Define Retirement Success

[GrandmaHoo]

For me, retirement success means:

My pace and my space.
Not really knowing for sure if my money will last with so many unknowns, but knowing for sure I wouldn't last if I didn't retire - and being certain I made the right decision for me!
Being able to stay up at night to watch a late ball game or movie, and not paying for it at work the next day.
Being able to spend more time with family, especially my grandchildren and aging parents.
Slipping into new, more relaxed routines with spouse.
Not having to drive to work in the snow.
Winter months in warm Florida sunshine.

Waking up every morning and wondering what I want to do today, not what I have to do today.

 

[coveredbridge]

Leaving work with economic security, integrity intact, and healthy enough to still do the things you wanted to do when you were working but didn't have the time.

 

[NW-Bound]

You don't work, but you can still eat.

Ah, someone else beside me with low expectations...

When I read the title, this promptly came to mind:

"Three hots and a cot"

Yes, it's a bit more complicated than that, but that is the foundation upon which all of the other things to be done in retirement are built.

Back when I had a bad day at work, I thought that all that money was not worth it, and that I really needed only two trees to hang a hammock, and simple meals each day.

Forward to the present. I have enough money for housing, and more food than I can eat. And still have some money left to put gas in my motorhome to go for 10,000-mile treks, or to wander around Europe for more than a month at a time. I don't have to be stuck on a hammock.

 

[TANSTAAFL]

A new career where consumption of assets leads to creation of lasting memories, imparting of stored wisdom and knowledge, and passing gas all on your own schedule.

 

[Dawg52]

When you can simply wake up and plan your day to do whatever you want w/o the worry of having to work. Of course a lot of people on welfare and subsidies feel the same way.

 

[UnrealizedPotential]

When one can retire without having to go back to work and can fill the time up with either activities or fiddling around all day. IMO, it doesn't matter. What does matter is that you are happy with the choice you have made or made for you.

 

[iloveyoga]

I had a flash of a moment today while running around doing my errands and stuff. I don't feel like I am "retired", I feel like I am free.

 

[NYEXPAT]

Doing it on my own terms!

 

[Line Dawg]

Being as happy, or happier than pre-retirement. My working life has been great, so, if I can match or beat that, I'll call it a successful retirement.

 

[Mdlerth]

I'm the Cinderella of ER

I don't begrudge anyone else their RE. But surely it's not greedy or selfish or insensitive for me to want to attend the ball too?

Anybody else remember the aphorism:"When your neighbor gets laid off, it's a Recession. When you get laid off, it's a Depression"?

Proceeding from that perspective, my definition of Retirement Success is "when it happens to me".

Okay, break's over. Gotta get back to w*rk. Just a few more months to go...

 

[traineeinvestor]

Retirement success - the wife not worrying about our finances.

 

[street]

One thing that is great. I don't do most of the outdoor passions on weekends but can do them M-F and don't have to but up with the weekend warriors. I have it most times to myself.

 

[2177V]

Financially....A successful retirement is when your sustainable retirement pay is equal or greater than your working salary prior to retirement. My retirement standard of living is better than my working years because there are a lot of expenses that I do not have to pay in retirement.

 

[scrabbler1]

Financially....A successful retirement is when your sustainable retirement pay is equal or greater than your working salary prior to retirement. My retirement standard of living is better than my working years because there are a lot of expenses that I do not have to pay in retirement.

I don't agree. Suppose your working salary was $60k and your expenses are $35k but your sustainable retirement pay is $40k? You still spend less than what you earn in retirement even though your retirement pay is less than your working salary. Many people here, including me, lived on a very low percentage of our working salary, so we didn't have to replace anywhere near it when we retired.

 

[Dtail]

I don't agree. Suppose your working salary was $60k and your expenses are $35k but your sustainable retirement pay is $40k? You still spend less than what you earn in retirement even though your retirement pay is less than your working salary. Many people here, including me, lived on a very low percentage of our working salary, so we didn't have to replace anywhere near it when we retired.

Big +1
Reduced our expenses by 60% leading into retirement to live a different but still great retirement lifestyle.

 

[2177V]

I don't agree. Suppose your working salary was $60k and your expenses are $35k but your sustainable retirement pay is $40k? You still spend less than what you earn in retirement even though your retirement pay is less than your working salary. Many people here, including me, lived on a very low percentage of our working salary, so we didn't have to replace anywhere near it when we retired.

I stated "equal or more" than my salary. Your comment of "$60K salary" and "sustainable retirement pay is $40K" are not consistent with my original comment.

In my case, I had an annual salary of $100K before retirement and my sustainable annual retirement pay is $115K.

Therefore my relatively high standard of living has increased. If you had a very low standard of living by living on a very low percentage of your working salary, then it is easy to retire early as you suggested. However, it also means your entire life is a life on a very low standard of living.

 

[Bir48die]

I don't agree. Suppose your working salary was $60k and your expenses are $35k but your sustainable retirement pay is $40k? You still spend less than what you earn in retirement even though your retirement pay is less than your working salary. Many people here, including me, lived on a very low percentage of our working salary, so we didn't have to replace anywhere near it when we retired.

+1

Lived off <60% of my salary. That's why I could retire early and with equal buying power. In fact more because of having no debt

 

[2177V]

2 schools of thought:
1. Live frugally and retire early.
2. Live with a higher standard of living and retire later.

Like Marie Kondo, Do what brings you "joy". There is no right answer that fits everyone. If living below your means and retiring early bring you "joy", then do it.

I had an opportunity to retire early but "getting things done" was my joy. (Type A personality) I did retired early but I then got another job at the same pay while collecting my retirement pay. One job and two paychecks were nice for 10 years.

I also took plenty of vacations while I was working since i was 21 so my vacations were my short term retirements until I retired for good with a sustainable retirement income of $115K per year. I do not regret my decision. I am pretty sure people who do retire early with less retirement pay do not regret their decisions.

It is not about proving who is right or wrong. It is about discussing the 2 schools of thought and the pros and cons so readers can make the right decision...that brings them "joy".

 

[scrabbler1]

vchan, I was refuting your definition of a successful retirement. You made it appear that it was the only way to have a successful retirement. If you are clarifying your statement to be understood to mean that it is one way, but not the only way, to have a successful retirement, then that is fine.


I would assert that one's salary while working is not relevant to what one needs to have a successful retirement. A common, if not universal, belief of early retirement (in this forum, for sure) is that it is one's expenses in early retirement, not one's salary while working, which determines how successful it will be.

 

[2177V]

vchan, I was refuting your definition of a successful retirement. You made it appear that it was the only way to have a successful retirement. If you are clarifying your statement to be understood to mean that it is one way, but not the only way, to have a successful retirement, then that is fine.


I would assert that one's salary while working is not relevant to what one needs to have a successful retirement. A common, if not universal, belief of early retirement (in this forum, for sure) is that it is one's expenses in early retirement, not one's salary while working, which determines how successful it will be.

The original thread: "In 100 words or less. Your own criterion (of Define Retirement Success). .

My previous statements are my "OWN criterion"...and not yours. This is also based on what had actually happened in my OWN retirement...which I considered successful.

Please also read my previous comment that states: "It is not about proving who is right or wrong. It is about discussing the 2 schools of thought and the pros and cons".

We only differ because I emphasize maximizing "salary" and working longer while you emphasize cutting "expenses" and working shorter.

All I can say is that I maximized my salary and worked longer and I now have a successful $115K annual retirement. You can minimize your expenses and you can also have a successful early retirement. Two different approaches and two different schools of thought.

I intend to end this discussion since I have already responded to the original thread which requested MY OWN criteria as requested by Imoldernu. I hope that you are not going to refute anybody else's personal criteria that disagrees with your own.