Thinking about retiring, complex subject

[LONGHAIR]

I'm getting to the age of being quite serious about this, 59 in July and beginning to look at "when".
For a few years I have contemplated moving toward a more advisory position with the thought that I would eventually run into physical limitations.
My work in the cabinet shop is pretty physical. It's not rolling boulders up a hill or anything, but lifting and carrying is still a regular thing.
There are only two of us in the custom (or special projects) department and we are both of similar age, so training for the future of these positions is a need for the company.
My original thought was to get into a more up-stream position and assist the office people in how things could be improved as far as how they come into the shop. Then I realized that I'm just kidding myself, I am not really going to do that. I already do that in the capacity possible and still do the actual work in the shop too. Suggested changes/improvements do actually happen, they do listen.
Now, my feeling is that when I'm done, I'm done, but figuring out when that actually is? That's the conundrum. I have absolutely no intention of working even 5 minutes past 62, and could realistically stop at any time, herein lies the issue.
I like what I do. It is satisfying to build the "cool stuff" that people see in these businesses. There are challenges to overcome with how to actually do the things that are simple to just draw out on paper. It is not all sunshine and roses, it is still "work", and some days I just don't feel like doing it. I do, just because that's what ya do, but lately that seems to be more often and I'm struggling with the reality of that. I don't think it's the work, that is pretty consistent. I think it's me?
I had a heart attack about 7 years ago and have taken much better care of myself since, but the thought is always there. I don't want to be still working the day that something happens. I want to actually enjoy some "time off" after all of these years and not have to have someone "call in" for me if I can't go in because of illness or death.
One of the guys I worked with for years experienced this a few years ago. He jokingly put in his "2 year notice" to the bosses when he turned 60 and before he made it to 62, had a stroke at work. He did survive and has gotten much better over the last couple of years, but he was indeed "done" that day.
So, I have witnessed first hand that this can happen.

The real question is one that cannot be answered. "How long are you going to live after you retire?" All of the calculating of how much you need to save and how much it costs you to live are based on this.
The other one, not so hard, is "What are you going to do with your time?" That one is not so pressing, I'll figure it out. I don't really have a plan there though. I always have my bikes and I'm thinking about getting into 3D printing, from there it will evolve, I guess?

Those of you who have already done it, or are in a similar position, am I missing something? Advice?

[mr.mud1]

good morning,all valid questions.i'm 65,retired 2 years ago March,just sort of as covid was running wild.that wasn't the reason,retirement,selling our home,moving to the little town my dad was born in and building a new shop,was all in the cards.i enjoyed what i did and was very good at it,still doing a little for the guy who did all the concrete foundation work for my new shop,only a couple days a week in the spring to fall, and we have an Airbnb operation going on and a couple of pension cheques and our investments working away for us and my wife still working for another year or 2,so it's all good.i watched my dad,the hardest working man i ever knew,work day and night for years and at 62,he retired and spent the next 20 years working on his boat,going fishing,doing whatever he wanted,now he's gone.none of us are bullet proof,working til you drop isn't the plan.i work in my shop everyday on my truck,on my one of my old cars,go for a drive in the mustang with the top down and the wind blowing through my 4 hairs or get to work on the new tractor i just bought and i have a dozen projects in my head,that i'm sure i won't get to,but that's ok.being good at your job,dedicated and hard working is fine but there's more to life that a job.nobody knows what's around the corner,i'm miss some of the guys i worked with as i don't see them anymore but it's fine,we are pretty lucky but we planned for this,we can afford it and i wouldn't trade it for nothing,so my 2 cents worth is,if you can do it,go for it.it'll all work out,it did for us.take care.Greg

[FleetsidePaul]

If you like what you do that makes it a tougher decision. I liked what my job was, but I hated what it had become. My company seemed hell bent on getting rid of us older workers. They made it tough on us. They could outsource the work out cheaper.

Minimum retirement age at my company was 55. I retired the day that I turned 55 and I was plenty scared. I had been there 36 years, basically most of my life. It wasn't an easy decision. But my job was affecting my health and my relationship with my girlfriend. I was miserable and not so nice to be around. I felt cheated and I was depressed. Tied up in knots.

I have known several people that waited a long time to retire and did not live long after retirement. I didn't want to be one of them. So I jumped into the deep end of the pool and left. I literally walked out. I told my boss I was out and all he said was "I wish that I could do that'.

The truth is that I didn't know if I could. I had just been cleaned out in my divorce and had a huge mortgage. Bad timing. But I went anyway.

It's going on 6 years now and I've never been happier. I have made more money not working than I ever did when I worked. I invested my money that I had saved.

It was scary. But I rolled the dice and in my case I got lucky and it paid off. Happily married, 5 houses and no more mortgage BS.

I guess my point is that there is always something else out there. Follow your gut instinct and enjoy life. Life is short.

[my04]

I agree 100%, get out while you can and are still healthy.
My dad worked his whole life, became terminally ill at 53 and passed at 56 before he could (or wanted to) retire.
I'm 54 and have worked in heavy industry since I was 18, I struggle with when to retire all the time and am seriously leaning towards retiring sooner than later everyday. I enjoy my work but I cherish my time off a little more I think. The obvious concern for me right now is affordable insurance (is there such a thing?) if I choose to retire early.
Huge decision to make. Not an easy one.

[Troy Sr]

I was going to retire July first, but decided to ride it out one more year so that I'll be 60, and have 39 1/3 years in. That'll put me at the max money in my pension. Fortunately I'll get a pretty great retirement package!! I'm a little worried about my health after retirement but it is what it is!!! I can't wait!!!!

[Accelo]

I retired at 61. I had a headache for two weeks after I retired. It was the stress of attempting to figure out my new path. I was saving for retirement and now the game has changed drastically. I needed to face we don't live forever and spending what I worked for my whole life was the new plan, not saving any longer. Such radical change doesn't typically come easy for most.

Good news it my headache went away and things turned out much better than I had anticipated. I still do consulting and am paid well for it. But now I work only a couple days at a time a few months a year. All importantly its on my schedule not theirs. Makes all the difference to me.
Pay no attention to the coworkers advice. Typically once you hit close to 60 it "when are you going to retire"? Do it when you are ready and on your terms.

I have been enjoying hiking all around the western USA and working on my projects. Even attempting to reduce my projects as I will not live long enough to finish all of them. One word I do not know the meaning of is bored.
Wishing you luck what ever you choice becomes.
Cheers

[Boog]

Retirement isn't all that bad. After a life time of getting up early and heading out my body is still in that mode even after 2 years of being retired. I sleep usually no more than 5 hours a night. I get up early and have no place to go and nothing much to do.
Like many, if not most, I found the "modern way" of operating a business made little to no sense to me. I worked for a family owned business for 30 years and the business was very successful. The owners wanted to retire so they sold out to a younger investment group who have very different ideas of how to run our very successful business and it's people. They soured me on their new ideas and I quickly began to think about life without them.
I wanted to work until 68 or so but gave it up at 66. I had already signed up for Medicare in preparation for this time. On the day I had had enough I told the back office it's time. I would stay while the next manager got up to speed. Meanwhile the president looked for something else for me to do, at least on a part time arrangement. I really just wanted to reduce my responsibilities and stress. I could work as much or as little as I chose for a decent pay rate. I did that for 5 months then covid hit and things started shutting down. The new owners started reducing staff as business fell off and my newly created position wasn't critical to the operation so I and numerous others were furloughed the same week. The thing is I really didn't mind. I was tired and still working for the same new owners that I despised so it was a relief for me. Financially I wasn't ready to retire but by watching our spending we will be fine. I have recently learned a number of us older managers are bailing out. It's just not the same.
So don't dread retirement. It frees up time you might never have had to do other things.

[KW5413]

I know people that have strived and others that have struggled. One of the biggest challenges that I have observed, generally the household cashflow is diminished but, the spending habits have not. I see a need to downsize your spending. The Queen and I have mapped out what our annual cashflow needs (not counting inflation) and still leave fun dollars in the budget.

As it is now, we typically pay for everything involving the family. Don't need to...want to. That is fixing to change over the next couple of years. I will be 69 in a couple of months. It is increasingly more difficult to keep my shop in profit $$$. Materials pricing is unpredictable as is availably / delivery. Delays in delivery impact my cashflow. Due to the local job market labor costs are exploding. may be losing a longtime employee this week.

With that said, I may be retiring much sooner than planned. I had hoped to keep the business running 'til age 73, or so. The Queen will be 65 in October. She has put her company on notice that she will be out by 66 1/2. Then looking to move out of her VP Global HR roll to a part-time global payroll / benefits specialist for a couple of years. Then be out completely.

We have done well and all but her car is paid off. So be currently have the luxury stacking cash that we are not dedicating to other things.

But it is hard to figure out what our retire budget will be. If we bet one, or both, of us will live another 25 years after full retirement, we should be OK. Anything after that will be impacted by inflation and how it hits what is left of savings / investments at that time.

The thing that I keep rolling around in my brain is, if we shut down the business earlier than planned...what the hell am I going to do? They quit handing out smiley face stickers at Walmart some time ago.

For anyone moving to retirement I say good luck and enjoy all that is important to you.

[1970 CST Short Wide]

I worked for Chevron Research for 26 years. I had a plan in mind when I started to retire at 60. As soon as I could I started my 401. With every raise I would keep 1% and put the rest in 401. From the age of 50 -60 I was putting 23% in my 401 And they paid a Very Nice severance package. I had a money management Co making investments. The day my money man called and said I was on schedule with my plan and didn’t have to go to work tomorrow I gave my notice. Went out with a Bag on the 4th of July 2015 and never looked back. Heath is good lots of Grandkids (11) and a loving Wife. Life is Good
I hope you young guys read this. It’s important to have a plan. Put Something away even if it’s only a few bucks a month and don’t touch it until you retire. It will be worth it
To you guys think about it soon. Be sure to have enough cash to make your payments until your retirement money starts coming in, Sometimes it can take awhile. I had 5 weeks vacation pay coming so I was good there.

Best of luck

[FleetsidePaul]

The one thing about retirement is that you think you'll have more time. Forget that. It's funny how your days will fill up. I'm busier than ever. But you can take a nap when you want. :

Uh oh. Here comes my wife with a chore list.

[mike1971c10]

Well, my story is a little different. I retired at 70 and haven't looked back. When I turned 65, everyone would ask me when I was retiring. Well, I liked what I was doing and was good at it. (great maybe?) When I turned 70 it hit me I think I've had enough. I was a little afraid also, about what I was going to do but it has worked out. I'm a dinosaur now, technology has passed me by, maybe that's a good thing
mike

[truckster]

People ask me when I'm going to retire, and I really don't know. I'm 62 and I teach at an alternative high school. I retired from the Army after 25 years, and I'm pretty well set financially, but I really enjoy helping young people learn to make good decisions and turn their lives around. It's not like I won't have anything to do when I retire; I have 11 children and 7 grandchildren (so far) and they all have projects for me to work on, plus I have a bunch of my own. But as long as I see students change their lives for the better year after year I think that's going to be a hard decision for me to make.

[Steeveedee]

I retired in 2014 at age 62. There are only two males in my ancestry who made it past 58. One died at 64, and the other is still ticking along, in his 90s. He quit smoking in his 30s, so that's the ticket. I had a few smokes in my life, but not in 43 years, now. I may live awhile longer yet, but one never knows. I was really burned out from work. It took me a little over 2 years to do all the jobs that had been on hold and I didn't want to fork out thousands for. The wife just retired a week ago. Driving me nuts!

[FleetsidePaul]

Originally Posted by Steeveedee

The wife just retired a week ago. Driving me nuts!

My wife keeps saying that she is going to retire.

[LS short box]

My wife and I retired almost 5 years ago. Were 59. We saved and invested over the years so money wise we are in good shape.
I worked for the same company for 36 years. I traveled the world first as a service tech and then as one of the regional sales managers. Did over 5 million miles between Nothwest/Delta/KLM and a number of other airlines. I've had many people ask me if we were going to travel after retiring. Nope I like being home.
I gave a year notice to my boss that I was leaving. I really enjoyed training in my replacement and saying goodbye to customers that some I've worked with for 30 plus years.
In the first year I lost weight just because I was eating better/smarter. I think one of the best parts about retirement is that you can plan your day/week/month as you see fit. If something doesn't work out no worries just do it a different day.
Good luck with your retirement.

[CG]

I retired from 40 years in the copier business around three years ago. But my honey was still going strong and making an excellent wage. So I found what I was thinking would be a part time type job at Lowes. Ive been there full time just over two years, it was kinda fun, way different than my previous career for sure. Now though Im pooped (ha), and my last day working anywhere is June 30th. My honey will be phasing out of her job by the end of the year. We will both be 63 before the end of the year, she's pooped too lol. Boy are they doing anything they can come up with to keep her on though.

[Dead Parrot]

If you like your current job but want to slow down, consider 'retiring' and starting your own business. Only take on the jobs you like and that leave you enough time to do your other projects.

Depending on your work situation, you may find yourself missing the work social life. People you are used to having conversations and/or lunch with 5 days a week are not there anymore. Might want to line up some alternative activities before you pull the plug on work.

Do plan on retiring before your body tells you to. You don't want your retirement years to start with being stuck in a chair because it hurts to much to move around and do things.

[LONGHAIR]

I am not dreading it at all, looking forward to it actually. Financially, I am fine, not loaded by any means, but definitely ok. My house has been paid off since '14, Camaro since '17, and only a year left on the truck. I expect my expenses to remain about the same. My fuel cost will drop a ton, when the 45 mile daily commute stops, leaving that extra for whatever I decide to get into.
My original plan was just simply "no later than 62" but the passing of my dad has kind of changed my outlook on that. Mom is still around and only about 20 miles away, in good health at 79. I'm ok health-wise, but keeping health insurance is an issue too.
I like what I do, for the most part, but the commute is not ideal. It is also hard to watch the steady raise in pay offers to the entry-level employees without that moving uphill. I do ok, but I have seen the entry pay go up by some 40% in the last couple of years. Obviously they don't think they have to work that hard to retain the steady people.

In July, a few weeks before my birthday, I will be starting my 19th year. That time means essentially nothing though as there is no pension to work toward just a 401k. So, there is no goal keeping me there either. If staying to 20 got me something, I might be convinced to stay that long?
I guess it is just the unknown holding me back at this point? It wouldn't take much to put me over the edge though. I would just hate to leave "mad" after all of those years. This has come upon my fairly recently and is getting real, which makes a slow, steady, thinker, like me, a bit nervous.

I talked to my mom about it a little bit over Easter, before we got interrupted. Her thinking, on short notice, was "Why not?" and "If you can, you probably should"

[dieseldawg142]

freedom 55? well i'm 55, so now i'm shooting for freedom 75....
the older i get, the more i realize there is more to life than just work. when your in your 50's, you can start to see the end, and the most valuable thing in life i'm finding is TIME. can't stop it, can't reverse it or hold it, it marches on and we only get one shot on this planet. i don't want to spend what time i got left working to the very end, like my dad. he worked to 72 and was getting ready to finally retire and he went and upped and died. as my mom also died at 69, starting to hope it ain't a family thing, and makes me want to retire all that much more, there is a lot of things i still want to knock off my bucket list.
financially it is a bit up in the air. i get nothing from my work (maybe a parting check) and have been plowing my money into my rrsp last few yrs. my wife could have retired 6 yrs ago, but she wants to go 30 for max benefits from her union. we're planning on selling our house, making some money off it, and move waaay up north where ya can still get a house and property for a decent price. only thing that may prolong our retirement is the kid's university fee's

[Rickysnickers]

So here is my story. I worked for a large police department in SoCal, for 31 years. I was maxed out on my pension and my chances/opportunities for promoting were pretty much slim and none.

I had always dreamed about what retirement was going to be like and how I was looking forward to it. I left in December 2019. I was in my early 50s. I thought I was ready. In retrospect, I wish I would have stayed longer. With that said, all the anti-police/BLM marches and riots would have driven me to leave.

Financially, we are good. My wife still works and she her job provides health insurance. That would be our largest expenditure. We are fortunate in that our house is paid off. We are one of "those" who moved out of CA and to IT.

As for having a plan after you retire, you better have one! My first two years sucked! I missed those I worked with actually missed my job, even though I did my fair share of complaining about it. I had no plan of what I was going to do. It was also hard to meet people and make friends in a new state thanks to the pandemic. FIGURE OUT WHAT YOU ARE GOING TO DO WITH YOUR TIME!!!! Don't sit around and watch TV.

We built a workshop. It is now finished and I will be able to get back into my woodworking. I may start making butcherblock countertops.

Be sure are ready.

[LockDoc]

-
I used a completely different plan than most. I'm a little older so I started making plans to retire back in the mid '80's. I was working two jobs at the time and making decent money. I paid into two retirement plans and had more than enough quarters in on my second job to cover my SS. I told my wife back then that I was going to retire when I was 55, we were going to move back to our home town, and we were going to build our own home, and that is exactly what happened. By building our house ourselves we didn't have to borrow any money to get it done. I have been retired for 24 years as of the first of January. The main thing to do is to have all financial obligations paid off and be free from any debt. The last new vehicle I bought was in 1974 when I bought a Chevrolet Suburban that was a previous year leftover.

I have never had any financial/investment advisors or brokers and never really needed any. I got really lucky on a couple of stocks I purchased through online investing and the vehicles I have rebuilt and sold have been enough to cover my car and truck hobby without digging into the household budget. When I first retired in 1998 my health insurance was $450 a month and by the time I started drawing SS at 62 (2005) and signed up for Medicare it was $1300 a month. That sounds like a lot for back then but it was $150.00 deductible and no co-pay. Although I have had a few chances, I have never worked a regular job since I retired, so I have been enjoying it to the max.

I have been lucky health wise so far and am still very active so I hope that all continues.

Everyone's circumstances are different depending on your lifestyle and area of the country you live in. We have two gardens and my wife still does a lot of canning, saving on food expenses. I continue to take care of all maintenance of the property (3 acres) and vehicles. Our needs are very simple and we live where living expenses are not that bad.

Good luck to all, and just use common sense on your retirement planning and you will do just fine.

LockDoc

[tim71]

I retired in 2016 at 62. I literally dreaded going to work every day. I had saved for retirement what I thought was adequate if nothing crazy happened.
My wife is 6 years younger and has a good job. That solved the first issue, I could have health insurance thru her until I could get medicare at 65. My plan was to be able to live on SS for my normal weekly/monthly expenses, and use retirement funds for leisure, vacation,hobby, etc expenses. I tested this my last year of working by contributing to my 401K to the point that my monthly paycheck netted what my monthly SS would be. I filed for SS at 65 when I applied for medicare. Fortunately I am debt free or there would be no way my monthly SS would cover my regular monthly bills. So far, so good...my plan is working.

My major retirement adjustments have been:
1) For me it is really hard to leave the "saving" state of mind and spend any of what I had saved. I really haven't spent any due to free govt money(stimulus payouts) and my wife and I can't really travel because she is still working. My largest expense is the 72 Blazer build that I'm working on, but I had set some money aside for that prior to retirement.
2)How I manage my time. I have always been an up by 5:00AM guy. I've been thru some different cycles since retirement where I would not go to bed until 2-3:00 AM and that not a good program. I think that even though I can do what I want when I want to do it, it's best for me to stay on a fairly normal schedule.
3)My biggest change is yet to arrive, when my wife retires.

Retirement for me is great. I live within my means yet pretty much do everything I want to.

[Steeveedee]

Heh, on that note, our financial people commented that we are living below our means. But what if you blow all you shekels before you die? Ain't gonna be your problem, amirite? All that money can't defeat cancer, though, in the end.

[Palf70Step]

I retired at 62 in 2018. I had no intention on thinking about retirement till maybe 70. I loved teaching and most of the people I was working with, but management made it super miserable. My health could not keep up with the BS, so I told them I am done. I was going to wait till end of 2018, but I couldn't take it and as soon as I hit 62, told then no more and left 31 January. I went directly into Social Security plus my retirement income. No regrets. I wonder how I did much of the stuff I am doing now when I was still working full time. The only thing that has change keeping me as busy was when my friend EdB passed. He and I spent a lot of time on his projects too. But after 4 years I have no regrets. My son graduates college next month, so who know what wife and I will do.

[joedoh]

you can retire at any age IF you are realistic about the change in income. if you like driving brand new cars every few years, and like taking lavish vacations, retirement might be a scootch problematic.

my friend got laid off and said he would just retire, he was working again inside a year because his wife wanted a new car and he wanted a new truck.

another friend and wife retired at 52, moved to their vacation spot and are now extremely bored and looking for work because no family or friends will take a 4 hour (one way!) trip to visit them, and they cant drive back 4 hours every weekend.

it reminds me of the old conundrum, in college you have plenty of time but no money. working you have plenty of money (relatively anyway, if you dont you shouldnt retire) and no time.

find out what you are willing to give up, if anything. some people plan better than others. remember you wont need much gas/lunches/work clothes.