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Hi, I'm sooner
Old 07-12-2006, 02:48 PM   #1
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Hi, I'm sooner

I'm sooner, like retiring sooner than I thought I would, 55 years old. I'm a GM worker who's plant is closing. The early incentive GM offered is ok but I would have liked to work more as skilled trades. Have any of you been almost forced into early retirement? Was it a good thing?
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Re: Hi, I'm sooner
Old 07-12-2006, 03:02 PM   #2
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Re: Hi, I'm sooner

Quote:
Originally Posted by sooner
Have any of you been almost forced into early retirement? Was it a good thing?
sooner, unclemick will be with you in a moment. Please have a seat and relax while we locate him.

http://early-retirement.org/forums/i...3858#msg153858

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Re: Hi, I'm sooner
Old 07-12-2006, 05:50 PM   #3
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Re: Hi, I'm sooner

Heh heh heh heh - I'm back - the cable company had an er hiccup - and didn't tell me - plus I'm not an IT cat - so it took a while to figure out the modem was not plugged into the surge protector. After moviing the desk/tv and other stuff - I traced the wire to it's outlet - unplugged/repluged and the buzzard finally reset.

So now - what was the question

300k - plus a 50k duplex in 1993 - canned at age 49 with 16 weeks for 23 yrs with the company(gold watch at 20 yrs not engraved). She worked another 1 yr(30k/yr). I did a temp 1 yr around 95.

It helps to become a really, really cheap bastard.

heh heh heh
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Re: Hi, I'm sooner
Old 07-12-2006, 06:23 PM   #4
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Re: Hi, I'm sooner

Kept saying 1 or 2 more years I'll quit. Things would always come up, besides college, college,wedding, or such. Now that it's here I don't feel really prepared. I worry that I had to much identity wrapped up in my job. Also, more than 40% cut in income is a shock.
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Re: Hi, I'm sooner
Old 07-12-2006, 06:57 PM   #5
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Re: Hi, I'm sooner

Quote:
Originally Posted by sooner
Kept saying 1 or 2 more years I'll quit. Things would always come up, besides college, college,wedding, or such. Now that it's here I don't feel really prepared. I worry that I had to much identity wrapped up in my job. Also, more than 40% cut in income is a shock.
Maybe you aren't prepared but the nice thing is now you will have lots of time to get that way.

Your last sentence tells me you might be focusing on the wrong end of the equation. The first question isn't income, it's "what are my expenses"? Followed by "do they need to be cut"? And assuming the answer is yes, "how do I go about doing that"?

Have you run any numbers through FIRECalc to see what results you get?

Given any thought to semi-retiring and continuing to work part time? ESRBob, one of the posters here, wrote a book on the subject, "Work Less, Live More". You may be able to find it at your local library or you can order it by clicking the link at the lower right of the page.

I'm not sure how much time you've spent reading this forum, but there have been many, many discussions on all of these subjects, including understanding why work is work and life is something entirely different. Take a look around and check out some of the discussions to see if they offer any help.

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Re: Hi, I'm sooner
Old 07-12-2006, 07:07 PM   #6
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Re: Hi, I'm sooner

Quote:
Originally Posted by sooner
I'm sooner, like retiring sooner than I thought I would, 55 years old. I'm a GM worker who's plant is closing. The early incentive GM offered is ok but I would have liked to work more as skilled trades. Have any of you been almost forced into early retirement? Was it a good thing?
Sooner as in Oklahoma Sooners? I know there is a GM Plant in OK City so just wondered.
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Re: Hi, I'm sooner
Old 07-13-2006, 02:36 PM   #7
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Re: Hi, I'm sooner

After rereading my 2 posts I thought I sounded kind of a whiner. I don't mean to complain. I'm fortunate to have had the job working for GM. And have planned for retirement fairly well. It's just the shock, realization that it will happen in a few weeks. But, the closer it gets excitement is starting to take over from the anxiety.
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Re: Hi, I'm sooner
Old 07-13-2006, 02:47 PM   #8
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Re: Hi, I'm sooner

Ok, I can't hold back any longer.

Sooner (or later) we all are faced with retirement. The fact that it hit you Sooner rather than later might be a good thing. As long as you are prepared mentally and financially for it you should do well. If you still need (or want) some additional income for a while then by all means find some kind of work that you will enjoy doing. It can be part time, seasonal or even a series of different jobs to find what you really would like to do for a while. Part time work is still part time retirement.
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Re: Hi, I'm sooner
Old 07-13-2006, 03:48 PM   #9
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Re: Hi, I'm sooner

Agree fully. This does not have to be an 'all or nothing' proposition. Indeed, I think it is healthy to simply view this event as an opportunity to try lots of different things, including part time work if that is what you would enjoy.
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Re: Hi, I'm sooner
Old 07-15-2006, 08:28 AM   #10
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Re: Hi, I'm sooner

Maybe this is in the wrong area for this post but my financial concern, besides the initial blow to weekly pay is investments. I won't be able to tap in to 401k or IRAs for three and a half years. Also, in the past I've been fairly aggressive with assett allocations, nearly all stocks few bonds. Now, it might be time too go almost opposite of that. I'm 80%/20% stocks to bonds.
As far as working part time although I'm skilled those skills seem only needed in that one job. Don't really have a job I want, or at least can think of.
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Re: Hi, I'm sooner
Old 07-15-2006, 09:24 AM   #11
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Re: Hi, I'm sooner

Quote:
I won't be able to tap in to 401k or IRAs for three and a half years.
That is not true.

At 55 you can take money out of your 401K without penalty (still gotta pay income taxes!) and without restriction (like how much you can take out and when) if you terminated no earlier than the year you turn 55. This flexibility is worth considering before rolling an 401K over into an IRA. John Greaney writes about this (see below).

You can also use the 72T option to take a series of monthly payments (SEPP distributions--substantially equal periodic payments) from your IRA according to a schedule given by the IRS based on your age and statistical life expectancy (their table). Vanguard can set this up for you automatically. Once you commit, you must keep it up for at least 5 years. Again, see John Greaney's thorough explanation below:

http://www.retireearlyhomepage.com/wdraw59.html

You have more options than you think! Check it out.

However, if your investments aren't large enough to totally substitute for your income (is ~4% of your total pot per year enough?), start thinking about how to reduce your spending. Don't wait too long. Once the paycheck is gone, you can dig yourself into a hole pretty fast spending at the old accustomed rate.

Ed

[Edited to correct errors of fact and spelling and general stupidity.]
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Re: Hi, I'm sooner
Old 07-15-2006, 09:42 AM   #12
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Re: Hi, I'm sooner

Quote:
Originally Posted by sooner
As far as working part time although I'm skilled those skills seem only needed in that one job. Don't really have a job I want, or at least can think of.
If in fact there is a need (or significant benefit) to supplement your income for a few years, even by $5-10k a year, there are many part time options outside your career path. I am a retired project engineer/executive in the oil business and I can think of lots of things I could do on a part time basis (10-15 hrs a week) totally unrelated to my career -- from becoming a campaign manager for United Way, to working the tool dept of Home Depot, to becoming a home inspector, to mucking around in a plant nursery during the growing season, etc, etc.
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Re: Hi, I'm sooner
Old 07-22-2006, 07:56 AM   #13
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Re: Hi, I'm sooner

One week from retirement. Glad when it's over. So many people making a fuss, dinners and such. Want to make a routine but suppose I'll just let it happen. At times it seems like there are so many things I want to do and then there are times when I can't think of one thing to do.
One thing for sure I've decided to rollover the 401k(with Fidelity) to an IRA with Vanguard. Not sure about the allocation yet. I'm 55 and think it will be 60-40 stock funds to bonds.
Feeling about leaving the job change day to day. Really liked the job, probably wouldn't have left for 2-3 years, but downsized in a way. Still, it's exciting to think of the things to come.
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Re: Hi, I'm sooner
Old 07-29-2006, 07:09 AM   #14
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Re: Hi, I'm sooner

Well, today was my last day of work, officially retired. At a presentation of retirement plaques and stuff one of the other retirees was given a plaque with his service time of 60 years. He is in his eighties and seems to move like a much much younger man. I don't know what seems more interesting, the fact that he loved to work until such an age, or that he did. It's not like he doesn't have a life outside of work. He talks of the cruises he takes with his wife every year. He seems to be one of the happiest people I see at work. Don't know where this is going but it is something that I was thinking.
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Re: Hi, I'm sooner
Old 07-29-2006, 08:43 AM   #15
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Re: Hi, I'm sooner

Neat, I expect to join you in the retired ranks in 1 1/2 years. I know a number of folks who had 50 years of service. It was good that they liked their jobs. But mostly their health had run down so they were not getting in a lot of interesting activities inside or outside work.
Keep posting on developments in your retirement life.
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