Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Retiring gradually
Old 08-23-2007, 02:47 AM   #1
Moderator
Ronstar's Avatar
 
Join Date: Aug 2007
Location: A little ways southwest of Chicago
Posts: 9,356
Retiring gradually

I found this forum yesterday and met with a financial planner today. There are some great tips here. My wife and I are retiring in 4 yrs when we will be 56/57. But I'm starting now - I'm cutting back to 4 work days per week and eventually cutting back to 2 days before full retirement. I don't want this to be a total shock.
__________________

__________________
Ronstar is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-23-2007, 02:54 AM   #2
Dryer sheet aficionado
 
Join Date: Aug 2007
Location: san francisco
Posts: 46
Congrats on your progress so far Ron. Meeting with a financial planner is a great way to keep you on track and accountable.
__________________

__________________
afteriretire.com
CourtneyC is offline   Reply With Quote
Old 08-23-2007, 03:59 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
Welcome Ronstar. Good to have some company. DW and I are in a similar situation to you.
__________________
chinaco is offline   Reply With Quote
Old 08-23-2007, 06:54 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,646
Your are missing half the fun -- cold turkey is like diving into a warm pool.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Ron, we are in a similar situation
Old 08-23-2007, 08:19 AM   #5
Recycles dryer sheets
DougViages's Avatar
 
Join Date: May 2007
Location: Belmont
Posts: 160
Ron, we are in a similar situation

My DW and I are 55 "ish", and both still FT in professional jobs. We both have approached our employers to arrange reductions in our sechedules to three days per week. We see this structure continuing for two years, to FIRE at that time. We've taken advantage of the coming "free" time with trips planned to Greece, Hawaii, and Mexico, and two cruises, all in the next 8 to 9 months. We both have some passions to reconnect with, so the prospect is very appealing.
__________________
DougViages is offline   Reply With Quote
Old 08-23-2007, 12:32 PM   #6
Recycles dryer sheets
lightspeed's Avatar
 
Join Date: May 2007
Posts: 135
I think slowing down gradually is a good strategy for some. I want to "taper" also. The reasons I went into my field are still there and still very rewarding, but as I've gained seniority, the administrative burdens and politics of my work make it miserable at times. I hope when I reach FI and start tapering I can dump all the responsibilities that make my work life intolerable and start enjoying what I do again, albeit on a part-time schedule.
__________________
lightspeed is offline   Reply With Quote
Old 08-23-2007, 01:14 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Jul 2003
Location: Pasadena CA
Posts: 2,695
While I am personaly more inclined to stop totally there is a large group of people who prefer the gradual process. One book to check out is Bob Clyatt's "Work Less, Live More".
My wife retired from teaching enjoys working 4 or 5 hours a week to keep in contact with her school.
As long as the finances are going in the right direction whatever amount of work you want is fine. In fact IMHO the goal is financial independence more than actually retirement from work.
__________________
T.S. Eliot:
Old men ought to be explorers
yakers is offline   Reply With Quote
Old 08-23-2007, 05:14 PM   #8
Moderator
Ronstar's Avatar
 
Join Date: Aug 2007
Location: A little ways southwest of Chicago
Posts: 9,356
Thanks for the replies and warm welcomes. It seems like a lot of people here have similar situations. I like the "taper" approach - the financial planner said that some people going cold turkey need counseling to adjust
__________________
Ronstar is offline   Reply With Quote
Old 08-24-2007, 04:27 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
Quote:
Originally Posted by Ronstar View Post
Thanks for the replies and warm welcomes. It seems like a lot of people here have similar situations. I like the "taper" approach - the financial planner said that some people going cold turkey need counseling to adjust
I went cold turkey with smoking about 25 years ago.... did the same with FIRE... 1st one took, 2nd one seems to be taking with MUCH less 'pain'. (1 month 23 days).
I can't even figure out what the problem would be ... but that's me.
I've always been a little 'slow'. :
__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Old 08-24-2007, 09:58 AM   #10
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Welcome to the board Ronstar. Glad you found us and decided to introduce yourself.

Retirement is a great time in life provided on has done their homework and has the means to live comfortably. Some seem to be able to jump right in after quiting their job and never look back while others need to slowly ease into it as they adjust to the differences in schedules, lack of a paycheck, and "having to find your own entertainment" every day.

The emotional change going from working full time to not working at all can be a shock to some folks who are defined by their jobs or their workplace. Those folks need to transition or they will be lost due to lack of "recognition" through their loss of title, pecking order in an organization, power over others or over things, and the social environment of the workplace.

Remember, you retire TO something....not AWAY from work. If you don't have some specific idea of what you want to do the rest of your retired life you will be bored and unhappy.

The financial part is a big piece of it too and making sure you "have enough" is also a very key homework item. Not just the total amount but also how you will cash it out to pay for daily living expenses; how you will keep your nest egg growing; how you will minimize taxes so you don't overpay; etc. Getting your "enough" amount is tough but spending it properly can also be a challenge.

Good luck and again welcome to the forums.
__________________
Work? I don't have time to work....I'm retired.
SteveR is offline   Reply With Quote
Old 08-24-2007, 10:27 AM   #11
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Quote:
Originally Posted by SteveR View Post
The emotional change going from working full time to not working at all can be a shock to some folks who are defined by their jobs or their workplace. Those folks need to transition or they will be lost due to lack of "recognition" through their loss of title, pecking order in an organization, power over others or over things, and the social environment of the workplace.
Steve put a far more negative spin than I would on reasons for "transitioning" rather than cold turkey retirement. Each of us has a different work experience.

There are many of us who wish to transition (rather than stop all at once) because we actually like our jobs. We want to preserve a hefty dose of those positive rewards while constructing a more balanced lifestyle. In my case, I truly enjoy many aspects of my job, but I don't like doing them 60+ hrs a week, plus rotating nights and weekends, limited time off.

My plan is to transition by cutting back my hours, taking a position with less of the adminstrative tasks I enjoy less, and focusing on what I find rewarding and meaningful. If I can do this 2 or 3 days a week with no weekends or nights it would be a wonderful transition for me.

So, transitioning is not always due to negative factors, but can be an ideal way to achieve balance. Guess I'm just fortunate to feel that way.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Old 08-24-2007, 07:42 PM   #12
Moderator
Ronstar's Avatar
 
Join Date: Aug 2007
Location: A little ways southwest of Chicago
Posts: 9,356
Quote:
Originally Posted by Rich_in_Tampa View Post
So, transitioning is not always due to negative factors, but can be an ideal way to achieve balance.
Balance is exactly why I want to taper. I have tons of things to do around the house that cant get done if I'm working 40 hrs a week. I like doing things around the house, but then again I dont want to spend 40 hrs a week working around the house either. After a week of "vacation" doing landscaping, painting, etc I can't wait to get back to work.
__________________
Ronstar is offline   Reply With Quote
Old 08-24-2007, 07:54 PM   #13
Moderator
Ronstar's Avatar
 
Join Date: Aug 2007
Location: A little ways southwest of Chicago
Posts: 9,356
Quote:
Originally Posted by SteveR View Post
Remember, you retire TO something....not AWAY from work. If you don't have some specific idea of what you want to do the rest of your retired life you will be bored and unhappy.
I know - I get bored on days off when I dont have anything scheduled to do. I cant sit around and watch tv or play on the internet all day. I've got 4 years of taper to develop what I'm retiring TO. The taper also has another advantage over cold turkey in my case. My wife insists on working 4 more years to maximize her pension and she'd be po'd if I retired cold turkey before her. She doesn't really object to my taper plan - probably because I'll get more of my home chores done and I'll still be working.
__________________

__________________
Ronstar is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What stops you from retiring early? bongo2 Young Dreamers 38 08-31-2007 01:02 AM
Retiring before 62 and social security... DallasGuy FIRE and Money 10 08-21-2007 02:11 PM
Mom is Retiring Vincenzo Other topics 5 03-04-2007 05:44 PM
Real retiring age of Spaniards highest ForeignExchange Life after FIRE 0 01-20-2006 08:58 AM
Retiring from the Military? FlowGirl Young Dreamers 11 09-17-2004 08:08 AM

 

 
All times are GMT -6. The time now is 12:44 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.