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SUCH a personal choice with such limited information/support. I chose to retire early in January at age 53. Everywhere I research gives nothing but negative opinions. So a great question to ask is why? One idea I have seems to lean on what most folks believe is an acceptable age to leave the work force. The big perception is stay longer and make a bigger check when you retire. I didn't see things that way. I based my decision on my quality of life. I am not affected emotionally by the majority of opinions that agree the decision is a mistake. Financially it stinks because society would like everyone to work until old age and the money you lose is from what you saved, not what ss will pay you. I think that is a losing gamble. No one knows how long they will live so most people focus on the number based on what they learn from employers and government. I still do not have any positive news about retiring early on the financial front. Having explained that with my limited knowledge I still would not change my decision. My life is my life, i don't want to slave away for the next 10 years even if I'm great, valued, paid well, etc. I want freedom with my time. I realized and learned something very interesting; most people will Never have that option and they accept that without question. Based on reflection I keep asking myself why? I am definitely part of a very tiny group of people. It is very strange indeed. I seem to make people extremely uncomfortable when I reveal that I am just thinking about my future right now. I am completely honest and the responses are strange. They want to help me find a new career, husband, hobby, etc., like they disbelieve that right now, I am really happy. So my question I guess is why does work define such a huge part of our lives and perception of others? I want so much more than that, I just want to discover who I can be without the restraints of working daily. Been there, done that. Anyone else experiencing this?
You can do whatever you want as long as you're not relying on my hard-earned tax dollars to prop yourself up in your "retirement". If you're gaming the system and I'm paying for your Medicaid, Food Stamps, and subsidized housing, I have a big problem with it.
SUCH a personal choice with such limited information/support. I chose to retire early in January at age 53. Everywhere I research gives nothing but negative opinions. So a great question to ask is why? One idea I have seems to lean on what most folks believe is an acceptable age to leave the work force. The big perception is stay longer and make a bigger check when you retire. I didn't see things that way. I based my decision on my quality of life. I am not affected emotionally by the majority of opinions that agree the decision is a mistake. Financially it stinks because society would like everyone to work until old age and the money you lose is from what you saved, not what ss will pay you. I think that is a losing gamble. No one knows how long they will live so most people focus on the number based on what they learn from employers and government. I still do not have any positive news about retiring early on the financial front. Having explained that with my limited knowledge I still would not change my decision. My life is my life, i don't want to slave away for the next 10 years even if I'm great, valued, paid well, etc. I want freedom with my time. I realized and learned something very interesting; most people will Never have that option and they accept that without question. Based on reflection I keep asking myself why? I am definitely part of a very tiny group of people. It is very strange indeed. I seem to make people extremely uncomfortable when I reveal that I am just thinking about my future right now. I am completely honest and the responses are strange. They want to help me find a new career, husband, hobby, etc., like they disbelieve that right now, I am really happy. So my question I guess is why does work define such a huge part of our lives and perception of others? I want so much more than that, I just want to discover who I can be without the restraints of working daily. Been there, done that. Anyone else experiencing this?
You seem to have experienced a whole lot of negativity! Are you sure YOU aren't having difficulty adjusting? Maybe you need to find other retirees to associate with - people still working will certainly have little in common with you! Kind of like singles hanging with married couples and childless couples hanging around with couples that have kids. You ARE an anomaly...so you need to put YOURSELF at ease - no one will feel badly for you since you retired early and apparently have everything going for you (by your own admission).
The more I research my own retirement plans, the more I hear stories of people who have 30 years with one employer at 55 years old.
Make me feel like a chump for going to grad school, and going into a creative field.
WHY didn't I just get a government gig at 21?
I know the answer…but sometimes I just think I might be retiring right now If I'd just done something I wasn't even interested in or didn't want to do just to get a government gig. (When I think about it, I don't' want to work now, so if I'd paid my dues earlier, I could be retiring right now.)
Also OP, if you "retire" and work…in my definition you're not retired. You're working part-time. But you're not retired.
I was recently told that if you retire early from a good paying job (say at age 55), that you should not think of working part time or at a low paying enjoyable job because your Social Security would be reduced...True??
No, it's not true.
Social Security ranks your wages starting from highest to lowest for a period of 420 months, which is equivalent to 35 years.
That would mean that for 60 months your wage rank would be $0, if you retired after 30 years and didn't work.
If you worked part-time, or full-time for a lower salary, then your wages would be greater than $0, and that would increase your overall monthly benefit, although the increase might not be much.
It's a little more complicated than that, since your wages are also indexed against the National Average Wage Index, and the index used is 2 years prior to the year you file for retirement.
Location: Finally escaped The People's Republic of California
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WOW I started this thread in 2011, here's an update: I retired last August on my 55th birthday, sold my house in California, bought a little horse ranch in Missouri...
So far so good, we are living just fine on my Company Pension. I stay plenty busy on the ranch and am not looking for any part time work...
I'm happy with my decision to retire at 55, my job was physically demanding and out in the elements, something that alot of folks don't take into concideration when they say don't retire early....
We have a nicer home and lifestyle now than when we worked......
Retirement is something I can definitely recommend ...
Will you board horses for others, breed them, or just keep your own animals for your own enjoyment? SO are you a "cowboy" now, or a just city slicker who has horses?.
As I've said, I personally don't know a single person who's regretted retiring, and who is NOT enjoying have their time be their own. They al have plenty to do and are LOVING not working.
in a nutshell.... no, lower wages in your waning yrs will not reduce your SS payment. It is based on the sustained higher paying yrs (I pulled the plug at age 49 and 32 yrs of service),
I went into a SS office on a Dec 24 (no waiting) and did exhaustive calculations for about 2 hrs. By remaining on the job for 17 more yrs, my monthly benefit would increase about $17. I had better things to do. I went back to grad school for fun / something different (Plus it was paid for by TAA / NAFTA)... It was rewarding to get 'carded' when asking for a student discount!. I bought season tickets to a few of my favorite venues. Now (post student) I volunteer usher and get in for free.
See if you can get RIF'd and get free training. One friend did helicopter school, another Wooden Boat Building
I know this was posted a long time ago, but can you please explain what RIF'd means? Is that related to your masters degree being paid by TAA / NAFTA (whatever that means). ??
I know this was posted a long time ago, but can you please explain what RIF'd means? Is that related to your masters degree being paid by TAA / NAFTA (whatever that means). ??
RIF = reduction in force, meaning layoffs, preferable with severance pay
WOW I started this thread in 2011, here's an update: I retired last August on my 55th birthday, sold my house in California, bought a little horse ranch in Missouri...
So far so good, we are living just fine on my Company Pension. I stay plenty busy on the ranch and am not looking for any part time work...
I'm happy with my decision to retire at 55, my job was physically demanding and out in the elements, something that alot of folks don't take into concideration when they say don't retire early....
We have a nicer home and lifestyle now than when we worked......
Retirement is something I can definitely recommend ...
Good for you! From one early retiree to another, I think you did the right thing. We did the same and moved from NorCal to TN and love it.
If you can afford not to work, that's great. The problem for most people retiring early is the high cost of health insurance until Medicare kicks in. Is your health insurance thru your former employer?
Yes my health insurance is from my former employer and it is extremely expensive.
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