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To retire or not, that is the question?

Luchnia

Luchnia

You will never conquer golf.
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Decisions, decisions, decisions! To retire or not to retire, that is the question? I admit, I am big time fence sitting on this and struggling to view it as a coin toss. When I state retirement, I mean from my public job.

I reached retirement age (66) in October and thinking about retiring in the spring (end of February or mid-March) of 2021 which is only a short time away. The thing is I am SOOOOO undecided on it. I have a great job with good pay and the people I work with are super, yet it isn't so much about the job for me. As long as I am working I don't get other things done that I want to do and I feel that I have simply laid on the back shelf.

I don't have car payments, or house payments, just basic utility outlay such as electric bill, insurance, groceries, etc. Of course the job is part of it, but to me there is so much more in the choice of what to do. I keep thinking, if I keep working I can keep chunking some cash away and will have more money to enjoy. I am not a big traveler, nor care is that a retirement dream, so that really doesn't come into the choice.

There are the things I want to do around here and I do want to golf a lot more. There is the financial aspect of it. I have people tell me you need a million dollars to retire these days and others that said they had hardly nothing and retired and do just fine. They just say you got to manage a little closer with your budget. I know some guys that retired and they have been retired for years and they never had a ton of money stashed away.

I am curious about some of you that are facing the retirement decision, or some that have already retired, or have been retired for some years as to what your thoughts and sage advice are. I assure you your input is greatly appreciated.
 
I think if you are healthy and have a great work environment, it would be hard to quit that kind of job. Any way they'll let you work 20 hours a week or 4 days or something?
 
ddstanford said:
I think if you are healthy and have a great work environment, it would be hard to quit that kind of job. Any way they'll let you work 20 hours a week or 4 days or something?
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Interesting you brought that up because that was a suggestion I had and they really liked the idea. If it would work out, I think that is a good alternative solution.
 
I like @ddstanford idea as well I was going to mention that too. I've been retired for 3 years and am SO glad I did. I was in law enforcement for 32 years and though I loved my work and people I worked with it was just the right time to go with all thats going on out there. That being said if you still enjoy it as much as you do and the people you work with see if there is a possibility to work less hours. Then you can have the best of both worlds. Good luck!
 
GolfTravelDude said:
TIME.....What is important regarding your TIME....Everything else will fall together.
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Can you elaborate a bit more of what you are alluding to? I don't know that I am fully understanding.
 
Steve2100 said:
I like @ddstanford idea as well I was going to mention that too. I've been retired for 3 years and am SO glad I did. I was in law enforcement for 32 years and though I loved my work and people I worked with it was just the right time to go with all thats going on out there. That being said if you still enjoy it as much as you do and the people you work with see if there is a possibility to work less hours. Then you can have the best of both worlds. Good luck!
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32 years is quite the stint in law enforcement. I imagine you saw and lived through many difficult changes.
 
I retired. Or better Semi-Retired.

I was a physician and was working 120 hours a week 6 or 7 days on call.

I suffer a stroke at 45. I had several best friends near me die suddenly. And took a hard look in the mirror of life and said. Enough. I was only 55. That was 3 years ago.

I also didn't have a ton of savings and have three grown children in college that I fund and haven't need to accumulated any loans.

Well I could not be happier. I still work one or two days a week.

I see 2 to 6 patients a day.

Versus 40 to 60.

And still manage to keep half of the money I was going to be earning before.

Downsized the office. Cut most of the staff and expenses. And get to golf almost everyday of the week.

Weekends when it's packed on the course I ride my bike. Work on projects around the house. And generally fill my time and my life with the things I love and the people I enjoy.

I was one of the ones who believed that I would or couldn't ever retiré. That I would get bored. Out of shape. Crawl under a rock and die.

I was completely wrong.

And I sure that I will live at least ten years longer than ever before. My professional lifestyle was killing me.

And I am glad to didn't wait until it was too late.

My father was a blue collar paper mill union man. Hard worker. He retired at 67 like you. At first he was a bit lost. But sure enough he found his calling, playing grand papa with his grand kids.

Now at 88 he has no regrets.

And believe me, you won't either.

We don't live forever. But our memories will last you a lifetime.

Enjoy your family, your friends, your hobbies and your life.

You've done your part.

Now look up and smile and smell the flowers.

You have earned your reprise.


Peace

See you on the links at dawn.
 
I retired back in 14...so glad I did. As mentioned above, time is the most important thing to me...being able to do what I want when I want. I have contemplated leaving my "retired job" many times as it’s not the part time gig I thought it would be...
 
Luchnia said:
Can you elaborate a bit more of what you are alluding to? I don't know that I am fully understanding.
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The most important thing you posses is your time. Everything else will work out. If you don't have any financial needs to work that is. And separate need from desire.
 
I retired 4 years ago, a bit earlier than I thought I would due to a back injury. First, financially, the drop in income wasn’t as drastic as I thought it might be. Not having Social Security, state income taxes (Illinois doesn’t tax retirement income), big health insurance premiums or 401k deductions reduce my take home pay made the drop in pay less of a hit. Seeing how you are already on Medicare, health insurance is taken care of.
By far, the biggest adjustment is not going in to work every day. For me, that was by far the best and easiest part of retirement. It gives you opportunities to explore new ways to do what you want to do. Volunteer, go back to school, get a part time job, play golf everyday, go fishing, or do nothing at all. The freedom to do whatever you want. You’ve worked your entire life to earn that freedom. Enjoy it. Retirement has been the best thing that’s ever happened to me.
 
GolfTravelDude said:
The most important thing you posses is your time. Everything else will work out. If you don't have any financial needs to work that is. And separate need from desire.
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Thank you sir - much appreciated.
 
Luchnia said:
Thank you sir - much appreciated.
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I retired at 50...Wasn't planning on it. But once I was out there and experienced time continuously as MY time...I got use to it. Couldn't continue on in the lifestyle I had been leading. But was in a position that I could continue on with a good lifestyle. I do little things here and there to create some $, but nothing that is per se a job.
 
From what I have seen observing others one needs to be prepared and have a plan otherwise it will be a huge shock to the system. Create a list of things you want to do in the first year so that you have a focus akin to that of work. Ease off that list and find the correct tempo for your new life. Enjoy it, you've earned it.
 
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I retired three years ago at the age of about 67-1/2. Up until even three years before that I figured I'd die working a full time job. Then I took a real vacation with my wife and found There Is Life Outside The Job. That was when we began planning for my retirement.

I don't miss that job one little iota.

One of my best friends, when I first mentioned to him my plan to retire, asked "What will you do with your time?" "I'll figure it out," I replied. And I did. Yard work (the lawn looks terrific now :)). Home improvement. Studying new things as they please or amuse me. A bit of travelling. (Though not so much in the past year, of course.) Firearms target shooting. Working out at the gym on my own schedule. Getting back into woodworking a bit. Just hanging out. And now, as of this past June: Golf.

I retired with us having less than half that "recommended" $1M in savings/investments. No problem. We own the house. We own one of two new-ish automobiles. Our retirement fund is invested wisely, such that, even with the monthly stipend we withdraw from it to make up for the difference between our social security income and what I used to make, it's still gained value year-to-year.

Personally, my opinion is: Retire. Enjoy life while you still have the health to do so.

But do your homework before you do. Do you have a retirement account of some kind? You're going to want to figure out what you're going to do with that to try to ensure it'll last you for the rest of your estimated life. What will you do for health insurance? You'll have Medicare Part A and Part B, but you're going to need to arrange for your own Part C and Part D. All that costs money. (We opted for more expensive coverage, but that also means No Finance-Shattering Surprises if the worst happens to one of us.)

You also have to consider SSI may be cut by up to 30% in your lifetime. It's not a sure thing, but it has been discussed. There's also the possibility that your retirement account, if it's invested, may suffer the occasional plunges in value. During those times you need to be able to throttle-back your lifestyle. So living at the financial edge, just for necessities, is not wise.
 
Ten events in my Wife's, and mine life stand out above all others.

The last event was our retirements in 2007. Between early social security, and investment incomes, we had enough income to retire some what comfortably. Our big dollar nest egg being our paid off home.

A person, with proper "money smarts" can retire comfortably.for much less than a million dollars.

I just woke up one morning, and decided I didn't want to go to work anymore. It was just that simple for me. My Wife retired a few months later.

Our biggest concern (accomplishment) was making sure we had adequate, affordable, long term, health insurance. If a person can't retire with adequate, affordable health insurance, they shouldn't retire. Health insurance is the most important aspect of retirement in my opinion. Medicare by itself, although helpful, is NOT good enough.

After the retirement boredom started settling in, we just started traveling in a very comfortable RV for months at a time.

Our huge home we (sort of) lease out to family members. Right now it's a basically a frat house for our Grandkids, and their friends. Our neighbors keep us informed....lol
 
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WLG1952 said:
I just woke up one morning, and decided I didn't want to go to work anymore. It was just that simple for me.
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It wasn't "one morning," for me, but kind of close. As I wrote: Discovered there was life outside of work and, about the same time, realized the job no longer interested me. I'd already done hardware design, software design, and network administration. There really was nowhere to go I hadn't been in the tech industry and I didn't feel like embarking on a whole new career, so retirement time :)

If I had decided to embark on a new career, it probably would've been law. But that seemed a bit too grueling at the age of 67, and I never liked school, anyway.
 
Retiring after I hit the powerball tonite. We can have a retirement party together.

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It’s no question for me. My entire family has retired early. My intent is to retire early. We get one chance at life and there are many things I’d like to do that do not include work. Both guys I play golf with are retired, neither says they would change it.
 
I have many "failed" retiree friends. Rather than retire, I am going to plan for a post-retirement life. :cool: For me that means things like joining advisory boards, volunteering at humane society, local land trust, etc. I do some of those things already, but the level at which I engage will be fun to explore. I could also see myself starting a business. I have some ideas.
 
Luchnia said:
32 years is quite the stint in law enforcement. I imagine you saw and lived through many difficult changes.
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I also spent 32 years working for law enforcement. I wasn't a cop, I managed a 911 center. I've been retired since January 2013. I wasn't happy retiring when I did but did so because they moved my job 200 miles from where I had been working (consolidation). I hated being retired for the 1st year and it's slowly grown on me. I now am glad I'm retired and wish that both I and my wife had retired earlier. If you've still got your health, get out while you can enjoy life. My wife and I have developed various health issues since retiring and although we aren't likely to die soon we both have needed back surgery and have knee issues. I've had a heart attack since retiring. I just mention these problems because neither of us had many issues before retiring. We can still get around a bit but not like before and you never know when you will have health issues once you get to be over 65. The only thing you do know is that no one lives forever so do what you want to do while you still can do it.
 
Long way off here but most of golf buddies are retired or real close to “firing” themselves. By all appearances, they’re having a good time.
 
One of my jobs for this vacation break is to sit down and build a retirement budget. I use Tiller to track expenses, so we can use that as a basis. We will also look at some what-ifs:
  • survivor scenarios
  • long-term care scenarios
  • Big expense scenarios
  • Spending in "Active retirement" (up to age 78 or so) vs passive retirement
  • Things we want to do in retirement
  • What we're actually living on now (taking away savings, debt reduction, et\
I think come the new year, we will do a "dry run" on living off our projected retirement income against our projected retirement budget.

All that said:
  • Almost everyone I know says (s)he wishes she'd retired sooner
  • Most of those with some regrets made no plans to do something in retirement - basically, they're bored
  • Both of those agree with what my advisor is telling me.
 
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