Idea of retiring soon seems daunting

[Tesaje]

I retired ten years ago. Sleeping is easy it is waking up early that is hard to do.

I retired 3 months ago and this is exactly right. I guess I'm a quick study..

 

[Katsmeow]

So I guess my question is, where do you buy a cast iron stomach, since you must surely need one to retire.

I am risk averse so DH and I deciding to retire is indeed daunting. I'm 55 and he is 62. He receives a large lump sum on retirement (in lieu of a non-COLA pension which he could take), is eligible for SS and I plan to work on a very limited basis (about 1 day a week). We are not quite as prepared as W2R. We did pay off debt, and bought a house with no mortgage. We could also cut expenses way below the income we project to have. DH does have subsidized retiree medical insurance that I will also cover me.

OTOH, we haven't yet sold our old house (optimistic it will sell quickl but no guarantee - we have calculated that so long as it sells with 2 years we are OK). We do have dependents (kids in high school/college). Nonetheless we are leaping recognizing that there is some risk but thinking that it is not that great a risk.

 

[BunsGettingFirm]

Not much risk of that. We are ready to jump now (although the portfolio isn't).

Yep, I'm close enough to my modest trigger point that I'm not even bothering finding another finance job. Just sticking my so-so paying tech job and maybe do a couple of transfers or new jobs with in the next few years before bailing.

 

[Emeritus]

I'm Professor Emeritus and effectively working part time, but my lovely wife is still full time in a senior government position. She is still very hesitant about retiring, so we have shifted to a She works, I do support mode.

I take her to work every day, and I have always done all the cooking in our family. I do all the errands and household tasks. She is willing to take her annual leave, So this year we will go diving in Thailand and the Caymans, visit Turkey ,Alaska and the southwest, and "marry off" our younger daughter.

All that being said, I think the differences is that in my professional work I don't need any "stuff" to be productive. I don't need staff or equipment. I can do it anywhere. She is different. She used to supervise 50 professionals in system development and now does long range planning for the agency. To feel productive she needs "stuff", both people and machines. If she retired she would not have them, so any transition would cut her off from her life's work . We are still working this all out.

 

[chinaco]

Dogtrack - As others stated, educating yourself is key to both managing your resources and your confidence. But you do not have to be a financial genius to manage your portfolio and a successful retirement.

IMO - Do not pull the plug until you are confident enough to feel good about it. But, there is always some amount of risk that you will assume.

 

[DangerMouse]

Dogtrack, the only thing that concerns me about your plan is the shifting to utility stocks. I would never have all my eggs in one basket like that. If you are going to hold individual stocks, you need to diversify through a number of sectors.

Personally over the past few years I have been moving from individual stocks to Vanguard funds just to make my life easier. That said, I do hold about 6 individual stocks which I have kept mainly because they are high dividend earners.

 

[Dogtrack]

Want to thank all that responded to this. Some interesting comments and insights were offered. What I seem to take away most from them all, is that there is no 'good' or 'bad' time to retire. No matter when you do (retire) there will be bumps in the road, challenges to your assumptions, etc.

I'm beginning to view retirement as a bungee jump, do as much measuring and planning as you want/must, then cross your fingers and.......jump.

 

[easysurfer]

Yes, for most of us, when to retire is a leap of faith that we can make it. But I'd rather bungee jump knowing that I had measured and planned on tying the bungee cord than not preparing and just jumping and hoping that it'll all work out.

 

[audreyh1]

I think a lot of us think that it is better to retire at a market trough (if you can still afford it) rather than at a market peak.

But then, how do you know when you are at either - you don't!

Audrey

 

[dex]

Want to thank all that responded to this. Some interesting comments and insights were offered. What I seem to take away most from them all, is that there is no 'good' or 'bad' time to retire. No matter when you do (retire) there will be bumps in the road, challenges to your assumptions, etc.

I'm beginning to view retirement as a bungee jump, do as much measuring and planning as you want/must, then cross your fingers and.......jump.

You're welcome. I would say it is more like jumping off a high diving board into a swimming pool. Think too much and you might not do it. Follow the coach's instructions and you'll be fine. Once in the water, you'll have a big smile on your face and be enjoying yourself.

Come on in - the water is fine.

 

[haha]

So I guess my question is, where do you buy a cast iron stomach, since you must surely need one to retire.

If I ever find the one I misplaced in 2008-2009, I'll see if there is an 800 number on it to offer you.

Ha