Thanks for the feedback.
Just to clarify, most of the replies in the thread have addressed the question of whether I should or should not enroll in the degree program. Most of those replies were based on the repliers own situation and/or interests or their own preconceived notions of why someone would want to pursue an advanced degree. As I stated in the initial post, I am actually already enrolled and am beginning classes in fall so am not particularly interested in whether people who don't know me from Adam think I should or shouldn't.
Instead of asking for advice on whether I should do this, or if this is right for me, my question was if others have taken this plunge or have considered it? Were they successful, did they run into particular challenges as a retired graduate student, etc? Cheers.
I went back to school following a layoff in 2005. FI in the sense that I wouldn't be homeless, but not living at a level in retirement I'd like. So I don't quite fit your retired spec. I was 45 and pursued a PhD in engineering (finished it at 50), so I was the non traditional student. I was treated great by students and profs alike, perhaps because I was unique, perhaps because I did the work and didn't whine or expect any special treatment. Note that I had a full scholarship plus stipend, so I was effectively taking a low paying job. My expectation was that I'd be able to teach at a less than full time level for a modest income and health insurance, and it would depend on how things went financially. As luck would have it, I was very heavy in stocks going into the late 2000s, so when I finished I was not in as good a financial shape as when I started.
Fast forward to today, I didn't bail on the market and enjoyed the run up. I am now much more diversified with a much bigger nest egg. I work at a University in a research role, and I've taught a couple of undergraduate college classes and found it to be less enjoyable than I'd hoped. But the non teaching side is fine, I deal primarily with grad students as an informal adviser (they WANT to be here and work!, unlike many of the UG students who just want a diploma and a job). Two years ago I was able to cut my hours to 80% FTE, maintain the same salary and health insurance. I'd be comfortable REing today at almost 57 except for health insurance. I expected to qualify for a great HI at 60 but that got changed due to increased qualifications in the state retirement plan. I'm now watching the incoming administration to see how things will shake out. I do have the option to pay full price through DW's retirement, which I would do if I was 100% confident it wouldn't go away (a possibility they have discussed).
Would I do it again? You bet. I have about 60 (mostly) students working for me, and the respect I get for completing the degree they're working towards as an old guy is tremendous (I also published much more than the minimum and my work would likely have been patentable, though not financially lucrative, so it wasn't pursued). My boss is a very busy dean who has confidence in me and leaves me alone, but is available if needed. When I leave, the position will most likely be taken by someone half my age without the common sense gained by many years of experience, due to the modest salary. The main reasons for considering retiring are to move, and to not put up with the admin BS that I have to do. It's not a lot, but anything is too much.
The first year was tough due to getting the classes out of the way, some with prerequisites over 25 years in the rearview mirror. The last year was tough because it was ALL writing.
I hate writing, I'm a technical guy. The middle 3 were technically challenging and not stressful. I was definitely well prepared for it having worked on similar types of problems throughout my career as a consultant, however there was not the stress level of finding an immediate, perfect solution. I say go for it, you can always stop if you change your mind. When I look at the alternative of getting another job at that time, it doesn't compare. I don't think of myself as craving status, but I do get a kick out of being in my usual t shirt and jeans and being introduced as Dr. Oldphd. I'm not kissing anything or looking to move up, as most would be in this role. I just do what I think is right, and if/when my boss decides he wants me to go, I'm OK with that.
