Challenge of change

[San Onofre Guy]

I have been off the boards for a number of years now due to a very busy life. My wife and I downsized to a 1400SF fifth floor condo walking distance to light rail but with a 50 minute to 80 minute commute.

i am 55 in two months and in six months I have 25 years with my employer. Four years ago I got my dream promotion and my generous defined benefit retirement in May will pay me what I made five years ago. I just paid off the mortgage and when I subtract what I had to warn to pay mortgage, the delta between what I make now less mortgage and what my pension wil be is $10,000. My wife can pull social security and I have to take money annually from an inherited IRA, thus there is no delta between income after mortgage now and what I will get if I retire.

Here is the kicker. I just received an inheritance that forgetting any growth, I could spend a lot of money as in pull out 50% of my current annual spending and never spend it all in my lifetime. I do have an excellent financial adviser. Without the windfall, I had enough non-pension assets to fund my need beyond pension.

I hear the moans, what problem does he have. I admit I have a first world problem and as a member of the 3 percent club, I should shut up now. The problem I have is psychological. I have always lived below my means and saved since age five. Even though my investments will continue to allow me to save, it is very unsettling to think about retirement. I love a lot about my job but a lot of he people issues including a new boss are dreadful.

i have struggled with this for six months. My father worker until he was 74 and stopped to take care of my mother but he missed work. My wife is supportive of any decision I make. I am taking more vacation now as I don't want to sell it back, I don't need the money

have you struggled with a similar decision?

i think I am 9-24 months away from pulling he plug, but this is hard.

all advice welcome thanks

[Ultralight]

Sounds to me like your are sitting pretty in a lot of ways. I am still a grasshopper here. My advice is probably not what you need. Though I will say this: Welcome to the forum (in a writing capacity!).

Also: I'd say bae is a good one to talk to on here, he knows his stuff!

[razz]

I retired at 60. You are retiring from a job - that is all. You are not retiring from life. So many men fail to find a purpose for their lives after they quit work. It has little to do with money. Money pays bills but does little else.

What is your purpose in life? There is a thread on this that will give you some idea of what others have thought.
My dear DH failed to plan beyond being on our farm. Work companions who were his friends for years dropped from sight. We attended retiree meetings for dinner and found that almost all the men found the same thing. Work friendships die upon retirement.

Do you have a support group that you do things with beyond just your wife? Are you contributing to your community? How? Can it be expanded? What other dreams did you have as a 10 year old that you would love to do? now I am finally learning to sing and it is so much fun.

If I had more money, I would explore the mini-loans idea that some have developed around the world. Loan some women enough to buy a goat or sewing machine or whatever to give them some independence. They pay you back and it gets loaned out again. Explore that idea if you like it. There is so much that can be done but most retirees spend their time touring or being snowbirds in Canada. One retired nurse noted that it takes about 3-5 years of retirement and she can see the alcoholism destroying the men with the drinks starting earlier and earlier in the day. Lots to think about and it is to your credit that you are asking for advice. Love to hear what you eventually do.

[Yppej]

I would look for something you would enjoy doing close to home. It could be paid or volunteer, full-time or part-time, seasonal or year-round. It is nice that you have options.

[iris lilies]

I was ready to go and had no dilemma. My ideal retirement number was actually your age, 55, but I worked until age 60 due to financial concerns. i am very conservative and the stock market tanked when I was 55.

We are never at a loss for things to do. I wanted out of my job. I miss one big technical aspect of work but not the rest of it. I am unable to do this technical work in a volunteer capacity and I am sad about that, but oh well.

We do the same things now that we did before retirement: work with the same organizations doing volunteer work, we just put in a whole lot more time now than the time we had when workinga paid job. Even though we have backed iut of neighborhood work in recent years, we are involved with many neighbors as friends. Today was a typical day:

* we settled in two dogs here we are fostering for bulldog rescue, they arrived yesterday
* DH got a call from a neighbor, asking him to check on her husband at his garage sale, there is a bad bloke about and she was worried about her husband
* i took a floral areangement to my garden club meeting, had lunch there
* DH showed a young couple his late summer garden here and set them up with pvc pipe he had snagged from the alley. She wants to make a hoop house
* DH harvested beans and shelled them in the afternoon
* I shopped at Goodwill (takes enormous amounts of time to go thru each item of clothing to find correct size)
* dinner, tv watching , bed

[sweetana3]

My husband is very busy now in retirement. He found a "job" as a pretty much permanent volunteer for Habitat for Humanity. He also fills in open time building wheelchair ramps for another group and does a one day a week does a food delivery for a food bank with two other friends. If not these activities, there are a number of other groups he would enjoy working with such as our local spay/neuter clinic, a pet food pantry, a groups that builds kennels for dogs on chains, etc. There are all kinds of opportunities both inside work and physical outside work. If I wanted, I could volunteer any number of hours at some local groups I like.

You just have to find a compatible group of people and a need. We both retired at about 56. Mine was by choice and his was by corporate layoff.

[dmc]

I don't get the work till you drop thing. My dad quit working when he was 57, said he should have done it sooner. I quit just before my 50th birthday. Do the math and if you can afford it, and it sounds like you can, why work?

Sometimes I think about the money I would have made, but I'm still worth more now, and it's been 10 years. I could be dead, I've been able to do quite a lot in the last 10 years. Also I see my friends and relatives in their later years having health issues that keep them from doing many of the things they like.

Im currently visiting my dad, he's 82, and he is at the point that he needs assisted living. It's basically rocking chair time for him. I'm glad he was able to have a few extra years than most to do the things he liked.

[Williamsmith]

I can only speak to my experience. I knew. The countdown clock sat prominently on my desk. Age 51. My retirement identification photo has me smiling from ear to ear. For 11 months after that, when my feet hit the floor every morning, I laughed out loud. I worked a few jobs for five more years that had nothing to do with my profession and at age 57.....opted completely out. I went on a journey back in time to try to rediscover who I used to be. I have plenty of interests in life. I don’t miss my job one wit. But I had a stressful position and I didn’t realize it until I was retired.......the job was slowly taking my health. For me....every day is a blessing now. My suspicion is you will know when the time is right.

[Rogar]

I may have come close to a similar dilemma, but have also talked with retired friends who have debated when or if there is a good time to leave the work force. I took early retirement at 56, for what it is worth. One question I think is important to ask is what you picture doing after you leave work. If you have some hobbies or sports that could expand into more serious adventures that gives some people more satisfaction at a fraction of work stress. Or friends and family you've always shorted on time with. I have known people that have worked so hard at their profession that they haven't had time to develop outside interests or friends and get thrown into a void in retirement. Some of those have ended up a little unhappy or have picked up other work. Most all that I can think of are not satisfied without some sort of challenge beyond the pursuit of leisure.

Health is important. I had work stress that I felt was affecting my health, even though my job was interesting and gave some personal satisfaction. Like you, it was the people issues that could get me. Now I exercise more, have time to cook and eat better, and have more restful sleep. I lost 30 pounds of desk fat the first couple of retirement years. I had knee pain and back pain. Now I do physical activities I had difficulty imagining possible for an older guy, and I'm no exercise fanatic.

Retirement from the traditional work force at an early age when you are feeling good and in productive years of a career is not for every one. People are different. Work isn't implicitly bad. The ones I've know who have happily stayed with a job beyond when their finances were favorable have been in jobs that have some sort of social reward.

For what it's worth.

Edit to add: I've always lived modestly and below my means. I've worked hard and saved, made some decent investment decisions, and had some luck with a few windfalls. I don't know where the 3% starts and am not rich, but most likely will never have money worries and may always have excess. It's a pretty weird feeling.

[creaker]

My buyout happened last July - turning 59 in a month. Paid off all my debts except my mortgage, I've kept busy with volunteering and doing things that need to get done around the house, babysitting my grandson a couple of times a week to help keep their child care costs down. I'll need to get back into the workforce to get some income over the next few years, but I think the career stuff is done.

[flowerseverywhere]

I retired at 60. You are retiring from a job - that is all. You are not retiring from life. So many men fail to find a purpose for their lives after they quit work.

just as many women as men have problems adjusting. In fact, some women have more problems.

in our case, I retired at 52, DH at 55. So what will you do all day if you don't have to go to work. Really think about it. Are there any causes you truly believe in? One for me is literacy. I volunteer at the library and work on projects that give a lot of money to local schools. DH and I also support our local combat veterans to careers organization. DH teaches adults to swim and I teach quilting. In my classes we make quilts that benefit a program that helps the working poor move into safe affordable housing. A bonus for us is if our kids need us, we can hop in the car on a moments notice and help them. They are very independent, but it is great to know we are there.

What it boils down to is every night you lay your head on the pillow and reflect on your day. Did you make a positive contribution to your family? Your community? Your country?

[ToomuchStuff]

Retirement is a very individual thing. I have one friend who still has and runs his own business, into his mid 70's, because he enjoys it. He only takes work when he wants to, which generally are from a select group of people (myself included). (thank you for this thread, it reminded me to look up the model hot rod he is building)
My retired chef neighbor, took up a job at a golf course, to pay for fee's and give him something to do. He otherwise gardens, spends time with the grandkids (who are getting older now) and takes walks with his dog (who pulls him over to me when she see's me outside/wants petting).
A couple of my married friends, retired and found their spouses and children had long lists for them, and ended up getting jobs, just to get away from home. They tend to try to find something connected with hobbies, and work in that industry for discounts (woodworking store, for example).
Best thing in my mind, is to figure out are you set so if you retired tomorrow, could you start collecting your pension. If not, when? Then you have a set date that you could go straight by feel. After that, it is what do you enjoy, what have you always wanted to do, and what do you want to do next?
The inheritance, I view as a lottery. I wouldn't spend any for six months, minimum, just to act like I didn't have it. That helps me (maybe not you), eliminate acting on wants, and then the buying, oh I need this to go with that, etc. cycle that doesn't really bring me happiness.
I would also be getting my estate in order, because life and death are what happens to what one plans. Then when your doing that, you might be looking at, "I can give x amount away a year, and this could help grandkids go to college, kids to pay off their mortgages early, etc". The joy you get is actually a greed thing (you crave joy, more then the money). When you have enough money for security (sucks when you have so much to have to hire guards or have electric fences surrounding your property), that is no longer an issue.

[SteveinMN]

I don't get the work till you drop thing. My dad quit working when he was 57, said he should have done it sooner. I quit just before my 50th birthday. Do the math and if you can afford it, and it sounds like you can, why work?

Sometimes I think about the money I would have made, but I'm still worth more now, and it's been 10 years. I could be dead, I've been able to do quite a lot in the last 10 years. Also I see my friends and relatives in their later years having health issues that keep them from doing many of the things they like.
I pretty much could have written this. I had to leave my career five years ago at 53 (extreme burnout which was affecting my health).

The plan was to expand my photography hobby into a business to bring in some money. I never anticipated that photography would entirely replace my IT income (especially in those "peak earning years"). In fact, the business never did anywhere near that well. But, by then, the need for the replacement income was much less.

And it's not like I had nothing else to do. I was the househusband while DW worked full-time; two years ago grandchildren started arriving; and I was able to support some favorite causes far more deeply than I could when I was working. And, as IL noted, there is value to being able to respond quickly to the needs of others.

Then again, I've never lived to work. I have never understood "I'm bored!". So maybe that's a basic difference among people. Retirement does not have to mean sitting in a chair on the porch, whittling. It's time to investigate those activities there never was time to consider before. And there is much to be said for enjoying free time while you're still healthy enough to do so.

If you don't have to worry about the financial aspect of retirement, then it becomes a question of how you think you will spend your time. But you're in charge of that.

[Tybee]

Like Steve, I left full time employment because of extreme health breakdown due to toxic work environment. I was 60. I still work part-time. My only regret is I have no pension and need to continue to work for several more years to have enough to live off in retirement.

SanOnofre guy, if I were you,I would leave tomorrow, very happily. You have the security of the money that will last you the rest of your life, so why stay at that workplace?
That does not rule out working again, if that is what you want. But I would leave that job and get my bearings as to what I might want to do to please me with my time. Because that's where I find myself, that I have a strong desire to do other things, and would pursue more vigorously if had the money needs covered more securely.

What a gift and what a great life opportunity! Hooray!

[Teacher Terry]

I retired at 58 from the state because I was sick of the environment not the work. I now teach an online college class and do minimal consulting which is perfect. I have no intention of quitting this.

[San Onofre Guy]

Thank you to all for your input. I am taking it slow with my change. One should not make hasty decisions with major life changes. I feel a great sense of responsibility and humility as a caretaker for family money. I don't believe in spending down legacy money, but at the same time I will do something with the earnings.

i do plan on volunteering with perhaps Red Cross disaster relief, trail maintenance groups, native plant societies or theater and symphony groups as an usher to see performances for free.

[Rogar]

SOG, that sounds like a good plan, to me. At one time I had intentions of moving to Mayberry and sitting on the porch peeling apples in a small quiet place. The chances for volunteering expand in towns that are a little larger. Our usher program at one of the performance centers is actually full as is their waiting list. Our Natural History Museum and county open spaces use hundreds of volunteers and some of the duties require technical skills. If you are interested in plants and the outdoors, there should be plenty of opportunity.