Who has retired and wish they didnt?
General Topic
Robb's retirement thread made me wonder - besides Missouribreaks, who has dropped out of the work force and found they either didn't like "retirement" (whatever that means) or discovered they didn't have enough money to do what they wanted?
For me, I'm never wanting for things to do, have enough money and good health, and don't miss the corporate stress and the flying around the world for one hour meetings every week. I couldn't imagine going back. But I know others who needed the things that a job provides - money, camaraderie, a sense of purpose and belonging. Even just to get away from the spouse.
What about you?
I personally know several people that couldn’t wait to retire, then later realized they couldn’t really do all those things the TV investor adds promised. But to save face they took low paying jobs “...because they were bored”. We were determined not to fall into that trap and we didn’t.
I’ll be 65 in June and semi, but mostly retired for the last year and a half. Right now I’m ducking out of the thirty below zero weather in northern B.C. and sitting on a patio in (aptly named) Carefree Arizona. I’ll get back to B.C. just after the traditional cold snap, with perfect weather to put out the coyote bait saved from deer carcasses.
I’m happy now that we worked a bit longer and saved a bit more. So no regrets and plenty busy!!
IMO,
It may be the adjustment of withdrawing from a hectic work style. The loss of feeling productive, the intensity of the job, the lost feeling of whatever ?
It generally takes 6-18 months to accumulate to retirement.
Good question Jaq.
I'm about a year or so away from retiring....but really enjoy parts of my business so will probably try to stay connected and work some 1/2 days...or maybe more.
I think flexibility is key; having the Time, the Money and the Health to do what you want. Retirement won't be much fun without even one of those 3.
We have a whole pile of those guys at my work. They work part time. A combination of needing a little extra spending money and bored (or get away from their wives).
Lou, I can retire March 1, but health care costs will probably keep me at it a little longer. I am 58.
Most importantly, I consider it a privilege to teach at my community college. And I have plenty of time off.
When I do retire full time, if I am still physically capable, I will be doing habitat management with gusto! First I will contact you for a good lead on an elk outfitter;)
I have to many hobbies to ever miss work. As long as the money and health are there all will be good. Personally I would ever get bored!
My hunting wish list is way too big and expensive to retire just yet.
Been a discussion recently about closing the business but still grace with a good income knowing once it is stop it will not be coming back, but in a couple of yrs when I'm 68 and more physically decline may do it. May be to old to cut the mustard but never to old to lick the lid. When you are self-employed it is difficult to walk away from what you built, it is a lot easier to walk from someone else business, priorities is everything in life.
I can't even envision going back to work. LOVE RETIREMENT.
The company I worked for closed the doors on me. I had worked the last 3 years 3days a week Tues, Wed and Thur 10 hour days with 25 days vacation. Loved my job! That was 4 yrs ago, if they hadn't shut down I'd still be there. Retirement is OK but working my schedule was like retirement with benefits!
Charlie was my inspiration to retire early. I still recall our conversation at the P&Y convention in Rochester that tripped my trigger and set the serious planning process in motion.
Then when a few friends died too young it really made me reassess what's truly important in life. Work was way down on the list - like at the bottom of page 3. I will miss not sharing that with my late wife, but I will live my retirement as she would have wanted.
Beendare, so true. Time, money and health make the critical triumvirate. I know a bunch of folks with only two of those and their lives are not what they envisioned they'd be.
"Addendum" , to above post.
To you fellows looking at retirement. I've been retired for 15 years and believe me it's A TOUGH JOB BEING RETIRED.
NO alarm clock to get up to
NO schedule to keep
NO deadline's to meet
NO paid vacation days
No paid holidays
NO lack of time to be in the field / woods
Fellows being retired requires serious consideration. If you have doubts "hang in there at work"
ME,
I'll hang in there on the tough job of being retired
:^}
I punch out in three years. Scared to death! Have worked since the age of 12 and afraid my life will lose purpose or I will get bored. I have a ton of hobbies but not sure if I will get the fulfillment. Besides we all know what the next big "stepping stone" is after retirement!
I believe retirement can be a very tough transition for many. We are used to contributing, earning and become experts in some field. I have helped thousands retire comfortably in my career and my advice is this:. Money is only a part of the goal. You have to know what you are retiring to! It is very difficult to hunt, golf or travel all the time. Build great friendships! Save and invest! Keep contributing to the betterment of others! Great topic!
I think a lot of people who retire and hate it just lack a passion in their life like bowhunting is for so many of us. If work is your passion, then you're not going to like retirement.
I retired early at 55, 5 1/2 years ago. Second best thing I ever did. (First was to move to WY from NY in1981). So now I guide elk hunters all fall, work at the golf course one day a week and pick up an occasional odd job. Don't need the money but I like to stay busy. I head south to AZ and NV for a few weeks in the winter to play golf and fish with friends. Life is good!
Some great points. I fixate on the money part. Probably a little too much. I am 52 and plan on retiring at 67. I have a job that I love. Not every day is roses and sunshine, but I love what I do and the people that my work helps. I also have a side business where I do many of the same things that I do in my day job, just for different people.
I am able to do most things that I think I would do in retirement. These are probably a little more extravagant than retired life will offer, but life is short.
If/when I no longer enjoy what I am doing, my outlook could change. I recognize my mortality, but I won't short change myself on this earth. Great topic +2.
Retired from NYPD and loving it... Lots of time to spend with the family and more time in the woods ..All's good in the world !!!
I don’t think “retiring” and then working a different job is actually being retired. If you work, your not retired.
The difference between working and retirement is one pays, the other is doesn't. You're still working on some chore or project around the house or wherever doing whatever. Took me about a week to psychologically transition from a military life to a civilian retirement mindset. It's an odd feeling to walk away from work and the next time you wake up you have no where to be.
This is my plan.
I retired with 28 years in the Marine Corps and currently work for the Navy. I plan on retiring from Federal service in seven years at the age of 57. From there I'm going to start a bowfishing guide business. The extra money would be nice, but between two pensions and VA disability we won't have to depend on the guiding income to maintain our lifestyle. With my own business I'll be doing something that is fun and have the freedom to shut down for a month in September for elk season.
This plan could change, but for not it's my long term goal.
Not retired yet...but it feels great to finally be able to say I'm retiring THIS year!
I'm in complete agreement with Idyll. Unless your passion is your work, I can't imagine anyone hating or being bored in retirement, provided one is financially able to comfortably retire. I can't wait till my "work" becomes hunting, fishing, yard/home projects, and spending more time with family!
My plan in 3yrs I'll be 60. I already have a retirement from serving in the Air Force for 25yrs. Also have VA disability, and will retire from the VA with a pension. My wife will be retiring retiring in 2019. Both of are health is good right now. I can't wait!
Retired at 62 and moved to Houston until the wife retired. Was bored and volunteered to work on a B-17 to help restore it to flying status, which ended up being a 40 hour a week job. Once the plane was back flying and the Mrs. thought we had enough money to retire. Moved to back to the mountains of AZ.
So in response your question yes I did go back to work after retirement, but I sank all the money from my new job into tools. Didn't need the money, I still spend less than I make from SS and Military retirement and go on cruises, and guided hunts and buy whatever I want. Guess I am one of the lucky ones.
Terry
No one ever! LOL
Actually I retired after 30 years as an ER physician due to a health problem. I became a Game Commissioner for WV DNR. It’s an unpaid position but it gives me something to do in a field that I really enjoy. I view it as a way to help pay back for years of enjoyment hunting, trapping, and fishing in WV and hope to improve opportunities for the sportsmen and sportswomen of WV.
7mm08, if you ever get "bored", there are tons of volunteer opportunities where you can give back and feel more fulfilled than keeping the nose to the grindstone. My only dilemma is that I don't have enough time to volunteer for all of the organizations that could use my help.
Funny you brought that point up Jaquomo. I just mentioned that very thing to my wife. Maybe helping with wildlife trapping/tagging, forestry studies or teaching hunter safety courses etc.
As for me, I will work until I can no longer walk or I'm dead. I've noticed if I don't have work, I get depressed and buy stuff I don't need like too many guns :) My dad retired at 76 and then continued outside projects for several years. I will concur with Pat that many guys die very soon after they retire. I've seen it happen more times than I could remember. That being said, I work 6-7 days a week all summer so I can take off a month in the fall to hunt. When I do work in the fall and winter, it's only 3 days a week, 12 hour days so I get 4 days off.
I am not retired. I will be 64 years young soon. I have an assignment in Russia for the next two weeks then I return to have a body part replaced ( hip) I can't consider doing nothing . M y retired friends work hard at things that don't pay them back monetarily. Maybe I will retire but for now I have a couple more adventures to explore.
I retired 7 yrs ago. I stay busy with some crafts I do, taking of the yard, garden and picking up pine cones :) . I live in a gated community and there are plenty of things to do and about 30 clubs you can join. We also have a firearms shooting range and I have a archery target set up in the woods at my house. Also We have a lot of deer to watch.
What is this retirement you speak of? With no expectation of Social Security being there for me........I'll work til I die is my expectation. Enjoy!
Suiting up right now for the pm hunt in Illinois. Darn cold for sure but work needs to be done! -6 degrees, -25 degrees Wind chill but should have the deer on their feet. Never know how many more hunts we have.
I admire guys that love their job but being retired has brought me so much happiness. As Lou mentioned volunteering to help folks that share our outdoor passion like Wounded Warriors allows me joy I could not get at work. Good health to all in 2018.
Said no one ever... from a hill top in Arizona with mule deer and javalina in my 15's at the same time... Ed F
I worked really hard to get ahead, mentally could not retire and fall back so now work to benefit my children and grandchildren. I hope to pay for the grandkids college, maybe I will live long enough to see them go.
Here's my plan:
Im going to retire - from my current job. But Im still going to work because I havent contributed to Social Security for over 20yrs so I will start contributing back to SS for 7 years. When I turn 62, I will start getting SS to supplement my pension.
Also, there is just too much opportunity to make some extra $$$ now that the economy is good
I just retired this past May 31st, and I was (still am a little bit) concerned about keeping busy. Good thread, with good ideas. I think I'll meet with the Army Corps of Engineers here in town and see what they have/need as far as volunteer work next summer - up until mid August that is - then I want no "schedule" except for what I have marked on the calendar.
I still have a pretty big "honey due" list - so no worries about getting bored through about the end of next summer. I've been doing small jobs for friends (replacing doors, yard work, painting, etc..) so I'm keeping busy that way and the few extra bucks gives me the pleasure of purchasing things I otherwise wouldn't - I replaced my old ATV with a newer 2016, picked up an ice auger and portable fish house, new pop-up blind, so yeah, couple extra bucks is kind of nice and doesn't take from our budget.
I consider myself "semi-retired" as I work a 7 on 7 off schedule so I have every other week off and I get 5 weeks vacation on top of that. So I am down to only working 21 weeks a year. With full benefits, retirement, salary, and bonuses I will probably stay here forever or until we suck all the gas out of the ground.
Been retired 10 years, find enough stuff to stay out of by wife's hair. I think Robb will be vest fine he's into all kinds of things.
Right now my job seriously gets in the way of my lifestyle, so I can't wait to retire.
I retired at 55 that was 12 years ago this month. I haven't looked back. I live on a farm and have plenty to do. If I died tomorrow they couldn't bury me for 6 months as I have to much to do. I have hunted an unbelievable amount since I retired and my wife has had some health problems the last 5 years and I've always been there to help her. This cut back some hunting but not all. She gets my undivided attention. I don't make as much money as I did before I retired but, I've seen too many friends just quit when they retired and die. You always need to have something to look forward to and a carrot at the end of the stick. Be it an up coming hunt or another project.
When I worked I was in Human Resources/Personnel Mgt. arena. I had the opportunity to worked with many people as they left the workforce for retirement. Many of them had a "job"/"position"/"job title "but they didn't have a life. Their "job" was their life. When then retired they crashed and burned because they didn't have a "life". There were others who had a great life and employment (their job) was nothing more than a means of income and investment for continued life after employment ended. I was fortunate to have a front row seat to all of this and used my opportunity to plan my retirement.
When I retired I already had a life, I just expanded my horizons. I've never looked back with any regrets, nor had any desires to reenter the workforce.
I stay busy hunting, golfing, involved with church and traveling with my wife. I only pray for continued good health so I can keep on keeping on.
I realize that if I live long enough, the day will come whenI will no longer be able to go and do. When/if that time comes, I can only thank the Lord for life that I was afforded, the people I've met and interacted with and the adventures I've experienced.
No rear view mirrors here-only windshields !!
I'm 33 and can't wait to retire......maybe in 30 years!
I retired at age 60, December 2016, after 41 years. I love it, no regrets.
Fortunately for me, I have a nice pension, plus my wife is a high school principal. She has 3 years left before she retires. I do have to pay for my Teamster benefits now, which are very affordable.
Ice fishing, open water fishing, spring turkey, golfing, bow hunting, yard work, watch our 2 granddaughters when needed...plenty of things to keep me busy.
Remember, you don't get any time added at the end, if you work longer now..
I have found retirement to be a full time job, bird hunting deer hunting mtn biking, kayaking etc. Just need to sell my house so I can move to the mtns.
I "retired" when the price of oil bottomed out (the last time), but I was only working every other week then. I really liked the two weeks a month because it gave me lots of time for food plotting and hunting. I miss the money, who wouldn't ? I don't miss the hassles that dealing with company men that didn't know squat about building drill sites or roads, but wanted to tell me how to do it anyway.
I'm not gonna outlive my money, but I can't spend what I used to, nor do I need to. My current truck is at about the mileage that I would have traded, but that ain't in the cards now. I've about gotten used to not getting up at five every morning and being gone before my wife and son even awoke. My hardest days are when the weather is either very hot or the gloomy ones after deer season closes and my two hunting buddies are working. I encourage them to keep working though, somebody has to pay my social security !
We used to have a multi-year construction contract with Verizon. Over the years I've known quite a few supervisors, engineers and techs. Of the ones that retired, I can't name 1 that did it well. Most all went back to work. Some died right quickly and some sat on the couch. Something about 'Ma Bell?
I also had a man who retired sit in my office and break down in tears because "he didn't have anything to do." In other words, he saw himself as the provider and without an income attached, no hobby or volunteer work was worth even suggesting. He just would not hear of it.
I’ve been in some form of construction my whole life. This is one reason I’m retiring - experience it daily. Lol!
cnelk, I'm with you on the state of construction.
Bloodtrail, it's all about planning, and living below your means to invest as much as possible. Some folks simply aren't in a position to retire until late in life. Some never can. Others, like me, take some career risks that ended up working out. Or they chose careers that provide a pension. I know folks with dual incomes who live on the husband's paycheck and invest the wife's.
Early retirement can be done and is not as uncommon as one might think, as evidenced by those posting on this thread. But it takes long term planning, good life choices, and a certain amount of luck.
Who lays on death bed and wishes they worked more ?
Me. To the OP's question.
EF
Yep. All over it. In fact, I plan to draw SS on my exwifes contribution since I’ll qualify to do that!! Bam!!
Owl, I worked with a guy who averaged around $200K over a 25 year span. He lost a bunch with a couple bad trophy wife divorces and spent a lot on lifestyle and mansions, etc.. But when he reached the age-discrimination threshold in big technology and was pushed away, he still had plenty of money invested.
He tried to "retire" but couldn't because work truly was his life. He used to deride me because I hunted and fished so much instead of being 110% committed to the career. Last I heard he was working for near minimum wage at Home Depot, living alone and drinking too much, basically wasting what should be his "golden years". He has the money, but not the ability to retire.
https://www.ssa.gov/planners/retire/divspouse.html
Cnelk, I spent the best years of my life living that meme !
Retirement planning IS my job. I plan to be semi retired by 50, and fully retired by 60. I love my job, but when the time comes I don’t think I’ll miss it much. Hunting, fishing, and traveling with family will keep me plenty busy.
I retired in 1999 and have been enjoying the good life ever since. Went on a lot of hunting trips and my wife and I go on vacation (usually to Europe) every year. Enjoy going to the RMBS, CBA and SCI banquets. Been to the GSC banquet a couple of times too.
I retired almost two years ago at age 55. I don't miss work in the slightest, and I had a really good job. I have too many other things that I would rather be doing in the outdoors. There are no guarantees in life. No guarantee that you even live to be 67. No guarantee that your physical and mental condition will be good at age 65. The last thing I wanted was to keep saving money, and then be too old to do the things I wanted to do with it. As far as money goes, I could have worked another ten years, then retired and went on more elaborate vacations. This year I hunted basically from late August until the end of November, I spent the summer hiking and fishing. I just need to plan an escape from the snow for a couple of months - maybe Mexico. I think anyone who gets bored in retirement must not really have many interests outside of work in the first place.
I was unemployed for a nearly a year in my mid-twenties and knew after that I’d be fine retiring as soon as I was able to. Now I’m a few years out and can’t wait. I like my job, most of the time, make good money but with 500 people in my organization and the pressure that comes with a leadership position in a large multinational corporation I can’t wait to walk away from it and travel, hunt and fish the last xx years away.
I'm a teacher. I'll be dead ten years before I can afford to retire.
I retired and couldn't take it. I had to go back to work. I felt like I had no real purpose. That was several years ago and my attitude about retirement is changing. I plan on working another couple of years and then parking the tractor for good.
This subject drives me absolutely nuts. I am 60 and looking hard at pulling the trigger at 62. The math says I need about a $150K but my math comes up with about $110K. I never looked at the 401k as part of the retirement. My 401 has always been to supplement the wife since her family lives forever and mine seems to quit around mid seventy at best. I guess I will get some heat about not making it on a $100K but I think high earners have to do this planning thing better than average mean incomes. I have five teachers in my family who seem to be doing great.
I am only Officially on Day 2 of retirement so I guess I don't have the experience with it!! haha
I know that I am glad they only have the 2 College Football playoff games ONCE a year because that OU vs Georgia was crazy good and Roll Tide vs Clemson took way to many cocktails to watch.......
I don't feel so good this AM!
Good luck, Robb
PS--C-man has been telling me for years that nothing beats Everyday being Saturday!
I got a school retirement pension,but that cut social security in half.and the medicare isn't what its cracked up to be.but I manage.
Isn’t social security withheld from teacher’s salaries? Just curious
In the 1970s and 1980s, laws were passed that amended the Social Security Act in an effort to keep individuals from “double dipping” — receiving both a Social Security benefit and a pension from a job for which they did not pay into the Social Security system. The results of these amendments are two rules that could impact your ability to claim a full Social Security benefit: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
These provisions reduce benefits for those who worked in a job in which they qualified for a pension and did not have to pay Social Security taxes. This is not limited to teachers; it can also include firefighters, police officers and numerous other state, county and local employees.
My father was a project engineer for a large utility company from the early 70's until he retired five years ago. An entire career with the same company, something rare anymore. He had the money, put in the time, and it was time he felt to "retire". When he told me that he was retiring, I asked him what he was going to do with his time. He told me "play golf". I asked him "then what?" and said "you will be back to work in under a year". 6 months later, my step sister called me to tell me that Dad was going back to work as a project engineer for his old company. He got bored. Today he works as a consulting PM/Engineer with a direct contract with his old utility company. He works 3 to 4 days a week. I laugh at him because he still complains about the "corporate machine" and threatens to walk away, but then I know that he enjoys the thrill of being the old guy who knows all of the history in the area and is the go to point man when it comes to everything project related in his old company. He gets bored with nothing to do. He doesn't hunt, but golf is a passion, but still, he can only golf so much. He needs the challenge of that old career. I admire him for that.
I'm also an engineer ... still 15-18 years from "retirement" age ... but I can never see me fully retiring. I see doing something like my dad has done. Still more than enough time to hunt (heck I hunt pretty much as much as I could ever want to now and am a full time engineer), travel, and enjoy the slower moments of life.
Thanks for clarifying Brad. I knew some of the others, but didn’t realize teachers fell into that category as well.
I retired from the army about a year ago and don’t miss it. The pointless meetings, the onslaught of new and pointless regs, moving all the time, 14-16hr workdays......the list goes on. I lost my enjoyment in what I was doing so I called it a day. Now I work seasonally for the forest service which allows me to take six months off from October to May. I get plenty of hunting in, along with the ability to do about anything I want to. My biggest complaint is having to do most things by myself because everyone else is working.
I Retired at 62 1/2 March 2017...We Planned for it and I am Not Missing being "Gainfully" employed at all. Retirement life/plans vary and It helps a lot when You and Your Wife enjoy many of the same things in life. Staying Busy is a Key and having things to Plan for and look forward to is vital...But...Money is Money--Not the Key to Happiness. Being Happy with Who You are and Who Your With makes it easier. We decided with Our Retirement to also put in an Apartment in a Portion of of Basement. I spent the first 2 months of Retirement doing that. Renters are in now and it's working out well. The Apt. Income will Cover All Our Yearly Utilities and Property Taxes and still give Us a little Extra Cash...Plus...They will be the first ones to notice if a Water Leak happens while we are gone Traveling :) Leaving Next week to Explore/Fish Arizona for 3 weeks then back home as Grandma needs Grandchildren Hugs occasionally...Next Trip is to Drive the Alaskan Highway (Wife's Idea) the end of May for 3 Months (there was No Objection from Me) then Home to Hunt the Fall...We are Truly Blessed...A Lot of Life ahead God Willing...4finger
I retired at 53 and when the young or older guys I see once in a while ask me about retirement I tell them it sucks ! Gotta keep them working and paying into the pension plan so I can enjoy it ;)
im one of those guys that lives to work i havent figured out how to work to live yet but i have 24 more years till the plan is set into motion so im hoping i have time to figure it out lol.
For the past few months I have been getting real interested in retiring, it started when I could not get the extra time off to hunt WT this fall (first time in 50 years of chasing them) and that pissed me off. Wife wants me to keep working for at least 2 more years and I am looking at ways to maybe start working part time or at least get 5 months a year off (Jan, April, 1/2 Aug, Sept 1/2 Oct & November). I do enjoy my job and the people I work with just not liking having to be back in town at a certain time/date to go beack to work.
Pigsticker, assume you mean $110K per year (from combined post-retirement income)?
Wyobullshooter,we paid into as school retirement system.that's my main money now,and I had enough factory years under social quarters to draw it too.
Who has retired and wish they didn't??...
...said no one ever.
Edit: I posted before I read all comments above, so obviously, this is just my personal opinion. I can't wait to retire.
Seriously, I do know one guy, but he was married to his work and had absolutely no outside interests.
Jaq, yes $110K post retirement not counting 401K. I figure to let set until 70.5 and then reinvest for the wife.
I retired in 2007.. I have a fall at work, had to have a spine fusion and knee surgery. Since I was a truck and equipment mechanic said they didn’t have a job for me. It was the best thing that ever happened to me. I didn’t realize how much pressure I was working under. There are some people that get their identity from their job. I was highly rated in my job and could get a job anywhere in the state I wanted. Every supervisors wanted me working for them because I had some of the top number metrics of anyone around. You would think the most important function of a mechanic is repairing things. Not where I worked. It was about the computer numbers I generated in doing my job. Like so many people out there anymore, we worked for bean counters. Glad to be away from that. I was already in the process of getting training from some of the top names in Taxidermy and continued that. I’ve even worked at Chic Fil A for a while cooking chicken. One of the better jobs I’ve ever had. I’ve always had to keep busy doing something. For some retirement means doing as little as possible. I have a feeling that can lead to a shortened life. One never knows how long they’ll live. My feeling is as soon as you can afford it do it! That is unless you love what you do for work. The saddest thing to hear is about someone that works for decades only to die within a short time of retiring leaving everything for his family to fight over.
I can't think of any reason why I would regret retirement other than I wanted more play money for all the toys and hunts that I still want to do. Plan to try it pretty soon.
CNelk, GOD tragically I know EXACTLY what you mean. I got out of the building trades ( industrial electrician for 23 years) 10 years ago and went into electrical maintenance. I got sick to death of countless fresh outta collage puke A**holes who didn't know their ass from apple butter telling me I should be able to get more done with less tools, materials and knowledge even though none of them ever had done a days work doing my actual job. Same with taking first year journeyman and making them foreman and even GF's and expecting everyone to produce like a 20 something apprentice no excuses. In under 10 years industry went from true craftsman to glorified installers. Hurry up so I can lay you off. I do miss the work, but not the supervision or conditions.
It’s never too late to start planning and saving for retirement.
Retirement is all about planning. By that I mean diligently saving while you are young and planning for your future. Also planning on what you will do when you actually retire. From what I am told, it’s good to still have some structure or routine in your life. Health is the wildcard in the equation, as no one can predict health issues which may come up.
My wife retired today! I am very happy for her and we have planned for this day the past 34 years. I still have about 3.5 years left, but with both of us retiring in our mid 50s I pray we have a long happy road into old age.
Jack Atcheson printed this in one of his hunting trip catalogs several years ago. I cut it out of the catalog and put it on my refrigerator by my planning calendar. Think it says volumes.
If I planned as much as some of the people on this site, I'd run myself crazy prior to retirement. I served over thirty years with a state retirement and at age 62 I drew the social security and state retirement. It's basically the same money I was earning while working. Why work then? It ain't that hard to figure out. Just do it!
I've seen maintance guys in our school district with 40 years in,get a huge retirement incentive ,retire then come back a year later as a sub custodian.principals and teachers the same way.why retire if your not going to stop working.we call them double dippers.
When I was working, I had the money but not the time. Now I have the time but not enough money! But I have always been about free time!
foxbo
I spent my career in the personnel arena and I can assure you everyone does not have state retirement and many have to plan a retirement, if they are to have retirement. It can be harder for some to figure out about retirement than others.
In your situation you were able to go from a state government feed tough to a state government retirement feed trough and a federal government feed trough. You were fortunate. Perhaps more fortunate than many.
I can understand retirement and having the same income without the associated job related worries and stress, etc. Many will never be in your situation.
Box Call
In Colorado, public retirees are restricted to only work 110 days per year - if they go back to work in the same system. And they have to pay into that system a healthy amount while they work.
They've restricted that 'double dipping' quite a bit and made it not so attractive
Buffalo, you posted before I had a chance. I had no pension. I was broke and divorced at age 40 (actually nearly $30K in debt). Nobody gave me anything. But by careful planning and taking some career risks (and some good luck with my wife investing) I was able to retire at 60, despite the 2000 and 2008 market crashes.
I truly envy those who have a great taxpayer-funded pension. If I'd known then what I know now I'd have kept suckling that government teat that was in my lips in my 20s instead of going into the private sector. Hindsight..
I like Buffalo1's statistics. Looks like you are 5 times more likely to be dead at 65, than to have their idea of "adequate" retirement income.
I have been retired for a little over a year now. I have no interest to going back to work but do miss the work place. I really enjoyed what I did for many years and am very fortunate to have a very good federal government pension.
Cnelk and Box Call, My wife use to work for a school district here in CO for about 5 years making up the reports for the Supt. of Schools and the Asst. Supt. of Schools. There was an Engineer that retired and turned around and was doing the same job in the same office. Of course, mgmt. thought that it was ok. She knew the rules and made him either stay retired or give up his retirement money but couldn't have both. He gave up his retirement money and went back to work at his old job. Double dipping is not allowed in the PERA system. Plus, if you are getting PERA payments your SS check is reduced because you are not allowed to take the full amount from both. Frankly, I think that sucks because you spent the time earning both retirements in separate organizations.
Bottom line: Retiring is great if you have plenty to do. If you become a couch potato, you will probably be dead inside five years. I retired because I was in bad health-simply had to. But as my health improved, I got busy. I hunted, fished and started writing again. In the last three months, I have been hired by two magazines and two newspapers. That provides me with just enough actual work to pay for the hunting and fishing. I also volunteer as a counselor at a rehab house for alcoholics and "preach" a little some Sundays. But...I work when I want to, not when I have to and that is the big difference.
I respond to the question "What do you do?" from people who don't know me that I'm "an early retirement analyst". If they question for more, they learn that it is only for select personal clients. Then further questions they realize it's only for my wife and me. Like some of you, neither my wife nor I received a pension. It was all through the sacrifice of our savings and risk of intense career focus.
Sure, there are some who retire to a life of ease and have enough money to pay others to do everything for them so their only activity for the rest of their lives is "hobby" stuff and leisure. But many of us retire doing the same as we did when employed...taking care of the household, managing finances, scheduling/planning vacations (kinda new to us though), etc... And in my case, as I suspect is in other's, my new job is learning new things to do for ourselves instead of paying others to do it for us.
You want more money? Quit giving it so freely to others to pay their health insurance, send their kids to college, excess eating out money, new vehicles every few years, saving for their retirement, etc.... for simple things you can do for yourself instead of sleeping in/watching TV now that you have an abundance of time.
The question was never: "what if I die tomorrow having saved all that money?", it was "what if I live tomorrow without money!?".
Learn to be content today because it's doubtful you're going to learn it after you're out the door!!
“Man.
Because he sacrifices his health in order to make money.
Then he sacrifices money to recuperate his health.
And then he is so anxious about the future that he does not enjoy the present;
the result being that he does not live in the present or the future;
he lives as if he is never going to die, and then dies having never really lived.”
Dalai Lama
Retired in 2001 at age 55...idea was '55 and alive'. Went back to work in 2003 at a private Catholic school. The next 8 years were the best of 40. Retired from the private school in 2010 and have been hunting moose most every year since in NL!!!!!! Today's young workers in their 20s and 30s may be in serious trouble as to retirement in the future if not careful about planning for such.
I retired in 2009 at the age of 61. I have many many hobbies and always have something to do. If your so bored you can't think of anything to do but go back to work then you have no imagination.
My wife and I have been discussing this a lot. I told her Id rather work 5 extra years to enjoy adventure along the way. Its all about balance and finding ways to keep expenses down. I love golf, but dont plan to play much in retirement. Id rather fish public waters for free.
I'm the opposite, not retired and wished I did!
Very interesting thread. I will be retired in five months.
I turned 55 on New Years Day and plan on working till I'm 60, 62 at the latest. My job has times of physical labor which my shoulders are screaming about. I also have an 11 year old son that I will be putting through college about when I want to retire. The wife is 5 years younger so she will work for awhile after I retire. It's tough. I don't want to wish the time away, but retirement can't come soon enough for me. I honestly don't think my wife or I will need a ton when we retire. We live pretty frugally and would do some travelling but nothing extravagant. Wife's an only child and her parents have the first dollar they made, so when they pass that will be a big payday. But we should have enough even without the inheritance. Hopefully we can help our three boys with their college debt.
Lucky break for those that get an inheritance....bbbuuttttt.....I sure wouldn't count on it because you never know what life event all of a sudden wipes it out.
We get nothing from parents (either side) but we did well because we never thought to think of it as ours or that there'd be anything left by the time they passed.
Definitely not counting on the inheritance. I keep telling my wife her parents will probably outlive me anyways. LOL.
I'm too young to ponder retirement, we have one child through college and all paid for, one starting next fall, and the third starts college the year after. Bought a home and paid half value, but with kids all gone, 6800 square foot of living space for two is a bit rediculous. May be able to sell it for use as a hunting lodge or to a CEO type that would like a super efficient place as a second home or mountain getaway. Realistically, you could not build our home for 3 times what we paid for it. A market returning to where it was a few years back, or catching up to the Colorado Front Range here would probably benefit us enough to purchase our next home outright, and have a nice nest egg. I have 15-20 years of work likely before I would retire, the public management field I'm in will likely do nothing in the next 10 years but become much easier to find high paying employment and probable recruitment bonus money to relocate. Future looks great regardless of where or when that occurs. Baby boomers cannot work, nor live forever, and sadly my generation is roughly 3 times smaller. This equates to some problems for pension drawers, SS, and other programs that will more than likely be hacked down to be sustained. The upside is with few bodies to fill jobs, employees will be highly sought after and likely well paid and rewarded for working.
I am I think 21 months away from being able to answer.
I will be 60 in May 2019 but decided I want to hit the 25yr mark here at work just as a personal milestone. That means I would retire at close to 60-1/2 (shy 2mo). My wife and I have been lucky in life and career that we pretty much had uninterrupted employment and at an early age started saving for retirement.
Because we saved and have our financial planner agreeing, it seems like we have enough to pull the plug. With the help of our planner we did a budget all the way out to like 90 not sure now but the term he used was vested. We are supposedly 140% vested and if I die at 90 my kids should still get something. Of course my money during retirement is still invested (safer investments but not a savings account) and it's based on an average rate of return. Sounds good anyhow but I am still nervous and nervous about walking away from a good paying management job. Once I walk there is no going back at my age. I am confident enough with my employment that my retirement date is my choice. I never wanted to work past 62 so I keep telling myself a couple years on the job won't mean that much more in savings. There will be more years of paying health insurance but that has been budgeted for.....
Back on topic, but just wanting to explain my mindset, my passion is not my job. My passion these days is everything I do in my personal life that I don't seem to have enough time to do because of work. Also even though I have a pretty good job, the people I work with get harder to put up with every day that goes by! My wife and I are active working on our home and our hobbies, too many to list so we will have a full life.
I expect I won't regret retiring. I only expect for a while I will be second guessing walking away.
Good problem to have I suppose. Glad for all that have made it to this point. I have lost more friends my age at work and my archery club. What they say is all true, you never know how long or how short life will be. Seeing my friends pass has been a big motivator to get out and live my life.
Bill
This is a good thread for me. I retired from the Army Special Forces after 26 years. I get a decent pension from that and now work as a contractor teaching weapons here in Northern NY. This puts more money in my bank but it really limits my activities because of having to do 40 hours a week and just under an hour drive each way to and from work. I am trying to start up a small organic farm/orchard and that takes a lot of time, which I don't have, but to get it all started, it takes money, which I wouldn't have if I stopped working. I am 57, but my past service sort of broke me,, to the point where now I can't draw a bow.. Surgery is going to be done for that and hopefully will be successful. I'm keeping my fingers crossed. I am looking at retiring completely once I get my new tractor paid off and the trees I have put in start to produce enough fruit to be profitable. I think I can find enough to do to keep myself busy.
Retired after 42 years as manager of a 30 person department .Still working occasionally when they need help. I have not missed it at all. Nice to go back for a day now and then and be able to leave at the end of the day without any responsibilities. You need to have hobbies and things to do so you don't sit and vegetate
