Regrets of Retiring Too Late

[Cassius King]

Great thread. I appreciate everybody sharing their situation and opinions. I just turned 41, and will retire as soon as I can get the house paid off. The goal is to have it done sometime prior to my 50th. Anything sooner is icing on the cake.

 

[EastWest Gal]

Great thread. I appreciate everybody sharing their situation and opinions. I just turned 41, and will retire as soon as I can get the house paid off. The goal is to have it done sometime prior to my 50th. Anything sooner is icing on the cake.

Make sure you have enough to last 35-45 more years though!


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[NanoSour]

If anything, at times I regret retiring too early. Don't get me wrong I can be as lazy and nonproductive as the next guy and actually enjoy it, but I miss the excitement of the travel I used to do in the world of the employed. For me it comes down to you can't have your cake and eat it too. It's such a cruel world…lol!

I've had plenty of opportunities to go back to my old career, but the thought of varied sleeping schedules and 12 different pillows a month have kept me mostly happy in the ER world.

 

[braumeister]

When I was still a teenager, I set myself a goal of retiring at 55, and I was fortunate enough to do exactly that.

So in one way, it wasn't early but right on time. In another way, 55 would be considered early by many, so it's all in the eye of the beholder, as with most things.

Can't say I've changed my outlook since then. ER was pretty wonderful from day one and still is.

 

[FreeBear]

When I was still a teenager, I set myself a goal of retiring at 55, and I was fortunate enough to do exactly that.

Hey brumeister,

What inspired you at such a young age?? I was almost 30 when I started to even consider an ER goal of early to mid 50's. I had to spend enough time in the w*rk world to understand some of the fundamental realties

FB
Class of 2015, at age 46

 

[braumeister]

What inspired you at such a young age?

Well, when I was just 14 years old, I watched my grandfather retire at 65. It was the traditional routine (Social security, a small pension, and enough savings to make him FI), but he was already pretty worn out by a hard life. Alas, it was also the start of the inflationary era that wiped out the value of his savings and non-COLA pension.

At the same time, I saw my father starting to look forward to his own retirement, which was still decades in the future. Another case of a hard life. Both of those guys had no education and had put all their faith in their unions to take care of them.

It was pretty clear to me that I didn't want to go down the same road. I noticed that the "standard" retirement age (for SS eligibility) was 65, so I just set myself a goal of getting there ten years earlier. I saw that this would require saving more than the average person, spending less, and watching out for my own welfare instead of relying on others.

 

[6miths]

Retired a few days shy of 54 and it still seems about right just over a year later. Could have gone a couple of years earlier but that probably would have been too soon. Could also have stayed on indefinitely, feel that I would have resented work more and more.

 

[Dash man]

I retired at 56 with no regrets. The job had gotten boring and two bad apples were making it miserable for the rest of us. Three other folks on my team decided to leave right after I did. I also have chronic pain issues that improved significantly when I didn't have to sit in front of a computer for 9-11 hours a day. Now I'm much more active and have lost 35 pounds too. Can't wait for DW to join me in December! Life is good!

 

[Cassius King]

Make sure you have enough to last 35-45 more years though!


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That's the beauty of this site! I've been here for a little while now and read it almost on a daily basis. It's the wisdom here that got me focused on my brokerage and savings accounts. That'll be the bridge that gets me to my sixties when my 401k, Roth and a small pension await.

I know I don't post much, but I do read everything, and wanted to say thanks to everybody here for their willingness to share and help!

 

[FreeBear]

I retired at 56 with no regrets. The job had gotten boring and two bad apples were making it miserable for the rest of us. Three other folks on my team decided to leave right after I did. I also have chronic pain issues that improved significantly when I didn't have to sit in front of a computer for 9-11 hours a day. Now I'm much more active and have lost 35 pounds too. Can't wait for DW to join me in December! Life is good!

Congrats Dash man on the weight loss. How did you do it?

I lost a similar amount over a 2 year period. DW switched to a part-time schedule and had the time/energy to crack down on our lifetime of poor eating habits.

I accepted the fact that I relied on food rewards to keep myself at work. Think long and huge pizza & desert buffet lunches and BBQ several times a week. DW switched us both to a "whole food" diet minimizing simple carbs (avoid cereal, paste, sauces) and dairy while increasing intake of veggies & lean protein. We lost lots of weight despite little increase in exercise.

Agreed that a couple of bad apples can spoil the whole lot. I left when I faced the fact that the place was headed by a bad apple, so there was no hope for any salvation.

 

[FreeBear]

Well, when I was just 14 years old, I watched my grandfather retire at 65. It was the traditional routine (Social security, a small pension, and enough savings to make him FI), but he was already pretty worn out by a hard life. Alas, it was also the start of the inflationary era that wiped out the value of his savings and non-COLA pension.

At the same time, I saw my father starting to look forward to his own retirement, which was still decades in the future. Another case of a hard life. Both of those guys had no education and had put all their faith in their unions to take care of them.

It was pretty clear to me that I didn't want to go down the same road. I noticed that the "standard" retirement age (for SS eligibility) was 65, so I just set myself a goal of getting there ten years earlier. I saw that this would require saving more than the average person, spending less, and watching out for my own welfare instead of relying on others.

Great inspiring story braumeister! It's clear that such a positive, take-charge attitude has helped drive your FIRE

 

[flyingaway]

If you regret to have retired too early, you can always go back to work. If you regret to have retired too late, what is the solution?

 

[Donzo]

Jumped at 49. Knowing what I know now, I could have been free at 45! But I was really feathering the nest those last 4 years because I was so burnt out. So, in a way it was good $ wise but wise not so good.

Love my freedom!

 

[Meadbh]

My father ERd at 62, a year after I finished college. Speaking at his retirement dinner, he confessed that he had hated his job for years. He went on to enjoy 7 healthy years of ER before developing his first cancer. He bounced back from that and had five more years of moderate health before his second cancer. His last seven years were dogged by ill health.

The retirement speech made quite an impression on me, because I had had no idea how much of a burden his job had been. Watching my Dad's health deteriorate in stages helped me realize how finite we are. I set a long term goal never to become a slave to w*rk. I wasn't always successful, but I kept a long term goal of ER by age 55 in the back of my mind. I never shared that thought with w*rk colleagues, because that was not the culture. But my Dad did understand. He passed away when I was 42. I did achieve my ER goal on schedule, and not a moment too soon. I do know that I was not ready earlier.

 

[Dash man]

Congrats Dash man on the weight loss. How did you do it?



I lost a similar amount over a 2 year period. DW switched to a part-time schedule and had the time/energy to crack down on our lifetime of poor eating habits.



I accepted the fact that I relied on food rewards to keep myself at work. Think long and huge pizza & desert buffet lunches and BBQ several times a week. DW switched us both to a "whole food" diet minimizing simple carbs (avoid cereal, paste, sauces) and dairy while increasing intake of veggies & lean protein. We lost lots of weight despite little increase in exercise.



Agreed that a couple of bad apples can spoil the whole lot. I left when I faced the fact that the place was headed by a bad apple, so there was no hope for any salvation.

Thanks and congrats back at you for your weight loss. I didn't really follow any particular plan to lose weight. I just found it easier to get through the day without snacking and was moving around much more. I worked from home for the last seven years, so the kitchen was right there. Meetings took up most of the day so any break I found myself grabbing a snack. Now I just eat regular meals with an occasional splurge of ice cream on a warm summer day. If I'm out and about I often skip lunch or I'll grab something lite. I'm comfortable where I am at 187, so I just try to maintain it now.


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[bclover]

I retired at 56 with no regrets. The job had gotten boring and two bad apples were making it miserable for the rest of us. Three other folks on my team decided to leave right after I did. I also have chronic pain issues that improved significantly when I didn't have to sit in front of a computer for 9-11 hours a day. Now I'm much more active and have lost 35 pounds too. Can't wait for DW to join me in December! Life is good!

Dash,
I am in this predicament right now. I'm 55 and really hate my job. to the point where it is making me miserable. For some reason I'm afraid to pull the plug even though I've gone over the numbers every which way to sunday and they say I'd be ok. my main fear is healthcare. My work atmosphere is horrible.
I would like to do something and that's what I'm investigating right now. I think I won't be so fearful if I fell like I have a plan in place.

Thanks for your story though,

 

[Danmar]

I ER'd at 56 after a 3 year period where I trained my replacement. Was very happy to retire at that point. However, knowing what I know now, I probably would have been better off if I retired maybe 3 years later. Certainly would have been ahead financially and in the overall scheme of things, 3 more years would have been OK. Hind site is always 20-20 and things have certainly worked out very well regardless.

 

[Ronstar]

I had plans to retire at 52, but DW had different plans. She wanted to work longer and for me to work longer as well. So I started cutting back on work hours when I was 47. I eventually got down to 1-2 work days a week when I was 55 and stayed on that schedule until I was 58, when we both ER'd. I have no regrets for not retiring earlier. Working part time was a great transition into retirement and provided extra $ to buy my retirement toys.


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[stepford]

It's tough to make predictions, especially about the future. Yogi said it best. A very smart fellow once told me that everyone always feels they need more time or more money. So while we have time we feel we need more money (the root of OMY syndrome and our various excuses to keep working).

The flip side, though, when our health and youthful energy start to deteriorate is that we may suddenly feel we need more time rather than more money - and regret not retiring sooner. I think it is the rare fortunate person who feels they have plenty of both time and money (though judging by the posts, a good number of these fortunate individuals reside on this very board).

 

[karen1972]

I retired at 43 so not in your situation; however the reason I retired at 43 is because more than a few of my co-workers died while still working.. when you lose numerous friends that never made it out of their 50s and some were in their early 40s, it really makes you re-think the value of working vs. not. Our job was high stress, the top 3 medical issues at work was high blood pressure, cardio issues, and depression...with the average age of workers in their mid 40s... not good. I can say I learned from my coworkers that were all in the OMY, or the I just keep plodding along until they eventually lay me off, they were just so miserable and I saw myself going down that path and just woke up one day and was like what is wrong with me.. why would I choose to be miserable.

Yes I'd like to have more money saved away, but I have no doubt that more years would have lead me to ill health and an early demise...and wouldn't have had time to spend the money anyway.. ie i'd rather be happy and healthy and broke, then miserable, sick, and wealthy.

 

[kcowan]

My Dad retired at 65 the same month that Mom died of breast cancer. He lived for 30 more years. I committed that I would not take that chance and set out to retire at 55. Then a rare set if circumstances gave me the chance to walk away at 49 with 42.5% pension. I had not made my financial goals then so I began consulting. I had such a good time doing it that 55 came and went. I finally retired at 60, not because I wanted to but because I realized that OMY would reduce my retirement runway by 5% statistically.

That was 12 years ago and I think the fact that I was loving the consulting made it hard and that I decided for the right reasons. My spare time enabled me to travel 2300 miles to visit my brother each year, and, when he died unexpectedly in 2009, I was glad to have had the extra time with him.

 

[lemming]

If I had retired earlier I would have been slammed by the 2008/09 debacle. I don't think my psyche could have taken it.
I was not at the top of my game those last years-muddled,stressed,tangry(tired-angry) I left workforce after cancer surgery and was not given a chance to go back to work(see muddled) I'm able to look at market volatility now as just one of those triangles on a chart-kindof
I still am not traveling-now that I have time it seems that I just don't care to go.

 

[Sea Kayaker]

I did not want to experience any such regrets. And there was so much I wanted to do while my body was still more or less at its peak. I retired at what most would consider an early age. And yet, I feel a little regret at not doing this even earlier. It's been so wonderful I can't even begin to properly express my current happiness level.

 

[harley]

Mother died at 31, brother at 42. I figured I was pushing my luck waiting to retire at 50. It's been 9 years, and I don't regret a thing. I do have a small (tiny) side business that brings in some cash, but it's not a hassle and we eat out all year on the Discover Card points I rack up.

Make sure you have enough to last 35-45 more years though!

I always use 100 as my end of life age for figuring out financial needs. No real possibility of getting there bar a major scientific breakthrough, but I'm hyper conservative, economically. If it was just me I'd probably do it differently, but since I need to consider DW I make sure to have plans B, C, D,E, and F, at least.

 

[nwsteve]

Harley
Since you are very conservative (likewise), suggest you run your simiulations with some shorter time lines to see the results. I have been using 94 and ending with a portfolio larger than today even when looking at non-inflated $$.
What I realized is that as a conservative who was spending less than the portfolio growth, the portfolio looked better the longer I lived. Cutting the end point back 10 and 20 years still left a nice positive ending portfolio, albeit much smaller than it was forecast if we last until mid-90's
Nwsteve