How Do You Know It's Time to Retire?

[Gil24]

Once my daughter is out of college. I don't feel I will be retired until I can move somewhere with beautiful weather most of the year.

 

[novaman]

This is a question I've been wrestling with myself, as I can now retire if I want to at the ripe old age of 47.

For now I've decided to change nothing as I really enjoy what I do (I'm a dentist) and I still have a daughter in high school and a daughter in middle school. My desire to keep them in the same school district means I can't be moving about, and traveling is impossible right now with the girls in school.

I've thought about cutting back from 4 days a week to only 3 days, but mentally can't get myself to do it just yet. My other thought would be to keep working 4 days but maybe start my day later and/or work a lighter load.

I'm finding that it is a lot harder to change than I thought it would be.

 

[fwest]

spent a thursday and friday with my kids, and realize Im ok with the retirement coming up in 6 months.

 

[FreeAtLast]

You lay in bed when the clock radio goes off and just listen to the music on a work day. You only get out of bed when the dog comes up and reminds you she has to go out.

 

[kcowan]

You only get out of bed when the dog comes up and reminds you she has to go out.

Or when the cat reminds you that he needs fresh food.

 

[rescueme]

You only get out of bed when the dog comes up and reminds you she has to go out.

I represent that remark - however, it's a "he" (picture to the left)...

 

[martyp]

The trigger for me was the realization that I my assignment of 12 yrs was ending and I was going to have to try and find a new assignment elsewhere in the organization. My magic number was 55 yrs old when I realized that I just didn't want to start over again. The final magic moment was when I saw that I had 30yrs of service and my pension benefits were actually enough to make retirement an option.

I met the three goals in the article. 1) My social life was not centered at work. 2) My wife was all in favor of my retiring. 3) I have no problem keeping busy and content outside of my workplace.

The time between considering retirement and making the decision was about 30 days. I waited another couple of months to make sure it was still a good idea. (It was). I've been retired for 8 months now and I couldn't be happier.

 

[fun in the sun]

Just retired, as in sold my business 3 weeks ago at 60 years old. After several years of contemplating the sale and the faltering economy I decided to just do it. After 38 years it was still fulfilling in many ways and profitable, but the profits were declining along with the sales. Could have easily stayed until 62 or even 65. It seemed that now the business had more value than it would down the road. We have 1.2m liquid and have 2 homes that are paid for. Do not rent either one. Most of my savings (80%) are in municipal bonds and 20% in annuities and savings accounts. Seemed that the money was ok but the emotional side is lacking. So my question is how long does it take for others, especially former business owners to adapt or make the transition and feel normal in the new life? Also is it just too bad to have that much in municipal bonds?

 

[REWahoo]

Just retired, as in sold my business 3 weeks ago...

Congratulations on your retirement!

I think the adjustment time differs for each individual. Entrepreneurial types seem to take a little longer, but once again, everyone is different.

As to your question on having 80% of your nest egg in muni bonds, I definitely think that's a risk. I don't have any problems with munis - we've have some in our portfolios - but I recommend you diversify into some other asset classes. One hand grenade could make a real mess of your portfolio if the explosion took place in the muni bond market.

 

[Hobo]

There was a guy on a radio show, a forgot his name (ugh oh, another senior moment) who gave all sorts of investment advise. He said, if you like your job, you can always retire on the job. Take extra time off with unpaid vacations, turn stressful tasks over to a subordinate, etc.

After I retired, I really missed having a secretary to help buy wedding presents for me, pay my bills, and intercepting calls from people I did want to talk to. My social life, and 8 hours of day suddenly became a vacuum. I guess you could call it retirement shock. I had to figure out work the timer on my automatic coffee machine.

I quickly filled my time with other activities that I loved. But I can see where some people might feel stressed if the change in lifestyle feels like they are passing through a sonic boom when you come home from the retirement party.

 

[Birchwood]

The plan is there, unpleasants events pushed me.

I am a solo practitioner for 27 yrs. I'm the only one doing this kind of work. I thought I will retire at 60, but I forgot about it and I woke up one morning 62 yrs old.. The whole place is a mess. Bureaucracy is terrible, and the whole organization is losing it's moral standards. I feel I am swimming with sharks, and afraid the stress and sleepless nights will make me ill.
I was given a committee position which standards cannot be met.
I asked my DW to look at our "buckets", she came back saying we're within a few 7 figures.
I walked to the CEO office, and said, I'll give them a year to look and ready or not, I'm gone by next fall. I was a great release.

 

[chris2008]

There are also reasons not related to work.
DH will ER next year at age 60 and has some medical obstacles.
I am 53 and enjoy most of my work + a very nice salary. But we also want to travel more while we still can and enjoy spending time together.
So we have planned and saved to be able to start retirement together and to bridge the gap till my pension kicks in at age 60.

 

[BigNick]

...when going to w*rk feels like a trip to a dentist who is going to fill 5 deep cavities at 8 AM with no Novacaine.

That reminds me of a newspaper article I saw about some politician who was on his way somewhere to face the music about some issue: "He had all the spring in his step of a man on the way to have his prostate examined".

 

[youbet]

I agree with Grasshopper - when I hit the magic number it was time to go. The magic number in my case was age. I had been playing with the money numbers since my mid-20s and knew back then I would retire when I reached 55 (earliest retirement with retiree health insurance). It was not a hard transition since the plan had been in place for 30 years.

It's much easier to retire on your own terms than having your health or someone else make the decision for you.

But you didn't retire on your own terms. You waited until Corp policy regarding health insurance dictated the date. Just saying..........

This is probably the case for most folks who put in a lifetime locked into MegaCorp or gov't careers.

 

[tony d tiger]

... Work was pretty good but I am intent on doing some of my life plans now.

Nice to have more money but money < time in my calculations.

But you didn't retire on your own terms. You waited until Corp policy regarding health insurance dictated the date. Just saying..........

This is probably the case for most folks who put in a lifetime locked into MegaCorp or gov't careers.

These two quotes resonate, for me. I work in a government job - and I see folks who should have retired years ago (in my mind)... keep coming in and maybe letting the job make them bitter or ill. It reminds me that the time we spend at work is not the sum of our being.
When I was military, I tried very hard not to let my job or rank define my personal value - I'm continuing that now. Still haven't set a date, and can see I need to do some number crunching to come close to the level of preparedness that some here have attained... but I'm going to stay true to this:
Live life, have fun, be well... and don't sweat the small ****. Can I say that here? Guess I'll find out... "Submit Reply"
No, tony - you cannot!

 

[chris2008]

But you didn't retire on your own terms. You waited until Corp policy regarding health insurance dictated the date. Just saying..........

Don't I retire on my own terms when I decide to leave as soon as my financial net worth meets a certain number?
Why should it then be different when I decide to leave as soon as I am entitled to receive health insurance or a pension?

 

[Brett_Cameron]

@ chris2008: Ha! The senior VP who wanted me gone told me that retiring early was good in that I could "leave on my own terms" - 55 y/o with pension, 401k, subsidized medical, and many opportunities for contractor or consultant work.

 

[chris2008]

Shame on the SVP. He said "on your own terms" and thought "if not we will make you go"...

 

[Brett_Cameron]

Shame on the SVP. He said "on your own terms" and thought "if not we will make you go"...

Yes, she did.