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59 Year Old: Decisions,Decisions
Old 12-01-2010, 09:05 AM   #1
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59 Year Old: Decisions,Decisions

I found comfort reading the thread on Bad Job Situation.

I'm not happy with my workplace situation. I started obsessing this summer about early retirement scenarios. I've been to websites with retirement calculators and it seems that I could financially retire now. My wife is already retired early and has a pension and is taking Social Security since age 62. I'm 59 years old.

If I found another decent job, I would work at least to age 62.

I keep saying to myself that as long as I don't get fired, and I'm considering to retire anyway, remaining at work is a bonus for me, financially. However, I'm not enjoying life as I should.
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Old 12-01-2010, 09:30 AM   #2
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Hi Archman, and welcome to the forum!

You're in an enviable situation -- financially independent. If you'd like to keep working, I'd suggest putting your energy into finding the work you really want to do for the next few years. You have so many options available now. You need not be driven by the salary and you could consider less than full-time. This sounds like a great chance to look for something that you will find truly fulfilling.

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Old 12-01-2010, 10:15 AM   #3
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However, I'm not enjoying life as I should.
I planned on working to my SS FRA age of 66, but retired at 59 (after having some of the "challanges" you cited). This little cartoon was the reason why:
Attached Images
File Type: gif WhyRetire.gif (60.0 KB, 602 views)
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Old 12-01-2010, 10:31 AM   #4
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Quote:
Originally Posted by Archman View Post
I found comfort reading the thread on Bad Job Situation.

I'm not happy with my workplace situation. I started obsessing this summer about early retirement scenarios. I've been to websites with retirement calculators and it seems that I could financially retire now. My wife is already retired early and has a pension and is taking Social Security since age 62. I'm 59 years old.

If I found another decent job, I would work at least to age 62.

I keep saying to myself that as long as I don't get fired, and I'm considering to retire anyway, remaining at work is a bonus for me, financially. However, I'm not enjoying life as I should.
Welcome Archman, with any luck you could get fired and collect unemployment for 3 to 5 years.
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Old 12-01-2010, 10:52 AM   #5
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Welcome to the forums. Would you be okay if something happened to your wife and you didn't have her SS and pension income too? Do you have health insurance outside of work (still an issue and still $$)? If the answer is "yes" then IMHO you're good to go.
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Old 12-01-2010, 11:41 AM   #6
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Welcome Archman, with any luck you could get fired and collect unemployment for 3 to 5 years.
Hmmm..... I thought it be more like 6 months , perhaps with an extension.
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Old 12-01-2010, 11:45 AM   #7
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Welcome to the forums. Would you be okay if something happened to your wife and you didn't have her SS and pension income too? Do you have health insurance outside of work (still an issue and still $$)? If the answer is "yes" then IMHO you're good to go.
Well, my expenses would decrease by 75%

No, I don't have outside health insurance, and I took that into consideration. Health insurance expenses should be lower when we are eligible for Medicare.
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Old 12-01-2010, 11:47 AM   #8
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I was in a similar situation at my job before I retired. Things went south about 4 years prior. I know that the stress of the situation took a toll on my physically and mentally. Unfortunately, I was awaiting a pension and had little choice in when I could leave.

During that same time I had a severe case of Diverticulitis. I almost had to have emergency surgery and if I would have waited another day it is likely I would not be writing this. I had part of my colon removed a couple of months later to ensure such a thing would never happen again. I am retired now at 44.

Two years ago, almost to the day, I saw a friend and coworker for the last time. He thought he had the flu. It wasn't, he had an infection and by the time he went to the hospital it was too late. It ravaged his heart and he died. He was 47.

Tomorrow is not guaranteed. Life is too short to spend any of it doing things that do not make us happy. Sometimes it is unavoidable. Sometimes we do it to ourselves. If you are FI, retire. Too me its a no brainer. Leave that job while you and your wife are still young and healthy enough to enjoy yourselves and each other. Everyday you spend at the job you dislike is a day your are missing out on doing something you enjoy and spending it with someone you love.

Retirement isn't just about financial calculations. Money is nice, and some money is essential to being FI, but it's not the only consideration.
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Old 12-01-2010, 12:40 PM   #9
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Hmmm..... I thought it be more like 6 months , perhaps with an extension.

I have friends that have been milking unemployment for a few years now. Looks to me like the Dems and Reps will make a deal and extend unemployment for another year. That will bring it to 3 years with no end in sight. Pretty good pension if you can get it.
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Go for it
Old 12-01-2010, 08:19 PM   #10
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Go for it

Quote:
Originally Posted by flyfishnevada View Post
I was in a similar situation at my job before I retired. Things went south about 4 years prior. I know that the stress of the situation took a toll on my physically and mentally. Unfortunately, I was awaiting a pension and had little choice in when I could leave.

During that same time I had a severe case of Diverticulitis. I almost had to have emergency surgery and if I would have waited another day it is likely I would not be writing this. I had part of my colon removed a couple of months later to ensure such a thing would never happen again. I am retired now at 44.

Two years ago, almost to the day, I saw a friend and coworker for the last time. He thought he had the flu. It wasn't, he had an infection and by the time he went to the hospital it was too late. It ravaged his heart and he died. He was 47.

Tomorrow is not guaranteed. Life is too short to spend any of it doing things that do not make us happy. Sometimes it is unavoidable. Sometimes we do it to ourselves. If you are FI, retire. Too me its a no brainer. Leave that job while you and your wife are still young and healthy enough to enjoy yourselves and each other. Everyday you spend at the job you dislike is a day your are missing out on doing something you enjoy and spending it with someone you love.

Retirement isn't just about financial calculations. Money is nice, and some money is essential to being FI, but it's not the only consideration.

This is for Archman and flyfishnevada:

None of us know when our days are up. Basically you can subtract your age from about 80-83 assuming you are in average to good health, to get
a rough idea about how long you might live. I am 59 also, and I've done this. It's my own rough estimate of my mortality assuming I'm average.
I can not tell you how many co-workers I have seen die or be medically disabled before age 60. Now, this might have happened anyway even if they were retired, but I can tell you, working in health care, that constant
incredible stress takes its toll.
Do yourself a favor, and enjoy your loved ones now, even if it means your income may be less. Maybe a lot less.
I was happiest in my life when my wife and I were first married, and did
not have a lot financially.
I have raised 2 children who are independent, and would not mind going back to that earlier lifestyle again. Adequate money, decent healthcare, and less stuff, which we really don't need now either.
Believe me, and I've never been laid off or unemployed, they (the employer) won't remember or appreciate your work after you are gone.
It's only your colleagues who will remember your name, and what an asset
you were. I'm of the belief that things will work out, and you learn to live on what you have.
Don't wait until some major crisis happens in your life, and I'm talking about medical crisis situations.
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Old 12-02-2010, 08:42 AM   #11
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I retired from the military at 51 and from my second "career" at 58. I never found a whole lot of satisfaction from the several jobs I had after the military although they paid very well. I had a number I was trying to reach (in terms of portfolio value) before retiring early for good. I was about $100K short of that number and hated going to work every day. So one day I just said "screw it" and gave notice at work. In retrospect, my original portfolio bogey was higher than it needed to be, so things worked out. However, we military types have a couple of advantages that others don't: 1) guaranteed income stream from pension; 2) a medical plan.
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Old 12-02-2010, 08:52 AM   #12
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Originally Posted by gwix98 View Post
This is for Archman and flyfishnevada:

None of us know when our days are up. Basically you can subtract your age from about 80-83........

Then I'm way better off than I calcualted for. I was using an age expectancy of 100 years!

But, seriously, thanks for your insight.
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Living to 100
Old 12-02-2010, 07:52 PM   #13
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Living to 100

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Then I'm way better off than I calcualted for. I was using an age expectancy of 100 years!

But, seriously, thanks for your insight.
I doubt many of us males will ever approach anything close to 100.
Take a look in your local obits (yuk), and kinda look for a rough age for
men's death. Not many over 90 are there? And significant numbers under age 50. Yes, they tell us we are living longer, etc. I don't see it in practice. Cancer, heart disease, diabetesII,etc. My opinion, a lifetime
of stress, poor eating habits, and insufficient exercise are factors.

My dad lived to 88, but his last 5 years were not really my idea of living.
Feeding tubes, suspected strokes, inability to speak, and severe mental confusion. I work closely with physicians, and there is something to be said
about "quality of life". Do yourself a favor. Join your wife, and start truly living. Make it happen. JMHO Remember..tic,tic,tic
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Old 12-02-2010, 10:51 PM   #14
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[QUOTE=gwix98;1007248]This is for Archman and flyfishnevada: by gwix98

"but I can tell you, working in health care, that constant
incredible stress takes its toll."

Agree totally with this statement. I'm a registered nurse with a master's degree in nursing. After 30 years in health care...the last 15 years in health care administration, the stress was beyond belief. Retirement started for me after being laid off after almost 12 years with a non-profit health care system because the program I managed wasn't making enough revenue. I'm thrilled to be out...and hope that the years of stress haven't shortened my life span.
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Old 12-02-2010, 11:09 PM   #15
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Old 12-03-2010, 02:19 AM   #16
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I was happiest in my life when my wife and I were first married, and did not have a lot financially.
Me too, that will always strike me as one of life's great ironies. When I got my first job after college making $1275/month, I couldn't figure out how I was going to spend it all after living on about $300/month in college. I can't say I am happier now...
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Old 12-03-2010, 02:21 AM   #17
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Originally Posted by Coach View Post
Hi Archman, and welcome to the forum!

You're in an enviable situation -- financially independent. If you'd like to keep working, I'd suggest putting your energy into finding the work you really want to do for the next few years. You have so many options available now. You need not be driven by the salary and you could consider less than full-time. This sounds like a great chance to look for something that you will find truly fulfilling.

Coach
+1.
I'm in a somewhat similar situation, and Coach has given the answer I would have...
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Old 12-03-2010, 03:42 AM   #18
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+10. I could not have said it better - thank you Coach.

Quote:
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This sounds like a great chance to look for something that you will find truly fulfilling.

Coach
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Old 12-03-2010, 07:57 PM   #19
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[QUOTE=Silver;1007655]
Quote:
Originally Posted by gwix98 View Post
This is for Archman and flyfishnevada: by gwix98

"but I can tell you, working in health care, that constant
incredible stress takes its toll."

Agree totally with this statement. I'm a registered nurse with a master's degree in nursing. After 30 years in health care...the last 15 years in health care administration, the stress was beyond belief. Retirement started for me after being laid off after almost 12 years with a non-profit health care system because the program I managed wasn't making enough revenue. I'm thrilled to be out...and hope that the years of stress haven't shortened my life span.
Silver, I guess we won't know, but I can certainly see the years of aging
on my own face from constant stress each day. Along with the premature
early diseases which my parents did not face. My dad did live to 88, but
his active lifestyle, ideal weight, good diet, and non stressful lifestyle and
nature, served him well at least until he reached his early 80's.
Healthcare is a stressful calling. I work in a clinical lab and after 25 years
I can tell you it's only gotten worse. And the physicians are more demanding in part because they are stressed out themselves.
Really, the money is not worth it in my opinion, and with decreased reimbursements, the incomes are dropping from where they once were.
Here in Washington we have some of the lowest medicare reimbursements
in the nation, and some folks can't even find a regular Dr. to manage their
care.
Plus the complex management of all patients, and constant pressure to see
large numbers of patients each day, must get real old, as well as poor overall management of the individual.
I'm so happy it worked out for you. Never look back and enjoy your loved ones. I'm in the middle of making a decision similar to yours now, although, not related to layoff. We can't get enough medical technologists to do the
work. Quite the irony in a time like today.
My wife is a nurse, and even in the schools (school RN) the issues and case management is unbelievable. she can't wait to hang it up.

So 59 y/o start planning exit strategy and if you must get to 62 try your best at keeping your health and spirits up. GLTA gwix
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Old 12-04-2010, 12:55 PM   #20
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Rescueme..........LOVE the cartoon! It says it ALL!
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