Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Soon to be 56. Am I in the right place?
Old 11-18-2016, 04:08 PM   #1
Dryer sheet aficionado
 
Join Date: Nov 2016
Location: Queens
Posts: 31
Soon to be 56. Am I in the right place?

Retiring in the next month or 2. It's been my game plan from the moment I starting my current job almost 30 years ago. I've been lucky enough...I think, to accumulate enough assets to retire in a comfortable, but not overly luxurious, lifestyle.

I feel that 56 is retiring early. I'm retiring younger than most of my peers. I always had "that 65 number" as normal retirement age in my head. While I understand that the term early retirement means different things to different people, I was just wondering in general...is 56 early?
__________________

beachbum061 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-18-2016, 04:12 PM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: No Country for Old Men
Posts: 46,710
Early enough! Welcome to the forum.
__________________

__________________
Numbers is hard

You may not know it but I'm quite famous

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 11-18-2016, 04:13 PM   #3
Recycles dryer sheets
Packman's Avatar
 
Join Date: Jan 2011
Location: Desert SW
Posts: 328
Anything before 65 is generally thought of as "early".
__________________
Retired in 2011 at 54
Packman is offline   Reply With Quote
Old 11-18-2016, 04:13 PM   #4
Confused about dryer sheets
 
Join Date: Jul 2016
Location: Austin
Posts: 9
I retired at 55 and 10 months best thing I ever did I am 58 10 months now.
boaski is offline   Reply With Quote
Old 11-18-2016, 04:13 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 12,302
56 is early, but it really doesn't matter to us.
travelover is online now   Reply With Quote
Old 11-18-2016, 04:13 PM   #6
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 3,134
I would sure call it earlier than average. I'll RE in a couple months at 57. Some of the reaction has definitely been "You're so young!".
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 11-18-2016, 04:15 PM   #7
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 43,498
Quote:
Originally Posted by beachbum061 View Post
Retiring in the next month or 2. It's been my game plan from the moment I starting my current job almost 30 years ago. I've been lucky enough...I think, to accumulate enough assets to retire in a comfortable, but not overly luxurious, lifestyle.

I feel that 56 is retiring early. I'm retiring younger than most of my peers. I always had "that 65 number" as normal retirement age in my head. While I understand that the term early retirement means different things to different people, I was just wondering in general...is 56 early?
Welcome to the Early Retirement Forum!

Yes, absolutely, at least in my opinion retiring at age 56 is retiring early. I retired at 61 myself. We don't have a specific age requirement. If you feel like it is early, then it is early.
__________________
"It ain't over till it's over"
- - - Yogi Berra (1973)
W2R is offline   Reply With Quote
Old 11-18-2016, 04:16 PM   #8
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 20,901
In general, yes 56 is early. However a lot of people make it out earlier than that. I retired at 52 but it was a law enforcement job that I started at age 23 and that age is normal for that position. And of course it has a pension.

A lot depends on how you plan to finance your retirement and what your expenses are. Do you have a pension, and is it COLA'd? Will it cover all of your expenses or will you need other sources of income?

Here are some questions that you'll want to have solid answers for before pulling the plug:

http://www.early-retirement.org/foru...ml#post1399715
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 11-18-2016, 04:20 PM   #9
Dryer sheet aficionado
 
Join Date: Nov 2016
Location: Queens
Posts: 31
Thank you all for the lightning fast responses.

Just to elaborate...I've been a blue-collar guy all these years. Never realized until about 3 years ago how well I was doing with the whole 401k and pension buy-out thing.

I personally think that for what I've been doing for the last 30 years..."working for The Man"...I'm very fortunate to be getting out at what I would consider to be an early age.
beachbum061 is offline   Reply With Quote
Old 11-18-2016, 04:25 PM   #10
Dryer sheet aficionado
 
Join Date: Nov 2016
Location: Queens
Posts: 31
Quote:
Originally Posted by Walt34 View Post
In general, yes 56 is early. However a lot of people make it out earlier than that. I retired at 52 but it was a law enforcement job that I started at age 23 and that age is normal for that position. And of course it has a pension.

A lot depends on how you plan to finance your retirement and what your expenses are. Do you have a pension, and is it COLA'd? Will it cover all of your expenses or will you need other sources of income?

Here are some questions that you'll want to have solid answers for before pulling the plug:

http://www.early-retirement.org/foru...ml#post1399715
I understand your situation exactly. My next door neighbor is a retired lieutenant from the NYPD.

As for whether or not to pull the plug...that decision has already been made. I'll probably be out just before the end of the year. I am lucky enough to have a pension. Not a great one compared to some folks I know, but a pension nevertheless. And it does have a buyout option, which I intend to take.

Getting out before the GATT and PBGC rates go up in January. That would take a bite out of my buyout.
beachbum061 is offline   Reply With Quote
Old 11-18-2016, 04:52 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: In the fairway
Posts: 5,462
we did a pole on how early is early; 56 is early iirc

I'm almost 53 and I'm feeling the retirement decrement
__________________
Swing hard, look up
Big_Hitter is offline   Reply With Quote
Old 11-18-2016, 04:57 PM   #12
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: No Country for Old Men
Posts: 46,710
Quote:
Originally Posted by Big_Hitter View Post
we did a pole...
I'll czech to see if I can find it...
__________________
Numbers is hard

You may not know it but I'm quite famous

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 11-18-2016, 04:59 PM   #13
Thinks s/he gets paid by the post
2017ish's Avatar
 
Join Date: Apr 2012
Location: Nashville
Posts: 1,902
We are out next year at 57/56 and our peers/family definitely consider it early. (We consider it "early enough, but not 'early, early'"!)
__________________
OMY * 3 2ish Done 7.28.17
2017ish is offline   Reply With Quote
Old 11-18-2016, 05:00 PM   #14
Dryer sheet aficionado
 
Join Date: Oct 2016
Posts: 33
Go as soon as you are able and don't look back.
TGL405 is offline   Reply With Quote
Old 11-18-2016, 05:45 PM   #15
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 15,059
Hey, I retired at 55 and they've been putting up with me for years now. So obviously a very tolerant crowd!
braumeister is offline   Reply With Quote
Old 11-18-2016, 05:59 PM   #16
Thinks s/he gets paid by the post
Senator's Avatar
 
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
I retired at 56 too. It is not too early...
__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
Senator is offline   Reply With Quote
Old 11-18-2016, 06:08 PM   #17
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 2,778
I always planned to retire at age 55 once I had 30 years.

As it turned out megacorp stopped pension accruals and capped contributions to retiree Medical

As such, I ended up resigning at age 47, instead, and have not regretted it one bit.

I have kept busy with several volunteer positions on the outside.

56 is not too early.

-gauss

P.S. I would be real cautious about the pension buyout idea.
gauss is offline   Reply With Quote
Old 11-18-2016, 06:16 PM   #18
Recycles dryer sheets
 
Join Date: Jun 2014
Posts: 406
I got out at 55 going on 2 years ago

Quote:
It's been my game plan from the moment I starting my current job almost 30 years ago. I've been lucky enough...I think, to accumulate enough assets to retire in a comfortable, but not overly luxurious, lifestyle.
This was my thing as well. I think that's why I was able to retire early. It was always my main goal. I tell people that when they ask how could I manage it so early. No kids, LBYM and save like you plan to retire sooner than later. Truth be told I missed my planned retirement age by 15 years
__________________
If money is the root of all evil I want to be a bad man
nuke_diver is offline   Reply With Quote
Old 11-18-2016, 06:30 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Dec 2015
Posts: 2,156
I'd say "early" has nothing to do with age. In my book, "early" is before you are ready, emotionally and/or financially. I retired at 62 1/2, and it was right on time for me.

I retired last March, and I'm adjusting to it, but it's a joyful adjustment. I am still not used to not having to think about what night of the week it will be if someone asks me to do something. Reflexively I think about it and then I realize "it doesn't matter. I'm RETIRED!!"...I love those little moments.
HadEnuff is online now   Reply With Quote
Old 11-18-2016, 06:31 PM   #20
Dryer sheet aficionado
 
Join Date: Nov 2016
Location: Queens
Posts: 31
Quote:
Originally Posted by gauss View Post
I always planned to retire at age 55 once I had 30 years.

As it turned out megacorp stopped pension accruals and capped contributions to retiree Medical

As such, I ended up resigning at age 47, instead, and have not regretted it one bit.

I have kept busy with several volunteer positions on the outside.

56 is not too early.

-gauss

P.S. I would be real cautious about the pension buyout idea.
Well, here's the thing...pension is about 32K @ year. Buyout is around 670K. For arguments sake...I put that 670K into AT&T and just take the dividends out when they come in and I'll get more than my pension and still own the stock. Seems like a win-win.

What are your concerns with taking the buyout?
__________________

beachbum061 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
SEConference Expanding Soon? Real soon? mickeyd Other topics 9 08-15-2011 05:47 PM
Soon ... Very Soon Traxless Hi, I am... 10 03-26-2011 04:24 PM
New Place Vs Return To Wonderful Old Place yakers Travel Information 22 09-26-2008 06:00 PM
Am I in the right place? Lena Hi, I am... 11 05-25-2006 07:06 PM
Hi, new here, maybe in the right place though! clf0309 Hi, I am... 34 03-23-2006 08:43 PM

» Quick Links

 
All times are GMT -6. The time now is 01:39 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×