This is the most important cartoon I have ever seen on this site:
I'm at the verge of retiring - maybe by year end. My financials are fine - every model I run gives me confidence.
But I could stay at my job and make more money and preserve my retirement funds, and grow them more.
What things do you think of when it is time to make the decision? I don't really love my job, it is ok at best. But it pays well and it is not too stressful. And I'm worried that the fun of retirement will wear off in a few months.
I'd like to get some input on how people decide to give up certain income vs time to do whatever you want.
+1 Making a big decision can be uncomfortable, and unilaterally switching off a steady paycheck is a big decision.
One fine day my own numbers said I could bail any time. Even DW encouraged me to hand it in, but I found myself unwilling to pull the trigger. ......
A few weeks ago a Megacorp executive made the decision for me. When the boss handed me the severance package, a wave of relief swept over me and the doubts disappeared.
Contemplating my reactions to how it all unfolded, I think I never was truly waiting for answers to questions so much as I was waiting for some external prompt that the time for internal debate was now over. .......
I'm worried that the fun of retirement will wear off in a few months.
If you're easily bored, that's a valid concern, because it's not really about having fun all the time. It's more about the feeling of freedom -- to go to sleep and wake up when you want, to go shopping when others are working and stores are empty, to focus your attention on whatever is interesting you in a certain moment, to take whatever time you want to do a task, etc.
I retired five years ago, just before turning 54, and I've been thinking lately about how glad I am that I didn't wait any longer. I've made full use of those years.
If you're easily bored, that's a valid concern, because it's not really about having fun all the time. It's more about the feeling of freedom -- to go to sleep and wake up when you want, to go shopping when others are working and stores are empty, to focus your attention on whatever is interesting you in a certain moment, to take whatever time you want to do a task, etc.
I retired five years ago, just before turning 54, and I've been thinking lately about how glad I am that I didn't wait any longer. I've made full use of those years.
Welcome.
Just for fun, I'm going to point out you are possibly at the point of all the calculators saying you can retire due to 10 yr Bull market.
How would you feel if the market drops 40% today ?
You also don't mention important factors like age, marital status, children, health ins coverage. These are important considerations.
Yeah, I have two good friends afflicted w the OMY syndrome. One at 67 who's had several health scares yet still is at it. His wife is worse off and he pines to travel and do stuff. But, because he may have to supplement his 98 yo mother he's worried about money. And he owns a beach house and S Florida condo. Go figure. I think it's a failure to look realistically at what the percentages really are in terms of likely futures.
... I could stay at my job and make more money and preserve my retirement funds, and grow them more.
As a retiree, my Net Worth grows every year.
I see no reason to allow my portfolio to stop growing.
This is the most important cartoon I have ever seen on this site:
Without a lot of the other info some have mentioned here (age, family) it's tough to judge. That said, the above is true... to a point.I don't think all people truly grasp the value of Time > $$$ .
Time to do what you want, when you want, where you want and how you want.
Without a lot of the other info some have mentioned here (age, family) it's tough to judge. That said, the above is true... to a point.
In my case, IF I were to fully retire tomorrow (which is a stretch option, we're FI, but not truly comfortably so), I would be retiring back to a house with a 3 year old and a 9-month old. So my time is not truly mine.
That's actually part of my calculus for taking on another career at age 42 in spite of FI, pension and health care locked in. I can't stay home with my girls all day or I'll lose my mind! Give me 5 years to get them both in school, and then we'll talk!