My retirement conundrum
 

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!

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:

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

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.

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.

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!

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.

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:

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. :^)

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

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.

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.

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.