sleepless nights

[kirkj55]

This past Janurary I took the whole month off (vacation) with plans on retiring Feb 1st. I even had going away parties at the end of Dec. During my vacation all I did was worry on whether I was making the right decision. stressed out to say the least. I ended up cancelling the rest of my vacation the last week and going back to work. I believe I had enough money in pension/ 401k and ss ( in 7 years). My question is did any of you worry when you were retiring ?

 

[haha]

Of course, and afterwards too. It is not necessarily irrational to worry about such a large and more or less irreversible step.

Good luck whatever you decide do do.

Ha

 

[yakers]

Well I hope its not like that for me. I have 1 1/2 years to go on current plan. I know I'll have enough for basics regardless. But not sure if there will be "enough" for everything we want to do. I tell my wife we could retire today and live just as we do but without working. She doesn't find that inspirational. She associates retirement with being able to do more than during our work life.
Now she retired a few weeks back and is thoroughly enjoying the free time and the things she can do during the day. But our travel plans are based on my working a while longer. Oh, we also have one son left home in high school, so college will be an interesting time.

 

[donheff]

I used to wake up at 4:00 AM worrying about work. But from the day I put in my papers and through 18 mths of retirement not a sleepless night.

 

[Retire Soon]

I worried a lot for several months.  Retiring early was the most difficult decision I've ever made.  I dwelled on the advantages and disadvantages of ER for a long time. Finally, this year at the age of 55, I signed an irrevocable resignation  with my school district.  I could have doubled my pension by working another 5 years. But, was there any guarantee that my health at age 60 would be excellent as it is today? Would I still be able to enjoy traveling 5 years from now?  The issue of quality living ultimately prevailed over the "more money" issue.

 

[dex]

Unless I won a big lottery I would be worring. As others have said the more time away from work the less you worry. I hope they are correct. There are so many things to worry about.
I gave up a great job; if I don't like RE - I would be stupid.
What will I do with all this time on my hands.
Will I have enough money?
Will I invest the money properly.
Will the Stock Market crash.
Have I estimated my spending correctly?
If I had to go back to work could I get another job.
So many others have more money than me or have guaranteed government pensions and health benefits.
How will my health hold out?
Will I be lonely?

Wow - My last day is in a couple of weeks - now you got me thinking.

 

[GMueller]

No sleepless nights here, but lots of internal debate within my head as I try to decide exact when is the right time to pull the plug. For me it boils down to the realization that I'm making more money now than I ever have before and that I when I quit the gravy train ends -- most likely for good. I think I have enough acorns squirreled away to do the trick. But, there is always the temptation to work just a "little longer" to give me a little more "cushion." Money is very seductive . . . it's hard to walk away from a good paycheck.

I've thought about "what will I do" when I retire and frankly I don't have all of the answers, but I figure that's what makes retirement so intriguing, i.e., I am looking forward to the challenge of redefining my life and hopefully discovering something more worthwhile than spending my time working for someone else. I don't expect this to be easy because in some respects I've probably become "institutionalized" at work. Breaking my dependency on my job is all part of the challenge.

At some point I know I will just have to take that blind leap of faith. Perhaps working up the nerve to take that leap is also part of the challenge.

 

[SteveR]

ER is not a do or die event. As Bob Clyatt explains in his book one can phase into or out of ER through some kind of w*rk that you WANT to do. You don't have to make 100% of your current income..just enough to get by while your investments continue to grow. Of course, if you already have "your number" you can skip the w*rk part and go right into ER and then discover what else you might want to do to keep yourself occupied; be it paid for volunteer.

Retirement IS a big decision and one that must be researched and planned for to avoid unpleasant surprises in the future. In the end, all we can do is project future needs, determine what $$$ will be required to create the necessary income, save/invest until you have "your number", set up income flows and then execute your plan. Of couse this is a great simplification but it is about as complicated as many people ever need to be about it.

You can ruminate all you want over the "number" or how to invest it but in the end only YOU can determine when you have "enough" and how confident you are in being able to live on the income it will produce. Confidence being defined here as being able to sleep at night. If you can't, you need to either re-research your estimated expenses against your "number" or keep saving and investing until you reach your number. Or, you could work part time and ER part time while continuing to save-invest and still be semi retired. Lots of choices beyond working full time or retiring full time.

Good luck.
Over planning leads to doubt which leads to fear which leads to lack of action. The result is you stay put and nothing happens. Sometimes the hardest thing to do is to do something.

 

[Donzo]

I have been officially ERed for a whopping 7 days. I have checked my 401ks 2X, checked on the pricing of my investment properties and looked for a better place to park my "liquid" money. While I have had a few concerns.....the feeling of freedom and the time I have been enjoying my family has far and away overshadowed any worries. Somebody pinch me!
Actually - the main thought I have had that has surprised me is"what did I do to deserve this" - It just seems to good to be true-while I was a good saver, I still enjoyed and bought some toys/travelled etc. I just feel so damn lucky!

 

[mickeyd]

all I did was worry on whether I was making the right decision

I compare retirement with any investment that you may be considering. If you are not sure about it and have many unanswered questions, you are ill advised to proceed. Neither retirement nor a particular investment is something that can not be changed or abandoned, but it is best to size up all issues related to it and not jump in if there are any unanswered questions.

There is a lot to be said for a succession of restful nights in the middle of a bear market.

 

[kcowan]

I retired with a company pension in 1992. I was only 49 so went out consulting. Had a great 10 years doing lots of different things. Then retired really in 2002. Life is great. So much to do.

Will I ever be a greeter at Wal*Mart. Who knows. But if it comes to that, I will do it in the Sunbelt...

Life is a series of choices. No one can predict the future.

 

[Helen]

My plan for comfort is to keep maybe five years expenses in liquid assets and not sell stocks in a major down market. In addition, I could always cut back my spending if need be.

Thinking about contingency plans should help, if the cushion is there.

I'm bailing at age 56 (6 years 10 months to go) come hell or high water.

-helen

 

[GTM]

I

Will I ever be a greeter at Wal*Mart. Who knows. But if it comes to that, I will do it in the Sunbelt...

How much do Walmart greeters make?

 

[cute fuzzy bunny]

Yep, I had a couple of months of moderate "will this work?" moments, followed by maybe six more months of growing into the ER lifestyle and adapting to the changes it brought on. Establish a routine or no routine? Structure or no structure? Keep sleeping at night or switch to days (all the fun stuff seems to happen after 5pm...). It all worked out after a while.

Remember when you were around 15-16 and had that 'college? job? marriage? apartment?' fiasco going on? Same thing. Works itself out about the same way only quicker because you've got a clue now...

 

[kcowan]

How much do Walmart greeters make?

$6.50 an hour, all the hours you want. Stay in a rented mobile home in the sunbelt, or an RV in those nice parks in Texas, Arizona, Mexico.

 

[claire]

6.50 is that all? - isnt there a minimum wage in the USA??!!

 

[REWahoo]

6.50 is that all? - isnt there a minimum wage in the USA??!!

Of course there is, and the $6.50/hr wage exceeds it by 26% ($5.15). Are you implying that Walmart doesn't pay well? :

 

[claire]

gosh i didnt realise the minimum wage over there was so little, for some reason i thought it was around 15 dollars an hour, not sure why.

that means your mininum wage works out at around £3.00 GBP, the mininum wage in the UK varies according to age but its about £5.50. But I suppose the cost of living is cheaper in the USA.

 

[REWahoo]

...that means your mininum wage works out at around £3.00 GBP, the mininum wage in the UK varies according to age but its about £5.50. But I suppose the cost of living is cheaper in the USA.

Lots of controversy over increasing the minimum wage here, since it has been at $5.15 since 1997. Since that time, the purchasing power of that $5.15 has declined by some 25%...and the US Congress has voted themselves pay increases of approximately 23%.

Not sure about the comparison of cost of living between the US and the UK, but I am sure $5.15 is not a "living wage" in the US.

 

[Jarhead*]

Lots of controversy over increasing the minimum wage here, since it has been at $5.15 since 1997. 

ReWahoo: Hey Big Guy, I've been on the tournament trail this last week, and just got back today.

Probably being a little bit of an alarmist, but the first post I noticed from you is concerning "wages". (Can't be too careful with a potential back-slider).

 

[REWahoo]

Probably being a little bit of an alarmist, but the first post I noticed from you is concerning "wages". (Can't be too careful with a potential back-slider).

Not to worry, I've learned my lesson and see no possibility of a future relapse. My near-w*rk experience taught me just how priceless this retirement thing really is. I'll be fine...once the nightmares and flashbacks taper off.

 

[Martha]

Because our federal government has not raised the minimum wage for so long, a number of states have taken action to raise their own minimum wage. For example, Florida raised its minimum wage to $6.40 not long ago.

Here are the state minimum wages: http://www.dol.gov/esa/minwage/america.htm

 

[kcowan]

gosh i didnt realise the minimum wage over there was so little, for some reason i thought it was around 15 dollars an hour, not sure why.

that means your mininum wage works out at around £3.00 GBP, the mininum wage in the UK varies according to age but its about £5.50. But I suppose the cost of living is cheaper in the USA.

I have heard from people who have experienced it that living in London is about equivalent. If it costs a dollar in the US then it costs a pound in London. There are exceptions of course. In either place, it is inadequate to have a decent living.

But to supplement a retirement that was taken rationally, it can serve its purpose in the face of unexpected inflation.