[rjm1cc]

My assumption is that you have a few million so I will skip the problems related to money.
What are you going to do with your time? That is the question you have to answer. If you really want to retire then I would consider a job in probably another field or maybe start your own business. You can't watch TV all day for the next 40 or 50 years.

///

[Nucky]

Retire. It will all work out. It usually does. Good Luck.

[Neils]

Originally Posted by Craig Vernon

Inflation is accounted for in the model at 2% annually and a 4% return on savings.

I would reverse those numbers. Go with 4% inflation and 2% return. Much safer to be conservative.
Remember to add in big ticket costs like car replacements ( or new golf clubs)

Then run the numbers. If ok, retire asap.

You can always do some part time plumbing here to add to income as needed or wanted.

[tophcfa]

Originally Posted by rjm1cc

My assumption is that you have a few million so I will skip the problems related to money.
What are you going to do with your time? That is the question you have to answer. If you really want to retire then I would consider a job in probably another field or maybe start your own business. You can't watch TV all day for the next 40 or 50 years.

I guess I am lucky because I can not even comprehend the above post. What will you do with your time? There is not nearly enough time in the day for me to do all the stuff I enjoy. The question I constantly ask myself is how the hell did I manage to get by when I had to spend all that time working? The only time I ever got bored in retirement was during the winter up north. The Villages solved that problem. My new full time job is staying as physically active as possible to help slow the aging process and keep in good shape. I will admit that if my health failed, and I couldn’t be physically active, I would get bored real fast. It is a very rare occasion for the TV to get turned on before it gets dark outside, and there are many days it never goes on.

[Boomer]

Originally Posted by Craig Vernon

Believe me these financial people as coach put it are killjoys and there analysis is never guaranteed as we both know. My situation is a bit more interesting in that if I do not lock in what I have by December 2021 then I must wait three more years contractually. In June of 2022 everything is on the table for negotiation and could change in a potentially negative way. Example, lose any subsidized medical coverage for retirees and spouse.

To be able to lock in medical coverage under a contract is extremely valuable. Medical coverage costs continue to increase obscenely, so trying to find your own interim plan while you wait for Medicare could get really expensive.

If there is a pension, you will have different options on how to take it, including choices of various percentages of survivorship or without survivorship.

There are so many things to consider when retiring relatively young. We did after planning things based on both our jobs and benefits, and retirement accounts, and savings. Getting yourself debt-free before retirement is hugely helpful. We were 55 and almost 58. The deciding factor was that we each had access to medical coverage at a reasonable cost from our former employment. He retired first, then me. It worked out fine. Medical coverage is a big deal.

You'll figure it out. Best of luck.

Boomer

[Gulfcoast]

Originally Posted by tophcfa

I guess I am lucky because I can not even comprehend the above post. What will you do with your time? There is not nearly enough time in the day for me to do all the stuff I enjoy. The question I constantly ask myself is how the hell did I manage to get by when I had to spend all that time working? The only time I ever got bored in retirement was during the winter up north. The Villages solved that problem. My new full time job is staying as physically active as possible to help slow the aging process and keep in good shape. I will admit that if my health failed, and I couldn’t be physically active, I would get bored real fast. It is a very rare occasion for the TV to get turned on before it gets dark outside, and there are many days it never goes on.

I agree with this. One of the reasons TV has become a top choice for us is the sheer variety of clubs and activities, walking/biking paths, pools, entertainment, shopping, dining, golfing, fitness centers. All that along with the reasonable proximity to a number of beautiful beaches and even to Disney World. We have no desire to spend our days stuck inside watching t.v., we're going to be out having fun every day. And when we're stuck inside due to the weather we'll have a game day - poker, Yahtzee, Monopoly, whatever we want to play.

[JoMar]

When it became apparent I had less years in front of me then behind me it was time to find a way to make them as enjoyable as possible and that did not include work

[Northerner52]

Good article:

The Case Against Early Retirement - WSJ

Originally Posted by Craig Vernon

Ready for our month of May visit and there is much on the agenda. Financial guy says we have enough to live at same level until 94 years of age. I turn 55 in September. Not sure I am ready to stop working but a change certainly wouldn't hurt my feelings. Bring on your wisdom and relatable points of view.

[BayLady57]

Originally Posted by Craig Vernon

Ready for our month of May visit and there is much on the agenda. Financial guy says we have enough to live at same level until 94 years of age. I turn 55 in September. Not sure I am ready to stop working but a change certainly wouldn't hurt my feelings. Bring on your wisdom and relatable points of view.

Since you noted in your post "we" and not I, then I assume you have a spouse and that is a very important factor when planning for retirement and retirement income.

I am a 64 year old female and will retire next year after I turn 65. For some that may be considered a late retirement, but having been widowed at age 44 when my 49 year old husband died suddenly from a heart attack loosing his income in the blink of an eye not only did I have to take on all the household expenses, I had to continue to save for retirement with now one income instead of two. Fortunately for me two weeks prior to my husband's death after working a number of years in various part-time R.N. jobs I started a full-time Federal Government/VA nursing job. Taking this job not only was I able to immediately pick up my own health insurance as I was always covered by my husband, the full-time income I was now getting made up for some of the lost income from my husband, and if I put in 20 plus service years and was disciplined to significantly contribute to the TSP/401K I would retire with an annuitized pension and TSP account to fund a decent retirement income that would meet all my needs and most of my wants within reason. And working 20+ years full-time with a decent salary I would replace a number of those low income years which Social Security uses your highest 35 income years to calculate your benefit which doing this significantly enhanced my benefit.

If life had dealt me a different hand of cards it would have been nice most importantly to have been able to retire with my husband, and with me going from part-time to full-time R.N. employment at 44 we very likely could have retired when I turned 55 and he 60 because we were already mortgage free, and with my ability to keep my FEHB health insurance we both would have had that coverage to and beyond 65. But that did not happen, but I still count myself very fortunate that although it would require me working to 65 I would not end up in financial lack in retirement.

I share my story with you although I was widowed before retirement was really even on our radar to please consider if you have not already what will be the financial situation of the surviving spouse especially if there is going to be a major dependency down the line on two Social Security incomes to make up for spending down other assets before one or both are eligible to claim Social Security and there is no large life insurance policy to make up for the income of loosing a deceased spouse's benefit. Although the option exists for the survivor to jump to the higher Social Security benefit of the two, it will never be equal to the two benefits combined because the survivor will have to give up their own benefit in the process. And if the survivor really needs that lost income as inflation rears it's ugly head, with advancing age along with possible health decline few if any opportunities exist for the survivor to return to the workforce to make up for the income loss.

When to retire is never an easy decision to make and wish you well in whatever decision your choose.

[jonathanb]

I retired at 62 best decision I ever made. That was a year and a half ago. Do it now and enjoy your life. Just stay active that’s the key.

[dewilson58]

Originally Posted by Neils

I would reverse those numbers. Go with 4% inflation and 2% return. Much safer to be conservative.

"safer to be conservative"???????? OMG Get educated.

[crash]

Originally Posted by Craig Vernon

Retirement medical/prescription plan is set with a max 5% increase annually. I would receive a fixed pension amount plus savings for income. My skills are 33 years as an expert on everything related to natural gas including repairs, pipe fitting and line sizing for all commercial and residential applications. Honestly projections are related to never working again and I just can't picture not having a schedule at this point. My killjoy persons are not recommending retirement they just give me the models like all of you killjoys lol. Thanks for the comment.

I think you should take your money out of a 401K and put it into an ira, you get more investment options. Read the book Get Rich With Dividends and put your money into good dividend paying stocks and you should be able to live off just the dividend income. This way you don’t care if the market is up or down as long as they keep paying the dividend. There is plenty to do here if you do retire so if the numbers say you can retire now I say jump in. If you don’t you will probably be saying I wish I had retired earlier.

[richs631]

Originally Posted by Craig Vernon

Ready for our month of May visit and there is much on the agenda. Financial guy says we have enough to live at same level until 94 years of age. I turn 55 in September. Not sure I am ready to stop working but a change certainly wouldn't hurt my feelings. Bring on your wisdom and relatable points of view.

Just do it and start enjoying now. Stop chasing the carrot

[jakers]

I think I’ll wait and see what’s going to happen in the country in the next year or so before I retire.