Were you nervous when you retired?

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rich126
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Re: Were you nervous when you retired?

Post by rich126 »

tibbitts wrote: Sat Sep 26, 2020 4:02 pm
rich126 wrote: Sat Sep 26, 2020 3:25 pm My manager can retire now easily with his finances but he will miss the people and isn't sure he wants to do all of the activities his wife likes doing. In his case I'm guessing he would retire if it was a health thing or if the company has to downsize again in the future.
I do wonder how having no work-related exposure to others for the rest of a career, other than staring at little images in Zoom meetings and reading emails, is affecting how people feel about retirement. On the one hand, there are fewer activities to retire to; on the other hand, ninety percent of the social aspect of work has gone away for many people.
The social aspect can be good and bad. In my early days of full time employment post graduation (college) I was lucky to be in a new group and a dozen or more of us were early to late 20s. We basically grew up together and did a ton of stuff outside of work (softball, rafting, ball games, parties, skiing, etc.). Probably some of the best days of my life and definitely the best days of my working career. We were also quite successful.

But moving over the years, I've never achieved that again. Partly due to age. People start having kids, marriages, etc. and they have other priorities/duties in life. Over the next 20 yrs working at various places, I'm made a few friends but nothing like those early years. Where I'm at now, my manager is probably my closest friend since we go back 20 years in my multiple tours at that location.

I generally due work that requires being in the office (government sensitive stuff you can't do at home) but for about 6 weeks I was able to work from home and it was GREAT. Food, tv, radio, etc. And for me the commute is nothing so that didn't even matter. And I didn't miss any of the social aspect since there really wasn't any. A few guys at work who can't shut up and pontificate on everything (and almost nothing work related), politics, etc. are all things I can do without.

Basically other than my manager, there is one other guy I chat with but that is online and can be done anywhere. There is also a team lead I talk to some but most jobs I've had over the last few decades the social aspect isn't that big although it is better than nothing for those alone or who have lost a spouse, etc. I worked with a guy around 80 who had no life outside of work because his wife had passed away years earlier. His daughter was almost retirement age. I don't know if covid has finally driven him to retirement.

This can get into the open office debate. In my experiences in tech, I've never seen a case where that is a productive environment. I took one look at Facebook's work spaces and quickly turned down a second interview. Collaboration is usually a buzz work non-productive people use in order to get others to get their work done, at least in the tech world. Communications can be important but you can do that much better w/o open space.
Dottie57
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Re: Were you nervous when you retired?

Post by Dottie57 »

I was nervous - new territory to be without a paycheck. But I adjusted. :happy
BernardShakey
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Re: Were you nervous when you retired?

Post by BernardShakey »

Dottie57 wrote: Sun Sep 27, 2020 11:34 am I was nervous - new territory to be without a paycheck. But I adjusted. :happy
And how long did the adjustment take ? Few weeks, couple years ? What did you do to help you adjust ?
An important key to investing is having a well-calibrated sense of your future regret.
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billthecat
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Re: Were you nervous when you retired?

Post by billthecat »

4nursebee wrote: Sat Sep 26, 2020 11:26 am We have plenty to retire to:
Nothing if we choose.
Enjoy good health, increase it with exercise and better diet.
Farm interests, lots of work here
Real estate investments
Some travel, have a few plans
dance lessons together!
Music lessons if disciplined enough.
Using VPW, monthly amounts available should double compared to what we have been living very comfortably on.
It sounds like you have things to do, but I'm not sensing a lot of excitement. To me, and I could be wrong, the antidote to nervousness is excitement. What would get you out of bed enthusiastically to see what the day has to offer, like when you were a kid? Remember what that was like?
We cannot direct the winds but we can adjust our sails.
jginseattle
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Re: Were you nervous when you retired?

Post by jginseattle »

I was nervous because it was unplanned. I quit my job suddenly when my boss decided he wanted me to do a lot of traveling. I had not fully evaluated my situation and was unsure if I had made the right decision.

My nervousness wore off after about six months and things have worked out well. I keep myself busy in retirement.
chuckb84
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Re: Were you nervous when you retired?

Post by chuckb84 »

I was very nervous about finances. The notion of living without a paycheck every two weeks was just an alien concept.

I did LOTS of calculations/simulations and then finally decided that retiring at 60 was worth it, because the early years of retirement with good health and vigor (and somewhat less money) were worth more to me than more money later on and possibly poorer health and constraints on what I can do with that extra money.

I have a federal pension, we both have SS, and I kept my federal health care, so many of the issues of stable income streams and health care didn't really arise. Nonetheless, for the first year or so, I was very nervous as to whether it would all work out. It did, in fact better than I anticipated.

It's been 5 years, and no regrets at all.
MathIsMyWayr
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Re: Were you nervous when you retired?

Post by MathIsMyWayr »

billthecat wrote: Sun Sep 27, 2020 1:20 pm ... What would get you out of bed enthusiastically to see what the day has to offer, like when you were a kid? Remember what that was like?
jginseattle wrote: Sun Sep 27, 2020 2:34 pm ... I keep myself busy in retirement.
During retirement: trying to keep busy with a lot of free time.
Before retirement: trying to find time while busy.
jginseattle
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Re: Were you nervous when you retired?

Post by jginseattle »

MathIsMyWayr wrote: Sun Sep 27, 2020 2:47 pm
billthecat wrote: Sun Sep 27, 2020 1:20 pm ... What would get you out of bed enthusiastically to see what the day has to offer, like when you were a kid? Remember what that was like?
jginseattle wrote: Sun Sep 27, 2020 2:34 pm ... I keep myself busy in retirement.
During retirement: trying to keep busy with a lot of free time.
Before retirement: trying to find time while busy.
Exactly right.
MikeG62
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Re: Were you nervous when you retired?

Post by MikeG62 »

I retired after my company was acquired and the senior executive team (of which I was a member) were, following a transition period, exited from the company. So it wasn’t exactly a retirement at the time of my choosing. Having said that, I had been planning to retire for a long time so I was not nervous at all. I had in fact been working part time the 9 years prior to full retirement (went part time at 44). So I was accustomed to being home more than just weekends. Financially, we were in good shape and DW and I were ready to embark on the next phase of our lives.

Good luck to you OP. I have not regretted it for one second. It’s been everything I hoped it would be and more.
Last edited by MikeG62 on Mon Sep 28, 2020 8:11 am, edited 1 time in total.
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Dottie57
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Re: Were you nervous when you retired?

Post by Dottie57 »

BernardShakey wrote: Sun Sep 27, 2020 11:44 am
Dottie57 wrote: Sun Sep 27, 2020 11:34 am I was nervous - new territory to be without a paycheck. But I adjusted. :happy
And how long did the adjustment take ? Few weeks, couple years ? What did you do to help you adjust ?
It took a year to feel comfortable. Actually moving money on the first of each month (like a paycheck) made me feel better.
My main concern was financial. How to deal with no paycheck. Now I am employer and employee.
Chuck107
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Re: Were you nervous when you retired?

Post by Chuck107 »

.....
Last edited by Chuck107 on Sun Oct 04, 2020 6:13 pm, edited 1 time in total.
Alas, I find moderation of this forum too restrictive for my tastes, farewell.
bradinsky
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Re: Were you nervous when you retired?

Post by bradinsky »

OP,
I owned & operated a metalworking business for 40 years. My official retirement date was the end of 2018. I lived & breathed this business for so many years & felt that this was going to be a difficult transition. So much so that I planned on keeping my hand in the industry, in a small way after retirement. Boy was I wrong! After about 3 months of retirement, I deleted all of my business contacts from my computer & phone. I don’t miss it at all. The toughest adjustment has been spending from our savings/investments. As a life long saver, that takes some getting used to. Go ahead, retire & enjoy the rest of your life. I’m sure you earned the opportunity. Good luck!
Brad
J295
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Re: Were you nervous when you retired?

Post by J295 »

Some level of uncertainty is common for most with a big transition like this.
Freefun
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Re: Were you nervous when you retired?

Post by Freefun »

Just did and I’m a bit nervous, not really about money but about change.
Remember when you wanted what you currently have?
Barefoot
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Re: Were you nervous when you retired?

Post by Barefoot »

I retired at 60. I liked my job (but don't miss the administrivia BS at all), but there were many things I wanted to do outside of work that I didn't have enough vacation time for. I miss the people I worked with, but I wouldn't have the personal interactions now with most people working from home anyway. I used to go to lunch with my work friends, but that hasn't happened since March.

I had lots of inquiries about consulting, but had no problem turning them all down.

Financially, I'm taking home as much as I was when working with about a 3.5% withdrawal rate. Healthcare coverage is a continuation of what I had while working.

I made the decision to retire about a year ahead of time and told my wife. I waited until about 6 months to go before I told my boss and picked an actual date.

I had about a second of "did I make the right decision?" when I woke up the morning of my last day. Never had another thought like that.
Escapevelocity
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Re: Were you nervous when you retired?

Post by Escapevelocity »

1TheGame wrote: Sat Sep 26, 2020 9:25 pm Nervous? Heck no! But I had a plan to transition from "FT work" to "PT work" to "almost no work" to "no work". I'm at the "almost no work" stage (now average about 8 hours a month), and am close to the "no work" stage. I had a very good/interesting engineering job that was well paid (but not by FAANG standards) and the job had a great work/life balance. But I had/have numerous outdoor activities that I enjoyed more than working. I worked for a generally benevolent employer that offered an easy path to working PT.

At 50 I realized that the number of "good health" days going forward was less than those in the past. At 55 I was at ~25x and went PT. I slowly ramped down from working 4 days a week to working half time and retired about 4 years later (was >30X by then). During this time as I ramped down work hours I ramped up the time spent on "fun" activities. After retiring I continued working in a sort of consulting/hourly basis for my employer; this work started at about 1/3 time and now (age 61) is down to a trickle.

As I approached my retirement date I was rather ecstatic; not nervous at all. Thanks to reading the Bogleheads forum for ~10 years I was quite sure I was on solid financial ground (even before SS kicks in). I was somewhat focused on not saving "too much". Of course it is always nice to have an even larger portfolio, but I was not interested in working longer to get from, say 30-35x (not counting SS) to say 40x or more. To me, this would mean that I worked longer than necessary, at the expense of what are probably the "healthiest" (=youngest) years in retirement. But that is just what was right for me (not implying it is right for everyone).
This is refreshing and fully aligned with my philosophy. Among those of us who are fortunate enough to have enjoyed successful and stable careers, I believe there is a large bias toward over-saving. I believe that being retired in one's late fifties is probably the best optimization of having enough health in the tank to enjoy all that hard earned savings. Of course YMMV.
Escapevelocity
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Re: Were you nervous when you retired?

Post by Escapevelocity »

Barefoot wrote: Sun Sep 27, 2020 8:52 pm I retired at 60. I liked my job (but don't miss the administrivia BS at all), but there were many things I wanted to do outside of work that I didn't have enough vacation time for. I miss the people I worked with, but I wouldn't have the personal interactions now with most people working from home anyway. I used to go to lunch with my work friends, but that hasn't happened since March.

I had lots of inquiries about consulting, but had no problem turning them all down.

Financially, I'm taking home as much as I was when working with about a 3.5% withdrawal rate. Healthcare coverage is a continuation of what I had while working.

I made the decision to retire about a year ahead of time and told my wife. I waited until about 6 months to go before I told my boss and picked an actual date.

I had about a second of "did I make the right decision?" when I woke up the morning of my last day. Never had another thought like that.
It seems to me that targeting a certain withdrawal rate is only relevant for someone retiring very early. In my case, I am retiring at age 55 and will be withdrawing initially between 6-6.5% of portfolio including $15k per year for partially subsidized retiree health insurance. But.... that is with certainty of a healthy SS benefit looming at age 67 or 70, so I am confident that I can manage that withdrawal rate for the 12-15 years that I will be depleting my portfolio. Upon claiming SS benefit and moving onto Medicare, we will be able to dial back the withdrawal rate to around 1.5%. Should it become necessary, I can cut expenses significantly and/or claim SS earlier than FRA.

I know this is a common scenario and I'm surprised that people are not talking more about burning down assets in early-ish retirement as a bridge to social security.
desiderium
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Re: Were you nervous when you retired?

Post by desiderium »

flaccidsteele wrote: Sat Sep 26, 2020 10:47 pm A job is a decades-long addiction to trading your Life for money

Withdrawal will be a challenge
You nailed it. In addition to money, I would add: identity. As a producer, provider of family resources, respected professional (physician in my case). Nothing wrong with these, but addiction it is. As my inevitable confrontation with withdrawal gets closer, I find myself bargaining over the small details. Most of these are irrelevant in reality. For example, spend is 2.2% of NW, kids grown and educated, very sharp younger colleagues taking over, etc.
flaccidsteele
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Re: Were you nervous when you retired?

Post by flaccidsteele »

desiderium wrote: Mon Sep 28, 2020 8:43 am
flaccidsteele wrote: Sat Sep 26, 2020 10:47 pm A job is a decades-long addiction to trading your Life for money

Withdrawal will be a challenge
You nailed it. In addition to money, I would add: identity. As a producer, provider of family resources, respected professional (physician in my case). Nothing wrong with these, but addiction it is. As my inevitable confrontation with withdrawal gets closer, I find myself bargaining over the small details. Most of these are irrelevant in reality. For example, spend is 2.2% of NW, kids grown and educated, very sharp younger colleagues taking over, etc.
+1 ^ agree

The addiction for trading Life for money is insidious and tends to be rationalized away as practicality
The US market always recovers. It’s never different this time. Retired in my 40s. Investing is a simple game of rinse and repeat
balbrec2
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Re: Were you nervous when you retired?

Post by balbrec2 »

Beehave wrote: Sat Sep 26, 2020 1:16 pm What tells me you should retire are these factors in your post:
1. Alarm clock upsets you.
2. Work interferes with exercise and nutrition.
3. Resentment of working hard when others are sitting around.

My suggestion, especially since the income is not an issue - - retire and if you miss working, then find part time work (for pay or as a volunteer) that you enjoy that has hours that allow you to exercise and eat well.
+1 absolutely this
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WoodSpinner
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Re: Were you nervous when you retired?

Post by WoodSpinner »

Escapevelocity wrote: Sun Sep 27, 2020 9:28 pm
Barefoot wrote: Sun Sep 27, 2020 8:52 pm I retired at 60. I liked my job (but don't miss the administrivia BS at all), but there were many things I wanted to do outside of work that I didn't have enough vacation time for. I miss the people I worked with, but I wouldn't have the personal interactions now with most people working from home anyway. I used to go to lunch with my work friends, but that hasn't happened since March.

I had lots of inquiries about consulting, but had no problem turning them all down.

Financially, I'm taking home as much as I was when working with about a 3.5% withdrawal rate. Healthcare coverage is a continuation of what I had while working.

I made the decision to retire about a year ahead of time and told my wife. I waited until about 6 months to go before I told my boss and picked an actual date.

I had about a second of "did I make the right decision?" when I woke up the morning of my last day. Never had another thought like that.
It seems to me that targeting a certain withdrawal rate is only relevant for someone retiring very early. In my case, I am retiring at age 55 and will be withdrawing initially between 6-6.5% of portfolio including $15k per year for partially subsidized retiree health insurance. But.... that is with certainty of a healthy SS benefit looming at age 67 or 70, so I am confident that I can manage that withdrawal rate for the 12-15 years that I will be depleting my portfolio. Upon claiming SS benefit and moving onto Medicare, we will be able to dial back the withdrawal rate to around 1.5%. Should it become necessary, I can cut expenses significantly and/or claim SS earlier than FRA.

I know this is a common scenario and I'm surprised that people are not talking more about burning down assets in early-ish retirement as a bridge to social security.
This is our plan as well....

I think the issue is that it takes a lot more analysis and modeling to understand your Cashflow needs through Retirement than it does to come up with a WR comparison. You need a good handle on expenses, income and taxes to help you navigate these waters.

WoodSpinner
ddurrett896
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Re: Were you nervous when you retired?

Post by ddurrett896 »

4nursebee wrote: Sat Sep 26, 2020 11:26 am Investments are sufficient to retire, far in excess of needs, wants, desires.
I stopped reading after this - retire!

I've got a number to hit and once I'm there, I'm gone. My opinion might change when the times come and I'm hopefully in my highest paid years, doing a job that is easy at that point.
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NearlyRetired
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Re: Were you nervous when you retired?

Post by NearlyRetired »

My journey into retirement started a few years ago, when my Financial Adviser asked me when I was thinking about retiring. Up until that point I hadn't really thought about retiring (didn't feel old enough to retire) and work was ok. However as I started thinking about it and doing LOTS of calculations, finding retirement calculators and finding this site helped me get to a position where I understood I could afford to retire.

Interestingly, once I knew I could afford it, work suddenly became less enjoyable for me. I found little things annoying whereas before that wasn't the case. Then when both my parents died within 12 months of each other, it really brought it home to me that I should be enjoying the time I have now, with my DW and not continuing working just to accumulate more money.

So that was it - it was still difficult to pull the trigger, but when I did I was counting down the days to stop working. That's not to say there weren't times when I wondered if I had made the right decision, but that was relatively rare thinking like that.

I retired this year (end of Jan) just before Covid really kicked in, so its been an interesting start to say the least, but even though there have been far fewer opportunities to travel, eat out etc. I can honestly say I have never been bored and the months have still flown by. I am glad I made the decision and have no regrets, and if you can afford to retire, then I would go for it.
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Escapevelocity
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Re: Were you nervous when you retired?

Post by Escapevelocity »

WoodSpinner wrote: Mon Sep 28, 2020 9:44 am
Escapevelocity wrote: Sun Sep 27, 2020 9:28 pm
Barefoot wrote: Sun Sep 27, 2020 8:52 pm I retired at 60. I liked my job (but don't miss the administrivia BS at all), but there were many things I wanted to do outside of work that I didn't have enough vacation time for. I miss the people I worked with, but I wouldn't have the personal interactions now with most people working from home anyway. I used to go to lunch with my work friends, but that hasn't happened since March.

I had lots of inquiries about consulting, but had no problem turning them all down.

Financially, I'm taking home as much as I was when working with about a 3.5% withdrawal rate. Healthcare coverage is a continuation of what I had while working.

I made the decision to retire about a year ahead of time and told my wife. I waited until about 6 months to go before I told my boss and picked an actual date.

I had about a second of "did I make the right decision?" when I woke up the morning of my last day. Never had another thought like that.
It seems to me that targeting a certain withdrawal rate is only relevant for someone retiring very early. In my case, I am retiring at age 55 and will be withdrawing initially between 6-6.5% of portfolio including $15k per year for partially subsidized retiree health insurance. But.... that is with certainty of a healthy SS benefit looming at age 67 or 70, so I am confident that I can manage that withdrawal rate for the 12-15 years that I will be depleting my portfolio. Upon claiming SS benefit and moving onto Medicare, we will be able to dial back the withdrawal rate to around 1.5%. Should it become necessary, I can cut expenses significantly and/or claim SS earlier than FRA.

I know this is a common scenario and I'm surprised that people are not talking more about burning down assets in early-ish retirement as a bridge to social security.
This is our plan as well....

I think the issue is that it takes a lot more analysis and modeling to understand your Cashflow needs through Retirement than it does to come up with a WR comparison. You need a good handle on expenses, income and taxes to help you navigate these waters.

WoodSpinner
For those with the inclination for this modeling, I highly recommend the Bigfoot model (link below). I also have had a good experience with the Fidelity Retirement planning tool.

viewtopic.php?f=1&t=97352&p=1405885#p1405885
Old Guy
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Re: Were you nervous when you retired?

Post by Old Guy »

I retired twice. The first time from the federal government at age 60 with 30 years. I was excited because a week or so later I started another job with a B1G university over 800 miles away in the Midwest sans spouse. The latter was as scary as taking a job in the part of the country where I had never lived and now being the one responsible. But, it was exciting. My wife and I tried to see each other every other weekend. It was like we were dating again and both of us were on our best behavior. Eventually she was able to retire and moved to the Midwest where we had a great time. Also Costco showed up in town. Moved back east when we both retired from those careers. We had more than enough money and it was time. I can't believe how I ever managed to work.
lws
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Re: Were you nervous when you retired?

Post by lws »

I was not anxious when I retired.
I had to take a compulsory retirement class before retirement.
The class was very helpful.
Reamus294
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Re: Were you nervous when you retired?

Post by Reamus294 »

If I had 60x saved, I wouldn't spend one more day at a job that wasn't extremely fulfilling. You may like what you do but the other issues sound like a real drag. It sounds like you have a lot to retire to and more than enough to keep you busy and happy. Your plans for what you want to do will still have you putting in hard days of work. Good luck on your leap!
jdamo
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Re: Were you nervous when you retired?

Post by jdamo »

I have been retired for 1.5 yrs now and wonder if I did the right thing. Projections were great for retirement but now look we have Covid and FED stim and debt to $23T..Maybe I should have kept working. I had a high salary.

At the time March 2019, all projections were the FED would keep raising rates slowly from 3% up to 4% or more...more like normal. My lump sum pension at Mega Corp was tied back via a formula based on short, medium and long term bond rates to calc a equivalent lump sum to an annuity for my life expectancy. It maxes out at 60 yrs old (slow slow growth after that but you still earn your salary. Projections showed I could lose lump sum $$ equiv to almost 8-12 months salary though if rates continued to go up. I had a major financial advisory firm (my employer paid for) run financial sims using all our major accounts (lump sum pension + 401k + savings etc) based on their economic history models from the past 100 yrs, our spending and vacation plans etc and all projections showed looked good until 90+ yrs old for my wife and I. I had a major bank run monte carlo economic sims with our projected spending and portfolio also. Same result so all looked good. I was now 60 yrs old and my employer was kinda giving me less desirable work assignments....So since all my peers (engineers who reached 60ish) encouraged me to retire. So I did retire. Who knows how long we will live. Better enjoy it.

Since then you know the story. Economic slowdown, rates reduced, Covid hits, rates have dropped to ~zero. Piled on stimulus. Plus my mega corp stock lost ~50% value that I still had in 401k. Here we are and things look different. Plus I miss the technical challenge of working also but I am busy in retirement and good at having fun.

I am following the Boglehead advice (3 fund basically with 5 yr cash reserve) and watching my portfolio now to see if it will function and perform close to the pre-retirement projections despite all this. We will see. It seems to be hanging in there so far but it's early. I offer all this to say, be careful and think of downturns vs earning your salary and keeping working. All the projections may be wrong and things will change. Hopefully it will average out. I would have stayed working if I know what we know now. (Not fair to really say that but I would have!) But I could start consulting again..but industry is down. So just be sure you consider both sides of the decision.
heyyou
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Re: Were you nervous when you retired?

Post by heyyou »

Nervous, no. Joyous, yes.
As poster Kramer stated years ago, retirement saving is buying your freedom.
Due to intense saving, we could see that our gross spending fit the half-sized pension income, so the portfolio was for luxuries, vehicle replacements, and paying income taxes, thus we could just maintain the same lifestyle without spending time at work.

Early retirement became the best years of my life with rediscovered hobbies.
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Re: Were you nervous when you retired?

Post by abuss368 »

Dave55 wrote: Sat Sep 26, 2020 4:19 pm I was formally introduced to retirement in my early 50's because the business niche we serviced came to an abrupt end. I thought I was too young to retire although I had enough funds to do so. I never had a hobby other than working out. So I got into a 2nd career that took me until late 50's and then I called it quits. I got used to the idea and reality of being retired almost immediately. I adapted an unstructured improvisational approach (going with the flow) for my daily activities (with the exception of my workout routine), and I discovered things that I enjoy doing that I never would have imagined.

Dave
Priceless advice Dave! Flexibility is key to life and much much less stress I have learned.
John C. Bogle: “Simplicity is the master key to financial success."
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Re: Were you nervous when you retired?

Post by jebmke »

abuss368 wrote: Wed Sep 30, 2020 4:03 pm Flexibility is key to life and much much less stress I have learned.
Excellent point, not to be overlooked. For various reasons, the activities that I thought would consume most of my time as a retiree I rarely do as a retiree.
When you discover that you are riding a dead horse, the best strategy is to dismount.
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Re: Were you nervous when you retired?

Post by abuss368 »

jebmke wrote: Wed Sep 30, 2020 4:28 pm
abuss368 wrote: Wed Sep 30, 2020 4:03 pm Flexibility is key to life and much much less stress I have learned.
Excellent point, not to be overlooked. For various reasons, the activities that I thought would consume most of my time as a retiree I rarely do as a retiree.
:sharebeer
John C. Bogle: “Simplicity is the master key to financial success."
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Garco
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Re: Were you nervous when you retired?

Post by Garco »

I retired 6 years ago, at age 70. I wasn't nervous. I was overdue. I'd accomplished a lot in my career. In all but a few years of my working career (which began after 10 years in degree programs culminating in a PhD), I contributed 15% of my base salary to a defined contribution retirement fund. So I was set for a comfortable -- it not prosperous -- retirement period. I had very good healthcare coverage from my former employer. And we had no debt.

What was to be nervous about? Not our health (though I do have some chronic ailments). Not any huge expenditures (though I did need to find a couple of hundred K to help one of my children pay for an advanced degree -- MBA). And I found during my last two years of employment that my spouse and I were among the heirs/beneficiaries of inheritance money from both sides of the family.This money increased our cumulative savings/investments by about 30% above what I'd done by myself. So for us there was little to worry about or be nervous about.
oragne lovre
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Re: Were you nervous when you retired?

Post by oragne lovre »

FiveK wrote: Sat Sep 26, 2020 1:50 pm Because finances themselves are not an issue in your case: to the extent you think your job defines you and you like that definition, you should stay with the job. To the extent your self-image is not tied to your job, you should leave. Good luck!
I've occasionally attempted to define a retirement but been unsuccessful until now when I read your comment.

Thanks
The finest, albeit the most difficult, of all human achievements is being reasonable.
Dave55
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Re: Were you nervous when you retired?

Post by Dave55 »

abuss368 wrote: Wed Sep 30, 2020 4:03 pm
Dave55 wrote: Sat Sep 26, 2020 4:19 pm I was formally introduced to retirement in my early 50's because the business niche we serviced came to an abrupt end. I thought I was too young to retire although I had enough funds to do so. I never had a hobby other than working out. So I got into a 2nd career that took me until late 50's and then I called it quits. I got used to the idea and reality of being retired almost immediately. I adapted an unstructured improvisational approach (going with the flow) for my daily activities (with the exception of my workout routine), and I discovered things that I enjoy doing that I never would have imagined.

Dave
Priceless advice Dave! Flexibility is key to life and much much less stress I have learned.
Thanks Tony.

Dave
johnz1001
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Re: Were you nervous when you retired?

Post by johnz1001 »

I was nervous. I tend to be nervous about big decisions anyway. I missed the people from day one, and I worried about them because I was their supervisor, and I knew they depended on me for support. But the company was going downhill, and my elderly mom needed more of my attention. So, I retired. And I have learned more in the past 1.5 years then I did in the previous 10 because I had the opportunity to read and to think and not to be pressured to manage any extraneous problems. So, I have regained my intellectual interests and expanded them, and I can't be more thankful for that.

I didn't have a big plan going into retirement. I did what I wanted within the constraints that I had, and it has worked out. I think it will get even better, and judging from the OP's initial comments, I think it's time for him to give retirement a whirl.
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1210sda
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Re: Were you nervous when you retired?

Post by 1210sda »

Yes, great thread!! I'm sure the OP will benefit from it. I believe many other BH's and lurkers who are contemplating retirement soon will also benefit from this "road map" of such a a wide assortment of personal experiences.
tealeaves
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Re: Were you nervous when you retired?

Post by tealeaves »

I retired a bit less than two months ago, so the feelings are fresh. No regrets about that since I was sick of my former job and employer. Slightly nervous about SORR, but not too much. Main concern was/is staying out of the work force until the point of no return (i.e., when the only jobs I could get would be ones not leveraging any past experience). I was a corporate manager - not a "professional" per se (not a doctor, lawyer, teacher, etc.) so my age works against me even more. And I do run into several people in their 70's and 80's who are professionals and still work, which gives me pause. But what has stopped me from seriously looking for another paid gig is the flip side, and that's the number of folks a bit older than me (in their mid 60s) whom I know are experiencing declining health. So the big question: Is life short or long? In case it's the former, I would not want to think that I worked a day longer than I did. I feel less nervous now.
phxjcc
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Re: Were you nervous when you retired?

Post by phxjcc »

Worked full time since I was 20, part time since 16.
I had to.
I liked it, ....yes, really.
Puritan work ethic, whatever, it was not the soul sacrificing existence that I read about here and elsewhere.
I janitored on swing shift, I bartended in a rough part of town, I did original immunology research, I was in IT for 25+ years.
It wasn't all easy, but I liked having a defined role.
My last job I would have done for free--well, almost.

When i was forced for medical reasons to retire, it was awful for at least 5 years, and yes going from 10X to X was scary.
For awhile I went from 10X to 0.1X. That WAS scary.
All the more so because I was BORED, as in, consumed with mind numbing boredom and just generally miserable without a goal.

Then, I started "working" on something else.
It hit me one day as I was doing a CAD design for the rental house remodel and then a complex spreadsheet model for the ROI of the remodel that I was, for the first time in a LONG TIME, happier than I had been for years.

So, that is now my "work".

I am no longer wallowing in the "how was your doctor visit--let me tell you about mine" or "did you see the Jones' new Mercedes?" or "Chef Eddie opened a new place on El Paseo and 20 of us are going" or "let me show you pictures of my new kitten/puppy/grandchild/patio cover" banalities that drove/drive me crazy.

"...to thine own self be true...." Bill. S.

Golf, bridge, pickleball(WTH?), etc--no, I must be WORKING towards a goal that makes me feel good about progress on a linear path.

But then, I WAS an engineer.
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cashboy
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Re: Were you nervous when you retired?

Post by cashboy »

4nursebee wrote: Sat Sep 26, 2020 11:26 am
And yet, the thought of quitting work is scary. This despite saving too much.

I picture I'll just have to make the decision, live with the anxiety for a while, see how the money comes in automatically, get used to the idea.

Is this what it was like for you?
I worked my whole like and wondered how it would be like. So yes, up until i was actually out of work i wondered about it...

4nursebee wrote: Sat Sep 26, 2020 11:26 am
How did you deal with it?
I did nothing special and let several days pass.

4nursebee wrote: Sat Sep 26, 2020 11:26 am
How long did it take for the nerves and anxiety to get better?
much to my surprise (and delight), i never had any bad feelings come up and all was well.


bottom line for me:

retiring was indeed the end of a period of my life, but also the beginning of a new period of my life. no regrets.

good luck friend!

:sharebeer
Three-Fund Portfolio: FSPSX - FXAIX - FXNAX (with slight tilt of CDs - CASH - Canned Beans - Rice - Bottled Water)
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dogagility
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Re: Were you nervous when you retired?

Post by dogagility »

So happy to read this thread... please keep the anecdotes coming!

Nothing to add... just contemplating pulling the trigger on my megacorp job in 1-2 years. I appreciate all of the insights people are sharing!
All children spill milk. Learn to smile and wipe it up. -- A Farmer's Wife
musicagogo
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Re: Were you nervous when you retired?

Post by musicagogo »

I also worked since I was 16 (and prior to that washed cars, raked lawns, babysat for $). I've done menial jobs, easy low level sales, secretarial work, cannery work, bank teller-worked through college and medical school. I took the summer off between undergrad and medical school, but otherwise I have worked or did intensive schooling since I was 16. I retired this last Spring. It has been glorious. Not a single bored day. I love not worrying about the beeper going off; I love not having to stay late at the hospital, nor having to wake up before dawn. I used to think I was a bad sleeper, but now I realize how stressed I was. I sleep 7 1/2-8 hours every night now. I hope nothing happens that would require me to go back to work. I should be fine financially, but there are always imponderables or systemic changes that can catch you unprepared, and that worries me. Lol, I worry that there are things I don't expect or don't know I should be worrying about.
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Top99%
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Re: Were you nervous when you retired?

Post by Top99% »

I am one of those lurkers following this thread. Even though I have confidence our financial plan is solid with our nest egg being 50x our expense floor I am having a hard time with the idea of beginning to harvest our nest egg for income Vs living off a paycheck. But, I think the decision to retire might be out of my hands next week... MegaCorp might be showing me the door soon.
Adapt or perish
pkcrafter
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Re: Were you nervous when you retired?

Post by pkcrafter »

4nursebee wrote: Sat Sep 26, 2020 11:26 am Investments are sufficient to retire, far in excess of needs, wants, desires. SO retired a year ago, I am part time. I am at a decision point to cut the cord, perhaps decide this weekend, Monday, end of month.

So clearly facing the decision, and being emotional about it, it seems the easiest thing to do is to quit work when it is easy, not emotional. But I could end up working forever this way. At some point one just has to cut the cord and be done with it?

And yet, the thought of quitting work is scary. This despite saving too much.

Is this what it was like for you? How did you deal with it? How long did it take for the nerves and anxiety to get better?
I'd really like to be on the other side of this decision.
Thanks,
4RNB
Nursevbee, you are not alone. When I retired, I described it as suddenly feeling like being on a tightrope without a net below. :shock:

The feeling went away in a few months.

:sharebeer

Paul
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.
flyingaway
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Re: Were you nervous when you retired?

Post by flyingaway »

I am not fully retired yet, but I would not be nervous if I did. I wish someone could make the decision for me to retire. If I had a miserable job or I were older than 60, I would have fully retired by now.
MandyT
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Re: Were you nervous when you retired?

Post by MandyT »

You just never know how things are going to work out.

I was a tenured professor at a university. In my early 50's, I liked my job well enough that I wasn't focused on a specific retirement date. But then the stress ramped up, and I thought 58 would be a good time to bail out (it represented a transition point in my pension calculation).

Then new eligibility rules for retiree health insurance were announced. If I retired in 2017 (at 55), I would be eligible. If I did not retire in 2017, I would not be eligible until I was 60. I hadn't considered retiring as early as 55, but I ran some numbers, FIRECalc and whatnot, and things looked much more favorable than I had realized. This insurance change effective saved me from the "one more year" syndrome: it was 2017 or five more years! So I took the plunge.

From late 2017 through 2019, I took some fabulous trips. I moved to a new city in July 2019; it did not take long until I was playing in five weekly musical groups, participating in musical theatre, and going to concerts and shows.

That all ended in March 2020, of course. And two weeks ago, I received a diagnosis of a very serious illness. If I had elected not to retire, I'd either have had to deal with the unpleasant realities of both managing the illness and teaching in COVID-time until the summer of 2022 or retire before then and take my chances with the exchanges and whatnot. And I wouldn't have gotten to do a lot of cool stuff while still in the pink of health.

So I have been giving thanks to all that is good in the universe that I was induced to retire earlier than planned and did it.
flyingaway
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Re: Were you nervous when you retired?

Post by flyingaway »

MandyT wrote: Fri Oct 02, 2020 5:50 pm You just never know how things are going to work out.

I was a tenured professor at a university. In my early 50's, I liked my job well enough that I wasn't focused on a specific retirement date. But then the stress ramped up, and I thought 58 would be a good time to bail out (it represented a transition point in my pension calculation).

Then new eligibility rules for retiree health insurance were announced. If I retired in 2017 (at 55), I would be eligible. If I did not retire in 2017, I would not be eligible until I was 60. I hadn't considered retiring as early as 55, but I ran some numbers, FIRECalc and whatnot, and things looked much more favorable than I had realized. This insurance change effective saved me from the "one more year" syndrome: it was 2017 or five more years! So I took the plunge.

From late 2017 through 2019, I took some fabulous trips. I moved to a new city in July 2019; it did not take long until I was playing in five weekly musical groups, participating in musical theatre, and going to concerts and shows.

That all ended in March 2020, of course. And two weeks ago, I received a diagnosis of a very serious illness. If I had elected not to retire, I'd either have had to deal with the unpleasant realities of both managing the illness and teaching in COVID-time until the summer of 2022 or retire before then and take my chances with the exchanges and whatnot. And I wouldn't have gotten to do a lot of cool stuff while still in the pink of health.

So I have been giving thanks to all that is good in the universe that I was induced to retire earlier than planned and did it.
Hope you recover soon.
I am also a tenured professor at 56 and am working on my OMY thing. I certainly learned something from your story.
Northster
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Re: Were you nervous when you retired?

Post by Northster »

I retired in July 2009 with my portfolio down by 1/3. Sure it was a bit nerve-wracking. Coupled with the strange feeling of letting go of that steady income. It takes some getting used to, even in normal times, but then how much 'normal times' have we seen in the past 25 years? Sounds like you are prepared, so hang in there.
pasadena
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Re: Were you nervous when you retired?

Post by pasadena »

I'm not in your situation, but since you sound like you just need something to push you aver the edge, here's what I would do:

(1) Take all my remaining PTO - easier to not come back than to leave at the end of a workday. Gives you time to mentally adjust, with the added safety net of still having a job to go back to if necessary (don't)

or (2) give my retirement notice a few months ahead of time. Gives time for you to wrap your head around it, get used to the idea, and removes the scary move at the end.
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