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Started By
Message
re: Retirement Decision
Posted on 2/22/25 at 9:46 am to LSUtoBOOT
Posted on 2/22/25 at 9:46 am to LSUtoBOOT
Retired pre-55. I had enough money to do it and my job was unrewarding.
I studied how to successfully retire by reading and talking to a lot of people who failed at retirement.
You need to do something socially. Keep up some social circle through hobbies, events, or whatever. We are social creatures and you can't ignore that.
You need to do something productive. Whether it's work part-time, volunteer, or build something. As humans we need that feeling of accomplishment to be happy.
You need to do something spiritual. Whether that's develop your relationship with your deity or just commune with nature via walking. We don't have all of the answers and 'mystery' will always exist to humans, so we need to ponder that.
I've not regretted retiring one iota. I always use the 20 year rule. "How old will I be in 20 years?" When I look at that, my response is usually "damn" and I'm happy I'm retired and do what I want, when I want, and how I want on my time table.
Do it. Do it now.
I studied how to successfully retire by reading and talking to a lot of people who failed at retirement.
You need to do something socially. Keep up some social circle through hobbies, events, or whatever. We are social creatures and you can't ignore that.
You need to do something productive. Whether it's work part-time, volunteer, or build something. As humans we need that feeling of accomplishment to be happy.
You need to do something spiritual. Whether that's develop your relationship with your deity or just commune with nature via walking. We don't have all of the answers and 'mystery' will always exist to humans, so we need to ponder that.
I've not regretted retiring one iota. I always use the 20 year rule. "How old will I be in 20 years?" When I look at that, my response is usually "damn" and I'm happy I'm retired and do what I want, when I want, and how I want on my time table.
Do it. Do it now.
1
Posted on 2/23/25 at 8:37 am to CharlesUFarley
Lifelong shift worker. Retired at 55 from oil and gas, then took a job working for the school with my wife (for a fraction of my previous salary).
Love it!
Not living “lifestyles of the rich and famous”, but very comfortable.
Have a small farm that keeps me busy.
But the number ONE factor is being home with my bride on nights and weekends. I have a regular sleep pattern for the first time since childhood. Lost a few lb’s, feel better, and haven’t had an energy drink since retiring.
Don’t wait!
Love it!
Not living “lifestyles of the rich and famous”, but very comfortable.
Have a small farm that keeps me busy.
But the number ONE factor is being home with my bride on nights and weekends. I have a regular sleep pattern for the first time since childhood. Lost a few lb’s, feel better, and haven’t had an energy drink since retiring.
Don’t wait!
Posted on 2/23/25 at 8:46 am to RoyalWe
Some well thought out comments. Making me think about it! 
I got laid off in 2023 after close to 22 years with the same company. Good severance package. But, there was an area of the company I always wanted to work in. Know a lot of the people. They're good folk. What I do is valued and needed. Short answer is they contacted me a few months later and I got offered the job. Been back for over a year now.
However..
They recently offered an early retirement program. We have like a week to decide. You can assume that if they don't get enough to accept it (which is never the case with these kinds of programs), they'll have to re-evaluate their objectives, and you can assume some staffing reductions will take place. The program offers about 2 weeks more essentially than the level of severance one would be eligible per policy.
I'm 69. Wife (no pics) and I have discussed it. We've saved for years through IRAs, 401ks, annuities and our advisor said we'd be able to retire fully.
I think the "have something to do" comment is spot on.
I got laid off in 2023 after close to 22 years with the same company. Good severance package. But, there was an area of the company I always wanted to work in. Know a lot of the people. They're good folk. What I do is valued and needed. Short answer is they contacted me a few months later and I got offered the job. Been back for over a year now.
However..
They recently offered an early retirement program. We have like a week to decide. You can assume that if they don't get enough to accept it (which is never the case with these kinds of programs), they'll have to re-evaluate their objectives, and you can assume some staffing reductions will take place. The program offers about 2 weeks more essentially than the level of severance one would be eligible per policy.
I'm 69. Wife (no pics) and I have discussed it. We've saved for years through IRAs, 401ks, annuities and our advisor said we'd be able to retire fully.
I think the "have something to do" comment is spot on.
Posted on 2/23/25 at 8:53 am to Artificial Ignorance
IMO try to get a mix of both. Ask your boss if you can have more days off (without pay). Whether shorten your hours each day. Take off most fridays. Or take extra days or week off after long trips.
One of the guys I work with negotiated staying on longer but wanted to come in after dropping his grand kids off at school and have his work day end so he can pick up his grand kids.
Also takes extra trips during the year.
One of the guys I work with negotiated staying on longer but wanted to come in after dropping his grand kids off at school and have his work day end so he can pick up his grand kids.
Also takes extra trips during the year.
Posted on 2/23/25 at 9:27 am to masoncj
quote:That's the dilemma I struggle with as well. Curious as to those who retired early dealt with this.
If you decide to hang it up what are you going to do about medical ?
Just pay high premium / high deductible out of pocket ?
I am interested in quitting my corporate gig in early 50s but medical expenses is the big unknown
Posted on 2/23/25 at 9:44 am to NOSHAU
quote:
That's the dilemma I struggle with as well. Curious as to those who retired early dealt with this.
Medical and all the other penalties for retiring early was a situation I refused to put myself in. Once past 60, financial restrictions no longer motivated me. At 65, the medical question was answered with Medicare. I retired at 65. I didn't hate my job, but it was time to leave after 46 years.
Posted on 2/23/25 at 11:08 am to NOSHAU
Wife decided to keep working for now so we have insurance through her work, but I expect her to retire in the next 3 years. That will put us mid-50s and we will just have to buy a very expensive policy. If your income is low enough, you can get crazy subsidies through ObamaCare (thanks, Obama).
Posted on 2/23/25 at 11:20 am to LSUtoBOOT
quote:
The two biggest regrets I’m seeing after watching 100’s of retirement videos:
1. Waited too long to retire.
2. Didn’t spend enough money while young enough to enjoy it.
This might be selection bias. People who die with a lot of money will say this.
People who run out won’t.
The balance is the challenge.
Posted on 2/23/25 at 11:23 am to RoyalWe
quote:
Wife decided to keep working for now so we have insurance through her work, but I expect her to retire in the next 3 years. That will put us mid-50s and we will just have to buy a very expensive policy. If your income is low enough, you can get crazy subsidies through ObamaCare (thanks, Obama).
If you do some tax planning and have ways to shelter passive income you can make some moves to get it damn near for free, if not actually free. There is no asset test for ObamaCare, just income as you pointed out. Keep in mind it’s a weird version of MAGI that includes tax-free interest.
Posted on 2/23/25 at 12:27 pm to Artificial Ignorance
quote:
Assuming your actual and projected spend is less than or equal to your yearly withdrawal from assets that can last you for 30-40 years, I would have a frank conversation with your boss about it.
You may surprised at how amicable it might be to work part time and/or consult. Lots of companies willing to give incentives for tribal knowledge transfer and you will likely qualify.
Absolutely this. You may find that merely stepping back a bit re-balances work/life. If that's the case, you can step further and further back at your own pace, allotting responsibilities to others while you train them up and pass along institutional knowledge, until retirement isn't some drastic change for you nor the company.
Posted on 2/23/25 at 12:55 pm to NOSHAU
quote:
That's the dilemma I struggle with as well. Curious as to those who retired early dealt with this.
Obamacare.
Roth assets do not count towards your MAGI (Modified Adjusted Gross Income). That is the key to getting Obamacare at a good price.
Google Roth Ladder and also Rule of 55 (401K only, not IRA). Also Google the Roth Conversion 5 year rule.
Depending on your time frame, you may be able to do one or all of these to plan a bridge to cover the time between an early retirement and Medicare eligibility.
I didn't, but Rule of 55 let me use the money in my last employer's Roth 401K without penalty, which I did not do immediately until I had exhausted most of my taxable cash. You need to have a minimum income to avoid being placed on Medicaid, but I had taxable 401K distributions ( no penalty because 55) so that took care of that.
Anyone who is approaching age 50 should look into these things, plan for it as a backup plan and if you don't need it, great.
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