What age will you retire?

[Tate]

I am trying to decide now to retire at the end of the year. Or try to tough it out. The longer I tough it out, the more I will have. But I have this nagging feeling that I could be so much more productive at home while I still have my health. That the time spent working is wasted.

The old saying goes that you can always make more money but there ain't nobody selling more time.

 

[Tate]

Interesting to hear all of your points of view on this.

My wife and I aren't anywhere near retirement age but struggled with a somewhat similar question. We have a dream to sail a boat around the world - a circumnavigation. The two schools of thought on it were "Go small, Go now" vs "Retire and then go". We spoke to a great many folks that had done it and all of them told us the same thing, without fail, "we wish we would have gone sooner". So we have a plan to take a sabbatical for 5 years to live our dream. So we think of it as a sort of mini-retirement. Workis-Interuptis

 

[Bub]

My advice is (1) save money and develop a plan that includes diversified investments and (2) develop hobbies or other interests prior to retirement.

 

[Carlos]

My advice is (1) save money and develop a plan that includes diversified investments and (2) develop hobbies or other interests prior to retirement.

Yes and yes. I didn't do it early enough. But I can live on what I would get. Got to watch and see if the crooks working on pension reform are going to screw us till we bleed. May have to wait because of them.

My mom retired last year and is fighting some depression issues. She doesn't have hobbies to keep her busy. Reading yes. But not real hobbies. She was looking for part time work. A couple days a week. But no one will touch her because of her age. Even a sister younger than me is fighting the age thing. Too many baby boomers in the job market.

 

[Kyle Weiss]

Never. The idea of "the great retirement" is disturbing for me. Even if I don't have to, I want to keep busy.

 

[KevinM]

62 was my magic number. Work in a large corp had become more and more like a life sentence to sophomore year in a public school. Then my boss made a clumsy mistake:-o that opened the door to a settlement in which I got a nicely sweetened early retirement package I've never missed leasing 10-hours a day, 5X-weekly to spend it toiling under the direction of frantic, showily-dressed, over-educated narcissists.

So I'd say retire at your first good opportunity, and keep both eyes peeled, so you'll recognize it when it comes along.

 

[DrT999]

Hopefully at age 67, if that's still possible in 11 years, 9 months, and 25 days (but who's counting) 8) 

 

[sisyphus]

56, but I may stick around one more year just to be sure all my ducks are in a row. Either way, I'm fortunate to be able to call it a day before 60.

 

[Slide]

Man plan has been 62 or 63. At 51 I have two girls, a 14 year old and a 12 year old. Now my wife wants to adopt a 10 year old boy. You would think the 51 year old one would have taught her no good comes from boys!  

Needless to say child number 3 could change my retirement plans. But that's okay.

I will have a pension, a 401K and hopefully social security. I should have invested heavier in my 401K. I still have time to make to increase the contributions though. And each year I do.

 

[Brewdude]

It's been said there is wisdom in many counsels.

Thanks for the responses all. Keep them coming.



Cheers,

RR

 

[jefe1037]

I have a 7 month and a 21 month old that already knows the word credit card. I will retire sometime after my 110th birthday.

 

[MrRetentive]

My wife and I are planning to retire together in 276 days, 2 hours, 48 minutes and 53 seconds... but who's counting?!

My wife has a great pension, and benefits that include health insurance savings that will pay our premiums until we turn 65.

We're just hoping all of the 403b, 401k, IRA and Roth IRA investments stay solid, but who knows these day.

We won't be living rich, but should be able to survive.

The prospect is frightening and exciting at the same time.

 

[Slide]

My wife and I are planning to retire together in 276 days, 2 hours, 48 minutes and 53 seconds... but who's counting?!

My wife has a great pension, and benefits that include health insurance savings that will pay our premiums until we turn 65.

We're just hoping all of the 403b, 401k, IRA and Roth IRA investments stay solid, but who knows these day.

We won't be living rich, but should be able to survive.

The prospect is frightening and exciting at the same time.

Until recently I would have had a company paid medical insurance and once medicare kicked in a medicare supplement paid by the company. With medical cost what they are most companies can't afford to keep that benefit. This happened a couple years ago. Before I turned 50.

All this makes me seriously consider retiring to Central or South America. So much so that we are all studying Spanish.:lol: 

 

[Andy Lowry]

I'm planning on marrying a rich older woman when I turn 65. Her having a boat (Bertram 70 preferably) is a must. I'll probably buy lotto tickets as a safety net. I don't think there will be anything left in my 401k or pension by then. Wall Street has to take their 110% cut.

I may start playing poker. Seems like a lot of people make a lot of money on TV from this. Doesn't look too hard. I just need to find a good pair of dark glasses.

Hereward, this has nothing to do with your post, but does your screen name have anything to do with Hereward the Wake?

 

[Andy Lowry]

My wife and I are planning to retire together in 276 days, 2 hours, 48 minutes and 53 seconds... but who's counting?!

My wife has a great pension, and benefits that include health insurance savings that will pay our premiums until we turn 65.

We're just hoping all of the 403b, 401k, IRA and Roth IRA investments stay solid, but who knows these day.

We won't be living rich, but should be able to survive.

The prospect is frightening and exciting at the same time.

Until recently I would have had a company paid medical insurance and once medicare kicked in a medicare supplement paid by the company. With medical cost what they are most companies can't afford to keep that benefit. This happened a couple years ago. Before I turned 50.

All this makes me seriously consider retiring to Central or South America. So much so that we are all studying Spanish.:lol: 

Think Belize-- you can speak English, and they have a special setup for people retiring there. Behold!

 

[Brewdude]

My wife and I are planning to retire together in 276 days, 2 hours, 48 minutes and 53 seconds... but who's counting?!

My wife has a great pension, and benefits that include health insurance savings that will pay our premiums until we turn 65.

We're just hoping all of the 403b, 401k, IRA and Roth IRA investments stay solid, but who knows these day.

We won't be living rich, but should be able to survive.

The prospect is frightening and exciting at the same time.

Until recently I would have had a company paid medical insurance and once medicare kicked in a medicare supplement paid by the company. With medical cost what they are most companies can't afford to keep that benefit. This happened a couple years ago. Before I turned 50.

All this makes me seriously consider retiring to Central or South America. So much so that we are all studying Spanish.:lol: 

Know a guy that did this recently. He's younger than me, but somehow pulled it together. Looks like he's enjoying it too. More power to him.

There again it's all in what you eventually want to do. I had a sense he did his job to get the means to do something other than what he was doing for a living.

Nothing at all wrong with that, and it looks like he's made good on it. Just hope he continues to be satisfied with his choices.


Cheers,

RR

 

[Carlos]

My wife and I are planning to retire together in 276 days, 2 hours, 48 minutes and 53 seconds... but who's counting?!

My wife has a great pension, and benefits that include health insurance savings that will pay our premiums until we turn 65.

We're just hoping all of the 403b, 401k, IRA and Roth IRA investments stay solid, but who knows these day.

We won't be living rich, but should be able to survive.

The prospect is frightening and exciting at the same time.

Until recently I would have had a company paid medical insurance and once medicare kicked in a medicare supplement paid by the company. With medical cost what they are most companies can't afford to keep that benefit. This happened a couple years ago. Before I turned 50.

All this makes me seriously consider retiring to Central or South America. So much so that we are all studying Spanish.:lol: 

Think Belize-- you can speak English, and they have a special setup for people retiring there. Behold!

I have some lawyer friends. Well, other interests, insurance sales etc. They recommend Ecuador. Belize is good, but a bit touristy.

 

[Carlos]

Interesting to hear all of your points of view on this.  

My wife and I aren't anywhere near retirement age but struggled with a somewhat similar question.  We have a dream to sail a boat around the world - a circumnavigation.  The two schools of thought on it were "Go small, Go now" vs "Retire and then go".  We spoke to a great many folks that had done it and all of them told us the same thing, without fail, "we wish we would have gone sooner".   So we have a plan to take a sabbatical for 5 years to live our dream.  So we think of it as a sort of mini-retirement.  Workis-Interuptis

Not trying to sidetrack the thread too much. Friends of mine were part of a ham radio DXpedition to the South Orkney Islands. While there, they were visited by a couple that were sailing around the world. They were just as surprised to see each other in such a rare place. They invited them to make use of the laundry and shower facilities onboard the Braveheart. The support vessel for the DXpedition. They stayed for a day or so. Ate with them and then went on their way.

 

[Dave_In_Philly]

My wife and I are planning to retire together in 276 days, 2 hours, 48 minutes and 53 seconds... but who's counting?!

My wife has a great pension, and benefits that include health insurance savings that will pay our premiums until we turn 65.

We're just hoping all of the 403b, 401k, IRA and Roth IRA investments stay solid, but who knows these day.

We won't be living rich, but should be able to survive.

The prospect is frightening and exciting at the same time.

Until recently I would have had a company paid medical insurance and once medicare kicked in a medicare supplement paid by the company. With medical cost what they are most companies can't afford to keep that benefit. This happened a couple years ago. Before I turned 50.

All this makes me seriously consider retiring to Central or South America. So much so that we are all studying Spanish.:lol: 

Think Belize-- you can speak English, and they have a special setup for people retiring there. Behold!

I have some lawyer friends.  Well, other interests, insurance sales etc.  They recommend Ecuador.  Belize is good, but a bit touristy.

I have a buddy who married an Ecuadorian chick and is currently looking at real estate down there. He's planning on using it as a vacation rental type thing until they're in a position to retire down there.

 

[Argyraspide]

I took early social security retirement this year at age 63.  I was laid off a good paying job as a security manager one year ago; and despite hundreds of applications and a dozen or so interviews my only success has been to verify that folks in my age bracket will find it hard, if not impossible, to find any kind of job more meaningful than, say, Walmart greeter.  

Fortunately, I did also earn a military pension from over two decades of service in the Army.  Between those two checks and my wife's earnings as a barber at the PX at Fort Carson, we are doing OK.  If it wasn't for the military pension, life would definitely be financially difficult, to say the least...except for haircuts and beard trims, which are free!

We're saving our IRA and 401-K monies for when my wife retires, so we can go on cruises and otherwise enjoy ourselves in our "golden" years.