To Those Retired or Planning to Retire This Year

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I was planning to work till age 70 (2 more years) but with these last 2 years of rough winters and caring for my mother going on 5 years now, I'm feeling that I'm ready to pack it in and make this my last year of working and use my 401K and IRA to carry me through the second year till I file for SS.

I've done the research and my medical costs will double and I'll still have a car payment and my mother's aide cost to share, but it's workable.

To those of you who have retired, was it difficult for you to make that decision? After all, if you've been working for 50+ years and you say good-bye, the job goes away with no chance of its coming back. Did you worry or continue to worry that you will run out of money, even after reviewing your numbers and feeling confident that you'd be fine?

From reading those who have posted on the forum, I don't see where anyone has had any regrets.
 

I was going to retire last year.. but that has been pushed back to NEXT year.. 2016... Not because of money... but because I am not quite ready to quit working. I have not been able to come up with a plan of what I will do with my time.. and I am not ready to do nothing.
 
If you worry about how much money you will have, or the potential sacrifices inevitable with a fixed income you may never feel comfortable in retiring. I retired on a small pension and Social Security in 1991. I get by without any external help and I am very glad I left the work day routine behind.
 

No regrets here, I retired at 62, DH at 65...living in the country, seems there is always something to do, yard and house maintenance...My husband and I bought a RV and traveled for a while until we decided RVing was not for us, I've remodeled my house, that took a while and I also help my 94 year old mom.....I stay busy, having said that, there are days in the winter when I have to look for something to occupy my time......there is always reading and surfing.

Good luck with your decision and the future.
 
Well, there is a BIG difference between retiring on a Pension AND SS and retiring only on SS. The number of people I've talked to say that SS was never meant to be a retirement income, because it can be so low. Due to being unemployed, using up all of my UI and my age, I went ahead and got my SS Early Retirement at 62. With my monthly Medicare payment taken out and taxes taken out, my monthly income is $733. My wife loves working, and with the combined income, hers/mine, were able to make it.

There are quit a number of people out there that don't get a Pension and have only SS to rely on.
 
It seems to me that there are two kinds of worries. One is financial; the other is about "what will I do with all that time."

Financially, we all have to make our own decision based on our circumstances. If retirement will impose a real hardship, then obviously it's not a good idea, unless one really hates one's job, or has health issues.

But to the second part of it, my answer would be, you'll be as busy and involved with the world as you want to be! Most retirees wonder how they ever found time to go to work, as they're so busy now. The difference, of course, is that now you can spend your time doing what you choose to do, not what you have to do.

The answer is different for everyone, based on your circumstances and your interests. I have personally loved retirement, and have filled my days with activities that I enjoy doing; I've never had one moment of regret over having retired.
 
Neither my wife nor I really did "retire" per se. She left the firm in 2013 and I sold my software business in 1998 (has it really been 17 years ago?), but that gave us the ability to do what we want when we want.

I am still somewhat active in local politics, although I'm not sure if I'll run again when my current term is up. My wife is still sits on two boards, and on occasion does some pro bono work. We have a cemetery mapping business that we do on summer weekends, and we're booked into 2016. We're currently working on a couple of contracts that will put us into 2017 once they're approved. I suppose you could say we've transitioned from working because we must to doing what we want, when we want.

I'm not sure if either of us could ever stop working altogether-we're having too much fun doing what we're doing. Both of us like being a part of our local community, and we like making a difference. We have a hammock; sometimes on a warm Sunday afternoon we'll drag it out, flop down in it and enjoy the day. But I don't think I could ever do that on a daily basis.

If you can afford to do so and you really want to retire, then by all means make it happen. However, you still have a tremendous amount of value and wisdom to offer-don't let that go to waste. Consider keeping active and doing something you love to do-especially if you have someone you love to do it with.
 
I retired almost 3 years ago, got a much needed break from the grind. Took care of a serious health problem, lost 50 pounds and such. But, I am seeking re-entry back into the working world, mostly for economic reasons but also for mental health. Worry about health, money and well being of spouse and grown children dominates my thoughts, hoping that focus on employment matters will blunt the anxiety.
 
It wasn't difficult for me to retire at all, I was really looking forward to not having to work anymore, no regrets or boredom for either myself or my husband. We don't worry about the money running out before we die, we live a simple life and don't have any debts hanging over our heads. I still have dreams sometimes that I'm still working...nightmares really, lol.
 
Sunny said:
It seems to me that there are two kinds of worries. One is financial; the other is about "what will I do with all that time."

Financially, we all have to make our own decision based on our circumstances. If retirement will impose a real hardship, then obviously it's not a good idea, unless one really hates one's job, or has health issues.

But to the second part of it, my answer would be, you'll be as busy and involved with the world as you want to be! Most retirees wonder how they ever found time to go to work, as they're so busy now. The difference, of course, is that now you can spend your time doing what you choose to do, not what you have to do.

The answer is different for everyone, based on your circumstances and your interests. I have personally loved retirement, and have filled my days with activities that I enjoy doing; I've never had one moment of regret over having retired.
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This. Financial was the biggie for me. I ran my numbers through numerous calculators and felt I was ready. With my hobbies(mainly golf), I knew I would stay busy.

Best of luck to you. Only you can decide if you are ready.
 
Retirement isn't as fun as it would be if my wife was also retired. If she can't find a new job, after her upcoming lay-off, she will be in the same ranks as me......retirement. Although, I was basically ready for it, she is not an really doesn't want it until she turns 70. And, even then, wants to work a small part-time job for awhile, if her health is still good.

For me, I haven't been in the workforce since Oct 2007 and don't really want to go back, if I can help it. I really enjoy keeping our apartment clean, the best I can anyway. Doing the laundry and dishes and whatever else I can find to do. And, finding things to do isn't a problem for me. But, once wife does retire, we will have much more time to take our boat out in the summer, not just on weekends and vacation time (weather permitting) and go to the Gun/Rifle Range. Of course, doing these things still depend on our health status.

Am I happy being retired.........DEFINITELY!!
 
I agree with Jim. If you worry about income, you will never want to retire. If there's obviously no way you could manage on your retirement income, then of coarse it would be impossible to retire right now. But from what I see here and also IRL people are scared about retirement because of money. But what I also see is that these people do retire....glad they did it....and are amazed that they can actually manage finances.
I've said this several times here...this is the happiest time of my life and I LOVE retirement.
Good luck to you. Things always seem to work out for the best.
 
I'm very happy being retired, but then we have good pensions, both UK and US, which helps a lot.

We both retired well before we planned on it. Husband was going to retire at 60 but due to an illness that we and doctors didn't know whether it would be permanent or not, he retired at 55. He was fine within two years, thankfully. I retired, or actually, simply stopped working, because my husband volunteered to train teachers in Uganda. He was 58 and I was 55. So we've been retired (unless you count his volunteering) since 2007.
 
According to a report I had done by a financial planner a few months ago, I'm actually OK financially and in a better position than many; so why my reluctance, I don't know. What I do know is that I'm starting to get lazy and as much as I like the job and the people I work with, I sit there wishing I was someplace else.
 
I've done my due diligence and being single and no kids (not by choice, but by circumstance), I've done OK in my retirement planning.
 
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.
 
I've done OK. Financial analysis done back end of last year by prominent financial advisor indicated there may be money left over at 99.
 
Well, charlotta, some folks, actually quite a few, have to live completely off of SS Retirement. Wife and I will have to. There is absolutely no way that we'd have a "large savings cushion" and sooner or later she will have to retire only on SS. Not only that, a lot of companies don't want us older folks for some very good reasons, a main one being HEALTH. If a Senior is out of work, it can be extremely hard for them to find a descent paying job due to the concerns that a lot of companies have about hiring Senior's. And, if a Senior is still on a job, depending on how their health goes, will depend on how long they are able to stay on that job.

Fortunately, for us anyway, we rent an apartment, so the basic upkeep and all maintenance is done by the Maintenance Department.......NO COST to us! And, no outside work to do, except watering some plants hanging outside and sweeping our front porch and patio floors.

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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Classic Rockr, you are so right. You do have to manage on what you earned. I am glad that you will have 2 social security checks when Wife retires. A lot of people live on one. I guess I was preaching to the wrong audience. I need to remember most of us have retired; therefore, cannot plan ahead. If you are able to work, I believe, you can get a job. I got a job at a small college library after I retired from my real job. They didn't offer any medical insurance, but I didn't need it b.c I had medicare and a supplement. I admit I had a rough last 5 yrs in my at 'real' job before I could retire. I was teaching at a rough intercity school. I am glad I persevered. I taught for 35 yrs.
 
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.
 
I have answers; so it doesn't bother me.
i am still who I was when working ; I have taken up a few new interests; my family still treat me the same; and the money is working out better than I hoped...
 
Dazed and confused

I hear you I'm in the same boat. Financial planners run your numbers using a software program that assumes you want to leave an estate. I've told them numerous times that we have no children so the last person standing between myself and my wife writes the last check and the balance goes to 0. Big difference. My numbers say I can go and I've been conservative in my assumptions on market returns and spending patterns. I think most advisors realize there is going to be a big drain on the money they manage as boomers start to withdraw. I'm 62 1/2 and my wife just turned 50. I believe I can generate an income stream till I'm around 104 so that ought to take care of her. I still can't pull the trigger. I think it's a mental thing. I've been in the same field for almost 40 years and am well respected. I used to get up in the morning and think about challenges that I would face but now I just "go to work". I've read all the books that say you need to do something to fill the time and I already volunteer for a good cause and get paid a slight salary to do it. I also am a photography buff and like to hike etc. in the outdoors. When I have conversations with my wife she says she can't even invision retirement as she is 50. I think I'm getting closer to feeling it's the right time and although I relatively young I feel that I'm trading $$ for hours of life on this planet. I assume this is similar to the feelings you've experienced.
 
Hey Jim, it sounds like you are well-positioned for retirement, should you decide to go for it. Although you and your financial planner may be butting heads, you are the one who has to make the decision. It's important to understand that despite everything you try to prepare yourself for, there will be unforeseen events that affect your money/investments. Many of us have learned to downsize our expectations and our spending, and have survived. You already have several good hobbies to occupy some of your time. And it's not necessary to quit work entirely! Especially since you have work you enjoy. I have worked part-time since I retired in 2004. I spend as many hours per week as I want to, no more. It's true, your belief that you're "trading $$ for hours of life on this planet". None of us knows how many days are allotted to us. Enjoy each and every one.
 

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