+2. But each of us has to decide for ourselves when we're financially ready to pull the trigger. Some people are fine with 70-80% success rate (lowest I've seen), others are looking for 200% (twice as many $ as the 100% threshold), and others somewhere in between - and all are right! Each of us will live with the decision, no one else, no one here or anyone else. If you're not as confident as you'd like to be, maybe you should work until you are, most of us can't undo retirement - it's a one way street. But you'll never be 100% confident, and it's likely you will miss some aspects or people from work, so don't wait for that. And if you wait a few years, or many years, odds are you'll still be retired for a good long time.
Midpack, I think you are on target. Financial readiness in retirement is a personal decision. There are so many factors that influence the decision, and only the individual who has the complete picture can make a full assessment. That said, it still is helpful to get opinions from others even if they don’t know all the factors. This forum is an excellent resource for soliciting those other opinions.
From many of the responses to my original and follow-up posts, I get the impression that others view me and my wife to be somewhat out-of-touch worry warts. I do certainly appreciate the feedback, and to some degree it is reassuring, but I don’t think we are worry warts. I have lots of concerns about withdrawal strategies, tax strategies with impending RMDs, long term care strategies, paying for healthcare, inflation, etc. How these play out can certainly have an impact on our financial wellbeing during retirement. I understand that I will never be 100% confident, but I would like to be as close to 100% as possible. I probably need to be more specific in my posting, and maybe need a number of more focused posts on different issues. I think everyone would benefit from dialogs on these topics.
You also touch on the fact that pulling the trigger on retirement isn’t solely a financial decision. That certainly is the case for me. I am definitely not happy in my work life right now and I don’t see that changing. There are no aspects of my current work that I will miss (other than a steady paycheck), and I can always maintain contact with the people that I have close relationships with. There are also plenty of purposeful activities waiting for me and my wife when I finally leave. For me, I think it is largely an emotional issue. I have been working non-stop all my adult life, and there is something about the finality of the retirement decision that gives me anxiety and a bit of paralysis. As I stated in an earlier post, reorganizations at the company I work for will likely impact me, but that could still be several months away or might not happen at all. The thought of being there for several months or longer is not very appealing. Hopefully I will get the guts to move on to my next chapter soon.
Once again, I really appreciate all the feedback I have received on this forum. It is a great resource that wasn’t available in the not so distant past.