Is 57 too young for retirement?

[midwestlily]

When I talked to my stepmother recently, I mentioned that I'm 57 now, and that I thought my father was younger than that when he retired.  She confirmed that he was only 55.  That would have made her only 50 when they quit working and moved from LA to Las Vegas.  There are days when I really dislike my job and think seriously about retiring soon (other days when I don't mind it so much).  Somehow, realizing that I'm older than my father was makes me feel like it would be okay.

So I was wondering, has anyone on here retired in their mid-to-late fifties?  Anyone who thinks that's too young, or more than old enough?  I'm not talking about the money side of it -- that's a separate conversation -- just wondering what other people see as a reasonable age for retirement.

[midjd]

As a state employee, I'm eligible for retirement at 55 -- so I don't think 57 is too young. And aren't some military members and police officers able to retire in their late thirties with full pensions?

I'm hoping to be able to afford to retire by my early 50s (about 20 years away). I may choose to keep working, but I want it to be a choice and not a financial obligation.

[cael]

Well.. my mother "retired" when she was 53-54 but she could still work and basically doesn't. (they aren't hard up for money, my dad retired with a pension and she gets some family trust money periodically I think) That's a whole different story.

I would love to retire before I'm 60 personally, but I would have retirement funded and savings and obviously only do it if I thought it was good choice for us financially. I always joke to my husband that since he got laid off, went to school and only worked PT while we were in our 20s/30s he gets to work a little longer and I retire a little early.

I don't see any problem with it if you can afford it reasonably (I guess I can't take finances out of my opinion on that, though)

[justme]

I'd retire as soon as I am financially able to do so and do the things I want. Actual number be damned.

[cael]

Jan 26, 2015 15:42:36 GMT -5 midjd said:

As a state employee, I'm eligible for retirement at 55 -- so I don't think 57 is too young. And aren't some military members and police officers able to retire in their late thirties with full pensions?

I'm hoping to be able to afford to retire by my early 50s (about 20 years away). I may choose to keep working, but I want it to be a choice and not a financial obligation.

Ha - when I hit 55, if I stay in local/state service, I would be eligible to retire because I'd have 30y in, but I'd take penalties on my pension since by that time I bet the minimum age to collect your full pension will be like 70.

[giramomma]

I was hoping to retire at 55. I think now, I'll be retiring closer to 60.

My MIL retired before she was 55, maybe 51 or 52? She never worked steadily. She was a SAHM for a decade. Worked. Then started taking care of aging parents. At that point she reduced her work to maybe 50%.  Eventually, she just stopped working, and just slipped into retirement.

FIL retired around 55.

I don't think it was too young. MIL keeps very busy. She has several hobbies, she has book club, lunches with friends, and is active in church. FIL reads a LOT, does crossword puzzles, and putters in his shop. He helps at church, but isn't involved as MIL.

They also traveled quite a bit: trips to Europe, Africa, Antarctica, Canada, as well as driving around the US. For a while, they were traveling/out of their home 4 or 5 months out of the year.

I can tell you, at 70, it's too much for them to go traveling/being away for two months, come home, wash all their clothes for a couple of days, and then go abroad for another two weeks. They don't do that anymore. They haven't been abroad for the past couple of years. While they are still active, they aren't as active as they were when they were 60. It's the small things. They no longer get down on the floor to play with our kids...it's too hard on them.

Most of my mentors worked well into their mid-late 70's. I've decided I don't want to do that. And that is OK.

I have other things I want to do with my life other than just work.

[Blonde Granny]

My DH retired 19 years ago....he was 51. Only reason he waited that long was he needed a little more money. We love it and have never looked back.

[billisonboard]

How are you going to spend 24/7 once you are retired (taking into account actually being able to afford doing it)?

Have a good answer you really like?  Then retire. If you don't have a good answer you really like, put off retiring until you do. 

[mrnewengland]

I am a municipal as well and I will be eligible to retire when I am 55.  My plan is to retire by 60 but I am young enough that there are too many variables to make any kind of set plans (I turned 37 a couple weeks ago).  

There are quite a few guys around here that are in their mid 50's to early 60's that claim they could retire if it weren't for the high cost of health care.  

My point is if I can afford to retire at 55 I will.  If I can't... I can't.  Who knows what'll happen between now and then.  I am just doing my best to plan for it.  

[cael]

Jan 26, 2015 15:45:54 GMT -5 giramomma said:

They also traveled quite a bit: trips to Europe, Africa, Antarctica, Canada, as well as driving around the US. For a while, they were traveling/out of their home 4 or 5 months out of the year.

I can tell you, at 70, it's too much for them to go traveling/being away for two months, come home, wash all their clothes for a couple of days, and then go abroad for another two weeks. They don't do that anymore. They haven't been abroad for the past couple of years. While they are still active, they aren't as active as they were when they were 60. It's the small things. They no longer get down on the floor to play with our kids...it's too hard on them.

This is pretty much a huge reason I'd love to retire a little earlier, so I can travel while I'm still (kind of) young!

[zibazinski]

I was 52. I bought 3 years and never regretted it. I miss the kids but the other stuff? NOT!!!

[Tiny]

 

 just wondering what other people see as a reasonable age for retirement.

Reasonable age?  I'd say any age when you are financially able to do so - doesn't matter if that's 37 or 72. 

Back when I was 40 I started seriously thinking about 'retirement' and attempted to get my finances in order to retire at 55.   That's not gonna happen for me - no pension based on the 'retirement age of 55' thing.     BUT, I'm 50 now definitely in a much better place financially than I would have been if I hadn't started thinking/doing something about it back then.

I'd 'retire' tomorrow if I could... I've got plenty of relatively non-expensive stuff I'd rather be doing on a daily basis than having to go to work everyday.   

[Deleted]

I originally planned on retiring at 56.5, when DS3 finishes HS in 1.5 years. I've changed my mind, for several reasons:

- I like my job a lot
- I teach FT, but over 3 days a week (I prep/mark some of the other days, but from home)
- I have a lot of time off (about 12 weeks/year but I'm marking tons of finals for some of those weeks)
- I'm not entitled to a pension until 62 (I may buy a year or two, but not 7)
- It makes more financial sense to keep working until DS3 finishes college (in 4.5 - 5.5 years, depending on where he goes) than to use our savings for both his college and our living expenses.
- Once DS3 "flies the nest" in 1.5 years, I know I will feel VERY bereft. So retiring at that point no longer makes sense to me.
- DH announced that he "never" wants to retire. It's his company (he has a partner), they both come and go as they please. They are graphic designers, so they can work remotely and travel as they like. For now, it's easier to "let it be" than to argue with him, since I'm not interested in retiring soon anyway. (DH is 3.5 years older than me.) 

I have 3 jobs besides my main job, but only for short periods each year, when my main job is "over" for the school year. Every year I think well, I can finally stop doing those! But I can't manage to refuse the extra work / money, especially since 2 of those jobs are extremely well-paid (about $320 net per half day for one, and $320 net per day for the other).

I don't think there's anything wrong with retiring early, as long as you have something to keep you busy (I don't mean 24/7 LOL) and you can afford it.

[Bonny]

DH retired in 2012. He was 53.

He says I retired in 2003 when I quit my job and followed him to AZ. I was just shy of 43. I did some part-time consulting for 2 years. Now I say I'm semi-retired because of the work involved with the rental properties.

Creating some structure in your life IS very important. It definitely took me a while when we moved to AZ since all my friends had previously worked outside the home. The ones I met in AZ were substantially older and retired or had school aged kids they were attempting to launch. I highly encourage you to join at least one social group even if you're not a very social person. Work often provides a social outlet for many people. My husband (the self proclaimed introvert) is still not managing it very well. If you're single it may not be an issue but there's still an expectation on his part that I will drop everything and want to do what he's doing. I'm busy!

When we moved to AZ after I quit my SF Bay Area job, I spent my time being a docent at the local County Park and leading hikes for them and for other groups. I was also involved with one of our local Land Trusts and eventually became president. That involved hiring staff, organizing some community events, fund raisers and finally merging with a larger organization after DH accepted a three year assignment to Germany. I was also managing our real estate holdings (all of which were back in CA) including doing a trade out of one. I also did caregiving for my mom when she got diagnosed with pancreatic cancer. And then I was the Trustee of her estate which took about two years to finalize.

[Wisconsin Beth]

Like others, I'm eligible for my pension at 55 - based on existing calculations my pension payout will be maxed at that point so while I can stay longer, it won't increase my pension.  Only a promotion can do that for me at this point. But the kids will be heading off to college around then so I expect to still be working so we can help with that.   

My Dad retired at 62 I think.  He'd had back surgery and his surgeon refused to release him to his real job when he found out Dad was planning on retiring a couple of months after the release date - said he didn't want him to screw up his work.  Mom stuck it out until 65 or 66.  But she'd been a SAHM from her 20s-mid40s.  I know she was dumping everything she could into her 457 as catchup contributions.  And she liked most of her job. 

[Cookies Galore]

My dad aimed for 55 and retired at 56. Not too shabby. His dad retired at 62 and died about six months later, so that really got him moving toward early retirement (grandpop died in 1992 so my dad planned his retirement target years ago).
My Dad is now 62 (stepmom is 54) and he's living the dream. Has a house in Florida, trips to Napa, golfing multiple times a week. The good life!

[kent]

I retired at 57 and think it was the best thing I've ever done. Each day is a weekend day for us. If you have your finances in order - GO FOR IT!

[Deleted]

Zib no wonder you look so good LOL. I had never realized you retired that young.

[zibazinski]

Good gene pool.

[justme]

Jan 26, 2015 17:07:35 GMT -5 kent said:

I retired at 57 and think it was the best thing I've ever done. Each day is a weekend day for us. If you have your finances in order - GO FOR IT!

My dad says that all the time if I visit on the weekend. I tell him he's lucky he's my father otherwise I'd punch him.

[The Captain]

I've spent my whole career accumulating a pretty decent amount of specialized knowledge.  I enjoy passing that knowledge onto the next generation and seem to do pretty well with it.

Our goal is to be in a place where we can retire when I'm 55, but in all likelihood I'll go part time or take an adjunct position.  Maybe go into training at one of the big 4, who knows?

I can't see my self going from 100mph to retirement all at once.  I like what I do.

[Deleted]

If you can afford it, why not? I agree with the others, though- you'll need some structure. I've got some volunteer activities going and took a community college class last semester; signed up for one this semester and it got cancelled for lack of interest.    I'm working through a free on-line course instead.

The scary part is the time horizon- the earlier you retire, the longer the time for unexpected things to happen.  Look at how healthcare costs have exploded.  I retired last year at age 61 and it was a real shock; between my private policy and DH's Medicare Part B and Medicare Supplement premiums, we're paying about $10K per year- and I have a $6,000 deductible  on my plan and DH has a high deductible on his prescriptions. 

Check out www.early-retirement.org; there are many people who have retired earlier than age 57.

[billisonboard]

Jan 26, 2015 17:26:59 GMT -5 The Captain said:

... I like what I do.

[dancinmama]

Jan 26, 2015 17:27:29 GMT -5 @athena53 said:

The scary part is the time horizon- the earlier you retire, the longer the time for unexpected things to happen.  Look at how healthcare costs have exploded.  I retired last year at age 61 and it was a real shock; between my private policy and DH's Medicare Part B and Medicare Supplement premiums, we're paying about $10K per year- and I have a $6,000 deductible  on my plan and DH has a high deductible on his prescriptions. 

Check out www.early-retirement.org; there are many people who have retired earlier than age 57.

You can say that again!!  In earlier years at DH's ex-company (he's retired), retiree medical was free.  Then they started charging premiums, but they were a fraction of what an employee paid.  Now, retirees pay more per month than employees by about 10x.

To answer the OP:  DH retired at age 56.

[Deleted]

My current plan is 55 and DW is 57, that's what she needs to work till for most of the good fed benefits. If I had the money I would quit my job now, so no, 57 is not too early IMO.

My gpa is 84 and still working and my dad is 66 and still working, my bros and I will be breaking that longevity streak.

[tallguy]

Is 57 too young for retirement?

No.  I'm younger than that and I have been wondering for the last year or so how much longer I want to work.  I could legitimately walk away today and be fine, but I don't have a compelling reason to leave.  My thought is that you either retire FROM something or you retire TO something.  Either the situation is bad enough that you just have to leave, or you have things you really want to do instead.  Neither of those are true for me right now, so I stay.  I invest well over half of what I make, so I continue to build my investments and create a larger cushion.  It of course depends on the person, but as a general rule:   "No, it's not too young."  

How are you going to spend 24/7 once you are retired (taking into account actually being able to afford doing it)?

That is a BIG part of the equation for me.  168 hours is an awful lot of time to spend every single week, especially when you don't sleep much.  

[sapphire12]

My mom retired at 55. I think she stayed retired for a year, then she worked part-time for 10 years. She's busier now than ever with no job. My dad retired at 62. He golfs 3 -4 days a week, weather permitting. He and my mom drove down to NC for a long weekend. I think he played golf today. They'll be home tomorrow. They'll go away again in a couple of months.  They are great role models for retirement, even though they did some things I wouldn't do. Who cares? They are living the life they want and that is what is important!

[Deleted]

I would like to retire and become groupie. I think that enough planned activity. Not too young.

[Phoenix84]

It really depends to me if you have the money for it or not. If you can support yourself in a way that you're happy with, then age doesn't really matter much.

Assuming that, it's really up to the individual. I do think it might be a little weird for someone really young, like under 50 or 55, to identify themselves as "retired" rather than something else though. To me, being "retired" means you actually worked an appreciable amount of time, like 25 years or so.

My dad has a cousin who worked odd jobs and stuff and lived with his parents well into his 30's. After his parents died, he took their inheritance and just said he was "retired" at like 38. Not exactly the same thing if you ask me.

To answer your question specifically, 57 isn't an age where I would think it's a big deal to retire.

[Phoenix84]

Jan 26, 2015 15:42:36 GMT -5 midjd said:

As a state employee, I'm eligible for retirement at 55 -- so I don't think 57 is too young. And aren't some military members and police officers able to retire in their late thirties with full pensions?

I'm hoping to be able to afford to retire by my early 50s (about 20 years away). I may choose to keep working, but I want it to be a choice and not a financial obligation.

Most military who retire after 20 years do pursue a second career.

Sounds like your retirement system is a bit more generous (at least on age) than ours in the federal government.  We have to have at least 30 years and meet a minimum retirement age.  I think for me it's like 58 or 59, something like that.

For now, I have no idea how long I'll work.  40 years seems like a nice round number to shoot for, so that's what I'm planning on at the moment.  That would put me at about 63.  In our system, you are incentivized with a slightly more favorable pension calculation if you retire after age 62.  So I'll probably work at least until then if I can.