Thinking of Retirement

[San Onofre Guy]

I’m only 56 but am fortunate to be able to retire now at 70% of current salary. I know that this doesn’t sound like a problem to most, but the thought of a step down in income terrifies me. I have adequate resources in IRAs and taxable accounts to bridge me to over100%, but for someone who has been a thrifty saver for over 50 years, it is an anathema for me to consider pulling money from savings.

I recognize that this is a first world problem or actually a 3% of the first world problem, but this causes me to lose sleep. My high level position is stressful and I have a few challenging employees, i just feel that stopping now is failing.

words of encouragement please

[Teacher Terry]

The purpose of retirement savings is to spend it in retirement. Do you have a plan on how you will spend your time?

[Simplemind]

I felt much the same. I retired with a pension at 55. It felt uncomfortable (only a feeling) for a couple of years but I finally came around. I saved and scrimped for so long and it was hard to let go of that mindset and trust that I had enough to relax and enjoy it. I had to learn to trust in my plan. Six years out and I feel very good about it now. I was also finally able to let the supervisory mindset go and feel much better for it.

[Tybee]

It sounds like an opportunity if you actually wanted to retire, but from what you are writing it sounds like you are not ready to retire? Is this one of those things where you are being pushed to retire? What happens if you do not take this opportunity?

56 sounds pretty young to me unless you have a very large savings in place.

[Gardnr]

Are you a)ready to not work anymore or b) is it the problem employees driving you out?

I have days where it's b). But a) doesn't feel right yet.

I can jump anytime and be just fine and I'm 57. I understand the quandry.

That said, if you truly feel ready to jump, that is NOT failing. It's putting yourself first. This is a GOOD thing!

[Tammy]

When I have a 4 day weekend and I don’t travel somewhere, I find myself bored in the 4th day. This is always eye opening for me, in regards to “what would I do with my time if i retired now?”

I have 7 more years to full pension. I will need a plan before I retire.

However, I look forward to it. I’m one of 3 managers, who jointly manage about 450 employees. Every day is a challenge as we are quite understaffed in management.

[SteveinMN]

I’m only 56 but am fortunate to be able to retire now at 70% of current salary. I know that this doesn’t sound like a problem to most, but the thought of a step down in income terrifies me. I have adequate resources in IRAs and taxable accounts to bridge me to over100%, but for someone who has been a thrifty saver for over 50 years, it is an anathema for me to consider pulling money from savings.

I'm told that one of the biggest paradigm shifts in retirement is moving from an income-generating point of view to a spending point of view, from "I can expect a raise/promotion this year [or next]" and thinking you could always get a second job/side hustle/some more gigs to a life in which "raises" come as COLAs or bumps in your withdrawal rates from your savings vehicles and Mother Nature starts limiting your ability to put in more than 100% (or even that). It is an adjustment, but, if you've been a frugal saver for more than 50 years, well, this is what you were saving for.

My high level position is stressful and I have a few challenging employees, i just feel that stopping now is failing.

words of encouragement please

Is stopping now "failing" because you think there still can be a change or resolution at work? Are the major parameters of changing the situation within your control? Are there positions like yours elsewhere which you would qualify for and would want to pursue? Is there some career or lifetime goal which is in reasonable reach which would leave you unsatisfied if it were not accomplished? Do you have enough interests to carry you through 30 years of retirement?

Sometimes...it's better for a man just to walk away. But if you can't walk away? I guess that's when it's tough." ― Arthur Miller, Death of a Salesman

If you have no big goals left and have the resources to retire, then the decision is entirely yours. People where I used to work who had their "numbers" and knew they were no longer in line for raises, promotions, and other career opportunities often announced that their retirement was "TBD": "three bad days" and they'd click the button on the screen that initiated retirement. Maybe that's where you are now, pending the issues that are raised to you in this thread.

[iris lilies]

Dont you have activites you are looking forward to in retirement? What are you going to do in retirement?

I now wish I had retired a few years earlier, around your age. OTOH I do not now worry about money, although we are probably spending in excess of what we “should” be spending. I waited for a city pension to be available.

[pinkytoe]

I retired at 61; it isn't really the money part I think about so much but more an ever-present thought that I am supposed to be doing some more constructive or "beneficial" with all this free time. Even though I love to putter in the garden or hike, it seems like I am supposed to be doing something else more valuable. Must be my Catholic upbringing...but as time goes by, I'll get over it. Just a bizarre feeling some days to finally be free of working for pay.

[ApatheticNoMore]

When I have a 4 day weekend and I don’t travel somewhere, I find myself bored in the 4th day. This is always eye opening for me, in regards to “what would I do with my time if i retired now?”

I don't think that mindset necessarily generalizes though, with a 4 day weekend there is an underlying panic "oh no I seldom get this much time off I have to optimize it". I'm not sure I was even that bored unemployed, other things yes and tired of job search but ... And then back at work there is also the coming to of how mind-numbingly boring work sometimes is, eh I do need and want the money now.