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If you have a plan for a different job after retiring at 55, well I think that's great. As one of the early retirees who did what you are planning to (without the 55+ job), I think you will do just fine. As long as you continue to run the numbers and do the research regarding costs at your new location and you have the health care situation covered, I would say go for it. Your health is more important.
It is important to understand how much monthly income is "enough" for you and your spouse. As I mentioned earlier, I left a lot on the table, but I knew we would always have "enough" because our expectations, which are higher than some folks, are also LOWER than many other folks. We don't buy new cars every 5 years, we don't take multiple overseas vacations per year. We LIKE camping trips, or local area trips, and we live in a place that is like a vacation, so we really don't need to travel that much. We don't pay housekeepers and lawn men. We do that ourselves and consider it another form of exercise and a productive use of our time. We have time to volunteer, and enjoy time relaxing or playing sports with our new friends here.
Not everyone needs to work for a paycheck or even volunteer to make their life worthwhile. There are many lifestyles and to suggest that not working until you are 65 or older makes your life "meaningless" is so insulting. We certainly don't "roam around at early bird specials" and become techno-phobes just because we decided that time is more important than money. Let's just quit disparaging other peoples' choices. Just because it's not for you (or you're not able to), there is NOTHING wrong with early retirement.
I don't think anyone who retires early or isn't working is meaningless. I have several retired friends who immensely enjoy themselves doing a variety of things that interest them. There are so many things to do in life. I am an avid skier. I haven't been able to do a mid-week trip, non-holiday in over 20 years. I'd like to be able to do that while I am still able to enjoy the sport. I also absolutely love the fall and enjoy hiking and biking. In my current profession it is the most busy time of the year and I often ask myself where did the fall go I think I missed it? My wife and I are not big travelers but we would like to take a vacation to Key West or somewhere else warm for a week during the winter without it being Christmas vacation week. My wife is younger and plans to work for several more years. We are planning to move to a nearby town and a smaller house where the property taxes will be less than half of what we pay now. It will also reduce her commute to 10 mins, freeing up about 1 1/2 hrs of her day and saving both of us about 20,000 extra miles on our vehicles. Enjoy!
Good point with the bolded. I would like to piggy-back on that to include "Let's quit disparaging other people's statements that they like their job." It's O.K. to like one's job.
I hope my posts have not been seen as anti-job.
I agree that it is okay to like your job. In my case, I hated my job, but that is specific to me. I do not mean to disparage anyone else for liking their job.
How many people have opted to take early retirement at 55 and forgo a more beneficial pension? I am contemplating retiring at 55 and have saved well and have a part-time job that I plan to make full-time when I retire from my current job. However, almost everyone I know thinks that it would be unwise and that I should play it safe and stick it out for another 5 years since my pension will be almost double. For those of you who have voluntarily taken the leap, would you do it again if you were given a do-over?
You are just getting anxious to retire and you think it will be nice to try something else. Economically as many pointed out, it makes no sense. Work five more years and sounds like you will never have to work again unless you want to. Perhaps you might just want to volunteer or travel, you will have all those options. Stick in there and soon you will be reap the benefits.
First I am old enough to retire. I have enough money to retire. I happen to like my job.
I also worked my way starting out as a kid in the bronx with two immigrant parents with an eight grade education whose Dad died at an young age who started at the absolute bottom rung of the ladder after college to being in a big corner office overlooking the water in a Fortune 500 company.
I joke they are taking me out feet first from my office.
Lately if I go to the bank branch or my broker in person which I rarely rarely do I get cornered to do financial planning. Well I finally caved in and a few weeks ago JP Morgan and two advisors in their early thirties grilled me on my goals and retirement plan and how to get there.
First I get save for goal to pay off house, which I said I own two homes both paid off.
Then I get save for retirement which I say I have a few million saved.
Then I get save to retire early, and I am like I like my job. Then they went on where will you retire too, I said I like where I live in fact I even like my car.
Hobbies, traveling as a tourist etc. I find a little meaningless. I used to find them exciting. I actually more enjoyed visiting places on business trips. Tokyo, London, Germany, Bermuda, Canada and Ireland and around 15 states I visited in last ten years for work. When I do retire I plan on being an adjunct professor, sit on a board or two, manage properties etc. Currently I sit on three boards, I did teach a class at a local college and I do have a rental property at beach. In addition to my full time job and I had kids later in life. Heck I was 50 at my last child's Kindergarten Orientation a few years ago and will be 67 when she graduates college.
My old CEO who was pushed out door at 65 at his public company went on to start a big chain of stores and is CEO of that now that he is 75.
Retirement is now a foreign concept. Folks reinvent and keep going. It is what keeps them alive.
My old CEO who was pushed out door at 65 at his public company went on to start a big chain of stores and is CEO of that now that he is 75.
Retirement is now a foreign concept. Folks reinvent and keep going. It is what keeps them alive.
I think your concept of retirement being a foreign concept is outdated to me and what you find meaningless is still insulting. I'm glad you like your job but again what if your Fortune 500 company gets merged or bought out and you lose your corner office and new people start telling you what to do that you don't want to do? Aren't you going to do exactly what you look down on, retire and do what you want? I think most people's concept of retirement here including me is that at retirement we reinvent ourselves and keep going at what we want to do, not what others tell us to do. The OP wants to retire and go to the bathroom when he wants to, not when he's allowed, among many other things like mid-week ski runs and visiting the Keys on his schedule, not someone else's, and anything else he wants like mentoring or volunteering or working on an idea that could be the next Instagram or big chain of stores and that is what will keep him healthy and alive longer.
I agree that it is okay to like your job. In my case, I hated my job, but that is specific to me. I do not mean to disparage anyone else for liking their job.
In my opinion, you were always clear that your comments about your job were specific to you. I can't imagine anyone thinking that you meant to disparage anyone else for liking their job. You are certainly not among those whose generalized hostility overflows everywhere.
I have nothing but respect for you, both for your service rendered while on the job you hated, and for your finding a retirement life which suits you so well.
"We have a beautiful home, buy a new car as needed (usually every 5 yrs.) and take a nice vacation every year. We take 2 trips a year back to NY to see family. We live very comfortably."
Why is a new car "needed" every five years? Just curious!
We don't like to keep a car after 100,000 miles. Those trips to NY add up fast in mileage. We have learned it is better for us to trade in and buy a new one. We keep it comfy but not fancy. Usually a Camry, but this time around tried a Sonata. Like it alot. I guess that and eating out is our little splurge.
I don't think anyone who retires early or isn't working is meaningless. I have several retired friends who immensely enjoy themselves doing a variety of things that interest them. There are so many things to do in life. I am an avid skier. I haven't been able to do a mid-week trip, non-holiday in over 20 years. I'd like to be able to do that while I am still able to enjoy the sport. I also absolutely love the fall and enjoy hiking and biking. In my current profession it is the most busy time of the year and I often ask myself where did the fall go I think I missed it? My wife and I are not big travelers but we would like to take a vacation to Key West or somewhere else warm for a week during the winter without it being Christmas vacation week. My wife is younger and plans to work for several more years. We are planning to move to a nearby town and a smaller house where the property taxes will be less than half of what we pay now. It will also reduce her commute to 10 mins, freeing up about 1 1/2 hrs of her day and saving both of us about 20,000 extra miles on our vehicles. Enjoy!
Is it possible for you to move to a non teaching position within the school district and finish out your time ?
We don't like to keep a car after 100,000 miles. Those trips to NY add up fast in mileage. We have learned it is better for us to trade in and buy a new one. We keep it comfy but not fancy. Usually a Camry, but this time around tried a Sonata. Like it alot. I guess that and eating out is our little splurge.
All my life I've bought cars to run until they die in the 250k range or get stolen or in an accident before I buy a new car. The Prius has been very reliable and lowcost in terms of gas. The new Gen 4 Prius comes out later ths year and in a couple of years I actually plan to buy a "permanent" retirement Prius and keep it running as long as possible, say 300k or 500k miles, and at the same time splurge on leasing a different stick shift sportscar every few years just for fun.
Or what about a sabbatical? A nice LONG vacation might give you the "second wind" you need to finish out the last few years.
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