Your opinion needed. Should I retire?

[puddle jumper]

Re: Your opinion needed. Should I retire?

I know a guy like jahsonh friend did the same thing. He works in a pro shop
for the out doors. He works all weekend and Mondays. Then he goes all over fishing during the week. Gives tips to his customers on the weekends.
He just has a blast doing it and has a great customer base that just comes to him. But the bonus for him is his wife makes big bucks and calls him a kept man.

 

[mscher]

Re: Your opinion needed. Should I retire?

Have you considered just quitting and getting another job until retirement age?

Although the pay might not be the same, a fun, completely different work atmosphere, might be a great change of pace, after all thoose years at the same grind. Might even have some decent benefits, in more ways than one.

Since it does not sound like you would be living on cat food either way, now may be the time to do something really cool and meaningful.

Good luck on whatever you decide.

 

[Vlad D Impeller]

Re: Your opinion needed. Should I retire?

Don't do it, stick it out for the next few years or do something else that allows you to afford adequate health insurance until you're 65.
What you've disclosed is not a lot to retire on, even if you have no other liabilities.

 

[Bob_VT]

Re: Your opinion needed. Should I retire?

Oh man I know I will get shot for this........

Tired of the job............

go into politics ...... comes with healthcare!

 

[57whitehouse]

Re: Your opinion needed. Should I retire?

Nobody has mentioned cutting your hours to the bare minimum to keep you benifits going and have more time to think.

I know you just lost you mom and sometimes that make us look at our lives closely. I'm glad you weren't going to do anything until next year. It allows plenty of time to consider all options.

Pray about it first!

Your wife is the most important councel you have. Listen to her closely, but still consider (together) all the consiquenses of your options.

Plus and minus columns and see what you come up with.

The answer you come up with together will be the right one because you made it together.

 

[Scaaty]

Re: Your opinion needed. Should I retire?

Reynolds Aluminum..21 years Machinest ..44 age..closed the plant in 94..waived the 2 year rule to get placed elsewhere..Rule of 65 gave me a pension at 44, 13+ out the workforce, and I plan on NEVER getting in traffic again. Money I can always make..TIME?...no way.
Just have your butt covered on Medical....go live your life...money aint all its cracked up to be..(I live on 1/10th what you have in assets..and sleep way late...and happy)

 

[Andrew Leigh]

Re: Your opinion needed. Should I retire?

If you do not have something to replace work with then don't retire. That is one big 8 hour hole in your day to fill. A bad job beats boredom.

 

[Tyme2fish]

Re: Your opinion needed. Should I retire?

Other factors for you advisors to consider.
I work 3rd shift, 7 nights on and 7 nights off. I work 10, 11, and 12 hour shifts. I am having real problems physically handling these shifts.

Our youngest son just left the nest and now the wife is all alone at night when I work. We live in the country . She's also alone in the day because I'm sleeping.

I can get health insurance for around $450/month.

My job is one of the most stressful jobs in the health field. When I say I'm on duty for 12 hours, that's with no lunch or dinner break. No breaks whats-so-ever. 12 hours means 12 hours work.

 

[Haut Medoc]

Re: Your opinion needed. Should I retire?

If that's the case retire before you kill yourself.....

 

[aspeck]

Re: Your opinion needed. Should I retire?

Your current work schedule and the cost of health care available to you at present, along with no liabilities makes retirement a good option. You will want to make sure your investments are income producing with some growth mixed in, and on the conservative side - you don't want to loose it all if the market goes soft, which I personally don't see in the immediate future, corrections do happen though - look at a few weeks ago.

Then look for something else to fill your time, something that you and the wife can do together. Maybe start your own tackle shop, or something that will give you the flexibility to fish when you want, but still be with the wife and also add to your capital.

If your goal is to travel like a millionaire, you are too young and have too little capital for that. However, if planned properly you can have a great time, be productive, and fish all you want.

Don't wait till it is too late to do the things you really want to do. Pray about it, make sure you and your wife are on the same page, have something to replace the time of work if you are going to retire early, and enjoy.

 

[ANIMAL]

Re: Your opinion needed. Should I retire?

Dad put in over 30 some years with Brockway Glass and thought he was retireing in pretty good shape { no 1.2 mill in the bank but not bad}. Between the world events, moms health and many other factors now in effect, he's wishing he could find another job and its not because he's a work junkie. There is plenty of stuff to keep him busy at home. Just can't make enough money there....ANIMAL

 

[Tyme2fish]

Re: Your opinion needed. Should I retire?

Retirement benefits from company.
1.Company paid Life insurance dropped
2. Dental coverage dropped
3. Health insurance like now, I'll pay group rate coverage till age 65 when Medicare takes over which would only be 3 years of coverage at retirement at age 62.
4.Prescription coverage like now with copay
5. No pension,we have profit sharing as a 401k plan.

 

[Mark42]

Re: Your opinion needed. Should I retire?

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.

I really don't think you have enough to live on for the rest of your live, unless you think it will be shorter rather than longer. My retirement calculator indicated that if I retire at 67, and want 50K income until age 90, I will need about 4 million.

I would use and double check any calulators / calculations and expenses you plan on having.

 

[kenimpzoom]

Re: Your opinion needed. Should I retire?

Quit that freaking job and find something easier, or go part time with current job.

Ken

 

[artburr]

Re: Your opinion needed. Should I retire?

This is a powerful thread. I hope that you find something to help you decide. I retired at age 56 (Gov't job - yeah I have a pension - the thought of retiring without one would scare me to death!) We had a place in the country like you have and had a great time working on it till it got too much for me (at age 68) then moved to a condo. We also travelled quite a bit. The only thing I wish that we had done differently was, after selling our acreage, I wish we had bought an RV and just travelled for a year - then bought the condo.

Since our place is paid for, we have no trouble living on 50K per year and even co-own a beach house.

Those who mention having something constructive to do (more than fishing) are right on the mark. We always had lots to do when we had acreage, now we do volunteer work (Meals-on-Wheels, Food Share, Treasurer of Senior Center Fishing Club, church work, etc.) And I kept books for a local water district until we moved.

Now that I am 79 and becoming aware that there is a need for more changes on the horizon due to age and health. I think that the boat and need for an SUV to pull it will soon be things of the past. Tough to think about but that is life.

Good luck.

 

[baconbiscut]

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.

My uncle worked for a small software company and as a bonus he got company shares. Well he got about 3000 shares a bonus and after alot of bonuses and 15 years the company went national. He had alot of money and retired at 45. He built a kit plane and has the hobie of flying and fishing. after a while he got kind of board and started teaching classes at the local community college. He still has his hobies and teaches classes at the college a few times a week.

 

[bucky7680]

Re: Your opinion needed. Should I retire?

What do you do a nite in the medical field that you can't do during the day? It sounds like you don't need to retire but you need better hours. I have done the graveyard thing also. Even though you have 7 days off it takes 2-3 days to get to feeling normal again.

Practice saying "Welcome to WALMART"

 

[Tail_Gunner]

Re: Your opinion needed. Should I retire?

Drop 250,000 in bond's and get back to work, christ 50 something and your hanging it up....

Ok back to the real question, get in on dude 50 something is only the begining..... i find pure joy in clobbering ..... actually a## whooping the 35-40 crowd on there insight's, quick witted they are, well thought out..........nope.

By the way a million is not that much, what it could be in ten year's now that's another story............what it could be is the hint

 

[arboldt]

Re: Your opinion needed. Should I retire?

According to all the money magazines I've read, you could plan on taking approx 4% of your nest egg the first year, then increasing that dollar value each year to reflect inflation. If you've got $1.23M, that'd be about $49K the first year. You say you're actually living on $45K, so that looks like a go.

Several have mentioned insurance, and that's a critical factor. Many of our friends took early retirement options from GM, Pfizer, IBM, etc. Then, once they were retired, their former employer pulled the rug and either unilaterally ended retirement medical or boosted their retirees' premiums to the point no one could afford it. Technically, few employers actually eliminate the program, they just shift the cost to retirees. A couple years ago there were lots of newspaper articles about Pfizer retirees' insurance premiums being increased by $1,000 - $1,200 per month , with higher deductibles and copays. Since it wasn't eliminated, Pfizer technically didn't default on its promise. So these friends are still years away from Medicare without any affordable insurance. Moral: DON"T TRUST EMPLOYER PROMISES regarding retirement.

You've got to plan as if you would foot the entire $1,000/month premium for insurance until you both turn 65, and that's at today's rates guaranteed to go up each year by double the inflation rate (at least). Take $12,000 medical insurance from the $49,000 you should be able to safely take each year -- can you both do what you want to do on $37,000 a year?

All that said, your heart needs to be the determinant.

Probably the best thing youi could do is spend a few hundred and consult a good financial planner near you.