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Thread: How old to retire?

  1. #21
    Senior Member SteveinMN's Avatar
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    I left a HSSJ at 52 and spent the next four years trying to grow a photography business. I closed that last year, not having achieved what I wanted to, but I did not sense the market would change enough near-term to make that happen. Two years ago, one of my previous employers offered to buy out a pension I had just vested in. In a sense, it was "found money" because I took away a much larger 401(k). But it was more than I reasonably would make from residential photography, so I took it. I'm not sure if accepting that pension means I'm retired, but I don't have another source of income and don't really plan to look for one unless I need to. So I guess I'm retired. It would be quite difficult, I think, to step back into IT after 5+ years away. I might go for a McJob but, as discussed in another thread, the value gained from that job would not equal the value of my being the househusband and being on call for whoever needs me.

    DW plans to retire at the end of next year, when she's 59. Both of us want to enjoy some free time while we're still healthy enough to travel and before the grandkids start school. Neither one of us ever was workworkwork; we have plenty of interests with which to fill our days.

    The big question mark for us will be health care until we qualify for Medicare. DW will be able to COBRA her health coverage, but we don't know if that will make economic sense. We do have an HSA we'd be able to use, but, again, who knows how that will work in the uncertain environment of ACA? So DW may choose to work longer. Or I can try for a job which will provide medical insurance. Or DW will go for that job. There's no script, no rule book. We'll play it by ear. Life can change pretty darn quick. Unretirement may be in one or both of our futures. *shrug*
    If Americans expended even a fraction of the energy on civic engagement that we spend on consumer ideology, our democracy would be much healthier. Can you imagine people camping out to vote? -- Charles Roberts, Amherst, Mass., Nov. 25, 2006

  2. #22
    Senior Member bae's Avatar
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    I “retired” when i was 36.

    I read YMOYL, and it resonated with me. I’d just had a good friend and mentor walk into the office after lunch two years before and drop dead at his desk at the age of 38. Guy was in amazing shape, climbed Himalayan peaks w/o oxygen, etc. Blood vessel burst in his brain after a burrito....

    I had a 2 year old daughter, and wanted to give her the greatest gift I could - time and attention.

  3. #23
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    About this time next year, I plan on retiring in Baes sense of the word. We are financially independent through pension and portfolio income, but I plan on continuing to work as long as I enjoy it. Ill downshift to a job that will be more fun if less renumerative.

    To be honest, travel is too much like work and I am unencumbered by any strong passions I feel a need to pursue. My kid already sees as much of me as she can tolerate, and I suspect it will do her some good to see the old man work regularly.

  4. #24
    Simpleton Alan's Avatar
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    I'm retiring in August. It's been interesting interviewing potential replacements because up till that first interview I felt that I could go ahead or not based upon nothing more than my wishes. Having a strong candidate come in the day after tomorrow for his second interview adds a bit of finality that I didn't previously feel. I'm hoping he accepts so I can transfer that end of the line feeling to a welcome to the rest of your life feeling.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  5. #25
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    Alan, enjoy your new found freedom. Any special plans?

  6. #26
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    Congrats Alan!!! You won't regret it!

  7. #27
    Simpleton Alan's Avatar
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    No special plans immediately, although we are talking about taking a 3 month motorhome trip to Alaska next summer.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  8. #28
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by Alan View Post
    I'm retiring in August. It's been interesting interviewing potential replacements because up till that first interview I felt that I could go ahead or not based upon nothing more than my wishes. Having a strong candidate come in the day after tomorrow for his second interview adds a bit of finality that I didn't previously feel. I'm hoping he accepts so I can transfer that end of the line feeling to a welcome to the rest of your life feeling.
    Congrats to you! Enjoy it all!
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  9. #29
    Senior Member catherine's Avatar
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    Congrats, Alan! Your plan sounds great.

    As for me, because I'm self-employed and have a lot of autonomy in my schedule for the most part, I plan on working at least until I get maximum SS benefits at 70. At that point, I'll take my foot off the gas and take jobs that come along... until they don't. I'll make sure I've unloaded my house in NJ. Then I'll be "retired." I'll play it by ear, but I'm not opposed to part-time low-stress employment.

    Was up at the lake house for a few days--just got home. I have happy vibes that I'm going to like it, which will be a blessing as I'd be able to live there with no debt and reasonable taxes.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

  10. #30
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    I am 55 1/2 and I can afford to retire but it is a tough decision with one child still in college and 9 years until Medicare. I planned on going at 60 but an improved retirement formula and a big promotion five years ago puts me at the point of my age 60 goal today. Hit your goal and evaluate. When I take gross income, subtract deductions, then subtract what I used to pay for a mortgage, I am at my retirement income and not drawing from other sources. The challenge is a thirty year retirement. I now get 9 hours vacation every two weeks. I plan on taking a week off every other month and continue to sock money away for another 6-36 months. Wife pulls SS at full rate in 36 months. I have a huge need for security and hate to spend capital and savings

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