Has anyone here retired and later wished they worked another year?

[Hiredgun]

Just curious since I'm getting very close to my retirement (freedom) date. From everything I've read, very few people regret pulling the plug, even years later. Some wish they had made the jump earlier.

With all the ups/downs of the economy and the unknowns (i.e. health costs, gas costs, brother-in-law asks for a loan, etc.), is there anyone who retired and then later says "I wished I would have worked 1,2,3.... years more" for the added cushion or just so you'd have more spare cash to do things you want to? Anyone?

Thanks,

 

[sanfanciscotreat]

Maybe if you were on a tight budget retiring into a market going down for 3 to four years.

 

[MichaelB]

Hello hiredgun. No second thoughts here.

 

[2B]

I worked with a guy that retired at 50. We had talked quite a bit about his financial situation without a lot of specifics. He never revealed his actual dollar amount but he was 70% equities. He wanted to retire to the Texas Hill Country but he didn't feel comfortable with the retirement income he felt he could take from his portfolio. He ended up retiring when he got a part time job at a hardware store not far from where he wanted to live.

After a year I talked with him. He was miserable. It was 2001 so he was "enjoying" watching his portfolio get trashed. He said the job he thought would be low stress wasn't. He said the other workers there were nastier than his original job (where I still was). They were constantly trying to get "his" hours to increase their income. He had to keep this job because he felt he needed it financially. He felt that if he had worked another 2 years it would have been more than he will make in two decades of working at the hardware store. He worried he'd lose the job and then be in a financial bind.

This was my first exposure to "early retirement." I had never really considered it as a practical option before him. His experience has certainly given me a reason to pause when I consider "when" for me. I ended up losing my position at that company not long afterwards which led me to a much lower paying one as a NASA contractor. That's where I eventually found this forum and discovered I was FI as long as DW was willing to accept the lifestyle. After a relatively short stint at NASA, I got back into a higher paying position more in line with my background. Wealth continues to build where DW wouldn't even notice a lifestyle shift. I am under no stress and get 5 weeks off every year which I have trouble getting DW to go on vacation that much. I am, however, getting closer. My reluctance is based on the absurd interest rates the Fed (who should all be tried for genocide) has forced on us "solvent seniors."

Bottom line -- be comfortable with your finances before you pull the cord. Any part-time or hobby income should not be part of the basic living expenses. If you get some, consider it "fun money."

 

[marko]

No regrets here! RE'd @53. Like so many, "...I don't know how I had the time to w*rk...."

I read the Obits every AM and read about classmates etc who were still w*rking...

 

[REWahoo]

Not a hint of regret here, although I did have a nightmare or two during the '08 -'09 market meltdown about the possibility of returning to work.

 

[2B]

Not a hint of regret here, although I did have a nightmare or two during the '08 -'09 market meltdown about the possibility of returning to work.

If I could replenish my fixed income with 5%+ CDs like I had in '07 I'd be gone. Unfortunately, they have all either matured or been redeemed by the FDIC when the bank failed.

 

[mystang52]

I've established my target retirement as somewhere between January and August 2013. However, being the worry-wart that I am I now of the mind-set that it'll probably be August (I do expect to go to a 3-day workweek come January). Those extra few months will give me the mental reassurance I need that I don't have after-the-fact regrets (i.e., from a financial perspective).

 

[SJ1_]

Just curious since I'm getting very close to my retirement (freedom) date. From everything I've read, very few people regret pulling the plug, even years later. Some wish they had made the jump earlier.

With all the ups/downs of the economy and the unknowns (i.e. health costs, gas costs, brother-in-law asks for a loan, etc.), is there anyone who retired and then later says "I wished I would have worked 1,2,3.... years more" for the added cushion or just so you'd have more spare cash to do things you want to? Anyone?

Thanks,

not me - the last few months I started to regret staying so long, esp. after
finding this site.
I also have a large cushion between savings and what I need to live on so
that is a factor.

 

[Walt34]

No regrets here either.

We moved away from the insane Washington, DC area traffic and neither one of us has to deal with cumbersome bureaucracies any more.

That said, while I stumbled into a job that for now is easy and pays well, and the unplanned-for income allows us to do some things we wouldn't have otherwise done, I have the freedom to leave whenever I want if things turn sour there. That alone is worth a lot.

 

[WB52]

I will FIRE in 16 days. I can give you an answer in 17 days. But so far, so good!

 

[samclem]

He said the job he thought would be low stress wasn't. He said the other workers there were nastier than his original job (where I still was).

I think a lot of us may mistake "low pay" for "easy." Sometimes it is, sometimes it ain't. And if you need the paycheck, it can be high stress. Those low-pay jobs many of us took in HS and college probably are just as unappealing now as they were then. If that's the only option, it's probably better to hang on a little longer and take advantage of being higher up the ladder. But that "little longer" part comes with its own risk.

 

[Dawg52]

Not a hint of regret here, although I did have a nightmare or two during the '08 -'09 market meltdown about the possibility of returning to work.

Same here. If I had known the market was going to tank shortly after retirement, I would have gone another year or two. But as most here, hung on and regained it all. I certainly have not wanted to go back to work due to boredom.

 

[martyp]

I am 15 months into ER and have no regrets. Of course, in my case I ER'd after the 2008 crash and though I took some losses I still had enough to make the decision to ER. The key, in my opinion, is to plan very carefully for the short term (say 5 yrs). You need to be really comfortable with your anticipated income and lifestyle. For the long term, you really don't know. Nobody does. FIREcal will give you some sense of the probabilities but you really just need to be flexible for the future.

 

[rothlev]

I did retire too early from teaching special education to get out from under the stress. I took an age reduced pension, figuring my dh would get a full CSRS pension, which he did. So , we have been fine, but I obsess about money all the time, . Now, I work part time for HR Block, just to avoid having to take any money out from savings, but for the pay I get it is not a cream puff job. It does keep my mind engaged which I most certainly need.

 

[akrono]

No Regrets and LOVING IT!

I'm now two years into retirement after 35 years in Law Enforcement service. I stayed longer than was required to build up the retirement portfolio but still got out at age 57. Some of my co-workers exited at the first opportunity, however, now find themselves working menial jobs to make ends meet due to rising health care costs.

I have absolutely no regrets about retirement. I am travelling, doing volunteer work and leaving plenty of time available for hunting, fishing, hiking, etc. Do your homework and run the numbers to make sure your retirement income is sufficient to meet living expenses for the future. If it is...GET THE HELL OUT and go enjoy life. Too many people stay around those extra few years then fall over dead or thier health deteriorates and they can't enjoy life.

I have not been bored a single day since leaving. As a friend once told me "only boring people get bored! "

 

[H2ODude]

I think the OP was primarily inquiring about working another year for financial benefits. I can't say for myself, but had a colleague who jumped early 08 and ended up back in the workforce, late fifties. I think most of us are paranoid about that and want to make darn sure it won't happen to us. Even though I have a cola'd pension and portfolio that generates almost twice after tax what we've been spending, I still wring my hands. Just my nature.

As for the other aspects, I know I'm going to be challenged when I actually walk out the door here, likely in a week or two. Complicated home situation so can't travel the way we'd like, but it's going to be tough to seek satisfaction sans a job. Work sucks, but it keeps me occupied. My plan is to just not sweat it for a while, look around, and find things I enjoy. Last night had a good discussion with DW about how different we are; she doesn't worry about a thing (leaves that to me!) but me? If I won the mega lottery I'd still worry about something! She just is one who lives in the moment and doesn't worry about things.

 

[Independent]

I retired at 59. Things haven't worked out as well as I expected (health and economic problems), but I'd still do it again.

The financial key was that we had a significant cushion. My projections said that we could cover 2x our normal expenses. So when bad times came we weren't stressed about paying for the basics. Had to give up some expected luxuries, but getting out of the rat race was worth it.

 

[rescueme]

In a couple of weeks (May 1), it will be five years that I have been retired.

Even though I've gone through the downturn of '08 (along with the downturns of the early 80's and the early 2K's), I've never had any regrets nor did I ever think that I should have stayed "that one more year".

Life is short (OK Nords, I'll pass on the cartoon ).

Financially, we'e doing OK; emotionally - even better (DW retired last Monday)...

 

[Midpack]

Of course you realize most people would be highly unlikely to admit to having second thoughts. And retirees who are second guessing retiring (early), wouldn't be likely to be ongoing members here. There is an (understandable) bias here by definition, nothing wrong with that. Sort of like asking on a Ford Mustang forum if members regret not buying a Camaro. People sorta expect to have their views reinforced here...

I have no regrets about leaving the career/job I retired from. It served me well but I'd had more than enough. But there are advantages and disadvantages to working and retirement in my short experience. I sort of enjoyed the daily interaction with 50± people (even if a few of them were annoying doofi), I have good interaction with people now but I can't match 50 people. I am not considering going back to work for the fun of it, but I wouldn't discount the idea entirely yet...

 

[Ed_The_Gypsy]

Just curious since I'm getting very close to my retirement (freedom) date. From everything I've read, very few people regret pulling the plug, even years later. Some wish they had made the jump earlier.

With all the ups/downs of the economy and the unknowns (i.e. health costs, gas costs, brother-in-law asks for a loan, etc.), is there anyone who retired and then later says "I wished I would have worked 1,2,3.... years more" for the added cushion or just so you'd have more spare cash to do things you want to? Anyone?

Thanks,

It appears to me that you have not visualized your retirement adequately. If you are not ready, do not do it. You will be lost. You will be unhappy with your loss of status.

Do not retire. You will not be happy.

 

[scrabbler1]

Just curious since I'm getting very close to my retirement (freedom) date. From everything I've read, very few people regret pulling the plug, even years later. Some wish they had made the jump earlier.

With all the ups/downs of the economy and the unknowns (i.e. health costs, gas costs, brother-in-law asks for a loan, etc.), is there anyone who retired and then later says "I wished I would have worked 1,2,3.... years more" for the added cushion or just so you'd have more spare cash to do things you want to? Anyone?

Thanks,

No way. I hung around as long as I did (working part-time, having reduced my weekly hours worked for a second time the year before I left) just to see my company stock value grow to a level I needed it to be before I could leave. That was my goal, to have the desired cushion of investment income over expenses.

I have had to tweak my budget a few times since I ERed in 2008 but these changes were always seen as possibilities.

 

[Andre1969]

My stepdad just confided in my last week that he wished he had stuck it out another year. He and my Mom both retired in 2011. She went out at the very beginning, at the age of 62, with 42 years of service in the federal gov't. My stepdad was burning out at his job, and finally took an early retirement a few months later, at the age of 58.

Their original plan was to move to Florida, where they have a second home they purchased about 10 years ago. However, his Mom got sick and has been in and out of the hospital alot. And my Grandmom still has her good days and bad days, so between me, my uncle, and my Mom, we do the best we can to get her in for her doctors visits and such. And to top it off, my Mom has a horse that's about 25 years old, and needs a lot of medication. They thought it was going to die, but it's doing better now.

Anyway, a year ago, my stepdad didn't think he'd still be up here in Maryland, one year later. And he told me that if things were going to play out this way, he would've preferred to have just kept working, bringing in more money, and padding his retirement a bit more.

But then I reminded him...isn't it nice to be able to get up when you want, go where you want, take the time do do things you couldn't before. Isn't it nice to not have the 130 mile round-trip commute?

And isn't it nice to no longer be stuck in a job you hate, typing page after page of "All Work and No Play makes Jack a Dull Boy" and going but mad north northwest? Well, okay, didn't quite phrase it like that.

I think he does still regret quitting when he did sometimes, but he did say I had a few good points.

 

[pixelville]

DH and I semi-retired at 40 at the peak of our careers in 2008, probably burnt out from our high-stress jobs. In retrospect we should have taken some time off and then worked for some more time in a lower stress job to build our cushion. Rethinking bcos of financial downturn, health insurance, peak earning potential, all friends our age group still working, did lot of things from my bucket list, etc. Our spending has actually gone up in retirement since we want to live in places where we can do more in lesiure time (museums, outdoors, events) and don't want to watch our spending as much. We plan to get back to part time earning. Difficult to summarize in a paragraph.

 

[Mulligan]

I pulled the plug 2 years ago at 45 and have no regrets on leaving the job. Budget wise things have went right on target. I cant however, let go of parttime jobs. I was going to quit for good this spring, but then got another unsolicited offer. Initially said no, then divided the 550 hours to be worked by the pay and changed my mind! Plus instead of working PT 5 days, I will work it in three having more days off and can take off when needed. I still dont mind working especially since I will get 4 days off. I would classify myself as cash flow rich, asset poor, so putting this income directly into my bank account helps to alleviate any long term cash issues involving bad health down the road.