tallguy
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Post by tallguy on Jan 26, 2015 23:04:55 GMT -5
I can understand that. I am single and maybe looking. I have mused about how the conversation would go:
"And what do you do?"
"I'm retired."
"What?"
"I'm retired."
(silently and angrily to herself) "You b******. You're just unemployed."
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cronewitch
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Post by cronewitch on Jan 26, 2015 23:05:30 GMT -5
Good age to change gears, do something else for a few years. I think it is a bit young to do nothing forever unless you aren't well. Men in my family retire at 57-58 but pretty disabled. My brother retired at 58 then worked for his wife doing embroidery and silk screening then took care of mom. Now sold business, mom died and he and his wife are taking cruises, walking dogs, volunteering, working out, managing diabetes and his stage 3 liver problem became a stage 0, he said if it gets to negative numbers he might take up drinking. Last year they cruised to Alaska and one in the gulf and went to Belize now they paid a deposit on a Panama canal cruise. I waited too long to retire at 65 now too tired to do things. Started working out today and dieting a couple months ago so may feel less tired soon but ISO and I are old enough we can putz around our houses with no time to do anything real. He for example said he was going fishing today because last nice day for a while, I didn't talk to him today but my guess is he overslept then remember he need to mop his floor or go to the store for cat food, he was out of the shredded kind and cat doesn't like pate, cat is spoiled.
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msventoux
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Post by msventoux on Jan 26, 2015 23:15:35 GMT -5
I'd love to retire at 57...or earlier! I don't absolutely love what I do and could find plenty of relatively inexpensive things to keep my days busy if I wasn't working. I'm a bit conflicted as most of my relatives haven't survived past their 60's, so I'd hate to work until 65 or 67 just to keel over within a couple of years. But my projections at this point say I can't retire at 55 if I'm planning on the best case scenario of living into my 80's or 90's. If I took up smoking, drinking and overeating to an extreme like most of my relatives I could pretty much guarantee I wouldn't make it past 65 and it would be easier to plan. As it is I've tried to take care of myself much more than they did, so it's anyone's guess what my life expectancy may be and what the optimal retirement age would be.
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resolution
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Post by resolution on Jan 26, 2015 23:16:06 GMT -5
I will be eligible to retire at my current job in 5 years when I turn 50. I would like to stay until at least age 52 and then possibly go back to school and work part time as a financial planner. I am afraid if I don't have any specific goals I will just sit around the house all day playing video games. Several of my gaming friends are retirees, and it seems more and more common.
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skubikky
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Post by skubikky on Jan 27, 2015 8:15:02 GMT -5
To the OP, take a look at the Mr Money Mustache website(proponents of FIRE(Financial independence, retire early). There are a number of people who've been retired in their 30's. Browse through the forums. www.mrmoneymustache.com
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bookkeeper
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Post by bookkeeper on Jan 27, 2015 9:35:27 GMT -5
DH retired this year at age 55. I left my job two years ago to help care for my parents and take advantage of some travel opportunities with DH the last two years he was working. I am 50 years old.
I was a little apprehensive about pulling the plug on a paycheck, but all our planning and investing was on track. One son had completed his college degree and the other was self supporting and nearly finished with his college degree. If we still had children at home, I don't think we could in good conscience, walk away from the job and the paycheck.
DH worked middle management and was later a CEO. He retired after 31 years on the job. I worked bookkeeping jobs for 25 years, taking a couple years off when our sons were infants. I have had people tell me I can't be retired at 50. I tell them I was married and working full time toward retirement a month after my 19th birthday.
We were very fortunate that DH started out working in a career with a pension. We were also very lucky that in 1983, someone asked us when we wanted to retire and then started us down the path to do it.
I don't think DH could have taken the stress of his job much longer. The men in his family don't live to see age 75. We have buried enough of our friends to decide what is really important in this life. Working that job didn't make the top of either of our lists.
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973beachbum
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Post by 973beachbum on Jan 27, 2015 10:28:28 GMT -5
My mom retired in her 50's but my dad had died and really she just never went back to work than excuted a plan. She still had my brother until her early 60's though. So her real empty nest type retirement didn't actually start until almost 65. She actually did start traveling around the world then. So while posters here have said it it much more difficult when you are in you 60's it is but not that difficult. She used to go to Europe for 3 months at a time. She would slow down there if she was tired but if she saw the chance to have lunch in Cassablanca, Morroco she took it. When she got home the cleaning everything and doing laundry was a pain but if she was too tired she just left some of it for the next day. Most of our other friends and family didn't actually retire like people here talk about. Unless they are a public employee there is no pension. They just worked until they couldn't anymore either for physical reasons or being laid off and never finding a new job. Personally I was thinking of working until 65 or 67. I will have to think about it as I get older. My body may have different ideas then.
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steph08
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Post by steph08 on Jan 27, 2015 10:56:08 GMT -5
My dad retired at 51 (he's 63 now) - his office was closing and he squeaked in for the pension requirements (age plus years of service). He's worked a few odd jobs since then, but mostly he has just been retired.
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midwestlily
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Post by midwestlily on Jan 27, 2015 13:22:06 GMT -5
Thank you all for the advice, and for not calling me a lazy slug for even thinking about this. I don't know why I feel like I "should" keep working -- I know my father wouldn't have wanted me to feel that way!
This has made me think about what I really want. Maybe not full retirement, I might like to keep working part-time, or even full-time at the right sort of job. The problem is that I moved down here for an interesting job that was supposed to last eight months. Six years later I’m still here, in a city where I’ve never felt at home, and my position has evolved into something far less interesting than I expected. The job is the only thing keeping me here. I’ve been telling myself that eventually I’d find a better job in a better location, but I’ve ended up in such an obscure little niche in the library world that jobs that I could apply for are rare. Even rarer in places that I’d like to move to. Plus I’m realizing that, at 57, I might never get another full-time position.
So I’m thinking that I might just quit and move elsewhere. If I find work, great. But I need to be prepared for the possibility that I’ll end up retired.
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Bonny
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Post by Bonny on Jan 27, 2015 15:18:08 GMT -5
I can understand that. I am single and maybe looking. I have mused about how the conversation would go:
"And what do you do?"
"I'm retired."
"What?"
"I'm retired."
(silently and angrily to herself) "You b******. You're just unemployed."
LOL you could use a line similar to one of my hiking buddies...."I'm a financially independent bum".
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CarolinaKat
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Post by CarolinaKat on Jan 27, 2015 15:58:05 GMT -5
I can understand that. I am single and maybe looking. I have mused about how the conversation would go:
"And what do you do?"
"I'm retired."
"What?"
"I'm retired."
(silently and angrily to herself) "You b******. You're just unemployed."
LOL you could use a line similar to one of my hiking buddies.... "I'm a financially independent bum". That's awesome. I want to be them when I grow up. As for the OP, both my parents retired (With Pensions) in their 50's, dad has to buy a couple of years to retire because his health was incompatible with being in a public setting every day. He was deteriorating really fast, he's so much better now we can control the exposures. Mom worked a couple years extra even though she had more time in. They're very happy now, and spend a lot of time hanging out with family, or at the beach house, or visiting DH and I.
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HoneyBBQ
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Post by HoneyBBQ on Jan 27, 2015 16:05:03 GMT -5
My goal is 52-53.
Not lazy bum. Supremely awesome bum.
I have lots of things to do and hobbies and places to go and things to see. As soon as DD is out of the house, I am going to pull the plug. At least, that is the plan. I have a long way to go. And an older spouse. So there is always that motivation.
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Deleted
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Post by Deleted on Jan 27, 2015 16:19:47 GMT -5
My goal is 52-53. Not lazy bum. Supremely awesome bum. I have lots of things to do and hobbies and places to go and things to see. As soon as DD is out of the house, I am going to pull the plug. At least, that is the plan. I have a long way to go. And an older spouse. So there is always that motivation. The older spouse does change the game somewhat. When we married, I was 50 and DH was 65 and it was delightful to have him at home to take care of the domestic stuff, get the car fixed, etc. while I was at work. Fortunately, I got decent vacation, so we've been traveling the whole time. I knew better than to wait to do all our good traveling till I retired since that was planned for age 65 (and he'd be 80!).
Fast-forward 11 years (and many wonderful travel memories) later. I retired last year at 61. I think we'll make it to Scotland this year but it will be in Business Class (DH was always too tall for Coach and his back is creaky so it takes him days to recover from transatlantic Coach). He picks up respiratory bugs easily on planes (especially when fatigued/jet lagged) so will use lots of hand sanitizer. I'm hoping that we can get him a prescription for preventative antibiotics or something to take at the first sign of a bacterial infection, even though generally I'm very conservative about antibiotic use. Hotels will be on the main drag so if he wants to rest in the afternoon while I go out exploring some more, he can still take an enjoyable short walk nearby. That also means, though, that the hotel has to be a pleasant place to hang out during the day. So, our travel has many constraints and extra expenses.
I am so glad we made the trips we did earlier- climbing Arthur's Seat in Edinburgh, kayaking around the city walls in Dubrovnik, climbing up the bell towers of many cathedrals, etc. Because of his health issues (including some balance issues and getting chilled easily) they're off-limits for DH now. I'm just glad he's up for what travel he can do and won't mind hanging in the room while I go off for more exploring.
Carpe diem!
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Artemis Windsong
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Post by Artemis Windsong on Jan 27, 2015 17:29:33 GMT -5
It's not the age; it's the amount of money you have that will support you. $1 million invested with a rate of return 10% equals a very nice income.
The big shock comes from health insurance premiums that increase significantly from the employer sponsored plan. There is also some drop in coverage with high deductibles. I have retired friends who work to cover their health insurance.
All of your hobbies and interests will have more time allocated to them. If the hobbies/interests cost money, double the amount you are spending now.
Retired people want to travel. Rather spendy.
The best thing to do is put pen to paper and see where you are. How much income will your investments generate for your life style.
Another biggie is if your mortgage is paid off or not. The ages of your cars. You can expect to replace them every 10 years or so unless you are one of the trade every two years type.
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movingforward
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Post by movingforward on Jan 27, 2015 17:47:13 GMT -5
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! This is a huge reason why I would like to take a sabbatical NOW! I dream about taking 6 months off to travel around while I can still go hiking and have enough energy to do what I want. It seems I am too much of a weenie to actually do it though for fear of not being able to find a good job that I enjoy like I currently have.
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travelnut11
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Post by travelnut11 on Jan 27, 2015 18:13:04 GMT -5
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! This is a huge reason why I would like to take a sabbatical NOW! I dream about taking 6 months off to travel around while I can still go hiking and have enough energy to do what I want. It seems I am too much of a weenie to actually do it though for fear of not being able to find a good job that I enjoy like I currently have. Does your company have a personal leave-of-absence policy? If so you might be able to do it and come back to your job (of course, I have no idea if this is feasible since I don't know your profession). I did this when I turned 30...took 9 months off and came right back to the exact same job I had before. I didn't count on this though and would've quit if they had declined my requested. Luckily my employer was interested in retaining me so it all worked out in the end.
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TheHaitian
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Post by TheHaitian on Jan 27, 2015 21:14:47 GMT -5
I am saving to be able to retire (financially) at 50 or 55 So NO 57 is not to old... my MIL also retired at 55.
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Regis
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Post by Regis on Jan 28, 2015 8:58:25 GMT -5
Unless there's a complete train wreck in the economy between now and then, I'm pretty sure I could retire at 55. I'm 51 now.
However, my wife and I would like to set up our family financially for years to come. We're thinking we'll both work until I'm 65. And I have genetics on my side as my youngest grandparent died at the age of 88 and the oldest was 103. My 79 year old dad plays golf almost every day (almost never with a cart) and sometimes with his 94 year old brother (he uses a cart).
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Deleted
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Post by Deleted on Jan 28, 2015 9:07:10 GMT -5
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! This is a huge reason why I would like to take a sabbatical NOW! I dream about taking 6 months off to travel around while I can still go hiking and have enough energy to do what I want. It seems I am too much of a weenie to actually do it though for fear of not being able to find a good job that I enjoy like I currently have. Early 60s isn't too old if you have good genes and take care of yourself (and have some luck). I've been snorkeling in 42-degree water in Alaska (in 2014 and in 2012) and did a few 35-mile bike rides last summer and I turn 62 next week. DH and I have learned how to travel in ways that give him time to rest while I go out and do additional sightseeing (or get dinner and bring it back to the room or use the hotel fitness center). If we do the Scotland trip and I find something interesting when I'm out on my own, we'll visit it together the next day.
I agree, though, that you're pushing your luck if you postpone all the good travel till you retire.
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Phoenix84
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Post by Phoenix84 on Jan 28, 2015 9:20:33 GMT -5
The big concern for retiring in your 50s is outliving your savings. Can you replace 30, 40, or more years of income?
You also have to consider costs such as medical and inflation.
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busymom
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Post by busymom on Jan 28, 2015 9:39:23 GMT -5
Although retiring sounds great, people on both DH & my side of the family tend to live to be VERY old. Like into their 90's. So, I worry about running out of money, due to the things I cannot control, like the increasing cost of health care.
I'd run your numbers with an expert before making the leap. And, as others have suggested, figure out ahead of time what you'll be doing with your extra time.
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garion2003
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Post by garion2003 on Jan 28, 2015 9:44:41 GMT -5
This is a nice thread for me to dream on - since every time I run a retirement calculator I have to put my retirement age at 67 to make sure I won't be living on ramen noodles!
I would love to retire earlier than 67, it will obviously depend on the finances. And by that I don't just mean the basics - I see no point at retiring at 60 if I can't afford to do anything else but stay home and watch TV! Work is a somewhat social outlet for me, so even if/when I retire I could see myself volunteering or working part time just to have a reason to get out of the house. I could see doing something at a museum or a park or something.
My dad retired at 62, and he was very ready. Unfortunately in the long run a few more years might have helped them out financially. Social Security is not a lot, and while he had a 401k it's about half gone already after 10 years. So things that scare me too, especially as I'm single and have no kids to look after me in my old age.
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HoneyBBQ
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Post by HoneyBBQ on Jan 28, 2015 10:50:44 GMT -5
The big concern for retiring in your 50s is outliving your savings. Can you replace 30, 40, or more years of income? You also have to consider costs such as medical and inflation. Yep. That's why my number is probably twice or 3 times the average person's.
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svwashout
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Post by svwashout on Jan 29, 2015 10:33:07 GMT -5
The big concern for retiring in your 50s is outliving your savings. Can you replace 30, 40, or more years of income? You also have to consider costs such as medical and inflation. Yep. That's why my number is probably twice or 3 times the average person's. Some doubts about whether the traditional 4% safe withdrawal rate is likely to succeed going forward-- blogs.wsj.com/experts/2014/10/13/the-real-math-on-retiring-early/Also, I think it's the expenses that have to be covered-- and not income that has to be replaced. If you announce your retirement once you reach your number, and your boss then offers to triple your salary, this doesn't mean that you suddenly can't afford to retire. Makes it harder to decide to leave, but still your call. Based on the new 1.5% safe withdrawal rate, you'd need 67x your projected annual expenses in invested net worth if you don't have a pension and don't expect social security income due to means testing or whatever. With numbers like this LBYM doesn't get you there by age 50-- more like LWBYM.
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Bonny
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Post by Bonny on Jan 30, 2015 11:05:16 GMT -5
Yep. That's why my number is probably twice or 3 times the average person's. Some doubts about whether the traditional 4% safe withdrawal rate is likely to succeed going forward-- blogs.wsj.com/experts/2014/10/13/the-real-math-on-retiring-early/Also, I think it's the expenses that have to be covered-- and not income that has to be replaced. If you announce your retirement once you reach your number, and your boss then offers to triple your salary, this doesn't mean that you suddenly can't afford to retire. Makes it harder to decide to leave, but still your call. Based on the new 1.5% safe withdrawal rate, you'd need 67x your projected annual expenses in invested net worth if you don't have a pension and don't expect social security income due to means testing or whatever. With numbers like this LBYM doesn't get you there by age 50-- more like LWBYM. I may be more optimistic than most in that I think over a long time frame those bad years are going to even out. DH and I did our retirement budget in 2010 during the depths of the recession. He retired in 6/2012 when our property equities were down at the 2003 level. Everything including our stocks have recovered to their 2005 level.
I've tried to stay focused on our investment earnings vs appreciation which hopefully keeps our spending in check. I think of the appreciation piece as being our hedge against inflation.
Since we're going to see a substantial drop in income this year due to falling oil royalties we're not likely to make that 2 week business class trip to Europe this year that's in our budget. And that's fine. We likely weren't going to that anyway because of some health issues with our cat. The down turn in our personal economy will force us to spend time decluttering and planning some home renovations so we're ready implement when things pick up again.
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vonna
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Post by vonna on Jan 30, 2015 11:24:14 GMT -5
I can understand that. I am single and maybe looking. I have mused about how the conversation would go:
"And what do you do?"
"I'm retired."
"What?"
"I'm retired."
(silently and angrily to herself) "You b******. You're just unemployed."
Yeah, DH and I learned not to tell people we are retired, my DSIL just retired from the military a few months ago, joining her already retired military spouse. They are still learning not to admit they are retired.
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Deleted
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Post by Deleted on Feb 1, 2015 11:29:36 GMT -5
No, I don't think 57 is too young to retire if you can swing it. Dh will have the option in 4 yrs., when he's 55...good chance he'll take it!
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motherto2
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Post by motherto2 on Feb 3, 2015 22:17:10 GMT -5
I am retiring in just under 3 1/2 years when I turn 55~ I've been planning on that for some time. I hate my job, but make decent money and will have a good retirement when I retire. I'm under the old Gov't system, so don't have to worry what is in my TSP for living purposes. I feel like that is my nest egg to hedge against inflation in my later years. But I will be moving to another state with a lower cost of living, lower housing prices, etc. When I sell my current home I'll be able to pay in cash a new home (yes, I'm one of those that would like the peace of mind of a paid off home vs. investment opportunity). I live a pretty low lifestyle and have for a lot of years. I have a 15 year mortgage so it costs a little more, and paying off student loans for the kiddos so everything will be paid for when I retire. I'll actually have so much more money than what I've been used to for several years! I don't know if there is a link in genetics with Alzheimers, but my great grandmother had it and now my mom has it, so I want to enjoy myself and get entrenched in a new place long before I might have to worry about that. My things I'm looking forward to are taking long walks on the beach with my pupster, join the local kayak club where I'm relocating, joining a gym, and helping to care for dogs that belong to military that are deploying and don't have someone to keep their dog. I work long hours and an hour commute each way, so I can't really do much during the week, and try to rest and recoup my energy and get things done on the weekend to start again. So looking forward to it for so many reasons!
I say do it!
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