To Those Retired or Planning to Retire This Year

rporter610 said:
I have been retired for 11 years. I retired mainly because my employer raised the requirements (instead of teaching three courses per semester, I would have had to teach four). It was just too much. I was already working 60 hours a week, and didn't see how I could add to that. I don't have a pension. I have a 401K and it has taken three big hits (9/11, stock market crash, housing crisis), so it is now my smaller monthly check. I am fortunate to have monthly payments from two of my ex-husband's former employers, due to a good lawyer for the divorce settlement agreement. They kicked in a couple of years ago when my ex retired. I had a small business that used to pay about $600 per month, but is down to $150. Every year I cut as many expenses as I can.

The bigger issues for me are what to do with the time I now have, and how to deal with the loss of the job I loved and the personal rewards I received from it. When a working person retires and is no longer defined by how he or she made a living, then how does one define oneself? If I am no longer a teacher, what am I? That is the problem I deal with daily: who am I now, with no spouse, kids moved away long ago, no important job? I recommend that those who would like to retire confront this question and find answers to it before giving up a job.
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I deal with the same problem in many ways. I miss what I did -- I don't miss the job I retired from (it was awful, VERY difficult boss, toxic environment). I really liked what I did and the challenges of the work itself. I also enjoyed the comaraderie with other co-workers and my peers at other firms and the feeling of being part of a team.
 

Butterfly said:
I deal with the same problem in many ways. I miss what I did -- I don't miss the job I retired from (it was awful, VERY difficult boss, toxic environment). I really liked what I did and the challenges of the work itself. I also enjoyed the comaraderie with other co-workers and my peers at other firms and the feeling of being part of a team.
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It's hard to let go of work you love, and the camaraderie - I miss that very much too. Where I live now is isolating and lonely. I'm working on trying to change that by selling my house and moving back to an urban area.
 
rporter610 said:
It's hard to let go of work you love, and the camaraderie - I miss that very much too. Where I live now is isolating and lonely. I'm working on trying to change that by selling my house and moving back to an urban area.
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It's not that I haven't found stuff to do, but it's just not the same. There's kind of a "busy work" or "something to do" feeling about a lot of volunteering, kind of empty -- not that volunteering isn't good, but it's just not the same, and there's little or nothing in my field of expertise. Sometimes I feel like it is a waste of a lifetime of learning. I would have worked more years (retired at 67), but my hips gave out and had to be replaced; with the recuperation time involved there's no way they were going to hold my job. And at my age, nobody is going to hire me, even though I could still do a fine job. The only thing physical about it is hefting the occasional heavy transcript, and I do still have all my marbles.
 

I need some help. I'm having a rough time "pulling the trigger" on retirement. I'm 62.5 years old and my wife is 50. I have amassed a just under a seven figure portfolio not counting a house in Ct. (no equity) and a condo in RI (some equity). I know I will have to buy insurance for approx. 2-2.5 years for me and my wife and my wife when I go on Medicare and have plugged this into a post retirement budget of about 70k /yr (gross). I plan on drawing SS (over $2000) at 66 and my wife will draw at 62. I have a 6 figure income but I've been working in the industry for 37+ years and it doesn't excite me like it once did. At 62.5 years the job has some inherent dangers to it and I'm not as young and spry as I once was. My wife works part time 17k/year and will continue to work for at least a couple of more years until the dust settles. We might sell the house and move to the condo or rent the condo and live in the house or sell both and move (one of my problems is too many alternatives). I'm not going to clear the living arrangement up until I try on retirement because I don't want to make a knee jerk decision that I might regret. I'm not against a part time job doing something that interests me but I also wants some freedom. Any suggestions from my fellow readers would be appreciated. Any similarities? Any regrets? Thanks.
 
Jim, it sounds like you'll be secure and comfortable financially, although you and your wife will have some decisions to make regarding where to live, what to sell, etc. You seem a bit apprehensive about giving up your job, even though it no longer excites you. Have you explored possible part time jobs or perhaps a volunteer job? Do you have hobbies? Sports? Travel? Perhaps you'd like to take classes in some subject of interest to you? I retired from my job of 40+ years as a legal assistant at nearly age 63. I have no regrets. You seem to realize that you must approach these decisions carefully and with a good amount of introspection so I doubt that you'll have regrets either. But don't allow your fear of "regrets" to inhibit you too much! Whatever you decide, I wish you well and hope your retirement is everything you've dreamed of.
 
charlotta said:
Do not retire without a pension or a large savings cushion. As others have said, you cannot live easily with just a s s check even if you own your own home. There are always money expenditures for upkeep, etc. You may have a spouse that is good at taking care of repairs, but as you age this becomes harder to do.
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I generally agree, but I had an aunt who did ok with just SS. She owned a small flower shop and retired at 65 when the shop burned down. No insurance to have it repaired. She had some savings, but no where close to what retirement advisers recommend. But she was the frugal type and enjoyed working in her yard. Never traveled. Had good neighbors who she enjoyed spending time with plus she lived just around the block from my parents.

She lived to be 97 and died with a very respectable nest egg. Never invested in stocks but did well when interest rates were double digits back in the 70's and early 80's. Would be tough to do what she did in today's environment.
 
I just retired last month. Yeah, I am somewhat fearful that I went too soon. Inflation can really do a number on you.
 
I did not intend to retire this early. But my own health problems coupled with my husbands made it a necessity. I was working full time as a nurse and also working at the
motel we own. As my husbands health has worsened this past year and I was having to do so much more at the motel I just could not keep up. I do not regret having done
this because there is always something to be done at the motel. I now wonder how I managed to do both jobs.
 
There is definitely a mental adjustment to make upon retirement. I retired at 58 when we bought the ranch 12 years ago and it took me a couple of years to sorta wind down from the rigorous business world that I came from. Lots of hard work and progress on the ranch gave me a wonderful feeling of satisfaction and I learned how to loosen up a little bit and enjoy the newly found total freedom from the grind of corporate business. Fortunately I have lots of hobbies which take up my spare time and I hope that you do as well. Currently we have two very young cow dog puppies and three young cats, not to mention a herd of cow critters to look after and this makes for lots of fun. A disadvantage of our lifestyle is that it is rather restrictive, as it is impossible for my wife and I to both be gone from the ranch at the same time for more than a day. It all works out, though.
 
I am going through pre-retirement jitters, as it rapidly approaches in a few months. Even though my wife and I have plenty stashed away and we both have pensions on top of social security, I am finding it difficult to imagine stopping work altogether. My wife wants me to be excited, yet I'm finding it hard. Our financial planner assures us that barring a huge disaster in the markets, we should be very comfortable into our 90s (we're both 60 now). So, I don't think it's the financial end I'm worried about so much as getting used to a lower level of spending and not having that paycheck coming in each month. I have to think about what I'll do with my time, and maybe that's part of the problem. I'm so used to working hard, that to suddenly be doing nothing and not being "counted on" for stuff in the office, will be a huge adjustment for me. Guess it's on my mind moreso now because we're at the busiest time of our year and the hours are long, the pressure intense. It's been this way for most of my career. It all goes away in a few months. So while I'll be glad to be away from the stress of work, there's a part of me that will miss it. I even said to my director yesterday that I'd consider some freelance projects next year if he was so inclined.
 
I'm right there with you Bob.. I have consistently moved my retirement date back.. It's not the money I am worried about as like you also, my financial guy has us well positioned. But I love my job.. and the money is good.. and I have no clue what I want to do after I retire.. no plans... no desires. Right now I am targeted for the end of 2016.. I will be 68. I suppose it will be time then.
 
Today I am finding myself somewhat anxious about retirement at the end of Feb. It's not that I'm worried, but I think the reality of two months to go and planning it out on my work calendar (I'll be working a three days/week schedule the rest of the way) has suddenly made this all seem so real. Combined with the fact that we're just going through my final "year end" craziness at the firm, just reinforces all the feelings. It's so weird. I had two conversations with folks today wanting to know when my final day will be (I work from home, but will have to go into Boston to wrap things up) so they can plan something. It just feels surreal, and in some respects a bit sad.
 
I retired at age 58 and used private resources to live on until taking SS and a company pension at age 62. That was 23 years ago an I have no regrets. I have been able to enjoy good health and have been to places and done things that most people just dream about.
 
Bobw235 said:
Today I am finding myself somewhat anxious about retirement at the end of Feb. It's not that I'm worried, but I think the reality of two months to go and planning it out on my work calendar (I'll be working a three days/week schedule the rest of the way) has suddenly made this all seem so real. Combined with the fact that we're just going through my final "year end" craziness at the firm, just reinforces all the feelings. It's so weird. I had two conversations with folks today wanting to know when my final day will be (I work from home, but will have to go into Boston to wrap things up) so they can plan something. It just feels surreal, and in some respects a bit sad.
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I remember how I felt. I knew a door was closing. I felt so many things. When I went with my husband to sign all these papers about our retirement choices I felt really low. We did a lot of very big things before we retired in the way of getting things in order. We bought cemetery plots and prepaid all that sort of thing. I just wanted peace of mind. We bought and paid for a new car. We did all the repairs on the house..a long list. It's like the last couple years I found reasons not to retire yet and continued to save money as always.

When the day came and I just wanted it to be over..lol. let me tell you, I was so relieved when the day came. We had this wonderful sense of freedom to do and plan. We were able to be spontaneous in a big way. We would take off for a couple days at a time doing whatever we liked. I realized this time was a gift. I've just felt grateful for making it to this point. You will be just fine, Bob. I think all big events in my life felt kind of surreal..graduations, wedding, deaths, getting our first house... But as time passes you find a new life and a new normal. Enjoy. :)
 
Bwahahaha, maybe I am intruding. But my girl's SSI? My hubby's social Security and eventual disability? My eventual earned income...I'm going on 53. We are ****ed. He is 58 and might be totally disabled in a few years. Just really a cardboard box and stealing cat food to feed my beautiful boy...bring the ice floe we are ready.
 
Bobw235 said:
Today I am finding myself somewhat anxious about retirement at the end of Feb. It's not that I'm worried, but I think the reality of two months to go and planning it out on my work calendar (I'll be working a three days/week schedule the rest of the way) has suddenly made this all seem so real. Combined with the fact that we're just going through my final "year end" craziness at the firm, just reinforces all the feelings. It's so weird. I had two conversations with folks today wanting to know when my final day will be (I work from home, but will have to go into Boston to wrap things up) so they can plan something. It just feels surreal, and in some respects a bit sad.
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BobW -- If I remember correctly, you work in a law office, no? I retired from a law office (paralegal) about two years ago, and it WAS a bit of a shock to the system, especially after the WOW sort of vacation feeling wore off. In many ways I still do miss the hustle and interest of being in that environment. BUT, my job was extremely high stress and long, crazy hours and a very ill-tempered lead counsel didn't make things any easier. I developed arthritis in my hips. My boss refused to make any accommodation for my inability to get up steps, pick up heavy case files, etc., and I could not go on. Because the firm was so small, ADA didn't apply to it and so requirements regarding accommodation for employees didn't apply. Coupled with that, my hips became so arthritic it was either get them replaced or spend the rest of my life in a wheelchair chugging codeine. And the boss didn't want to cope with the recuperation time it would take me to be able to come back to work after having both hips replaced. So I retired at 67-1/2; no choice, really. It was not a pleasant parting of the ways.

On balance, I am glad I retired. My blood pressure happily even took a drastic drop after I retired. I do miss the work (I LOVED the work -- legal research is endlessly fascinating to me), but I don't miss the job. I have my full mobility back and am able to do whatever I want; but I miss the strong sense of purpose and value and identity I had while working. You're right, in many respects it is a bit sad. It seems like we just get to the point where are doing what we want to do, and are doing it really well and feel we are contributing, and then we are done.
 
Karen99 said:
I remember how I felt. I knew a door was closing. I felt so many things. When I went with my husband to sign all these papers about our retirement choices I felt really low. We did a lot of very big things before we retired in the way of getting things in order. We bought cemetery plots and prepaid all that sort of thing. I just wanted peace of mind. We bought and paid for a new car. We did all the repairs on the house..a long list. It's like the last couple years I found reasons not to retire yet and continued to save money as always.

When the day came and I just wanted it to be over..lol. let me tell you, I was so relieved when the day came. We had this wonderful sense of freedom to do and plan. We were able to be spontaneous in a big way. We would take off for a couple days at a time doing whatever we liked. I realized this time was a gift. I've just felt grateful for making it to this point. You will be just fine, Bob. I think all big events in my life felt kind of surreal..graduations, wedding, deaths, getting our first house... But as time passes you find a new life and a new normal. Enjoy. :)
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Yes, we've been doing just that over the past few years and have only one more major project: re-do the bathrooms. Ugh, not looking forward to that, but will be glad to get it done since we want to sell the house. Also need to get a new car.....to get out and see the country. Already talking about a nice long road trip next year.
 
Butterfly said:
BobW -- If I remember correctly, you work in a law office, no?

On balance, I am glad I retired. My blood pressure happily even took a drastic drop after I retired. I do miss the work (I LOVED the work -- legal research is endlessly fascinating to me), but I don't miss the job. I have my full mobility back and am able to do whatever I want; but I miss the strong sense of purpose and value and identity I had while working. You're right, in many respects it is a bit sad. It seems like we just get to the point where are doing what we want to do, and are doing it really well and feel we are contributing, and then we are done.
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Yes, I work for a large firm as a senior manager. I made the decision to retire in conjunction with my wife's retirement. We've saved money, the house is paid off, so our financial planner said go for it. I think I just feel that sense of melancholy, that I'm no longer important, not that I ever craved that feeling, but it came from my responsibilities. My wife says I don't want to go, but the decision has been made. Still, I'll be telling them that I'd welcome an opportunity to do some ad hoc stuff during the year. Got to pay for the health insurance some how. :)
 
I agree Bob.. there is a sense of Melancholy about it.. I plan for this to be my last year working on a full time basis.. It's about time.. I'll be 68 when I finally go out.. I DO plan to ease out of it though.. working on a casual basis.. perhaps one or two days a week until they can replace me.. But it's hard to leave... I have worked over 40 years... and for most of them was the main breadwinner.. with all the responsibility of supporting and educating kids.. paying the bills and keeping a roof over our heads.. it's hard to let that go... and figure out what I can do now to feel useful and fulfilled. Still thinking....
 
QuickSilver said:
I agree Bob.. there is a sense of Melancholy about it.. I plan for this to be my last year working on a full time basis.. It's about time.. I'll be 68 when I finally go out.. I DO plan to ease out of it though.. working on a casual basis.. perhaps one or two days a week until they can replace me.. But it's hard to leave... I have worked over 40 years... and for most of them was the main breadwinner.. with all the responsibility of supporting and educating kids.. paying the bills and keeping a roof over our heads.. it's hard to let that go... and figure out what I can do now to feel useful and fulfilled. Still thinking....
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For more than 25 years I've been doing this crazy grind. Each year when we close the books, I think, how can I do this all over again....and now I finally say, I don't have to ever do this again.

I think for me, I'll find some worthwhile volunteer work to do. I don't know that I'm qualified, but seeing how those in the hospice setting made my wife and I feel in my father-in-law's last hours, gave me the feeling that I'd want to do something along those lines.
 
Bobw235 said:
For more than 25 years I've been doing this crazy grind. Each year when we close the books, I think, how can I do this all over again....and now I finally say, I don't have to ever do this again.

I think for me, I'll find some worthwhile volunteer work to do. I don't know that I'm qualified, but seeing how those in the hospice setting made my wife and I feel in my father-in-law's last hours, gave me the feeling that I'd want to do something along those lines.
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That is very very commendable.. and there certainly is a need.. How are you physically? Are you strong.. I know that anyone can become a CNA with a short 13 week course and taking a State exam. You could then go into homes and help the family care for a loved one... give a bath.. a massage.. encouraging words... fluff a pillow.. I know that Hospice agencies are always looking for people. Just a thought
 
When I do the math, I have 90'000 dollars in savings, 4200 a month income and 1250 a month rent at my daughters place. terrified, but can't seem to land a job at 65...still looking. My wife and I are fairly healthy and not extravagant but very much afraid. everything I read says I need over 1,000,000 dollars to retire. I am concerned
 
Bobby B, very few people have that kind of money. It's kind of like when I went to college, and it was supposed to cost me an outlandish amount for housing. I'm from a poor family, and I learned to be frugal. It did not cost nearly what they said. See my answer in the introductions section. I referred you to my investment person and provided an email address. If you want to know my real name so you can give it to him and say that I referred you to him, send me a private message.
 
I think everyone is scared when they first retire.. I know I am.. I'll be going from over 6 figures a year income to around 50 or 60K... I'm used to being able to spend as I please, but that will have to stop. I know that I am fortunate, but no matter what your income level.. stopping working is a shock to the pocketbook. I'll just have to adjust to a different lifestyle.. but it's wont be so bad I think.
 
QuickSilver said:
I think everyone is scared when they first retire.. I know I am.. I'll be going from over 6 figures a year income to around 50 or 60K... I'm used to being able to spend as I please, but that will have to stop. I know that I am fortunate, but no matter what your income level.. stopping working is a shock to the pocketbook. I'll just have to adjust to a different lifestyle.. but it's wont be so bad I think.
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Same here. We used to be able to buy pretty much what we wanted (within reason) when we were both working, and even after I went to part time. Now that I've retired and have yet to start social security, we have to be more careful. We are spending, but on projects for the house. Today is a good example. Installing a new central a/c and heat pump, then having the system sealed to make it super energy efficient. Big outlay of cash for now, but over time should reduce electric bills and make the home more comfortable.
 

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