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Old 01-10-2016, 07:59 PM   #1
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When is it time?

For those of you who have retired, how did you know when it was the right time to stop working? Did you worry more about running out of money or out of time, and how did that influence your decision?
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Old 01-10-2016, 08:16 PM   #2
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I'm thinking if you can afford an Aviator, you're either already loaded, so don't worry about retirement, OR you spent all your $$ on the Aviator and you'll be working until you're 85 years old.

Seriously, it's going to be different for everybody.
  • How good a job do you have?
  • How much have you been socking away in a 401(k) or IRA?
  • Will you get a pension or not?
  • Does the DW have a job?
  • Will you need to pay for college?
  • How many kids and college?
  • DW or yourself have, or expect, any major medical issues?
  • Do you like what your doing, or can't stand it?

I'm retiring in 2 months, after 36 1/2 yrs. I've just had enough. I want to sleep in mornings!!!
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Old 01-10-2016, 08:23 PM   #3
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I retired on Disability at age 44. So the choice really wasn't mine. But I had it planned out to retire a few months after I turned 50. I would have had 32 years of service at that time (Federal law Enforcement retirement).
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Old 01-10-2016, 08:31 PM   #4
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Quote:
Originally Posted by rockfordroo View Post
I'm thinking if you can afford an Aviator, you're either already loaded, so don't worry about retirement, OR you spent all your $$ on the Aviator and you'll be working until you're 85 years old.

Seriously, it's going to be different for everybody.
  • How good a job do you have?
  • How much have you been socking away in a 401(k) or IRA?
  • Will you get a pension or not?
  • Does the DW have a job?
  • Will you need to pay for college?
  • How many kids and college?
  • DW or yourself have, or expect, any major medical issues?
  • Do you like what your doing, or can't stand it?

I'm retiring in 2 months, after 36 1/2 yrs. I've just had enough. I want to sleep in mornings!!!
Even though I got my Aviator for half price it still is the most expensive thing we've ever bought other than our house. Have a few more years to pay on it but it should last a lifetime. I think your last statement says a lot. I think when you've had enough you've had enough and you quit worrying about whether you're financially set or not.
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Old 01-10-2016, 09:12 PM   #5
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When the Chief calls you and says you need to go talk to the finance manager. He tells you that you are paying to work here. Then gives you a retirement package only an idiot would refuse. I wasn't ready to retire and wish I was still working. That was after 35 years and I miss it every day.
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Old 01-10-2016, 09:26 PM   #6
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I'm 55 retired after 33 years. Been out of work I've 2 years now love it
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Old 01-10-2016, 09:41 PM   #7
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check out www.early-retirement.org/forums
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Old 01-10-2016, 09:43 PM   #8
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When I was young I always thought I would retire at 55 like you did. Now looking at 60. Unlike Stormrider, I don't think I will miss work all that much. As a mechanical equipment tech I can always find something to fix if I feel the need. My wife is an RN and can't wait to be done. Likes the patient care but for some reason can't stand working with all women!
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Old 01-10-2016, 10:02 PM   #9
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I retired once at 56. Then I got a phone call from a firm I used to do business with. Long story short, they made an offer I couldn't refuse so I worked full time another year, then half time for a year, then 1/4 time for a year. They never cut my pay. Finally gave it up for good at 59 1/2 and never looked back. Started SS early which keeps me out of IRA a little more, and a little rental income pays health ins +. Now I work around our place and help the kids. And of course, go camping/fishing/hunting when we want.

Not sure how old you are, or what your circumstances are, but I would say this; have home and vehicles paid for. Make sure health ins is arranged. Then use several different retirement calculators to verify income matches expenses plus a little cushion. Have an established emergency fund. If you are under 59 1/2, it can get trickier, but still do-able. Retirement planning should begin when you are 25 or under. Do not quit a good job until you have addressed the above items.
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Old 01-10-2016, 10:17 PM   #10
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Thanks for the tips. I should have the house, truck and camper all paid off within the next five years so that will help. We also should have some rental income coming in as well. Health insurance always seems to be the big question. I am 50 now but things are never for sure. I just don't want to wait too long so 60 is our target.
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Old 01-10-2016, 10:34 PM   #11
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Rather than tell you our story of how we retired at 58 & 60 yrs old, I'll tell you that there isn't anyone we've met while now traveling in our RV and snowbirding in FL that said they should have worked longer. Everyone says they should have retired sooner, like at our age to enjoy it better. BTW, we are the youngest couple in the park.
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Old 01-10-2016, 10:37 PM   #12
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I retired at 52 and entered the DROP which allowed me to work for 5 more years. If they had extended the DROP I probably would have stayed because just like Stormrider I loved the job. But, as a firefighter at age 57 I could not work as long as I could when I was younger so it was time to go.

I Left my part time job that I had for 20 years when I became eligible for SS at 62 because I was beginning to dislike the job and SS pays me what I was making part time. Now SS pays for our Forester and the toad.
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Old 01-11-2016, 09:21 AM   #13
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I retired at 65, did not take SS for another year. Wife retired 1 1/2 years later also at 65. I wanted to go at 62, but company had a great retirement benefit that required one to not retire before 65. I was 65 + 8 days.


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Old 01-11-2016, 11:08 AM   #14
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I retired 3 years ago at 55 after 37 years with a defined benefit pension. I couldn't wait to quit riding the rails.
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Old 01-11-2016, 12:42 PM   #15
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I retired forcibly with disability but bought 2 acres and built a retirement home and 7000 sqft shop to play in and never looked back. I owe nothing on anything so I feel set. cant wait for my wife to follow so we could do more long distance travel.
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Old 01-11-2016, 01:01 PM   #16
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When you are debt free and have enough of a pension to retire comfortably. Don't work one more day than you absolutely have to. Been retired 11 years now and enjoying every minute of it.
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Old 01-11-2016, 01:12 PM   #17
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2 cents worth

I am close to 65..I haven't retired, but work now as a caregiver for a large US franchise. I have had seniors tell me (yes, seniors older than me) they wish that they had worked beyond the age they retired. I see $ problems with some of them..health supplement insurance to cover what medicare doesn't, drug costs, medical care...grandchildren who can't get it together & want $$ from grandparents..it goes on & on. A good plan is to be out of debt, like others on this forum have mentioned. Lifestyle..can you cut back? do you need to? Have you saved plenty (if you worked in the private sector)...I may be negative sounding, but reality can be not so dreamy.

That being said, we are planning to fulltime within the next year..sold our house..hope the stock market doesn't crash & off we will go.

Look at your situation & answer the "what-ifs" - Good luck with your decision. (oh and keep yourself in good shape & healthy!!)
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Old 01-11-2016, 01:12 PM   #18
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I'm enjoying this thread immensely. I'm 59, the DW is 60, and she's pushing me hard to retire as early as possible. In future responses, could I ask for responders to post ages so we all have a perspective on that aspect?
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Old 01-11-2016, 01:19 PM   #19
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I didn't retire until 67! (My brain was fried and I quit enjoying it.) But, that allowed me to enter retirement debt free. One of the biggies that I haven't heard mentioned yet is health. If you're in very good health, staying longer isn't as much of a problem. With 24 years active duty, social security (my wife never worked outside the home - "inside" was more than enough) and 13 years retired Civil Service I surely don't need any more. Bottom line: retire early, but don't go into debt to do it! (IMHO post-retirement debt is an anchor around your neck.) Have fun!
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Old 01-11-2016, 01:23 PM   #20
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Two points from what I know:
1. Have the Rv and TV you want and Pay everything off before you retire.
2. You will know when its time for you to retire.
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