Retire vs making more money?
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Cassius King
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Agree. This cartoon is hanging on the wall in my office at work.
Beststash
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I left at 52 in 2003 making my highest salary ever. I will admit that the question has entered my mind in the last 16 years. However, after being diagnosed with 2 kinds of cancer in the last couple of years. In hindsight I am thankful I left when I did. Money has not been an issue and there have been a few unknown/unpredictable occurrences but nothing that has been in any way an issue. The one thing I did during my 50's especially was to stay on my planned budget. In my case once I got used to that level of spending it continues to this day. If you are ready - nothing beats retirement. Everyone is different.
Personally, I've found that as my financial circumstances get better, my ability to tolerate anything other than a "perfect" working environment gets worse. Two days ago, I told my work that I plan to take an "extended sabbatical" which clearly could turn into a permanent one. (And this is at a time when money is falling from trees in my line of work and is very easy to earn.) I don't think there's a right or wrong answer. I think it's a question of values: Do you value the extra money more than the freedom, time and stress relief of leaving?
brett
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Retired at 58/59 eight years ago. In good health.
Looking in the rear view mirror I was able to do it financially at 55 and should have done so. But that is past spilt milk as they say. I enjoyed my work, was very well paid, and had a good employer.
You cannot buy time. One of my decision points was how many years of good health do I or my spouse have left? And even then, can I be certain of the number.
So far one of my former colleagues had died within a year of retiring at 65, another at 57 while still working. Both sudden, both unexpected.
We made the decision that the cost of OMY sydrome was too expensive and too risky for us. Best decision we ever made. You cannot buy time.
Looking in the rear view mirror I was able to do it financially at 55 and should have done so. But that is past spilt milk as they say. I enjoyed my work, was very well paid, and had a good employer.
You cannot buy time. One of my decision points was how many years of good health do I or my spouse have left? And even then, can I be certain of the number.
So far one of my former colleagues had died within a year of retiring at 65, another at 57 while still working. Both sudden, both unexpected.
We made the decision that the cost of OMY sydrome was too expensive and too risky for us. Best decision we ever made. You cannot buy time.
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Sunset
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Welcome.
Just for fun, I'm going to point out you are possibly at the point of all the calculators saying you can retire due to 10 yr Bull market.
How would you feel if the market drops 40% today ?
You also don't mention important factors like age, marital status, children, health ins coverage. These are important considerations.
Just for fun, I'm going to point out you are possibly at the point of all the calculators saying you can retire due to 10 yr Bull market.
How would you feel if the market drops 40% today ?
You also don't mention important factors like age, marital status, children, health ins coverage. These are important considerations.
OP: If, perchance, you were still working at age 75, odds are pretty good that continuing to work would mean more retirement assets could be preserved. Same for age 85, or any age you select. If you are financially able to retire now, then decision to retire should not be based on preserving retirement assets. You may have other reasons to hold off retiring, including need to cushion those assets. But whenever you pull the plug, almost for sure your income will be less than previous employment income --- that is why you have retirement assets and adhere to SWR.
Same here. No real reason to stay working except the momentum of good pay, no stress, fun job, social aspect with peers (6 months later, still miss that a lot) , and “prestige” (Not that I WAS anybody, but being the “go to expert” was ego filling). I knew WAY too many up to 10 years older than me, at the same work, so it still seemed early to me, but the fun factor was definitely dropping each month. But all along, I was planningnhoping for that package. Time definitely accelerates with age. And when it came at 61.3, same wave of relief. Lets see how I feel once the severance stops in Aug/2020. No regrets so far. There is just no way I could have felt comfortable leaving even with all the calculations showing I could before 60. Everyone says you will know when you are ready. That was true, but like Mdlerth, it took an outside influence, even with loved ones and friends dropping dead at an increasingly alarming rate.
The mental reservations, often unwarranted are different for everyone. I think it would have helped if I had known anyone that was FIRE personally.
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Focus
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If you're easily bored, that's a valid concern, because it's not really about having fun all the time. It's more about the feeling of freedom -- to go to sleep and wake up when you want, to go shopping when others are working and stores are empty, to focus your attention on whatever is interesting you in a certain moment, to take whatever time you want to do a task, etc.
I retired five years ago, just before turning 54, and I've been thinking lately about how glad I am that I didn't wait any longer. I've made full use of those years.
24601NoMore
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Didn't see you mention your age, and that's IMHO a big part of the answer..
If you're north of 50, the chances of you or a loved one developing a serious medical condition or even dying prematurely increases pretty significantly. I never realized it until I got to be this age, but the 50s and 60s are when things with your body start to break - sometimes quite seriously.
I' m mid 50s and have seen almost a dozen friends and family in the last couple of years either get diagnosed with a serious disease or die suddenly in their 50s or early 60s.
The latest is a BIL who is on his death bed in his very early 60s. In all likelihood, he won't make it to the end of this year. When he received his cancer diagnosis, he for some inexplicable reason wanted to keep working - even though he was financially set for life. He kept working up until the point he physically couldn't, and only retired when it was literally no longer possible to work. I was pretty surprised anyone would do that - because although it's too delicate to ask him at this point, I'm 100% positive he'd sure like to have those days back to have done anything BUT work..
If you're north of 50 and financially solid for the rest of your expected life, go for it. If you're not yet 50, perhaps explore other options that you'd enjoy more.
None of us know how many days we have left on this earth to spend doing the things we want or need to do outside of work. If you can afford to, take the opportunity to do those things.
(FWIW, I struggled mightily with this very same issue as I walked away from a fairly high paying job with a good number of unvested RSUs. That was tough. But what finally pushed me over the edge is when I started going to funerals of people I had known for many years, and when I and other friends and family started to have a lot more health issues than any of us had in our 40s and before).
JMHO..
If you're north of 50, the chances of you or a loved one developing a serious medical condition or even dying prematurely increases pretty significantly. I never realized it until I got to be this age, but the 50s and 60s are when things with your body start to break - sometimes quite seriously.
I' m mid 50s and have seen almost a dozen friends and family in the last couple of years either get diagnosed with a serious disease or die suddenly in their 50s or early 60s.
The latest is a BIL who is on his death bed in his very early 60s. In all likelihood, he won't make it to the end of this year. When he received his cancer diagnosis, he for some inexplicable reason wanted to keep working - even though he was financially set for life. He kept working up until the point he physically couldn't, and only retired when it was literally no longer possible to work. I was pretty surprised anyone would do that - because although it's too delicate to ask him at this point, I'm 100% positive he'd sure like to have those days back to have done anything BUT work..
If you're north of 50 and financially solid for the rest of your expected life, go for it. If you're not yet 50, perhaps explore other options that you'd enjoy more.
None of us know how many days we have left on this earth to spend doing the things we want or need to do outside of work. If you can afford to, take the opportunity to do those things.
(FWIW, I struggled mightily with this very same issue as I walked away from a fairly high paying job with a good number of unvested RSUs. That was tough. But what finally pushed me over the edge is when I started going to funerals of people I had known for many years, and when I and other friends and family started to have a lot more health issues than any of us had in our 40s and before).
JMHO..
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racy
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I retired 6 years ago. (damn, time goes fast ... I'll be dead before I know it!)
For me, work load/stress were increasing. Thankfully, I had more financially then I needed, so I FIRED.
For me, the first couple of years were the hardest to adjust to. I took part time jobs. Now, I'm much happier with no PT work, but 4 different volunteer gigs, including walking dogs at the Humane Society and building homes with Habitat for Humanity. Sleeping much better & longer, too.
For me, work load/stress were increasing. Thankfully, I had more financially then I needed, so I FIRED.
For me, the first couple of years were the hardest to adjust to. I took part time jobs. Now, I'm much happier with no PT work, but 4 different volunteer gigs, including walking dogs at the Humane Society and building homes with Habitat for Humanity. Sleeping much better & longer, too.
Unpaintedhuffhines
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this is something I am battling with. Like 24601, I have a large number of RSUs (first world problem to be sure), which gives me pause - I have to walk away from a great paycheck AND all of that future guaranteed income AND what about healthcare? (I'm 58).
It's a very personal decision. I have not heard many (okay, I cannot think of one person) who pulled the trigger and subsequently said "yeah, I would have liked to have worked another few years." I'm sure they exist, it's just there aren't many of them.
Good luck in your decision. I'm confident it will be the right one!
It's a very personal decision. I have not heard many (okay, I cannot think of one person) who pulled the trigger and subsequently said "yeah, I would have liked to have worked another few years." I'm sure they exist, it's just there aren't many of them.
Good luck in your decision. I'm confident it will be the right one!
Andre1969
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I'm one of those types that tends to get bored easily, but my attitude is, I get bored at work. Wouldn't it be more fun to be bored at home? At least if I'm home, and get bored, I can go out and find something to do. With work, I have to sit there until it's over.
Taking a day off here and there, staying late one day and leaving early another, does help mix it up a bit so I have more variety, and free time. But, by having a job, I'm still tied somewhat to a schedule. I'll be glad when I sever that tie.
I think it's great you're in the position you are. Luxury problem for sure. January will be 3 years for me and I absolutely love it. That said, sometimes I wish I had a bigger buffer and feel I've just been lucky with the markets moving up.
I do disagree that "if you're having these thoughts you're not ready". It's a big big decision so I think it's natural for a certain degree of apprehension.
I also liked the other comment that other poster mentioned how they were bored at their job sometimes so it's fine to be bored in retirement. Life isn't supposed to be "exciting" all the time and I think when people demand that they get in trouble whether it's increased drug or alcohol intake, overshopping, gambling, extramarital affairs, etc
Living in the mundane can be a challenge
Good luck!
I do disagree that "if you're having these thoughts you're not ready". It's a big big decision so I think it's natural for a certain degree of apprehension.
I also liked the other comment that other poster mentioned how they were bored at their job sometimes so it's fine to be bored in retirement. Life isn't supposed to be "exciting" all the time and I think when people demand that they get in trouble whether it's increased drug or alcohol intake, overshopping, gambling, extramarital affairs, etc
Living in the mundane can be a challenge
Good luck!
I think this is important to get comfortable with, but maybe not the most helpful thing in a thread like this. My guess is very few people would feel super good about retiring if the market dropped 40%, unless you’re heavily pension or SS dependent. And if the future is anything like the past, and the calculators say things are ok, they’ll be ok if the markets drop 40%. You have to trust in the numbers and have enough flexibility in your budget.
Like Mdlerth, the decision was just made for me. I worry about the long stretch of bull market that’s gotten us here, but we have some wiggle room in the budget if things go south. The calculators put us at 95% success and the failures are the stagflation periods, not the Great Depression.
I’m looking at the next year as a time to spend with family. Aging parents who probably don’t have a lot of good years left and young kids. I see having the ability to take this time today as a huge blessing. I’m turning 50 next year, so if after a year I’m bored or want more playing around $, I’ll look for something, but it’s nice to have choices.
I don't think all people truly grasp the value of Time > $$$ .
Time to do what you want, when you want, where you want and how you want.
Someone said it best, There's only so many summers left before you are pushing up daisy's. Some live to die i'm dieing to live!
Offgrid Organic Farmer
Full time employment: Posting here.
As a retiree, my Net Worth grows every year.
I see no reason to allow my portfolio to stop growing.
I always wondered if, when the time came, I'd be afflicted by OMYS. Now that the time hasn't quite come, I'm more concerned with OFYS (One Fewer Years Syndrome).
We currently have more $$ than I planned we'd have by the end of next year. And when I run our numbers through FIRECALC and our spreadsheet, it looks like we're FI. But the plan was for my DW to retire at the end of 2020 and for me to semi-retire and work a few more years PT. Now that we're further along than planned savings-wise, I find it difficult to mentally break away from the original plan.
Our current tentative plan is for DW to retire in January and for me to continue FT. We'll see how actual spending tracks to anticipated spending in 2020 and adjust our plan from there.
We currently have more $$ than I planned we'd have by the end of next year. And when I run our numbers through FIRECALC and our spreadsheet, it looks like we're FI. But the plan was for my DW to retire at the end of 2020 and for me to semi-retire and work a few more years PT. Now that we're further along than planned savings-wise, I find it difficult to mentally break away from the original plan.
Our current tentative plan is for DW to retire in January and for me to continue FT. We'll see how actual spending tracks to anticipated spending in 2020 and adjust our plan from there.
Truth. Especially with RE equity increasing. I looked and over the past 72mos my NW was down 13 times from previous month. 2 of those were me buying another house and a refi and one was buying 2 new vehicles same month back in June 2014. 1 was the dip earlier Last Dec
Overall though, YES although I wont say how much...NW should always increase for us annually.
yep,
38Chevy454
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At some point in the future, having more money won't matter. As many suggested, health is good now. You've been working for your money, now let your money work for you.
nash031
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Without a lot of the other info some have mentioned here (age, family) it's tough to judge. That said, the above is true... to a point.
In my case, IF I were to fully retire tomorrow (which is a stretch option, we're FI, but not truly comfortably so), I would be retiring back to a house with a 3 year old and a 9-month old. So my time is not truly mine.
That's actually part of my calculus for taking on another career at age 42 in spite of FI, pension and health care locked in. I can't stay home with my girls all day or I'll lose my mind!
Give me 5 years to get them both in school, and then we'll talk! 
Without a lot of the other info some have mentioned here (age, family) it's tough to judge. That said, the above is true... to a point.
In my case, IF I were to fully retire tomorrow (which is a stretch option, we're FI, but not truly comfortably so), I would be retiring back to a house with a 3 year old and a 9-month old. So my time is not truly mine.
That's actually part of my calculus for taking on another career at age 42 in spite of FI, pension and health care locked in. I can't stay home with my girls all day or I'll lose my mind!
Ha! We’re farther ahead by a year. It gets easier and preschool is right around the corner!
foxfirev5
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To the OP, If you have to ask the question you're on the wrong forum. I suggest going over to the Bogleheads and hanging out with Mr Potter.
On a serious note, only you can figure this out. The finances are a part of the the equation, not a reason to retire.
On a serious note, only you can figure this out. The finances are a part of the the equation, not a reason to retire.
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