It is time to retire when you .......

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TheTimeLord
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It is time to retire when you .......

Post by TheTimeLord » Fri Jun 20, 2014 7:41 am

There are a lot of threads that talk about when it is time to retire. People have all sorts of different events that people set as the finish line to work. Some of these are classic and logical and some can be at least mildly amusing. Here are the 4 I have been mullying around I would like to see what other people are thinking of using. So it is time to retire when.....

1) ...I reach my number
2) ...I reach age X
3) ...I have earned X more dollars
4) ...my cat dies and I am free to travel
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Re: It is time to retire when you .......

Post by The Wizard » Fri Jun 20, 2014 7:42 am

...when work increasingly interferes with my Personal Life...
Attempted new signature...

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Tycoon
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Re: It is time to retire when you .......

Post by Tycoon » Fri Jun 20, 2014 7:57 am

When my youngest graduates from college.
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prudent
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Re: It is time to retire when you .......

Post by prudent » Fri Jun 20, 2014 8:01 am

Don't have a cat, so that option is off the table for me. Although it would be interesting to hear a co-worker say "I'm quitting my job because my cat died." :)

When I reach age X? Never thought about it in those terms. While growing up it was always "people retire at 65", things have certainly changed since then. Many more people retire earlier, many others keep working. So retiring at a certain age hasn't been on my radar.

The other two options are closely related - when I have earned X more dollars / when I reach my number. I have to do the former to achieve the latter because investment returns aren't going to do it alone. But when it comes right down to it, it's when I reach my number.

I understand those who say "when I can't take the job anymore" because chances are we've all had jobs like that, but I don't understand how someone can do that if they haven't hit their number.

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Re: It is time to retire when you .......

Post by truenorth418 » Fri Jun 20, 2014 8:07 am

When my investable assets reach the level at which I can live comfortably off of them without working.

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Re: It is time to retire when you .......

Post by BTDT » Fri Jun 20, 2014 8:19 am

When investable assets will provide twice current LBYM spending level, and I grow bored with my well paying job

.................oh wait.........that happened this month so I retired :oops:
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Re: It is time to retire when you .......

Post by Johm221122 » Fri Jun 20, 2014 8:21 am

truenorth418 wrote:When my investable assets reach the level at which I can live comfortably off of them without working.
+1 unless I'm forced to retire early because of health or something

John

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Re: It is time to retire when you .......

Post by twindad57 » Fri Jun 20, 2014 8:24 am

A combination of the first two for us, though we are ages 43/44 now, so a ways to go in all likelihood.

One factor is my minimum retirement age in order to retire from federal employment (57). The main issue there is access to healthcare benefits with premiums supplemented by my employer. If the exchanges prove to be a reasonable source of affordable healthcare in a few years, the importance of waiting until age 57 may diminsh for us.

Probably more important is our 'number.' We see the number as a range: if we are between x & y, we are confident we'll be good based on our estimates and could continue to maintain the lifestyle we enjoy now. When we reach y, our standard of living would go up and we would anticipate leaving significant assets to both our heirs and to charitable causes. We are within 20% of x right now so we believe we are on track. Will be interesting to see how our plans and thoughts change once we get closer to y, especially if this happens long before age 57.

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Re: It is time to retire when you .......

Post by cfs » Fri Jun 20, 2014 8:37 am

Yes, I knew it was time.

I knew my time was up after reaching critical mass and no longer had the desired or the need to get up and hit the road between 0300-0330 every day (converted to civilian time that is 3:00 or 3:30 in the morning). And now back to watching World Cup Reviews followed by my daily track workout.

Thanks for reading.
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Re: It is time to retire when you .......

Post by Boglenaut » Fri Jun 20, 2014 8:49 am

...when your spouse starts his/her career.

Well, maybe not right away, but as she gains experience and seniority it will definitely be a factor.

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TheTimeLord
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Re: It is time to retire when you .......

Post by TheTimeLord » Fri Jun 20, 2014 8:51 am

StarbuxInvestor wrote:There are a lot of threads that talk about when it is time to retire. People have all sorts of different events that people set as the finish line to work. Some of these are classic and logical and some can be at least mildly amusing. Here are the 4 I have been mullying around I would like to see what other people are thinking of using. So it is time to retire when.....

1) ...I reach my number
2) ...I reach age X
3) ...I have earned X more dollars
4) ...my cat dies and I am free to travel

1) ...I reach my number (This will likely happen in 2014, but thinking of reseting it significantly)
2) ...I reach age X (A little over a year from the bottom of my range but 4 years from the top)
3) ...I have earned X more dollars (I am contracting so I figured out how many days I would have to work to earn a certain round number and now mark that in a calendar, comes out to roughly 2 1/2 years)
4) ...my cat dies and I am free to travel (She is older and now requires a special diet so it is no longer safe for her to be left for days with some food, water and an extra litterbox. Kenneling would be almost cruel for her. Doubtful you will make it even another 3 years. She has been a very good cat and desk paperweight)
5) ...My employer says it is time to go (I am working at the last job I ever plan to have with a really smart group of people for excellent compensation. So it looks like I might end up going out on top. who knew)
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Re: It is time to retire when you .......

Post by basspond » Fri Jun 20, 2014 8:56 am

I am glad I am not the only morbid person. Not a cat person, have dogs but they are "hopefully" at an age they will die close to the time we are retiring so we will be "freer" to travel. We are at our number just waiting for the age to receive pension (albeit at a discount) and medical coverage.

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Re: It is time to retire when you .......

Post by EnjoyIt » Fri Jun 20, 2014 8:58 am

Starbux,
Wasn't it you who said its time to retire when you have plenty of better things to do than going to work?

I'm paraphrasing here.

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Re: It is time to retire when you .......

Post by Tim_in_GA » Fri Jun 20, 2014 8:58 am

When my investments can generate income greater than my spending needs, then it's time.

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TheTimeLord
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Re: It is time to retire when you .......

Post by TheTimeLord » Fri Jun 20, 2014 9:14 am

Beckmaster wrote:Starbux,
Wasn't it you who said its time to retire when you have plenty of better things to do than going to work?

I'm paraphrasing here.
Sort of. What I said was don't retire unless you have other interests and activities to occupy your time.

I'm paraphrasing too.
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Re: It is time to retire when you .......

Post by Steelersfan » Fri Jun 20, 2014 9:26 am

When:

1. I was enjoying my days at work less than my days not working.

2. When I had enough to retire.


That happened several years before I thought it would, mostly because of a deterioration in my work environment.

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Re: It is time to retire when you .......

Post by Parthenon » Fri Jun 20, 2014 9:59 am

The Wizard wrote:...when work increasingly interferes with my Personal Life...
Bingo!
"What am I gonna do if I run out of money?"

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Re: It is time to retire when you .......

Post by wilpat » Fri Jun 20, 2014 10:42 am

I retired (at 72) when my health dictated that it was time. If it were my choice I would still be working (at 74). I was one of the lucky people that enjoyed work immensely. In my 58 years of working I cannot think of a dozen days that I didn't wake up looking forward to going to work.
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Re: It is time to retire when you .......

Post by bhsince87 » Fri Jun 20, 2014 10:59 am

My wife and I had "a number" at which time we planned to sell our large home, and quit our jobs. We hit that number 3-4 years ago.

About the same time, coincidentally, we both got new job assignments, which we both enjoy. So we raised the number.

We hit that number this year, and are both still working.

So this time, we set age targets. In the mean time, we're experimenting with the dreaded "lifestyle inflation".
Retirement: When you reach a point where you have enough. Or when you've had enough.

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Re: It is time to retire when you .......

Post by RobertAlanK » Fri Jun 20, 2014 11:00 am

wilpat wrote:I retired (at 72) when my health dictated that it was time. If it were my choice I would still be working (at 74). I was one of the lucky people that enjoyed work immensely. In my 58 years of working I cannot think of a dozen days that I didn't wake up looking forward to going to work.
Then I think you've been truly blessed. But I suspect that your positive attitude toward work has likely extended more broadly to your life's other pursuits as well. :)

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Re: It is time to retire when you .......

Post by rob » Fri Jun 20, 2014 11:24 am

Steelersfan wrote:When:

1. I was enjoying my days at work less than my days not working.

2. When I had enough to retire.


That happened several years before I thought it would, mostly because of a deterioration in my work environment.
When #1 is true and #2 is false... it just sux :-/ For me it comes down to $$$ at this point - unfortunately cats are not the blockage here :D
| Rob | Its a dangerous business going out your front door. - J.R.R.Tolkien

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Re: It is time to retire when you .......

Post by VictoriaF » Fri Jun 20, 2014 11:26 am

The Wizard wrote:...when work increasingly interferes with my Personal Life...
When you can't work and walk el Camino at the same time,

Victoria
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Re: It is time to retire when you .......

Post by rec7 » Fri Jun 20, 2014 11:28 am

The Wizard wrote:...when work increasingly interferes with my Personal Life...
Yes but that started in my 20's LOL

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Re: It is time to retire when you .......

Post by Minot » Fri Jun 20, 2014 11:52 am

prudent wrote:I understand those who say "when I can't take the job anymore" because chances are we've all had jobs like that, but I don't understand how someone can do that if they haven't hit their number.
Most likely they do it by reducing their retirement income requirements, i.e., deciding that it's not worth working longer in order to travel around the world, or to live in a McMansion, or....

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Re: It is time to retire when you .......

Post by Grt2bOutdoors » Fri Jun 20, 2014 12:45 pm

when health requires that I do so.
when I hit 3x my annual living expenses in the form of distribution capability.
when my employer says good-bye we no longer have a need for your position.
when I hit the Mega-millions.
when I find something more profitable and enjoyable to do.

Based on the above, I figure I have even chances for all of them except the Mega-Milions; (that would be like a real black or is it a golden swan?)
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Re: It is time to retire when you .......

Post by Fallible » Fri Jun 20, 2014 1:27 pm

When many things converge and you finally, even suddenly, know it's time. Among the many things: sufficient retirement savings (you hope and as best you can figure); health problems, especially stress-related; work no longer challenging; retirement plans in place and you're eager to get started; and/or usually all of the above and more. For me it was all of the above, but the trigger was probably the day I dreaded having to get on one more plane to attend one more meeting to discuss one more project. Time to move on.
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Re: It is time to retire when you .......

Post by paulsiu » Fri Jun 20, 2014 1:30 pm

When my portfolio reach a size where I can live on it forever, I will vacate the system. I actually like my work but if I had a choice, I like t do only what I like and not what others want because I need the pay check.

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Re: It is time to retire when you .......

Post by absolutFinance » Fri Jun 20, 2014 1:36 pm

I will probably retire after whatever ending comes to the next business that I start but I define retiring as stopping working a job for money. I've been fortunate to hit my # and still have a few decades to go until typical retirement. I will switch over from working for money to working for social benefit (teaching) and do that until I'm mentally/physically unable to continue to do so.

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Re: It is time to retire when you .......

Post by ychuck46 » Fri Jun 20, 2014 1:59 pm

When I want to spend 100% of my time on the Bogleheads Forum.

Or was it when I lost any interest in working a few months ago. I can't remember which, but it was one of those :happy

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Re: It is time to retire when you .......

Post by Meg77 » Fri Jun 20, 2014 2:05 pm

This is very interesting. My husband and I have been discussing retirement a fair bit lately even though we are just hitting our earnings strides and are in our early/mid 30s. When could we retire? When do we want to retire? How much income would we need/want in retirement? What would retirement even look like? After another stressful day when he asked me how soon I thought we could retire, I asked him what he'd want to do in retirement. He shrugged and said something like "you know - play golf and have sex." I pointed out that he didn't exactly need to quit his job to do more of either.

I've been reading more and more about losing your identity and sense of purpose and energy when you go from all work to all play. Having 100% of every day devoted to leisure time isn't all it's cracked up to be, apparently. My mother is 55 and can easily afford to retire, but as she says "what in the world would I do every day?" She's had friends retire young and spiral into depression or anxiety. She's a teacher and already has summers and holidays to travel at will. My dad is retired and simply watches about 3-4 hours of additional TV a day as far as I can tell, and analyzes his stock portfolio too much. He got a dog and took up painting, but he still has more than enough time on his hands to feel lonely, bored, and to contemplate his declining value to society.

So I'm increasingly leaning toward trying to structure my life how I want to live it now, rather than focusing on retiring as the goal. Maybe instead of aiming to retire by 45 or 50, I will choose to take a decade off when we have kids (something I never intended to do). Then later I can work part time in my 50s or 60s to delay tapping retirement accounts - and to stay socially engaged and active at a time when I might need it most. Perhaps I'd want to spend only 10-15 years in the corporate world but then start a business. I don't know, but with each passing day I can less and less envision continuing in my current career for 2 more decades while saving aggressively enough to retire young.
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Re: It is time to retire when you .......

Post by CABob » Fri Jun 20, 2014 2:47 pm

When work was not as enjoyable as it once was provided:
I could comfortably live off investments, pension, and SS.
Certain milestones were met having to do with age, mortgage, children, spouse agrees, etc.
Bob

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Re: It is time to retire when you .......

Post by Longdog » Fri Jun 20, 2014 2:54 pm

When the psychic cost of working exceeds the value received!
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Will do good
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Re: It is time to retire when you .......

Post by Will do good » Fri Jun 20, 2014 2:55 pm

Have the courage and not living like chicken little… if I just save x more. :annoyed

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Re: It is time to retire when you .......

Post by VictoriaF » Fri Jun 20, 2014 2:58 pm

Meg77 wrote:I've been reading more and more about losing your identity and sense of purpose and energy when you go from all work to all play.
Some people have their identity closely tied to their work; others develop different identities for work and play. Even if the "play identity" is insufficient during the working years, it can be enhanced and expanded if one retires early enough. I think there is a danger of delaying retirement until it's too late to create a new life with a new identity. In this sense, an early retirement is far preferable to a late one.
Meg77 wrote:Having 100% of every day devoted to leisure time isn't all it's cracked up to be, apparently. My mother is 55 and can easily afford to retire, but as she says "what in the world would I do every day?" She's had friends retire young and spiral into depression or anxiety. She's a teacher and already has summers and holidays to travel at will. My dad is retired and simply watches about 3-4 hours of additional TV a day as far as I can tell, and analyzes his stock portfolio too much. He got a dog and took up painting, but he still has more than enough time on his hands to feel lonely, bored, and to contemplate his declining value to society.
I worry a little bit about this. However, there are several role models of successful retirement in this Forum and there is the early retirement forum dedicated to such discussions. One of my defense mechanisms is not having a TV. It would be even better if I did not have the Internet, but that's not practical.
Meg77 wrote:So I'm increasingly leaning toward trying to structure my life how I want to live it now, rather than focusing on retiring as the goal. Maybe instead of aiming to retire by 45 or 50, I will choose to take a decade off when we have kids (something I never intended to do). Then later I can work part time in my 50s or 60s to delay tapping retirement accounts - and to stay socially engaged and active at a time when I might need it most. Perhaps I'd want to spend only 10-15 years in the corporate world but then start a business. I don't know, but with each passing day I can less and less envision continuing in my current career for 2 more decades while saving aggressively enough to retire young.
You don't know. 25 years ago I was very happy with my job. 20 years ago, my job was still great, but after walking for two months in Europe my perspective has dramatically changed. 9 years ago, I declined a Google interview, because I was very happy where I was. 7 years ago, I was ready to resign and forgo a lot of benefits. It can really turn on a dime. Have money, keep your eyes open, and you will be fine.

Victoria
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Re: It is time to retire when you .......

Post by FelixTheCat » Fri Jun 20, 2014 3:00 pm

After sitting in an office job for 30 years, you long to be a forest ranger.
Felix is a wonderful, wonderful cat.

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Re: It is time to retire when you .......

Post by rob » Fri Jun 20, 2014 3:04 pm

Meg77 wrote:"you know - play golf and have sex."
This is the best quote here.... You want to stop working before that answer is ONLY golf :D
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Re: It is time to retire when you .......

Post by MP1233 » Fri Jun 20, 2014 3:51 pm

For my wife and me, we have reached our investment number, but are still have two years for my wife to reach her pension number. Also waiting for the cat to die, but he might last longer than me.

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Re: It is time to retire when you .......

Post by NAVigator » Fri Jun 20, 2014 4:19 pm

As some have mentioned, it is time to retire when the doctor informs you of a serious medical issue. Suddenly your time horizon and your goals are significantly changed with no warning. Those years of living significantly below your means pay off when disability starts and income stops. After a while, other things become important. It is a good feeling to be grateful for every day. It may not be the retirement you planned for, but it becomes the reality of whatever you do with it.

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Re: It is time to retire when you .......

Post by truenorth418 » Fri Jun 20, 2014 4:25 pm

Meg77 wrote: I've been reading more and more about losing your identity and sense of purpose and energy
I retired early in part so I could recapture my identity. By the time I left megacorp I felt like an actor going on stage every day and pretending to care about what I was doing.
Meg77 wrote: Having 100% of every day devoted to leisure time isn't all it's cracked up to be, apparently.
Well, there's nothing that says retirement has to be every day devoted to leisure time. Some of my days are all leisure, some are devoted to personal projects, volunteer work, and even some lucrative paid consulting projects. I'm currently spending time caring for two sick parents. I wouldn't be able to do this if I were still working. The point is, it's me deciding what to do every day, not some random who happens to be my boss at the time.
Meg77 wrote: My mother is 55 and can easily afford to retire, but as she says "what in the world would I do every day?" She's had friends retire young and spiral into depression or anxiety.
I can see this happening, and yes I'll admit sometimes I do get bored. But never as bored as I was in those ridiculous meetings, conference calls, annual reviews, and answering emails all weekend. I think a happy retirement requires one to use their imagination and creativity, a willingness to push themselves into unfamiliar territories. It took me a while to get used to it, but after almost 3 years I can say I love the sense of freedom and opportunity early retirement has afforded me.

I respect those who find their passion and make a living off of it. Unfortunately that wasn't the case for me.

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Re: It is time to retire when you .......

Post by Woodshark » Fri Jun 20, 2014 4:32 pm

My favorite answer to "It's time to retire when...." is short, sweet and to the point.

"When you have enough and you've had enough"

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Re: It is time to retire when you .......

Post by Alskar » Fri Jun 20, 2014 4:42 pm

Woodshark wrote:My favorite answer to "It's time to retire when...." is short, sweet and to the point.

"When you have enough and you've had enough"
+1 Perfection! I don't have enough, but I have had enough which is a bummer.
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Re: It is time to retire when you .......

Post by Steelersfan » Fri Jun 20, 2014 5:25 pm

Woodshark wrote:
"When you have enough and you've had enough"
+1

That's a much more concise way of saying what I posted above.

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Re: It is time to retire when you .......

Post by VictoriaF » Fri Jun 20, 2014 5:40 pm

Woodshark wrote:When you have enough and you've had enough
However, Everything Is Never Quite Enough (Wasis Diop),

Victoria
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Re: It is time to retire when you .......

Post by chaz » Fri Jun 20, 2014 5:55 pm

VictoriaF wrote:
Woodshark wrote:When you have enough and you've had enough
However, Everything Is Never Quite Enough (Wasis Diop),

Victoria
I agree with Woodshark .
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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Re: It is time to retire when you .......

Post by VictoriaF » Fri Jun 20, 2014 6:01 pm

chaz wrote:
VictoriaF wrote:
Woodshark wrote:When you have enough and you've had enough
However, Everything Is Never Quite Enough (Wasis Diop),

Victoria
I agree with Woodshark .
Listen to the song! May be you will then change your mind and agree with Wasis Diop (and me)?

Victoria
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Re: It is time to retire when you .......

Post by TheTimeLord » Fri Jun 20, 2014 6:05 pm

VictoriaF wrote:
Woodshark wrote:When you have enough and you've had enough
However, Everything Is Never Quite Enough (Wasis Diop),

Victoria
True that.
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Re: It is time to retire when you .......

Post by bertie wooster » Fri Jun 20, 2014 6:05 pm

Meg77 wrote:
So I'm increasingly leaning toward trying to structure my life how I want to live it now, rather than focusing on retiring as the goal.
+1

I think this is a key to happiness - not putting your head down and slogging through work (what my Dad did more or less), but appreciating how great our lives are and finding pleasure in what happens to us everyday.

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Re: It is time to retire when you .......

Post by joe8d » Fri Jun 20, 2014 8:51 pm

lose your job and are to old to get another,but old enough for SS.
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Re: It is time to retire when you .......

Post by BolderBoy » Fri Jun 20, 2014 9:14 pm

when the little, annoying details at work started bothering me more than anyone else. And so I retired 2.5 years ago.

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Watty
Posts: 14326
Joined: Wed Oct 10, 2007 3:55 pm

Re: It is time to retire when you .......

Post by Watty » Fri Jun 20, 2014 9:15 pm

Before the Affordable Care Act, my answer was, "as soon as my spouse and I are both 63.5 years old and 18 months of COBRA will get us to Medicare", since buying private health insurance for someone in their late 50 or 60 was so difficult.

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