Retirement Advice

[nfld]

Gentleman and Ladies...there are many wonderful people on the TFR's and I would like to pick your brains. Currently I am 55, have my own businesses and luckily, through hard work, hard work, and more hard work, I think I am in a position to retire. I make a fairly good living and have had no debts for years, house paid off and in want of nothing. Question I have for you all...when did you know it was time to retire? Are you happy you retired when you did, did you wish you waited or did it sooner? I can sell my companies and pretty much maintain my lifestyle till im 85. I won't be able to retire and buy a Rolex every 6 months or sail the world endlessly, unlike other well off people here, but I will be able to enjoy the next 30 years. I can continue to work till I am 60 and pull in a nice chuck of $$ for the next 5 years but I am the type that may never be satifised as I work 6 sometimes 7 days a week.

What advice do you have for this undecided workaholic or maybe a soon to be retiree?

PS...I do have a nice Sub and a Omega Aqua Terra for my twillight years...lol

[Dr.Brian]

Nothing wrong with retiring early, and I hope to join you before too long as well. The most important question to ask yourself after “can I afford it?” is to ask “what you will do with the time?” My father retired at 62, got bored quickly and went back to work for 10 more years, and retired again at 72 with pension #3. Lol! That one stuck and is still going almost 20 years now. My father in law has retired 3 or 4 times, and finally really called it quits in his 70’s. Both enjoyed working in interesting fields. (radiologist and nuclear engineer)
So, what are you going to do for 30 years?

[TheVTCGuy]

I really can’t offer you good advice, but I wish you the best. I am within about ten years of retirement age, but honestly believe I will be working in to my 70s. Maybe I will be wrong, but just don’t see myself not doing anything except hobbies. I will probably be doing a very important job....


“Want fries with that?”

[donas]

I retired at 44 on a state funded pension. With that said, clearly I'm not living high on the hog, but I really love being retired. I had every intention of starting a new career shortly after retiring. Long story short, it'll be four years very soon and I'm still "thinking" about finding something new, lol.

In all fairness, I did get a job earlier this year but quit on day three. A former co-worker told me that he was "un-employable" after retiring. That didn't make since until I retired, now I get it. I put up with stupid crap for 20 years and now have a check in my mailbox every month; it is virtually impossible for me to deal with (ie. tolerate) crap of any nature now.

I know I didn't provide any advice, but I can surely promise you that me and my wife love being retired. She too retired on a state pension at 41 !!

[ELLimon]

I’m spinning it differently. Currently 47 going 48

Have been moving my stock savings into rental real state, plan is to retire from my day job into managing my rentals and watchmaking until I’m too old or loose my marbles, then All goes to my kids.

The hope is that my kids learn how manage real state from me.

[youthagainsttt]

Originally Posted by nfld

Gentleman and Ladies...there are many wonderful people on the TFR's and I would like to pick your brains. Currently I am 55, have my own businesses and luckily, through hard work, hard work, and more hard work, I think I am in a position to retire. I make a fairly good living and have had no debts for years, house paid off and in want of nothing. Question I have for you all...when did you know it was time to retire? Are you happy you retired when you did, did you wish you waited or did it sooner? I can sell my companies and pretty much maintain my lifestyle till im 85. I won't be able to retire and buy a Rolex every 6 months or sail the world endlessly, unlike other well off people here, but I will be able to enjoy the next 30 years. I can continue to work till I am 60 and pull in a nice chuck of $$ for the next 5 years but I am the type that may never be satifised as I work 6 sometimes 7 days a week.

What advice do you have for this undecided workaholic or maybe a soon to be retiree?

PS...I do have a nice Sub and a Omega Aqua Terra for my twillight years...lol

I honestly think that in this position, once Covid is over & it's safe to travel that you should go out and see parts of the world that you always wanted to see & visit. I've been to 63 countries so far & I have the mentality that even if I get hit by a bus tomorrow, at least I have visited and seen much of the world out there, experienced different cultures and met 1000s of people, hence for me I'd have no regrets

[Spectre38]

I wish you the best of luck... I am not sure I will ever be able to retire. I have 27 years in at work and was on a pretty good path until they stopped funding the pension in 2005... add in the market crashes and what they did to my 401... lack of pay raises and increase in cost of living... Any of you who can retire... I think thats great.

[chieftd]

Congrats on your success. I wish I could retire for good right now. I retired from the military in 2005, but chose to continue to work, with a home mortgage in Hawaii. I now plan to fully retire in 4 years at 65 yrs old. This will put me in a good situation where money will not be an issue and I will have multiple income streams. I do think about the boredom aspect of full retirement, but would really like to get a part time job at a golf course to stay busy and get free golf. Thats my plan anyway.

My only advice would be to have a good plan for any future medical needs. Unfortunately we will all need that at some point.

Good luck to you and enjoy the retired life. Cheers, Tim

[VonSomething]

Here's a question, do you NEED to sell your businesses to retire? I don't know what type of business you're in, but I think nobody is irreplaceable.

Hire someone good to take over your tasks, cut down your hours significantly and start preparing yourself for retirement at 60-65. If the business is solid I don't think there's a reason to sell.

If you're a workoholic then you probably enjoy your work - cutting down hours and still keeping your businesses a while longer might be a better solution? Did you consider this?

[colpol]

I’m 54 & plan to retire at 60

My dad worked for a major corporation in the 80s that was going through a major voluntary severance excerise. As so many leaving at same time - they organised retirement seminars for staff. My dad sat in on one a year before he took his deal & the thing they kept on reinforcing was hobbies/ interests/ voluntary or part time work. My dad had nothing really so he joined the local bowling club, bought a green house, started saying yes to every social invite - basically anything to widen his social circle

I still think that still rings true -it’s about filling the gap that work provides.

Also the things you take for granted now - maybe not be possible at 70 when retire especially around health so don’t want to leave it too late.

My mums 80 & most of her friends are widows. Seems to be a fact that men don’t last as long as women

[Uggi]

Originally Posted by TheVTCGuy

I really can’t offer you good advice, but I wish you the best. I am within about ten years of retirement age, but honestly believe I will be working in to my 70s. Maybe I will be wrong, but just don’t see myself not doing anything except hobbies. I will probably be doing a very important job....


“Want fries with that?”

So true. My mum retired at 62 and after 2 years or so she could feel herself rotting into apathy and laziness. She went back to work full time and now, aged 76, she still works 45 hours a week and loves it.
Work is not just about money and retirement is not always the holy grail some think it will be.

[VonSomething]

Originally Posted by Uggi

So true. My mum retired at 62 and after 2 years or so she could feel herself rotting into apathy and laziness. She went back to work full time and now, aged 76, she still works 45 hours a week and loves it.
Work is not just about money and retirement is not always the holy grail some think it will be.

My dad is around the same age, he has less free-time after retirement than when he worked.

Retirement gives you the freedom and time to do all the things you never could or had time to before. You of course need to have hobbies outside of work that interest you.

He bought a fishing cabin he is restoring, he takes his boat out most mornings to fish, handywork around the house, around the holiday home, visits kids, travels/holidays, goes hunting, is involved in multiple indoor sports now, plays tennis etc. etc. there's not a single day this man sits still or doesn't know what to do. He slaved away at his job his entire life and in retirement he is really enjoying his freedom more than ever.

[CalSRQ1]

Good for you to be asking before you leap. I work with a lot of retirees (Florida) - and I think the first question is “Why do you want to retire?” Are you wanting to devote more time to something else (family, hobbies,travel, other career interests/charitable vocation) or are you just hitting an age and thinking you should be considering it? Warren Buffet could have retired before age 40...but is not wired that way. If you’re a person who is driven to 6/7 days a week, selling the business and suddenly finding yourself out of a job may be too much change. Not sure what your business is - but is it possible to transition into other interests by slowing down and shifting into 3/4 day weeks and ramping up retirement? Or taking a sabbatical where you take 3 months off to pursue another interests to see if you’re happy? Good luck and congratulations on your success.

[brandrea]

Originally Posted by CalSRQ1

Good for you to be asking before you leap. I work with a lot of retirees (Florida) - and I think the first question is “Why do you want to retire?” Are you wanting to devote more time to something else (family, hobbies,travel, other career interests/charitable vocation) or are you just hitting an age and thinking you should be considering it? Warren Buffet could have retired before age 40...but is not wired that way. If you’re a person who is driven to 6/7 days a week, selling the business and suddenly finding yourself out of a job may be too much change. Not sure what your business is - but is it possible to transition into other interests by slowing down and shifting into 3/4 day weeks and ramping up retirement? Or taking a sabbatical where you take 3 months off to pursue another interests to see if you’re happy? Good luck and congratulations on your success.

Chris has some wise words here ^^^

I’m 53 and semi retired. I found that I still needed something to do with my time other than hobbies and travel. Also, my wife is quite a bit younger than me, and LOVES her career so she doesn’t plan on retiring for at least another 10 years.

For me, semi retirement made the most sense. I sold my business and agreed to stay on and help “transition” it to the new owners ... that was 3 years ago

Lastly, and to echo what Chris said here, I find I need to have purpose in my day to day. A bit of structure is a good thing for me and work has always provided for that. I guess working (even part time) helps me maintain health and happiness, so I plan to keep doing the semi retired thing for a while longer. YMMV

Best of luck to you

EDIT: a final thought on semi retirement... “work” tends to feel a bit different in this mode vs. when it’s your neck on the line

[MrJKLFoams]

First of all congratulazione that you can retire early young without any debt or sort of complicazione in life. I would say retire if your not happy of what your doing since you said you are stable enough and collect more higher end watches like greubel forsey. Clap clap...

[Beo3]

If you can retire, retire.

I've been semi retired since the age of 46, and have thoroughly enjoy the time I now have available.

See the world, exercise, donate your time, watch you kids grow and rediscover the reason you fell in love with your spouse.

Tomorrow is never promised. I witnessed many a good friend pass unexpectedly.

I would also believe that no ones last words were ever "I should have worked more"

[Brny11]

Are you happy working? Do you love your business? Is there anything you wish your business was that it just isn’t yet?

Most importantly, do you have plans after retirement?(as stupid as that Q sounds, as It contradicts retirement). However, I have seen close family age 20 years immediately after retirement, rejoin society with part time jobs or hobbies, and roll back 15 of those years.

It is one of the most Subjective questions you can ask a group!

[beshannon]

Originally Posted by Brny11

Are you happy working? Do you love your business? Is there anything you wish your business was that it just isn’t yet?

Most importantly, do you have plans after retirement?(as stupid as that Q sounds, as It contradicts retirement). However, I have seen close family age 20 years immediately after retirement, rejoin society with part time jobs or hobbies, and roll back 15 of those years.

It is one of the most Subjective questions you can ask a group!

I agree completely.

The term "retirement" has changed and means many things to many people. I believe everyone needs to define for themselves what a change to their life means and decide how to move on to the next phase.

[TRS1]

Originally Posted by Beo3

If you can retire, retire.

I've been semi retired since the age of 46, and have thoroughly enjoy the time I now have available.

See the world, exercise, donate your time, watch you kids grow and rediscover the reason you fell in love with your spouse.

Tomorrow is never promised. I witnessed many a good friend pass unexpectedly.

I would also believe that no ones last words were ever "I should have worked more"

Well said.

[bdex75]

As many here have mentioned, there are two distinct and very different parts to retirement in my experience. I am a financial planner and have been for the last 20 years. I have retired more people than I could possibly even recall.

On the financial side we can run Monte Carlo simulations from now until the cows come home. But the one thing that always prevails in peoples mentality is......do they have dependable, repeatable sources of income. It doesn’t matter if it comes from clipping bond coupons, stock dividends, real estate investment trust income, social Security, pension or even annuities. All have their pros and cons. But the undisputed fact is that if you know that your bills will be paid you are much happier.

On the emotional side, are you retiring to something or from something? That is the one question that I always make people answer when they discuss retiring. Especially those folks that are self proclaimed workaholics. You will need to find something to do to take up your time in your day. And if you do not have that you will grow restless very quickly and may be unhappy.

The last component is the business. Are your financial calculations based on the sale of the business and do you have a buyer at the price that you are calculating? Many times with business owners they feel that their businesses are worth more than what they are to someone else. You have worked a large portion of your life to build that business and someone else likely just views it as a transaction.

Food for thought.


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[subtona]

I have been told a couple of things by many many persons who have gone down the road.

“Don’t retire for the money”
“Retire because you are ready... you will know when you are ready.”

[Dan Pierce]

When asked if the psychological aspects of leaving the job he had for over 30 years would be a problem when my dad retired, he replied, it won't be a problem. It wasn't and my reply is the same.
dP

[Duey]

Retire !!! It's as simple as that.

I basically did the same thing 14 years ago and couldn't be happier. I did it at the age of 44 with hard work and no pillow pension. It's pretty simple, 3rd grade math simple, to figure out how much money you'll need for the next 30 to 40 years when you have everything paid off and all that money in the bank. Don't let financial guys tell you differently either.
The first year is the hardest one. Coming to grips with not going to work and then understanding that most of your friends aren't your friends anymore because you're retired and financially secure forever.

But after that whatever enjoyment and happiness

[rmagoo57]

Sounds like your finances are in order so focus on the mental side of retiring. As stated a couple times above, maybe consider a "phased" retirement plan. Ease into full retirement by working less hours/days over a period of time. A year or two? Make a plan and stick to it. I've been retired a couple years and loving every minute of it! Best of luck!

[m j b]

A friend of mine retired at 60. After a year, I asked him how he was doing. He said that there were two things he wished, in hindsight, that he had saved more and that he would have retired earlier.

Shortly after that he got a part-time job (minimum wage) just to get him out of the house. He tired of that after about 2 years and quit, then got a job teaching sailing at the city park. He loves sailing and enjoys the teaching part (well, most of it) but now that's done with the Covid mess going on, so he's just chillin' at home. But also, now his health is starting to reflect his age and he's not as able to do things like he did before, and that's weighing on him.

I have retired neighbors. They all stay busy, working in the yard, garden, golfing, teaching, etc. I think that's an important part of a good retirement, finding things to do besides watching TeeVee all day like my FIL does.

[crew]

I retired almost 3 years ago at 61 and I absolutely couldn’t be happier about that decision.
As Gus (subtona) mentioned above, and as my older brother told me as well, you will know when you are ready. I knew I was ready.
I’ve done some traveling (Europe twice, Hawaii...) and bought a winter residence on the beach in Florida.
Perhaps the best part of my retirement, however, was getting a part-time gig in the summer working as a dock attendant (just over minimum wage) on a nearby Finger Lake here in Western NY. I work about 3 mornings a week from June thru September and it’s the best job I ever had.
I also took up fly fishing and I get out about 5 times a week. I actually suck at it, but it’s a great deal of fun.

[Dyim]

I used to try to figure out how many years I have left before retiring. I know money shouldn't be an issue. Just want to make sure the kid's education is paid for, which is the biggest bill for me.

I don't think of myself being a workaholic but I certainly don't lounge around at work. I want to be productive and get the most out of a day. Maybe I am one?

COVID hit and I was home not doing much for almost 3 months. I was bored out of my mind! I realized the work that I have been doing is great for my physical and emotional health. I love my work and works on average 4 1/2 days a week. I am my own boss and set my own schedule. I feel good after a day's work and have a sense of accomplishment.

So for now, I am thinking I will probably work till I am mid 60's if not longer, health permitting. If I feel the need, I will cut back my days of work.

The side benefit of keep on working is I have spare cash to indulge in the luxuries of life.

[1William]

I retired at 49 after 30 years in Law Enforcement and could not have been happier to get out. I have been out for just over seven years and they have been the best of my life. I lost 35 pounds, got back in the gym, eat right and enjoy the company of my family and friends. My children were younger when I retired and for better or worse I wanted them to know me better and I them. It helps that I have a good pension and my wife has a good job so money is not a huge issue. I have friends and associates who choose not to retire or will not retire because they can not be home or out of work. Most do not have a money situation so the job is optional. I always say that we do what we want within reason but to continue to work is difficult. If you do not have a life outside of work, get one and see what the world is all about. My advise, retire, and do everything you wanted or nothing, it is your choice. I believe that I am a father, husband, son, brother, friend before I am whatever I was with work and in end, that is what matters.

[Brenngun]

So much depends on how you feel about what you do for living. I've been fortunate to have turned something I love doing into a means of making a living. The concept of retirement makes no sense to me because of this. I'd still be doing it because it's what I love. It challenges my mind. Keeps me experimenting and learning. It also doesn't keep me from pursuing other interests or life experiences. Good luck with your decision. Tread carefully.

[It's Hedley]

First off, congratulations on your successes. Retire if you are ready. There are no guarantees you will be alive in 5 years, so if you have ambitions to do other things, do them. Yes, your life expectancy is to live another 25 years, but the last 10 of those you might not be so mobile to do the things you want to enjoy. I am 55 and am 2 years from retirement (my wife is a teacher and she has 2 more years). It could not come soon enough for me. I am mentally out the door and it is tough to hang in. We will be global nomads for a few years to figure out what and where our destiny takes us.

Good luck and whatever you decide, have no regrets!