When is it time?

[BKBuilds]

Originally Posted by Springerdad

Brian - SAVE SAVE SAVE. My ex had grandiose plans of retiring on her parent's wealth,,,,,, but she spent it all before they passed away despite my objections. There's more to the story but I got out as soon as I could - but not before she broke me as well. THAT was my fault. But now, I am finally with my true soul mate and we are happy and looking forward to retirement.

Thanks, my wife is a banker, so we have a pretty good financial plan. We are in a 15 year mortgage, camper 10 year, and 2 left on the truck and no cc debt. By the time our son gets his drivers license we'll be debt free.

We had to practically beg my father in law into retirement. He was worried he wouldn't have enough money. He's got more then enough money and we told him we want him to spend it all before he goes because we don't need it.

[IHDRIDER00]

KEN, Davidg had some great advice. As did others, a great read.

To be quick:


You'll know when you're ready.

Get your house in order. That means no debt. Don't leave your career to early, just to find out you can't make ends meet. Then go to work at half the wage.

Live within your means, your budget.

I retired at 51 and 2 weeks. In no time my job was out of my system. After 30 yrs and 6 weeks getting up at 4AM. In 2 weeks I'm sleeping till 9:30. I worked in the transit industry. Still meet with coworkers from time to time for lunch. It was a very satisfying career, health care, pension, the works. The RV strays ready. Enjoy Life! It's way to short.

[Bluesky]

When I just got tired. Been working since I was 12.

[rblake39]

So jealous reading this thread. I'll never be able to retire. Long story but lost my wife 7 years ago. At the same time I lost my job. Another long story. Spent the life savings 401k, inheritance etc. keeping her alive an extra 6 months always hoping for a miracle. Along with raising 2 daughters. So consider being able to retire a blessing. But if I had the choice to do it all over again the same way, I think I would. She was a great woman.

[Steeljag]

Rblake39.......

If I could "like" your post.....I would !

[Campahedu]

Originally Posted by mike.t

Oh. I retired at 65 cause i hated Mondays. Probably should have worked a few more years.

I love this thread! I gave my retirement notice yesterday. Going 'til June 30. Why? Because I really like Saturday and Sundays
When my boss asked why, I had plenty of reasons... but my main one was, "Because I can"
Not quite 60 and have NO loans.

[CaptnJohn]

I owe on the house (@ 3.375%) and the TV 9@ 0.0%) and the camper (@ 4.19%). My income more than covers all loans but most of all investment income is still over 7%. When loans make money it is a gift. Besides ~~ home and camper interest are a tax deduction.

[6inthefamily]

Great topic, I just passed what I hope is the half way point of my career.

Like NoviBill my spouse is a type 1 diabetic, and getting out of the daily grind sooner rather than later is a priority of mine. One struggle I have is my pension. age 58=5K month, 62=8.75K, 65=10K. That's a lot to leave on the table to depart at age 58. My wife has a similar pension as well.

Are the kids going to be self sufficient? I tease my wife that with 4 kids, we are likely to have one "Failure to Launch" in the basement. They will all be over 18 when I am 54 so I think we are good there.

Overall, I feel pretty fortunate. After 3 years active duty Army (when my wife and I made around 13K our first year) I used the GI Bill and Illinois Veterans Grant to go to college. That has to be one of my best life decisions ever, as my wife and I both earn quite a bit more than we ever imagined.

I like to think my wife and I vacation/relax pretty good in our working years and they we aren't the "we will get to that when we retire type", but even now, at 42 I am looking forward to getting out if the rat race. For those retired enjoy it, and please share any "I wish I new what I know now examples for the rest of us to learn from"

[KenHwy61]

Originally Posted by 6inthefamily

Great topic, I just passed what I hope is the half way point of my career.

Like NoviBill my spouse is a type 1 diabetic, and getting out of the daily grind sooner rather than later is a priority of mine. One struggle I have is my pension. age 58=5K month, 62=8.75K, 65=10K. That's a lot to leave on the table to depart at age 58. My wife has a similar pension as well.

Are the kids going to be self sufficient? I tease my wife that with 4 kids, we are likely to have one "Failure to Launch" in the basement. They will all be over 18 when I am 54 so I think we are good there.

Overall, I feel pretty fortunate. After 3 years active duty Army (when my wife and I made around 13K our first year) I used the GI Bill and Illinois Veterans Grant to go to college. That has to be one of my best life decisions ever, as my wife and I both earn quite a bit more than we ever imagined.

I like to think my wife and I vacation/relax pretty good in our working years and they we aren't the "we will get to that when we retire type", but even now, at 42 I am looking forward to getting out if the rat race. For those retired enjoy it, and please share any "I wish I new what I know now examples for the rest of us to learn from"

I think you are smart to assume you will have failure to launch or boomerangers in your house. It is very common these days and I have 2 boomeranging boys myself. It can be a lot of extra expenses you maybe didn't plan for. In my case they came back with all sorts of financial, legal, drug/alcohol and other resource draining issues. As parents you often have to continue to push and provide even when they are in their 20s.

[AquaMan]

I'm semi-retiring this year (51) after 35yrs. Although I don't think I'll ever fully retire (own the company, but have an 8yr old and 2 in college), I do plan on taking a month or 2 off at a time and enjoy some of the retiree benefits. I do still enjoy working and would go stir crazy without it.

[pdqparalegal1]

I'm 69, always been self employed, (paralegal) no Company retirement. I pretty much make my own work hours and do as I please. Easy job, no manual labor, I'll work till I die if health allows. I see lawyers all the time working at 80, 85 years. Easy work, good pay.

[LTRVing]

DW and I retired at the same time. My company had incentives to go. So, we went at 55 & 57, yes, she robbed the cradle. The company pension plan was good and with our 401K's it was a no brainer. The kids are on their own, house paid for, time for an RV while our knees still work ok. She collects SS, I'm still a bit off that mark. Amazing we live on 1/2 our former incomes and lack for nothing. We are blessed.

[UltraV]

RBlake39
What nice tribute to your wife. I hope it all works out for you. It sounds like you have made the best of your situation.

[hammer55]

well I had to retire, couldn't do my job anymore after I fell off a latter in 2009, finally had to quit and retire in 2012, the way I am I would rather not be hurt and be working, after six and a half years still fighting with workers comp. to no avail, "LIFE IS TOUGH THEN YOU DIE"

[Sharon455]

Great thread! DH and I are both AF retirees, so we will be comfortable, but we both still owe on our houses. (We met and married a few years after his first wife died unexpectedly.) He is 65 and would like to retire within the next 3 years. I am 60, just completed a certificate program for network administration at local college, so I plan to return to the workforce, let him retire, and then feather the nest a little until I'm 65 or so. We are also in the planning stages of an embroidery and silk screen business. We want to make enough money that it isn't a money draining hobby.

Of course, if I win the lotto tonight, we will both be permanently retired. (A girl can dream, I just need to make that 10 mile drive into town to buy a ticket!)

[WolfWhistle]

No one can tell you when to retire, but I know what I had to do, or what was best for me. I think the best advice is all over this thread... I add immediacy to them.

Try to stay healthy, start to day.
Get debt free, start today.
Don't think retirement will bring happiness, start today.
The best memories are about things that money can't buy.
Happiness is contagious, make someone else happy, do it today.Its the little things.
If you have plenty, share it... be generous with your money and more importantly, your time.

I retired in stages. I left a company after 18 years and was vested. The money wasn't much, but it helped.

I was laid off from a company (22 years); profit sharing and severance got me started getting debt free and real saving. Started drawing retirement but didn't live off of it.

I got married to a good woman.

I retired from the Reserve (Florida Air Nat'l Guard - USAFR) started drawing that and continued to work.

I was laid off a second time, got a bonus (go figure) drew unemployment for as long as I could and started SS.

SS at age 60 is the same dollar (future value of money) as it is at age 70, as far as I know. The only draw back is the restriction on how much you can earn. If it works for you at 60 start drawing it, even if you don't need it. I don't see a reason to wait.

I have been able to get debt free, live on SS and with both military and civilian retirement benefits (each humble), have not had to touch the annuities. Being laid off made it possible to not touch them and let them continue to roll up, as strange as that sounds. Being laid off was scarry, but turned out to be a good thing.

I know, I am blessed. Sitting here in this warm house next to someone who loves me; healthy; with fridge(s) full of food; not a worry in the world; my life could end today and I would be okay with that.
WW

[KenHwy61]

Always good to be reminded today is the first day of the rest of your life and it is not too late to make a difference.

[UltraV]

I just ran into this article on how men and women tend to retire differently. (Imagine that!)
https://www.bostonglobe.com/lifestyle/2015/12/28/how-men-and-women-retire/3d2OKYDMQnHPJKRDt9gLkM/story.html[/URL]

[ependydad]

I've only just started reading the posts on this thread. I need to go back to the beginning and start reading. I'm 35 and have 2 kids (12 and 3). I have a mortgage and a fair amount of debt (top priority is reigning that in and building an emergency fund). The good news is that I have a decent 401k and some money tucked away in IRAs. I happened to sit down with the manager/owner of a Merrill Lynch office last week and it really inspired me.

My mom passed at 57. I had an uncle who worked into his mid-70s, retired, and landed in the hospital within a week- complications arose and he died exactly 3 weeks after his retirement. He never got to enjoy his grandkids. I don't know why I share either of those- but I do know that I was to have my crap in order as quickly and early as possible.

I'll read up and see what kind of insight you all have provided. Thanks!

[CaptnJohn]

Originally Posted by ependydad

I've only just started reading the posts on this thread. I need to go back to the beginning and start reading. I'm 35 and have 2 kids (12 and 3). I have a mortgage and a fair amount of debt (top priority is reigning that in and building an emergency fund). The good news is that I have a decent 401k and some money tucked away in IRAs. I happened to sit down with the manager/owner of a Merrill Lynch office last week and it really inspired me.

My mom passed at 57. I had an uncle who worked into his mid-70s, retired, and landed in the hospital within a week- complications arose and he died exactly 3 weeks after his retirement. He never got to enjoy his grandkids. I don't know why I share either of those- but I do know that I was to have my crap in order as quickly and early as possible.

I'll read up and see what kind of insight you all have provided. Thanks!

I understand why you shared that! My father died on the job at age 60. His dream was to retire at 62! I made up my mind to retire as soon as I could. I retired at age 55 ~~ nearly 13 years ago! You are on a great track!