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CVO Social => Off Topic => Topic started by: HebrewHarley on May 16, 2015, 11:20:25 PM
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I'm at the point in life where it may be about time to retire from working for good (I have retired many times, yet always come back to work).
What thoughts do members have on knowing when it is time to retire? Was it a balance in your bank account? Was it deciding life is short and it is time to enjoy? Or was it something else?
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I know for my family it was a comprehensive look at reality - covering finances, health and burnout levels.
We looked at the fact on whether we had enough savings to pull out monthly to replace the income we would be loosing in order to keep close to the same standard of living we had while working. Kids were out of the house and home was paid for. We also decided on the type of retirement we wanted and we try not to be too extravagant on our purchases so we don't have to have the latest and greatest of any vehicle or toy etc. (You may need the funds later for assisted living or nursing home care.)
One article I read recently mentioned that while you are employed that is the best time to get a new vehicle especially if you finance them so that you get used to the payment in your budget, may also get a lower interest rate, and you can better decide on retiring or not.
You will be surprised how rapidly you will age later in life.....ex. 10 years older is not much when you are 20 but 10 years added to your life in your 60s will show you how quickly time flies and you can't do the stuff you did when 10 years younger.
Burnout factor can be for several reasons, are you working in a profession that "is a young person's job"?, is it something you enjoy doing on a day to day basis? Let's say you thought of staying an extra 5-10 years, would it add much to your nest egg and increase your monthly retirement income?
They say people who stay active in retirement live longer and that's why some get a fun job just to socialize and remain active, others do volunteer work or have a hobby to occupy their time.
Good luck with your decision.
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VaEagle makes a lot of good points. I would ask you this: What factors made you retire (each time), and what made you go back to work? Are those factors still there?
Did you get bored with all the spare time you had, and not enough money to play full time? Are you in a position to retire and have the lifestyle you want? Would working part-time (if available) keep you busy enough and give more flexibility, or would volunteer work provide a better balance?
You're probably already looking at these things, and only you can fill in the answers. Good luck and HTH.
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Looking at going this winter from Army Civilian career. Basically have considered most of VaEagle's points. Figured out Wife and I have enough income to live comfortably and all the new regulations at work are making it not fun anymore. Health is still good too. Really strikes home when someone passes away just after retirement or even before they retire. Would like to have the freedom to move where we want and take some long weekends without worrying about the office. House is not paid for yet but daughter is educated and on her own.
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I've just 'retired' aged 53 this is becuase I have been in a stressful job (counter terrorism) the hours I was working were too much and I wasnt getting time to enjoy thngs, spend time with my family, go to the gym, ride etc; a couple of work friends died young and I thought thats it and as I think I can just about afford it I'm doing it now. I realise this is probabaly siilalr to what yove done before but i think you can only live the shortterm; if you can afford it and you have things you want to do and work has become a challenge then do it but that doesnt mean you can't change your mind...... again
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I just retired in March of 2015 after 32 years as a Contract Engineer(Aerospace Industry). I'm 56 going on 57. For the last 7 years it has been nothing but massive overtime and travel away from home. After seeing many friends become sick and some pass away before and after retiring at 65 years of age. I decided since I have everything paid for and my wife was concerned about me working long hours 7 days a week. She is glad to have me home, yet she still is working for 2 more years. It gives us time together and time for family that I have missed many events and times together. One has to ask if chasing the dollar is really worth the time missed with family and cutting your own life short. I now have time to take road trips and visit family and if I chose to go back to work, my profession is always looking for experienced individuals. Besides the fact that when I left, the managers were truly sorry to see me go and said that for me to go and enjoy my time off and they would call me in the fall to see if I am ready to return! Well go things to do first be fore I look for that call! To those that have been able to retire and are still going strong, hats off to you! See you all down the road sometime!
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When you go to work on Tuesday and it feels like you've been at work for a week....it may be time to go. When every device you own has a retirement countdown clock installed. When you get a new boss that's 20+ years your junior and he/she has these "great" ideas to make things better...which are the same ones that failed 20 yrs ago.
As I type this I have 10 months, 13 days, 3 hrs, 54 min, & 6 sec.
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Today I have been retired one year. It has been wonderful not having to go to work and deal with all the BS. Do I miss the people absolutely, I had a great team. I have been able to ride whenever and wherever I want that is cool I also had a friend stricken with ALS. He and his wife moved to south Georgia to be close to family. I made him a promise to watch over his home here and keep the yard mowed till it sold. I also spent a lot of time e mailing back and forth with him. Unfortunately he lost his battle on April 21 of this year. House has still not sold so I now it and do whatever it takes to keep it looking good. Planted 96 white flowers around the perimeter this spring and one week before he passed I- found out he loved white flowers, never knew that side of him.
Sure do miss our daily communications, seems weird not to hear from him.
Now I upgraded bikes so I will spend a lot more time on the road. Retirement is great, just remember uncle Sam doesn't pay as well as the private sector. Social Security is a small supplement use it wisely. Have 4 road trips planned so far with a 5th in the works.
Ride Safe maybe we will meet on the road.
Chains
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Chains, sorry about your friend. What's social security? I'm guessing I'll never know.
Enjoy your retirement, you earned it.
Jesse
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I retired a month before my 57th birthday, and the only thing I would change is I should have stuck with my original plan to retire at 55. While I thoroughly enjoyed my many different assignments over the first 30 years of my career, the last few years were significantly less enjoyable. I've never gone back to visit, and never really thought about the place, since my last official day at work.
There is no simple answer to this question btw. I see articles posted on news sites all the time, offering up this or that reporters recommendations about retirement, and no matter what any of them try to tell people the only real answer is "it depends". People who spent their life living below their means and putting away as much as possible for a rainy day will likely be able to retire early without much worry. People who lived beyond their means their entire life may never be able to retire. People who have no outside interests or hobbies may have a very hard time adjusting to not going to work every day, while those who do have other interests and friends outside the workplace will likely do much better. And of course some people love what they do and can't imagine giving it up, while others are worn down and burned out and really need to get out for their own mental health.
All I can recommend to anyone is to look at your situation honestly, sit down with a good financial planner if you're not comfortable with that aspect of the decision on your own, and do what is best for you.
Jerry
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I retired a month before my 57th birthday, and the only thing I would change is I should have stuck with my original plan to retire at 55. While I thoroughly enjoyed my many different assignments over the first 30 years of my career, the last few years were significantly less enjoyable. I've never gone back to visit, and never really thought about the place, since my last official day at work.
There is no simple answer to this question btw. I see articles posted on news sites all the time, offering up this or that reporters recommendations about retirement, and no matter what any of them try to tell people the only real answer is "it depends". People who spent their life living below their means and putting away as much as possible for a rainy day will likely be able to retire early without much worry. People who lived beyond their means their entire life may never be able to retire. People who have no outside interests or hobbies may have a very hard time adjusting to not going to work every day, while those who do have other interests and friends outside the workplace will likely do much better. And of course some people love what they do and can't imagine giving it up, while others are worn down and burned out and really need to get out for their own mental health.
All I can recommend to anyone is to look at your situation honestly, sit down with a good financial planner if you're not comfortable with that aspect of the decision on your own, and do what is best for you.
Jerry
Well said! That is exactly how it is!
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It really does depend on the person and situation. We have a 73 year old on our crew. Still doing 12 hour rotating night shifts. He has more money than he'll ever need but he just won't retire.
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It really does depend on the person and situation. We have a 73 year old on our crew. Still doing 12 hour rotating night shifts. He has more money than he'll ever need but he just won't retire.
Is he effective?
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Is he effective?
Yes but he's really showing his age and he's a pain to work with very stubborn.
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I was a Firefighter for over 30 years in a Big City. It was a great career but a knee injury made me realize it's a young Man's job. As an Officer I had to lead a crew of 4 others into battle and I knew I was loosing a few steps every year. I have been retired now for 3 1/2 years now. I miss the firehouse and the Men and Women I worked with. But I REALLY LOVE BEING RETIRED!!!
Be Safe
THE DAWG
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My original plan was to retire at 55, 3 years from now. However my wife got laid off from the mortgage loan side of Banking when the housing market crashed in Feb of 08. She could not find a good job by May so I said take the summer off we will enjoy it. We had a blast with my schedule being work 21 days get 21 off. So at the end of the summer we decided she would substitute teach some teach motorcycle safety a few times a year. And that I would work until 65. Not a bad thing as we get to do lots lot travel and I have lots of time off.
If it gets to where I hate my job, then I will retire. However right now, working half a year is not bad, and we get to take four or five motorcycle trips a year, and such.
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I will need money to live on and I do not have enough put away yet. I am 55 and will most likely need to work till 65 to have enough money to keep me up where i want to be. Fortunately for me I work for myself and I like my work, most of the time. This retirement issue is immensely personal and some want it more than others. When money is not the chief consideration the level of love or hate with the work seems pivotal.
I sure am glad I don't hate work because love it or not I still need it. I can not imagine retiring at 55? I am just to young for that. :D
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I am 60 and my wife and I have thought about this a little but have not made any real plans, decisions or even set a timetable yet. We have enough for sure, but as long as where I work wants to keep paying me this much for something I really like to do I feel obligated to take their money.
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Almost 58 and my wife and I have talked about retirement. As mentioned earlier each situation is different. My wife is younger than me so I plan work a little longer to maximize the retirement and she can retire early. We will sell several houses and probably stay at the lake house we love. We plan to have enough income to allow us to enjoy life and take a few trips every year.
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Been retired for 49 days, this is definitely the best job I ever had and I had a good job the last 26 years and never really had a bad or hard job. 62.5 years old, been planning since age 35 to the day. Had counters on my cell phone for years and could not wait, it has exceeded all my expectations. BUT make sure you are planning, get a good investment guy that you trust and do what he says, I got two opinions, they were so close that I went with first guy and stayed. I did not wish to change my way of life or downsize as some do, that was why it took to 62.5. Decided years ago that I would not touch SS until 70 and then it should become trip/fun money only. I was very lucky that my employer pays my health until 66 and then all but 20% of supplemnt. SO I enjoy and recommend it to all!
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We own a family business. I have been semi-retired for two years. I am 54 now. I don't participate in the day to day operations but still offer guidance and counseling to those that do. I think full retirement might make me crazy. I like having something to keep my mind busy. Even if it is only a few days here and there. It is nice to be able to just get up and go when I get a wild hair to ride.
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Is he effective?
I'm a person that believes work ethic not age makes the difference in getting the job done. I'm 67 and guarantee I can work more effective, longer and smarter than guys half my age. I could have stayed working but since we invested in a storage facility 20 years ago and I max out in Social Security we made the decision for me to retire. My wife who is 11 years younger and much better looking than me still works part time at this point. By next year I think she too will retire its up to her.
I say if you want to retire do it, there are no do overs in life.
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I'm a person that believes work ethic not age makes the difference in getting the job done. I'm 67 and guarantee I can work more effective, longer and smarter than guys half my age. I could have stayed working but since we invested in a storage facility 20 years ago and I max out in Social Security we made the decision for me to retire. My wife who is 11 years younger and much better looking than me still works part time at this point. By next year I think she too will retire its up to her.
I say if you want to retire do it, there are no do overs in life.
Nothing wrong with that but understand that when your health starts to decline, decision making included, you are putting the rest of the people around you at risk. I work in a high speed manufacturing plant that can literally tear away limbs, digits, and even kill people if a serious lapse in judgement is made.
Until then, work and enjoy it.
Jesse
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I agree Jesse if a person has poor health or makes bad decisions it's time to go. I come from a metal stamping/special machine and tooling background where a mistake can cost you you hand, arm even your life. I have been in plants where people were actually flattened when 40,000 pounds of steel sheet was dropped on them. Had a customer lose an arm most of the way to his shoulder reaching into a running press around a guard on the back of a machine. A manufacturing plant is no place for those that are not on the ball.
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I have seen so many family and friends that have retired and got so obsessed with money due to worrying about loss of income that they eventually stopped being active so they didn't need to spend money and the "slide" was fast and scary. For those of you that are race fans, watch Roger Penske this weekend. Almost 80 yrs old and works 80 hours a week and runs the most successful race team in the history of the sport involved with every single aspect and detail of that team. Listen to him talk in the multitude of interviews he will be doing this weekend and he is as sharp as any 20 yr old (not that I have met many sharp 20yr olds but to make the point..) you will ever see. A guy like that who is one of the wealthiest guys on the planet certainly doesn't do it for the money. IMHO very inspiring..
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That's why he still works, he loves what he does. I've never been at a job like that so I'm gone when it's feasible.
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That's why he still works, he loves what he does. I've never been at a job like that so I'm gone when it's feasible.
I agree with that but I guarantee he doesn't love every day. I don't want to be "Polly Anna" but as I tell people I work with, every job has its good days and bad days/good aspects and bad aspects but if you are challenged and win more than you lose, why stop until you either lose your effectiveness or you start losing more than your winning.
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I agree with that but I guarantee he doesn't love every day. I don't want to be "Polly Anna" but as I tell people I work with, every job has its good days and bad days/good aspects and bad aspects but if you are challenged and win more than you lose, why stop until you either lose your effectiveness or you start losing more than your winning.
I can agree with that. I have a lot more good days than bad but making steel quick open ends just doesn't get me feeling to accomplished. At least until I get my next check lol.
Jesse
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I can agree with that. I have a lot more good days than bad but making steel quick open ends just doesn't get me feeling to accomplished. At least until I get my next check lol.
Jesse
I get it. Today I definitely "lost"..
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I agree with that but I guarantee he doesn't love every day. I don't want to be "Polly Anna" but as I tell people I work with, every job has its good days and bad days/good aspects and bad aspects but if you are challenged and win more than you lose, why stop until you either lose your effectiveness or you start losing more than your winning.
I agree 100% Alan. And oh.....by the way.....I'm loosing my effectiveness so retirement is looking real good right about now. :bananarock:
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I agree 100% Alan. And oh.....by the way.....I'm loosing my effectiveness so retirement is looking real good right about now. :bananarock:
If that's all you lose, JC, you're ahead of the curve.... :2vrolijk_21:
Retirement.....what is that? P.P.P.P.P.P is a great motto so I'm praying my investments today will be good for that retirement day....whenever that may be
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When what I do ain't fun anymore. Don't think that will happen anytime soon. 8) Later--HUBBARD
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Carl you men you do not have a Golden Spoon in you mouth like I do and can retire when you reach 35 :nixweiss:
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'Fraid not, there hogasm. And 35 was 30 years ago! :nixweiss: Later--HUBBARD
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When the company you work for says they are downsizing and lets you go. Then they hire 2 young people for less total than they were paying you. It may be time to think about retirement.
Don't ask how I know this.
Mike
:drink:
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I'll drop dead drilling on a tooth. ;D
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How do you know it is time to retire?
When you get sick & tired (of work) it's time to retire. :)
:pumpkin:
Ride Safe,
Fired00d
:fireman:
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How do you know it is time to retire?
When you get sick & tired (of work) it's time to retire. :)
:pumpkin:
Ride Safe,
Fired00d
:fireman:
Then you must really love your job
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Then you must really love your job
That... or really be :zstupid: :huepfenjump3: :huepfenjump3:
:pumpkin:
Ride Safe,
Fired00d
:fireman:
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That... or really be :zstupid: :huepfenjump3: :huepfenjump3:
:pumpkin:
Ride Safe,
Fired00d
:fireman:
:ROFLOL: :ROFLOL:
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I just want to thank you for posting this. I wrote out a completely different reply. I realized that it was too personal to post but it got me thinking about things. I'm only 49 and it's time for me to put some careful thought into planning for my future. I've already prepared myself but is it enough?
I remember back in the early 70's. My father had a friend who was worth $1,000,000.00. He was in his early 30's and he retired. Back then, a million dollars was worth a lot more than today and he thought he was set for life. By the mid 1980's he had to sell his home, rent an apartment and reinvent his entire life. The scary part about retirement (for me) is not knowing how much is enough; especially in today's unstable economic economy.... and especially since I live in California.
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If you can swing it go for it! I have never seen a armored car at a funeral home! Enjoy life to the fullest everyday!
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I decided last year this was the year I would attempt to retire. I have been working since I was 14, which means I have been working 43 years. I think thats enough. I have been watching friends and colleagues drop like flies and while I'm only 57 yrs old, I want to enjoy my retirement while still physically able. Ten years ago I was looking at never being able to retire, thats not the case anymore and have built up a good family business which I can turn over to my sons. I took into account the value of the business as well as my savings to date and other assets and have decided i can retire and live decent til SS and retirement accounts are available. Why wait if you don't have to. I've achieved everything I wanted to at this point in life, time to enjoy it. So, we sold the house, liquidated most of our possessions and are living life in our motorhome. So far so good.
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This part of Jerry's reply says it all - People who have no outside interests or hobbies may have a very hard time adjusting to not going to work every day, while those who do have other interests and friends outside the workplace will likely do much better. And of course some people love what they do and can't imagine giving it up, while others are worn down and burned out and really need to get out for their own mental health.
Retirement is a personal thing. I started working toward retirement at 62 and now am 73 and just returned from a 1500 mile motorcycle trip over 7 days.
I am blessed with good health. I have seen so many retired/working persons who say, "one day I would like to" Don't become on of those people. One day you wake up and it's over. No, you're not dead, it's just over. Do it now while you are healthy and able to do things unassisted.
There is nothing wrong with continuing to work if that's what you enjoy. But, don't kid your self, you can't still do it better than someone half your age. Not true in any endeavor. Including motorcycle riding.
JMO.
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Retirement? when your pension check allows you to have fun and most of your big stuff is paid off, being retired and no alarm clock takes careful planning and discipline IMO
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When I check those numbers and they all match. :P
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I think I'm developing anal glaucoma...coming off three weeks vacation and retiring 12/31/15. Gonna be tough going back to work on Monday!!
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When AARP says you can...