Waited too long to retire?

[cyber888]

I can retire 12 months from now at age 55.5 yrs and Firecalc says Im 100% but I wont have enough buffer to feel comfy. So I’m aiming for 24-36 month.

[homestead]

Quote:

Originally Posted by W2R I went through a financially disastrous divorce when I was 50 years old. It left me with essentially nothing but my clothes, my books, an old sofa, and a k-car that was on its last legs, with intermittent electrical problems. Oh, and $1K in the bank, no retirement, and the rent was due and I was working on a soft money (possibly temporary) research job. He got the house and contents by mutual agreement, and there was a lot of credit card debt. Life is like this sometimes! Anyway, I took a job for the federal government, mainly for the retirement benefits (retiree health insurance and mini-pension). I could not afford to retire until eligible for them, by which time I was 61. The day I was eligible was a Saturday, so I retired two days later, on Monday to make sure there was no question about my eligibility. A big "plus" to my situation is that I knew for a decade exactly what day I would retire. I dreamed about retiring a year or two earlier, but when I broke out my spreadsheets there was just no way that I could make it seem even slightly feasible for me. When Katrina hit I thought I might have to delay another 6 months until my 62nd birthday, but I made it happen on the date I originally planned to retire. TLDR: Nope, I couldn't have retired even a day earlier with enough safety margin to suit me.

Nice comeback!

[GR111]

Goog, thanks for the reminder to all never take health or time with loved ones for granted.

My grandfather retired at 65 and told me his biggest mistake was to wait. He said he was worried about money but learned the extra years would have been more valuable. I retire next year at 56 but if I could do over would plan better and retire sooner.

[DrRoy]

I was 57 3/4. Could have gone earlier but it is nice to have the extra $ to spend.

[athena53]

I was planning on 65 but my BS bucket was suddenly full at 61. I still deplore some of the backstabbing that led me to leave but it was excellent timing. DH and I had 2.5 good years left before he died- took a second trip to Alaska and one to Iceland- and I was able to be at home with him in his last days. Our granddaughter was born just before I retired and I can visit them (3 hours away) without counting how many vacation days I'm using up. Despite a blow-that-dough travel budget, my net worth has increased over 3.5%/year since retirement.

Health insurance was an unhappy surprise (doubled over 4 years and the network got crappier) but I'm on Medicare now.

[Offgrid Organic Farmer]

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Originally Posted by couch Waited too long to retire? Did you retire too early?

I did it just right

Quote:

... Could you have retired earlier?

Maybe.

If I had not gone to college, then I could have gotten my pension at 38. But that time was spent gaining some wisdom, that I needed to make retirement work for me.

Quote:

... Do you regret not retiring WAY earlier?

No, not at all.

I retired at 42 and that was plenty early enough.

[Stormy Kromer]

I RE'd 1/1/2016 at age 50.5. Cold turkey after 31 years in the same office. I planned on age 50 when I was 21 years old and stuck to the plan. Financially I'm fine and am confident in my future. No regrets, in fact I still have frequent nightmares about work. I put a lot of stress on myself and staying would have impacted my health (physical and mental) no doubt.

I was a small business owner in a small town (population 1,200). The hardest part of retiring at 50 has been the social part of it. Many in my old home town seem resentful that I could retire so young "He made too much money off of us" is a comment that I hear. I moved 350 miles away and started over. It's gone well, when asked what I do I tell others that I work from home. My work is managing my own finances since I'm gradually moving all my funds from my FA to Vanguard. I also own a farm which takes a little time to manage. ER is not always admired in a small midwestern town where you're expected to work til you drop, even when you're long past FI. Still, I have no regrets.

[Moemg]

I had always planned to retire in my mid 50's but when my husband died when I was 51 I stayed on the job to keep myself busy .It was a smart thing to do while I healed and formed new relationships .

[IMATERP]

I retired 2 days before my 57th birthday. I probably could have retired a bit earlier but I wouldn't have the same comfort level that I do now + really thrilled to get an extra 9 months of pay - volunteering to be part of a buyout.

So, I guess the time was right. ��

[HI Bill]

Quote:

Originally Posted by Teacher Terry Same for us B. Suze Orman just wrote another article for AARP telling people to work until 70. Many won’t live that long.

Work till 70, die by 80, eliminate your chances of running out of $! (Sarcasm)

[aja8888]

Quote:

Originally Posted by HNL Bill Work till 70, die by 80, eliminate your chances of running out of $! (Sarcasm)

That may be sarcastic, but there's a bit of reality in that, especially for the folks that expect to live to 100!

[Teacher Terry]

A, good thing you retired earlier than planned and had fun with your husband. Time is more important than money. Suze Orman is so rich she is out of touch.

[Splash]

Retired 18 months ago at 55 and it feels right but time will tell.

Can't imagine ever thinking we should have worked longer.

It's possible we will think we should have retired earlier because of:

1. Health - Treated for aggressive breast cancer at age 50, currently doing well
2. Money - Sufficient funds at 54 but wanted Rule of 55 for a safety net since 75% of nest egg tax deferred

Whatever happens, we will have no regrets as we are hoping and planning for a long retirement and if we were wrong, then our kids will benefit.

[CoolRich59]

Quote:

Originally Posted by Onward I regret not taking the financial steps that would have allowed me to retire earlier.

I am in this camp. While we could have done worse, I regret not being more financially disciplined. For example, I did not start seriously saving until I was in my 30s.

I have tried to ensure that my kids don't make that mistake. I required my younger sons to read The Richest Man in Babylon and I think they *get it*. However, my oldest has Cadillac tastes but a Kia salary. Every time I ask him if he's read the book, he's still "working on it". Every time I ask him if he's saving 10%, I hear crickets.

[tmitchell]

Quote:

Originally Posted by Beststash I retired at age 52 in 2003 and although I was a tad apprehensive looking back 15 years this Oct. it was my best decision I ever made. My mega-corp employer cut my healthcare benefits in 2006 and that was a big surprise (and costly) but we got through it, especially after ACA was passed. I came within an inch of leaving when I was around 50 but the market downturn caused me to back out for a few years. I had what I thought was enough using Firecalc but even with a few unexpected expenses things have worked out very well. For the first time in my life I am starting to have a few health issues. Things begin to change in your late 60's healthwise (or at least they have for me). My only retirement regret is that in hindsight I was too financially conservative. I wish I had let my freak flag fly in my 50's. Peace

Wow I needed to see this thread! Beststash I feel I should heed your warning!

I just turned 51 and just on the edge of pulling the trigger but having a heck of a time doing it. I just arrived where I need to be 25x wise, but have decided to OMY to add a cushion for extras & "in case." My official end date will be end of next year, or 52.5 yrs old.

I'm a bit worried about healthcare costs w/o a job.

[tdv2]

I had a plan from early in my career to retire in early to mid 50's. Had saved and invested and held on through the 2000 tech bubble and the 2009 great recession. Actually I think the market tanking in the 08-09 time-frame helped a bit since I was making good money and pumping it into index funds at bargain prices. Was ready to go at 52 but held on until 54.5 to get a little cushion.

[kgtest]

Quote:

Originally Posted by Amethyst I could have retired promptly at 55, but for some reason I didn't. I guess a whole bunch of reasons to leave were fighting with reasons to stay. I could regret that final year, but spending a year in that particular assignment also led to my being offered a part-time job which has proven quite beneficial, in terms of $$. Now, if I'd worked any longer full-time, let alone in that final job which had some challenging aspects, I would be taking myself to a psychiatrist. Have just seen the death notice for yet another cow-orker, who started when I did, and was only 2 years older than I am.

lol, cow-orker. I like it, herding us around like the (phat) cattle we are!

[foxfirev5]

Retired a day before I turned 60. I should have done it a year or so earlier but I certainly don't dwell on it. After 2 1/2 years w**k is a distant memory and I rarely speak or think about it. There's too much else to do.

[lem1955]

I had hoped to retire at 55 but two years before I reached that target the Recession struck and set me back. I lost my big job at 56 and started working for a non-profit at 70% time and about a third of my previous salary and lived frugally for 4.5 more years until I hit the magic number. Could I have retired earlier? Probably. But I felt confident, really ready, and left properly with good notice, warm feelings on both sides and I had had 4.5 years of practice living in semi-retirement putting much less away. I'd say it was just right timing.

[Navigator]

I retired at 61 from a job I loved. In retrospect, I wish I had done so a couple of years earlier. I was worried about money, but didn’t need to be. Now that I am retired, I have health problems that prevent me from doing many of the things I always wanted to do. I guess I would vote that time>money.