Worst time to retire since 2008?

[ClippedWings]

Hello all - first new thread. My FIRE date is set for 5/4. Will turn 57 that week and been planning this for last 2 years after getting an advanced prostate cancer diagnosis.

This question is academic as my timing won’t move due to wanting to maximize our “go-go years”. DW is 55 and also ready.

I know these types of scenarios are baked into the FIRE calculator and others, but wondering if others are on similar timeline and reconsidering based on current events?

 

[old medic]

Well DW was diagnosed with stage one lung CA at 56. She has responded well to treatments, but we have moved her retirement back to 58 and a reduced pension. We can't make more time.

 

[MC Rider]

We can't make more time.

And there you have it. The crux of the biscuit.

 

[COcheesehead]

I retired right into the teeth of early Covid 2020 and for even more fun, 2022 smacked us in the face. Today we sit about 2.5 % below our highest portfolio value ever, even with 5.5 years of spending.
Understand SORR strategies and then just enjoy life.
I retired at your age and wish I would have done it sooner.

 

[Dtail]

I wouldn't wait too long for retirement.
The current slight market downturn should not be an issue for you with proper planning.

 

[GrayHare]

Markets recover. I'd want a few years of expenses covered by cash in case bad things happen.

 

[marko]

My severance contract ran out in January 2008. Survived and thrived in spite of myself.

If you have a plan you should be just fine. Markets come and go. I really wouldn't worry too much about it. In five years, today's market action will be a blip.

Especially with your diagnosis, as noted above, you can't make more time. (I'm going through PC myself right now)

 

[silvor]

Hello all - first new thread. My FIRE date is set for 5/4. Will turn 57 that week and been planning this for last 2 years after getting an advanced prostate cancer diagnosis.

This question is academic as my timing won’t move due to wanting to maximize our “go-go years”. DW is 55 and also ready.

I know these types of scenarios are baked into the FIRE calculator and others, but wondering if others are on similar timeline and reconsidering based on current events?

I was interviewing and wasn’t getting offers, so I quit and moved across the country thinking I would retire. The numbers said I was more than ready.

Then a job offer came in.
I took it.
And now I am mad at myself.

 

[Gallaher]

Given your situation, I’d say TODAY is the best time to retire.
As noted above: can’t get more time.

 

[ClippedWings]

Thanks all! I have 13 days vacation I’m planning to mostly burn between now and 5/4 as well so it will be easy street to make it.

 

[audreyh1]

2020 through the end of 2022 was probably the worst time to retire since 2008 so far.

 

[Plantman]

I too received a prostate cancer diagnosis in early 2017. I retired by the end of that year. It was a wakeup call that told me it was time to go do what I wanted to do and see what I wanted to see before it's too late! I was 60 at the time.

 

[CalBird]

No one has crystal ball. But for sure you can never get your time back, especially those years with good quality.

 

[Act2]

I retired in Sept ‘25, and was just today wondering if this was a bad time to retire. Decided that’s just not worth second-guessing. There is no way to know going into retirement what the first couple years hold. But: have a plan, work the plan, have a fall-back.

You seem to be set. Best wishes. I’ll be ok, too.

 

[SouthernHeaven]

I retired in Sept ‘25, and was just today wondering if this was a bad time to retire. Decided that’s just not worth second-guessing. There is no way to know going into retirement what the first couple years hold. But: have a plan, work the plan, have a fall-back.

You seem to be set. Best wishes. I’ll be ok, too.

I too retired in Sept '25. The freedom to do what I want, when I want, without asking for permission from a supervisor is priceless. As long as you have "enough", it shouldn't matter about timing. If it's time to go, then jump and don't look back.

I would hate to go thru the anguish of OMY on a loop. Been there, done that!

My primary goal now is to maximize life experiences rather than accumulate more money that I will never spend during my lifetime.

 

[Jerry1]

All of the above posts about time being greater than money are true. However, if I was on the fence, I would definitely hold on for a little longer. There's no crystal ball, but it seems like being at war and having oil at $100 or even higher are likely reasons for the stock market to tank and also a good reason that companies will be cutting staff. Again, IF someone was on the fence, it might just be a good time to wait a little while and see if a buyout comes along.

I certainly wouldn't wait if I had a health issue or something similar happening in my life, but if I had a belief that my company would do a buyout, it seems like this might be a good time to hold out a little while to see if you could snag one.

 

[treeofpain]

I retired the end of 2025, so I understand the OP's feelings. I remind myself that my funding is based on weathering some storms (Firecalc) and we are in a bit of one.

 

[ClippedWings]

All of the above posts about time being greater than money are true. However, if I was on the fence, I would definitely hold on for a little longer. There's no crystal ball, but it seems like being at war and having oil at $100 or even higher are likely reasons for the stock market to tank and also a good reason that companies will be cutting staff. Again, IF someone was on the fence, it might just be a good time to wait a little while and see if a buyout comes along.

I certainly wouldn't wait if I had a health issue or something similar happening in my life, but if I had a belief that my company would do a buyout, it seems like this might be a good time to hold out a little while to see if you could snag one.

Agreed. I’m committed and actually asked my boss if there was any chance she could eliminate my role and it’s too irreplaceable for at least the next 18 months and I can’t wait that long.

 

[Al18]

You need to decouple your retirement finances from what the stock market is doing. I had years of retirement finances in CD’s, before retiring at age 56.

 

[Digger1000]

So I see people mentioning 2022 being a bad year in different threads. I'm 100% stocks and retired in 2017 at 51 with no pension. I had no memory of what happened in 2022 so I just looked it up, S&P 500 was down 18%.

 

[marko]

IIRC, six years ago today (3/16/20) the Dow dropped 3000 points and the media was running around with their hair on fire. Yet, somehow, someway, by some incredible, impossible miracle we retirees managed to survive (sarcasm).

After 74 years, I just wish I had a buck for every "end of the world as we know it" event that's come along and eventually fizzled out.

OP: Turn off the TV, go and enjoy yourself. God Bless.

FWIW, six weeks before his planned early retirement, my brother suffered a massive stroke. He retired alright.....to a wheelchair. Time is of the essence.

 

[Digger1000]

IIRC, six years ago today (3/16/20) the Dow dropped 3000 points and the media was running around with their hair on fire. Yet, somehow, someway, by some incredible, impossible miracle we retirees managed to survive (sarcasm).

After 74 years, I just wish I had a buck for every "end of the world as we know it" event that's come along and eventually fizzled out.

OP: Turn off the TV, go and enjoy yourself. God Bless.

FWIW, six weeks before his planned early retirement, my brother suffered a massive stroke. He retired alright.....to a wheelchair. Time is of the essence.

And they had to shut down (or pause) the stock market during trading hours several times on different days in 2020 because it was dropping so much.

 

[dobig]

Hello all - first new thread. My FIRE date is set for 5/4. Will turn 57 that week and been planning this for last 2 years after getting an advanced prostate cancer diagnosis.

This question is academic as my timing won’t move due to wanting to maximize our “go-go years”. DW is 55 and also ready.

I know these types of scenarios are baked into the FIRE calculator and others, but wondering if others are on similar timeline and reconsidering based on current events?

Current events?

Market is down around 5 - 6% and the US is involved in a limited military engagement with another nation. We're retiring this July with zero hesitation.

We also haven't watched the news besides business channels for the past 6 years. Don't need some bobblehead getting us all worked up over nothing.

 

[COcheesehead]

So I see people mentioning 2022 being a bad year in different threads. I'm 100% stocks and retired in 2017 at 51 with no pension. I had no memory of what happened in 2022 so I just looked it up, S&P 500 was down 18%.

It was also the fastest interest rate hikes in history destroying bond values.

 

[MarieIG]

So I see people mentioning 2022 being a bad year in different threads. I'm 100% stocks and retired in 2017 at 51 with no pension. I had no memory of what happened in 2022 so I just looked it up, S&P 500 was down 18%.

I retired 12/31/21 so I do remember, but I was prepared, didn't panic, and it worked out.

And they had to shut down (or pause) the stock market during trading hours several times on different days in 2020 because it was dropping so much.

I was in the hospital during that time - and recovered slowly after discharge - so it was not a priority for me.

It was also the fastest interest rate hikes in history destroying bond values.

Yes, I recall a lot of us here were jumping out of bond funds, and buying treasuries at higher rates.