factors did you evaluate (in addition to money)?
I was a computer consultant for a number of small businesses and residential clients.
What criteria did you base your decision on?
The fear that because of the condition I was in after the Shingles (and a few tias) I was going to royally mess up a computer system.
What regrets do you have? If any?
That I had to stop working at a job that I thoroughly enjoyed.
And if you are willing, what did you do before and after retirement?
As above, Computer Consultant. I was the Peon and the President. Great boss.
After going through that I struggled. I don't know what, if anything, it had to do with it, but my blood pressure skyrocketed, my Neuropathy got considerably worse, I was told I had Fibromyalgia, but he wouldn't diagnose it because I'm a man. The BP meds they gave me hit me so hard that I had to use both arms and both legs just to stand up from a chair. And it wasn't an easy thing by any means. I was 6'-2" and strong as an ox before all that happened.
Now (9 years later) I putz around the house, fixing and updating things. We play Bridge, Rummikub, and a host of other games. We are fortunate that we can go out often, and travel. A month in Ireland and the Netherlands last year. This year we're having a tough time figuring out our destination.
All in all I feel lucky. Not everyone is as healthy as I am at 70.
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Started collecting a small pension from a prior 'career' at 55. Didn't think it was enough to actually live on, so at 62 now, and with an additional 12 yrs with the government, I am ready to go. I think 
