brucethebroker
Thinks s/he gets paid by the post
Slap!! Get over it.
(stay retired).
(stay retired).
Slap!! Get over it.
(stay retired).
Why is it hard for you? Do you assume that anyone who who has a financial/life decision they are struggling with -- and who has accumulated significant assets and expenses --must be bragging by posing their question on this forum? That seems like a pretty uncharitable perspective. Or is it just that you find it hard not to be jealous of someone who has accumulated more money than you have? Maybe you are not alone there, but it is good to resist jealousy if you can. There will always be people who have more than you do, or less than you do.
I know lots of people who have very limited incomes and assets and who have financial and "time versus money" decisions to make. Like a young physical therapist, for example, who was offered an extra $8,000 a year income to become a supervisor, and was trying to figure out if it would be worth the added stress. I also know some wealthy people -- much wealthier than the OP -- who are struggling with decisions about whether to continue to work, balancing their desire for free time against their desire to maximize their charitable or family legacies. They all have real decisions to make that are important to them. If they ask their questions, they are doing so in good faith, seeking advice and input. Why should we assume the worst about people, or resent their success? I don't get it.
I've read posts here for a couple years and don't know how anyone on here can be stressed or worried about when and/or whether to retire. I don't think I've read anyone who doesn't have at least a hundred thousand a year to live on in retirement. Who couldn't live on that? And talking about whether to go back to work or not, like there are just jobs waiting for them to walk into whenever you get the whim. If that's the case, you all have nothing to worry about.
I am 67, had my job eliminated during a merger last March, and have been looking for work ever since. I know it's my age because I get the interviews and pass them all the way through each level until I am told they have however many finalists they are looking for, equally qualified candidates, and will make a decision in X number of weeks. If we are equally qualified then they must find arbitrary attributes to eliminate from. I have been asked multiple times "how long I intend to be with the company?" Not a normal question or one you'd ask someone intheir 30s or 40s. Who is going to say they ever plan to leave. But they must think I intend to retire soon, or maybe die. I never wanted to retire. I enjoy working. My co-workers are like family. But I am tired of looking and being rejected. In 40 years this is the first time I've taken more than 2 weeks to find a job.
So, I am now retired. For those who aren't sure they can retire on $1M or not savings, let me share that you are stressing for no reason. I will be living on about $1800/mo in social security, before they take Medicare and taxes. I have only about $170k in retirement funds, which I will only take occasional distributions from for emergencies. My house is not paid off, so I will still need paying the mortgage. Every time I hear the market has taken a loss, I really have reason to worry. I am driving a 16 year old car. My financial advisor tells me if I were to take a monthly distribution to pay the mortgage and a new car payment, my funds should last 15-20 years. I am in good health, so that may not be enough. And any downturn would mean I have to be sure to die sooner. So, I'm not taking monthly distributions. I will just be careful how I spend and make it last as long as it can. But I'm not stressing about it and I don't think anyone else should either.
Just decide if you enjoy going to work or not. As long as you do, then keep doing it. When you don't anymore then you need to retire and find something else you do. If you have saved more than me, then you should have no problem living a good retirement.
My apologies. I really felt some people were truly stressing about wanting to be retired but thinking they would not be able to live on what they had accumulated. I wanted to assure them they could relax and know they would be okay. Since I'm making it on a whole lot less. I thought I'd be able to encourage them not to put off retirement and continue working, if they weren't enjoying it, if enough money was the only concern. Sounded to me like they had more than enough and should start doing what they really desire without delay.
I'm not jealous of anyone's money. I'm satisfied with enough to make ends meet. I was just saying if I can do fine with my meager savings, those with so much more should feel even more secure to make the move to retire and not worry about it.
It was my first post and guess I didn't understand, and encouragement was not what was wanted, so it will be my last.
Get Outlook for Android
My apologies. I really felt some people were truly stressing about wanting to be retired but thinking they would not be able to live on what they had accumulated. I wanted to assure them they could relax and know they would be okay. Since I'm making it on a whole lot less. I thought I'd be able to encourage them not to put off retirement and continue working, if they weren't enjoying it, if enough money was the only concern. Sounded to me like they had more than enough and should start doing what they really desire without delay.
I'm not jealous of anyone's money. I'm satisfied with enough to make ends meet. I was just saying if I can do fine with my meager savings, those with so much more should feel even more secure to make the move to retire and not worry about it.
It was my first post and guess I didn't understand, and encouragement was not what was wanted, so it will be my last.
Get Outlook for Android
Elizabeth, we have family members who have retired with little more than SS and my son may be in the same position. I always am heartened to read of those who live well on less. We all can benefit from their and your wisdom.
I do not think that what you took as a criticism was aimed at you. We are much nicer than that.
Stick around, contribute, b e our conscience
Cheers
OP here....OK update to all who took the time to respond. I appreciate your opinions as they did help me sort thru the work/retirement thing. Yes it was allot of money but after a year of being retired I can't see jumping back into the market. I can't recall who said this but it basically said "u have already won the game u don't need to spike the ball". Frankly that resonated. Ive since comfortably turned down several flattering offers so that I can finally just do whatever I want. My new mantra is " just books a one way ticket and we will figure out the return whenever". This forum is a blessing to those who need to ask......thanks!Franklin, just as a reference you might find relevant:
- we have the same assets as you do, with paper assets about 50/50 overall
- expensive personal real estate in a HCOL place;
- about 10 years younger;
- I make (made) the same level of income you do, with SAHW. I could have continued at this level for a number of additional years and chose not to.
Decided on enough. Planned carefully and got educated and went DIY for control.
We are living 100% on income from our capital base, endowment style. We intend to never spend capital. Just our preferred approach. This approach dictates our very generous yearly net income and spend levels.
Spouse 100% educated in all of this and onboard.
We have very good expense tracking (not budgeting, not needed). Very high confidence level as a result.
There are many of us in your position. Scale/perceived levels of wealth don’t ease fear or the risk of regret. Planning, knowledge and experience do.
Congratulations and good luck!
I’m reasonably sure I will not ever have another “job”. But do have strong portfolio of personal, professional, with spouse-partner, charitable, travel, fitness and other activities underway and planned.