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I think I've read all of the posts, thanks everyone for posting. In my case, thinking of retiring in less than a year (just turned 60) so good to get perspectives.
I have 2 concerns, do we have enough to live the life we want to live for the rest of out lives (I think so) and will I get so bored and/or wife nagging drive me so crazy in retirement that I'll want to go back to work. While I'm certain we have plenty, wife isn't as optimistic especially because some of our acquaintances and family have so much going into retirement (I say good for them, I don't need a new 7 series every year). And that's all I have to say about that.
I am in the same boat as you I think. I read all these posts for some perspective, looking at the retirement option in 3 years when my wife and I will both be 60. I am also an American expat (currently working in Mexico City), and concerned when we do retire, the Mrs and me may drive each other crazy. She is concerned because our SOL will need to drop for sure, but she is comparing ourselves to her very wealthy sisters whom have already retired. So should I just keep working until 65? Like you said about " a new 7 series every year", I do not mind being frugal and cutting spending. I drove a 1997 Geo Tracker for 15 years, until just last year. I was fine with older cars and such, but my spouse likes nice new things. She hated that Geo, and told me often. I bought a used 2007 RAV4 , she is OK with it for now.
We do not own a home now (we have been transient since 1988, raised our daughters pretty much overseas), but we have enough saved to buy a home outright in our price range when we need to.
One aspect is, my job certainly has physical demands to it on a fairly routine basis, and I am not sure I will be able to perform at 100% at that age. I will not lose my job, but I do not want to be "dead wood" either.
I like what I do, but need to be realistic about age and my ability to perform. Still on the fence for sure....
I am leaning towards retirement at 62 or 63 (am 61 now) and I am amazed at how many people have told me that if they could do it over again, they would have worked a little longer. Frankly, I am surprised. Does anyone who retired at that age have any comments, advice, regrets, etc. Would love to hear. Thanks for reading and for your time.
No regrets at all. Absolutely hated going to work.
you did not mention if you had a pension plan or retirement funds to lean on.
I can now sleep in as late as I want, nap when I want, stay up as late as I want. Go or do anywhere/anything. It might take some trimming of your lifestyle, downsizing, lowering payments and that sort of thing but it is all doable.
Think of how little you really need instead of how much you think you need when you are deciding on the financial aspect. Don't skimp on a comprehensive health plan. Include prescriptions, dental, and vision coverage. Where I live there are no seniors benefits until age 65 so free health coverage is not available until then.
I found it helpful to have a vehicle that is paid off and that will last at least another 10 years without major repairs. Right now I only use my car once a month and I am almost ready to sell it. I have grocery and pharmacy delivery. Delivery charges add up to $15.00/mo.
Personally I lost all my savings so I have to rely on government programs. I paid into these programs my entire working life and don't have any problem accepting that help as I need it.
No regrets at all. Absolutely hated going to work.
you did not mention if you had a pension plan or retirement funds to lean on.
I can now sleep in as late as I want, nap when I want, stay up as late as I want. Go or do anywhere/anything. It might take some trimming of your lifestyle, downsizing, lowering payments and that sort of thing but it is all doable.
Think of how little you really need instead of how much you think you need when you are deciding on the financial aspect. Don't skimp on a comprehensive health plan. Include prescriptions, dental, and vision coverage. Where I live there are no seniors benefits until age 65 so free health coverage is not available until then.
I found it helpful to have a vehicle that is paid off and that will last at least another 10 years without major repairs. Right now I only use my car once a month and I am almost ready to sell it. I have grocery and pharmacy delivery. Delivery charges add up to $15.00/mo.
Personally I lost all my savings so I have to rely on government programs. I paid into these programs my entire working life and don't have any problem accepting that help as I need it.
Go for it.
I see you are in Canada. Don't you have national healthcare there?
There are people out there who struggle with learning disabilities, depression, low self-esteem, or perhaps they come from a background where there was no financial stability and no parental "push" to excel. Many of those people really didn't/don't have "choices earlier in life". Sorry, but I think that's a rather elitest statement.
My parents were immigrants and they never pushed college on me, not that they could have afforded it. I figured that out on my own. I put myself through college on my own and worked hard for everything I have. I planned for my retirement and made it happen. I'm a first generation American who speaks English as a second language...hardly the poster child of elitism.
My parents were immigrants and they never pushed college on me, not that they could have afforded it. I figured that out on my own. I put myself through college on my own and worked hard for everything I have. I planned for my retirement and made it happen. I'm a first generation American who speaks English as a second language...hardly the poster child of elitism.
Elitism may not have been the right word. My point was that there are many factors that keep people from achieving a secure (let alone early) retirement and many of those reasons are not about bad choices. I appreciate that you've worked hard to get where you are today and obviously that's something to be proud of, but you're not a divorced mom with a couple of kids to support (people could choose better spouses but in reality life doesn't always work out that way) or you're not married to someone who gambled away years of savings before getting help from GA, and I'm guessing you've never struggled with depression, dyslexia, or Asperger's.
I do agree that there are plenty of people out there who don't make an effort to start saving for retirement at an early age, and that IS a choice.
"7 Series" is the top end BMW automobile in the lineup. Highest status of the 'Beemers' and technological marvels, but have not been very mechanically reliable.
.
I wouldn't say the 7 series is unreliable it's just that there are so many features that can go wrong and the expense to fix is very high. Mine has over 125K on it and it's been very reliable and still looks and feels fantastic. However, I recently spent maybe as much or more than I can sell it for to bring it into tip top mechanical condition. I'm thinking of buying a new Mustang and keeping the 7 when I want to ride in quiet comfort.
I cut the apple in two, I've decided to retire at 63. I could go on until 65, but at the end of the game I would leave <with about 200 $ /month more. Not Worth it. After all I've been in the workforce since 1976. So early 2018 it will be it for me.
Hubs tried at 53, I was 43. Thank God we didn't sell our business. Ugh, worst 4 months of our lives.
Now I can see if you work for someone, how the daily grind and all the BS one has to put up with gets old.
I got out of corp America at 37, so i guess I retired from that crap and never looked back.
What we do for a living is deeply ingrained in us. We love it, we are proud of it. With current crop of clients we are expanding into other related areas. And we work 4 days a week, couple of big luxury trips per year. Week off every couple of months.
Our RIA tells us we can quit working and have no financial issues ever. I'll feel that way with 15 million in the bank, We aren't there yet. Forever home paid for and totally remodeled (done). Great LTC combo life insurance plans (done).
I've seen really bad crap happen to loved ones and financial lives change for the worst as old people.
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