Dumbest question you'll ever read...

[B7500]

Dumbest question you\'ll ever read...

Should I retire??????
I know most guys are going to say heck yes if you can but I'm not so sure.
I have been lucky. I've had a great job for the last 31 years working with some really wonderful people. We all get along, there is no stress and my pay is good. If I were to retire I would get 62% of my take home now but I would not have to pay State tax, Union dues, SS ect. The end result is I'd take home pretty much the same money.
There is nothing more that I would love to do but play on my tractor all day every day but would that get old? I've been working since I was 14 (56 now) so I'm afraid I'd get bored with too much time on my hands and I've been reading that many retirees have been going back to work.
Is 56 too young or should I go another couple of years? Or should I retire and enjoy the rest of my life now? You never know when you'll start your tractor for the last time.
BTW, my wife plans on working for at least 10 more years.
I told you it was going to be a dumb question but you guys seem to not mind answering my previous dumb questions so here it is.
-Terry

 

[Glenn9643]

Re: Dumbest question you\'ll ever read...

I've been retired about three years, and am 56 now. So far I've not been bored, and continue to have plenty to do. Lucky that my retirement income is such that I can pretty well buy what I want or need within reason and live well. My only nagging concern is "what-if's" related to future inflation, etc. that might reduce the buying power of my income. I guess if that happens I'll have to go to work???

 

[DUMBDOG]

Re: Dumbest question you\'ll ever read...

You could say that I retired 4 1/2 years ago. But busier now than ever before, trade stocks during the day to supplement the income and have a couple of commercial rentals. But with the two kids starting college this year, and the 40% increase in health insurance the last four years, you always wonder about the future, especially at 48.

With working evenings at the farm, getting ready to build one of these years, and with a large garden, time is always the problem.

Quality of life is the question, you can always go back to work if you have to, you may enjoy work now, but after six months you will wonder why you had worked so long.

 

[Golfgar4]

Re: Dumbest question you\'ll ever read...

Hi Terry! /forums/images/graemlins/smile.gif

You've probably seen a number of my posts and know that I'm planning on retiring in 2005 when I turn 55.

I'm somewhat in the same situation as you. Job is good, pay is good, etc., etc. I'll have 31 actual years when I hit 55, but I'll be able to add my 4 years in the Navy so I'll get credit for 35 years of service.

Based on current numbers, I'll only lose a couple hundred each month versus staying longer another 3 - 4 years. I figure I can pick that difference up easily with part-time jobs - if I want to.

You do need to understand one thing about my plans. I'm not necessarily retiring to quit working. In fact, I'll probably be working more when I retire. I'm retiring to do exactly what I want to do - not what someone else wants me to do. If all of our plans work out, my wife and I will actually be running 3 businesses after I retire. She has an interior design business that she will scale back some (she wants to kinda of retire too! /forums/images/graemlins/wink.gif), but will continue to operate on a very selective basis. She also wants to begin operating a quilt store and teach quilting. We also currently have a custom art gallery that I do all of the custom framing for. We want to expand that. Even now, this part of the business alone would make up that couple hundred difference loss in the pension in just one week. And of course, the big thing is starting my own tractor service in the area.

Have you noticed the common thread in all these things? We control everything - we will be working for ourselves. That is the one of the most important things to me. I'm the one making the decisions and working the way I want to. It'll probably mean more work than I'm involved in now. But it'll be all by my choice and for me and my wife.

I guess I feel like life is too short, and I've reached the point in my life that I feel that I've earned the right to do what I want to do when I want to do it. As long as financially I can afford it, I'd be retired tomorrow if they'd let me! /forums/images/graemlins/smile.gif

Good luck on your decision! /forums/images/graemlins/wink.gif You asked for our opinions, so here's mine. Go for it. You'll probably find yourself busier, and maybe even happier, than if you wait. /forums/images/graemlins/smile.gif

Of course, that's just my opnion. And what do I know? I don't even have a tractor yet! /forums/images/graemlins/crazy.gif

And as far as being the dumbest question ever asked - I wouldn't bet on it. The dumbest question might end up being "Why'd I wait?"

 

[B7500]

Re: Dumbest question you\'ll ever read...

Hi Garry,
Thanks for your input. You hit so many good points I'd have to quote your entire reply.
I too don't plan on working for anyone else but I should stay busy with the three rental houses we have plus we are keeping our "main" house because it is close to where my wife works as well as building a second home (camp where I play on my tractor). Five houses should keep me well occupied. Still, my job is like a comfortable old shoe. It will be hard to walk away from.
-Terry

 

[bigpete]

Re: Dumbest question you\'ll ever read...

You are the right age, but you should seriously consider seeing a certified finanical planner for a breakdown of all of your options. I'm an M.B.A. and did some coursework on personal financial planning. The most important thing I learned is to leave the detailed recommendations to the certified experts. Not just because it's the law, but because a certified finacial planner has studied and specialized in guiding individual to wise change-of-life decisions.

Having said all that, on a personal level, I would love to retire at your age. Knowing myself, as I do, I would need to have a diverse set of life activities to stay active and healthy. I have a 58-year-old friend who was active and healthy until his retirement. He dropped all his commitments and (quite frankly) became lazy and fat, and developed serious health conditions. He's not enjoying his retirement much now as he spends his weeks going from one appointment to another.

By contrast, my 83-year-old father-in-law works his small garden every day, attends Rotary meetings each week, participates on church and county fair boards, and acts as a behind the scenes head offical for amateur track and field events at the AAU level. Consequently, he's able to take a fly-in fishing trip to Ontario every summer and travel several times each year to all parts of the country. He claims that he began working harder after he retired (just doing things he wanted to do) and credits his productive retiremnent to continued commitments to his organizations.

I'm fairly self-motivated but can give in to the temptations of relaxation and solitude, just like anyone else. Based on what I've seen, I'm going to need to keep myself "casually busy" to make sure I get full enjoyment out of my retirement.

BTW, I'm jealous. I still have ten or twelve years before I will be troubled by such a decision. Good luck with whatever you decide.

 

[fivestring]

Re: Dumbest question you\'ll ever read...

It's not a dumb question. It's a question we will all have to ask one day.

If you can afford it, retire now. You are not guaranteed a tomorrow. /forums/images/graemlins/blush.gif
Enjoy life while your health is good. /forums/images/graemlins/smile.gif
I plan on retiring in 6 years, 4 months and a few days, but who's counting? I'll have my 30 in and will probably bring home the same amount or more, just like you. Then if I get bored, I'll work somewhere part-time... like Lowes, HD, Wally-world, etc. /forums/images/graemlins/blush.gif The drawback to working at a hardware store is I'll probably be swapping a paycheck for stuff every week and not bring home any $$$$. /forums/images/graemlins/frown.gif

 

[Egon]

Re: Dumbest question you\'ll ever read...

Do you realize that upon retirement you no longer have any vaction time to look forward to!!

Chances are you'll end up working harder than ever for a mean cantankerous old currmungeon who's never heard of coffee breaks or anything less than a 12 hour day. He's also the type that can't stop on weekends and he doesn't pay worth darn.

So keep working and enjoying the goodlife.

Egon

 

[Hakim]

Re: Dumbest question you\'ll ever read...

Hi Terry,

You’ve got lots of good options, and some good advice. I am sixty, and have no plans to retire. In fact, as a self-employed entrepreneur and author for almost 40 years, I don't feel that my life is "work" in any sense. I really enjoy every day.

My step-father retired at 60. It almost drove him out of his mind, actually. He was a corporate executive, and the loss of his "position" and close group of men he had worked with for more than 30 years, really was a terrible blow to him. He finally went back to work in sales for Motorola, moved up to regional manager, and worked until his mid-70's.

I think three issues are important to consider:

1) money. Others have touched on it, but inflation, medical and changes in value of your real estate, can all have rather catastrophic consequences. My answer to this issue, is to have (or start) some kind of business even if only part time, so that there is always at least a "trickle" of income there, to be turned up IF NEEDED.

2) Health. Of course that is actually the #1 issue in terms of quality of life. But, you need to think about his carefully, especially if you foresee the need for extensive or long term care. I know it isn’t always possible to see in advance what will happen. But if you don't have adequate insurance, and develop serious medical care needs, well ... it can be pretty rough. If you have family around you (kids, grand kids, own brothers & sisters, etc.) that can be a very big consideration in terms of how secure you will feel. Because, if you have loving, caring family that is actually worth a lot more than money or "insurance."

3) Companionship. Yeah, I know, you'll have your wife. But it is a late nite joke about how the wife can't stand lifer after her husband retires. This is a very important consideration, I believe. You need to have people and places to be and do things, without just "hanging around." My father in \law is now 86, and goes to "work" 4 days a week at his son's business. Friday nights, he goes out for a 3 hour Italian dinner with "the boys." His wife passed away about 8 years ago, but his more or less "normal" day to day life keeps him emotional and physically balanced and healthy. Still drives, too.

So, there you have it. My $10 worth. /forums/images/graemlins/grin.gif For me, I plan to keep on keepin' on for the "duration." The idea that I would quit everything I do now, to join the "sittin', starin' and rockin' chair club" is a day I hope never comes.

All the best of happiness and success, whatever decisions you make.

 

[B7500]

Re: Dumbest question you\'ll ever read...

Wow Egon,
You are the only one so far who says to keep on working. Yet, you are the only one who is retired.
..... That’s what makes me nervous about doing it.
-Terry