Thinking about retiring early...

[Huskerguy]

A couple more comments. I have talked to a lot of people who are around the same age as me - 57-64 or so and they are all saying the same things. They are tired and worn out and everything is getting on their nerves at their jobs. That happens and work gets harder and we are not as efficient as we once were - that age thing does catch up with us.

I solved health care with a Christian ministries policy that will take care of things to age 65. There are three of them grandfathered under Obama Care. I have mentioned that on here before.

When I first set out to retire two years ago I don't think I was ready. Job offers came immediately and it was too easy to say yes. Now, I am ready to make that transition to doing things on my time frame and the biggest hurdle I have is getting past the feeling that I am not earning my keep by not working. We get so programmed to work, we think that is our life I am learning it is not.

So in the earlier post I hit the money part, this one is more the psychological part which is huge. Have fun and enjoy the ride!

 

[Old 44 Guy]

Hamlin. You far better off than I was when I pulled the plug many years back. Just lost my first wife & re married [Mistake] & living in a duplex [rented]. No money but the last of 7 kids. Started a handyman business to make ends meet. I was 57 at the time.Made a go of it until SS came in @ 62. Now many years later having out lived 3 wives I'm living with a daughter & son in law in a cottage had built in 1992. Happy as I can be. Still have most of my hunting guns & use them each season. The collection of old Smiths are long gone. Don't worry about money It's much cheaper when you retire.

 

[cowart]

Did your medical costs change significantly when you became eligible for Medicare coverage?

Mine went way down. Prior to 65, I was paying more than $400 a month. Medicare runs about $100 and gets deducted painlessly from my social security deposit.

Most doctor visits only cost $5, with specialists running $40. YMMV

 

[OMCHamlin]

Lots of thoughts in many different directions, but all good stuff to think on. I appreciate you guys that have already done it, sharing your perspective on it. Most of you seem to think it's doable and not a bad idea. Those that are like me, still in the planning (pondering) stage have given me things to consider as well. Thanks much to all of you all...
Keep your thoughts coming, I'm still reading and learning!

 

[Qc Pistolero]

Lots of thoughts in many different directions, but all good stuff to think on. I appreciate you guys that have already done it, sharing your perspective on it. Most of you seem to think it's doable and not a bad idea. Those that are like me, still in the planning (pondering) stage have given me things to consider as well. Thanks much to all of you all...
Keep your thoughts coming, I'm still reading and learning!

Like you Americans like to say:''half the fun is getting there''.
Make that planification an enjoyable thing.Afterall,you're thinking about something nice to come.Make sure you have one or 2 hobbies that you enjoy.Your idea of having a part time job for a few months is a good one to help you make a transition.Good luck and enjoy.
Qc

 

[rwsmith]

You gotta have a purpose...

Knew a guy that loved to trout fish. He retired planning on spending his time trout fishing. A few weeks later he was back at work.

Everybody has their own situation. I was forced to retire early due to health, but was able to spend time with our boy, which was great. A lot of people don't feel 'needed' anymore. You gotta have a purpose.

 

[Lee's Landing Billy]

"...pay the house off first." I agree with that. I'd suggest get to zero debt before retiring.

Please, read and memorize this above. Please, it is very important! We have been debt free for 10 years. It changes your life. The minute you know there is absolutely NO reason that you have to go to work..it becomes a pleasure.

 

[OMCHamlin]

"...pay the house off first." I agree with that. I'd suggest get to zero debt before retiring.

So we were on a telcon with our financial planner till like 2315 last night, we spent a bunch of time on taxes, some on planning a retirement budget drill (see if we can live to a post retirement budget for X amount of time prior to actual retirement), and although we spent comparatively little time on "how to pay the house off", she laid out sources of non-penalty incurring funds available within like 15 minutes that could fund the mortgage payoff. That's good. By God, I can do this...

 

[johngalt]

I personally wouldn't retire until the house is paid off. I would want zero debt. Health insurance is the big one. You are lucky to have that covered. In this modern time of corporate slavery (or the golden handcuffs if you prefer), it doesn't matter how well you have prepared. Companies that are big enough to be self insured and .gov are the only sources for quality health insurance now. Without saving enough to pay cash for every foreseeable health care need (and how do you predict that?), no one can retire any more.

 

[Kframerbluvr]

If you figure the difference between the base pension, hazardous duty supplement, health insurance credit, and what I currently make with nearly thirty six years on the job, I am probably working for minimum wage or less. Add the drastic cost increase for health insurance after retirement and the fact that my disabled bride cannot stay on my policy after I retire pretty much determines that I stay as long as I possibly can. If you and your spouse can keep quality health coverage after retirement, you are indeed fortunate.
My wife worked as a hospital pharmacist prior to her illness and wants to put off relying on Medicare for her healthcare as long as she can.

 

[epj]

Retired at 68.5. Would have worked longer if health permitted. Now have my own little machine shop business building sight pushers and lock plugs for S&W revolvers. Right now, it's keeping me busier than I want to be. Health insurance for my wife is costing almost $800/mo. She will be eligible for Medicare in two more months. Don't know if I'll ever actually retire. Don't know if I actually want to.

 

[Bat Guano]

Retired at age 51 at 62% of my high 3. Sold my (mortgaged) house and took enough away in equity to build one free and clear. Owe on monthly bills, no other payments. Between dumb luck and being frugal, doing fine.

Can't put a price tag on FREEDOM.