Almost ready to find out what this "Retirement thing" is all about

[Perryinva]

Once I knew my retirement income was greater than what I was making at the end of my career (much less my actual take home pay, since I was saving about 30% after tax,) I was ready to go. If I can’t live very comfortably with more than $12k a month equivalent income, then there is something very wrong with me.

You will read it a thousand times here. If there is ANYTHING you would rather do than w*rk 40+ hours a week, and you can afford it, do it. You can’t buy time. I retired at 61 over 2 years ago, and don’t regret anything. Even if I had stayed 2 more years as originally planned, the difference in my pension would take over 20 years to catch up with what I already banked for the last 2 years. (In my particular case, the deal was sweetened by a ERP, so I was paid full salary for 16 months plus collecting my pension and a low cost full medical benefit until 65, so it truly was a no brainer.)

Now, that said, I missed the lunches and BS sessions and the “active brain” sessions we had, and the camaraderie, so when they made an offer to consult for significantly more than I was making, make my own hours, work as little or as much as needed (but stay under 20Hrs, and within reason), plus a retainer to just be available by phone for occasional questions, I took the deal. I haven’t put in more than 5 hrs in a week, so far and only 1 this week, so why not, especially since all our international travel has gone to crap?!

 

[Koolau]

Thank you all for the warm welcome and the helpful comments and advice.

I can see there is a bias here for Retirement as soon as possible (I suppose I should have realized that by the forum name) and against Financial Advisors and the products/ services they offer.

Perhaps I’m a bit late to this forum but I’m willing to learn from others. My first question, which I’m sure will be answered as I read more threads here….

How did you know/ decide the timing for YOU to retire?

I know this has to be a very personal decision for each of us,based on many factors. As I consider my own timing the experience/ thoughts of others might be helpful to me.

My second question is about the Firecalc tool. I see that referenced here frequently and went to the link for it, but I’m not sure how it’s used and what it really means in terms of Retirement readiness. Any assistance would be appreciated.

I'll let the experts deal with the FIRECalc tool. It's amazing but I haven't used it for a while (retired now 15 years.) I will answer the question on how you know it's time.

I've told this story many times. I became financially independent (FI according to FIRECalc) at age 51. I had more or less created a niche for myself at megacorp and I wanted to hang around and enjoy it. One day when I was 58, Megacrop must have realized one of their cube rats (me) was enjoying himself. I was unceremoniously informed that I would now be doing something else (something boring and essentially "grunt" work - not physical, just plug/chuck/report/repeat.) So that was on a Friday. The next Tues. (the day after Labor Day) I informed my boss that my last day would be Friday. My actual date was end of Sept. as I had vacation to use. SO, when it's no fun AND you can retire (FIRECalc is your friend) it is time. Good luck. Check back often.

 

[MRG]

I'll let the experts deal with the FIRECalc tool. It's amazing but I haven't used it for a while (retired now 15 years.) I will answer the question on how you know it's time.



I've told this story many times. I became financially independent (FI according to FIRECalc) at age 51. I had more or less created a niche for myself at megacorp and I wanted to hang around and enjoy it. One day when I was 58, Megacrop must have realized one of their cube rats (me) was enjoying himself. I was unceremoniously informed that I would now be doing something else (something boring and essentially "grunt" work - not physical, just plug/chuck/report/repeat.) So that was on a Friday. The next Tues. (the day after Labor Day) I informed my boss that my last day would be Friday. My actual date was end of Sept. as I had vacation to use. SO, when it's no fun AND you can retire (FIRECalc is your friend) it is time. Good luck. Check back often.

++
My story is about the same. I became "done" during a 14 hour conference call when my VP lost his mind, mouth, and temper. I had enough, had done omy and would have done more. I was gone a month later.

It's funny that a common theme is people putting up with whatever they feel they need to until FI and getting out when boundaries are crossed. I watched as some of my old team leave when they had a new manager. I suggested he treat them as if they weren't disposable he didn't; they retired several months after me. [emoji846]

 

[Luvtoride]

Thanks again, all. This is all great advice as to the “when” to pull the trigger on retirement. Determining the FI part is key and once that is established to a level of feeling comfortable to leave the workplace and paycheck, it can essentially be anytime.

I am sorry that many of you were “forced” out by job issues, bad behaviors or stresses causing the work to no longer be fun. To those reasons I would now add the “requirement “ of going back to the office 5 days a week after working remotely 100% of the time these past 18 months. It is ironic (not sure if that’s the right word) after commuting to NYC for 30+ years, that the luxury of WFH is now such a huge consideration for planning to retire.

I guess I’ve gotten used to “missing” the lunches and BSing with co- workers etc during WFH. We still don’t know when or if RTO will happen but I think it will cause many people to reconsider their timing of retirement. I’ve discussed this with several of my colleagues who are “close” in age to me (late 50’s/ early 60’s) and we all agree that it will probably be the reason most of us choose to retire sooner.

Finding this group at this stage in my life was probably not a coincidence. Thanks again for the great advice and encouragement.

 

[CJ57]

If you are thinking about it, then you are ready.
Like the song says, “enjoy yourself, enjoy yourself while you’re still in the pink, enjoy yourself it’s later than you think.”

 

[pacergal]

Welcome to the forum! This is a great place to learn and share.

 

[Katiek]

Thanks Katie, so did you retire? Was the FI calculations the primary factor impacting your decision? I know better than to ask anyone if they made the right decision (duh).

I haven't retired yet, but I expect it will be soon. I have a number of things I want to do before I actually pull the trigger (doctor's appts and some other planning items), but getting a sign off from from the financial advisor was definitely on my "to do" list for before retirement. They didn't tell me anything I didn't already know, but it was still reassuring. The problem is I tend to be an over-planner, and change is hard.


Also, work has been ok lately so it's a bit easy to fall into a OMY. But ultimately, I think retirement won't be because I can't stand work anymore but because of the options and freedom retirement will offer.

 

[Luvtoride]

I suggest retirement as soon as you are ready. Maintain relationships with old friends, family and co-workers. Make new relationships by volunteer service or joining a club. I take a pleasure in having lunch or dinner with someone with common interests. Some of my best vacations involve other family or friends. Watch your diet, stay physically fit by regular exercise and strive to connect with other people.

All great advice, 2177V.!

I finally did it….just about two years after finding/ joining and introducing myself to this forum, I retired this week!
One factor that accelerated my retirement (some may say I delayed too long) was that our company required everyone back into the office 5 days a week about a year ago. I went back about 3 days per week “in office” after discussing with my boss and expressing health concerns. He was fine with that and working remotely the rest of the time.

The commuting to NYC was a big factor in accelerating my retirement. I was driving in and the traffic and hassles just became so bad, that working like this was just too stressful. As many had pointed out during my intro 2 years ago, I was probably ready financially but that was the straw….

I’ve spent the past two years reading books on retirement and talking to many retirees preparing for the non-financial aspects of retirement. I’m finally ready there too. I’ve already taken on more volunteer positions for the upcoming year ie treasurer of an organization I’ve belonged to for years and board member of my HOA of our beach condo. Also, my former company asked me to do consulting on a major systems project which I have agreed to do. I’m sure that I will stay very busy in retirement.

So on my first day of retirement yesterday, I did the following:
- woke up early (I’m not a late sleeper…even on weekends) and dealt with SSA.gov to make sure our Medicare part B applications were implemented. Mine was my wife’s is still pending.
- read up on our new NYC Retiree (my wife retired from there 6 years ago) supplemental health benefits and pharmacy plan. They are pretty good and the health cost us zero.
- took a long walk along the beach with my wife, and stopped for a leisurely coffee at Starbucks.
- inquired at a local gym (along our walk) about personal training and fitness. Checked out two gym facilities.
- had lunch at a casual burger place by the beach
- spoke with a retired friend on the phone about my retirement and arranged getting together soon.
- went bike riding with my 4 year old grandson for over 2 hours.
- stopped for ice cream with him.
- BBQ for dinner with my DD, SIL our grandkids and my wife.
- fell asleep watching the women’s World Cup USA opening game.

A pretty good first day of retirement!

 

[MercyMe]

Indeed that is a good first day of the rest of your life. Congratulations!!!

 

[Midpack]

Indeed that is a good first day of the rest of your life. Congratulations!!!

+1.

 

[street]

Luvtoride, that is great. I remember my first day of ER and will never forget that day. I wish you the best in the transition and ER is what you make of it. Good Luck!

 

[Venturer]

Congrats sir, and enjoy it even more in the future!

 

[Mark2024]

All great advice, 2177V.!

I finally did it….just about two years after finding/ joining and introducing myself to this forum, I retired this week!
One factor that accelerated my retirement (some may say I delayed too long) was that our company required everyone back into the office 5 days a week about a year ago. I went back about 3 days per week “in office” after discussing with my boss and expressing health concerns. He was fine with that and working remotely the rest of the time.

The commuting to NYC was a big factor in accelerating my retirement. I was driving in and the traffic and hassles just became so bad, that working like this was just too stressful. As many had pointed out during my intro 2 years ago, I was probably ready financially but that was the straw….

I’ve spent the past two years reading books on retirement and talking to many retirees preparing for the non-financial aspects of retirement. I’m finally ready there too. I’ve already taken on more volunteer positions for the upcoming year ie treasurer of an organization I’ve belonged to for years and board member of my HOA of our beach condo. Also, my former company asked me to do consulting on a major systems project which I have agreed to do. I’m sure that I will stay very busy in retirement.

So on my first day of retirement yesterday, I did the following:
- woke up early (I’m not a late sleeper…even on weekends) and dealt with SSA.gov to make sure our Medicare part B applications were implemented. Mine was my wife’s is still pending.
- read up on our new NYC Retiree (my wife retired from there 6 years ago) supplemental health benefits and pharmacy plan. They are pretty good and the health cost us zero.
- took a long walk along the beach with my wife, and stopped for a leisurely coffee at Starbucks.
- inquired at a local gym (along our walk) about personal training and fitness. Checked out two gym facilities.
- had lunch at a casual burger place by the beach
- spoke with a retired friend on the phone about my retirement and arranged getting together soon.
- went bike riding with my 4 year old grandson for over 2 hours.
- stopped for ice cream with him.
- BBQ for dinner with my DD, SIL our grandkids and my wife.
- fell asleep watching the women’s World Cup USA opening game.

A pretty good first day of retirement!

Congratulations

 

[Time2]

The commuting to NYC was a big factor in accelerating my retirement. I was driving in and the traffic and hassles just became so bad, that working like this was just too stressful.

I listen to WABC radio out of NY. I hear a lot of talk about the Congestion pricing for traveling from NJ to NYC.

"New York City’s plan could toll drivers entering Manhattan below 60th street up to $23 and is set to begin as soon as spring 2024. New Jersey filed a lawsuit in federal court Friday against the US Department of Transportation, which gave final approval for New York City’s plan"




Would this have affected your drive?


https://www.cnn.com/2023/07/21/busi...g-new-york-city-new-jersey-lawsuit/index.html

 

[cyber888]

So, you retired. Congrats. It's not worth the Stress that you mentioned. Enjoy.

 

[Luvtoride]

I listen to WABC radio out of NY. I hear a lot of talk about the Congestion pricing for traveling from NJ to NYC.

"New York City’s plan could toll drivers entering Manhattan below 60th street up to $23 and is set to begin as soon as spring 2024. New Jersey filed a lawsuit in federal court Friday against the US Department of Transportation, which gave final approval for New York City’s plan"




Would this have affected your drive?


https://www.cnn.com/2023/07/21/busi...g-new-york-city-new-jersey-lawsuit/index.html

Absolutely, Time 2. I did a “Top 10” list (ala David Letterman) at my retirement send off on my last day at work. This was #10 reason I was retiring now…

With Congestion Pricing coming soon, on top of tolls, parking and electricity prices, it will cost more to commute to work than I take home in pay! Sorry, Arnie.

Arnie is a friend of mine who I’ve commuted with (and shared driving with) for the past year….he’s going to be most impacted by my retirement.

 

[Koolau]

Luvtoride, congratulations on your retirement! Enjoy the rest, best of your life.

 

[Katiek]

Congratulations! Sounds like you are well set financially and in the time since your first post, it sounds like you've gotten ready emotionally as well.



Enjoy! And I look forward to hearing more posts from you about this next stage.

 

[DrRoy]

How did you know/ decide the timing for YOU to retire?

I knew that we had saved enough (would be good with 2-3% WR), I had maxed out my modest pension benefit, and DW was ready for me to lose the paycheck.

 

[Dtail]

Great first day of retirement.

 

[Markola]

Congrats! You sound like the kind of person who will, eventually, after a break, become active in retirement.

 

[pacergal]

Congratulations!
Sounded like you had a great "1st retirement day". Look forward to hearing about many more.

 

[Koolau]

Absolutely, Time 2. I did a “Top 10” list (ala David Letterman) at my retirement send off on my last day at work. This was #10 reason I was retiring now…

With Congestion Pricing coming soon, on top of tolls, parking and electricity prices, it will cost more to commute to work than I take home in pay! Sorry, Arnie.

Arnie is a friend of mine who I’ve commuted with (and shared driving with) for the past year….he’s going to be most impacted by my retirement.

Heh, heh, sounds like Arnie may follow you in retirement soon. Goodness! What kinds of commuting and parking and electricity costs are you talking about? What kinds of tolls and surcharges are they planning??

I was blessed with a small commute - never exceeding 7 miles. It could occasionally take 25 minutes on the way home (Friday afternoon.) Usually, my commute was 15 minutes. No tolls, no parking fees, just the time and gas to get there and back.

 

[Dtail]

My commute except for the last 6 years was 3 hours daily roundtrip by bus.
The last 6 years was a 20 minute walk roundtrip.

 

[Koolau]

^^^^^^^

Heh, heh, DW walked from The Old Homestead, through the garage to her w*rk. Took 30 seconds or less.