Retirement

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SReh26
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Retirement

#1

Post by SReh26 »

Share your thoughts/tips/strategies for health, personal finance or retirement here. Is it better to retire relatively early, on time or late? Is there anything you wish you could tell your 45 or 50 year old self about the second half of life?
Last edited by SReh26 on Sun Apr 25, 2021 3:03 pm, edited 3 times in total.
SewYoung
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#2

Post by SewYoung »

SReh26 wrote: Sat Apr 24, 2021 9:24 pm Share your thoughts/tips/strategies for health, personal finance or retirement here. If you retired early, on time or late, are you glad you did or do you regret it? Is there anything you wish you could tell your 45 or 50 year old self about the second half of life?
Can't think of anything to share right now, but look forward to answers from others. Interesting topic.
SReh26
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#3

Post by SReh26 »

I raise this issue because some people who retire early end up poor and bored, while some who wait too long are not healthy enough to enjoy it. Ive met many people who say they wish they’d retired earlier; others feel disconnected and regretful. It certainly depends on individual circumstances. Many aren’t lucky enough to make this decision for themselves and are caught off guard by an early retirement they hadn’t planned for.
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Al Sisti
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#4

Post by Al Sisti »

SReh26 wrote: Sun Apr 25, 2021 4:08 pm I raise this issue because some people who retire early end up poor and bored, while some who wait too long are not healthy enough to enjoy it. Ive met many people who say they wish they’d retired earlier; others feel disconnected and regretful. It certainly depends on individual circumstances. Many aren’t lucky enough to make this decision for themselves and are caught off guard by an early retirement they hadn’t planned for.
Here's a formula that worked for me (though I don't recommend it, and certainly didn't mention it to my kids): I retired until I turned 30 -- just playing music and generally having fun -- and got my first real job at 30 and worked for 34 years, and retired again. I have never been less bored in my life...
SReh26
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#5

Post by SReh26 »

Good point that it has a lot to do with when you start working, rather than just an arbitrary retirement age.

I know folks who started working right out of high school and perhaps didn’t love their work. For them, retirement at 60 made eminently good sense.
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Cap'n Rick
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#6

Post by Cap'n Rick »

I'm actually retiring next Fri (Apr. 30) after 33 years at the same government agency. I just turned 59, and I'm looking forward to pursuing my hobbies including boating, fishing, golf, and crosswords/metas. I'll report back later and let you know how it's going.
SReh26
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#7

Post by SReh26 »

Cap'n Rick wrote: Sun Apr 25, 2021 7:29 pm I'm actually retiring next Fri (Apr. 30) after 33 years at the same government agency. I just turned 59, and I'm looking forward to pursuing my hobbies including boating, fishing, golf, and crosswords/metas. I'll report back later and let you know how it's going.
Congratulations on your retirement (and on a 33 year career!)
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Cap'n Rick
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#8

Post by Cap'n Rick »

SReh26 wrote: Sun Apr 25, 2021 7:56 pm
Cap'n Rick wrote: Sun Apr 25, 2021 7:29 pm I'm actually retiring next Fri (Apr. 30) after 33 years at the same government agency. I just turned 59, and I'm looking forward to pursuing my hobbies including boating, fishing, golf, and crosswords/metas. I'll report back later and let you know how it's going.
Congratulations on your retirement (and on a 33 year career!)
Thank you.
SReh26
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#9

Post by SReh26 »

Maybe another way to phrase it is, when did one know it was time?

Does one just know its time at a certain point, or should one just set a date dispassionately and execute the plan, regardless of emotions? Assuming one is financially prepared.
Last edited by SReh26 on Sun May 02, 2021 10:06 am, edited 1 time in total.
boharr
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#10

Post by boharr »

SReh26 wrote: Mon Apr 26, 2021 7:19 pm Maybe another way to phrase it is, when did one know it was time?

Does one just know its time at a certain point, or should one just set a date dispassionately and execute the plan, regardless if emotions? Assuming one is financially prepared.
If one can put aside financial circumstances for a moment, I do think there is something to just knowing it's time at a certain point. It's hard to describe. It is a feeling, and feelings do entail emotions. For me, after 43 years doing the same (hard) work, the last 30, at one major company, I came to look at what came before and what was likely to come in the future. I felt satisfied, and there were things I wanted to catch up on. My family first and foremost. I don't think I could have just set out a date in the future and the called it quits, but when the day arrived I saw it. Took it. And haven't looked back.
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auee89
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#11

Post by auee89 »

Pondering the same questions SReh26. I am 55 and seeking possibilities. I don't want to stop doing, just looking at what to start doing next.
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Cindy
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#12

Post by Cindy »

And sometimes someone or something else just decides for you. That is not all bad either. I am headed very shortly to my "doing next" and could not be happier or more excited.
SReh26
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#13

Post by SReh26 »

These are the kinds of thoughtful responses that are so helpful.

A few months ago I ran across a Ted talk by Elizabeth White, who was involuntarily retired from her spot in white collar DC earlier than she expected and before she was financially and emotionally prepared. She ended up writing a book about it (called 55, Unemployed and Faking Normal), appearing on PBS, and becoming an aging advocate and speaker on the topic of age discrimination, downward mobility and workplace issues.

Historian/commentator Neal Gabler also appeared on PBS and wrote in the Atlantic about having grossly miscalculated on finances and being financially strapped in later life.

It’s kind of frightening to contemplate early retirement, hearing about the disorientation and struggling they describe. On the other hand, some say it’s comforting to discuss such topics since there were so many layoffs and business bankruptcies in the Great Recession and during the pandemic.
SReh26
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#14

Post by SReh26 »

I know this is a site for crossword experts, not CPAs or sociologists, but you all seem like a particularly knowledgeable and insightful group, many of whom have experience with retirement, so I figured I’d get folks take on this set of issues, to the extent people want to discuss it.
SReh26
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#15

Post by SReh26 »

Cindy wrote: Tue Apr 27, 2021 12:54 pm And sometimes someone or something else just decides for you. That is not all bad either. I am headed very shortly to my "doing next" and could not be happier or more excited.
That’s great that you found your next thing. And I agree, sometimes circumstances, rather than planning, bring it about, and that needn’t be bad.
SReh26
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#16

Post by SReh26 »

auee89 wrote: Tue Apr 27, 2021 9:40 am Pondering the same questions SReh26. I am 55 and seeking possibilities. I don't want to stop doing, just looking at what to start doing next.
55 is the new 35! :idea:
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Bob cruise director
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#17

Post by Bob cruise director »

Hi all. I have been retired almost 14 years since I retired at 60. There are a lot of variables to consider when you retire and it depends on a lot on interest, health and personal finances so there is no pat answer. And all of these have to take into account your spouse/significant other.

First thing was that I am lucky that I worked for one company for 38 years that had a defined benefit retirement plan and I had the advantage of getting into 401K's when they started. Income is one factor for each of us. Also your general financial health - how much debt do you have and how much savings do you have.

Second is my parents and my wife's parents lived until their late 80's so that is another factor you have to look at. A bit morbid but look at your lifestyle and gene pool and health and make a guess as to how long you are going to live but be honest with yourself.

Next look at yourself. What are your interests. What you will find is that you probably won't take up new interests as much as do the ones that you already like with more zeal. Some people just love the work they are doing and have no interest in retiring.

Take a serious look at your finances or go to a consultant. Can you afford to retire with the lifestyle you want? You will cut down on some spending but you will increase others so estimate what your income will be and expenses will be. If you are dependent on 401K or other types of savings be realistic on how much money you can pull out each year.

A couple of statistics. If you are 60, your life expectancy on average is 84 so plan on being around for a while.

The break even point on Social Security is age 78. If you retire at 62, 65 or 70, the tradeoff is collecting less money longer or more money shorter. If breakeven is the only criteria which it is not, then if you expect to live past 78, then delay taking SS. However there are many other factors to consider.

We are lucky currently in that inflation is very low. My father retired in 1977 and the inflation and high interest rates hit which impacted their life. What will the future bring on inflation? Who knows.

If you have any questions, feel free to ask or PM me.

Bob
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Guy
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#18

Post by Guy »

I'll add an additional consideration to Bob's considerations and the other considerations presented here. Are you satisfied with your current work/job/profession, and if so whether there is a continuing role for you in a less time consuming capacity. Such an opportunity may not be common, but I've witnessed a few who have taken a quasi-retirement path, perhaps examples of not letting go, but in general they appear very satisfied.
SReh26
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#19

Post by SReh26 »

These are all excellent, helpful insights, thank you. I like what I do, have decent benefits and Ive always been interested in personal finance. I guess the pandemic weariness, the recent changes in my city’s quality of life, the positive experience of work from home and the news of medicare eligibility being changed to age 50 potentially made me reflect on making some kind of change.
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Bob cruise director
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#20

Post by Bob cruise director »

Guy wrote: Thu Apr 29, 2021 12:48 pm I'll add an additional consideration to Bob's considerations and the other considerations presented here. Are you satisfied with your current work/job/profession, and if so whether there is a continuing role for you in a less time consuming capacity. Such an opportunity may not be common, but I've witnessed a few who have taken a quasi-retirement path, perhaps examples of not letting go, but in general they appear very satisfied.
Absolutely correct. When I had an engineering department I had guys who did not want to retire for one of several reasons. One you suggested was definitely one. Others were afraid of running out of money and the third was that they could not bear to spend a lot of time with their spouse.
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