Turning 55 in May and pondering about retiring at the end of July / 2017

[gladiator280]

For years I couldn't wait ! Now that I am at the front door step , I am hesitating to pull the trigger .
Why ? Because I have no retirement plan and I don't think I will ever have one unless I retire .

But for now I have cold feet . Is this normal ? I read about the 6 stages of retirement . Truthfully I would like to relax and travel for a year but after that I wouldn't mind getting a job and getting back into it . What I am afraid of is that no matter how reliable or dependable I am , no one really wants to hire a 55 year old . Am I being foolish in this day and age when everyone seems to be retiring ? And there is a shortage of workers ?

Robert

 

[euro]

Welcome to the board, Gladiator!
Have you considered asking for a year of unpaid leave of absence from your job? May be out of the question, but depending on what line of work you are in, perhaps it is possible?

 

[38Chevy454]

Hi Robert, welcome to the forum. I've said it many times: you may have a job to retire from, but you need something to retire to. This is your case. There are many things you can do, travel is certainly one of them. There is also nothing wrong with working if you want to, maybe take a job doing something you enjoy, for the experience more than the money since you already have that covered.

Speaking of that, I assume you have some idea of your expenses and what your income will be? That is the first req't to determine if you are able to retire.

You might be in a good position to do some contract work. I do agree that it seems tougher to get a new job once in your mid 50's and beyond. Age discrimination does exist at some places. But with your skills and experience, contract work is a great way to work some, but then maintain flexibility.

 

[gladiator280]

Welcome to the board, Gladiator!
Have you considered asking for a year of unpaid leave of absence from your job? May be out of the question, but depending on what line of work you are in, perhaps it is possible?

Great idea ! However ; my company may not grant it but u never know . Now that I am thinking about it , I would be giving up a year's pension payments.

Robert

 

[gladiator280]

Hi Robert, welcome to the forum. I've said it many times: you may have a job to retire from, but you need something to retire to. This is your case. There are many things you can do, travel is certainly one of them. There is also nothing wrong with working if you want to, maybe take a job doing something you enjoy, for the experience more than the money since you already have that covered.

Speaking of that, I assume you have some idea of your expenses and what your income will be? That is the first req't to determine if you are able to retire.

You might be in a good position to do some contract work. I do agree that it seems tougher to get a new job once in your mid 50's and beyond. Age discrimination does exist at some places. But with your skills and experience, contract work is a great way to work some, but then maintain flexibility.

Thank you for your words of wisdom.

Financially I have it covered . I can't go around throwing money away but am comfortable and worry free .

Robert

 

[Aerides]

One of the things to reckon with is what else are you giving up (besides a paycheck) when you leave your job and retire.

If you have a strong social network at the office, and define yourself by your career, don't have any sense of dread on Sunday evenings, you may have a harder time adjusting to ER. If you won the lottery would you still have the same cold feet?

If however, you have a robust life outside of work, with family, friends, hobbies and a sense of who you are that doesn't much include your title, it will be easier.

 

[gladiator280]

A new perspective of looking at retirement . Thank you .

I am starting to think I am a wiss. I have decided to hang in a little longer . The good thing is that I can leave with very short notice with an unreduced pension at any time from July 17 / 17 onwards . So I don't know why I am pondering so hard . I am just going to relax on the idea of retiring . I know I will do it soon so I am just going to take it easy .

 

[Al18]

You might consider taking the month of August off to try retirement out.

 

[gladiator280]

You might consider taking the month of August off to try retirement out.

I have taken a month off as vacation before . It goes by quick and I have kept myself busy . I wAs more afraid after one year what it would be like when no one wants to hire a 56 year old .

I am very healthy and by no means obese . I come from a great
Genetic pool plagued with no health issues . My great grandparents lived well into their 90 's.

So I guess I can always do my own thing . I come from a family of labourers .

 

[Blue Collar Guy]

my retirement office was on the 19th floor, when the elevator got there i could not get out, i pressed the button to go back down, when i returned to my work pals they said that was fast, i said i didnt do it, the next day an old pal from work rode up with me and held my hand as i put in my papers. they all said there is life out there besides this, so yes cold feet for me was an understatement. good luck with what ever you choose to do

 

[Car-Guy]

FWIW - I was FI and planned to retire at 55 when I reach full retirement status with megacorp. When I got to 55, I looked at all the money I'd be leaving on the table so I decided I'd work another couple of years. When I got there I ended up staying another 3 years and finally retired at 60.

The extra money is nice, but as I've said many times on this board, I'd gladly give the money back I earned in my late 50's to have those years back to use in retirement.

My employer even told me I could come back to work after 6 months if I wanted. I didn't say no (left my options open, just in case) but I had no intentions of going back and never did. I got several consulting offers the first year too from other companies but never really considered those either. I guess I was really ready to go.

To be honest, the extra money isn't going to do me any good but those extra years would. YMMV

 

[TGL405]

You're not alone. Sort of going through the same things. One day feel like I just have to get out and the next day think "I can do this awhile longer while the money keeps accumulating".
Then I read Car-Guy's post....

 

[brucethebroker]

It doesn't have to be black and white...fully retire, or work more years.

I agree with suggestions to take a year off-no parachute, just walk away. Clear your head, travel, get used to life without alarms.

You can always work. Maybe not making as much $ as you do now, but you can always work. The secret is: you no longer need as much money as you are now earning. Perhaps never work again-OK. Maybe work for less or only PT at something you will really enjoy-also OK. Look at the options.

I have a friend who "retired" to FL and drove a shuttle bus for an upscale resort for about 3 years, very part time, and he loved it. BUT, after about 3 years, he considered even that job a hassle, so he quit and never worked again. But the security of having some little job waiting was very important to him when he pulled the trigger on retirement. To each his own....

 

[O2Bfree]

I'm kind of in the same boat. I've reached my financial goal early, but didn't plant to retire before age 55-1/2, which I'll be at the end of the year. But I can already feel myself getting cold feet, O MY, One More Year syndrome! It's mostly the healthcare thing that's making me nervous. So I'll probably hang in there a little past 55-1/2, but will take some extra vacation days, unpaid, if I can swing it at work.

 

[gladiator280]

Yes I keep thinking about it every day and am feeling like I am going mad . It must not be my time or I would know it. However; I feel like it's a calling . I must go . I really don't know what is wrong with me . I will be pensioned off.

 

[2017ish]

...

The extra money is nice, but as I've said many times on this board, I'd gladly give the money back I earned in my late 50's to have those years back to use in retirement.

...

To be honest, the extra money isn't going to do me any good but those extra years would. YMMV

This. (which is nicely embodied on a "time > Money" tombstone cartoon that pops up here regularly).

Easier for us, as DW has sufficient retirement plans to take us from our 50s to our 70s and beyond. But don't wait too long to put together your expectations for retirement years--they won't last forever and it would be a shame to waste the years of preparation that you've done.

 

[gladiator280]

Sound advice as like many other posts . I am glad I
Joined this forum

 

[Terryjm51]

I am 55 and half .. same thing here I have already told them I am out this year at birthday. But I am worried too, large salary, do I have enough firecalc says yeah....plan on working part time with my sons Business once I am gone.
Walking away after 31 years is hard no doubt.


Sent from my iPhone using Early Retirement Forum

 

[rjsob58]

Yes I keep thinking about it every day and am feeling like I am going mad . It must not be my time or I would know it. However; I feel like it's a calling . I must go . I really don't know what is wrong with me . I will be pensioned off.

This is my 2 cents and it may be worth exactly that. Your quote above sounds like your gut is telling you it is time, but your head is making you question it. Trust your gut.

 

[Argus]

I'm FIREing in June at 55 and my perspective is that I'm not looking at the future as a linear path. My intention is to start doing what I've wanted to do for years and that will require me getting some additional education. It's not a 2nd career, it's just something different and hopefully personally fulfilling.


Consider combining travel with a purpose - archeology, environmental, etc. You never know, maybe something will trigger you into an area of interest that you never realized you had.


Regardless, maybe not look at retirement as a linear path which at the end is... well, the end.

 

[Teacher Terry]

3 of my good friends died between 59 and 67 so life can indeed be short. I always used to say when I was working that if I died before I retired I was going to be pissed off.

 

[Carpediem]

I always used to say when I was working that if I died before I retired I was going to be pissed off.

I told DW *exactly* that last night!

 

[VFK57]

I retired at 55 due to health problems are in direct conflict with physical fitness of top level required to do HVAC work. I tried to get a related to my training and experience sedentary job with no result. I am sure that age discrimination is wide spread almost in every country and US is no exception. I would rather be healthy as it was in my 30s but there is no regret that I had retired. I have seen many friends and relatives who died before retirement while detailed planned for it. Enjoy your life while you can.

 

[supernova72]

Another FWIW here. My Megacorp retired me at 55 which was somewhat unexpected so my 60 days to prep for it were not quite enough for me (I wanted to work 2 more years).

Now 8 months into *ER* I"m still adjusting to the free time after 31 yrs of M-F and commuting etc.

What I've found is there are jobs out there if you want to work retail for $11 an hour or if someone would bring you back on full-time corporate again---but seriously age discrimination is real.

Our winters are long here in Seattle so I chose to start traveling some which has been very cool. You meet folks who don't talk about work much at all (I was in Nicaragua, Colombia next).

My other advice which others have mentioned is having a landing spot hobby wise or PT job wise. For me the best part is more family time and sleeping in a bit after getting up at 6:30am for 31 yrs. I don't miss the Seattle are commute either or going to Costco on a Wednesday at 2pm. Ha. Cheers!