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My neighbor retired early and his brother didn't... they are both in their 90's and the one that retired at 62 receives about a 1/3 pension and medical as the one that retired at 70... they are 2 years apart.
It isn't that I dislike the job, and the money is great - but that there are other things I would rather be doing with my time. I have no debt and own a home and a vacation home free and clear. There will be pensions - so everything says "GO" - but my frugal side says stay, and save and build more resources.
Conflicted like a deer in the headlights in Arizona. Deciding to retire - is tough! Deciding to stay is so much like doing the right thing - which at 57 is getting old.
Think about health insurance costs. For you and your spouse it will be anywhere from $1500 a month to over $2000 a month depending on plan. Can you afford that until 65?
I should add my husband retired at 62...best decision he made even with the health insurance costs.
My Dad retired at 57 and then supplemented his income doing something he loves. He became a golf course groundskeeper. Not a lot of money, but he loved that job, probably would have don it for free. He quit when he was 76 or 78 because my Mom got cancer and he wanted to look after her, and because we moved back nearby and he wanted to spend time the plethora of grand-kids we brought along when we moved. He never regretted retiring from his "professional" job, but he regretted at times retiring form the golf course. After my mom died and the kids got older an no longer cute, he filled his time with charity work. He claims if he did not have an occupation, he would wither and die.
A close friend has spent the past 35 years working at a Supermarket. He can retire any time he wants. He told me that after 35 years working in a store all he wanted to do was be outside. Since he is still young he wants to work at a golf course or University working on the landscaping.
It isn't that I dislike the job, and the money is great - but that there are other things I would rather be doing with my time. I have no debt and own a home and a vacation home free and clear. There will be pensions - so everything says "GO" - but my frugal side says stay, and save and build more resources.
Conflicted like a deer in the headlights in Arizona. Deciding to retire - is tough! Deciding to stay is so much like doing the right thing - which at 57 is getting old.
It isn't that I dislike the job, and the money is great - but that there are other things I would rather be doing with my time. I have no debt and own a home and a vacation home free and clear. There will be pensions - so everything says "GO" - but my frugal side says stay, and save and build more resources.
Conflicted like a deer in the headlights in Arizona. Deciding to retire - is tough! Deciding to stay is so much like doing the right thing - which at 57 is getting old.
If you are financially set, you've already done the right thing.
You are staying to get more $$, that's all. Even though you don't need it.
My neighbor retired early and his brother didn't... they are both in their 90's and the one that retired at 62 receives about a 1/3 pension and medical as the one that retired at 70... they are 2 years apart.
Just the medical is worth a $1000 a month...
And the brother that retired earlier probably qualified earlier for medicare. Uncle Sam says thank you for working until you are just about dead.
Last edited by Northern lights luv; 04-28-2017 at 10:24 PM..
I would never call working to 70, " just about dead". How obtuse. And everyone qualifies for Medicare at the same age. Whats the point?
The question would be for each individual, do either regret the timing? Does the one that retired at 62 wish he had worked longer because of his current income. Or was he perfectly happy with it because he had 8 more years of retirement. And vice-versa the other? That is what matters, not anyones opinion.
My dad "retired" much earlier than I plan on, around his low 50s, but he was working part time for a few years after. He was managing some rental properties he bought for income as well, while he called himself retired, so by my definition he just changed jobs to lower paying ones and fewer hours. He stopped completely at about 60. His advice to me for years was don't be in a hurry to retire. The boredom was depressing him. Now at 78, he's changed his tune to retire as soon as you can. Basically, he is happy with what he does now and his lifestyle. As long as you are retiring to something and not from getting away from something, you know when you are ready.
I'm still trying to find the 85yo retiree that regrets having too much money in retirement.
Indeed, it's wonderful to have the option to "always" just go back to work. But that is not available to everyone, depending on the line of work, the individual skill set, one's age, and the economic climate at any given time. Sometimes, depending on the above factors, retirement is a one-way exit and therefore needs to be considered very carefully. Just ask someone who lost his job in the Great Recession of 2008/2009 and was desperately trying to "go back to work"; ask that person how easy it is at age 58 or 60 or 62.
Of course economic times are much better now but it still may be well nigh impossible in certain lines of work. In my view, "going back to work" does NOT mean bagging groceries or working as a greeter at Walmart. Working for peanuts like that would be dismal, discouraging, and depressing.
Agree 100%. In fact, one of my best pals was just what you describe (laid off at 55 in 2009). That was rough for him and his family. I survived the same layoff and worked to get him re-employed. Today, I'm retired, and he has his old job back. This is in the software field; it really did suck pretty bad in 08/09, and a lot of decent retirements were destroyed.
You're right about the "one-way exit" too. I could never do what I did for an employer again. Part of that is the unwillingness on my part, but the bigger part is that the landscape has changed such that I'm probably unemployable in that field except as a consultant in some narrow fields.
To me, if you've kinda played your cards right, "going back to work" really runs the gamut from one extreme to another. I could see working a minimum wage do-nothing job just to get out a bit as valid. At the same time, anyone with knowledge in the trades or other tech stuff can probably pick up some work on the side that is a bit more challenging and pays better. Well, today, anyway.
The aspect of leaving and not being able to come back is pause for many.
My employer said that we may be closing a couple of years ago and I was OK with this.
Recently we were acquired and the changes are huge... it is like working and starting over...
Some positive and some not so good.
No matter where I worked I always ended up on the wrong side of the pension/retirement... had too few years in with the union... had too few years in with the Hospital so in both cases I was not vested or only 20% vested... it is different today as vesting happens much sooner.
I think if I was like many of my friends with pensions and medical that said they were really working for next to nothing as they had 90% of better of working pay it would make sense to say goodbye.
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