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Old 08-02-2019, 02:56 AM
 
Location: Silicon Valley
120 posts, read 47,891 times
Reputation: 511

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I retired 10 months ago at age 60, and yes, I was apprehensive. But only about the money. I have 2 pensions, and while each of them gave me estimates, neither one could tell me what my final numbers would be. It was scary to look at that pay cut I was going to take and know I wouldn't be able to make up for it by working OT anymore.

But once I started collecting the pension, I was no longer paying into SS, PERS, 457 account, union dues, etc, - So I actually have more spending money per month than I had while I was working.

Point is, if you have even a small pension, the pay cut may not be as stressful as you think. Also, most people are really good at adjusting their lifestyles to whatever their income is without too much pain.

If you're scared about something other than financial, like being bored or missing your job, I can't help you there. I have not yet had one regret about my decision to leave. I'm just grateful for the freedom I have every day now.
Best of luck to you!
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Old 08-02-2019, 06:19 AM
 
Location: NC Piedmont
3,985 posts, read 2,911,886 times
Reputation: 6402
Quote:
Originally Posted by wendellgee View Post
In a bit over a year I will be 62 and can claim early SS if necessary. I have a small pension where I work, and savings. But it is scary, because I know once I make the leap there is no going back. I can't get the same kind of job with pay, I would not fund the pension and I would not have tax differed savings through the pension. Were you scared to retire?
I can't speak to your job prospects, but if you decide you weren't really ready then you find something, live frugally and bank as much as you can from all sources - the new job, SS and pension. I think you can "pause" SS, but not sure. I am not saying you should or should not do it; I don't know you or your situation well enough to advise that. I am just saying it isn't an irreversible decision. Taking SS early is likely to be a bad idea (not as cut and dry as often presented, but likely to be a bad idea).
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Old 08-02-2019, 06:50 AM
 
Location: annandale, va & slidell, la
7,494 posts, read 3,085,634 times
Reputation: 6332
Quote:
Originally Posted by wendellgee View Post
In a bit over a year I will be 62 and can claim early SS if necessary. I have a small pension where I work, and savings. But it is scary, because I know once I make the leap there is no going back. I can't get the same kind of job with pay, I would not fund the pension and I would not have tax differed savings through the pension. Were you scared to retire?
You leave out whether you are alone or married. A second supporting source of funds?
We were confident that we had enough when I retired at 62 (2014). My wife is younger and makes bank. Shell retire at 58.

Consider a fiduciary advisor. We would never have figured out the tax and fund-moving angles on our own. It was liberating to be told how well we did and how much we have to spend each year. It's well worth the annual fee.

Look forward to your final chapter!
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Old 08-02-2019, 07:39 AM
 
Location: Pittsburgh, PA (lovely hills but no ocean...)
1,164 posts, read 618,012 times
Reputation: 1328
Quote:
Originally Posted by BabyJuly View Post
Yes. I retired early at 58 and was unsure if I had enough money. My house was paid off. It turned out that I did have enough to retire comfortably and take vacations because my expenses were low and I was debt free.
I'd appreciate any tips. I'm in a similar situation. Thanks and good for you!
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Old 08-02-2019, 09:27 AM
 
Location: Maryland
1,851 posts, read 597,560 times
Reputation: 4072
My wife and I were too disgusted to be scared. We had plans in place for how we were going to do things, for all the good it did. About one year before we planned to retire, I got caught in a lay-off and her company closed its doors. We thought there is just no way in the world we are both going through all the crap needed to get back in the work force again just to retire 12-18 months later. I rode out my severance and then we both retired. Neither of us miss it one tiny bit.
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Old 08-02-2019, 10:15 AM
 
Location: USA
1,044 posts, read 408,119 times
Reputation: 2873
I’m not scared but my wife, who won’t be 60 for several years is hesitant to retire for two reasons.

First, she’s a legal immigrant and it took her so much work to re-establish her career after she gave everything to move to the US. Now, she has a great career and makes very good money.

Secondly, we support her mother 100% financially. That support amount to a typical mortgage payment for most people. We also have concerns about her mother’s future health care needs. We do pay for her insurance but the other concern is that she might need nursing home care. If a typical nursing home in the US cost $7,000, you can bet the cost and Brazil is R$ 7000. That would be around $1850 US. That’s in addition to the other cost we pay for her mom. Those total costs aren’t insignificant.

Therefore, she prefers to wait until her mother passes away. The average female lifespan in Brazil is just over 75 years old. Her mom is in her early 80s and, while we’re not exactly placing bets on her lifespan, her health is not good and I don’t see how she lives another 2 to 3 years.

I’ll continue to work a bit longer since I love my job. I figure maybe another 20 months. My wife mentions occasionally that she’d love to retire but I know the reality is that she won’t seriously consider it until her mother passes away. We’re good with that.

My bet is that once she loses her mom, she’ll want to work at least another year just to experience life without having to support one or both parents, something she’s done since she was 15 years old. Then, that day will come when she walks in and says “I’m done, let’s establish a countdown clock and start the transition. “

I’m good with that. Man plans, God laughs. We’ll see what happens.
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Old 08-02-2019, 10:48 AM
Status: "Life is good." (set 6 days ago)
 
Location: Colorado
40 posts, read 8,151 times
Reputation: 195
I will be retiring in 1.5 years. I am not scared but I was hesitant until I researched my upcoming retirement and ran some scenarios for the most likely possibilities. I am reasonable sure that I can tell you with 100 dollars what my retirement payments will be in a year and a half. What my wife will be getting if I die during retirement. What I will be getting if she dies. What her medical insurance will cost till she is eligible for Medicare.



This is what I needed to be comfortable with the prospect of retirement. Your mileage may vary and what worked for me may not work for you.
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Old 08-02-2019, 12:10 PM
 
Location: Loudon, TN
5,889 posts, read 4,900,122 times
Reputation: 19847
OP, nope I was thrilled to retire. I was comfortable with the reduction in my income, but was a bit nervous about our move to a lower COL area, but it has been nothing but fantastic.
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Old 08-02-2019, 12:28 PM
 
Location: Southern California
24,181 posts, read 8,456,688 times
Reputation: 15751
Lordy NO, 40 yrs of working for and taking orders from others, I was so ready...it's been 15 yrs since I've answered to NO ONE. Could have saved more money but it's past and I'll be OK, changed my life's WANTS....and think before I give them my credit card.
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Old 08-02-2019, 03:47 PM
 
13,365 posts, read 25,660,172 times
Reputation: 20674
No problem except for money concerns. I retired three months shy of 65, 1/23/18.

I feel a little like a nascent butterfly coming out of a cocoon, with a new life and fragile new sense of self.
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