Retire at 60, go back to work at 65?

[garyt]

Anybody do this? I'm thinking of retiring at 60 while we're still young and in good enough shape to do the things we like to do, then if necessary return to work at 65. I imagine after 5 years of no work it will be hard to get back to it, but maybe not?
We could retire at 60 and not go crazy and stay retired the whole time, but I really want to enjoy those years travelling.
So what's your opinion?

 

[REWahoo]

Sorta. I retired at 58, and at 65 there was no way in Hell I wanted to return to work.

Worked out great!

 

[Walt34]

You can do it but be very aware that once you get north of 60 or 65 health issues can sideline the best-laid plans. At 65 I had what I call an "almost heart attack". I noticed shortness of breath, called doctor, he put me in the hospital that day, stress test the next day, day after that I had two stents in a heart artery. No heart damage and full recovery, but I wouldn't count on being able to pass the required physical for either the job I retired from or the one after that because it is a cardiac issue.

That said I did retire at 52 and then several years later started working again at a low-stress job with a very short commute and stayed there for about 5 years. When things went south I liked having the option of quitting, which I did. A lot of the others didn't have that option.

Most here over 65 have zero interest in ever working again, and I'm one of them.

 

[DrRoy]

I agree on traveling earlier rather than later. My DW and I have been doing it from our early 50's before RE. We want to go at a pace that will likely be too much in later years and also do some hiking, etc. However, I also think it is risky to leave employment for 5 years and then have to depend on going back. You might lose skills, run into a recession, have a health problem, or just not want to have to work again. Why not just start travelling now when you can and then stop working for good on a good financial note.

 

[Senator]

Anybody do this? I'm thinking of retiring at 60 while we're still young and in good enough shape to do the things we like to do, then if necessary return to work at 65. I imagine after 5 years of no work it will be hard to get back to it, but maybe not?
We could retire at 60 and not go crazy and stay retired the whole time, but I really want to enjoy those years travelling.
So what's your opinion?

Without knowing what kind of work you do, any STEM job will be closed. Newer versions, newer technology, etc. will make you obsolete. Even forgetfulness will make your guru skills obsolete. And you will be OLD.

You can work at menial jobs, but you are fer better off to work OMY at what you are doing and give it up completely. Volunteer if you want.

If it is going back to work at 65 is for the money, it is foolish.

 

[MasterBlaster]

Without knowing what kind of work you do, any STEM job will be closed. Newer versions, newer technology, etc. will make you obsolete. Even forgetfulness will make your guru skills obsolete. And you will be OLD.

I agree, finding a decent job (STEM or otherwise) at 65 would be a challenge. Heck finding a decent job at 50 is a challenge. At 65 it may be near impossible. Just because you want to work doesn't mean anyone will hire you. Ageism really exists.

Having said that. Some people like to retire from their lifelong profession to do something fun that may not pay much. It may not be so much for the money as to be out, engaged in the world, meeting and dealing with people. Believe it or not, some retirees get really tired of golf, early bird dinners and daytime TV shows.

 

[garyt]

I'm just talking about making a few extra bucks as a Walmart greeter or something. You know "Welcome to Meijers, have a nice day!" kinda thing.

 

[garyt]

I agree on traveling earlier rather than later. My DW and I have been doing it from our early 50's before RE. We want to go at a pace that will likely be too much in later years and also do some hiking, etc. However, I also think it is risky to leave employment for 5 years and then have to depend on going back. You might lose skills, run into a recession, have a health problem, or just not want to have to work again. Why not just start travelling now when you can and then stop working for good on a good financial note.

We've been travelling for the last 20 years, but that's like 4 weeks a year. I'm talking about months at a time travel. I'm even looking at living in Thailand for a year. Who knows?

 

[Sunset]

I'm just talking about making a few extra bucks as a Walmart greeter or something. You know "Welcome to Meijers, have a nice day!" kinda thing.

Realistically,
Why would someone hire you at age 65, there are a lot of competition for those low skill jobs, even from other retired folks.
At best you will earn minimum wage and be employed about 20 hrs/wk, so you are looking at earning 9K/yr if you are lucky.

Usually better to work OMY but live like you are earning $8/hr, then retire.

 

[papadad111]

Travel now. Having lived and worked abroad for 2 decades, my wife and I realize how lucky we were to have traveled so extensively in our 20's. 30's and 40's both with the kids and before kids - do it while young.

We always joked that people do it the reverse way that they should do it. They all wait til they are older and retired before traveling. Anyway. True observance - We saw many older people "dream retirement tour groups" over the years and the common theme was the people on them struggled to get around and enjoy the travel due to age/ health related issues.

Go for it at 60. You can always find something to do at 65. And if not, if health precludes work, no big deal because at least you traveled.... Only one life to live ....

 

[HtownRose]

When the ACA was first rolling out, it occurred to me I could take a couple years off, go on the ACA, de-stress a bit & then go back to work. I didn't do it, thinking it looked a bit shaky & I'd wait for it to stabilize, but now wish I could get on one of the plans that was available back then - PPO, lower rates - PPO's are gone from my area as of 1/1/16 & rates are predicted to be going ever higher.

So now I'm looking for a lower-stress job that provides health insurance. Ah, 20/20 hindsight...

 

[CaliforniaMan]

Once you have tasted freedom, it is hard to voluntarily go back and wear the chains.

After I quit my job and started my consulting business in my early 30s, I soon realized I was completely unemployable. I would never be able to work for anyone other than myself ever again.

Now that I have retired, I realize I could never even go back and work for myself.

I don't think going back to work at 65, after being retired for 5 years would be anything other than absolute misery.

 

[iac1003]

IDK. My ex sold his business and retired before 60, got involved in some avocational and volunteer pursuits and ended up going back to work for one of those organizations at just about age 65. Or so I'm told.

I just retired in December at 64 and there's no way I am going back to work in any capacity.


Sent from my iPhone using Early Retirement Forum

 

[tmm99]

Once you have tasted freedom, it is hard to voluntarily go back and wear the chains.



I don't think going back to work at 65, after being retired for 5 years would be anything other than absolute misery.

+1

 

[unclemick]

Once retired -don't let on how happy you or even hint that you are free to do what you want.

Volunteer is a word I try to avoid like the plague. Mostly I can be grumpy enough to say NO!. But like baseball I hesitate to post my 'yes' average.

heh heh heh - I still have my Curmudgeon Certificate downloaded from this very forum and trying to get out of my yes slump of late. Stay on your ER guard.

 

[cyber888]

I don't see a problem with your desire to work at 65.
The problem is that most companies are hiring millennials or using robots in 5-10 years.
I just talked to the VP of a big company and he told me that they are projecting that more than 80% of their new hires will be millennials. Heck, you can probably do a better job than them, but I donno about the hiring situation once you get to 65 or 66.
The only way you can go back to work at 65 with 100% certainty is if you are working for yourself .. a business, a small consulting gig, a trader ...

 

[garyt]

Don't get me wrong, if I don't have to go to work at 65 I won't. I'm just wondering if people have done it. When I do retire, say at 60, I plan on having a great time while I can. I'm going to spend more money then I probably should in those first 5 years. If I feel the financial need, I'd be willing to go back to work to offset that.

 

[MrLoco]

How about a compromise? Work until 62.5, then retire. Travel between 62.5 and 65.
You can do a lot of traveling in 30 months. Then at 65 Medicare kicks in and will significantly ease health care costs. Also you are that much closer to collecting Social Security.

I honestly do not think at 65 you will want to be a greeter at Walmart. I have a feeling that those who are greeters at Walmart are working because they really need
that small amount of supplemental income. Whatever you decide, best of luck.

 

[tmm99]

I cannot imagine having to go back to work at an old age. You hear stories of retired people who have to go back - It's always a sad story. Going back to work by choice is one thing, but having to go back because you are short of money, is never a good thing. I would work longer to make sure that I would never have to go back to work even if I have to decrease my spending to make it happen.

I recently saw a woman in her mid 60's standing in a costume in front of a tax store - dancing (more like standing and twisting her torso). I am sure she wasn't doing it for fun. I wondered how much she was being paid... $11/hr? I couldn't imagine her standing there for 8 hours straight, so maybe 5 hours tops? Making $50 a day? I felt bad.

So if I were you, I would look at my spending and budget again, and I will tighten my belt in some areas to make sure I can last. In other words, I would consider modifying the "I plan on having a great time while I can. " part. If I cannot do that, I would stay working longer. I see no other choice, but that's just me.

 

[Sunset]

...
I recently saw a woman in her mid 60's standing in a costume in front of a tax store - dancing (more like standing and twisting her torso). I am sure she wasn't doing it for fun. I wondered how much she was being paid... $11/hr? I couldn't imagine her standing there for 8 hours straight, so maybe 5 hours tops? Making $50 a day? I felt bad......

Maybe in Ontario, but here in the states most places are $7.25 - $8.00 per hour.

I think the folks begging at the traffic intersections make more per hour and it's tax free. Last one I saw was using a cell phone to text between traffic light changes

 

[Aerides]

Any mother who left her job to raise kids for a few years at, say 32, then experienced how hard it is to get back in, with anything close to her former salary or role, is laughing at this thread.

But if you are thinking to go back into the work force for minimum wage in 5 years, like Senator said, just OMY now instead.

 

[Big_Hitter]

retirement is not meant to be temporary.

 

[GravitySucks]

Any mother who left her job to raise kids for a few years at, say 32, then experienced how hard it is to get back in, with anything close to her former salary or role, is laughing at this thread.

But if you are thinking to go back into the work force for minimum wage in 5 years, like Senator said, just OMY now instead.

+1

I had planned on doing contract work after retiring. I did a contract after about 15 months of ER and lasted 4 days before giving my two week notice. You're not going to want to go back to the BS after time away.
And yes, even a WalMart greeter is going to have some crap roll down from his 22 yr old supervisor.

 

[Bestwifeever]

Anybody do this? I'm thinking of retiring at 60 while we're still young and in good enough shape to do the things we like to do, then if necessary return to work at 65. I imagine after 5 years of no work it will be hard to get back to it, but maybe not?
We could retire at 60 and not go crazy and stay retired the whole time, but I really want to enjoy those years travelling.
So what's your opinion?

Any day at work was more exhausting than any travel day, even though I just sat at a desk and interacted with people all day long (a lot of psychic energy involved). I can say I'm in much better shape for travel at 65 than I would be for going back to work.

It makes me tired just to think about it--schedules, stress, work politics. Yes, do OMY if you need to and hang it up forever after that.

 

[daylatedollarshort]

I'm just talking about making a few extra bucks as a Walmart greeter or something. You know "Welcome to Meijers, have a nice day!" kinda thing.

Thrift in some ways can have the same cash flow impact as an actual part-time job. Like if you save 70% off your groceries, that could amount to a few thousand in extra cash a year. Blog for another couple thousand. Play the credit card game for another couple thousand. Find 5 money makers or savers along those lines you enjoy doing and you are at ~$10K extra a year without having to have an actual job, commute or set hours. Over 30 years you'd have another $300K in retirement funding.