Am I ready to retire? Help please. (Update post #56)

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j a

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I am struggling with the decision to retire this fall at the age of 62. We have met with our financial planner and all is go money wise. No problems there because the wife and I have have been blessed with great jobs.
I have been with the same company for almost 43 years. I like what I do and I am currently the top seniority employee on my shift. Therefore the best jobs. I have been doing this job for so long it is how I proudly identify myself.
I drive an 18 wheeler here in the midwest covering 8 states. The last two winters have been trying to say the least. If not for the winter driving I would not even entertain the idea of retirement. I do not relish another winter like the last two years.
What can you suggest to help me decide whether to retire this fall or continue to work? Flipping a quarter has not worked so far. Thanks for any advice or encouragment. JA
 
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You will wake up one day soon and say to yourself....I don't want to do this anymore and you turn in your notice. Trust me on this one. When that day comes, get ready to go to work...enjoying yourself and your family even more than you do now.

You worked to get yourself to this point in life. Go have some fun.
 
I can’t imagine anything more nerve-wracking than driving an 18 wheeler in ice and snow. It scares me driving a Jeep Wrangler in four wheel drive. Plus you have all the regular idiots that now have the added danger of them sliding around.

I watched a grown man in a big, jacked-up Ford 350 pass me when I was going along in my Wrangler low-locked in four wheel drive. He blew around me going about 50 and when I looked over he was TEXTING on his cell!

We went about 100 yards ahead of me, the back-end broke lose, he locked up on the brakes and spun it into the median. The only reason he did not cross into oncoming traffic and likely kill himself and some other innocent driver is one of those traffic cables was installed on that section of highway and his axle tangled in it. He destroyed what was probably a $65k truck.

I don’t blame you one bit for wanting to retire to avoid winter driving! Good luck with whatever you decide.
 
Maybe try going half-way..... Do some research to see if any companies around your area hire part-time or seasonal drivers in the spring, summer, or fall. Skip the winter. Drivers are in high demand and you have earned the right to stay home during the snowy months. Best of luck in your decision!!
 
Howdy from a retired guy in Colorado. Best advice I can offer:

1. Make sure the home is paid off and no major bills follow you into retirement.
2. Make sure that your medical coverage is adequate for any foreseeable needs. You are a few years away from Medicare and health care premiums/deductibles/co-pays can be scary.
3. Listen to your financial advisers and set up your retirement funds so that the future is assured as best you can. The old advice of 4% annual draw-down is probably still valid if your investment portfolio is performing nicely, but the newer advice is 2.5% to 3% which allows greater protection against market fluctuations and a good potential for a growing income year to year. Inflation has eaten up a lot of ground under us over the past 15 years or so, and I expect more of it in the future (with a 22 Trillion dollar national debt and annual deficits over a trillion per year).

I took early retirement (law enforcement) 24 years ago, vested my retirement money and went into business for 20 years, then sold out and retired for good. Now I am constantly dealing with arthritis, orthopedic surgery, cataracts, and all the other "old folks" ailments. I wish I had pulled the pin at least 5 years earlier while I could still actively enjoy.

If after careful consideration and good financial advice you are comfortable making the change now, I say do it and enjoy life. Make some good times happen and good memories with your family.

Best regards.
 
You are fortunate that you have the financial angles worked out so that takes off a lot of pressure of having to stay on the job. In that regard the only issue is whether you have health insurance that will cover you until you are eligible for Medicare.

I'm not a long haul driver, but I had my share of aggravation and a few tough spots while commuting on the Baltimore Beltway. From your description of the last two winters, have they posed potentially serious issues to life and limb? If they have, for myself I think I would be out the door.

How is your health in general? One of the reasons I retired was to take better care of myself.

If you retire, the biggest thing you gain is time. Time to move a little slower, more time with your family and more time to be active in your community. Do the things you always wanted to do. But make sure that you have some things going on that will keep your mind active.

I retired on December 31, 2015 at 3:30 PM (but who's keeping track) at 63 1/2 and never looked back.
 
It sounds like you’re both set financially. What does your wife think?
She knows you better than us.
It sounds like you’re going to miss it some( if the weather is ok) but that’s to be expected if you like your job.
In a perfect world you could drive the runs you want to when you want to
but that place doesn’t exist.
Can you run part time without losing too much seniority?
 
The P/T approach makes a lot of sense. An employer would be foolish to lose a long term capable, dependable employee. This approach would give you a chance to determine if you have enough things to keep you occupied. My dad retired early and he went back to work on contract. In one year he had everything ticked and tied on the vehicles, the yard the house and was looking for things to do. Like Golddollar states you gotta stay in the game. There was an old saying those who retire are soon to expire. Good luck and let us know what you decide to do. I am in a similar position, but have set a target 4 years from now.
 
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My mom retired at 62 a few years ago, she also drove for a living, a school bus for 39 years. The kids, the parents, the driving...she had enough of it.

She debated right until the last minute on waiting until she was 65, but in the end decided to retire. She made the right choice and has enjoyed every minute of her retirement.

You earned it, if everything is in place, go for it.
 
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Thanks

We do not have the healthcare settled quite yet but getting close. Our health is fairly good for our age. 18 months of Cobra from employer is very doable. Then will need something in the gap until age 65.
We are active in our church and will be more so if I retire.
We are debt free at this point and have been for a couple of years. And yes 4% is what the draw down would be. We have had excellent advice with our finances for serveral years now.
I do suspect that I would find a part time job doing something enjoyable in my area in the future. Not sure what that would look like yet. We have an acreage that will keep me busy through the summer months clearing brush/trees and fixing fences. Thanks for the help and advice. JA
 
The stepping-it-down suggestion would definitely get my vote. It’s what I did when I had to withdraw a bit earlier than planned for health reasons, although in a completely different line of work. A year of half-time, and some years of occasional help-out-as-needed and consult since then.

But relating to your type of job, I knew a guy who drove his own rig all over the West for many years before we met. The money was good, but when he decided he was done with that, he sold his truck and hired on with a local delivery company. A lot less money, but he parked the truck by 4 pm every day and was home ten minutes later, and could be at our club range by 4:30, which is where I met him. I haven’t seen him for several years and lost contact, but he’s probably retired by now.
 
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In my life I've know several people who just didn't want to retire. They ended up working themselves to death.
I've known a few that worked too long. Finally retired, were too old to enjoy it and died soon after.
I had a heart attack and triple by-pass at age 46. I learned a valuable lesson. Tomorrow is promised to no one.
I retired at age 60 on the very first day I was eligible. I don't regret it one bit.
 
A co worker finally retired last year after 40+ years on the job. I have no direct knowledge of his financial situation, but we have a good pension and decent benefits including health care. Two months after he retired, his beloved wife of many years suddenly passed away....

I don't want to be that guy, life is too short and precious. Good luck whatever your decision is.
 
If you don't already own your own truck and trailer, you should. That way you can work whenever you want.
 
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Before you retire, apply for an equity loan on your house even if it is paid off. By applying while you are still working, you will have no trouble qualifying for it. The equity loan is for the "just in case." It doesn't cost you a penny having the ability to get you hands on a large sum of money if you happen to need for some emergency. I retired in 2006 and I still have an equity loan on my house but I've never had to use it. Just having the ability to get several hundred thousand dollars in a very short time period is reassuring. If I haven't used the loan in 20 years, it is cancelled. Having all that money available is great and it hasn't cost me a cent.
 
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