When did you know !

[thistrucksforyou]

I am 59 and still work full time,,,My wife and I have been to T V many times and we are buying there when I retire...My wife is retired...I am not....I don,t know if I am ready or want to, even though I have grown to hate my job....With mergers and buy outs it is not the same company any more...Maybe I am just used to the weekly pay check and am leary of loosing that...Don't have any answers, but I can learn from your experiances...When did you know it was time to give it up !

Thanks in advance for your time

Skip @ Sue

[Tom Hannon]

I also was in your situation but I was 62. I had a business for 38 years. Worked 70 hours a week. When you own a business...the business owns you. I was a workaholic and thought retirement was something other people did. After visiting a friend in the TV in May of 2009 (my first vacation in ten years) I feel in love. When I returned to NY, I couldn't get TV out of my mind. The relaxing atmosphere, the great people, the great life. After that visit, I had a hard time focusing on my business. I wanted to be somewhere else.
When the option for an early retirement came to my wife (a teacher) I talked her into taking it. Although she was hesitant, I wanted her to retire for my own selfish reasons. "If she hung it up, would mean I could also. I sold the shop and filed for Social Security. Only weeks after our retirement was official, we visited again to TV and purchased an Iris. People (friends and business associates) said I could never handle retirement. They were wrong and I will never look back.
Hey Skip- Only you will know when its time but if you can afford it- go for it. Your post tells me you think it's time. So do I. Congratulations on your retirement.

[memason]

To be sure, one of the hardest decisions I've made in several years. Some would say I still haven't made it, since I'm still working, but the date is 2/1/2011 and I just started the [60ish day] repatriation process this week! There is still a slight possibility I'll work a couple more years, since there is a very lucrative deal on the table and I'm having a hard time walking away from it.

First, I ran ALL the numbers, including creating a very generous budget for living in TV. Once I knew we had more than enough financial resources, I had to ask myself WHY I was working, when I could be playing golf, going on cruises, hangin' out at the square, etc...

Then we hit all the philological issues....getting old, last stage of life, being away from family, etc... Some rational, some totally irrational...but still considerations.

Then the health issues.... We decided we were healthier today than we will be tomorrow and on and on.... Last time I looked in the mirror, I didn't see an expiration date anywhere, so who knows, right?

I'm also recently 59 and retiring about 3 years earlier than I had anticipated, but we're ready. I do still enjoy what I'm doing, but the politics sometimes get to be too much...didn't seem to be that way in earlier years, but I think my mindset was just different. I understood the politics and played the game to my advantage, like we all do.

I can empathize with your decision...it's not easy and everyone's situation is different.

Good Luck.... In the end, you'll make the right decision.

[RichieLion]

For me the decision was easy. I was accumulating credits to my pension for 40+ years and one day I looked at my status; when my pension was making down-sizing measures because of the failing economy and I was going to be locked into a higher retirement age and lowered credits if I stayed.
Financially it made no sense to work and not collect. I agonized a little because I wasn't prepared mentally to give up my work, but in the end I did and have never looked back. My wonderful life here in TV with all the great friends I've made and the beautiful days on the golf course has me wondering what I was agonizing about. I wouldn't change a thing. I have a beautiful and happy wife and a beautiful and happy life. Who could ask for more.

[K9-Lovers]

My cousin's wife who had retired before me told me that I would just "know" when the time was right to stop working.

Sure enough, one day it hit me: I need to get out of here! I had worked for 31 years for the city where I lived in Virginia and loved most of my time there. One day, I stopped loving it, and knew it was time.

Just like you, I was worried about losing that paycheck. It does make you nervous. But, after crunching numbers, you will see that you will be okay. Especially after downsizing to make your move to TV.

I've never looked back. Now, I'm looking forward . . . .

[rjm1cc]

I think once you prove to yourself that you can afford to retire you will have your answer. I would do two very detail budgets. The first budget would tend to overestimate expenses such as eating out, entertainment, etc. I would also estimate all the untilities a little on the high side. The next budget would be about what you think you will actualy spend and leave some room to cut back if you have too. Then set up an emergency budget. This would cover normal expenses that will not occure every year as well as emergencies. Remember you will be replacing household appliances, new carpets etc. If it looks like you can afford it then you are off to retirement. Now take a look at SS. May not be a good idea to collect until you are 70 (wife collects ASAP). You would spend down other assets now and get a higher monthly payment at 70. You might want to work out all your plans then go to a financial planner (not stock broker or investment salesperson) to discuss. I think you learn alot by doing it yourself and this will help you work with a planner at the end.

[skip0358]

I had worked for 31 years at Verizon. The company and the BS really started to get on my nerves. Well they came out with an incentive for us to leave. My wife and I went and listened. Wow what a deal. The next morning I walked up to my boss and said you need to sign these I'm retiring. He was pleased as was I . Dec.29, 2001 was my last day,I had just turned 53. I stayed unemployed for 2 years and finally went to work for a contractor friend. We had started looking fo retirement areas and kept coming back to TV. My wife told me she was retiring 8/2009. We came down in June 09, picked out a lot and house in Bonita. She and I both stopped working in Aug. 2009 and closed on our house Sept.10,2009. Haven't looked back, haven't regreted leaving work one little bit. As for the paycheck I get my pension, she gets hers and Feb.2011 is my 1st Social Security check. So go ahead and do it life is great after retiremnt. You won't regret it.Life in TV has far exceded our expectations. This is truly paridise and was worth working for.:beer3:

[jeffy]

I would say as soon as you are sure you can afford it. Unless you love your job, why would you want to keep working if you can afford not to. If you are in good health now and keep working several more years, whats to say you will still be healthy enough down the road to take full advantage of The Villages. I owned a business and was use to working long hard hours. We found TV when we were both young and have NEVER regretted the decision.

jeff

[swrinfla]

My decision to retire was hardly thought out at all! I'd been working in a travel agency for nearly 20 years and really enjoyed it. But 9/11 ruined everything - the business went to h*** very quickly. Boss/owner and I argued almost daily over the agency's bottom line (which was a lot better than the owner thought).

One day, after a long weekend being "under the weather" due to flu, I did some math, figured I could live pretty well on my Social Security, military pension and income from my late wife's estate and said "That's it!"

Haven't regretted a second. It did take me about 2 1/2 years to learn about and decide on The Villages, but they were pretty stress-free years!

SWR
:beer3:

[Jazzper]

When did you know it was time to give it up !



When I saw the study done by Lockhead Martin and Boeing that measured the # of pension checks sent to their employees after retirement.

It was basically an actuarial chart of how many checks retirees received until their deaths vs. the age they retired.

It was a perfect, downward 45 degree angle showing that for every year employees worked past the age of 55, they traded 2 years of lifespan. Initially, I thought it might be a function of how stressful the work there might have been. But my wife looked at it and compared it to her father's age of retirement and death and it was pretty much dead on....no pun intended.

If you'd like a copy of the chart, just PM me with your email. I had it hanging on our fridge the last year or so before I decided to take an early retirement.

[jannd228]

For me an allergy decided my retirement, I became allergic to the school I taught in, seriously. I didn't know I was allergic to mold, heard of it, thought it was not a true condition, until I passed out while teaching Huck Finn.

That was 2008, still work a little teaching preschool dance at the YMCA, love it, the little ones are hysterical!!! I found TOTV last year, lurked, made a list of what I needed to move there, visited, thought it was wonderful, and I am now trying to become a frog.

I need to still work, because I need to do something, but I think taking classes at the college, and line dance classes, and just living in TV, I am not going to regret being retired.

[Mikeod]

I had planned to work through 2007, during which I would be 62. I figured Social Security, my 401K, and company retirement plan would be sufficient. Came here to look around during a visit to Sarasota, and decided this was the place for us. When our agent found a home with the features we wanted and we bought it, I still planned on retiring after 2007. One night at about 4AM, my wife asked how much more we would have to retire going through 2007 versus October 2006. I went to the website for our retirement plan and discovered I would only gain about $8K total. I called the chief of service the next morning and told him October 2006 was it. Best move I ever made. Don't miss the BS at all.

[Bill-n-Brillo]

I'll be 58 come this Christmas holiday season. I "retired" when I was 49, ie. I walked away (with a month's notice from what I had been doing for the past 13-14 years). Too many headaches, sleepless and stressed out nights, and so on. Took my 401k and 'left the building' - no pension either and no benefits after-the-fact to take along with me. Was it the right thing to do? Was it the right time to do it? There's never a way to know these answers up-front in many cases. Can you prove to yourself - mathematically, on paper - that you can afford to live on whatever income you'll be getting (pension, other income, social security, pay yourself out of savings, part-time work, etc.)? Will you have to get and pay for your own medical coverage? Can you reduce your debts enough to afford to live on a probably lower income? And can you prove - again, mathematically - that you can continue to run like that for at least 30-35 years into the future, allowing for future inflation, cost-of-living increases, etc., etc.? The medical stuff and cost of living/inflation potential (read: probability) are what really scare me. But there's more to life than lying awake at night worry about all the "what ifs". The wife and I have managed to make it work for the past 8-1/2 years just fine. But we'll have some more adjustments to make when she elects to retire - which will probably be sooner than later! And we WILL make it work when she/we decide that time has arrived, just like when I bolted for the door.

Do what feels right for YOU - and make sure you've done your math and budgeting homework to prove as best you can that financially it makes sense.

Good luck!

Bill

[mgm4444]

When I saw the study done by Lockhead Martin and Boeing that measured the # of pension checks sent to their employees after retirement.

It was basically an actuarial chart of how many checks retirees received until their deaths vs. the age they retired.

It was a perfect, downward 45 degree angle showing that for every year employees worked past the age of 55, they traded 2 years of lifespan. Initially, I thought it might be a function of how stressful the work there might have been. But my wife looked at it and compared it to her father's age of retirement and death and it was pretty much dead on....no pun intended.

If you'd like a copy of the chart, just PM me with your email. I had it hanging on our fridge the last year or so before I decided to take an early retirement.

Tried to PM you for the chart, sez you don't receive PMs.. am I doing something wrong?

[mgm4444]

Jazz - found something of interest online - not sure if this is the same chart you're talking about?

http://www.airlinepilotforums.com/age-65-rule/10264-life-span-vs-retirement-age.html

Tried to PM you for the chart, sez you don't receive PMs.. am I doing something wrong?

[Jazzper]

Tried to PM you for the chart, sez you don't receive PMs.. am I doing something wrong?

My bad...must have checked that box at some point -- sorry.

Please try again.

[Russ_Boston]

For me the decision comes down to $.

If I had enough from my pension (I don't) or enough in the 401k (I don't) or some inheritance (I don't) then I wouldn't work.

But I decided to meet my goal of moving to TV early (I'm 53 she's 50) by becoming an RN at the age of 52 and work in TV for 10 years or so to supplement the $ listed above plus health benefits. I'll defer my pension until age 62 to get full value.

I get to enjoy the TV lifestyle in my 4 days off each week plus about 5 weeks of vac, PTO etc. And Linda gets to enjoy it 7 days per week!

We all don't know when we'll be checking out of this world so live it up while you can. We recently lost a TOTV member to cancer who retired just last year at 55. He only got to enjoy his dream for a short time but at least he did. RIP Steve!

[jannd228]

For me the decision comes down to $.

If I had enough from my pension (I don't) or enough in the 401k (I don't) or some inheritance (I don't) then I wouldn't work.

But I decided to meet my goal of moving to TV early (I'm 53 she's 50) by becoming an RN at the age of 52 and work in TV for 10 years or so to supplement the $ listed above plus health benefits. I'll defer my pension until age 62 to get full value.

I get to enjoy the TV lifestyle in my 4 days off each week plus about 5 weeks of vac, PTO etc. And Linda gets to enjoy it 7 days per week!

We all don't know when we'll be checking out of this world so live it up while you can. We recently lost a TOTV member to cancer who retired just last year at 55. He only got to enjoy his dream for a short time but at least he did. RIP Steve!

I agree with you Russ, I don't have enough to retire either and the lung condition I developed has other plans so I put all I could together and decided "Someday is Today",

BTW I enjoy reading your posts

[JimJoe]

They gave me furlough days with no pay, told me my pension benefits would be reduced starting this July 1st if I continued to work, and I believe my gov pension benefits would go into the crapper every year from now on until the economy is fully recovered if ever. Then they offered me a cash buyout, and free health benefits, and I said thank you and goodbye. I loved my job, I rode the train up the hill and decided to get off before it went back down.
JJ

[quidam65]

I am 59 and still work full time,,,My wife and I have been to T V many times and we are buying there when I retire...My wife is retired...I am not....I don,t know if I am ready or want to, even though I have grown to hate my job....With mergers and buy outs it is not the same company any more...Maybe I am just used to the weekly pay check and am leary of loosing that...Don't have any answers, but I can learn from your experiances...When did you know it was time to give it up !

Thanks in advance for your time

Skip @ Sue

To Thistrucksforyou--Having read your post and all the answers, it all comes down to three things to consider.

1. Are you legally eligible to retire from your employer? In other words, could you go in to your employer tomorrow, complete the necessary paperwork, wait whatever period you need to wait, then walk away and begin drawing your pension (and/or withdraw from any 401k or similar plan).
2. Are you (or are you becoming) emotionally detached from your job? (This is not the same as being attached to the paycheck.) It seems from your comments that you've already reached this point due to all the corporate changes having taken place.
3. (Most important) Are you and your family financially able to retire? This is where a professional financial planner, not trying to sell you some product, is critically needed.

Only you and your spouse can decide whether it is time to move to the next chapter of your lives together. The financial planner can definitely help in the dollars and cents part. But I think you're already there, and just need to realize it.

[NJblue]

When I saw the study done by Lockhead Martin and Boeing that measured the # of pension checks sent to their employees after retirement.

It was basically an actuarial chart of how many checks retirees received until their deaths vs. the age they retired.

It was a perfect, downward 45 degree angle showing that for every year employees worked past the age of 55, they traded 2 years of lifespan. Initially, I thought it might be a function of how stressful the work there might have been. But my wife looked at it and compared it to her father's age of retirement and death and it was pretty much dead on....no pun intended.

If you'd like a copy of the chart, just PM me with your email. I had it hanging on our fridge the last year or so before I decided to take an early retirement.

I was intrigued by this and found the chart online. However, after doing some more googling, it seems to have been refuted by Boeing itself (whose data presumably was used to create the chart).

http://www.boeing.com/companyoffices/empinfo/benefits/pension/seminars/Rumor.pdf

“The idea that working longer will
shorten a Boeing employee’s life
expectancy simply isn’t true,” said
Julie Curtis, an actuary at Boeing.
I’ve been looking at the data since
1983, and the length of a retiree’s
life is unrelated to the age at his or
her retirement. Our retirees tend to
live a long time no matter how old
they are when they retire. If the charts were accurate, we wouldn’t have the large number of retirees that we do
(nearly 500,000) and the large amount of pension payments (more than $2 billion a year).”
The first inaccurate life expectancy chart surfaced in the early 80s, and versions of it have been floating around
for years – almost as an “urban myth.” The Internet now spreads the misinformation farther, faster, and in a
more professional-appearing form. Boeing and many other companies have tried to dispel the misconception.

[Jazzper]

Interesting...not surprised if it is one of those urban myths at this point.

But for me personally, it certainly was the kick in the butt I needed to realize that there was no reason to work in a job for money that I'd probably never spend.

While growing up, I vowed that I would never let myself get into the same position my father did of hating to go to work every day after seeing what it did to him. But, the job that I was in had deteriorated from one I really enjoyed to the complete opposite. For the last 2 years there, I was just putting in time waiting for an outsourcing or re-org severance package at the end of this year -- which, BTW, has not happened yet for my co-workers -- so I ended up saying the hell with it and walked away from what will most likely be a healthy chunk of change. But I'm CERTAINLY not regretting it -- the time here in TV has already made me completley forget about that big-Pharma job.

[quidam65]

Jazzper--Thanks for the chart, I printed it out and have it in my office at home.

If Boeing says the chart is an urban legend I would have no reason to doubt them. But any garden-variety medical practioner will tell you that stress is a killer, and work is probably the biggest source of stress that one has. Our original poster appears to be suffering from it due to his increasing dissatisfaction with his work environment. It is one thing to have a fleeting thought about retirement -- I have those and still have 11 years to go before eligibility -- but he's having recurring thoughts about it. As I mentioned previously, I believe he's become emotionally detached from his job, one of the biggest signs that it's time to get the ball rolling toward making the golden years truly golden.

I recently took a promotion and went to a new office. My supervisor (whom I worked with previously) told me my first day at work that he was retiring at year's end. In later discussions, he mentioned to me that previously he wasn't sure how he would know when it was time to retire, but one day it became clear to him that it was time.

[Niels]

I think the three items posted by quidam65 are a great beginning. I was never emotionally attached to my job. I always thought of my job was OK but it was just a paycheck. I decided quite a while ago that I would retire as soon as I was eligible for a pension. My father died on the job at the age of 61. Medical problems that occurred a few years ago helped cement my decision.

I would add one additional item to the three that quidam65 mentioned. Have you thought about what you want to do/accomplish when you retire? I had several goals that I wanted to accomplish (including moving to Florida) that I needed to be retired to do. A friend at work had more trouble deciding when to retire. He stated he had no real plans on what he would do after retirement. Once he developed some plans, he felt much more comfortable with retirement.

[quidam65]

I think the three items posted by quidam65 are a great beginning. I was never emotionally attached to my job. I always thought of my job was OK but it was just a paycheck. I decided quite a while ago that I would retire as soon as I was eligible for a pension. My father died on the job at the age of 61. Medical problems that occurred a few years ago helped cement my decision.

I would add one additional item to the three that quidam65 mentioned. Have you thought about what you want to do/accomplish when you retire? I had several goals that I wanted to accomplish (including moving to Florida) that I needed to be retired to do. A friend at work had more trouble deciding when to retire. He stated he had no real plans on what he would do after retirement. Once he developed some plans, he felt much more comfortable with retirement.

Neils--You make an excellent point, I've heard that those who retire with no goals thereafter don't live too long past retirement. I think our original poster has that point covered (stated that they will move to TV once retired), it's simply a case of does he have the legal and financial ability to do so (only he knows that) and is he emotionally ready to do so (I think he's more ready than he realizes).

[pooh]

I had retired years ago, but hubby was still working. We visited TV in Oct, 2005, were offered a house in Feb of 2006. Closed in April that year and started to think about retiring. One night in August, we started discussing when we'd retire. Hubby felt he would work until early 2007, but in doing calculations, the extra working time would only earn us minimal additional retirement income so why wait! House went on the market end of August and we became frogs in Oct. 2006. It was really a spur of the moment decision for us and financially feasible so, here we are!

[Tom Hannon]

He is ready. Finances might be what is holding him back. My friends and business contacts couldn't understand why I would want to retire. They say "I'm a young 62, I'm physicaly strong, very active and healthy. Why hang em up?"

These are the reason why I want to retire. Like too many people I know, they wait to long. I'd rather retire a year too early than a year too late.

[PinkNana]

My hubby was retired but I still enjoyed working...until breast cancer came along in May 2009. Retired at the end of the year, sold the house and came here in May 2010. Do not regret a single day since. Loving life!