OT: When to retire

[deluz]

I am an electrical engineer and have been working full time for 45 years.
I will be 66 in July. There have many periods of time where I did not enjoy my work and it was extremely stressful but had to stay with it to pay the bills. But things changed the past few years. Due to the pandemic I have been working from home full time. Prior to that I was always told no you cannot work from home even one day a week. Also my direct supervisor who I did not get along with was fired and my new supervisor is great. So for the first time in a long time I am enjoying my work. I have also gotten two salary increases in the past few years after being stuck at the same salary for over 10 years. So for those reasons I am in no hurry to retire. On the other hand, most people I know my age have retired and it seems that that they like it. Another issue is that I have had periods of debilitating fatigue. I think this could be due to medical conditions but also work stress. I am in one of those periods right now and cannot even ride my bike. I have been on a very stressful project at work since the end of last year but hope it will be over in another month.
I look at work as having positive and negative stresses and I am thinking retirement might help my fatigue issues. Another option would be to work part time. So I am looking to hear from those that have retired, has it improved your life in terms of stress, energy and overall happiness?

[rnhood]

I too retired as an electrical engineer. At 66, I recommend retiring and working part time. Then phase that out after a couple years or so. I compliment you on working many years and contributing to our society. But the last thing you want to do is die a couple years after retiring. So move to part time then phase it out. There is no reason to try and stuff away money, only to die before you spend it. Remember, you want your last check to bounce.

[Tz779]

as soon as you can.

[deluz]

I too retired as an electrical engineer. At 66, I recommend retiring and working part time. Then phase that out after a couple years or so. I compliment you on working many years and contributing to our society. But the last thing you want to do is die a couple years after retiring. So move to part time then phase it out. There is no reason to try and stuff away money, only to die before you spend it. Remember, you want your last check to bounce.

Thanks for the advise, I think it makes sense.
Was just assigned a new not fun task today so that just helps to make the decision easier.

[eddief]

your medical or psychological condition. Of course there are professionals in both arenas who could assist you in getting clear about both areas of your well- being. I would recommend getting clarity and then making a decision. Your primary care physician and a good therapist could be well worth your time and money. If you can truly afford to retire without worrying about money you could always give it a try. If it works, that's great. If not, go find another job. I hear Costco is a fun place to work :).

[deluz]

One thing I didn't mention was money. Between my wife and myself we have a good amount in 401Ks and bank accounts but we are not rich and its not enough to retire on by some standards. We spent a lot money putting our kids through college and grad school. But luckily my wife retired from county govt with a good pension. Between that and both of our social security checks it should enough. But might have to cut back on bike spending.

[witcombusa]

My response is to retire as soon as it is possible. Time is the one thing you can't buy with any amount of money.

But it also has to do with who you are. I hear that some people like to work, or in some cases that is all they have. So do an honest amount of evaluation of what you see yourself doing going forward.

I had always planned to go out @ 55 and was in a position to do so until things outside of my control made that no longer possible. Sure would have been great though! So additional years got tacked on to overcome that situation, but I lost a bunch of years doing it.

Also take a long look at the average age folks are dying these days. Last I knew it was about 77 in the US (for men, women 81). So would you be happy with seven years? Yes, I know we don't come with an expiration date but it is something to consider. Also your health and ability to enjoy doing the things you do is likely to only get worse as time goes on.

So I say, GET IT WHILE YOU CAN!!!

[jds108]

If you feel the need for some kind of transition phase, another option would be to ask for a sabbatical. 2 months, 6 months, something like that.

I personally quit the moment I knew I was OK financially (and had gone to 3 days/week about a year earlier). But I never felt that my job was anything more than a job. No regrets about my decision.

[p nut]

Since your wife is retired, it seems reasonable for you to retire as well, so you can spend more time together.

My father in law retired early (59) and at times, had regretted not working longer. Then his wife suddenly passed at a young age of 63. He did not regret retiring early at all after that, as he cherished the times he was able to spend with her.

Best of luck to you, whatever you decide.

[deluz]

your medical or psychological condition. Of course there are professionals in both arenas who could assist you in getting clear about both areas of your well- being. I would recommend getting clarity and then making a decision. Your primary care physician and a good therapist could be well worth your time and money. If you can truly afford to retire without worrying about money you could always give it a try. If it works, that's great. If not, go find another job. I hear Costco is a fun place to work :).

I have had this condition for 20 years and it started when I was diagnosed with Addison's Disease (Adrenal Insufficiency). My adrenal glands do not produce cortisol so I have to take hydrocortisone orally which is far from perfect. I have periods of feeling pretty good and then have a sudden crash of severe fatigue which takes many months to recover from. It seems that I gradually increase my cycling and once I get to a certain threshold it happens and rather quickly. But this last time I was not riding all that much and I think work stress could be a factor. It became clear over time that I needed to moderate my cycling which I did but its hard to know where that threshold is. I have seen numerous doctors in the past including endocrinologists and it did not help, Addison's is somewhat rare and patients know more than the doctors.
I just saw my GP yesterday and she thinks it could be due to my Addison's and recommended that I see an Endocrinologist. I am seeing a new one next month but I not expecting much based on past experience. I saw a therapist for a long time and she was very helpful, but she retired last year so I am trying go without it.

[reuben]

I plan to retire on May 31 this year, though they've already asked if I'll work part time. I'm strongly inclined to say no.

We're about the same age, in the same general profession, and that's about all that I can say about my job.

I've been a part of great successes, even been the originator and sole executor of one. I've had both great and lousy bosses, and great and lousy coworkers, which is pretty much true regardless of profession.

As I've told people at work, I don't think that I'm burned out, but I do think that I'm worn out. I'm tired. Just. Plain. Tired. I'm tired of lazy people who expect me to clean up their mess. I'm tired of bosses who don't understand what they're in charge of. I'm tired of being called in at 3am because something somewhere is on fire or dead. I'm tired of a lot of things, and I'm just not willing to put up with them anymore.

Yes, fatigue is a factor for me as well. When I get home from work sometimes my brain is so fried that I can't imagine putting on bibs and clunky shoes and going for a ride. That's not good. But for about a decade I've tried going on what I call my "mental health hikes" in the woods on weekends. The woods, not a paved trail. Dirt, mud, leaves, cold, hills, maybe a bit of rain or snow (although I hate the hot and humid summers). As one of my math professors used to say, "Is good for your soul!" Anywhere from 2 to 8 hours. I'm a better person when I get back to my car. Kinder, gentler, calmer - things that the world desperately needs. Things that I need. Things that the people around me need and deserve. So yes, there can definitely be a mental health aspect.

And I'd like to travel (without restrictions) while I'm still able - backpacking, cycling, etc.

No one can make the decision but you, but those are my thoughts. And remember - no one will ever take better care of you than yourself. It isn't going to be your coworkers or employer. They'll use you as long as they can.

I've known people who died before they retired. Just off the top of my head - two heart attacks, one stroke, one covid, and a tree fell on another. Don't be one of them.

[duff_duffy]

Retire if financially able to. I used to be in HR and rarely heard I wish I worked longer, it’s almost always wish I got out sooner….spend time with wife/family/friends.

[Ralph]

Above advice is good. I retired at age 57, now 82, and have been able to check off all the things on my list. But for some, retirement is not a full time job.

My only advice....I would not quit a good paying job or career, then get bored and go get a minimum wage job to keep busy. My experience is that is not very rewarding. Many times how we see ourselves is based on what we do or did. Maybe figure out a way to work about 1/2 time doing what you know and what pays good. And see how it goes. Being paid well (even if part time) is very rewarding and reinforces a positive view of yourself. For a feeling of positive self worth. Mental health is important also.

[Spaghetti Legs]

Sounds to me like you might benefit from cutting back to part time if not quit entirely. At some point the negative effects of work will outweigh the positive benefits of the regular income.

I’d recommend getting a better handle on if you’re financially ready to retire. First step is to assess your annual spend or expenses. Be honest with yourself and look back at data over the past 3-5 years if possible. There are several online calculators to assess your financial readiness. Firecalc is one of my favorites.

https://www.firecalc.com/

I’ve spent a lot of time on this website. It’s a group that focuses on simple index investments and frugal living but I’ve found a lot of useful info and advice on the financial aspects of retirement. I recently hit the point where it is obvious my work is shortening my lifespan so I’m cutting back to meet most expenses for a couple of years until I can fully retire.

https://www.bogleheads.org/forum/viewforum.php?f=2

[donevwil]

I too retired as an electrical engineer. At 66, I recommend retiring and working part time. Then phase that out after a couple years or so. I compliment you on working many years and contributing to our society. But the last thing you want to do is die a couple years after retiring. So move to part time then phase it out. There is no reason to try and stuff away money, only to die before you spend it. Remember, you want your last check to bounce.

Did you work part time prior to full retirement? Although I'd often thought this would be a great option for me (engineer as well), I've known too many people and companies who couldn't pull it off. 20 hrs becomes 30, 40, etc. to get a project competed on schedule. My company tried it for one of our most seasoned engineers and it just didn't work. Reduced production (fewer hours) while maintaining his benefits became cost prohibitive for what we were getting in return.

One thing I didn't mention was money. Between my wife and myself we have a good amount in 401Ks and bank accounts but we are not rich and its not enough to retire on by some standards. We spent a lot money putting our kids through college and grad school. But luckily my wife retired from county govt with a good pension. Between that and both of our social security checks it should enough. But might have to cut back on bike spending.

Seems like we're in similar boats, wife in local government, good pension and spousal benefits post retirement. Are you committed to staying in CA? That's obviously a big financial driver. The more we look outside the state, the more we want to stay but that means more years of work.

[deluz]

Did you work part time prior to full retirement? Although I'd often thought this would be a great option for me (engineer as well), I've known too many people and companies who couldn't pull it off. 20 hrs becomes 30, 40, etc. to get a project competed on schedule. My company tried it for one of our most seasoned engineers and it just didn't work. Reduced production (fewer hours) while maintaining his benefits became cost prohibitive for what we were getting in return.



Seems like we're in similar boats, wife in local government, good pension and spousal benefits post retirement. Are you committed to staying in CA? That's obviously a big financial driver. The more we look outside the state, the more we want to stay but that means more years of work.

I would never leave CA. I don't think the cost of living is that much more when you look for ways to economize. I think we could live on our retirement income and probably not even touch our 401Ks.

[TBLS]

Still working but planning on retiring 1q 2024 @65. Wife retiring this June

Agree that you have to run your income #’s and look at expenses. Many ways to save. Make sure you factor in tax impact on pretax savings (401k) along with medical insurance. If you take SSI there are income limits that impact $

I am fortunate to work on a team that wants me to stay working but recognize that I no longer put in 50 hour weeks. Just turned down an assignment that required a two year commitment ….but very financially rewarding.

My ego wanted me to keep working but knowing my financial options allowed me to follow my heart and stay on plan…I would rather retire while my health is good

[rwsaunders]

There’s quite an experienced group here on PL, but it can’t hurt for you to sit down with a financial pro if you haven’t done so, and get a real handle on the money that you’ll need and spend in retirement. It’s one thing to say “eff it I’m out of here” if money is no object, but asking “paper or plastic” might not be your jam.

[deluz]

There’s quite an experienced group here on PL, but it can’t hurt for you to sit down with a financial pro if you haven’t done so, and get a real handle on the money that you’ll need and spend in retirement. It’s one thing to say “eff it I’m out of here” if money is no object, but asking “paper or plastic” might not be your jam.

My wife had access to a free financial planner when she retired.
The planner used some fancy software and told us I could retire at 65 no problem.
I think we could still go back and get it done again which we probably should.

[NHAero]

I left my job at the end of 2020 at age 67. I always had a consulting practice (high performance building engineer) so I ramped that up a bit. I've ramped my hours down each year, and last year billed 550 hrs and probably worked 800-850 (welcome to consulting!) I love what I do but wanted to do it less :) As a consequence I have ridden over 13,000 miles since I left my job!

[ToonaBP]

ASAP…….because you never know what’s around the corner… you can crunch the numbers until the cows come home… and always find a reason for one more year….. but there’s no guarantee you’ll be here in a year…. My wife was having health issues and I wanted here to call it quits at age 60… but with covid, she didn’t have to get up at 4am to take an early train into D.C. and her craft shows and teas were all closed, so she figured to work another year. Officially retired on June 30, 2022 and passed away on Nov 27, 2022….at age 61
We were together since ages 17-19 and grew up two blocks apart… I miss her…

[AngryScientist]

As soon as you can. The very worst thing that can happen is you don’t get to enjoy every minute of the retirement you’ve earned. Exit the rat race the moment it makes financial sense IMO

[deluz]

ASAP…….because you never know what’s around the corner… you can crunch the numbers until the cows come home… and always find a reason for one more year….. but there’s no guarantee you’ll be here in a year…. My wife was having health issues and I wanted here to call it quits at age 60… but with covid, she didn’t have to get up at 4am to take an early train into D.C. and her craft shows and teas were all closed, so she figured to work another year. Officially retired on June 30, 2022 and passed away on Nov 27, 2022….at age 61
We were together since ages 17-19 and grew up two blocks apart… I miss her…

I am so sorry for your loss, that is so sad.
You where lucky to have a great life together though.
We have been together for 40 years.
My MIL is 90 years old and think she still has a lot years left so that gives me hope but you never know when your time is up.

[ntb1001]

I retired a couple of years ago at age 54. I had almost a year off work
which I loved , then got an opportunity offered due to my experience in the industry. I’ve been there almost 2 years now and the experience has been great. The respect and working environment is terrific. I’m also retired so I am “double dipping” basically 2 incomes. I do sometimes feel like retiring again, but do like the extra income, fortunately I’m getting more exposure in the industry and some interest from one of the engineering consulting companies and may have an opportunity to switch to them on a part time basis.

So, retirement is great, but if working is good it doesn’t hurt to keep at it.


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[stackie]

I always thought I'd be riding my bike 4 plus hours a day in retirement... at 70. Now at 54, I realized I need to recover after any ride of significance, so all these years of overwork will not be translating into a retirement of long bike rides every day. Missed that little bit of info.

I'm planning the slow down now of jumping off call (physician) at 60 when allowed.

I'll still work til 70, but without call and not picking up any extra work. I enjoy my work with patients enough to continue.

Burnout? Not sure who mentioned it, but it is important to realize that people don't burn out. That makes it seem like the person is weak. Burnout is a system/instituional problem. If you are burned out, look at how to change the institution or system, not yourself. And don't let the free 15 minute chair massages once a year on Doctor's day, engineers day, architects day, etc make you think that they care about you. It's all a lie to extract as much work/profit from you as possible. Use your boundaries to set limits. If they don't accept them, find a different situation.

Jon

[rounder]

I am 77 and was working full-time as an accountant until covid. My commute was 75 miles each way. At that point I felt like I was retired. I was riding my bike about three times a week, but I found that retirement was pretty boring. On other days, I would go to Best Buy or the mall to look at stuff and just walk around. Since then, I have been working my old job on a part-time basis. It keeps me busy, the money is half way decent, and it pays for my insurance. I do not receive a pension, but my benefits have been good. Also, I feel like I am helping my company because I do not have an obvious replacement and it bides time for them to find someone else.

On the other hand, my next door neighbor is in a totally different situation. He retired last month as a chemical engineer and will receive a pension of 70% of his prior income. He is starting a new job next month doing the same work with another firm at a comparable salary. He is healthy and energetic, and rides his bike about 6,000 miles a year.

Anyway, we both decided to keep working. I do not have a recommendation for others, because everyone's situation is different.

[Seramount]

unless one absolutely LOVES their job, retire asap.

as a state employee, I was allowed to purchase a 3-year quantity of 'time served' (sound like a prison term) to qualify for early retirement.

I will recoup the money spent in 14 years, which is only 8 years away...

no more meetings, no more performance reviews, no more annoying coworkers...what's not to like?

[paredown]

I am 77 and was working full-time as an accountant until covid. My commute was 75 miles each way. At that point I felt like I was retired. I was riding my bike about three times a week, but I found that retirement was pretty boring. On other days, I would go to Best Buy or the mall to look at stuff and just walk around. Since then, I have been working my old job on a part-time basis. It keeps me busy, the money is half way decent, and it pays for my insurance. I do not receive a pension, but my benefits have been good. Also, I feel like I am helping my company because I do not have an obvious replacement and it bides time for them to find someone else.

On the other hand, my next door neighbor is in a totally different situation. He retired last month as a chemical engineer and will receive a pension of 70% of his prior income. He is starting a new job next month doing the same work with another firm at a comparable salary. He is healthy and energetic, and rides his bike about 6,000 miles a year.

Anyway, we both decided to keep working. I do not have a recommendation for others, because everyone's situation is different.
We have friends who also retired early (government contractors in DC), moved to Colorado, built the dream house, and then got bored. So he went back to work and had a good second career, and she started her own business.

They recently retired (again) and this time it looks like it will stick. I guess my point is, with the OP's sort of experience, if it is not to your liking, then you can probably go back part-time or??? It's not irreversible.

[makoti]

Retired a year ago, kept working PRN (as needed) for two places, totaling about 20-30 hours a month. Pays HC and walking around money. I'm 65 this month. I can't remember one day I've thought "Man, I wish I was working". I like working a few days a month, but seeing the nonsense and knowing I'm not here tomorrow to deal with it is heaven.
If you can afford it, do it. Find a retirement seminar (not one they buy you dinner and then push themselves on you), learn what you really need in retirement, and see if you are there. Run the numbers. Run them again. Plan for the worst, and run them once more. Can you cut anything if you need to? Would you still be happy if you had to?
Get another hobby to go with riding. My first year our was tougher than I expected because of the reality that I'm not 34 and retired, I'm 64 and I can't do everything I want to.
Oh, my dogs love it, too.

[MikeD]

I would not recommend retiring now, with the losses in investments and inflation being so high. Better to keep on working for a while longer, save some more money, and hope that the economy turns around or else you may find you might just run out of money in your retirement, which would absolutely suck. Of course everyone's situation is different. If you can work part time, that might be a good bridge. Even if you have a defined benefits pension, that has risks as well if pension fund goes broke.

[metalheart]

Here is my take on it. I worked to develop a consulting career and I enjoyed my work life. I never expected to retire or stop working in my profession. then, stuff happened. I had a heart attack when I was 60 and I decided to cut back in my work life. My wife was concerned that continuing to work as I did would put me at greater risk and leave her a widow. I did that and cut back. Then at 65 I had another heart attack. After that event we made a mutual decision for me to transition to not working. The plan was to selectively pick projects of interest and that did not involve lots of travel to sparsely populated areas with limited medical resources. It kind of worked for about a year, but I found I could just not cut back and work at a slower pace. I was either all in or all out.

Again, my wife had concerns. She had followed the ambulance to the hospital and had the uncertainty of what the outcome was going to be.. I respected her concerns and decided that it was time to close the door on my work life and move on. It was a hard decision. I still miss my work life and if there had been a way to work part time or selectively on projects then I would have done that, but my psychology/personality and life circumstances made that a less desirable choice.

I am now 78. I still ride a reasonable amount, I play pickleball regularly, I do woodworking, scuba dive, participate in my community, and generally keep active. But, I still miss my work life. I don't regret the decision to stop working, but at the same time it feels like there was more to do and it was left undone. That is life.

We moved from Northern California to Northern Wisconsin a couple of years ago to be closer to my wife's sister and brother. I miss California and if you can stay in Encinitas, I think you are in one of the best spots you can be as far as quality of life.

Good luck in sorting this out. There are a variety of perspectives above and you have some useful perspectives on when and how to retire that I hope help you to sort out what works best for your situation.

[deluz]

I would not recommend retiring now, with the losses in investments and inflation being so high. Better to keep on working for a while longer, save some more money, and hope that the economy turns around or else you may find you might just run out of money in your retirement, which would absolutely suck. Of course everyone's situation is different. If you can work part time, that might be a good bridge. Even if you have a defined benefits pension, that has risks as well if pension fund goes broke.

I am not really worried about that. We have not really had any losses. With my wife’s pension and both of us getting social security it’s not a big cut in pay. Both of those get cost of living increases.
It is nice to have the extra money from my recent salary increases buts it’s beginning to feel like it’s too little too late.

[AngryScientist]

Maybe have the conversation with your new manager. They may be willing/happy to let you work part time or mentor your replacement or something similar which may make the transition easier for and a responsible bridge to exiting?

[fourflys]

Haven't read through the whole thread, but I'm set to retire from the Coast Guard 01June.. it's exciting and anxiety inducing all at once!

I just turned 49 in Jan, so will be almost 50 when I finally stop being paid as Active Duty (I have some vacation to use).. while I have to have a second career due to still having a 15 y/o and not owning a house yet (the biggest downside to a military career in a small service), I'm not sure I would fully retire anyway..

I think I could stand to take some time off, but I think I'd get pretty antsy pretty quickly.. folks always talk about traveling here, doing cool stuff there, etc, but the reality is all of that stuff costs a lot of money.. and while I know there are many on here who probably have the means to do that, I'm not one of them if I fully retired now..

Our plan is for me to work about 15 more years, buy a house soon that we can easily pay off in 15 years and then be done with working.. so hopefully I'll be fully retired by my mid-60s.. now the best thing about a military career is I start getting my pension pay the day I officially retire! :D

so I guess my advice is if you have the means to retire and don't think you'll be too bored.. go for it! If the bored part is an issue, maybe a low-hours job doing something you like or just reducing the hours at your firm now?

Good luck to you!

[makoti]

I would not recommend retiring now, with the losses in investments and inflation being so high. Better to keep on working for a while longer, save some more money, and hope that the economy turns around or else you may find you might just run out of money in your retirement, which would absolutely suck. Of course everyone's situation is different. If you can work part time, that might be a good bridge. Even if you have a defined benefits pension, that has risks as well if pension fund goes broke.

This is true, and I wish things were different for me when I retired. Should I work for another two years, so the market comes back? Three? Eight, so I can make up what I already lost?
Do the math, know the possibilities, what can you tolerate. You can do all the things you suggested and STILL run out of money if you don't handle what you have right.

[nortx-Dave]

I was lucky enough to retire early at 53, with a military officer's pension and other benefits including inexpensive health insurance. I loved my job as an Army occupational therapist. I loved seeing and treating patients as well as working withinh Army healthcare. But all the BS that goes along with responsibility, the endless meetings, performance appraisals etc etc made early retirement very attractive for me. I'm in a different financial situation though. Not having kids allowed us to save and squirrel away enough resources to finance retirement easily. I own my home, have zero debt and still save money every month from our pensions and her social security check (I'm 61).

I ride my bike as much as I can. 30 - 40 miles most days adds up quickly. 9600 miles last year and I feel stronger and faster than I have felt in decades. I'm on the local VFD, volunteer at a local public library and volunteer with the local food bank. Sure I occasionally get bored, but it's only because I don't have the imagination to find something to do. But the key is, I do what I want, when I want. I love the freedom.

We all know people that worked their whole life and then retired and died soon after. I didn't want to be like that.

[jlwdm]

We all have to make our own decisions. I am 75 and still working. I do work for myself and have a partner, but no employees. So that makes work easier and I enjoy my work.

I find time to do the things I want to do and don't feel like I am missing out on anything. My wife worked for an airline and we have lifetime flight benefits so I have traveled a lot.

I have enough money to live easily for the next 20 years, but I would have to be responsible than I am now. As my income is good I am still buying too much stuff. I did downsize from a house to a townhouse so I do not have any outside maintenance obligations - just monthly HOA dues.

I am in good health so I am not overly concerned about enjoying my last few years. My mother died in her sleep at 95 with no major illness or issues.

Jeff

[Ken Robb]

As usual, I think Ralph offered some good thoughts. One of the best retirements I have seen has been done by a woman I went to school with from 6th grade through BAs. She went on to her PhD in biology and went from instructing at a prestigious college to research in life sciences.

She was fortunate to have a mentor for many years and he was a great sounding board and advisor. She followed his example and retired and became a consultant which gave her pretty much total control over her time for a while. The problem was she was so good she attracted so much work that she was almost back to full time employment. Ta-DA! Here comes the mentor who told her that he just kept raising his rates until the demand for his services matched his willingness to work. I was amused to hear that both of them ended up making the same or more money by working less for higher rates.

[jadmt]

I am 64 and retired at 60 i regret not retiring at 56 lol. I am never bored and have lots of energy and health so why not retire while you are still able to be active.

[biker72]

I think everyone has their own formula for retirement.

I retired at 59 but never stopped working. I bounced around from part time job to part time job but currently work at my LBS. I've been there 15 years.

The key to a great retirement is to keep moving. Ride your bike, go for a hike, etc. I've seen too many people retire, become sedentary and die within 2 years of retirement.

[CDRB]

Sounds like financially you can make it work - GO FOR IT! Life is too short and you just never know when your number is up. My wife and I both lost our Dads in the spring of 2022. My wife was a school administrator, 57 and I was in municipal social services and retired Navy, 62. We gave our notices, retired last summer and moved to Ireland on the land my grandmother grew up on. This was something we talked about for 20 years. No regrets! We are active in the community teaching English to Ukranian refuges, visiting seniors in their homes, maintaining walking trails and actually stopping to smell the roses. My Moots Vamoots is a joy on the West Cork hills. With a simplified life it is amazing how little we are able to get by on. Good luck with your health and decision. All the best!

[5oakterrace]

I think so much of the "retirement" thing depends on your personality. Someone retires and travels - they love to travel and are in 7th heaven! What about the soul who is not into travel - they are miserable. The issue, in my mind, is that "you" do not change. The "driven" worker becomes the "driven" retiree, albeit maybe not as "driven," not the least because of age. I read that 50 percent of our peace is genetic. 40 percent is our attitude. 10 percent is circumstance. So... a key is to know yourself and maybe heed the observations of those who know you, as we can live with a bit of denial about our selves.

We retired. I am blessed to have part time work. The joy of work, I find meaningful, without the pressure. I hated the pressure. Nevertheless I find myself taking on the pressures of the old days! "I" do not change a whole lot! The benefit from my perspective is that as a part timer I have a lot more "space" and time to step back. And that is wonderful.

I am also of the mind that we live in denial of death. We just assume long life. My motto is "go when you can. You have a choice. One day no choice."

[dcama5]

I turned 70 years old last August and retired from Winchester Medical Center, with 30 years in, the next month. I was the clinical manager for Respiratory Care and Pulmonary Diagnostics. Although I thought of retirement earlier, when COVID hit, I didn't think jumping ship would look very good or be fair to colleagues in the middle of a medical mess. My office was dead center of adult ICU during COVID and I was in many COVID patient rooms. Now 7 months into retirement, it is working out fine as long as I stay busy, which doesn't seem to be a problem. My wife retired last summer from Loudoun County Schools after teaching 30 years in Virginia, although she is doing some substitute teaching now.

[sokyroadie]

I was in the Metal Fabrication field for 45+ years at age 62 I told the company that I wanted to work part time so went to 3-10hr days which was still considered full time, so no loss in benefits. At 67 I fully retired from all the deadlines and went to work part-time at a local Marine dealer - I have owned boats since 1975 so it is something I enjoy.

[buddybikes]

My case gets more complicated, sure we'd love to travel but physical limitations of mine (bad back), diabetes damaged eyes would not do well with a travel trailer frustrates my wife a bit. Our living setups is ideal, small house right on an estuary in Narragansett Bay, so we basically live in vacation land, least for few seasons of the year. I will be 66 in July, still work full time. Officially my company offers part time phase out/mentoring for pre retirees but my boss says my job is full time only, can't drop to pt. I do like corporate insurance big benefit now my copay has reached it max for the year. Diabetes supplies add up. Love my International social connections, especially younger people, if/when I leave this will change dramatically. I have certainly dropping a step or 2 with my younger peers, which will probably be the final end to my career. Haven't found that perfect place to donate time yet. Pain sucks...

[oldpotatoe]

Have no answers, each person's situation is unique BUT
Another issue is that I have had periods of debilitating fatigue. I think this could be due to medical conditions but also work stress.

You need to go see an MD about this. It 'could' be just stress or it 'could' be something much more serious. Like something that forces you into a situation you DON'T want, if left untreated.

I 'retired' at age 62(11 years ago) to help nanny my two grand daughters..when one was 2 and the other a new-born...I have never been busier and made a great decision BUT, having a USN pension made it all possible(started when I was 42). The financial part of your equation plays a BIG part.

[witcombusa]

I've been enjoying all the responses from folks. But I'd like to say that if you
WORK even part time you are NOT retired! Work is for money, now if you are a volunteer at something that is a different thing.

Also all the mention of being bored is very hard for me to understand. How does one get to 50+ years old without having interests, hobbies or simply things they are passionate about? The options are almost limitless! I find it absolutely fantastic :banana:

[NHAero]

I've been enjoying all the responses from folks. But I'd like to say that if you
WORK even part time you are NOT retired! Work is for money, now if you are a volunteer at something that is a different thing.

Also all the mention of being bored is very hard for me to understand. How does one get to 50+ years old without having interests, hobbies or simply things they are passionate about? The options are almost limitless! I find it absolutely fantastic :banana:

I definitely don't consider myself retired, but I have a lot more time to do what I want. Part time is a good gig for me and I think I'll continue it into my approaching 70s. My wife is a few years younger and in a second completely different career, so she isn't retiring any time soon, so it's not as if we could be off months at a time on some adventure.

[bigbill]

Like OldPotato, I am retired Navy. I served 27 years and 20 deployments all over the world. I was 47 when I retired from the Navy and although my engineering background was nuclear, I had no desire to work in the commercial nuclear due to the long hours (12 hour shifts). Instead, I worked as a project engineer in manufacturing for six years, then four years as the Chief Engineer in a different manufacturing plant in AZ. Last summer, at 57, I retired again. I have rolled my 401's into a single IRA which I don't need to live as my pensions pay all the bills. The IRA will be for unplanned expenses and vacations.

In "retirement," we spend eight months a year in NW Arizona, with the remainder spent in Wyoming while AZ is too hot. My wife is a part time art instructor at the community college, runs a soap business, and teaches equestrian eventing and working equitation. I teach some community education classes at the CC , volunteer umpire little league, and high school baseball umpiring which pays. I am mostly doing the high school games to buy new umpire equipment and cover my volunteer expenses.

Before retiring, I completed a master's degree because I wanted it. My next project will be a Ph.D. if for no other reason than to keep my brain engaged.

[deluz]

Have no answers, each person's situation is unique BUT


You need to go see an MD about this. It 'could' be just stress or it 'could' be something much more serious. Like something that forces you into a situation you DON'T want, if left untreated.


I have seen numerous doctors about it over the last 20 years and not one can explain what causes it or how to treat it. From my own experience I know the only treatment that helps is rest and stress reduction. Of course cycling is a great way to reduce stress but I am unable to do that right now. I saw my GP on Monday.
She told me it is likely due to my Addison's disease and other medical conditions and I am not like a normal person. I think she is a good doctor and that her explanation makes sense. The only thing she could offer was to run lab tests and recommend that I see an Endocrinologist. I got the results of the lab tests and they are all pretty much normal. There is no lab test that can explain the symptoms that I have. I am going to see a new endocrinologist next month which will be the seventh one that I have seen and I am not expecting much. Endocrinologist primarily treat thyroid disorders and diabetes. Addison's is rare so they do not have many patients. I also have Hypothyroidism. Some medical conditions cannot be explained or treated, this is one of them.

[jamesdak]

I've no real sage advice other than the mindset to retire as early as possible. My plan was 55 until my ex cleaned out our joint account before asking for a divorce. That money was to put us debt free at 55.

As retired military also I have a nice pension to rely on. Plus very cheap healthcare that I really don't need since I'm also a disabled vet who has full coverage with the VA. Got home yesterday from a full knee replacement and won't pay a thing.

I also went to work for the federal government when I left the Army so I'll have another small retirement from that. Then I invested a lot for the past 30 years. Just hanging on until 62 to pay off most of the mortgage which is my only debt. Then I'm out. Or I could really leave anytime if I pull out of the investments to close out the mortgage. I guess my rambling point is get out as soon as you financially can. I can bike every day and do my photography and be perfectly satisfied. Work is not life.

[fourflys]

well, as someone who is imminently looking at my retirement ceremony, I'm heartened by the stories from the other military retirees.. :D

I am looking forward to a job change.. it looks like (fingers crossed) I'm lined up for a federal job, within my service, that still allows me to help my fellow Coasties that are struggling..

[OtayBW]

I'm 68 and at this point, I'm trying to decide whether to retire now with SS at the intermediate level, or wait until 70 for the 8% bump. One of the main concerns is that my current job is getting really dysfunctional, so that's the dilemma....:confused:

[NHAero]

I'm 68 and at this point, I'm trying to decide whether to retire now with SS at the intermediate level, or wait until 70 for the 8% bump. One of the main concerns is that my current job is getting really dysfunctional, so that's the dilemma....:confused:

My brother retired last year at 65 and is using his income from IRA to tide him over until he reaches 70, so he gets the 8%/year bump. I'm not sure, but he may also be taking distributions because he has no other income and so is in the lowest tax bracket he is likely to be in once he and his wife start SS.

I'm still working PT so haven't filed for SS but am 70 in August so it's coming soon. You can't predict your future health, but in our family we have people who made it to mid-90s in age so hopefully delaying SS will make sense.

[deluz]

I am grateful for all that responded.
There is a wealth of information here that is very helpful.
I feel that I am very good at what I do and I am able to enjoy it much more than in the past with some exceptions. That and the income make me want to continue working. But also I don't want to work until I die. Transitioning to part time might be a viable option. I would probably miss some aspects of my work but I do have other interests:

Guitar, I have studied flamenco guitar in the past 5 years and would like to start up lessons again. But it does not make sense when I don't have the time to practice.

Woodworking

Gardening, growing vegetables.

Cooking.

If anything I think this has convinced me to take action and perhaps set a date for retirement.

[climbgdh]

To the OP I’d say do it as soon as you are reasonably sure that it makes financial sense. As many have said….. the one thing you can’t buy is time and that becomes more and more apparent as every year goes by.

It seems many here are in similar situation of either very close to retiring or already retired. I’m in the close to retirement camp. I’m 58 YO and my plan is to retire by Q3 of 2024 if not sooner. At that point I’ll be a few months short of my 60th birthday. Financially I could probably retire now but want to set myself up for better success by working a bit longer. I’m an Engineer and have worked in the O&G industry for basically all of my 35 year career but a big portion of that time I’ve worked on a rotation schedule in remote locations and basically been away from home 1/2 of the year. I get 1/2 of the year off but in the 1/2 of the year that I do work the hours are very long (13+ hours / day) for 2 weeks straight. Even though I do generally enjoy my work and work with a great group of folks….. I just have too many other things i want to do before I get too old and worn out to enjoy them (climbing, skiing, hiking, biking, etc). I divorced 14 years ago but financially have made up for the lost ground due to the divorce. My partner is same age as me and she owns a business in a resort town and she is in the process of either figuring out how to sell the business or at least distant herself from the business. Both of our homes are paid for and the next 12-18 we are just making plans on what retirement looks like for us. It’s scary….. but also exciting.

For those that talk about boredom in retirement, I cannot wrap my head around that. I have so many hobbies and interests that I honestly feel I’ll run out of time to do everything I truly want to do.

[bigbill]

I've no real sage advice other than the mindset to retire as early as possible. My plan was 55 until my ex cleaned out our joint account before asking for a divorce. That money was to put us debt free at 55.

As retired military also I have a nice pension to rely on. Plus very cheap healthcare that I really don't need since I'm also a disabled vet who has full coverage with the VA. Got home yesterday from a full knee replacement and won't pay a thing.

I also went to work for the federal government when I left the Army so I'll have another small retirement from that. Then I invested a lot for the past 30 years. Just hanging on until 62 to pay off most of the mortgage which is my only debt. Then I'm out. Or I could really leave anytime if I pull out of the investments to close out the mortgage. I guess my rambling point is get out as soon as you financially can. I can bike every day and do my photography and be perfectly satisfied. Work is not life.

Yup, I divorced at 53 and my ex was likely building up some accounts in the prior four years. I thought about a forensic look by our banks, but in the end, I was just glad to see her gone. It did hit my retirement plans but the job that recruited me to Arizona paid very well, so four years of living well below my means put me back where I needed to be. My ex does get a portion of my retirement but what I get from VA more than makes up for it. I also have full VA medical coverage in addition to Tricare. I remarried in 2021, so the Tricare is for her. Since I retired, we used FEDVIP to purchase dental insurance which in our case, is Delta. I chose not to get vision insurance. We just pay for glasses and exams.

I'm 18 months from being able to draw on my IRA, but for now, DFAS plus VA pays all the bills. I would give back most of the VA to have full function of my hands and feet. I am also looking at drawing SS at 62 since I'm no longer paying into it. I know the benefit will be smaller, but given my long term medical outlook, I want the money.

[OtayBW]

My brother retired last year at 65 and is using his income from IRA to tide him over until he reaches 70, so he gets the 8%/year bump. I'm not sure, but he may also be taking distributions because he has no other income and so is in the lowest tax bracket he is likely to be in once he and his wife start SS.

I'm still working PT so haven't filed for SS but am 70 in August so it's coming soon. You can't predict your future health, but in our family we have people who made it to mid-90s in age so hopefully delaying SS will make sense.
Good points, and in my case, taking distributions to tide me over until 70 is an option. But the different schools of thought on this are all over the place and I haven't come to a decision yet - probably something with the whacked out job will make that decision for me. As for the health thing, so far, so good. You never know, but I'll just let that one ride....
Thanks.

[msl819]

I have had this condition for 20 years and it started when I was diagnosed with Addison's Disease (Adrenal Insufficiency). My adrenal glands do not produce cortisol so I have to take hydrocortisone orally which is far from perfect. I have periods of feeling pretty good and then have a sudden crash of severe fatigue which takes many months to recover from. It seems that I gradually increase my cycling and once I get to a certain threshold it happens and rather quickly. But this last time I was not riding all that much and I think work stress could be a factor. It became clear over time that I needed to moderate my cycling which I did but its hard to know where that threshold is. I have seen numerous doctors in the past including endocrinologists and it did not help, Addison's is somewhat rare and patients know more than the doctors.
I just saw my GP yesterday and she thinks it could be due to my Addison's and recommended that I see an Endocrinologist. I am seeing a new one next month but I not expecting much based on past experience. I saw a therapist for a long time and she was very helpful, but she retired last year so I am trying go without it.

My wife has Addison’s along with a couple of other autoimmune issues so I know your predictament well. My wife is in her late 30s and energy management is already something we talk about and have to balance. My questions to you would be:

1. Have you had any conversations about part time? If it is possible, that seems like a great way to transition towards full retirement without having to completely lose your salary.
2. If you “retired” how hard would it be for you to go back and practice as an engineer if you wanted or needed to? I mean, if Brady can do it, why can’t we?
3. How will your retirement affect your health care?

My guess is a downsizing of your standard of living to accommodate a fixed income would be a welcome trade off. The chance to do things you want to do or not do what you do not want to do would be an easy trade off for material things. Even material things like bikes, which we all love. But your finances are your finances so only you can answer those questions and make those decisions.

[glepore]

So, I share the gardening and biking passions. I "retired" youngish due to an injury but have since recovered and find myself busier than when working, but doing stuff that I really like.
My injury didn't require retirement but was serious enough to remind me that each day is a gift and you never know, so ...

Unless you find your self worth thru your employment, by all means bail as soon as your financial comfort limit allows. That's a different strokes thing, so it might be tomorrow or 3 yrs or whatever, but don't put it off.

[shoota]

I am an electrical engineer and have been working full time for 45 years.
I will be 66 in July. There have many periods of time where I did not enjoy my work and it was extremely stressful but had to stay with it to pay the bills. But things changed the past few years. Due to the pandemic I have been working from home full time. Prior to that I was always told no you cannot work from home even one day a week. Also my direct supervisor who I did not get along with was fired and my new supervisor is great. So for the first time in a long time I am enjoying my work. I have also gotten two salary increases in the past few years after being stuck at the same salary for over 10 years. So for those reasons I am in no hurry to retire. On the other hand, most people I know my age have retired and it seems that that they like it. Another issue is that I have had periods of debilitating fatigue. I think this could be due to medical conditions but also work stress. I am in one of those periods right now and cannot even ride my bike. I have been on a very stressful project at work since the end of last year but hope it will be over in another month.
I look at work as having positive and negative stresses and I am thinking retirement might help my fatigue issues. Another option would be to work part time. So I am looking to hear from those that have retired, has it improved your life in terms of stress, energy and overall happiness?

I'm not retired but I, too, went through times of debilitating fatigue during work stress (long hours, terrible coworker) so I understand that feeling. It's awful and I've vowed I will never allow that to happen again. Also like you, since then I've gotten away from that stressful environment and coworker and my fatigue has gone away. Stress is a killer, I can't imagine that at 66. Like others have said, get out when you can. My father retired ahead of his plan at your age and he didn't think he'd like it. Guess what? He's a brand new man. I feel like I have my father from my childhood back.

[Bob Ross]

I'll just share this since it came up recently:

There are a very tiny handful of sentences that my father has uttered to me over the years that I remember verbatim. Most of them he uttered during my formative teenage years, back in the 1970s...but sometime earlier this year he told me

"Being retired for the years between ages 60 and 70 was one of the most wonderful experiences of my life, and I would wish that everyone could have that luxury."

[flying]

ASAP there is much more to life

So many.... even those who can... continue to work saying things like they
wouldn't know what to do if they didn't work etc

But that is just habit. You will find so much to do you will wonder how you had time for work :)

Stop selling the one thing you cannot buy more of....Time ;)

[Ozz]

If you can afford to retire do it as soon as possible. Maybe sit with a planner to make sure....crunch the numbers given different scenarios.

However, you might want to figure out the chronic fatigue thing while you still have employer health insurance. It might be a medical condition or mental...may some depression. Figure that out and confirm "retirement" is the correct cure.

[MatchDave]

Retired last year at 68. Decision process: (1) Very thorough, repeated discussions with financial planner convinced my wife and me that money would be fine. Pensions, Social Security, etc., which are not dependent on market fluctuations. (2) Many things I used to very much enjoy about work had become aggravations, and the things I still really enjoyed were a significantly decreased part of the day to day job. (3) LOTS of things I really wanted to do - spending lots more time outside cycling, hiking, etc., taking some free online college courses in things I'd always been interested in but never had time to pursue, and some (VERY part time) consulting on ONLY the professional things I still enjoy.

It has been FAR better than I expected. I very rarely miss the job, including the stuff I thought I'd have a hard time letting go. Guess I was more ready than I realized. Far less stress, and best I've felt physically in several years.

[deluz]

If you can afford to retire do it as soon as possible. Maybe sit with a planner to make sure....crunch the numbers given different scenarios.

However, you might want to figure out the chronic fatigue thing while you still have employer health insurance. It might be a medical condition or mental...may some depression. Figure that out and confirm "retirement" is the correct cure.

I switched to Medicare last year, its actually better than employer health insurance.

[NHAero]

I switched to Medicare last year, its actually better than employer health insurance.

Gotta say I've been satisfied with Medicare. I do also have a Blue Cross supplemental policy but both seem reasonable in cost.

[verbs4us]

What a great thread. I've watched a few videos of nonagenarians and people who are active well into their 90s. There are a few things in common: At the end, no one ever says "I wish I spent more time working" (in the USA, especially, we're still all screwed up by the American Puritan mythology); they don't let things bother them; they move on; they don't dwell in the past; they think of the future; they have strong social networks (some of us, especially men, lean a bit too hard on the office to supply that); they get moderate, regular exercise; they get enough sleep; they keep a healthful weight; often, but not aways, they have a spiritual life. None of this is rocket science but our aspirations for what should be often get in the way of enjoying what already is. Go for a ride.

[makoti]

I switched to Medicare last year, its actually better than employer health insurance.

I just went on this month, and after 16 months paying for COBRA, Medicare and supplemental medical, vision, dental, and drug plans is a bargain!

[jlwdm]

One comment on Medicare. I found a lot of doctors would not take me as a new patient when I was on Medicare. Make sure you have relationships with great doctors before you start Medicare. I was fortunate to find a great doctor who had relocated from another state and needed patients.

Earlier I mentioned I am still working at 75. One goal I have is doing new things. I never drove a car on a track until I was over 70 and now have driven over 90 track days. Next month I am going to Dirtfish Rally school in Washington State and then plan to go to drift school.

This year I started 9mm pistol shooting. It is just a hobby so at this point I just go to the range and shoot. I don’t take any ammunition away from the range.

Jeff

[cequip]

I am turning 59 in May. I have run my own business for the last 28 years. About 20 years of 11-12 hours days 5 days a week. Coming in on weekends to catch up, etc. In the last 5 years I have been able to get it to where I work Monday, Wednesday, and Friday for the last couple of years. For the first couple of years I phased back to 4 days a week. I still work 3 eleven hour days a week now, but never two days in a row. I now get to sleep a little later on off days and ride 4 days a week. It is a remarkable change for me. Happier than I have ever been. I realize not everyone has this option, but it is great. I probably would have sold out and retired last year if I still had to do the 5 days a week. Certainly has prolonged my career.

[Ken Robb]

This year I started 9mm pistol shooting. It is just a hobby so at this point I just go to the range and shoot. I don’t take any ammunition away from the range.

Jeff

Try shooting .45 cal. semi-wadcutters at the range. The bigger holes look almost die-cut so you can call each shot without a scope---even at your advanced years.

[buddybikes]

Budget/opt for the best medicare supplemental plan, not advantage.

[reuben]

Budget/opt for the best medicare supplemental plan, not advantage.
Can you expand on this, with reasons and details for non-experts?

[Ken Robb]

There are quite a few differences amongst the MANY medicare Advantage plans so I needed to do quite a bit of research to find the one I chose. Leslie just became eligible for Medicare and also chose the same Advantage plan based on her observation of my experiences of care and administration.

Besides the obvious need that a plan one chooses must include hospitals and other facilities in convenient locations there are some subtle or surprising differences. Original Medi-Care doesn't cover treatment outside of the USA and our Advantage Plan does. The slight complication is that I would have to pay the charges while I am abroad but then I get reimbursed when I get home. For people who plan to travel abroad that might be a VERY important benefit.

[yngpunk]

Can you expand on this, with reasons and details for non-experts?

Medicare Advantage is private insurance, so they are the ones approving and reimbursing medical benefits. The money that would normally be taken out of your SS benefits would be payed to the private insurer offering the Medicare Advantage plan. Medicare supplemental is also private insurance, but is secondary to your Medicare plan and would reimburse expenses not fully paid by Medicare.

Which one is better depends on your individual situation...Medicare Advantage often includes addition benefits (e.g. health club membership reimbursement, coverage outside of US, etc.) but what is reimbursed may be different than Medicare.

[Mr. Pink]

I retired at age 62, and am now 70. What really pushed me over the edge was watching two very good friends die of cancer in their early 60s, one of which was a great cycling trip organizer who I expected to travel with in...retirement.
As stated above, you only have so much time in the world. And, within that thought, you only have so much time that your body will allow for physically demanding activities. Hell, at a certain point, walking around. We live in an amazing time, if you are American or western European, with our advanced medical care and government assistance extending our life spans to average numbers way beyond just a century ago. Artificial joints alone have made old age immensely better for millions. But you dont live forever. Sure, the "investment experts" who have a vested interest in all this, will tell you, work late in life, take SS as late as you can, save save save ( so they can get their piece of your pie), and I suppose that makes sense in pure math, but, trust me, your 75-80 year old body will not perform at the same level as your 55-60 year old body. Just yesterday I visited my physiatrist about a back issue that's crawling down my left leg (had this sciatica thing for a long time), and the conclusion was, well, nuthin' much you can do, learn to live with it and try not to inflame it. I love to ski, but that's becoming harder and harder to do, with the stresses and impacts. Cycling is ok, so far. Kinda figured it would be my last sport/activity. So, anyway, if you like to do physical activities, and fantasize about skiing or cycling or golf or whatever every day until you die, well, you may be disappointed. If cancer doesn't get you first. But, you won't be waking up at six to commute to a job you hate working with fools and suck ups, so, there's that. That's the part I like. Every now and then I get caught in rush hour traffic, and I'm reminded of that horror.

Then there's the boredom. It's real, if you've become accustomed to working all your life, and that work has defined you. Unless you're a lawyer, you can forget about the fantasy of downsizing your career to part time with decent money coming in for your time spent. Nobody is hiring old people. We're discarded like trash. So, make plans for that empty vacuum, because it could drive you nuts if you don't.

[NHAero]

Snip
Unless you're a lawyer, you can forget about the fantasy of downsizing your career to part time with decent money coming in for your time spent. Nobody is hiring old people. We're discarded like trash.

That's a pretty broad brush. Lots of us are working PT and our clients are very happy to have us.

[Mr. Pink]

What field?

[makoti]

Can you expand on this, with reasons and details for non-experts?

While I took the supplemental plan (G), I can't agree with it over an Advantage plan as a blanket statement.
If you know you won't be having many medical bills, Advantage may be better
If you need the lowest monthly payment, Advantage may be better
If paying every time you visit a dr doesn't bother you, Advantage may be better.
If you don't care if you have to switch dr or dentist, Advantage may be better.
If you don't think you'll be moving to a state where your Advantage plan doesn't operate, Advantage may work for you
Some give you money each month to buy OTC meds, % off gyms, or other perks.

However, if you DO care if your dr stays your dr, if you want to know upfront what you are paying, if you want your out of pocket costs to be low per visit, if you go often, or if you have a condition that may get you bounced off an Advantage plan, Supplementals are the way to go.
Mine (AARP/UHC) pays for my gym membership. Saves me $500 a year. I pay no co-pays for my meds (separate RX plan), no co-pays when I visit the dr, can go to any dr in the US who takes medicare, and have limited but some coverage if I travel. So, I can move and keep my same plan.

Remember, this isn't a "one and done" decision. It can be, but it doesn't have to be. You can change plans every year HOWEVER....if you don't get on a Supplemental plan FIRST and you have any sort of condition that they can deny you for, you can't get on it later.

So, for me, going with the Supplemental plan right away gave me peace of mind and ease of budgeting. More expensive than the options? Yes, upfront. At years end? If I stay healthy, yes. If I need medical care? Maybe not. If I need a fair amount of it? No.

[makoti]

Unless you're a lawyer, you can forget about the fantasy of downsizing your career to part time with decent money coming in for your time spent. Nobody is hiring old people. We're discarded like trash.

Um, my work calls me every month with as many as 15 days they'd like me to work. Not a lawyer, can't work from home. It does depend on what you do now, but there are lots of fields where picking up hours is possible. Talk with your work first, and see if they are open to the idea.

[Mr. Pink]

They weren't. All or nothing. And I can have easily worked from home.

[NHAero]

What field?

I'm a mechanical engineer by license and help people design and build low environmental impact, high performance buildings. Loads of work out there, but I have been at the same gig since 1979, and people know me.

[johnniecakes]

[/QUOTE]Then there's the boredom. It's real, if you've become accustomed to working all your life, and that work has defined you. Unless you're a lawyer, you can forget about the fantasy of downsizing your career to part time with decent money coming in for your time spent. Nobody is hiring old people. We're discarded like trash. So, make plans for that empty vacuum, because it could drive you nuts if you don't.[/QUOTE]

Disagree, I retired at 62 and talked with my employer prior and we came up with an agreement where I work 3 mornings a week on non critical projects and serve as a mentor to a few young guys. Getting $60/hour to do what I enjoy and get out of the house a little and the brain has not turned to putty. Very happy being the senior voice.

[tomato coupe]

Sure, the "investment experts" who have a vested interest in all this, will tell you, work late in life, take SS as late as you can, save save save ( so they can get their piece of your pie) ...
Yeah, the best investment advisors are the ones that discourage you from saving money.

[OtayBW]

...There are a few things in common: At the end, no one ever says "I wish I spent more time working" ...

...Then there's the boredom. It's real, if you've become accustomed to working all your life, and that work has defined you...
Sure, I'd rather be retired, but yes - I'm kind of unique in what I do and there definitely could be a 'loss of identity' stopping what I've doing for a lifetime. This is often when people get sick and wither. I expect this will indeed be something that I'll have to address.....

[jamesdak]

, but in the end, I was just glad to see her gone. It did hit my retirement plans but the job that recruited me to Arizona paid very well, so four years of living well below my means put me back where I needed to be. My ex does get a portion of my retirement but what I get from VA more than makes up for it. I also have full VA medical coverage in addition to Tricare. I remarried in 2021, so the Tricare is for her. Since I retired, we used FEDVIP to purchase dental insurance which in our case, is Delta. I chose not to get vision insurance. We just pay for glasses and exams.

I'm 18 months from being able to draw on my IRA, but for now, DFAS plus VA pays all the bills. I would give back most of the VA to have full function of my hands and feet. I am also looking at drawing SS at 62 since I'm no longer paying into it. I know the benefit will be smaller, but given my long term medical outlook, I want the money.

Sounds like were sorta in the same boat. I was relieved too.;)

I've had the full VA coverage since my rating came in during 2006. I just was hesitate to use them as so many others are much worse off than me. My conditions deteriorated over the years but I waited until this month to finally submit an increase on my rating. Stupid because I've been rated at 0% since 2006 for the left knee yet that had gotten so bad it was replaced Monday. I too would give up the VA money for my health back. Can't remember a day without pain anymore. Went into the special ops world in great health except on knee which I "hid". Left with both knees jacked, bad lower back, left foot, elbow, jaw, head injuries, and messed up neck. I'd still do the same thing over again given the choice.

Dental is my weak point. Part of my VA disability gives me 100% dental coverage but I've no clue how to use them for that. I used Delta Dental from my retirement for years combined with a FEDVIP Dental through my GS job. Congress screwed over a bunch of retirees when they killed the Delta Dental but "let us" get dental through Benifeds. Since around 66% of your GS workers are also military retirees they saved a bunch of money at our expense. My Oxycodone rant of the day, LOL! I just wish my kids had followed my footsteps. That military retirement is a comfort as you should always at least have your mortgage covered no matter what.

Let's me have all those bikes I have too although it is about time to be more sensible about that., LOL!

[Jeff N.]

I retired in '14 at age 65. Outstanding pension with monthly payment$ to me for life. Free medical care for me and wifey for life. Money in the bank. For me it was a no-brainer.

[buddybikes]

I retired in '14 at age 65. Outstanding pension with monthly payment$ to me for life. Free medical care for me and wifey for life. Money in the bank. For me it was a no-brainer.

Your lucky guy, pension, 99% of us don't know that world. Free med care, even more so, make that 99.99

[deluz]

Your lucky guy, pension, 99% of us don't know that world. Free med care, even more so, make that 99.99

Pensions are a rarity these days. We were very fortunate that my wife worked for the county of San Diego and her pension payment is not much less than her salary when she worked, otherwise retirement would be a struggle. I have been working my butt off in a high stress job for 45 years and only have a 401K that the company only contributes a very small amount, But one of the first companies I worked for about 7 years did have a pension program. After I left that company I asked about the pension and was told by the CEO he knew nothing about it. I figured it got raided as the company was sold to a competitor and I would never see a cent. When I turned 65 I received a letter in the mail and it was from the pension fund saying that I would be receiving $400 per month for the rest of my life. It was just unbelievable and a huge surprise. Its not a lot but it is real money to me. If we had moved sometime in the last 30 years I probably would have never received the letter in the mail.

[Red Tornado]

I retired in '14 at age 65. Outstanding pension with monthly payment$ to me for life. Free medical care for me and wifey for life. Money in the bank. For me it was a no-brainer.

Happy for you, but I must admit, a little jealous, too. That is one sweet retirement deal. Not sure that the average retired Joe is going to be in that place, however.

Reminds me a little of my father. Retired with two good pensions, SS, a half-way decent amount in 401k. Plus at the time he retired, his company kept retirees on the same type of coverage - and premiums - as the employees had. Don't know if it was through the company or if they arranged it some other way. He's enjoying life at 90 with way more financial resources than he would ever need. Only debt is the lease payment on his Jeep Cherokee.

I, on the other hand, will probably never be anywhere close to that sweet retired life. Never had a pension. Wife stayed home with the kids until school, then decided to home school for a while. We never went without, but with one income there's only so much left over to save. Helped our kids through college, basically split costs, so there's several years where we put less into retirement savings than we could have. Now empty nesters trying to play catch up. It's going to be SS (if that's even around in 11 years - yes, 2034) and whatever is in 401k and maybe a Roth or something like that. I don't regret the financial sacrifices that we made, but we will def be scaling our lifestyle back a good amount when retirement happens. Would love to go right at 67.5, but like other have said here, my concern is running out of money. Realistically, looks like 70-72 for me.

[Jeff N.]

Your lucky guy, pension, 99% of us don't know that world. Free med care, even more so, make that 99.99I was an ICU/ER/Interventional Radiology RN for 36 years at Kaiser Permanente Medical Center here in San Diego. They take VERY good care of their retired persons. It was a hard-fought union contract. That, plus SS...we're dialed. 401K didn't hurt either. It was all very well planned out.

[bigbill]

Luck isn't a factor. People take jobs with benefits such as 401 and the increasingly rare pension plan. Some of us chose a military career with a pension and low cost Tricare plans for medical. A good retirement requires planning. I know many people in their 50s and 60s who will hve nothing but social security after they no longer work. They want the money now and don't use a company provided 401 or personal IRA. At my last job before retiring, there were plenty of people in their 60s and 70s making minimum wage (AZ around $13) to perform manual tasks and working the warehouse because social security isn't enough.

Many people don't know what to do and perhaps their parents didn't know either. Financial literacy is something that should be taught in high school.

[54ny77]

i'd say it's entirely situational.

know a few guys in their 70's+ who are still active and at it daily, fully engaged and the fire still burns. they do it because they love it. granted, they're high level professionals and/or company owners, so it's perhaps a different gig than just checking in on the clock, but still....

..i'd say if you love what you do, why stop if there isn't a need?

assumes you already have work/life balance, budgeted appropriately, and all that jazz....

[fourflys]

Many people don't know what to do and perhaps their parents didn't know either. Financial literacy is something that should be taught in high school.

yep, I'll have a pension that starts paying the day I retire, but I sure didn't plan it that way and no one ever talked to me about it.. I joined the Coast Guard for 4 years and was going to do something else.. here I am 30 yrs later.. ;)

[jamesdak]

Your lucky guy, pension, 99% of us don't know that world. Free med care, even more so, make that 99.99

Not luck, choices. I joined the military for training and made a decision 4 years later to make it a career. Lot's of sacrifices along the way but put me where I am today. I also started investing a lot of money in my early 20's. While others were out each night boozing and such I went to school and got a degree. The only unplanned part for me was the 100 percent free healthcare from the VA. But that has come at quite a cost, physical well-being.

Grew up poor and joined the Army with one set of extra clothes and $10. Didn't want to still be poor when I got old. Two siblings have done basically nothing so are still not financially sound. My brother was a firefighter for 30 years and has a decent pension now. Plus still works for his church making more than he did at the end as the county Fire Marshal/Arson investigator.

My oldest is doing well, buying a home, working hard (usually multiple jobs) and has a couple of small businesses going. My boys are living paycheck to paycheck and I've given up trying to advise them much. It's always excuses with them, so be it.

It's all about choices. ;)

[Mr. Pink]

Luck isn't a factor. People take jobs with benefits such as 401 and the increasingly rare pension plan. Some of us chose a military career with a pension and low cost Tricare plans for medical. A good retirement requires planning. I know many people in their 50s and 60s who will hve nothing but social security after they no longer work. They want the money now and don't use a company provided 401 or personal IRA. At my last job before retiring, there were plenty of people in their 60s and 70s making minimum wage (AZ around $13) to perform manual tasks and working the warehouse because social security isn't enough.

Many people don't know what to do and perhaps their parents didn't know either. Financial literacy is something that should be taught in high school.


Precisely why I stayed at a company providing a traditional pension. Awesome benefit, especially if you see the classic payoff curve/spike in your fifties.

[Mr. Pink]

Yeah, the best investment advisors are the ones that discourage you from saving money.

My point was, your money is their money.

[bigbill]

yep, I'll have a pension that starts paying the day I retire, but I sure didn't plan it that way and no one ever talked to me about it.. I joined the Coast Guard for 4 years and was going to do something else.. here I am 30 yrs later.. ;)

My son is under the blended retirement plan. At this point in his career, he is packing his TSP account. He will be in the Marines for at least 11 years because of his USNA payback for flight school that starts from the day he gets his wings. I joined the Navy in 1985 with the intention of doing six and out. Things got out of hand somewhere and I ended up with 27 years.

I have an older sister who will retire this summer at 61, and two half siblings that were born after my older sister and I were grown. Same dad, different moms. The mother of my sister and I is a real estate broker who is still working at 82 because her work is her social life. My dad remarried and started a new family at 41. He blew through all his money with get rich quick schemes and now his wife and he are living SS check to check. Their son lives paycheck to paycheck at 41 and their daughter is better off because her husband is a very sucessful salesman. Otherwise they have no financial knowledge.

[makoti]

My point was, your money is their money.

Then you are with the wrong people. Fiduciary? Doesn't sound like it.
You take SS as late as possible because it supplies with more money when you likely need it. Pretty easy to understand and hardly a scam.
You save money because it supplies you with more money when you likely need it. Also, pretty easy to understand and hardly a scam.
Why exactly are you suggesting these are bad things?

[dcama5]

I was an ICU/ER/Interventional Radiology RN for 36 years at Kaiser Permanente Medical Center here in San Diego. They take VERY good care of their retired persons. It was a hard-fought union contract. That, plus SS...we're dialed. 401K didn't hurt either. It was all very well planned out.

Jeff, we have something else in common besides both being cyclists. I was clinical manager for Respiratory Care and Pulmonary Diagnostics at Winchester Medical Center here in Virginia. My original post on this thread is on page 3. My office all through COVID was dead center of the 48 bed adult ICU and it was an absolute war zone during 3 or 4 COVID spikes. You probably had the same. As I said on page 3, I thought of retiring earlier, but abandoning colleagues in the middle of a COVID-driven medical crisis didn't appeal to me, so I stayed on, turned 70 last August and retired one month later.

By the way, thanks for the pics of the perfectly built up and gorgeous bikes.

[Mr. Pink]

Then you are with the wrong people. Fiduciary? Doesn't sound like it.
You take SS as late as possible because it supplies with more money when you likely need it. Pretty easy to understand and hardly a scam.
You save money because it supplies you with more money when you likely need it. Also, pretty easy to understand and hardly a scam.
Why exactly are you suggesting these are bad things?

I didn't say it was bad. Classic diversion. I'm saying that there is an entire industry based on extracting money from retirement savings, which is easily in the trillions in value. Just get 1% of that, and a second home and ski trips await. They are everywhere, trying to tell you a 60/40 mix in index from Vanguard doesn't work. They know better. For a few.

[tomato coupe]

My point was, your money is their money.
Huh?

[fourflys]

My son is under the blended retirement plan. At this point in his career, he is packing his TSP account.

Yep, BRS is a little different than the traditional that you and I get.. But, if I remember my training from a few years ago, even BRS will be at 60% at 30 yrs.. not quite as good as my 75%, but not bad.. esp if you retire at that COL level.. ;) I still can't believe it when I hear folks who are in BRS not doing at least 5%.. they are just leaving money on the table with the match.. if I get my GS job, you better believe I'll do at least 5% (I do at least that now, without a match!) ;)

[bigbill]

Yep, BRS is a little different than the traditional that you and I get.. But, if I remember my training from a few years ago, even BRS will be at 60% at 30 yrs.. not quite as good as my 75%, but not bad.. esp if you retire at that COL level.. ;) I still can't believe it when I hear folks who are in BRS not doing at least 5%.. they are just leaving money on the table with the match.. if I get my GS job, you better believe I'll do at least 5% (I do at least that now, without a match!) ;)

If you get a well paying GS job, your best bet is to aggresively invest in your TSP to reduce taxable income. Also, for the first year, make both income sources (pension and new job) single/0 for withholdings. The combined income might push you into a higher bracket with insufficient withholdings. Give it a year to settle out to avoid whipping out the checkbook at tax time. Check and adjust after one full tax season.

[fourflys]

If you get a well paying GS job, your best bet is to aggresively invest in your TSP to reduce taxable income. Also, for the first year, make both income sources (pension and new job) single/0 for withholdings. The combined income might push you into a higher bracket with insufficient withholdings. Give it a year to settle out to avoid whipping out the checkbook at tax time. Check and adjust after one full tax season.

great advice, thanks!

[jimcav]

if you have the discipline and motivation, you can NOT select 0 for withholdings and max it to save/invest so YOU get your money and the interest on your money and then, when you have to pay uncle same, you may be ahead. It is pretty easy to estimate your post 401k income (salary, pension, interest/dividends etc) and see if you are going to have a huge jump as far as the income tax bracket percentage. I once had a reserve O-6 fill in during OIF and he was advising everyone nearing retirement not to exceed X income, claiming he paid more in taxes than the increase in salary that he made. He had 2 ex-wives so I think there were other drains than his incremental change in income. His math made no sense, b/c his change in tax bracket could only have been either a 2-3% increase or an 8% increase, and the increase only applies to the part of income above the limit of the top of the lower bracket he would have been in. Psychologically it can stink to have to pay vs get a refund, and of course if you took that money and invested in whatever the next Enron, SVB, etc is, it will be a double whammy.

However, you can be conservative as needed--if you know the new double income is going to incur the 8% increase on some amount of the new combined salary/pension, then maybe having less withholdings makes sense, but if it is 3%, you can readily beat that with even conservative interest accounts now.

something to consider if you are likely to have the ability.

[bigbill]

I mentioned the single/0 because it sounds like Fly is relocating after retirement, much like I did. Buying a house, closing costs, and all the expenses, even with a paid relocation, can pull down bank accounts. In my first full year, I had to pay around $7K over my withholdings. I got hit hard when I relocated to AZ after Texas. The Navy had moved me to Texas (home of record), but I had a relo package as part of the new job. The amount didn't hit my W-2 until the next year because of corporate HR. My relocation package was valued at $39K.

[ripvanrando]

Retire as early as you can because there are no guarantees on your health to be able to enjoy it.

I started PT consulting at 49, rarely working more than a 1000 hours per year and sometimes not working any but my ideal was 500-800 hours between October and March. Alas, unanticipated health issues reared their ugly heads and stuff I wanted to do are no longer possible. Basically, don't assume you will be able to travel, ride a bike, play golf, etc. into your 70's assuming you live that long. Paradoxically, I do miss solving other people's problems aka consulting.

When? ASAP

[NHAero]

I always thought I'd be riding my bike 4 plus hours a day in retirement... at 70. Now at 54, I realized I need to recover after any ride of significance, so all these years of overwork will not be translating into a retirement of long bike rides every day. Missed that little bit of info.
Snip
Jon

I think this is a significant point. I have the time now to ride daily, but occasionally I set out on a nice day and just don't have the legs, so I cut it short. I have 300 miles over the past 12 days, so 25/day, less than 2 hours, and today I just did 12 miles 'cuz I felt tired. I also note that having a couple of sub-optimal nights of sleep makes much more difference than it used to. So for me, reaching 70 this summer, working part time on my own schedule is letting me ride as much as I reasonably can. An average of 100-120 miles/week seems sustainable. Occasionally I have periods where I can do more - in Nov-Dec 2022 I averaged almost 160/week - and I haven't determined why I go through periods feeling stronger.

[fourflys]

I mentioned the single/0 because it sounds like Fly is relocating after retirement, much like I did. Buying a house, closing costs, and all the expenses, even with a paid relocation, can pull down bank accounts. In my first full year, I had to pay around $7K over my withholdings. I got hit hard when I relocated to AZ after Texas. The Navy had moved me to Texas (home of record), but I had a relo package as part of the new job. The amount didn't hit my W-2 until the next year because of corporate HR. My relocation package was valued at $39K.

yep.. not moving right away (we have three years now to make our final move), but I will get smacked in the face with CA state taxes (Alaska resident currently, no state tax), and you know there is a large part of your compensation (housing allowance) that isn't taxed.. so I'd much rather have the max taken out and see where I shake out after the first year.. I'm ok with that..

[deluz]

I think this is a significant point. I have the time now to ride daily, but occasionally I set out on a nice day and just don't have the legs, so I cut it short. I have 300 miles over the past 12 days, so 25/day, less than 2 hours, and today I just did 12 miles 'cuz I felt tired. I also note that having a couple of sub-optimal nights of sleep makes much more difference than it used to. So for me, reaching 70 this summer, working part time on my own schedule is letting me ride as much as I reasonably can. An average of 100-120 miles/week seems sustainable. Occasionally I have periods where I can do more - in Nov-Dec 2022 I averaged almost 160/week - and I haven't determined why I go through periods feeling stronger.

That is similar to what I experience. 120 miles/week seems to be my max.
Losing sleep makes it very difficult as sleep is needed for recovery.
I have just taken 8 days off due to fatigue. Rode my bike for 7 minutes around the neighborhood to gauge how I feel. Better than before but not great. I am going to wait until Saturday and do an easy 30 minutes and hope I tolerate it. I am hoping that retirement will allow my body to tolerate more miles.

[redir]

I am an electrical engineer and have been working full time for 45 years.
I will be 66 in July. There have many periods of time where I did not enjoy my work and it was extremely stressful but had to stay with it to pay the bills. But things changed the past few years. Due to the pandemic I have been working from home full time. Prior to that I was always told no you cannot work from home even one day a week. Also my direct supervisor who I did not get along with was fired and my new supervisor is great. So for the first time in a long time I am enjoying my work. I have also gotten two salary increases in the past few years after being stuck at the same salary for over 10 years. So for those reasons I am in no hurry to retire. On the other hand, most people I know my age have retired and it seems that that they like it. Another issue is that I have had periods of debilitating fatigue. I think this could be due to medical conditions but also work stress. I am in one of those periods right now and cannot even ride my bike. I have been on a very stressful project at work since the end of last year but hope it will be over in another month.
I look at work as having positive and negative stresses and I am thinking retirement might help my fatigue issues. Another option would be to work part time. So I am looking to hear from those that have retired, has it improved your life in terms of stress, energy and overall happiness?
I've not read all the replies and image what I am about to say has been said but... Imho if you have the money now to retire then get out now and get on with enjoying your retirement. Life is too short for anything else.