Millions are "Unretiring"

[GenXguy]

From time to time on this forum--and in real life-- we come across these idiots who haven't fully thought the whole FIRE thing through, not understanding that their $200k nest egg and $100k debt just isn't going to do it for them long term.

I read this forum a lot, but I must have missed those. I would like to know more of their details. Age, do they have a pension, is it adjusted for inflation, expenses, household size, etc.

If a market drop or a doubling of gas prices is forcing one to "unretire", then maybe you were too hasty in declaring RE in the first place.

Is that a straw man or did someone really say they're unretiring just because of gas prices? I would think wide scale long term soaring inflation across the board would be more of a factor than just gas prices.

 

[Dtail]

More power to them!

Me, I sure ain't workin' for free. Unless it's my stuff of course. I work (not for free, but so I don't have to pay another guy) on my boats, motorcycles, house and other stuff that comes up as needed.

Others can do whatever they want to do.

I'm with you. Lots of volunteering ends up feeling like a work schedule of sorts over time.

 

[Dtail]

Basic economics might not be a major driver. I recall a whole bunch of stats about people retiring early because of the events of 2020 and such, maybe many of them weren't quite ready, but are now going back since workplaces are reopened, and they miss the social part? If those people originally hadn't planned to retire, and didn't particularly want to, ...eh maybe the old grass looked green again.

Perhaps, although many other subsequent thread comments appear to be various versions of my statement.

 

[audreyh1]

To paraphrase a line from "Smokey and the Bandit"...

"Seems like an early retiree and an out of work bum look an awful lot alike, Daddy!"

Is that what they call a sh!t-eating grin

Always wondered.

 

[JoeWras]

My 70 yr old friend went from golf marshall to driving around a mobile billboard.

 

[48Fire]

So the S&P is down ~10% and one has to go back to work. Sounds like very poor planning to me, or more likely that the stats aren't totally accurate.
The SS give back should not really be a surprise for DIY investors or those with an FA.

And nearly 10% inflation. Add in the fact that most places are begging for workers. I have given it some thought, but no decisions yet. We'll see how the rest of the year goes

 

[tfudtuckerpucker]

Frontline just posted an interesting video on youtube, relevant to this thread

 

[Calico]

Frontline just posted an interesting video on youtube, relevant to this thread

The original airdate for this episode was apparently March 16, 2006.

 

[jgman]

I retired on 12/31/21. Despite losing a chunk of my 401k in the downturn (its come back recently), there is no way I am reentering the workforce. Working for lousy bosses had become torture the last half of my career. If I have to, I'll sell the house and live in my sister's basement.

 

[Music Lover]

I have talked to several course Marshall's that do this. It gets them outside 3-4 days a week and they can play free (but usually not on weekends, but then why would they). Not sure they even get compensated beyond the free golf. As I understand there is usually a waiting list a mile long for this gig. More of a hobby than a job, but there is a schedule, and you need to be there.

I have a friend that works as a course Marshall. He needs to work 6 hours to get a free round of golf. The course charges $45 so he's really working for $7.50 an hour. It's not my thing, but he seems to enjoy it.

 

[Letj]

I retired on 12/31/21. Despite losing a chunk of my 401k in the downturn (its come back recently), there is no way I am reentering the workforce. Working for lousy bosses had become torture the last half of my career. If I have to, I'll sell the house and live in my sister's basement.

This! I hated working for those egotistical morons and got out as soon as I could. Like another poster, I’d live under a bridge before I take another j*b.

 

[Koolau]

This! I hated working for those egotistical morons and got out as soon as I could. Like another poster, I’d live under a bridge before I take another j*b.

Probably toward the bottom of my list of back-ups to my FIRE plan. First, I'd cut expenses (drop a cell phone, get rid of a car, limit travel, etc.) Then I'd move to a LCOL area. Under a bridge - actually my last resort.

 

[ExFlyBoy5]

I remember many years ago that one of my favorite camping sites (US Army Corps of Engineers managed) had volunteers who worked the entrance. They were always the friendliest and most welcoming people. They were normally two couples who rotated "shifts" and were provided a free camping spot. I thought that would be a decent thing to do in retirement...but...

Today, the same gate is manned by only ONE couple and they are contractors who had to bid against others for the "opportunity" to do this j*b. Since then, the friendly face at the gate has been replaced by a very bitter and pissed off seniors that don't seem too happy with their station in life. The last time I was at this camp ground, the husband was yelling so loud and angrily at his wife, I thought about calling the police. I understand that things change and people have to adjust accordingly, but it's just sad in some cases. And no, I have ZERO desire to w*rk the gate at the campground.

 

[Dtail]

We have a plan B,C and D before even considering going back to work.

 

[Koolau]

We have a plan B,C and D before even considering going back to work.

Exactly. And I really did work them out (back of envelope, it's true.) Put figures down and decided how big a hit my finances could take, what I'd do in response, etc. It wasn't set in stone, but it was sort of a go - no go plan for various levels of financial problems. Thank God I have not needed my back ups, but they are very comforting to have in my back pocket - just in case.

 

[Markola]

Millions are "Unretiring"

We have a plan B,C and D before even considering going back to work.

^^^^^ 100%. Mine include:
- DW and I both earn enjoyable PT income, which we could dial back up a bit if needed short of FT work for one or both of us, which is maybe Plan E and F.
- Sell this house with a mortgage, use equity to buy a condo for cash.
- Cut back on travel or get really frugal about it.
- Change, cut or delay whatever we need to to make it to 65 and Medicare, then 70 and max SS.
- Sell other property.

Others care to share their back up plans?

 

[Lewis Clark]

I retired in mid-2020, just as the pandemic was beginning. I had previously decided I wanted to track every penny of spending for 2020 so I had a good idea on what we were spending our money on. Prior to that, I had just tracked our total spending, which was well under our income, so I never felt the need for more detailed tracking.

With all the covid isolation and canceled travel we had a great opportunity to determine our baseline expenses. Our backup plan includes a combination of less travel, fewer concerts and plays, and fewer restaurant meals. Cutting back more on each as the need arose. Short of a SHTF total economic collapse, the combination of these items will carry us through any recession.

 

[Chuckanut]

I have talked to several course Marshall's that do this. It gets them outside 3-4 days a week and they can play free (but usually not on weekends, but then why would they). Not sure they even get compensated beyond the free golf. As I understand there is usually a waiting list a mile long for this gig. More of a hobby than a job, but there is a schedule, and you need to be there.

I did some volunteer ushering for a local community theater a while back. No payment, but I got to see several good plays, hear some great high school jazz bands, sea a Scottish Drum and Bagpipe show, and laugh my head off listening to a comedian doing a show called In Defense of the Cave Man. (A wonderfully humorous take on the traditional war between the sexes concept. )

I really would like to start it up again, but my desire to travel at the drop of a hat gets in the way.

 

[old medic]

I'm in the unfortunate position that I can't unretire.. I did love my job, and they are still trying to get me back even after 8 months. My problem is insurance... If I work PT.. most would end up going to ACA premiums. At times I wonder if I should have stayed one more year....

 

[JoeWras]

I give platelets every two weeks. Because of this frequency and the shortage and subsequent incentives, I'm "making" about $30 per week in visa gift cards. Whoo hoo! Mad money!

 

[Koolau]

I'm in the unfortunate position that I can't unretire.. I did love my job, and they are still trying to get me back even after 8 months. My problem is insurance... If I work PT.. most would end up going to ACA premiums. At times I wonder if I should have stayed one more year....

Can't you go back on your empl*yer's health insurance?

 

[TheWizard]

...Others care to share their back up plans?

No backup plan.

Original plan B was to claim SS early in the event of a stock market crash. But I made it to age 70 SS a few years ago and have basically won the game at this point...

 

[Dtail]

^^^^^ 100%. Mine include:
- DW and I both earn enjoyable PT income, which we could dial back up a bit if needed short of FT work for one or both of us, which is maybe Plan E and F.
- Sell this house with a mortgage, use equity to buy a condo for cash.
- Cut back on travel or get really frugal about it.
- Change, cut or delay whatever we need to to make it to 65 and Medicare, then 70 and max SS.
- Sell other property.

Others care to share their back up plans?

Plan B - is to cut back on some discretionary expenses which has been ~30% of the budget in conjunction with me taking Social Security earlier than 70 y.o. (62 now).

Plan C - selling the debt free home and move into a smaller residence in a somewhat lower COL area.

Plan D - if B and C don't work, strongly consider moving to a different country, most likely an hispanic speaking country.

 

[pdxgal]

This! I hated working for those egotistical morons and got out as soon as I could.

+1 for having incompetent bosses be a highly motivating factor to ER.

Been reading articles about how corporate America is tracking employee 'productivity' more than ever -- keystrokes, packages delivered, etc. Sounds reminiscent of early 20th century Taylorism. Makes me cringe. Would not want to have to deal with that BS.

Re "unretiring", a friend lost her contract gig doing tech writing a few months back. Thought she'd try ER (just turned 60). She and DH are super frugal, have paid off house, cheap ACA health insurance. Then the unexpected expenses hit. House needs painting and quotes were about $18k (she was shocked). Last time they'd done it themselves, but due to some ortho issues they're not prepared to do that now (at least not the upper story). Then she needed some minor outpatient surgery, which was $5k out of pocket. After some number crunching she determined they'd be OK financially if they live to 80, but if they live longer things don't look so good. So, she's now looking for a tech-related j*b similar to what she did 15 years ago. I wish her luck but suspect she'll run into ageism. Will be interesting to see how things evolve for her.

 

[aaronc879]

I'd rather sleep under a bridge.

Eh, I would rather sleep in my car than work full time but I would probably work full time rather than sleep outside under a bridge.