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[HebrewHarley]

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?

[VaEagle]

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.

[Para Bellum]

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.

[TNCarters]

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.

[dinosaur]

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

[catahoula58]

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!

[mark]

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.

[Chains]

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

[Jswerve]

Chains,  sorry about your friend. What's social security? I'm guessing I'll never know.

Enjoy your retirement, you earned it.

Jesse

[grc]

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

[brassspike]

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!

[Jswerve]

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.

[SDCVO]

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?

[Jswerve]

Is he effective?

Yes but he's really showing his age and he's a pain to work with very stubborn.

[DCFIREMANN]

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