Your opinion needed. Should I retire?

[Tyme2fish]

I don't really hate my job, but I don't love it either. I just completed 21 years with the company. I have to complete 25 years to get benefits. I just don't think I can work another 4 years with this company. It's not the "same" company I hired on to in 1986. Too many bean counters now.
I really want to quit after the new year. That will earn me another 4 weeks vacation pay.

Everything we have is paid for. No debts what-so-ever. Have 1.23 million in savings, 401K etc. I am 58.5 years old and in good health.

Let's hear your opinions.

 

[Haut Medoc]

Re: Your opinion needed. Should I retire?

Yup, & do the things you always wanted to before ya get too old to do 'em......​

 

[sun_runner235]

Re: Your opinion needed. Should I retire?

Well the question you have to ask yourself is can you live on 60K a year? (rough estimate from what you have saved). Granted you can start collecting SS at 62. Personally, what I would do is leave the company and go work at something that doesn't pay much....but something you love to do. Maybe somehow go into something that has you on or around boats....Park ranger....something that seems fun. I think you have enough backing financially you should have to worry, so look at it from the stand point that you're now going to work for yourself....working to enjoy life.

 

[Tyme2fish]

Re: Your opinion needed. Should I retire?

I make about 110K/year. We "live" on about 45K right now. Yeh, I'm pretty stingy.

 

[sun_runner235]

Re: Your opinion needed. Should I retire?

I make about 110K/year. We "live" on about 45K right now. Yeh, I'm pretty stingy.

Then go for it. Sounds like you won't have to make too much of a lifestyle change to live "comfortably". Good luck to you.


Disclaimer: Keep in mind I'm only 30 years old and haven't even comprehended retirement yet.

 

[Tyme2fish]

Re: Your opinion needed. Should I retire?

So far it's retirement 3 and work 0. Just what I wanted to hear. Might have to change my name to moreTyme2fish. Let's hear from others.

 

[aspeck]

Re: Your opinion needed. Should I retire?

Let's see, in 4 years you will be 62. You say you will have full bennies then? By that do you mean full insurance (till you are 65 and Medicare/caid takes over). That is a big consideration. Who will foot the bill for insurance from now till then if you retire now? You will, right? Or is your spouse working and her job will supply insurance? If not you are probably looking at 10-12K per year for insurance alone, unless you do a really high deductible and cut that in half.

You also mention that the savings you have is in different accounts - savings, 401K, etc. How much of that is locked in till you are 62, or 65, or whatever the requirements are on it? How much different will be your SS if you take it out at 62 verses 65?

Still a lot of questions to be answered here - Murky and Frogger would be a big help, where are they when I need some back-up?

 

[Bob_VT]

Re: Your opinion needed. Should I retire?

You are seeing the light at the end of the tunnel and you are focused on it.

You are going to do whatever you want regardless of the yes or no answers.

What type of work do you do? Is it a stressful job? Do you have a skill that can be used as an independent person? Is it the management or the co-workers that make it bad? These are questions I would ask. If you are fighting traffic and killing yourself with stress then do what is healthy. You have a nice nest egg ..... maybe you want to find something to enjoy time and life.

When I was in the retirement mode I have to admit I was excited. I wanted to spend 30 yrs in the Army but my first wife's failing health made me retire at 20 so I could care for her. I missed it and still do.

I am with Art on this one. Medical is a HUGE part of the equation. Look at those options very close. My willingness to retire early and take care of the first wife cost me my life savings.... here I am starting all over again and it is not fun.

 

[tommays]

Re: Your opinion needed. Should I retire?

I REAL full Blue Cross plan is over 12K until you reach 62

Ask JB about risking a good medical plan


I would do other work BUT can not really see myself doing nothing



Tommays

 

[KeltonKrew]

Re: Your opinion needed. Should I retire?

work the 4 years, get benefits...

cost of living is the easy part...the cost of health insurance it what will get ya!

contrary to what people think, 1.23MM isn't as much as it sounds...and if you're taking it out of 401K, be prepared for the tax ramifications for removing it early....

 

[JRJ]

Re: Your opinion needed. Should I retire?

The main thing is to not outlive your money. Sounds like you've crunched the numbers. No debt really makes it possible. I retired at 56 and haven't regretted it at all. I worked with so many guys that died before they could retire or else got to retire and only lived a short time afterward. Go for it!!

 

[Boomyal]

Re: Your opinion needed. Should I retire?

How much would the retirement bennies add up to tyme2fish? That would weigh heavily on my opinion.

 

[JB]

Re: Your opinion needed. Should I retire?

Been there, done that.

The cost of comprehensive health coverage until you reach Medicare would be on the order of $1-$1.2K per MONTH, and increasing each year by 10-15%.

10 years ago, when I retired I was offered a limited Blue Cross policy for (me only) $750/mo. I decided to bet that $750 that I wouldn't need it before I made it to Medicare. I lost that bet and it cost me about half of my capital, $225,000. Multiple bypass and ruptured ulcer.

So that's one thing.

Another is the greatest challenge to a newly retired person. . . keeping valid, knowing that you are useful and making a difference in the world. Focusing on recreation does not fill that critical need.

I moderate for iboats. What might you do?

Bottom line? Go for it, but don't do so with rose colored glasses on your nose.

 

[Tyme2fish]

Re: Your opinion needed. Should I retire?

No company pension. We have a profit sharing which is my 401k. Only benefit on retirement is health insurance that I would pay like I do now as employee withholding. Insurance now is costing me $400.00/month at company group rate.

I have enough funds in non 401k and IRA to use before I turn 59.5 or 62

Health insurance is my biggest concern.

 

[Bigprairie1]

Re: Your opinion needed. Should I retire?

Here is an important element: Does your wife want you to retire? There are a lot of wives out there that go crazy when their husbands retire (....maybe more so with early retirement?). My sister's father-in-law retired last year and he is driving his wife right up the wall. She wasn't ready for him to retire and neither of them knew it. He was the kind of guy who lived to work with not too many home hobbies and now he follows her around all day...luckily they have a cottage that she can escape to.
This condition may not apply...but its one worth being up on before you pull the trigger.

 

[i386]

Re: Your opinion needed. Should I retire?

Yup. Make sure you know what you want to do in that free time. People, especially the ones that do something important, need a reason to stick around. I would wager to say that being retired without something fulfilling to do is a lot like the depression one feels from being unemployed. We all need to matter to someone.

 

[Tyme2fish]

Re: Your opinion needed. Should I retire?

Here is an important element: Does your wife want you to retire? There are a lot of wives out there that go crazy when their husbands retire (....maybe more so with early retirement?). My sister's father-in-law retired last year and he is driving his wife right up the wall. She wasn't ready for him to retire and neither of them knew it. He was the kind of guy who lived to work with not too many home hobbies and now he follows her around all day...luckily they have a cottage that she can escape to.
This condition may not apply...but its one worth being up on before you pull the trigger.

Actually, it's the wife pushing me to retire,not that I'm fighting her suggestion.

 

[moterboat]

Re: Your opinion needed. Should I retire?

All the people I have talked to have the same thing to say,they all love fishing and they retired,and went fishing often,they say the fishing got old and they wish they had some sort of part time job they could do,they all missed work , I worked on cars for 35 years (Im 52 now)and it got to the point where I get overheated,and start getting mild chestpains,and something like mild heatstrokes,where I would have to cool down for a few minutes,this is everyday in the summer,just cannot take the heat anymore....I would also get discusted with mechanical repair (doing it everyday) and start throwing tools,I had to give it up,my wife also quit her job and we went into a vending bussiness,which we work everyday from 9:00am to 2:30pm,lunch at 11:00am my finger nails stay clean,along with the rest of me,and Im happy and have not had pains or overheating since,if I want to take off,I do.. and self employed,bigger paycheck..best thing I have done in a long time.. maybe if your considering retirement,you should try a non stress self employment type bussiness.unless fishing does'nt get old to ya.. good luck.. we don't have near your savings,but we could not be any happier..

 

[Tyme2fish]

Re: Your opinion needed. Should I retire?

Yup. Make sure you know what you want to do in that free time. People, especially the ones that do something important, need a reason to stick around. I would wager to say that being retired without something fulfilling to do is a lot like the depression one feels from being unemployed. We all need to matter to someone.

I've considered that also. Am I who I am by what I do?

 

[jasonh]

Re: Your opinion needed. Should I retire?

JB (as he tends to do), hit the nail square. My father was offered an early retirement 5 years ago and he took it since the difference ($) between staying and going was negligible. So he was good from a financial POV but unfortunately he never cultivated any hobby or interest outside of golf.

He had a prolonged case of the blues and after some prying it was revealed there were certain aspects of work he missed. He took a job in the pro shop working 3 days a week and the change has been very good.

So yes, I would definitely say have a plan on keeping yourself in the community somehow or volunteer. Or become an iboat moderator!