Stop Waiting! A Rant

[marko]

A bit of a rant here on aging which is why I put this in ‘Young Dreamers’ but it could also apply to you OMY’ers, the “will I run out of money?” folks and a few fence sitters.

Note that this is not a complaint or request for propping up, consolation or insight; just writing this all down makes me feel better (I think) with the hope that it might inspire some to get going.

Here goes:
Turning 40 didn’t bother me. Turning 50 didn’t bother me. Turning 60 and even 65 didn’t bother me at all.

But now, I’m 66 and will soon be 67. Wow! THIS is bothering me. A lot!

I find myself now thinking: “In 3 years, I’m going to be 70!!! Heck, in 13 very short years I’ll be 80!!” The other day, someone was doing some work for us and said “You won’t have to think about this for 20 years now”. And it hit me: In 20 years--if I’m lucky--or unlucky depending--I’ll be 87 years old.

Short story: I’m starting to see the horizon and I don’t like it one bit! Not one bit at all.

I’ve often mentioned the older guy I was chatting with at a bar once. He said: “So, you’re 60? You need realize that even if you live to be 90, you have 15, 18 years at best of good summers left. After that you stop doing things, have medical issues and just don’t care about things as much...enjoy what you got”. Well, those “15, 18 years” are now more like 8 or 11.

Now, as far as longevity, I may (big ‘may’) be in luck. Mom is 89, sharp as a tack, still drives, pretty good shape physically and is fully independent; her father hit 92 and her grandfather lived to be 104. True to that guy’s observations however, for the past 10 years she doesn’t do much except go out to dinner, shopping and sit at home reading and watching TV. She still flies to Florida each winter but once there, she’s pretty sedentary and doesn’t even like sitting at the pool anymore.

But as DW points out, mom kind of spoils us. I have no guarantee that I’ll be in her kind of shape in 20 years. I’m in pretty good shape (played full contact hockey twice a week until I was 50), look 10 years younger (so they say) with no major health issues--as of yet. But unlike mom, I could just as easily be in a wheelchair drooling at that age.

But still. More and more I find myself thinking things like: ‘well, in 25 short years it won’t matter to me one way or the other’.

The great gift I was given was being forced into RE at age 52 and it’s been a really great, fun adventure for the past 15 years. But here’s the thing: those 15 years have gone by in a flash and I say: “In another of those ‘flashes’ I’ll be 82.”

So. I guess my point is for all of you out there who are sitting on the fence, doing the OMY for the 5th straight year, worried about running out of cash and so on: STOP WAITING. It’s later than you think! Go for it. Time is NOT on your side. Even as one of the lucky ones, I still can’t beat father time.

 

[Teacher Terry]

Early retirement is not good for everyone. My husband got laid off at 53 and has spent the last 6 years looking for a job, playing sudoku and watching TV. He did 2 consulting gigs but they only lasted 3-6 months each. It would be much better for him if he was still working.

 

[marko]

Early retirement is not good for everyone. My husband got laid off at 53 and has spent the last 6 years looking for a job, playing sudoku and watching TV. He did 2 consulting gigs but they only lasted 3-6 months each. It would be much better for him if he was still working.

Thanks for the cold shower!

My rant was directed at those who want to/would like to retire but are stalling for any number of reasons.

 

[Maenad]

I'm with you on this one. My mom was diagnosed with Lewy Body Dementia this past spring - typical lifespan after diagnosis is 5 - 7 years. When I hear people talk about how they want to work an extra 5 years and have more money to spend I kind of want to scream*. Time is really the most precious of resources, and sitting and talking with my mom costs nothing.

In a few years I won't be able to buy that back, no matter how many millions I could have.




* I don't, though. Just because I'm feeling the touch of the grim reaper doesn't mean everyone who doesn't is morally deficient. I know I'm not objective about this at all.

 

[Cut-Throat]

Here goes:
Turning 40 didn’t bother me. Turning 50 didn’t bother me. Turning 60 and even 65 didn’t bother me at all.

But now, I’m 66 and will soon be 67. Wow! THIS is bothering me. A lot!

Agree with this..... Something about age 67, that ticked with me also.... Luckily I retired at age 50, but as you say those 17 years went by in a Flash.


Running out of money, is the last thing on my mind. Also lucky that we did not fritter away those 17 years. Took some great adventures.. African Safari .. New Zealand, Europe .... Winters in Australia, Bahamas and currently in Hawaii for the winter.


Spend time with old friends at Breakfast every week... Some I used to fish with 20 years ago, and now they are so feeble, they have trouble sitting down and getting up... A good reminder to do anything you want to do Now!

 

[Carpediem]

I just turned 60 and I admit that I am one of those fence sitters of which you speak and I agree with everything you posted. My DM will be 89 in May and is doing well. Her mind is still sharp. My DF died from a heart attack at 91 and although it was difficult for him to walk at the time, his mind was still sharp as well. Genes are on my side FWIW.

I am in decent physical shape except for a recent back issue that now prevents me from doing my preferred exercise routine so that has caused me to gain some weight. Not happy about it at all. I can tell my metabolism and energy levels are down and various aches and pains are up.

BUT...this dang market is causing me to firmly plant my a*s on the OMY (or more) fence at the moment. Other than our tiny micro pensions, we must rely on retirement savings and eventually SS to live. And to make me even more frustrated, mega corp is giving us a new boss man this month and he just scheduled a 'get to know each other' meeting for tomorrow. Don't you LOVE those! I am soooo burned out and ready to move on after a 40 year I.T. career.

My plan was to hang it up June 2019. Today, I am at

- 89.8% success for a constant spending level of $100k
- 98.3% success using Bernicke's Reality Retirement Plan (age set at 40)
- 97.5% success using manual spending method.

But of course the market is down again (as of this post) so who knows what the numbers will look like in June. Fingers crossed for a 2019 rebound and a hint of stabilization.

Thank you for the post. I need more of these.

 

[Nemo2]

Recall posting this some time back, but can't locate the original:

When I was about to turn 40, in Riyadh, I wrote to an aunt and basically said that the last time I looked, (which seemed like seconds earlier), I turned 20.

Now, I said to her, I'm turning 40....I've gone from 20 to 40 in one split second jump, and I'll be going on 60 in another - so, 20 to 60 in two small steps that flashed by.

I turned 76 in September this year, so (if I make it), I'll have gone from 20 to 80 in three tiny leaps come 2022.

 

[Teacher Terry]

Carp, if you change your yearly spending to 90k would you be at 100% for all categories? Would reducing to that level be worth it to retire now?

 

[Carpediem]

Carp, if you change your yearly spending to 90k would you be at 100% for all categories? Would reducing to that level be worth it to retire now?

90k gives me a 99.1% success rate so something for me to think about. But DW might have other thoughts.

 

[joeea]

Note that this is not a complaint or request for propping up, consolation or insight; just writing this all down makes me feel better (I think) with the hope that it might inspire some to get going.

So. I guess my point is for all of you out there who are sitting on the fence, doing the OMY for the 5th straight year, worried about running out of cash and so on: STOP WAITING. It’s later than you think! Go for it. Time is NOT on your side. Even as one of the lucky ones, I still can’t beat father time.

I see these rants a lot here and I honestly don't understand the point.

My best guess is that it makes people feel better about their own decisions when they encourage others to take the same path. Hopefully the ranters aren't unsure they made the right decision.

My advice is for people to try and live every day to the fullest and not to wait until they retire (early or otherwise, forced or voluntary). Do whatever it is that makes you and your family happiest. Enjoy what you are doing throughout your life and you'll always be happy.

 

[Milton]

Early retirement is not good for everyone. My husband got laid off at 53 and has spent the last 6 years looking for a job, playing sudoku and watching TV. He did 2 consulting gigs but they only lasted 3-6 months each. It would be much better for him if he was still working.

Certainly true. Nothing suits everybody, and much as I personally enjoy ER I fully agreed that some people would be better off remaining at work.

• If you enjoy your job,
• if your health is good enough to keep working, and
• if time spent working is not interfering with your ability to pursue other activities that you consider more attractive

then by all means stay employed, despite being FI.

I have no guarantee that I’ll be in her kind of shape in 20 years.

No guarantees about anything. Even with your longevity genes, you could get hit by a bus tomorrow. Carpe diem!

 

[joeea]

BUT...this dang market is causing me to firmly plant my a*s on the OMY (or more) fence at the moment.

My plan was to hang it up June 2019. Today, I am at

- 89.8% success for a constant spending level of $100k
- 98.3% success using Bernicke's Reality Retirement Plan (age set at 40)
- 97.5% success using manual spending method.

But of course the market is down again (as of this post) so who knows what the numbers will look like in June. Fingers crossed for a 2019 rebound and a hint of stabilization.

Are your plans that sensitive to a few months of market instability?

If so, then you are clearly doing the right thing by waiting.

 

[Teacher Terry]

Carp, depending on your local COL 90k should be a great life. Maybe time to discuss with your wife.

 

[joeea]

Early retirement is not good for everyone. My husband got laid off at 53 and has spent the last 6 years looking for a job, playing sudoku and watching TV. He did 2 consulting gigs but they only lasted 3-6 months each. It would be much better for him if he was still working.

6 years is a long time. Does he really want to work?

If he hasn't given up already, the job market in the US is terrific right now. He may not be able to get his old job back, but there are many, many jobs looking for people to fill them.

 

[Teacher Terry]

He’s a engineer and could have worked if we were willing to relocate which we are not. This area has always had a tight job market in our area. He is not interested in working outside of his field.

 

[Carpediem]

Carp, depending on your local COL 90k should be a great life. Maybe time to discuss with your wife.

True but that 90k is pre-tax so it's probably closer to 75k.

 

[Teacher Terry]

I forgot about taxes)

 

[RetireAge50]

We spent 90k in 2018 (our first full year of retirement). Traveled 6 months. Plenty of disposable money. Our federal taxes will be about $1,200.

Go for it!

 

[LOL!]

So have you told the car sales person that this is the last car you will ever buy?

 

[Dtail]

Retired at 57 yo. Volunteered for a package instead of an eventual layoff. Couldn't find work (similar to Marko)?
Now only a Plan E haha would take me back to working. No OMY at all but really liked my job.
The time was right to move on to this stage of life. I will say that the time does really fly by much too quickly, strange....

 

[Conundrum]

Marko, thanks for the post. I wholeheartedly agree with your sentiment. I am glad I jumped ship early. It hasn’t been long but my health is improving nicely. I knew w*rk stress was playing a role in my health and view of the world in general. Now that I am away I dramatically underestimated the stress factor.

As a side note I regularly see folks in their early 70s and 80s at my health club. Swimming laps, water aerobics, weights, yoga. Hey, they may not move as fast but who cares? They may come into the facility with a walker or a cane but to see them getting after it is truly inspiring to me. And yes, there are a few guys in the weight room that are in their early 70s that put me to shame. Awesome..........

 

[marko]

I see these rants a lot here and I honestly don't understand the point.

.

See my last paragraph

 

[corn18]

Timely thread for me. Next year we could retire @ 52 with a $100k base budget (all expenses including lumpy stuff, health care and taxes). We would also have $13k / year for travel / blow that dough. Not as fat as we would like, but man would it be nice to quit. 2 more years increases the blow that dough to $30k, which is our target. I want to retire.

 

[ExFlyBoy5]

On occasion (very, VERY rarely) I question my decision to leave the labor market early. At the end of my w*rking years, I was saving a substantial amount of my income (60%+) and have wondered just how much more I would have accumulated if I continued to w*rk just a few more years. But, those thoughts are usually quashed when I realize that time is finite and there are NO guarantees as to how much of it is left.

Monetarily speaking, we certainly have enough to live a good life of retirement, but we won't be chartering a Gulfstream to travel, either. My Dad had a very good retirement and when he passed, he had quite a bit of $ left over and mentioned a few times that he wished he had retired earlier, so that has also helped guide my decision to retire so early.

As to time and how quickly it goes by, I think it's like toilet paper or a tank of gas. When it's full, there appears to be plenty and you don't think about how much is left. When you get to a 1/4 or less of a roll, you start looking to see if there is another roll available since it'll be gone before you know it.

 

[RAE]

Yes, time does fly by as you get older, that's for sure. I've been retired for almost 9 years now, and it seems like it's been just a few years. I occasionally run into friends or former coworkers that I haven't seen for a while, and many of them (around my age or slightly older) have health issues that have changed their lives dramatically. I really, really don't want my life to revolve around doctors appointments and medical treatments, and be severely limited in what I can do physically, as has happened to quite a few of these folks. So far, at age 64, I'm healthy and can do most everything I want to do, but I know that won't last forever. That thought pushes me to keep moving, keep exercising, keep eating healthy, and stay passionate about doing/trying new things. "Compressed morbidity" is my goal.........live a full, active life until near the end, and then pass on quickly, with no regrets, when the time comes. That's about the best that anyone can hope for.