I am a physician who is planning to go cold turkey later this year at age 52. I hear tales of some MD's who "go crazy" after a few months of golfing, etc. and find that whatever hobbies they had to escape to are no longer as invigorating now that they have nothing to escape from. A study based on a survey of 238 retired MD's in LA published in Western Journal of Medicine in 1993 found most retired MD's happy and concerns about emotional distress and boredom unfounded. (first author was Virshup) I realize that was a very different time and an older set of MD's, but I cannot envision myself having any problem with that aspect of retirement. My job is very high stress, time consuming and yes, rewarding. But time off is better. When I realized that the worst days off -and that included being home sick with the flu-still seemed better than the best days at work, I knew I needed an early exit strategy. Burned out? Charbroiled.
I really am not concerned about the not working aspect of retirement. Maybe I am lazier than my colleagues. Maybe I never loved my work the way they may have or still do. Maybe I have confidence in my abilities to engage myself in whatever the task, in this case repurposing myself and my time. We will see how that part works out. Financially, we should be more than ok without compromising our lifestyle, depending on the health insurance. With my wife wanting to keep working, it is a non issue as long as she still feels that way. If/when she quits, it could potentially force us to examine downsizing our house, but we were planning to do that anyway sometime in the next 5- 7 years. We even refinanced to a very low(2.75%) 7 year ARM -30 year loan on our remaining mortgage, to make us seriously think about in that time frame. We should be fine even worst case if we had to pay off the remainder in 7 years or let the rate float up...but we both have Zero desire to maintain the big fancy house lifestyle beyond getting our youngest out of high school (2 more years). That change, when it comes, should both lower our expenses and give us a tidy cash infusion/cushion to deal with some of the unknowables.
I intend to keep lurking and posting here, but for now all I can do as a fellow physician is relate to your thoughts and concerns.