Did you retire before normal retirement age?

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ruralavalon
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Re: Did you retire before normal retirement age?

Post by ruralavalon » Wed May 25, 2016 10:43 am

mptfan wrote:What is normal retirement age?
Private sector, 67.
Public sector, ??
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Peter Foley
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Re: Did you retire before normal retirement age?

Post by Peter Foley » Wed May 25, 2016 7:25 pm

Normal retirement age in the public sector? In talking to a number of people in human resources before I retired from state government, they indicated that most individuals waited until age 62. Best guess is they wanted pension + early SS to be able to cover living expenses which would then include medical insurance. Note - for retirees my age, there was a rule of 90 (age + years of service) so many long term employees could retire with full benefits in their late 50's. Very few did.

My brother and sister in law were both in the public school system (counselor and special ed. instructor). They have told me that many teachers retire in the late 50's. In Minnesota the teacher pensions paid a higher percentage of last salary than did state and local government employees.

Note this is anecdotal, not hard data.

I think 67 is high for the private sector. Maybe not for white collar jobs, but for blue collar certainly. I understand there is a lot of stress in high tech white collar and many retire early from that field.
My best guess for public sector would be 62.

SS may have some hard data on this.

chaz
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Re: Did you retire before normal retirement age?

Post by chaz » Thu May 26, 2016 10:33 am

I was in the public sector, and I did not retire early.
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Sally
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Re: Did you retire before normal retirement age?

Post by Sally » Thu May 26, 2016 10:41 am

#4 (and 3 allowed this) at age 52.

No regrets!! Fortunate and thankful that I was able to do so.

bgscms
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Re: Did you retire before normal retirement age?

Post by bgscms » Thu May 26, 2016 10:43 am

#3
Retired this week @62!

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Re: Did you retire before normal retirement age?

Post by BogleMelon » Thu May 26, 2016 11:04 am

I am still in my 30's, not sure if I can ever be able to retire before 65 or not! But will great if I could post my retirement savings and accomplish this.
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Re: Did you retire before normal retirement age?

Post by sperry8 » Thu May 26, 2016 2:02 pm

#3 & #5 for me. I had what I believed to be enough money (although I wasn't sure at the time). I also believed I was young enough to travel extensively and enjoy it the way I wanted to (which was correct).

If I needed more money I figured I could always go back to work at a later time. Enjoy life responsibly while you can - you don't know the future.
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chaz
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Re: Did you retire before normal retirement age?

Post by chaz » Thu May 26, 2016 2:43 pm

Retirement is great at any age. Enjoy your time while you can.
Chaz | | “Money is better than poverty, if only for financial reasons." Woody Allen | | http://www.bogleheads.org/wiki/index.php/Main_Page

mule
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Re: Did you retire before normal retirement age?

Post by mule » Thu May 26, 2016 2:53 pm

#3 >>>> I was a lucky one that could leave the everyday problems of a job @ 59. I'm new to retirement only been a few months and finding my way. Lol
Last edited by mule on Thu May 26, 2016 3:52 pm, edited 1 time in total.

Sandman11154
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Re: Did you retire before normal retirement age?

Post by Sandman11154 » Thu May 26, 2016 3:09 pm

#2 since I was hurt, turned out to be a blessing in disguise! This happened when I turned 56 and rested for a couple of years. Got my strength back and with proper meds, was able to go back part time in 2013 and still working part time, around 26 hours/week. Found a job I love doing and will probably retire again in a couple of years when I turn 63. Getting a federal pension for 31 years of working there plus the wife also works part time.
We'll both retire at the same time. Have always lived under our means and paid off the home over twenty years ago. Learned when young that living below your means is key to good retirement but do not deprive yourself. Fulfill your needs and as many wants as possible after paying all your bills and paying yourself. And remember, one can always enjoy life without spending to do so!

The Sandman :sharebeer

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John151
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Re: Did you retire before normal retirement age?

Post by John151 » Thu May 26, 2016 3:23 pm

I retired from academe at 55 with a state pension and enough in savings to see me through to the end of my days. I’ve never regretted retiring that early.

Copper John
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Re: Did you retire before normal retirement age?

Post by Copper John » Thu May 26, 2016 6:01 pm

#3 - I could afford it if if I lived the similar life style I lived while working

#5 - There was a whole lot of fly fishing out there to be done and someone had to do it *s*

Retired 4 years ago at age 59.

heyyou
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Re: Did you retire before normal retirement age?

Post by heyyou » Thu May 26, 2016 8:46 pm

Thank you to wildebeest for resurrecting a 2012 thread.
For me, it was #3 at age 55 due to retiree health care at 30 years, and my no-COLA pension caught up to our spending, about half of our wages.
My new hobby in retirement became what #5 describes, enjoyable, fulfilling, volunteer work that blends recreation and fitness.

523HRR
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Re: Did you retire before normal retirement age?

Post by 523HRR » Mon May 30, 2016 12:03 pm

#3 - Wife and I fully retired in 2012 at 49 from satisfying mega corp careers. No further interest in paid employment.

chaz
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Re: Did you retire before normal retirement age?

Post by chaz » Mon May 30, 2016 1:24 pm

523HRR, do you keep busy as a volunteer or pursue hobbies?
Chaz | | “Money is better than poverty, if only for financial reasons." Woody Allen | | http://www.bogleheads.org/wiki/index.php/Main_Page

rockonhumblepie
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Re: Did you retire before normal retirement age?

Post by rockonhumblepie » Mon May 30, 2016 10:50 pm

Hurt on the job @ 52,seven years ago. Drawing railroad pension.

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VictoriaF
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Re: Did you retire before normal retirement age?

Post by VictoriaF » Sat Jun 11, 2016 6:32 pm

For what it's worth, on the Camino I've met a man in his late 60s who's been retired for 17 years from a high position in a state government. He says that he still feels happy every morning when he wakes up and realizes that he's retired. I asked about his secret of happy retirement.

He said that he is physically active. He hikes regularly, and until recently was a hiking leader, and does several other sports. He reads history books and recommended some to me. He is very personable.

Victoria
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chaz
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Re: Did you retire before normal retirement age?

Post by chaz » Sun Jun 12, 2016 10:07 am

Victoria, retirement is very nice. 12 years now for me.
Chaz | | “Money is better than poverty, if only for financial reasons." Woody Allen | | http://www.bogleheads.org/wiki/index.php/Main_Page

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VictoriaF
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Re: Did you retire before normal retirement age?

Post by VictoriaF » Sun Jun 12, 2016 10:11 am

chaz wrote:Victoria, retirement is very nice. 12 years now for me.
What's your secret, Chaz?

Victoria
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oldcomputerguy
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Re: Did you retire before normal retirement age?

Post by oldcomputerguy » Sun Jun 12, 2016 10:15 am

Hoping for # 3 in about a year.
:wink:
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jfn111
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Re: Did you retire before normal retirement age?

Post by jfn111 » Sun Jun 12, 2016 10:20 am

#3 and #4. Retired from mega corp at 55 with financial independence. Went into a different line of work because I always wanted to. 8-)

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VictoriaF
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Re: Did you retire before normal retirement age?

Post by VictoriaF » Sun Jun 12, 2016 11:27 am

For me, it was:
70% - #5
30% - #3.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

chaz
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Re: Did you retire before normal retirement age?

Post by chaz » Sun Jun 12, 2016 12:43 pm

Victoria, I spend my days on the computer and reading novels by Coben, Baldacci, Nesbo, and some others of this genre.
Last edited by chaz on Sun Jun 12, 2016 1:17 pm, edited 1 time in total.
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VictoriaF
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Re: Did you retire before normal retirement age?

Post by VictoriaF » Sun Jun 12, 2016 1:01 pm

chaz wrote:Victoria, I spend my days on the computer and reading novels by Coben, Bandacci, Nesbo, and some others of this genre.
Chaz,

I will try to enhance your retirement with my posts. I can't promise to supplement your favorite novels with my own, but stranger things happen.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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siamond
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Re: Did you retire before normal retirement age?

Post by siamond » Sun Jun 12, 2016 1:44 pm

bocung@hotmail.com wrote:If so, is that because:

1) you were forced out?
2) you were not physically strong nor mentally sharp enough to carry your duties?
3) you were financially set and didn't want to deal with the day-to-day work stuff?
4) you went into a different line of business (i.e. you didn't really retire)?
4) you needed the time to care for someone?
5) you needed the time to pursue a hobby?

I retired early because of Reason # 3 but found it so boring at home and went back to work.
#3 (nearly), accelerated by one year by #1 (turned out to be a good thing). Oh, and #5 too, of course. Never got bored. Enjoying life much more.

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Sheepdog
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Re: Did you retire before normal retirement age?

Post by Sheepdog » Sun Jun 12, 2016 1:52 pm

See this poll on age at retirement completed in 2014.viewtopic.php?t=134823
The large majority in the poll of 245 persons retired before normal retirement age.
It's not what you gather, but what you scatter which tells what kind of life you have lived---Helen Walton

Reubin
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Re: Did you retire before normal retirement age?

Post by Reubin » Sun Jun 12, 2016 4:44 pm

Wildebeest wrote:
VictoriaF wrote:
Reubin wrote:I left my high stress, shift work laden air traffic controllers job in New York after 30 years of staring at radar scopes because I reached the age of mandatory retirement (age 56). I would have kept working if they would have let me but it probably would have killed me eventually. I am financially set and now I have all the time necessary to take care of my 99 year old dad, who lives with me.
But at what age your father has retired? :)

Victoria
Not Reuben: I hope his father is going strong at now 103 and may be is still working.
Thanks! My dear dad passed away at the end of 2012 after reaching his final goal of turning 100. I miss him every day!

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htdrag11
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Re: Did you retire before normal retirement age?

Post by htdrag11 » Sun Jun 12, 2016 5:19 pm

Private sector.

3 - hate to pay anymore taxes than necessary; retired at 58 then went back to consult for 10 months; finally retired at 62 for good. :D

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mlebuf
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Re: Did you retire before normal retirement age?

Post by mlebuf » Sun Jun 12, 2016 8:20 pm

John151 wrote:I retired from academe at 55 with a state pension and enough in savings to see me through to the end of my days. I’ve never regretted retiring that early.
+1 I retired from academe with a pension, cheap healthcare and savings at 47. More free time enabled me to focus on a writing/speaking/consulting career that I began while teaching. Worked at that until age 53. After that, I took my foot off the gas and began smelling the roses. Did very little speaking and wrote only 1 more book: "The Millionaire in You." Got tired of working for the tax man.
Best wishes, | Michael | | Invest your time actively and your money passively.

vested1
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Re: Did you retire before normal retirement age?

Post by vested1 » Mon Jun 13, 2016 9:20 am

#3 at 63.5 in February, 2016. Can someone please tell me what day it is? Never mind, it doesn't matter. Loving it!

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boglesmymind
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Re: Did you retire before normal retirement age?

Post by boglesmymind » Mon Jun 13, 2016 9:35 am

I took a buyout offer from a public sector employer where I worked for 31 years. I was 56 then, now 62. I worked on projects around the home for six months, but since my wife (3 years younger) still wanted to work, I became bored. I took a job driving a schoolbus, and absolutely love it. Being around the young folks keep me engaged and invigorated. I think I'll continue with this until I am 66 when my wife will retire at 63 and collect her SS
and I'll take a spousal SS till' I am 70. Our SS are equal at this time.

I haven't had to dip into my retirement funds in the past 6 years!
Everything is going as planned so far.

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PhysicianOnFIRE
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Re: Did you retire before normal retirement age?

Post by PhysicianOnFIRE » Mon Jun 13, 2016 3:42 pm

Not yet, but I have plans to retire at or around age 45, or about 5 years from now.

Mostly #3, also #5, and I'll admit to perhaps a bit of the first #4 in case the Internet Retirement Police are scanning this thread. I will most likely continue to do some writing for money, and continue to give much of it away.

Cheers!
-PoF

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Re: Did you retire before normal retirement age?

Post by Grasshopper » Mon Jun 13, 2016 4:55 pm

#3 and #5 at age 54, work just got in the way of having fun. Been 11 years now Just got back from the Galapagos, and Machu Picchu what a blast.

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Nicolas
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Re: Did you retire before normal retirement age?

Post by Nicolas » Mon Jun 13, 2016 5:05 pm

I retired last month at the age of 63 from the private sector for category #3 reasons. I was financially set and no longer cared for my job. Now the future looms large for me. After 38 years at megacorp I forgot who I was.
One never knows, do one? — Fats Waller

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DesertOasis
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Re: Did you retire before normal retirement age?

Post by DesertOasis » Mon Jun 13, 2016 5:44 pm

Eight years ago I was forced out of the megacorp that I had worked at for 28 years. I was eligible for a lump sum buyout and the company medical plan. I moved in with my mother and I have been her primary caregiver since then. She has Alzheimer's and Vascular dementia. I'm working harder than when I had a regular job.

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Re: Did you retire before normal retirement age?

Post by abuss368 » Thu Jul 14, 2016 9:08 pm

Hopefully someday!
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Re: Did you retire before normal retirement age?

Post by LarryAllen » Thu Jul 14, 2016 9:14 pm

I will retire early... but not quite yet. Almost 100% for sure by age 55 and maybe a little earlier.

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cfs
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Re: Did you retire before normal retirement age?

Post by cfs » Thu Jul 14, 2016 9:23 pm

Good conversation.

Retired right on time. My reasons are 3 [financially set and didn't want to deal with the day-to-day work stuff] and 5 [needed the time to pursue a hobby]. Let me say this one more time, the trick is to stay physically and mentally active. Good luck with your investments and your retirement.

Thanks for reading.
~ Member of the Active Retired Force since 2014 ~

heyyou
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Re: Did you retire before normal retirement age?

Post by heyyou » Fri Jul 15, 2016 12:26 am

Retired at 55 due to reason #3, having saved enough. Those early years of retirement were the best years of my life.

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tinscale
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Re: Did you retire before normal retirement age?

Post by tinscale » Fri Jul 15, 2016 3:25 pm

Retired at 60 and don't regret it at all. Was financially set (enough) and didn't want to deal with the day-to-day work stuff anymore, and needed the time to find a solution for my mother, who was living alone and had developed dementia.

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stickman731
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Re: Did you retire before normal retirement age?

Post by stickman731 » Fri Jul 15, 2016 4:05 pm

Retired at 56 - offered a Voluntary severance package.

My company was acquired in 2011 and for three years without a raise or bonus the moment they offered the package my hand went up. No regrets and a smile on my face everyday. Now off the high blood pressure meds and enjoying life. Consulting 1-3 days per month which keeps my mind active and industrial involved.

What is sad is that the acquiring company destroy a very profitable well run machine. We were family owned and treated well - you performed you were rewarded - I thank them everyday for making me financially secure.

The new company is now going through its fourth re-organization in five years and splitting into two. New CEO and many of top people are leaving. The industry has a very negative opinion of them.

My old colleagues are miserable and now living vicariously through me.

I thank the Bogleheads for giving very good advice over the years.

dcdowden
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Re: Did you retire before normal retirement age?

Post by dcdowden » Fri Jul 15, 2016 5:44 pm

Company made us an offer we couldn't refuse: an extra 5 years service on defined benefit pension. We looked very hard at the numbers, and our financial adviser told us we would be good as long as we didn't do anything stupid. So my wife and I both took it at age 49. So this is a combination of #1 and #3. We are 15 years post retirement at this point, and our net worth is 40% higher now than when we retired which is probably somewhat better than even after inflation. I did some occasional consulting for a few years, but we have mostly just enjoyed travel away from the snow in winter and various hobbies in retirement. Started with an AA of about 50/50 which is now more like 65/35 because the yield on bonds is so low that stock dividends look better. We were lucky to buy a bunch of individual long term Muni Bonds yielding over 5% early in our retirement - unfortunately many of those have been called at this point. I read a lot of favorite BH books in the first couple years after retirement, and I was quickly convinced that going for low cost investment options was essential as we were headed into a lower return environment. When I 'fired' my long term Shearson-Lehman broker because I was going to invest in low cost index funds, they told me that was silly because I would have to settle for 'average' returns. But I also remembered how they had 'managed' my account to lose a bunch of money in 2000 in the tech crash - my mistake back then. Low cost funds and 'average' returns are just fine by me.
Doug

chaz
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Re: Did you retire before normal retirement age?

Post by chaz » Fri Jul 15, 2016 5:49 pm

dcdowden, glad to see you avoided bad advice.
Chaz | | “Money is better than poverty, if only for financial reasons." Woody Allen | | http://www.bogleheads.org/wiki/index.php/Main_Page

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Rob54keep
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Re: Did you retire before normal retirement age?

Post by Rob54keep » Fri Jul 15, 2016 5:59 pm

I retired from corporate world at age 60. I enjoyed my job but life (geologist) is short & time to move onto the next chapter. Now teaching a few online geology courses that keeps me engaged into scientific stuff. My time with my wife is priceless. Now having a better physical, spiritual, intellectual, and social life that ever before.

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