Retiring gradually

[Ronstar]

I found this forum yesterday and met with a financial planner today. There are some great tips here. My wife and I are retiring in 4 yrs when we will be 56/57. But I'm starting now - I'm cutting back to 4 work days per week and eventually cutting back to 2 days before full retirement. I don't want this to be a total shock.

 

[CourtneyC]

Congrats on your progress so far Ron. Meeting with a financial planner is a great way to keep you on track and accountable.

 

[chinaco]

Welcome Ronstar. Good to have some company. DW and I are in a similar situation to you.

 

[donheff]

Your are missing half the fun -- cold turkey is like diving into a warm pool.

 

[DougViages]

Ron, we are in a similar situation

My DW and I are 55 "ish", and both still FT in professional jobs. We both have approached our employers to arrange reductions in our sechedules to three days per week. We see this structure continuing for two years, to FIRE at that time. We've taken advantage of the coming "free" time with trips planned to Greece, Hawaii, and Mexico, and two cruises, all in the next 8 to 9 months. We both have some passions to reconnect with, so the prospect is very appealing.

 

[lightspeed]

I think slowing down gradually is a good strategy for some. I want to "taper" also. The reasons I went into my field are still there and still very rewarding, but as I've gained seniority, the administrative burdens and politics of my work make it miserable at times. I hope when I reach FI and start tapering I can dump all the responsibilities that make my work life intolerable and start enjoying what I do again, albeit on a part-time schedule.

 

[yakers]

While I am personaly more inclined to stop totally there is a large group of people who prefer the gradual process. One book to check out is Bob Clyatt's "Work Less, Live More".
My wife retired from teaching enjoys working 4 or 5 hours a week to keep in contact with her school.
As long as the finances are going in the right direction whatever amount of work you want is fine. In fact IMHO the goal is financial independence more than actually retirement from work.

 

[Ronstar]

Thanks for the replies and warm welcomes. It seems like a lot of people here have similar situations. I like the "taper" approach - the financial planner said that some people going cold turkey need counseling to adjust

 

[megacorp-firee]

Thanks for the replies and warm welcomes. It seems like a lot of people here have similar situations. I like the "taper" approach - the financial planner said that some people going cold turkey need counseling to adjust

I went cold turkey with smoking about 25 years ago.... did the same with FIRE... 1st one took, 2nd one seems to be taking with MUCH less 'pain'. (1 month 23 days).
I can't even figure out what the problem would be ... but that's me.
I've always been a little 'slow'. :

 

[SteveR]

Welcome to the board Ronstar. Glad you found us and decided to introduce yourself.

Retirement is a great time in life provided on has done their homework and has the means to live comfortably. Some seem to be able to jump right in after quiting their job and never look back while others need to slowly ease into it as they adjust to the differences in schedules, lack of a paycheck, and "having to find your own entertainment" every day.

The emotional change going from working full time to not working at all can be a shock to some folks who are defined by their jobs or their workplace. Those folks need to transition or they will be lost due to lack of "recognition" through their loss of title, pecking order in an organization, power over others or over things, and the social environment of the workplace.

Remember, you retire TO something....not AWAY from work. If you don't have some specific idea of what you want to do the rest of your retired life you will be bored and unhappy.

The financial part is a big piece of it too and making sure you "have enough" is also a very key homework item. Not just the total amount but also how you will cash it out to pay for daily living expenses; how you will keep your nest egg growing; how you will minimize taxes so you don't overpay; etc. Getting your "enough" amount is tough but spending it properly can also be a challenge.

Good luck and again welcome to the forums.

 

[Rich_by_the_Bay]

The emotional change going from working full time to not working at all can be a shock to some folks who are defined by their jobs or their workplace. Those folks need to transition or they will be lost due to lack of "recognition" through their loss of title, pecking order in an organization, power over others or over things, and the social environment of the workplace.

Steve put a far more negative spin than I would on reasons for "transitioning" rather than cold turkey retirement. Each of us has a different work experience.

There are many of us who wish to transition (rather than stop all at once) because we actually like our jobs. We want to preserve a hefty dose of those positive rewards while constructing a more balanced lifestyle. In my case, I truly enjoy many aspects of my job, but I don't like doing them 60+ hrs a week, plus rotating nights and weekends, limited time off.

My plan is to transition by cutting back my hours, taking a position with less of the adminstrative tasks I enjoy less, and focusing on what I find rewarding and meaningful. If I can do this 2 or 3 days a week with no weekends or nights it would be a wonderful transition for me.

So, transitioning is not always due to negative factors, but can be an ideal way to achieve balance. Guess I'm just fortunate to feel that way.

 

[Ronstar]

So, transitioning is not always due to negative factors, but can be an ideal way to achieve balance.

Balance is exactly why I want to taper. I have tons of things to do around the house that cant get done if I'm working 40 hrs a week. I like doing things around the house, but then again I dont want to spend 40 hrs a week working around the house either. After a week of "vacation" doing landscaping, painting, etc I can't wait to get back to work.

 

[Ronstar]

Remember, you retire TO something....not AWAY from work. If you don't have some specific idea of what you want to do the rest of your retired life you will be bored and unhappy.

I know - I get bored on days off when I dont have anything scheduled to do. I cant sit around and watch tv or play on the internet all day. I've got 4 years of taper to develop what I'm retiring TO. The taper also has another advantage over cold turkey in my case. My wife insists on working 4 more years to maximize her pension and she'd be po'd if I retired cold turkey before her. She doesn't really object to my taper plan - probably because I'll get more of my home chores done and I'll still be working.