My retirement conundrum

[RayinPenn]

A funny thing happened on January 21, I turned 59 and 1/2. To the financially savvy set that number has significance as in penalty free withdrawals from 401ks and IRAs.
For me it is just another reminder that my working career is nearing its end. I field the occasional "so Ray when are you going to retire?" More than anything the stiffness in my knees when I try to get up after sitting in my cube for a while also reminds me I am old.

My conundrum
1. The golden handcuffs - The 'pile' grows at a very healthy rate. So much so that staying another year could fund a 2 year graduate degree at a pricey university or help the kids get off to a better start. (yeah I know I am fortunate)
2. I often enjoy my work any my contribution is recognized. (As I walked out the door the other night a colleague said We found more problems using your algorithm.) Old man true but also highly technical.
3. 3 years until #2 graduates HS
4. my brother retired at 51 and passed not 2 years later. I would like some time in the sun.
5. It is official I detest winter and the cold.

There is no bell that gongs when it is time...

[Madelaine Amee]

A funny thing happened on January 21, I turned 59 and 1/2. To the financially savvy set that number has significance as in penalty free withdrawals from 401ks and IRAs.
For me it is just another reminder that my working career is nearing its end. I field the occasional "so Ray when are you going to retire?" More than anything the stiffness in my knees when I try to get up after sitting in my cube for a while also reminds me I am old.

My conundrum
1. The golden handcuffs - The 'pile' grows at a very healthy rate. So much so that staying another year could fund a 2 year graduate degree at a pricey university or help the kids get off to a better start. (yeah I know I am fortunate)
2. I often enjoy my work any my contribution is recognized. (As I walked out the door the other night a colleague said We found more problems using your algorithm.) Old man true but also highly technical.
3. 3 years until #2 graduates HS
4. my brother retired at 51 and passed not 2 years later. I would like some time in the sun.
5. It is official I detest winter and the cold.

There is no bell that gongs when it is time...

I think you have really answered your own question, i.e. "You like working", "your work is appreciated", "the compensation is excellent".

Look at it this way - winter is coming to an end. You are going into a beautiful long summer - that almost gets you through another year! Put up with another winter (which may be much better than this past one), work through another great summer ----- and then retire if you still want to!

[Topspinmo]

And it get better.:eclipsee_gold_cup: Wait till you have to down size and get rid of stuff you have taken 45 years to accumulate. :pray:Then, there's the big move part? Moving from area you've been in for 20 plus years. Luckily for me I don't have the kids problem, He's got PhD. and Job, his own career and Family. :beer3:
I for one not going to delay after 62. :pray: I will be making about the same amount of money working or not, so it might as will be NOT.:pepper2:

[billethkid]

I chose to not make the "pile" get bigger. I saw too many friends work just a few more years only to die before the stopped or a year or two after retiring.

My goal was to make my "pile" high enough by age 59 to walk away from a great job and terrific compensation.

My financial planners used to say you are too young to retire....you could double your assets in a "few years"......you could leave a bigger estate for your heirs.....they soon got the message that NONE of those were a priority for me.

Getting away from it all and doing what we wanted to anytime we wanted as soon as the nest egg would support it was the goal!

All we can do is share our experiences and reasons and others will do what they want to do.....when they are ready. There is no magic formula.

Good luck

[villages07]

The time vs money conundrum .... you can't buy time but will you have enough money to live comfortably in your retirement years?

I had the good luck to have a chance to retire early just before 51 even though I would take a substantial reduction on what my pension would have been at 55. Did the calculations, determined I could afford it and never looked back. Those 4 early years of retirement were much better for me that 4 more years of work. I enjoyed my job/work but it was taking a toll. Hopefully, those 4 less years of work will add at least 10 years of longevity. But....you never know.

Time vs money/job satisfaction .... only you know what the right answer is for you.

[BS Beef]

I chose to not make the "pile" get bigger. I saw too many friends work just a few more years only to die before the stopped or a year or two after retiring.

My goal was to make my "pile" high enough by age 59 to walk away from a great job and terrific compensation.

My financial planners used to say you are too young to retire....you could double your assets in a "few years"......you could leave a bigger estate for your heirs.....they soon got the message that NONE of those were a priority for me.

Getting away from it all and doing what we wanted to anytime we wanted as soon as the nest egg would support it was the goal!

All we can do is share our experiences and reasons and others will do what they want to do.....when they are ready. There is no magic formula.

Good luck

Love everything you said here. Due to a bad divorce 59 1/2 isn't an option for me but I'm doing what I need to so that if my job isn't satisfying or something were to happen on the job front I'll be ready. It's such a personal decision but for me at this point my goals are set up for being out earlier rather than waiting those last few years. That being said it is a really big jump in money waiting just a few more years. I realize I'm talking in circles :confused: but the big thing for me is I've had friends pass and no amount of money can get you time back.

Good luck with your decision. You're the only one who will know when it's right for you. Thanks for posting such a thought provoking thread.

[keithwand]

I quit working in 2002 at 48. 12 years have gone way too fast!
My brother in law quit working at 50 and is now 75 and says the same thing.
Yeah I get my SS in 1.5 years!

[justjim]

When to retire is a very personal decision, obviously, only the retiree can make that decision based upon their situation. I retired early at 58 and never had a day of regret.

I too know many who wished they had retired earlier. $$$$$$$----we planned and saved for several years and I figured you can make a little more money but you can't buy back your youth. Time does fly after retirement.

[stroglass]

I just ask all the same question @59 1/2 and loved my job but wanted to enjoy time while in good health.Money is not everything I have seen many people in my family delay and never get to enjoy all the dreams .On 3/1 I retired @60 and moved to the villages love my new life and have not had time to think about if I made the right choice I know I did good luck
In what ever you decided :pepper2:

[tippyclubb]

My husband will retire at 62 and me at 59. We could work more years and save more money but for us its important to enjoy our life while we still have some youth left. As it stands we have enough money to live a good life. A few more years of work is not worth it. Were out in six months. Done!

[Polar Bear]

My husband will retire at 62 and me at 59. We could work more years and save more money but for us its important to enjoy our life while we still have some youth left. As it stands we have enough money to live a good life. A few more years of work is not worth it. Were out in six months. Done!

That is the same situation my wife and I were in last year. We came to the same conclusion and took the same action.

We have no regrets. :^)

[RayinPenn]

Thanks for the many thoughtful replies... I have much to ponder on.

[obxgal]

You stated that it's 3 years until #2 graduates HS. That would mean that one of your children is under the age of 19, so unfortunately you would not be able to move to TV, being that no one under the age of 19 can live in the villages. That to me would be your biggest conundrum.

[RErmer]

For many years I was responsible for (among other things) retirement administration for a large company. Not once did anyone come back and say they retired too soon, and unfortunately way too many of those who kept on working " a few more years" passed away shortly after their retirement, never having had the chance to enjoy themselves. It's a very personal decision and only you know the best answer for you; my vote is retire as soon as possible (which I have done, and am now loving life in The Villages. If you feel the need to "work" there are many meaningful volunteer opportunities in TV.

[Shimpy]

Only you can determine when enough is enough. I was in the same situation as you and asked myself how I wanted to leave work, walking out the door, or feet first with a toe tag? I walked out the door 4 years ago and can highly recommend it........I no longer worry about the money I left on the table and could have had and only enjoy what I have now. I wish I'd have done it sooner.

[BarryRX]

You stated that it's 3 years until #2 graduates HS. That would mean that one of your children is under the age of 19, so unfortunately you would not be able to move to TV, being that no one under the age of 19 can live in the villages. That to me would be your biggest conundrum.
That's what I was thinking also when I read the post. Even if it was allowed, I would do everything I could as a parent to keep the life of a 14 or 15 year old stable. It's tough enough at that age without pulling them out of their neighborhood high school.

[gomoho]

A funny thing happened on January 21, I turned 59 and 1/2. To the financially savvy set that number has significance as in penalty free withdrawals from 401ks and IRAs.
For me it is just another reminder that my working career is nearing its end. I field the occasional "so Ray when are you going to retire?" More than anything the stiffness in my knees when I try to get up after sitting in my cube for a while also reminds me I am old.

My conundrum
3. 3 years until #2 graduates HS
...

I think that should alone should answer your question. It probably sucks but it's the price we pay when we have kids later in life.

[Cedwards38]

Answer these questions for yourself......
1. Do I have enough?
2. Have I done enough?

If the answer to both is yes, then you know what you should do. You can always accumulate more or do more, but is what you have now enough for you?

[Steve9930]

A funny thing happened on January 21, I turned 59 and 1/2. To the financially savvy set that number has significance as in penalty free withdrawals from 401ks and IRAs.
For me it is just another reminder that my working career is nearing its end. I field the occasional "so Ray when are you going to retire?" More than anything the stiffness in my knees when I try to get up after sitting in my cube for a while also reminds me I am old.

My conundrum
1. The golden handcuffs - The 'pile' grows at a very healthy rate. So much so that staying another year could fund a 2 year graduate degree at a pricey university or help the kids get off to a better start. (yeah I know I am fortunate)
2. I often enjoy my work any my contribution is recognized. (As I walked out the door the other night a colleague said We found more problems using your algorithm.) Old man true but also highly technical.
3. 3 years until #2 graduates HS
4. my brother retired at 51 and passed not 2 years later. I would like some time in the sun.
5. It is official I detest winter and the cold.

There is no bell that gongs when it is time...

Never an easy choice and always scary. I retired at 55. It was the best thing for me. Before you make that decision you need a plan. Not only a financial plan but a "What will I do with my Time Plan. Remember 24 hours in a day: Eight of those you sleep, 10 of those you worked, so only 6 hours were your alone. When you retire, 8 hours you sleep and 16 hours are your own.

[gomoho]

When you retire, 8 hours you sleep and 16 hours are your own.

And ain't it grand!:pepper2::pepper2::pepper2:

[PTY Sparky]

I stopped working at age 60 and moved to another country for 5 years. I would do it all over again and possibly sooner. My mental state of mind is worth a lot more to me than what corporate America offers. Then again everyone is different as well as their circumstances. Retirement is what you make of it and it can have some great health benefits.......Count your blessings and enjoy it while you can as life is too short as it is.

[graciegirl]

Husband retired officially many years ago but continues to consult. We are the new 40, which is the seventies.

Here is my view. You are still raising children, do that first and then think about it.

People are living to be quite old. Two active friends here are 91 and 101. You will want to be funded so as not to have to live off that young person who is about to be launched. Or off of us other tax payers. ;)


This is the place to aim for. We'll leave the light on fer ya.

[JourneyOfLife]

Other people know nothing about you and will provide answer that are biased by their situation, circumstances and the decisions they made. IOW, their personal context.

If you do not understand the financial issues or retirement planning, you might consider having some sort of review with a qualified and experienced certified financial planner.

Does your employer provide you with access to a retirement planner for a review? Believe it or not, some companies have that as an employment benefit for no cost or a very low cost.

[RayinPenn]

My conundrum isn't about having sufficient funds to retire, (even with 1 and 3/4 college educations to fund) We have always lived simply and been savers.

This is about going beyond providing a 4 year degree, a new suit and a hearty "go forth and prosper"... (Which is by the way pretty wonderful). This is about:

- 1 years work facilitating starting off adult life with a paid for masters from a private university or a huge downpayment on that first home. I guess this is really about building the estate...

With an MBA in finance and an MS in Taxation I do not need a financial planner. Many offer just plain awful advise or are looking to sell you a high commission product. Its sad.

[scroll]

i retired at age 55 as an executive with a great retirement and medical plan. my wife was 52, not working and we had three children ages 16 to 25. money has or never will be an issue. it was great for the first 3 years because it was like an extended vacation. i mean traveling abroad to countless countries, multiple cruises, motor home visits to national parks, basically every thing i wanted to do while i was still young and healthy by myself, with friends, with children and of course with my wife. but after the honeymoon was over i truly missed the power, teamwork efforts, ability to affect results, and realize a part of my identity was missing. i have tried to replace it by starting a non profit foundation, volunteer work, and continued vacations. to date i have not been able to replication the joy i had from working. so at age 61 i provide you a word of caution to be careful for what you might wish for because when you get it, it might note be all you thought to be. as humans the grass is always greener on the other side but make sure if you have the ability to walk the talk do it first to ensure it is really what you want.

[graciegirl]

i retired at age 55 as an executive with a great retirement and medical plan. my wife was 52, not working and we had three children ages 16 to 25. money has or never will be an issue. it was great for the first 3 years because it was like an extended vacation. i mean traveling abroad to countless countries, multiple cruises, motor home visits to national parks, basically every thing i wanted to do while i was still young and healthy by myself, with friends, with children and of course with my wife. but after the honeymoon was over i truly missed the power, teamwork efforts, ability to affect results, and realize a part of my identity was missing. i have tried to replace it by starting a non profit foundation, volunteer work, and continued vacations. to date i have not been able to replication the joy i had from working. so at age 61 i provide you a word of caution to be careful for what you might wish for because when you get it, it might note be all you thought to be. as humans the grass is always greener on the other side but make sure if you have the ability to walk the talk do it first to ensure it is really what you want.



Your views are very interesting and I think that the feelings you have are shared by many. We know that more than financial security is gained from our employment and many do find rewards in the ability to control and change and to better situations of all kinds by their life's work.


I think that a behaviorist would find that living here in The Villages would not be best for those so inclined, because the opportunity to affect change in civic government is missing precisely because the CDD form or government is in place


Something to think about.

[Golfingnut]

I have been retired for 26 years with no regrets. It cannot be too early to retire, but it certainly can be too late. Don't let the greed of wanting a bigger pile stop you from retiring soon.

[TNLAKEPANDA]

With all this advice I am sure you know exactly what to do... LOL

[Madelaine Amee]

I have been retired for 26 years with no regrets. It cannot be too early to retire, but it certainly can be too late. Don't let the greed of wanting a bigger pile stop you from retiring soon.

"greed of wanting a bigger pile"

I take issue with these words. Many of us had jobs which were totally enjoyable and fulfilling and had no wish to retire early. We both had careers we loved, traveled extensively in our respective jobs, met people during our working life that we would never have met had we been retired and made some wonderful work related friendships.

Now, we are happily retired, but it did not happen over night, we both had a very difficult time going from being very productive to basically doing nothing.

[Golfingnut]

"greed of wanting a bigger pile"

I take issue with these words. Many of us had jobs which were totally enjoyable and fulfilling and had no wish to retire early. We both had careers we loved, traveled extensively in our respective jobs, met people during our working life that we would never have met had we been retired and made some wonderful work related friendships.

Now, we are happily retired, but it did not happen over night, we both had a very difficult time going from being very productive to basically doing nothing.

Then you did not work for reasons of greed. Many do and that is sad. You should not take offense for something that has nothing to do with you.

[Madelaine Amee]

Then you did not work for reasons of greed. Many do and that is sad. You should not take offense for something that has nothing to do with you.

......... and IMHO you should choose your words more carefully ........

[Moderator]

OK, let's get back to the OP's topic, please....

[Golfingnut]

I also have a brother that worked 12 years past when he needed to and it gave him a bigger pile. That was in the month of January. In May of the same year he had a debilitating stroke. If you can afford to retire young, do so. It opens the jobs market and you will MOST LIKELY enjoy it. Too many good people fall under the spell of money and miss out on what should be the best part of their life.

[Happinow]

We stopped working at 52 and 51. Was it a risk? Yes it was but we are glad we did and haven't looked back. Life is too short and gets shorter as we grow older. I also wanted some time in the sun and to enjoy life with no schedule or demands. I guess if I had a pension to think about and social security maybe I would have chose differently? But with no pension, and social security here sooner than I think, my decision was the right one for me. Good luck with your decision.

[graciegirl]

What some define as greed, others view as being secure and independent.

[manaboutown]

What some define as greed, others view as being secure and independent.

:agree:

and productive, contributing to the economy and the world!

[Golfingnut]

Retire and enjoy. If enjoyment to you is going to the salt mine, do that, but I hope for everyone to recognize when enough is enough. More money will not bring back your health, but retirement will.

[Happydaz]

Then you did not work for reasons of greed. Many do and that is sad. You should not take offense for something that has nothing to do with you.

I think most people work to provide for themselves and their families. Work can also offer a feeling of accomplishment and self expression. I don't think greed is what motivates most people. You also have to be careful seeking advice from just one source such as TOTV as many people love this place so much that once they come here it can be hard to keep working, so many people here cash out early. If someone can swing a retirement with a carefully worked out financial plan in place that can provide them an acceptable income into their 90's then they can retire when they want. I retired early, in my mind, at 64. I loved my job, but I was ready to retire. After retiring I found the Villages. I am so glad I retired when I did. It has done wonders for my health and vigor. I love it here!

[sharonga]

I used to sit at my desk and hear the song, "I DON'T WANT TO WORK, I WANT TO PLAY MY DRUMS ALL DAY" my husband was 55 and I retired at 60. We moved here 1 1/2 years ago and never looked back. This is our life. We play, we sleep, we sing, we eat, whenever we want to!!!!!

[CFrance]

Making a teenager move and start all over in another school would put the skids on any early retirement plan, for me. But maybe you would retire and stay put until he graduates. You didn't say. But that would be the biggest obstacle. I could not uproot a child of that age.

[2BNTV]

I never heard a person who retired say, "I wish I had spent more time at the office". :D

Life is like a roll of toilet paper, "the closer you get to the end, the faster it goes".

BTW - Everyone has to decide for themselves when it's the right time to retire, get SS, pensions, investments, etc, because only you have the best idea of how long you are going to live".

What's the line from, "When Harry Met Sally".

"When you find what you really want from life, you want that to happen, right away"