Retire at 58 w/ $4M or retire at 60 w/ $5M?

Oh hell your fine.

I gave my life blood to work for 30 plus years and my biggest fear was dropping dead of a heart attack at my desk.
 
I retired at 58, Oct 2020. Wife wanted to keep working because she loved her work and trained a long time to achieve her position. 2.5 years later she took a medical disability leave and hasn’t been able to work since. Our retirement plans drastically changed. We’d love to have had her extra two years to travel. Any additional money earned-saved wasn’t worth the trade off. Hope things work out whatever you decide.
 
Is there any reason you couldn't split the difference? It will give you a year of planning time. And a larger cushion. Given the chaotic US government right now, we could be facing significant inflation. We could lose the ACA, even cuts in Medicare and Social Security for which we cannot plan. Have a back-up plan. Medicare did not exist until the 60s. It could be taken away.
 
I have far less money than you or most people here. . . but I can tell you looking at my 401K balance does not make me happy. . . even though to some people it would be "a lot". . . it doesn't really mean anything at all to me.
 
CorporateSoldier said:
I have some financial incentives to work until 60 so would project us to have about a $5M nest egg if we work two more years. Our health is good and my company still likes me so I can stay if I like but leaning towards checking out now versus two more years.

Really struggling with this. My gut says go now.

Thoughts?
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I started my "glide path" at 58, while financially I could have retired, I did have financial incentives to keep going to 60 (maximizing the growth rate of my pension based on years of service). Because I liked the job, and it was not hard (I enjoyed the job, was spending more time mentoring and guiding others, could choose when to work at home, and could take DW on business trips to turn a portion of them into vacation). I figured if Megacorp wanted to get rid of me before 60 that was fine, but I would not work beyond that. I retired at 60 and do not feel I missed much from working those extra two, relatively easy years. I also received a few additional and surprise financial benefits I had not expected.

SO if you like your job and it is an easy 2 years, I do not see a problem with keeping going. But if you are dreading the work environment and have something to retire to, better to retire now.
 
CorporateSoldier said:
Decision time for us. Wife and I just turned 58 and could retire this year with:
  • ~$4M nest egg ($2.1M Taxable, 1.4M 401K, 300k Roth, 200k cash)
  • No debt. Paid off $750k home in medium cost of living area.
  • Kids all grown up and out of house
  • At 62 we could get about $60k in SS. Not sure when we will file though.
  • Yearly retirement expenses expected to be ~$120k (60-70k to pay the bills including healthcare, 50-60 to travel)
I have some financial incentives to work until 60 so would project us to have about a $5M nest egg if we work two more years. Our health is good and my company still likes me so I can stay if I like but leaning towards checking out now versus two more years.

Really struggling with this. My gut says go now.

Thoughts?
Click to expand...

I hope/think, deep inside, you know the answer. Follow it.
 
If I were in your situation, the decision would turn for me on how much I wanted/needed to help my adult children financially.
 
We RE'd 2 years ago (56/53) with 3.1m and now at 4.1m even after taking out living expenses and a vehicle purchase. Go ahead and ask me if I'm sad about not working an extra 2 years!
 
My favorite comic
 

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Gallaher said:
My favorite comic
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A bit off-topic, but I really struggle with that comic. The buried person has no reckoning of time. He or she doesn't care. He or she no longer cares if they retired early, or late, or died on the job... or never had a job. They're done. They're at rest. Meanwhile the guy looking at his watch, might be running late to the airport, to catch a flight for his Bucket List vacation. Or maybe he's late to his daughter's wedding. Or maybe his briefcase contains stock certificates that he's taking to his broker for redemption.

So long as we're alive, "time is money"... whether we're retired or working, healthy or sick, busy or indolent, alone or surrounded by friends. Once we're dead, we're at peace. Whatever decisions we'd made in life, no longer matter.

Thus, the way that I read that cartoon is: "Life is stressful, death is peaceful". But one supposes that that strays a bit from the cartoonist's intent, no?
 
Cassius King said:
What you have currently is very valuable. How many folks in their 70's and 80's would pay a million dollars to buy two years in their healthier 50's!
Click to expand...
Interesting thought and most likely accurate.
 
CorporateSoldier said:
Wife wants to retire now. I am the hesitating and that is only for financial reasons. I have a lot more incentives to stay working than she does.
Click to expand...

Have your wife retire now then. Seeing your wife in retirement may influence your decision and until then she may be able to do a bit more around the home front.
 
Diogenes said:
A bit off-topic, but I really struggle with that comic. The buried person has no reckoning of time. He or she doesn't care. He or she no longer cares if they retired early, or late, or died on the job... or never had a job. They're done. They're at rest. Meanwhile the guy looking at his watch, might be running late to the airport, to catch a flight for his Bucket List vacation. Or maybe he's late to his daughter's wedding. Or maybe his briefcase contains stock certificates that he's taking to his broker for redemption.

So long as we're alive, "time is money"... whether we're retired or working, healthy or sick, busy or indolent, alone or surrounded by friends. Once we're dead, we're at peace. Whatever decisions we'd made in life, no longer matter.

Thus, the way that I read that cartoon is: "Life is stressful, death is peaceful". But one supposes that that strays a bit from the cartoonist's intent, no?
Click to expand...
I guess you could look at it that way, but the statement the comic is making hits for 99% of people IMO.

Flieger
 
monte1022 said:
We RE'd 2 years ago (56/53) with 3.1m and now at 4.1m even after taking out living expenses and a vehicle purchase. Go ahead and ask me if I'm sad about not working an extra 2 years!
Click to expand...
90% sure I know your answer already! :cool: Congratulations on the early escape and great financial results.
 
Diogenes said:
A bit off-topic, but I really struggle with that comic. The buried person has no reckoning of time. He or she doesn't care. He or she no longer cares if they retired early, or late, or died on the job... or never had a job. They're done. They're at rest. Meanwhile the guy looking at his watch, might be running late to the airport, to catch a flight for his Bucket List vacation. Or maybe he's late to his daughter's wedding. Or maybe his briefcase contains stock certificates that he's taking to his broker for redemption.

So long as we're alive, "time is money"... whether we're retired or working, healthy or sick, busy or indolent, alone or surrounded by friends. Once we're dead, we're at peace. Whatever decisions we'd made in life, no longer matter.

Thus, the way that I read that cartoon is: "Life is stressful, death is peaceful". But one supposes that that strays a bit from the cartoonist's intent, no?
Click to expand...
I try to never think that hard, ever.
 
Diogenes said:
A bit off-topic, but I really struggle with that comic. The buried person has no reckoning of time. He or she doesn't care. He or she no longer cares if they retired early, or late, or died on the job... or never had a job. They're done. They're at rest. Meanwhile the guy looking at his watch, might be running late to the airport, to catch a flight for his Bucket List vacation. Or maybe he's late to his daughter's wedding. Or maybe his briefcase contains stock certificates that he's taking to his broker for redemption.

So long as we're alive, "time is money"... whether we're retired or working, healthy or sick, busy or indolent, alone or surrounded by friends. Once we're dead, we're at peace. Whatever decisions we'd made in life, no longer matter.

Thus, the way that I read that cartoon is: "Life is stressful, death is peaceful". But one supposes that that strays a bit from the cartoonist's intent, no?
Click to expand...
I think some cartoons are best taken at their face value and not analyzed too deeply but YMMV.
 
Gallaher said:
I try to never think that hard, ever.
Click to expand...
With all due respect, why not?

We incessantly hear that "time is money". Well, if I magically had more time, would I be able to make more money? Probably not. Would I pay more money, to buy more time? Generally, not. I occasionally pay professionals to do things, instead of DIY... but that's because they have more knowledge, talent, experience, facilities and tools. I'm buying knowledge, not time.

Working for a living, is the quintessential example of selling our time, for money. Well, I'd cease working because work is onerous, or forces me to live somewhere where I'd rather not live, or forces me to get up at an hour when I'd rather linger in bed. By not-working, I am buying privileges or conveniences. I'm not really buying time. If work were pleasant, easy, rewarding and imposed no constraints on my liberties, sleep or place of residence, then not only would I never retire, but I'd likely hardly ever leave the office.
 
Diogenes said:
With all due respect, why not?

We incessantly hear that "time is money". Well, if I magically had more time, would I be able to make more money? Probably not. Would I pay more money, to buy more time? Generally, not. I occasionally pay professionals to do things, instead of DIY... but that's because they have more knowledge, talent, experience, facilities and tools. I'm buying knowledge, not time.

Working for a living, is the quintessential example of selling our time, for money. Well, I'd cease working because work is onerous, or forces me to live somewhere where I'd rather not live, or forces me to get up at an hour when I'd rather linger in bed. By not-working, I am buying privileges or conveniences. I'm not really buying time. If work were pleasant, easy, rewarding and imposed no constraints on my liberties, sleep or place of residence, then not only would I never retire, but I'd likely hardly ever leave the office.
Click to expand...
There you go again. Thinking too hard. ;) :cool:
 
If the extra $M allows you to travel First/Business class, then do it. If your lifestyle won’t change then see you here full time..
 
I retired in 2013 at age 56. DW chose to work three more years and regrets it. We could have traveled more and spent more active time together. My health started to deteriorate quickly, limiting my ability to travel. The traveling I can do has to be less strenuous with limited walking.
Retire now because you don’t know what tomorrow brings.
 
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