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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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