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Old 07-23-2019, 12:19 PM
 
Location: La Jolla
320 posts, read 161,480 times
Reputation: 575

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I agree with others that said if the work is easy then give it a try. You can always leave if you don't like it or feel it is taking up too much of your time.

My H and I won't be retired for a few more years, but we are doing a lot of traveling now so that we can do the things we enjoy while we have our health. Next year includes a 15 day trip to ski resorts in Montana, Wyoming, Colorado and New Mexico that we haven't skied before.

My parents are now in their upper 70's and still able to take 3-5 trips each year. Last year was Africa and this year is a driving trip through Portugal. My Dad has back issues, but refuses to get left behind. Sometimes he will skip activities on a trip and just stay at the hotel and enjoy the day. H and I hope we will be like they are in 20 years!
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Old 07-23-2019, 12:34 PM
 
Location: New Mexico
6,666 posts, read 3,710,960 times
Reputation: 12557
Quote:
Originally Posted by irishcopper View Post
That is what I am trying to determine. I think that I have enough money to remain comfortable the rest of my life. However I don't want to sell myself short and discover in twenty-five years that I've outlived my money.
It doesn't sound like you want to go back to work. If you can be satisfied with being comfortable for the rest of your life on what you have and can adjust your lifestyle accordingly, I think you would be OK. If you will draw social security you might try to postpone that a few years if you can, maybe to 70, and take the larger benefit down the road.
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Old 07-23-2019, 06:06 PM
 
81 posts, read 34,724 times
Reputation: 532
Quote:
Originally Posted by irishcopper View Post
I retired last year at age 60 with a total of 42 years of military and federal service. I had originally planned on remaining on the job until I was at least 62 but management began playing games with my shift. I had no desire to return to working nights so I retired two years earlier than planned without regrets. During the year I've been retired I've traveled, engaged in many creative pursuits, worked around my house, read good books, enjoyed the company of friends, reduced the stress in my life dramatically and remained fit with long hikes with my dog and yoga. I can never recall a day that I've been bored or missed going to work. I wouldn't say that money is tight but I also don't have the disposable income that I had when I was working. To date I've been able to subsist primarily off of my military and government pensions without dipping too much into my savings and I haven't touched my TSP .

I was recently recruited for a position with a government agency with an excellent salary. While I don't ever miss getting up and going to work accepting this position and working for a few more years is tempting. If I accept the position I'd be working strictly days and it's a fifteen minute commute from my home. Returning to work would give me an opportunity to build my TSP, possibly get my house paid off and defer collecting social security until I'm 65 or later. I don't have a wife or kids and my only debt is my modest mortgage.

I'm meeting with my financial advisor this week to see if returning to work for 3-4 years is a good financial option for me. If I decide to accept their offer and return to work I always have the option of resigning and re-retiring if it's not to my liking. My primary reluctance in returning to work is losing the freedom that I've learned to appreciate now that I'm not tied down to a job. I'd like to be able to continue to travel while I'm still young and healthy enough enjoy being on the trail and out in the woods. To those of you that have re-entered the workforce after retiring did you have any regrets? Any insight or positive feedback would be appreciated. Thanks!
I’m also a retired federal employee who retired at the age of 60, for reasons much like your own. I frankly am enjoying my time in retirement getting up when I want, and what I want, with no set schedule. DH and I go to the gym, sometimes we take care of the grandkids if needed, I read a lot, we are active with family and church, and we love to travel.

In my first year of retirement I toyed with the idea of returning to work for the same reasons you cited. Extra money always comes in handy, I was offered several jobs all well paying, but for some reason kept finding excuses as to why it wouldn’t be a good fit. After a lot of self reflection, I realize that I’m not ready to give up the freedom that retirement brings. I have been working since the age of 16, and working as a professional for over 40. This is the first time in my life that I have actually had a chance to be at home for any length of time and I was surprised at how much I am enjoying it.

At this point I think it would take a major financial catastrophe to make me consider returning to work. Help you figure out what you want to do. Remember extra money is always nice, but you can never get back time. I think that was the clincher for me. I had too many friends and former coworkers who put off retirement to “work a few more years and earn a little bit more money“, many ended it up ill or dead earlier than anticipated.
I guess that could happen to anyone at any time, but seeing that they were within my age range, with so many plans for traveling and doing things with family that they actually never got to do because they became either chronically ill/disabled, or ended up dying. That was a sobering realization for me. I decided my time is more valuable than any extra money I could earn. Good luck to you in whatever you decide to do.
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Old 07-24-2019, 07:36 AM
 
Location: Central CT, sometimes NH.
3,502 posts, read 5,161,346 times
Reputation: 3571
It sounds like you are enjoying your retirement. Knowing that you enjoy your post-work lifestyle is a big part of retirement success. If you do return to work you will be doing so with the knowledge that if it doesn't fit your lifestyle you can leave and you know what you are returning to.

I retired early last year at 55. For me I have found that I am not ready for full retirement since many of the people I enjoy spending time with are still working and I underestimated how important daily social contact and stimulating conversation is to me. I have been actively looking to find employment and am facing the reality that finding a professional position in my area over 50 is a big challenge. The fact that you have been offered a good job is a huge plus and is no guarantee that the same opportunity will present itself a year from now if you change your mind.
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Old 07-25-2019, 09:03 AM
 
Location: Tennessee
203 posts, read 240,896 times
Reputation: 587
Thanks to everyone that provided me their insight and shared their experiences with returning to work or not after a short retirement. I met with my financial planner who confirmed that from a financial standpoint barring any unforeseen catastrophes that I need not return to work if I don't want to.

The ball is now in my court and I must decide if I'm going to accept my perspective employers offer. I worked hard to get to where I'm at and have had two very fortuitous careers. It may now be time to enjoy what I've earned. It's great to have options.


Thanks again!


Irish
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Old 07-25-2019, 01:18 PM
 
Location: Eastern Washington
14,299 posts, read 45,030,911 times
Reputation: 12945
Quote:
Originally Posted by irishcopper View Post
Thanks to everyone that provided me their insight and shared their experiences with returning to work or not after a short retirement. I met with my financial planner who confirmed that from a financial standpoint barring any unforeseen catastrophes that I need not return to work if I don't want to.

The ball is now in my court and I must decide if I'm going to accept my perspective employers offer. I worked hard to get to where I'm at and have had two very fortuitous careers. It may now be time to enjoy what I've earned. It's great to have options.


Thanks again!


Irish

One thing to consider is you are in a position to negotiate away any "problems" with the job - if they won't remove the issues, you can always turn it down.



I'm not saying act like the Godfather and "give them an offer they can't refuse" - but, you are holding a very strong hand as a potential new employee.


Repeating myself, to me the inherent satisfaction of doing the job would be a big factor in accepting it or not.
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Old 07-25-2019, 01:39 PM
 
Location: Tennessee
203 posts, read 240,896 times
Reputation: 587
Quote:
Originally Posted by M3 Mitch View Post
One thing to consider is you are in a position to negotiate away any "problems" with the job - if they won't remove the issues, you can always turn it down.



I'm not saying act like the Godfather and "give them an offer they can't refuse" - but, you are holding a very strong hand as a potential new employee.


Repeating myself, to me the inherent satisfaction of doing the job would be a big factor in accepting it or not.
The position has many inherent rewards but it's a full time position and unfortunately that is not negotiable.
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Old 07-25-2019, 03:58 PM
 
Location: NC Piedmont
3,935 posts, read 2,892,754 times
Reputation: 6318
Quote:
Originally Posted by joepierson View Post
Most people spend about 20% of their retirement savings in retirement. In 25 years you will be 85, will you really need extra money that your pension/SS provides to travel, buy cars etc? Probably not. Any money you earn today will most likely never be spent, you be basically working for free. Remember your 60's will be your best retirement years, when you not so decrepit you can't do anything. YMMV though!
Do you have a source for that statistic?

An October 2017 Government Accountability Office (GAO) analysis found that the median retirement savings for Americans between age 55 and 64 was $107,000. I do have a source for this:
Summary article (short read):
https://www.investopedia.com/article...s-age-2016.asp
Actual report (not a short read):
https://www.gao.gov/assets/690/687797.pdf

So most people have under $150K, and I am rounding up very generously to come up with that to avoid a splitting hairs argument. 20% of that is 30K.
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Old 07-25-2019, 06:24 PM
 
6,369 posts, read 5,098,251 times
Reputation: 12946
Quote:
Originally Posted by irishcopper View Post
I retired last year at age 60 with a total of 42 years of military and federal service. I had originally planned on remaining on the job until I was at least 62 but management began playing games with my shift. I had no desire to return to working nights so I retired two years earlier than planned without regrets. During the year I've been retired I've traveled, engaged in many creative pursuits, worked around my house, read good books, enjoyed the company of friends, reduced the stress in my life dramatically and remained fit with long hikes with my dog and yoga. I can never recall a day that I've been bored or missed going to work. I wouldn't say that money is tight but I also don't have the disposable income that I had when I was working. To date I've been able to subsist primarily off of my military and government pensions without dipping too much into my savings and I haven't touched my TSP .

I was recently recruited for a position with a government agency with an excellent salary. While I don't ever miss getting up and going to work accepting this position and working for a few more years is tempting. If I accept the position I'd be working strictly days and it's a fifteen minute commute from my home. Returning to work would give me an opportunity to build my TSP, possibly get my house paid off and defer collecting social security until I'm 65 or later. I don't have a wife or kids and my only debt is my modest mortgage.

I'm meeting with my financial advisor this week to see if returning to work for 3-4 years is a good financial option for me. If I decide to accept their offer and return to work I always have the option of resigning and re-retiring if it's not to my liking. My primary reluctance in returning to work is losing the freedom that I've learned to appreciate now that I'm not tied down to a job. I'd like to be able to continue to travel while I'm still young and healthy enough enjoy being on the trail and out in the woods. To those of you that have re-entered the workforce after retiring did you have any regrets? Any insight or positive feedback would be appreciated. Thanks!
Being former military - did you ever look into VA disablity pension?
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Old Yesterday, 12:06 AM
 
Location: Tennessee
203 posts, read 240,896 times
Reputation: 587
Quote:
Originally Posted by Clemencia53 View Post
Being former military - did you ever look into VA disablity pension?
I've been dealing with the VA on that issue for months. If my claim were approved the only real benefit would be a modest reduction of my federal income tax liability. Thanks!
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