Over the past year or so, I've been doing some things to set myself up for retirement. We paid off our mortgage and all credit card bills. My wife already retired a few months ago from the New York state Dept. of Corrections. I'll be 63 in a few months. Still relatively healthy. All in all, I do like my job, have great co-workers, but it has its moments. Obviously, I could draw Social Security, and would have a small pension from my current job after 15 years there. I do have some investments (401K, 403b, precious metals, etc.) but I really don't see myself having to dip into that any time soon. Also have the proceeds of recent sale of a rental property that we owned since the 80s. One of my co-workers, that I am pretty good buddies with, recently retired. I'm sure people at work are wondering if I'm next. Just not sure if I'm ready. How did you guys know it was time to retire?
Thinking about retiring....
- Thread starter G-Mac
- Start date
I opted for the Stage IV cancer early retirement plan.
I wouldn't recommend it.
Rusty, I'm so sorry.
T'was but a scratch. Sally forth and all that, eh wot?
In 2004, I was 51 years old, with 30 years' service in the Baltimore City Fire Department, working with guys younger than my sons. I was driving 36 miles each way to work, my engine was getting 2200+ calls per year, and the difference between my salary and my pension was only a little more than the minimum wage. It was time to go.
I was too young to sit on my butt, however, so I started what I thought would be my retirement job...except that now, 18 years later, it's turned into a second career. It keeps me busy and pays well. I love the work, and my coworkers are like family.
So...when will I retire for good? Maybe tomorrow, maybe never...I don't know.
I was too young to sit on my butt, however, so I started what I thought would be my retirement job...except that now, 18 years later, it's turned into a second career. It keeps me busy and pays well. I love the work, and my coworkers are like family.
So...when will I retire for good? Maybe tomorrow, maybe never...I don't know.
JET4
Member
I retired after working 48 years. Figured that was long enough to work. Between Social Security and my pension my wife we get by very good,
Same here. Made for some bad financial choices and options at the start, but all worked out in the end.I opted for the Stage IV cancer early retirement plan.
I wouldn't recommend it.
It'll be 2 years for me April 1st. I love it. It was time to go. The money worked out; that's the main thing! 65 years old next week, still heathy.
COFFEEMUG
Member
I retired at age 50 because crawling around inside machinery on cold concrete floors sucks at any age.
and being away from home for weeks on end sucks.
sleeping in rest areas and wallmart parking lots sucks
trying to explain to a cop at 3am that your HOS are done and
you cannot legally drive for the next 20 hours sucks and they keep
you awake until a supervisor decides to show up 2 hours later sucks.
driving 11 hours in the snow/rain sucks
chaining up in a foot of snow sucks
yep age 50 was a good time for me to sell the Kenworth
oh lets not forget 7 thousand dollar repair bills. suck
and being away from home for weeks on end sucks.
sleeping in rest areas and wallmart parking lots sucks
trying to explain to a cop at 3am that your HOS are done and
you cannot legally drive for the next 20 hours sucks and they keep
you awake until a supervisor decides to show up 2 hours later sucks.
driving 11 hours in the snow/rain sucks
chaining up in a foot of snow sucks
yep age 50 was a good time for me to sell the Kenworth
oh lets not forget 7 thousand dollar repair bills. suck
SS is a tricky beast....... (all numbers are estimates)
The "Average" SS at FRA (full retirement age; for most folks now around 66-67) is about $1,550/month for 2022.
Take it at 62 you will lose about 8% for every year early .... so could be as much as 40%.... wait til you're 70 and you can get an extra 24%.
SS does have a max you can receive: 2022 it's about $3,100/month.
SS got a 6% bump for inflation ( 7.9%) from 2021..... historically it's been closer to 2% a year.
IIRC rule of thumb is SS is only intended to cover 40-45% of your expected needs in retirement.
Don't forget Health Ins.... Medicare is still 65 and only covers about 80% of costs. So supplemental Ins coverage in needed.
I've been "retired" ( by Covid) since the summer of 2020.....
The "Average" SS at FRA (full retirement age; for most folks now around 66-67) is about $1,550/month for 2022.
Take it at 62 you will lose about 8% for every year early .... so could be as much as 40%.... wait til you're 70 and you can get an extra 24%.
SS does have a max you can receive: 2022 it's about $3,100/month.
SS got a 6% bump for inflation ( 7.9%) from 2021..... historically it's been closer to 2% a year.
IIRC rule of thumb is SS is only intended to cover 40-45% of your expected needs in retirement.
Don't forget Health Ins.... Medicare is still 65 and only covers about 80% of costs. So supplemental Ins coverage in needed.
I've been "retired" ( by Covid) since the summer of 2020.....
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I saw many a guy drop dead shortly after retirement. That was a clue.
Mustang93
Member
I retired 6 months ago and I have no regrets. I turned 62 this past January. The added BS from COVID regulations at work put me over the top. I do miss a handful of people. I saw a counselor for a few months before I retired at the recommendation of my GP Doc. I thought retiring meant I was going from being a contributor to society to a burden on society. We discussed my work history - I had been working for money since I was 14 pulling my Dad's lawnmower behind my bike around the neighborhood hood cutting grass to buy my first car and worked a W2 job from 16 until I was 61 1/2. The counselor made me realize I had done my part, paid my share of taxes and SS. I knew this already but hearing someone else say "you've done your part" just made me realize it was OK to retire. I have been busier than ever doing the small projects that I just didn't have time to do before. My best advice is to do some routine exercise, continue learning every day and make yourself a "do list" so you don't get into the habit of being a couch potato. The greatest thing is now I have "time", well at least some time. The great thing about the "do list" is you don't have to do it all today!
Monday is my new favorite day of the week!
Good luck.
Monday is my new favorite day of the week!
Good luck.
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bigwheelzip
Absent Comrade
In "normal times" I'd consider it, but the world is destabilizing, and fixed income retirement might be less important than employment, until the dust settles.
cmj8591
Member
If you're asking the question, then it's time. The thing that amazed me is how little money it takes to maintain a comfortable and happy life style when you're debt free. Retirement is the best job I ever had! Do it and don't look back.
IMHO being "Debt free" is a key component
Faced retirement or disability at age 62, and chose retirement. Modest gooberment pension, house/car paid off , early ss and a WHOLE LOT LESS STRESS. Decided to take ss early as health was poor and wanted to enjoy what was left in life, while still able to do it. Also figured if gooberment was advertising/ wanting me to wait for ss, would take it as soon as possible. This is based on theory that only hard sells need so much persuasion.
Best decision i ever made. Got a dog, some health back, motorcicle and started enjoying somethings again.
Best decision i ever made. Got a dog, some health back, motorcicle and started enjoying somethings again.
I planned to go until 70. Was relatively healthy until the COVID about killed me last Summer. Quit middle of Dec. 2021, 3 months ago. Doesn't take long to get used to to the change in routine. Seems strange for awhile after 53 years of "the habit." Now you got the whole day to get "that one thing done" for a feeling of accomplishment. Debt free is the key in my opinion. Joe
Mustang51
Member
From one Mustang to another, that is exactly my plan. 2 years to go for retirement at 62. My wife is retiring this year. I watched my dad work his *** off, and die of a heart attack at 63. Males in
My family rarely make it out of their 60s alive. I’ll take the hit from SS. It beats the $250 payment for burial expenses.
Fessor
Member
The big concern for me was health insurance. I was debt free but because my wife is 4 years younger than me and my company had no health insurance for a retiree non-medicare spouse, we would have to get her private health insurance. That would cost around $1200/month.
I retired 2 months after she got on medicare after 45 years of full time work.
I retired 2 months after she got on medicare after 45 years of full time work.
Lonegle57
Member
In my case, the retirement plan I signed up for when I started working for the state showed me I brought home more money retired than when working. So at 57, putting in 34 years of time, actually 33 years with leave/sick time added, it would be foolish to keep working. Went back and worked part time to help out the work place for the last 7 years but have stepped back within the past couple months to get stuff done around home and help parents.
G-Mac it sounds like you have it well thought out and have prepared well financially. Go ahead and do it. You will be surprised after a short time how you had the time for a job ! Your wife should have a nice pension too. The two of you should go enjoy yourself and travel !
I took SS right away and really didn’t need the money, but why wait almost 5 years?
Leave nothing on the table.
Leave nothing on the table.
Old_Cop
Member
Bad thing, it now takes all day to do what I used to do after work. Good thing, every day is Saturday.
Jim R
Member
I retired at 55. I wanted to retire at 50 but I held out for 55.
I'm almost 74 so I have had a good run at life. I thought money would be tight but I over estimated what it would cost us to live the life we wanted.
I have banked more savings in the last 18 years than I did in in the last 20 years I worked.
Retire as soon as you can afford too. You will find that your health is much more important to you than saving money will ever be.
I'm almost 74 so I have had a good run at life. I thought money would be tight but I over estimated what it would cost us to live the life we wanted.
I have banked more savings in the last 18 years than I did in in the last 20 years I worked.
Retire as soon as you can afford too. You will find that your health is much more important to you than saving money will ever be.
Maddog 521
Member
G-Mac
Figure out how much SS you'd collect from now until you are 70. Then figure out the SS amount you'd draw at 70. The 70 number will be larger but is it worth the wait to collect that much more? You will never collect the amount from 62 to 70 if you wait. It'll be gone and forgotten. Health care should be the main question you need to answer.
I started collecting at 62 1/2 after I put the pencil to the numbers. Good luck
Figure out how much SS you'd collect from now until you are 70. Then figure out the SS amount you'd draw at 70. The 70 number will be larger but is it worth the wait to collect that much more? You will never collect the amount from 62 to 70 if you wait. It'll be gone and forgotten. Health care should be the main question you need to answer.
I started collecting at 62 1/2 after I put the pencil to the numbers. Good luck
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demkofour
Member
I retired after almost 37 years “on the job”… Before I did retire, I was told by everyone that I worked with two things: “You’re working for free!” and “You’ll known when it’s time to go…”
That working for free didn’t impress me- I enjoyed my work, and the command I was assigned to worked for me in many ways.
But, I felt I was just aging out. I got sworn in relatively late and I wanted to try something else. I knew when it was time.
Made sure I had a plan to fall back onto, in my case road and mountain biking, family and firearms instructing.
I haven’t looked back, despite loving my job!
That working for free didn’t impress me- I enjoyed my work, and the command I was assigned to worked for me in many ways.
But, I felt I was just aging out. I got sworn in relatively late and I wanted to try something else. I knew when it was time.
Made sure I had a plan to fall back onto, in my case road and mountain biking, family and firearms instructing.
I haven’t looked back, despite loving my job!
Grayfox
US Veteran
I was a mechanic for 42 years. Mostly on big trucks and heavy equipment. It was hard, dirty, physically demanding work.
A heart attack and triple by-pass at age 46 taught me that tomorrow is promised to nobody.
I retired the first day I was eligible at age 60. I've never regretted it.
A heart attack and triple by-pass at age 46 taught me that tomorrow is promised to nobody.
I retired the first day I was eligible at age 60. I've never regretted it.
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