Thinking of retiring and scared

[Markola]

OP, Since well-meaning folks are still commenting, I’m sure we’re all curious about your latest thinking? Enquiring minds, and all.

 

[redcfool]

Hi, I appreciate everyone's thoughts. I retired on 1/8. I realized nothing is guaranteed. I have to go with the best probability after lots of research. I am not hiring an advisor. I am going to just continue what I've been doing for the last 30+ years. I decided to live off the sales of the stocks for year 1. It reduces my concentration in healthcare and my weight in that 1 stock and should be fed tax free if I've calculated correctly.

 

[WhenIsItTime]

I retired early at age 54 when our three kids were ages 7, 11, and 17. I was not yet eligible for my pension or SS, but I had paid off our house mortgage years earlier, and had saved and invested enough through deferred compensation plan with employer and in taxable investment accounts to live, travel, and put all three kids through college--one to Master's degree level, and one to Doctorate level. Now at age 75, I still only tap my IRA accounts for RMD's and use those amounts for charity and reinvestment in taxable accounts. As my wife passed last year, I am so glad I made the choice to retire at age 54. I spent early retirement shuttling three kids to school and back. Family and I travelled on train trips across country, did a cruise, similar fun stuff. When I retired, it took me about 20 minutes to adjust---I never looked back or regretted my decision once. Because of my own savings and investments I was also able to let my employer pension grow before I applied for it. I now draw $102,000 a year pension, a tad over $20,000 SS, and am forced to take somewhere around $80,000 RMDs from the IRAs. I took advantage of the Covid stock market dip in March April to reposition my IRA portfolio into dividend paying stocks which will pump in $85000 a year into them---virtually guaranteeing ever growing IRA balance despite the RMDs.

I’m starting a similar retirement. Great to hear your satisfaction!!

I giggle taking my kids to school and picking them up with no work stress. This time is precious.

 

[RetireeRobert]

I’m starting a similar retirement. Great to hear your satisfaction!!

I giggle taking my kids to school and picking them up with no work stress. This time is precious.

Satisfaction, yes I had and have great satisfaction at my early retirement decision.

Congratulations on your taking the step as well. As I said, in my retirement it took me 20 minutes to adjust, and since you mention "giggling" I am thinking maybe you took only 10 minutes to adjust to your new retirement life!

More power to you, and enjoy your family time!