|
|
Soon to be 56. Am I in the right place?
11-18-2016, 03:08 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?
|
|
|
|
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!
|
11-18-2016, 03:12 PM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
|
Early enough! Welcome to the forum.
__________________
Numbers is hard
|
|
|
11-18-2016, 03:13 PM
|
#3
|
Recycles dryer sheets
Join Date: Jan 2011
Location: Desert SW
Posts: 358
|
Anything before 65 is generally thought of as "early".
__________________
Retired in 2011 at 54
|
|
|
11-18-2016, 03:13 PM
|
#4
|
Dryer sheet wannabe
Join Date: Jul 2016
Location: Austin
Posts: 10
|
I retired at 55 and 10 months best thing I ever did I am 58 10 months now.
|
|
|
11-18-2016, 03:13 PM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
|
56 is early, but it really doesn't matter to us.
|
|
|
11-18-2016, 03:13 PM
|
#6
|
Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Michigan
Posts: 4,962
|
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
|
|
|
11-18-2016, 03:15 PM
|
#7
|
Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,473
|
Quote:
Originally Posted by beachbum061
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.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
|
|
|
11-18-2016, 03:16 PM
|
#8
|
Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,302
|
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
__________________
When I was a kid I wanted to be older. This is not what I expected.
|
|
|
11-18-2016, 03:20 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.
|
|
|
11-18-2016, 03:25 PM
|
#10
|
Dryer sheet aficionado
Join Date: Nov 2016
Location: Queens
Posts: 31
|
Quote:
Originally Posted by Walt34
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.
|
|
|
11-18-2016, 03:52 PM
|
#11
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
|
we did a pole on how early is early; 56 is early iirc
I'm almost 53 and I'm feeling the retirement decrement
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
|
|
|
11-18-2016, 03:57 PM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
|
Quote:
Originally Posted by Big_Hitter
we did a pole...
|
I'll czech to see if I can find it...
__________________
Numbers is hard
|
|
|
11-18-2016, 03:59 PM
|
#13
|
Thinks s/he gets paid by the post
Join Date: Apr 2012
Location: Nashville
Posts: 2,504
|
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
|
|
|
11-18-2016, 04:00 PM
|
#14
|
Dryer sheet aficionado
Join Date: Oct 2016
Posts: 33
|
Go as soon as you are able and don't look back.
|
|
|
11-18-2016, 04:45 PM
|
#15
|
Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,199
|
Hey, I retired at 55 and they've been putting up with me for years now. So obviously a very tolerant crowd!
|
|
|
11-18-2016, 04:59 PM
|
#16
|
Thinks s/he gets paid by the post
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!!
|
|
|
11-18-2016, 05:08 PM
|
#17
|
Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,594
|
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.
|
|
|
11-18-2016, 05:16 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
|
|
|
11-18-2016, 05:30 PM
|
#19
|
Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 2,232
|
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.
|
|
|
11-18-2016, 05:31 PM
|
#20
|
Dryer sheet aficionado
Join Date: Nov 2016
Location: Queens
Posts: 31
|
Quote:
Originally Posted by gauss
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?
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|