When do we retire? And why?

[ws23rt]

I just recently applied for my pension.  This was mostly because of a practical financial decision.
My work has been slow lately to the point that my healthcare coverage has to be paid at a rate of 1K per month.
Also every month of pension I don't take is one that I will never see.

Some of the structure we work with seems to push us out when we may not be ready.

I have been practicing retirement for years in between the work that calls me --and can still work at my trade (somewhat) without jeopardizing my earned pension.---BTW the pension is all I need without dipping into investments--

I'm curious about what made others here to start using the --R-- word and move on with the next part/chapter of their lives.---I suspect a large portion of readers here either have done so or are near that time.

[Alaskan_TA]

 Most of us re-tire after lots of fun driving.

[Just 6T9 CHGR]

Man, I for one cant wait! I have a 25 years of service, 55 years of age clause before I can retire....9 years to get to 55.  Ill have 32 years of service by then...percent & a half for every year over 25 though

[polywideblock]

can't touch our superannuation or get an aged pension over her till 65, so still got at lest a decade of work left in me  (at least that's what they tell me )

[ITSA426]

I didn't like the job anymore, didn't need it and others wanted it.  I had other priorities.  I prefer to think of myself as "professionally unemployed".  A bad day at home still beats a really good day at work.

[moparjohn]

Ha, retire, will probably never afford to, and I see people retire, get lazy and fat, then comes health issues and ......  No, i'll keep working at least to 72-75

[ws23rt]

Ha, retire, will probably never afford to, and I see people retire, get lazy and fat, then comes health issues and ......  No, i'll keep working at least to 72-75

I too see people get lazy and fat and acquire health issues after accepting the word retire.  
People can get lazy and fat and become afflicted with ailments no matter what they do with their time.  

Eventually health/physical  issues will make the decisions for how our working life fits with the end of life.--Age happens.

So you have identified 72-75 as being the time you will stop working.  

That is good it implies a plan or idea for what follows should you live beyond that age.

Your comment--"will probably never afford to" speaks from youth and that things could improve for your future by the passing of time. That also is a positive. --It is called optimism.

In my situation I like my work and always have.--I chose a craft that fit's who I am and got good at it. --It's tough to give up what I really like to do but practical financial issues tend to make me out to be foolish if I don't.

That is what prompted me to ask about how and why others move to living the next chapter.  

[RallyeMike]

We had a thread on this back in the spring that had some good thoughts. Since then I read a pretty sobering account that about 1/3rd of people essentially retire via decline and death. They either kick it before ever retiring, or they retire because of health conditions and go not long afterward, thus never really enjoying any "golden years".

When: Sooner rather than later. Why: You only get one chance to live this life.

[Kern Dog]

The people that check out a few months after retiring share a common trait: They had nothing left to do with themselves.
Not the case with most of us here. WE have hobbies.
Hobbies gives us hope. They give us something to keep our brains working. They motivate us to get off of the couch and out in the garage, shop or side yard to tinker or tune.
I Love the job I do. I'm a union carpenter with 4 1/2 years left before I reach my 30 years. I may retire then if the only jobs I see are further than I want to drive. I am friggin tired of driving 2 hours each way to work. The tasks of the day are hard enough but I often still feel pretty good until sitting in traffic for 2 to 2 1/2 hours. Screw that. I'll retire and pick up some side jobs here and there. Fences, additions, remodels. The extra money will help keep my car hobby funded.

[myk]

I didn't like the job anymore, didn't need it and others wanted it.  I had other priorities.  I prefer to think of myself as "professionally unemployed".  A bad day at home still beats a really good day at work.

Amen to that...

[Mytur Binsdirti]

I've always thought that if one could afford to retire by age 55, that would be a good time to do it.

[stripedelete]

The people that check out a few months after retiring share a common trait: They had nothing left to do with themselves.
Not the case with most of us here. WE have hobbies.
Hobbies gives us hope. They give us something to keep our brains working. They motivate us to get off of the couch and out in the garage, shop or side yard to tinker or tune.
I Love the job I do. I'm a union carpenter with 4 1/2 years left before I reach my 30 years. I may retire then if the only jobs I see are further than I want to drive. I am friggin tired of driving 2 hours each way to work. The tasks of the day are hard enough but I often still feel pretty good until sitting in traffic for 2 to 2 1/2 hours. Screw that. I'll retire and pick up some side jobs here and there. Fences, additions, remodels. The extra money will help keep my car hobby funded.

A four hour commute?  "Holly" shit. .   Almost 1/2 your waking hours spent in a car.   When I got rid of an hour each way my life changed.   My whole relationship with time changed.  

Your spot on with interests/hobbies.   It's a big factor in "retire and die".  

[green69rt]

There's a saying going around.... "When you have enough and when you've had enough."     So finances do pay a part but are not the whole reason to retire.  If your job becomes a drag and you hate going to work each day then maybe it's time to move on, either to a new job or to retirement (if possible.)   Notice the saying uses "and" so both play a part.  Many people like their work so stay on the job well into retirement eligibility even though they would be well off financially.  You need to pick your own reasons to retire.

One thing I've learned from watching others, don't go to work Friday, retire and wake up Monday with nothing to do.   That seems to cause problems for some people,  they go into decline or end up so unhappy (or make their family so unhappy) that they end up going back to work.   Have a plan about what you are going to do in retirement.

To answer the original question -- I had 30 years, the finances worked out, most of the friends I had at work had already retired or were about to retire.  I had done the same type of work for about the last 20 years so it was getting stale, the wife and I wanted to be able to travel freely and I planned to get my Charger to fill up the empty hours.   It has all worked out so far.

[Dino]

I've seen a few close to me retire and they had plenty hobbies, but it didn't matter.  Leaving that job took away part of their identities and that's what got them down.  They got out of it, but it took a really long time for some of them.  Heck, I didn't know what to do with myself after finishing my degree!  I couldn't go back to my old job and that daily pressure fell away.  I have so many hobbies I can't even count them but it was academic as I was too depressed to do any one of them.

I'll be 44 when I graduate as a PA (fingers crossed) so I'll have a lot of time to collect enough for a good retirement, but I have no idea when I will actually be doing that.

[BrianShaughnessy]

I'm 54, have 33 years with IBM and it doesn't mean jack...   Lou Gerstner stole all our real pensions 'for executive compensation' for us under 40 types years ago and left us screwed with a cash balance plan.

I figure I'll be working till they 'retire' me  (their favorite phrase for laying off retirement 'eligible' older workers)....  or till I die.   

[green69rt]

There's a saying going around.... "When you have enough and when you've had enough."     So finances do pay a part but are not the whole reason to retire.  If your job becomes a drag and you hate going to work each day then maybe it's time to move on, either to a new job or to retirement (if possible.)   Notice the saying uses "and" so both play a part.  Many people like their work so stay on the job well into retirement eligibility even though they would be well off financially.  You need to pick your own reasons to retire.

One thing I've learned from watching others, don't go to work Friday, retire and wake up Monday with nothing to do.   That seems to cause problems for some people,  they go into decline or end up so unhappy (or make their family so unhappy) that they end up going back to work.   Have a plan about what you are going to do in retirement.

To answer the original question -- I had 30 years, the finances worked out, most of the friends I had at work had already retired or were about to retire.  I had done the same type of work for about the last 20 years so it was getting stale, the wife and I wanted to be able to travel freely and I planned to get my Charger to fill up the empty hours.   It has all worked out so far.

Forgot to add... When I retired I figured I would have time to do all those projects, around the house, that I had put off for years.  Wrong,  they just take longer, if I get one extra thing done each day I call it a good day!   

[John_Kunkel]

I took an early retirement on my 47th birthday....loved my work but hated my workplace.

Luckily I had everything paid for and have been able to comfortably live on my pension alone. Not everybody will.

[ITSA426]

John my situation was similar.  I enjoyed what I did but it just wasn't worth it.  I was debt free with a good income and able to live within it.  My big hold up was health care.  Once I secured that I gave my two weeks notice as "last week and the week before that".  I was 47.  I think debt free is the biggest obstacle for most people.

If you don't die you're gonna get old whether or not you have planned for it.  Might as well plan.

[ws23rt]

It is true --we will get old at a steady and relentless pace.

I'm reluctant to repeat the "plan for the future" mantra. So I don't.     I heard it all my life.  The only thing I did was pick a job path that I would enjoy because I could see many years ahead of me and did not want those years to be just a chore to be endured for a pay off in the distant future.

Now-- having been out of debt for ten years or so has allowed for a nice investment pile that I will only need for catastrophe or gross life style change.

What I see as most important for me is to stay engaged. This car hobby could be a big part of that but I like the open door I see ahead.

[moparjohn]

To WS23RT, 

[71charger_fan]

I retired on 3 October, just about 2 years after my eligibility. After spending almost a decade overseas, I realized I just didn't have it in me to spend 2+ hours a day in DC/Balt traffic.

[skip68]

Congratulations.     

[DixieRestoParts]

I have 5 kids, the youngest of which are twins, born when I was 45. I'll probably never fully retire. Certainly, not with the parts company. If anything, I hope to grow the company. But, I'd certainly like to have enough money to do what I want, when I want.  

[maxwellwedge]

Freedom 55

Now it means we can retire when our kids are 55.......... 

[Lord Warlock]

I kept seeing situations where friends or relatives decided to retire, and just as they reached it, died from one reason or another, and never got to enjoy their retirements.  This encouraged me to take time for myself when I came down with a persistent prostate cancer that metasticized to the liver and bones. As soon as the diagnosis came in, I cancelled my job search and effectively retired at 53.  Money really wasn't a concern at the time, time left on my clock was.  A year afterwards, I applied for and received full SSI disability income, which is more than enough to pay our bills when combined with wife's income, won't get rich off of it  though.  My pensions all sucked, as most companies weren't retaining employees into their 50s and 60s much anymore, not when you can hire a 24 year old that can do the same job cheaper.  I'm taking a cash out on two pensions to pay off debts and make it easier for wife to survive after i'm gone.  It is better to use it now to re-establish a financial base line, and SSI will cover things for next 10 years if necessary while waiting for my wife to retire.

As to life itself after retirement, you do sometimes feel a bit useless, but there is always something to work on around the house, garage, or project cars, you're only useless if you choose to let it get to you.  I will say that even 500 channels on TV isn't enough to maintain interest in watching the tube, I spend 3 or 4 hours at night in front of the tube, but during daytime force myself outside to get yardwork or garage work done during daylight.

I will say that being forced into retirement sucks when it is due to health reasons, because the result is that by waiting too long, your body doesn't work efficiently like it did when healthy.  I could easily find a job in today's market, one that would pay 5x what I earn by SS yearly, but if I do I lose SS for next 8 years.  Not planning on returning to work again unless Cancer goes into remission. First positive sign I've had was last check up where cancer was shrinking under Chemotherapy, I didn't want to do anything during hormone and radiation therapy, Chemo is worse, much worse than radiation was.  I get 10 days of bad side affects of treatment in order to get 2 weeks of recovery and feeling normal toward the end, then get another chemo treatment every 3rd week. This could go on for years, and cannot work effectively when sick or dealing with side affects.

I wish I had planned better when young and invested more than I did, We would have been 1 Million dollars richer without kids if we had foregone having kids.  But things are working out ok, and we'll get by with an income very close to what our combined working income was.  Wife took a lower paying job with a better company  in order to get a very good insurance plan which covers me and the rest of the family, 20k disbursements from retirement plans in addition to SSI disability is enough to live pretty well.