To retire or not retire?

[Mickey_Fx]

See a lot of comments here that have at least the partial answer. From my prospective there are at least 3 factors to consider. How well are you enjoying your present job? What outside activities/interests do you have to keep you busy? And the one factor not covered so well in this thread, are you financially able to retire? I think that is the most important factor. If all you are doing is scrapping by, that in and of itself could be the real killer. The biggest reason for divorce is finances and I see no reason why finances aren't a big factor in retirement, the time when earned income is all but not there.

The Co I worked for provided some help in weighing these decisions. Brought in outside speakers to help inform you of the things you'd be facing. They also gave each person $500 to seek outside financial advice. The real eye opener for most in the group I was in was what one could expect from a financial perspective. A figure of $1M in assets to be able to maintain your std of living. About same time read an article in the paper on retirement and finances and once again that million dollar number came up. That was back in about 95. I'm sure not many of us believed that number and even fewer would ever reach that number before retirement. But after being retired for going on to 15 yrs, I now can see where the number may have come from. One needs to just look what has happened in last 15 or so yrs. The up and downs in the economy and cost increases. Back then who would have ever thought gas would be in the $3-4/gal, medical costs going through the roof and so much more.

Not only did I listen to the advise the speakers were giving I took that money and hired a financial advisor to look over my situation and see if it were possible to retire within the not too distant future.

In some ways retirement was forced on me. Co Div I worked for decided to close up shop and move across the country where sister divisions were located.

Looking back I have no regrets, was fortunate to not have any debt and along with savings we've been able to get by. Big factor is we still have affordable health insurance. This past yr the wife had to face colon cancer. If it weren't for the insurance, the bills could have all but wiped us out.

So my advise in addition to finding ways to keep busy is to be in a financial spot where you can get by even when the unforeseen pops up and it will.

 

[TNhobbyfarmer]

S
So my advise in addition to finding ways to keep busy is to be in a financial spot where you can get by even when the unforeseen pops up and it will.

Sounds like very sound advice Mickey. I haven't reached the magic $1M in savings but have had a blessed life and have a nice nest egg, plus everything is paid for including the house. I think I can be comfortable if not extravagant, but I'm not an extravagant person. I'm happy with the simpler things in life.

Thanks for all that have replied to my thread. I don't think there is a right or wrong answer here. We all have to make our decisions in life and live with those decisions. It seems there is a common thread running through most of the comments. Have a "keep busy" plan and a financial plan. I will plan accordingly.

 

[bigtiller]

I took an early retirement and am very glad I did. But a lot of guys I worked with that retired just couldn't handle it. Most of them found a job with-in 3 months of retiring and most of them were at one-third of their old pay. A lot of them were just 2 or 3 days a week but several were full time jobs! My thinking is, why retire from a well paying job to work for minimum wage?

 

[brin]

Just the other day...the $1 million figure came up...I think it was in a financial article I was reading and the financial planner basically dispelled the $1 million savings needed to retire..This adviser made sense for a change...She said it all depends on what you need to enjoy yourself and cover your expenses...You add up what you have coming in...SS + Pension ? + rental houses or other income and then you can take 5% of your savings principal per yr + any par time work...and if that is enough to pay your monthly bills and make you happy then you are fine...She said for some it may be a paid of house, Soc. Sec. and some savings...they may only need assets totaling $200,000 or so...or even less..each person is different...

I think the media is trying to scare folks about retiring...they don't want all the baby boomers to retire at once...I would bet you..& the govt. probably encourages the media to frighten folks to keep them working and off Social Security....Just my...:2cents:

 

[sixdogs]

Imagine if everyday was a Saturday. If you like Saturdays you will REALLY like retirement.

I'm going with this answer since it about sums things up. In my two years of retirement there hasn't been one moment I looked back and wished I stayed longer. Retire while you are young enough so you have time to enjoy yourself.

 

[texasjohn]

I retired at 55, 30 years with the company, a buy out, now 14 years retired.
Glad I did, but need to reiterate others' comments:
Carefully look at expenses, income, savings.
DO NOT under estimate cost of medical insurance and bills.
Have something to do...that you like intensely...have some friends who didn't, early grave
Have sufficient funds to do the things you like...buy tractor, supplies, tools, travel, etc...else you remain constrained by money worries.
Discuss with family, the entire dynamic between kids and spouse changes, be ready for it, if they can't see you around all the time...
You need to be able to organize yourself, nobody is going to be around to do it for you...may be a new experience.
Be SURE to remain socially active...with friends, church, clubs, neighbors, whoever is around, else one can moulder into depression.
You need to be settled where you are going to REMAIN. Moving yourself in later years is extremely stressful, emotionally and money-wise. Plus lose all your social contacts.

 

[300UGUY]

My wife had a retired great uncle who had a nice shop, he got up every morning went out to his shop. He had a phone out there, she would call him for lunch. They got along fine, she just didn't want him underfoot. He had a fridge, recliners, heat, a card table, and a bathroom in his shop. Very civilized arrangement.

 

[TripleR]

My wife had a retired great uncle who had a nice shop, he got up every morning went out to his shop. He had a phone out there, she would call him for lunch. They got along fine, she just didn't want him underfoot. He had a fridge, recliners, heat, a card table, and a bathroom in his shop. Very civilized arrangement.

Something to think about and do whatever works best. While my wife and I were working, we saw each other for maybe two hours per day. One of the reasons we retired was to spend more time together. She does what she wants to do as do I, but we try to spend time with each other and enjoy the same things; been married over 44 years.

 

[Lou66]

My wife and I have been married 48 years come this new year eve,, We both worked and raised 4 children,, she didn't go to work till the youngest started to school.. we have taking care of some of our grandkids on and off while the children try to find themselves.. Heck I didn't even know they were lost.
But I enjoy her company and think she enjoy mine.. when we worked we had to schedule everything and do mean everything.. now after we have retired we may get up,, check our schedule and decide screw it,, lets drive up country 100 miles or more and have lunch at some place we ate at 20 years ago,, see if is as good as it was then..lol.. or take off to Vegas for a week end.. true you need to keep an eye on the money but that the only thing we watch.. if it in the budget use it for that.. **** enjoy life,, some forget we are going to die,, fact..
I may set outside and drink beer till she say you want another one.. she doesn't drink switch is fine,, more for me.. in other words if you have to set around and worry about this and that.. then you may not be ready for retirement.. unless you worry about everything anyway.. then you have more time to worry.. lol.. Lou

 

[johnk]

I have been retired going into my 3 rd year and I love it. Time to do things for myself and family now. If you can swing retirement do it while you still have the chance.