yes
 

If I had it to do over again I would retire as early as possible. who knows how long you have left. enjoy what you have worked so hard for while you are in good health and can travel. Life is too short.

This is absolutely correct. We purchased our home in TV 4 years ago when I retired.

Rented it seasonally those 4 years so it completely covered the expenses including utilities and up keep.

I had to wait for my wife (8years younger) than me to retire from a major oil and gas corporation here in Houston Tx.

According to our plan 4 years ago we are to go this summer. Good news 4 years ago we sold our home downsized into a nice apartment that is 1/2 mile from her office.

We are only taking clothes and personals as the home was bought turn key and we’re on our way in June.

Could she stay and keep piling money up that we have no one to leave it to sure.

Like said here supposedly we have enough living our current life style (with plenty of places to cut) should we need to until 94.

My parents were both gone before 72 many in my family didn’t make 75 were on our way and no looking back.

Luckily I’m on Medicare and my wife can pick up here health insurance for 400.00 a month and $150.00 to get my Medicare supplement from them as well.

My advice if you can go as soon as possible and enjoy every day you have left to the fullest.

I look forward to waking up when I feel like it going to bed when I feel like it and doing whatever I want (or not) each day.

Absolutely correct. You I’ll find that there is so much to do and enjoy without tiring your days up getting ready fo traveling to and from and working 8-10 hours a day that the days flash by.

You’ll only be bored if you let yourself. Find a great hobby something you really enjoy and have at it.

Warren Buffett could have retired 50 years ago.
That’s something to think about !! :boom:

Op will still have his investments just like Buffet does :icon_wink:.

What makes you think everyone
 

Watches tv all day. I’ve been retired for over 20 years and never turn the TV on except for the music part during the day and I mean never except for NFL and big time college games, I read a few different newspapers in the morning and then stay busy all day , life is as boring as you make it

If your not ready to retire don't.

I am a Funeral Director. I made too many funeral arrangements with widows who told me about their retirement plans that they never got to enjoy. I wanted to retire as soon as I thought I could so that my wife and I could enjoy the many things our world had to offer. I retired at 51 and I am now 80. I have enjoyed a good life, and if I fell off my motorcycle tomorrow of a heart attack.......everyone knows I did it my way. No regrets.

I sold my business when I was 45 and retired to a gorgeous island almost 30 years ago. The first two years after retirement was filled with sailing and golfing and then boredom set in, as there was no structure in my life, so I found part-time work in an area I loved, until they cut back and laid me off. I then got into a profession where I could set my own hours. We eventually had to scale way back, but realized we no longer had keep up with the Jones.' However, we miss the beach and would like to move back, but of course the prices have gone through the roof now. There are always trade-offs in retirement, but it can be done. It just depends on you and what you want out of life.

I think it's the additional 3 year commitment with the potential of having your retirement benefits renegotiated to your detriment that makes staying a bit of deal breaker for you. Sometimes you gotta go with the bird in hand.

A 55 year old man has an average life expectancy of 82 according to the Social Security lifespan calculator (yes, some will die much earlier and some will live much longer). But if Op's average life expectancy is 82 and his financial guy has said that he should be good until 94 if he retires this year, why the heck not retire?

There are just too many unknowns - will Medicare and Social Security still be around at 65? Will pensions and employer health plans still be viable at 65. What happens if the stock market goes belly up? What about inflation and rising taxes? If you're good to retire now you might as well do it. I predict that there could be a real brain drain in this country if all of this uncertainty continues.

If you want to retire and feel ready to retire than I would do it. You've worked hard to make an earlier retirement a possibility for yourself. Enjoy it.

In addition to the financial side of the equation, think about the following:

How long did your folks live? What was their life like as they aged? For me, I watched my folks and saw that a) between 60 and 70 there was virtually no difference in what they could easily do, b) the difference between 70 and 80 was large, and c) between 80 to 90 there was a very large difference in their ability to easily travel, do physical activities, etc. Therefore, when faced with the opportunity to retire at 57, I looked at the time out to 75 as to be my highest quality years. Was it worth working another 5 to 10 years of my highest quality years when I had all the money I needed for a very comfortable retirement? Wasn't for me.

Are you a person who is defined by the position you hold or are you a person who defines the position you hold? If you are defined by the position/rank/prestige of your current position, retirement will be difficult for you as it has no rank or prestige. You are just retired. If you define the position that you hold, retirement will be just another position that you hold and you will thrive on discovering new things, ventures, and travels in your life.

With lots of good financial advice in the previous posts, I am sure that you can figure that out.

Good luck!

Agree, good post.

:bigbow:

We were sub-55 and loved it.

If it were me, and I was inclined to "change", well I'd go for it.
You can work or volunteer on whatever you want, all you want. There plenty of opportunity for that.

Don't be a fool. You have enough money and Obama care is still available, you'll pay a higher premium first year, then when your income drops so will your premium. We retired at 55, hard decision to make, but once you've made it you'll wonder why you waited. Hubby was healthy and developed cancer at 59 and passed. So glad he had those years to enjoy. I'm 66 now and doing great financially and every other way. You have the money, stop overthinking it. Just do it. You'll be so glad you did. Enjoy your life, the Villages is a great place to do just that.

Interesting. Can you elaborate on what you would do under various scenarios? I'm really curious.

k.

Pay close attention to what TOPHCFA has written. The future in unpredictable and that includes inflation, taxes, and return on investment. The 2% inflation rate is what the Central Bank shoots for on management of inflation. The US has taken on massive debt and IMHO will cause substantial changes in the historical financial situation which is used in many financial plan projections. I am not a CFA or Financial guy so this my opinion!

I'm currently reading "When Money Dies" which details what happened to Germany a hundred years ago with Hyperinflation. (Don't worry, that could *Never* happen to us. It's different this time)

It's kind of a tough read but one takeaway is that in times when the price of things skyrocket, it's best to own things. Real Estate, stocks, farms, etc. And brush up on your back yard gardening skills.

Renters living paycheck to paycheck get crushed.

Give the Aftershock Investor by Wiedemer and Spitzer a read. Their predictions of multiple bubbles simultaneously bursting is overdue, but all the ingredients are in place for it to eventually happen, and when it does it will be ugly.

Investors have a way of ignoring the bad and being overly optimistic, and the government is notorious for kicking the can down the road, causing bubbles to grow to the point where when they finally burst, carnage reigns. Remember the housing bubble crash in 2007 - 2008. Anyone watching closely knew it was going to happen a couple years in advance, but everyone kept piling on because so much easy money was being made. I shorted anything closely related to the housing bubble starting in late 2006, including Bear Sterns, Lehman, the rating agencies, and the companies that insured bonds backed by pools of non-conforming mortgage loans. I got real nervous having to cover my shorts for almost a year, but when the $hit finally hit the fan my retirement was all set.

The bubbles in place today make the housing bubble look like it was minor. Stay tuned.

I sold a home in Arizona about a year before the bubble broke for a $125,000’over what I paid for it 2 years before ,I sold it to a young couple who had one of those pick your payments and a bunch of other junk I warned them but you can’t stop stupid , they lost the house and many others in the subdivision also and my home was on market for half what I paid for it for years while was safely back in Florida so projections in life mean nothing stuff happens

I will not second guess your financial advisor's projections. And, I would not know which of the readers of this list to trust for financial advice. But, I have some thoughts on when and where to retire:

Some people "live" their work. Without their work, they have no direction in life and tend to be unhappy in retirement. Many people in TV work for the joy of working. Gate guards, golf course workers, etc. One of my friends does handyman jobs because he loves "to keep busy." I met a fellow who built neuclear submarines but no drives for The Villages transportation system, just to have something to do. So, work in retirement is an is an option. For the rest of us, several things make for a successful retirement.

Research shows that the single greatest predictor of happiness in retirement is a network of friends. People who do not make friends easily are often advised not to retire and move to a sunny place. Most of us know someone in TV who is not happy and it is usually because they lack a network of friends. Those people often move back "home" to be closer to their kids. Fortunately, TV is a great place to make new friends. You will be surrounded by friendly people who share your interests. If you are at all social, that problem is easily solved.

Another important thing is to move not away from work, but to something. Is there something you have always wanted to do. For me, it is writing and golf. What interests do you have that will take up your time. If you don't know, you should think seriously about it. Lastly, and I think this is underrated, you need a responsibility. I chair a writers group and I have a dog that depends on me. I am not terribly important, but I am important, and that gives meaning to my life.

Craig Vernon -- I retired from a Wall St. job after 41 years at the age of 58 because my husband and I were able to do so and we live a very simple life. As far as not being ready, that is up to you, but for those who say "aren't you going to be bored"--I say never. For me, there is not enough hours in the day to do nothing!!! My opinion, if you can do it financially, by all means do it!!! Remember, tomorrow is promised to no one and if you are in good health now that's a plus!!!! All the best to you!

Wow Craig, one of the best forums I have read on here in a long time, and a lot of good answers. So there were a few things NOT said . First, there is NOTHING saying you can't take your retirement to lock in your medical for retirement, then go work for a competitor. Everyone is hiriing and it sounds like you have skills. You might find you can get a job for a few years that pays you MORE than you were making. I would not let a pension decision like that drive whether it is time to actually retire.
From a financial perspective, it sounds like you are in good shape. It is amazing how much better working one more year makes a retirement look, but you can get carried away with that. I doubt you will get bored in TV.
That being said- I think you should keep working and rent a few months in the villages every year. May is great, but I have to tell you September and October are wonderful also.... I have just the place for you to rent too!

Signed,
Your favorite Landlord
Ed

We moved to The Villages in 2012 when I was 58. I have been working remotely full-time ever since, not because I need to, but because I enjoy what I do. I'm a college professor. My financial guy also told me we could live at the same level until I was 95 if I quit working, but frankly I like the daily structure (though my time is completely my own as long as I get the job done). Since I make a nice salary I do not need to draw social security until I am 70 1/2 so each year my benefits go up by 8%. Where can you get 8% on your money with zero risk these days?

While I do like to play golf I can actually take it or leave it, but we both enjoy the entertainment TV has to offer, so we love living here.

You can pretty well do what you want when you have a regular income and enough money to live well late into life. At the end of the day I think one needs to have a reason to get up each day and do something productive (sorry gang...golf is not a productive activity) so if you like what you do and can keep doing it, why stop?

Not Zero Risk..................The risk is you die............die before, die early.

My vision of being Productive in TV = Get up, feed the dogs, make the bed, empty the dishwasher, make breakfast, clean up, take a brisk morning walk, shower - then off to the golf course or fitness center followed by lunch, a club meeting and then evening dining and entertainment.

Sorry, the risk that you die anytime is the same whether you retire or not. If you enjoy what you do then do what makes you happy is my belief. Don't let greed, or fear, cause you to make a poor decision that you can't undo...

There is so much to do in TV, yet I could not pull the trigger on full retirement. I am a adrenaline junkie, and no entertainment, sport, or class can get to that level. So I take 6 to 8 weeks off, which is sometimes too much down time, and return to work, working for 4 to 5 months. It’s hard to leaving a position you love, and love those you work with, that are more than friends, they are family.

Dewi is spot on correct on this, mortality risk is a real financial risk when you opt to delay your SS benefits. If you die at 73, the extra 8% in SS benefits will not be nearly enough to recover the years of benefits you did not receive to get the extra 8%. The loss will be even greater if you adjust the numbers to a net present value by discounting the cash flows. I always crunch the numbers to determine how long I need to live to make it worthwhile delaying benefits for the hope of increased future benefits. Typically I end up taking the benefits early, I did with my pension. The other thing you need to consider is that the money you get now is a "bird in the hand", and money in the future is money you "hope to get". Given the funding status of the SS trust fund as well as many private pension plans, I will take the "bird in the hand".

This is the same scenario I am using. I'm still working remotely from TV, but am adjusting my income into 2022 so that I can use the ACA subsidies. Of course, there was a promise of Medicare for everyone; Medicare at 60; all sorts of different way to provide those at an older age to be covered prior to 65. Whether it actually happens is another thing. I'll keep my opinions to myself.

Die happy is all that matters.

I’ve retired 3 times and am working again. My brain went mushy and I didn’t feel I was adding value. My favorite is 3 days a week. I guess I like to be challenged

No afternoon nap??? Sometimes, somehow that gets injected into my busy schedule.

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Medical/prescription are set until 65 for both my wife and I. Inflation has been accounted for in the model but nobody really knows, right.

Best Landlord for sure.
 

Thanks for your comments Ed. Looking forward to enjoying May in another one of your lovely homes. Hope you and Donna are well!

Thank you all for your sincere comments and insight. I have read them all. Craig

I retired at 60, consulted on my own for five years, and goofed off full time for five years. The 401k sits in an IRA and grows. Retiring is a big step, but looking back, I should have pulled the plug five years earlier. Every day you continue to work is a day you lost to retirement. My calendar since retiring to The Villages has been busier than it was when working. Retirement does not mean the rocking chair, it means living the life that rocks.

I retired at 52 and been retired for 12 years. More money in the bank now than when I retired. If you can retire and your advisor says you will be in the same situation I am then you are crazy not to retire.
I have never regretted retiring early.

I never have taken an afternoon nap unless I'm dozing on the sand at the beach. I'm not opposed to naps, I just don't get sleepy during the day. We tend to get up early and go to bed early during the week and stay up later on the weekends. But, who knows, maybe in retirement I'll discover naps, too.