Financial regrets 10+ years into early retirement?

[Koolau]

By retiring when I did (at 58) I missed a nice "package" about 18 months later. No way to guess that would happen, though it wasn't a huge surprise. Looking back, yeah, the package would have been nice and the extra 18 months of adding to the 401(k) would have made my "fat stacks" a bit fatter. But what it's come down to for me is this question: What would you "pay" for 18 months of freedom? Unless you are really "into" your j*b, it seems to me that staying for "more" might be a fool's errand - but we each have to decide for ourselves if we have "enough" so YMMV.

 

[PointBreeze]

Retired less than 3 years so far, so my regrets may change in the next 6 or 7 years. Retired shortly after turning 56 from a high payed, high stress career. earnings were in the 400-600K range my last 10 years and I left a lot on the table leaving when I did.

Our retirement budget is only 25 -30% of my working life income, but we do not feel it much. Taxes are much much lower and we no longer have to save, kids are out of college etc. We also pared down on some expensive pastimes. (Yacht in Marina down to trailerable fishing boat for example).

In the end I some times feel a tinge of regret as I know I cannot make a really large purchase and just earn my way out of it. We lived most of my career without much of a budget because it did not take any effort to spend less than I earned. I would have had to work till I was 64 or 65 to continue that kind of spending. Whenever I feel that tinge of regret, I remind myself I might not be alive had I continued working. That is priceless.

I completely agree with you, Shanky. My health has definitely improved since quitting my job. I'm sleeping more and having higher quality sleep, I'm moving more, eating less and healthier, much less stressed, etc.

 

[PointBreeze]

I’m curious to understand how people project their spending. Do you assume you’ll need £xxx for the years up to, say, 60, then £yyy to 80, followed by £zzz? My parents, just into their 80s both retired early 50s and have said how their spending dropped quite significantly from 70 onwards, as they no longer wanted extravagant long haul holidays. Just too much hassle. They apparently spend very little now and want very little.

I suspect most people build too much of a ‘margin of safety’ into their calculations...

Yes, I projected one level of spending until 75/80, then reduced spending until 88/90, then dramatically increased spending (single income, in assisted living).

 

[walkinwood]

I retired at almost 48.


My advice to you is NOT to retire if you can't at least afford your current lifestyle plus some in retirement. Beyond that, I think this is a very personal decision.



We do not have an extravagant retirement, but we can do just about everything we want to do. We live in a nice sized new home, we eat well and go out to nice restaurants, take nice vacations & go out for entertainment, and buy things that we like/need/want to have a nice lifestyle. The very subjective word is "nice".



If you follow an SWR methodology, the chances are that you'll be able to ratchet up your spending as you age. No guarantees though.

 

[Perryinva]

Just remember, and it has been pointed out before, but basing any decision on the increased portfolios of 10 year retirees with the market performance these past 10 years is just fooling yourself. A monkey with a dartboard could make 9% yearly average since 2009. That will definitely not last forever, or even a few more years. The 20year vets are a more insightful group.

 

[Rianne]

My big fears are 1) not taking advantage of my peak earning years to stash away even more money and 2) reduced Soc Sec benefits because of early retirement. I worry that 10+ years in I will wish I had worked longer when I had the chance.

My question is for those who retired early during their peak earning years and are more than 10 years into retirement: Do you regret not having worked longer to lay in more money and maximize SS benefits? Any other financial regrets of cutting it short and leaving money on the table?
Thanks!

I don't know your skill set, but you should take a look at this option. My DH consults from home and has all the freedom he desires, but has a skill set that is valuable enough to consult. This company will contact you for various jobs that can last an hour, or two months. You can accept or deny at any time, nothing is ever held against you. You can give them dates you're available if you're vacationing or have other commitments, they work with you at every level. They pay on time, they tell you the hourly or project rate you'll get ahead of time. DH has used this company for years.
https://www.yourencore.com/

 

[Teacher Terry]

I retired at 58 and quickly became bored. I have worked part time the past 6 years at a job I loved. Unfortunately it just ended.

 

[friar1610]

I responded back when this thread started that I wish I'd retired a bit sooner. I don't know if others have made these points (haven't read the entire thread) but I do have a couple of points to add:

- I wish I'd waited to take SS rather than taking it at 62. This has zero impact on how well we live now as the SS gets saved/invested. But the potential value to my surviving spouse would be greater if I'm the first to go had I waited until FRA or 70.
- I wish I'd opted for the full survivor benefit (55% of my pension) for her rather than 40%. She'll be fine regardless, but theoretically there would be more to leave to kids/ grandkids/charity if she had a larger guaranteed income stream.

 

[Perryinva]

You can always suspend your SS and restart after FRA at any time, if not yet 70.

 

[Byb747]

This quote came from these boards and has deeply made an impact on me... thank you original poster��. I am 4.5 years from early retirement but I feel this quote is very appropriate:

"One of the key truths I've learned is that when you get to a certain age, you have*time, you have your*health*(or what's left of it), and you have*money. Past a certain point, you are trading off time and health in order to have more money, and you need to ask yourself if that's really what's most important to you"

 

[MichaelB]

This quote came from these boards and has deeply made an impact on me... thank you original poster��. I am 4.5 years from early retirement but I feel this quote is very appropriate:

"One of the key truths I've learned is that when you get to a certain age, you have*time, you have your*health*(or what's left of it), and you have*money. Past a certain point, you are trading off time and health in order to have more money, and you need to ask yourself if that's really what's most important to you"

That was CoolRich59 http://www.early-retirement.org/forums/f29/ready-to-pull-the-plug-90474.html#post2002010

Very well said.

Don't know how the OP feels about it, but I'm the type of person who sometimes needs this kind of undiluted straight talk.

As Red Badger says, one of the key truths I've learned here during my short time here is that when you get to a certain age, you have time, you have your health (or what's left of it), and you have money. Past a certain point, you are trading off time and health in order to have more money, and you need to ask yourself if that's really what's most important to you.

 

[RAE]

"One of the key truths I've learned is that when you get to a certain age, you have*time, you have your*health*(or what's left of it), and you have*money. Past a certain point, you are trading off time and health in order to have more money, and you need to ask yourself if that's really what's most important to you"

+1, very true. We all just need to decide where that "certain point" is for us.
A lot of people just keep working (beyond the point that they would need to) without really seriously considering this truth, which I think is a mistake. You can never get back that time.

 

[Austin704]

I don't know your skill set, but you should take a look at this option. My DH consults from home and has all the freedom he desires, but has a skill set that is valuable enough to consult. This company will contact you for various jobs that can last an hour, or two months. You can accept or deny at any time, nothing is ever held against you. You can give them dates you're available if you're vacationing or have other commitments, they work with you at every level. They pay on time, they tell you the hourly or project rate you'll get ahead of time. DH has used this company for years.
https://www.yourencore.com/

Great tip! Thanks...

 

[Tiger8693]

The fallback we didn't have to take, but a big part of the decision.

And this:


The spreadsheets make real, what the calculators can't do.

Retired 30 years ago @ age 53, and no regrets. Longish story on the link...

Best wishes for the coming 40 years.

I don't want this to sound condescending, negative or anything of the sort... I am always impressed when reading your posts. At 83 (1 year older than my Dad), your posts make more sense, have more information, and provide me more insightful benefit than most here. My Dad, unfortunately, no longer has that mental capability. It's one of the reasons I am working so hard to retire in the next few years.

Thanks!