To retire or not retire?

[Gem99ultra]

I find this thread very interesting. I am 65 and have my own business (professional services). I enjoy helping people with their "problems" and worry that I may miss the daily interactions if I retire.

I had a young man leave last week. I have a young person that I am trying to train (she has a good work ethic and is learning) and also have a woman with 50 years experience who works 2 days per week. She's 10 yearrs older than me - works so that she can get out of the house.

I can't decide whether to replace that guy that left or cut back in some areas. It's hard to find a new hire - and I'd have to train them.

Thoughts of retiring keep running through my head but there's no coming back if I do close up. My current plan is to keep working while thinking this through. I figure I've got 5 or so years max. I've seen guys say they are going to retire "next year" - their "next year" goes on for many years - so I have an artificial deadline of 70.

Actually, you have a nice situation. You have a heavily experienced person that can possibly run the 'store' for a few days, should you want to simply take off and relax for a few. I also think you need to try to find a suitable replacement for the person that left. Missing some of the daily interactions might actually be good for you.

 

[ultrarunner]

Retired Chief Engineer I knew regretted retiring and same for a Doctor I’m friends with…

To paraphrase both lost a lot of their identity in retirement and it was open invitation for others to impose.

The Doc said his wife and in-laws said now that you are retired there is time for all the projects and extended family events you were to busy for…

The Chief had it worse and both said retirement was seen as opportunity to exploit…

Both ended up relocating… Doc moved to Hawaii in a very small home in a beautiful location… minimize house guests that way.

The Chief moved several States away and also enjoyed traveling with his RV… saying we are too busy traveling now.

I guess they could have been hard nose and refused but being retired is seen as an open invitation to impose…

The Doc was really funny… said 40 years as anesthesiologist he was well respected with an entire department to run and was highly valued… at home it was honey don’t forget to take out the trash or the kids are going away so don’t make plans because we will be house sitting their dogs for the week…

 

[MossRoad]

...

The Doc was really funny… said 40 years as anesthesiologist he was well respected with an entire department to run and was highly valued… at home it was honey don’t forget to take out the trash or the kids are going away so don’t make plans because we will be house sitting their dogs for the week…

Geeze, I take out the trash and we baby sit our kids' pets when asked. I don't get it.

 

[ultrarunner]

Geeze, I take out the trash and we baby sit our kids' pets when asked. I don't get it.

I think dad had a different vision of retirement… he was a good provider, put his 3 daughters through the best schools, kids had expensive weddings and honeymoons…

I know he was having a hard time saying going from chief of anesthesia to dog sitter…

One surgery would have paid easily for a week at the kennel…

 

[arto98607]

$70,000 is not much in my mind compared to the money invested that is making me money.


Luckily I’m not the average family.

Only have one credit card and never carry a credit card balance and could pay 1/2 the $70,000 with just our cash savings.

We could also sell our food truck business for about $100,000 but we are not ready to.

Understand and was not talking about you or me and most likely many others posting on this forum.

I meant $70,000 cash in savings & available is totally unrealistic amount for majority of Americans.

 

[MossRoad]

I think dad had a different vision of retirement… he was a good provider, put his 3 daughters through the best schools, kids had expensive weddings and honeymoons…

I know he was having a hard time saying going from chief of anesthesia to dog sitter…

One surgery would have paid easily for a week at the kennel…

Yeah, I get that, however, what did he expect in retirement?

 

[not2old]

I think dad had a different vision of retirement… he was a good provider, put his 3 daughters through the best schools, kids had expensive weddings and honeymoons…

I know he was having a hard time saying going from chief of anesthesia to dog sitter…

One surgery would have paid easily for a week at the kennel…

I operated a handyman service, doing repairs and maintenance on strata properties and carried a pager 24/7/365 so I'm used to being told what to do and when to do it.

 

[ultrarunner]

Yeah, I get that, however, what did he expect in retirement?

Time to travel with his wife to all the places they talked about and to free from a schedule…

 

[ultrarunner]

I operated a handyman service, doing repairs and maintenance on strata properties and carried a pager 24/7/365 so I'm used to being told what to do and when to do it.

I liked my pager better than a cell and was the very last to carry at my work.

Pager worked everywhere and cell doesn’t.

Pager gave some leeway to return a call or head in…

Folks get upset when cell goes to voicemail… maybe unrealistic expectations of immediate response…

 

[Oaktree]

Folks get upset when cell goes to voicemail… maybe unrealistic expectations of immediate response…

Yeah, the ability to be reachable anytime, anywhere quickly morphs into an obligation to be.

 

[not2old]

I liked my pager better than a cell and was the very last to carry at my work.

Pager worked everywhere and cell doesn’t.

Pager gave some leeway to return a call or head in…

Folks get upset when cell goes to voicemail… maybe unrealistic expectations of immediate response…

I Kept my pager until unlimited airtime became affordable. You could re listen to a message as many times as you needed without costing more money and then decide if you called on your cell or waited until you had a landline available.

 

[Larry Caldwell]

Boredom is not a problem for me. I have no idea how I got everything done while I was working. I don't watch much TV, which may be why I don't get bored. Monday I met with the county Senior Citizen Advisory Council. Tuesdays and Thursdays I volunteer for Meals On Wheels. Wednesday I had a physical. Today I emptied out the kitchen and dining room and gave the tile floor a good scrub, including hands and knees with a scrub brush around cabinets and corners. Tomorrow I'm working on the water system, a never-ending chore. Maybe I will sleep in on Sunday, but I'm sure I will find something to keep busy.

I'm 78 years old. I refuse to sit and rot.

 

[Larry Caldwell]

I liked my pager better than a cell and was the very last to carry at my work.

Pager worked everywhere and cell doesn’t.

Pager gave some leeway to return a call or head in…

Folks get upset when cell goes to voicemail… maybe unrealistic expectations of immediate response…

There is no cell service on my property. If I am away from the wifi, I am unreachable. My answering message says as much.

 

[ultrarunner]

Boredom is not a problem for me. I have no idea how I got everything done while I was working. I don't watch much TV, which may be why I don't get bored. Monday I met with the county Senior Citizen Advisory Council. Tuesdays and Thursdays I volunteer for Meals On Wheels. Wednesday I had a physical. Today I emptied out the kitchen and dining room and gave the tile floor a good scrub, including hands and knees with a scrub brush around cabinets and corners. Tomorrow I'm working on the water system, a never-ending chore. Maybe I will sleep in on Sunday, but I'm sure I will find something to keep busy.

I'm 78 years old. I refuse to sit and rot.

In inspiration to be sure…

I don’t think boredom is common here.

I have not had the TV on once this year…

Always have the radio on getting ready for work and car radio for the drive in.

Saving over $200 per month by ditching daily newspaper and landline…

Looking for more savings opportunities… have somewhat better internet that needed a work around to make happen… $25 per month.

Cell is marginally better now too but looking to trim that next.

Water/Sewer biggest bimonthly on the house even using less than 50 gallons per day it’s still about $180 monthly…

Expect 7-10 days rain here which is unusual but that’s the forecast… content to be inside…

 

[Dawg in Fl]

Is there any possibility of selling the business? I turned 63 earlier this year. I too had a service related business. I told my employees that I would give it 2 more years, max. In the end, I got an offer that I couldn’t refuse just a few months later. Life has a way of working out.

There might be a chance to sell at least a portion of it - I'm working on that part now. Thanks.

 

[Torvy]

Had a reminder a bit ago of one pitfall of retirement...it can be a bit harder to remember what day of the week it is.

I was sure it was Saturday. I guess I get to go back into town tomorrow night, too.

 

[deserteagle71]

Had a reminder a bit ago of one pitfall of retirement...it can be a bit harder to remember what day of the week it is.

I was sure it was Saturday. I guess I get to go back into town tomorrow night, too.

For sure!

I now wear a watch that gives the date and the day of the week because I'm always losing track since I retired.

(I refuse to pack my cell phone with me all the time!)

 

[BackRoad]

Upon awakening, while still in bed, I say the day of the week, the date, and who is President.

I'm cramming for the dementia test...

 

[Hughman]

Upon awakening, while still in bed, I say the day of the week, the date, and who is President.

I'm cramming for the dementia test...

Since retiring I don't really care what the day of the week, date or who the President is. Guess I must be demented. Now if I could only figure out how to stay in bed past 5 am.

 

[Torvy]

Since retiring I don't really care what the day of the week, date or who the President is. Guess I must be demented. Now if I could only figure out how to stay in bed past 5 am.

Agree to a point. Day of the week matters when trying to do things that involve others.

I've always been an early bird. Wife is a night owl. The good part is that I can take a nap if I want. That was frowned upon at work.