Early Retirees - What triggered you to retire?

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fsrph
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Early Retirees - What triggered you to retire?

Post by fsrph » Sat Mar 19, 2016 7:17 pm

What was your decision of early retirement based on? Was there a triggering event (other than having enough money to do so)? I'm asking because I could easily retire financially yet I'm still working full time. I'm 56 and could retire on 1 to 1.5% withdrawals rates. Plus, I can collect a pension at 65 which would cover 3/4 of annual expenses. SS my plan is to delay till 70.

If you're wondering, no I do not like my job. Or I should say the job changed so much I can no longer tolerate it. Management has gone out of their way to make work difficult for me. However, I am good at the job and it does pay well. I'm just adding to the savings pile of which I already have more than "enough".

I really don't know what's holding me there. I read where one of the top regrets of early retirees is not doing it earlier. I don't want that happening to me. What triggered you to retire early?

Francis
"Success is getting what you want. Happiness is wanting what you get." | Dale Carnegie

BahamaMan
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Re: Early Retirees - What triggered you to retire?

Post by BahamaMan » Sat Mar 19, 2016 7:20 pm

I'd quit tomorrow if I were you.....

I quit when they were selling the company. It was not Plan A, but I made it work

jginseattle
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Re: Early Retirees - What triggered you to retire?

Post by jginseattle » Sat Mar 19, 2016 7:22 pm

My boss wanted me to do a lot of traveling.

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Steelersfan
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Re: Early Retirees - What triggered you to retire?

Post by Steelersfan » Sat Mar 19, 2016 7:30 pm

I was pretty ready anyhow and my financial situation was well in hand.

The large company I worked for decided to merge with another large company. It was called a merger of equals, but we were a nice Midwestern firm and the other company was New York City based and was clearly a bit "more equal". With those elements in the equation I could see how it would turn out.

I didn't need the aggravation and called it quits the month before the deal closed.

It did.

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Re: Early Retirees - What triggered you to retire?

Post by Chadnudj » Sat Mar 19, 2016 7:30 pm

fsrph wrote:What was your decision of early retirement based on? Was there a triggering event (other than having enough money to do so)? I'm asking because I could easily retire financially yet I'm still working full time. I'm 56 and could retire on 1 to 1.5% withdrawals rates. Plus, I can collect a pension at 65 which would cover 3/4 of annual expenses. SS my plan is to delay till 70.

If you're wondering, no I do not like my job. Or I should say the job changed so much I can no longer tolerate it. Management has gone out of their way to make work difficult for me. However, I am good at the job and it does pay well. I'm just adding to the savings pile of which I already have more than "enough".

I really don't know what's holding me there. I read where one of the top regrets of early retirees is not doing it earlier. I don't want that happening to me. What triggered you to retire early?

Francis
I'm not there, but it sounds like you're someone who likes having something to do, but you don't like what you're doing now.

Start making your plan to quit -- don't quit yet, but make a plan to quit. Figure out what you want to do: how you'll fill your days, what will keep you excited/energetic, what you want to do to help the world/make you feel like you're making a difference, where you want to travel (and I'd encourage you to travel now, rather than later when you're older/it may be tougher).

Ideally, you can find a way to engineer your own severance/layoff (I think http://www.financialsamurai.com sells an eBook on this), so you get a little extra money on your way out the door, which (worst case) becomes a little extra for travel/inheritance.

Congrats on winning the rat race!

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HueyLD
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Re: Early Retirees - What triggered you to retire?

Post by HueyLD » Sat Mar 19, 2016 7:33 pm

Do you have hobbies outside of work?

If you don't like your job and management is making your life difficult and you have more than enough assets to retire, you should start planning your retirement as soon as humanly possible.

Maybe you still work because you fear the unknown. You may be concerned about not having anything to do. You may worry about social isolation. you may...you may....you may....

But retirement is not about sitting in the house. It is the close of one chapter in your life and the opening of a brand new chapter to explore. It will take a while for you to get used to not having to get up early for work every workday. But you will finally have time to do the things you put off all those years.

Congrats on achieving your financial freedom.

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Re: Early Retirees - What triggered you to retire?

Post by Carl53 » Sat Mar 19, 2016 7:39 pm

We talked about retiring early when we first married. As I approached my 55th birthday, a same age coworker had a lifechanging health issue. Given that my spouse had major health issuses, we reevaluated whether it was better to enjoy the potentially few relatively good years that we might have together or to continue to pile it up. The last child had graduated college so we took the leap. Its been good but I have to admit that an occasional PT consulting gig has often provided a needed diversion. We have taken several overseas trips ranging from a few weeks to five weeks in length that would have been difficult had I remained in my prior position. I took a frontloaded pension option that covered all of our expenses and then some until age 62. Plan to take a restricted spousal SS at 66 and mine at 70. Pension still covers most of our expenses except the taxes on the Roth conversions and things like the big trips.

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Re: Early Retirees - What triggered you to retire?

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FreeAtLast
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Re: Early Retirees - What triggered you to retire?

Post by FreeAtLast » Sat Mar 19, 2016 7:55 pm

Retired at 58. I guess that is considered to be somewhat early. Was totally fed up with being mightily bored and constantly aggravated every workday. Extra impetus was added by the apparent physical deterioration of my father. I judged that he would soon need me to help care for him full-time (and I was correct).
Illegitimi non carborundum.

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mlebuf
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Re: Early Retirees - What triggered you to retire?

Post by mlebuf » Sat Mar 19, 2016 8:19 pm

If you dislike your job and can afford to retire, why are you still working? Once retired you have complete control over your time, the most precious, finite resource that nobody can buy.

The reason why I retired, and very early, was simple: I enjoyed having complete control over my time much more than I enjoyed working. There are people who live to work and there are people who work to live. I'm one of the latter, and I don't believe I'm in the minority. There's a reason why most people know what, "TGIF" stands for.

Congratulations on your financial success. Keep in mind that all the wealth you accumulated will someday be spent. The only question is: Who's going to get to enjoy it?
Best wishes, | Michael | | Invest your time actively and your money passively.

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Re: Early Retirees - What triggered you to retire?

Post by joebh » Sat Mar 19, 2016 8:29 pm

For me, it was time to leave the company where I had worked for 9 years. We had been acquired a few years before, and the mega-corp that we were now part of wasn't how I ever wanted to work. I stuck it out for as long as I could, but after the umpteenth reorg, I was now reporting to a remote boss who wanted me to visit them in New York on a regular basis. No thanks. I liked my profession, but disliked my employer.

So I needed to decide if I wanted to find a new job and start all over again in another company at age 60, or just call it a career.

I had been planning for about 10 years for financial independence, and had always hoped that this would be the job that carried me into retirement. So I doubled-checked our finances, had some long hard talks with my wife, and decided this was it. I retired last July. She still loves her job, and so continues to work.

It has been terrific so far.

Recently, my former employer asked if I would come back and help them out. I agreed to consult on a part-time basis, but no travel. So now I'm working 2 days per week helping out the guy they hired to replace me. I leave on time both days, and don't stay awake at night worrying about it any longer.

(Retired) life is good!
Last edited by joebh on Sat Mar 19, 2016 9:06 pm, edited 2 times in total.

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Kevin M
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Re: Early Retirees - What triggered you to retire?

Post by Kevin M » Sat Mar 19, 2016 8:33 pm

My situation was similar to yours, except that it sounds like yours actually is worse. It's not that management went out of its way to make things difficult for me, just that work had become less and less fun over the years, and I saw co-workers getting into even less-fun work situations. The culture of the company had changed a lot since when I started, and a merger with another large company really caused it to take a huge turn for the worse.

The thing that got me thinking seriously about early retirement was the offering of an early retirement package. I wasn't ready at the time, but it motivated me to do some serious financial planning to determine if I could afford to retire. After doing that and deciding that I could afford it, I decided that I would retire if they offered another early retirement package.

So when they did offer another package, I didn't hesitate two seconds, and put my name into the hat for early retirement. So the actual trigger was the early retirement package offer. If it weren't for that, I probably would have waited another year or so, since then I would have reached the next level of better medical insurance retirement benefits.

So I retired in 2007 at age 55, and have never had a single regret about doing so. The first year after retiring I was in heaven, and although that was followed by a period of feeling somewhat purposeless, I worked through that and retirement has been great ever since.

My fiancee had a bigger struggle with early retirement a couple of years ago, because it was more of a forcing-her-out kind of situation, and she didn't feel as prepared financially. But she has since adjusted, and seems to also be thoroughly enjoying the retired life.

If I were you, I would retire now unless you think there will be some sort of early retirement incentive package offered in the near future, or if your medical or other benefits will increase significantly with a little more time at the job. Life is too short to waste on unsatisfying work if you can afford not to do it.

Kevin
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HIinvestor
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Re: Early Retirees - What triggered you to retire?

Post by HIinvestor » Sat Mar 19, 2016 8:44 pm

I'm technically working part-time, so not fully retired, but I choose my hours and how much to work and travel. I evolved with my job when I started this nonprofit in 2007. After H retired in 2012, I decided to cut back and work fewer hours and not knock myself out.

I still enjoy what I and my org do, so I continue to do it. I do not enjoy hustling for money and fundraising, so our org doesn't do much of that. It helps that I don't need the very small income I draw from the nonprofit, as H and I have more than enough income from other sources to support ourselves.

If your work doesn't bring you pleasure, is there a way to change it into a job that will or would retiring being you more pleasure? Only you can answer such questions.

psychodoc
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Re: Early Retirees - What triggered you to retire?

Post by psychodoc » Sat Mar 19, 2016 8:56 pm

not yet retired myself.

however, what would trigger me, if i were you, was your post, which clearly demonstrated where you are at (able, but not willing, to retire).

good luck, and congrats on putting yourself in such an enviable position!

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cheese_breath
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Re: Early Retirees - What triggered you to retire?

Post by cheese_breath » Sat Mar 19, 2016 9:03 pm

My career goal always was to retire. Escaping a rotten job which left me burned out was just icing on the cake.
The surest way to know the future is when it becomes the past.

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Taylor Larimore
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What triggered you to retire?

Post by Taylor Larimore » Sat Mar 19, 2016 9:08 pm

fsrph:

"What triggered me to retire?" I'll tell you briefly:

I worked for the U.S. Small Business Administration for 19 years ending up Chief of the South Florida Finance Division. I saw my agency grow into a large bureaucracy whose primary purpose was to make government direct loans to small companies. These loans were made after we received a letter from their bank saying they would not make the loan. As a result of these bad loans, SBA was losing at least 40% of all direct business loans we made.

In October 1981, I went to Washington and testified before the Senate Committee on Small Business exposing what I thought was a waste of taxpayer money. Along with other participants, I was successful, and the SBA stopped making direct small-business loans. The Agency's largest program was abolished. Participating banks must now take part of the risk and SBA losses are now much less.

I was offered a retirement benefit and retired a year later at age 57.

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

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Watty
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Re: Early Retirees - What triggered you to retire?

Post by Watty » Sat Mar 19, 2016 9:55 pm

I retired last summer just before I turned 59.

In my early 50's I had a year where I went to three funerals of neighbors and acquaintances that were more or less my age. I wan't especially close to any of them but it can't help but make you wonder how much longer you have.

I have also seen relatives that slowed down by their mid 70s even if their health remained relatively good. While I hope for more, by the time I was in my mid 50's I figured that I might have 20 "good" retirement years left. I'm married which makes the odds of both of us lasting that long in good health less. Once I got to the point where I could retire using some of those 20 years to work more didn't seem like a good trade-off.

Less than a year before I was going to retire there was a guy in my office that died unexpectedly one weekend. He was about three months shy of turning 65 and he could easily afforded to have retired years earlier but he was waiting until he turned 65 to retire and could get medicare. That just reinforced my decision to retire as soon as I could.

Since I retired last summer I have been getting a lot more exercise, dieting, and taking the time to shop for food and cook a lot better too. Before I retired between having a long commute and a desk job I was typically sitting at least ten hours during the day and because of getting up early for the commute I was not getting enough sleep.

I've already lost 40 pounds and from anecdotal stories it does not sound unusual for men to lose a significant amount of weight after retiring. It would be hard to quantify but I am pretty sure that by retiring that I have added years to my life or will at least have better quality years.
Last edited by Watty on Sat Mar 19, 2016 10:46 pm, edited 2 times in total.

matonplayer
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Re: Early Retirees - What triggered you to retire?

Post by matonplayer » Sat Mar 19, 2016 9:57 pm

Retired at 52 after selling a small business. My dad died at 65 after having less than a year of retirement. Life is too short.

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Re: Early Retirees - What triggered you to retire?

Post by Ron » Sat Mar 19, 2016 10:21 pm

My work BS bucket became full (actually it was overflowing) at age 59, so I retired.

That was 9 years ago; I couldn't be happier :mrgreen: ...

- Ron

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Re: Early Retirees - What triggered you to retire?

Post by heyyou » Sat Mar 19, 2016 10:59 pm

Since I retired last summer I have been getting a lot more exercise, dieting, and taking the time to shop for food and cook a lot better too. Before I retired between having a long commute and a desk job I was typically sitting at least ten hours during the day and because of getting up early for the commute I was not getting enough sleep. I've already lost 40 pounds and from anecdotal stories it does not sound unusual for men to lose a significant amount of weight after retiring. It would be hard to quantify but I am pretty sure that by retiring that I have added years to my life or will at least have better quality years
Same story, different numbers.

My goal was retirement, I kept the job that had the best retirement benefits. We were LBOM and steadily increasing our retirement savings. When the estimated pension (with no COLA) was equal to our current spending and 4% of our savings would match that, we stopped doing paid work to just do whatever suited us. As BH poster Kramer has said, we bought our freedom. For me, it was freedom from needing to have a job. The first 6-8 years of retirement were the best years of my life. I had no expectations when leaving work, I just no longer needed a paycheck.

The recovery from the 2000 crash is what put our savings over the top. Retired in 2005 at age 55, and our portfolio is still worth more than when we retired. We cut back on our spending during down markets which seems reasonable for early retirees. For us, we would be just as happy on less income. Retirement has not been about our spending, it has been about volunteering where we can help others.

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Re: Early Retirees - What triggered you to retire?

Post by Mingus » Sat Mar 19, 2016 11:39 pm

fsrph wrote:
I really don't know what's holding me there.

Francis
Inertia. And comfort in the famaliar.

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Re: Early Retirees - What triggered you to retire?

Post by HomerJ » Sat Mar 19, 2016 11:45 pm

fsrph wrote:I really don't know what's holding me there. I read where one of the top regrets of early retirees is not doing it earlier. I don't want that happening to me.
So quit. Do you think you're going to live forever? I personally know four people who seemed perfectly healthy yet died in their 50s.
What triggered you to retire early?
Hate your job. Plenty of money. A better question is what is keeping you there?

Can you not dream of any better way to spend your time?

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Re: Early Retirees - What triggered you to retire?

Post by HongKonger » Sun Mar 20, 2016 4:35 am

I was 40 when my 48 yr old sister had a suspected heart attack. The following month I spent 2 weeks waiting for test results for a rare cancer that would have given me at best 20 months to live. The month after that my stepfather died suddenly within months of retirement. I realised that life is not a dress rehearsal and I need to spend my one shot at this doing what makes my heart sing. Pulled the plug officially aged 41.

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Conch55
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Re: Early Retirees - What triggered you to retire?

Post by Conch55 » Sun Mar 20, 2016 5:46 am

You have answered your own question in paragraphs 2 and 3. In my case, I worked as a IT contractor in what became an increasing volatile business. I faced the prospect of a new employer yearly and the hassle factor weighed on me. Each new contract award cycle included pay cuts and anxiety for all affected. I had been considering early retirement but planned to work until 62. I just didn't quite make it, bailing just short of 60 at the end of 2014. I don't need daily thrills to be satisfied and am content spending my days as I choose.

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Re: Early Retirees - What triggered you to retire?

Post by Quark » Sun Mar 20, 2016 5:54 am

Motivations for early retirement included that work was becoming less fun, we had enough money, we wanted to travel more and Obamacare meant we could get health insurance at a reasonable price.

retired early&luv it
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Re: Early Retirees - What triggered you to retire?

Post by retired early&luv it » Sun Mar 20, 2016 6:57 am

I got a new boss. After his really stupid really bad decision number three where he completely blew me off, I decided to get out a half year earlier than my target. That decision cost me about 10 percent in my pension benefits, but I decided it was worth the loss in pension benefits to get out quicker. Retired at 56.5 instead of target at 57, am now 62 and very happy I got out when I did. My pension is pretty small, so the cut in benefits is a small dollar amount.

The best part was when I later heard that they interviewed 15 applicants to replace me, decided that all 15 were not qualified to do my job. They ended up hiring three people to try to get the work done and since I left they have been falling further behind in deadlines.

Important questions you should ask yourself: Do you get bored easily? Do you have hobbies and other activities to keep you busy? I know two people that within six months of retiring were back at work because they did not know how to enjoy retirement. Also, a good friend that was a co-worker now spends one day a week volunteering for a charity, but until he did that he had trouble avoiding boredom.

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Re: Early Retirees - What triggered you to retire?

Post by jabbahop » Sun Mar 20, 2016 7:05 am

Retired last year @ age 55.

Reasons
1) 3 years ago I took six weeks off and discovered not only could I survive without working, but actually loved being completely in control of my time.

2) 2 years ago I was diagnosed with cancer and went through 6 months of chemo reinforcing that life is short

3) company just hit a major milestone and I didn't feel like re-upping for another 3-4 year effort.

I am still figuring things out in terms of what to do with my time in retirement but figure I might have 30 years to figure it out so no rush.

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Re: Early Retirees - What triggered you to retire?

Post by evarrr » Sun Mar 20, 2016 7:06 am

My mom retired early for 3 reasons:

1. Over the last 5 years her immediate boss made her life miserable. For example, she tried to get her fired (upper management said no way), and reduced her responsibilities, making job boring, unfulfilling, and stressful.
2. In her final full year, her company failed the nondiscrimination test so she was refunded a big chunk of 401k contributions since she was considered a highly compensated employee, leading to unexpected taxes.
3. Terminal illness of a family member finally precipitated her retiring 3 years earlier than planned.

She has been retired for a year and is so happy. She has a small pension, adequate savings, delaying SS, and plans to downsize home for a big cash out. After our family member passed she has spent her time researching and writing a book (her idea of fun), and spending more time with her grandchild. She doesn't regret it one bit. Life is short.

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Re: Early Retirees - What triggered you to retire?

Post by carolinaman » Sun Mar 20, 2016 7:24 am

I did not retire until age 66 because I liked my job and I was not in your enviable financial situation in my 50s. However, none of us knows how long we will remain healthy and able to do the things we dream of in an active retirement. I have seen a number of friends and acquaintances who developed serious health conditions in 50s or early 60s and they could not travel much or do other active things.

I encourage you to develop a plan for retirement that would address not only your finances but also your life. How you would spend your time. Hobbies, travel, volunteer work, etc. Retirement can be challenging for people who are used to working hard and long hours. Once you are comfortable with your plan, go for it. You are in a great position. Best wishes

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Re: Early Retirees - What triggered you to retire?

Post by Swansea » Sun Mar 20, 2016 7:25 am

As my workload increased toward the end of my federal career, I retired and went to work part time for a contractor. After a number of years contracting, the work became dull, so I left. I've spent the last several years volunteering with a dog rescue group, which I find much more satisfying than preparing technical documents.

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Toons
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Re: Early Retirees - What triggered you to retire?

Post by Toons » Sun Mar 20, 2016 7:26 am

Our desire to do with our "Available" time ,
What we chose to do.
We have "options"

:wink: :wink:
Last edited by Toons on Sun Mar 20, 2016 12:15 pm, edited 1 time in total.
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Re: Early Retirees - What triggered you to retire?

Post by stickman731 » Sun Mar 20, 2016 7:31 am

I was offered a Voluntary Severance Package (viewtopic.php?f=2&t=133050). Initially it was not ideal but I knew I was done with the company. Advice from the Bogleheads persuaded me to take it.

The Bogleheads were dead on about my company and its future - they are now splitting into two public companies. All my friends and former co-workers tell me the mess and waste and another re-organization is on the way - the third in five years and a new CEO.

I never had any regrets and enjoy the stress free life. I have a couple of consulting jobs that keep me active in the chemical industry that I enjoy. Love passing on the knowledge to a younger generation. I laugh everyday because for 3 years the company that acquired us always said we did not know how to run a company - but I just read in a trade journal that they had a -65.4% change in earnings and 10% decrease in profit margin. One of my good friends told me they asked him how was I able to consistently grow NA earnings year over year. He recommended that they call me but I am not allowed to work for them for two years - they will pay dearly for my advise.

Now I enjoy working around the house, gardening, bicycling, NY Yankee Spring Training and a couple of days per month consulting - could not be happy - do it and enjoy !!!!!!!

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jfn111
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Re: Early Retirees - What triggered you to retire?

Post by jfn111 » Sun Mar 20, 2016 7:42 am

I left mega corp at age 55. I was able to immediately collect my pension so I didn't see any reason to stick around and watch the next round of downsizing.

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Re: Early Retirees - What triggered you to retire?

Post by Horsefly » Sun Mar 20, 2016 7:49 am

When I was 54 I was getting pretty fed up with work. Like the OP, my job had changed for the worse, and had ceased being fun at all. My attitude was fairly bad. Then one day something happened that made me really want out. Until that time, I had been an active saver / investor for 30 years but hadn't actually looked at what I needed to retire. I went home and told my wife that I was going to quit, and if we didn't have enough I would find something new to do.

My company (at the time) still had a pension, at least for us "legacy" employees. I had worked there for 33 years, and had progressed (before my attitude got bad) to senior management. As a result, my pension was way more than I thought it would be. I was able to take it as a lump sum and invest it along side with my rollover 401K. They still had an "early retirement" age of 55, so I pulled the trigger two months after my birthday.

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Re: Early Retirees - What triggered you to retire?

Post by Blues » Sun Mar 20, 2016 7:51 am

I was pretty disgusted with the way my agency and the federal law enforcement effort in general was being administered, and since I qualified for a pension based upon age and length of service I decided to get off the (not so) merry go round. Put my papers in at age 50.

I've never regretted that decision.
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Re: Early Retirees - What triggered you to retire?

Post by Mrs. Money » Sun Mar 20, 2016 8:21 am

This is what I remember. I was dying spiritually. My job required 95% of my little gray cells. I had little left for my relationship with God. So I prayed, please bring someone to purchase my business so I can spend more time with you. A month later, out of the clear blue, a stranger approached me and purchased my business.
Kind regards,
Mrs. Money
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Re: Early Retirees - What triggered you to retire?

Post by mouses » Sun Mar 20, 2016 8:32 am

I really liked my work, and would have worked until I dropped. I wound up "retiring" after the company I worked for got swallowed by another company that got swallowed by another company all within the space of a year. Then the final company laid off the oldest people in my group, which included me.

Some law, perhaps a state law, required them to give laid off employees a chart of the ages of people being laid off, so it was plain as day. I would not have gambled a giant amount of money and stress to sue, but in any event had to sign an I won't sue agreement to get severance pay.

I found myself unemployable in my fifties, despite being up to date and a hard worker. I got told more than once by interviewers that I was too old, or "would not fit in." Finally I said the hell with it and "retired." I am not in as good a financial retirement situation as I expected, years of using savings instead of adding to them will do that, but things should be okay.

Had I known as a young person that this was in the future, I would have saved more, even though I was already a good saver.

basspond
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Re: Early Retirees - What triggered you to retire?

Post by basspond » Sun Mar 20, 2016 8:50 am

Attending two funerals on the same day. One was the guy who hired me. He died 6 months after he retired early while working another job. The other was a young man in his early 30s in a car accident.

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plannerman
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Re: Early Retirees - What triggered you to retire?

Post by plannerman » Sun Mar 20, 2016 8:51 am

Chest pains from working 60-70 hours a week in a high-stress job, working for a boss who couldn't find her xxx with both hands, in a company in a death spiral...I could go on, but you get the idea. As I've said on this forum before, retirement has been the best period of our lives. Retired at age 55, 17 years ago, no regrets.

plannerman

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reriodan
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Re: Early Retirees - What triggered you to retire?

Post by reriodan » Sun Mar 20, 2016 9:51 am

Easiest thread to answer. If you don't like your job and have the financial means to retire, then retire.

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Peter Foley
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Re: Early Retirees - What triggered you to retire?

Post by Peter Foley » Sun Mar 20, 2016 10:53 am

I'm not sure that my retirement at age 61.5 was early, but a primary motivator for me was the fact that my father worked until age 70 and died about 8 months later. I wanted to retire early enough/youngish enough to have some time in retirement.

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6miths
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Re: Early Retirees - What triggered you to retire?

Post by 6miths » Sun Mar 20, 2016 11:08 am

Several reasons.

1) Had some good role models to demonstrate to me that one could thrive without paid work. Father downsized from finance in his early 50s and enjoyed life immensely afterwards. A close older friend who retired from law enforcement at 52 and has had an amazing retirement.

2) Struggled with the philosophy in my workplace for 10 years.

3) New management was making the workplace even more unpleasant and less fulfilling.

4) Lost the feeling that I as an individual was making a huge difference.

5) Had arranged to step into my dream 'job' on retirement. (is it considered a job if you don't really get paid a significant amount to do it)
'It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so!' Mark Twain

Parthenon
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Re: Early Retirees - What triggered you to retire?

Post by Parthenon » Sun Mar 20, 2016 12:02 pm

I was only a year and a few months away from my goal of 55 for retirement.

Work was interfering with my personal life!

Ed
"What am I gonna do if I run out of money?"

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friar1610
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Re: Early Retirees - What triggered you to retire?

Post by friar1610 » Sun Mar 20, 2016 12:10 pm

I had 2 retirements.

The first was from the Navy when I was 51. I pretty much enjoyed my Navy career but was getting worn down on the bureaucratic BS in my final assignment at a large Defense agency. At that point I had been on active duty for about 28 years. At my rank I could have remained for 2 more years before mandatory retirement. That would have been treading water professionally but would have increased my pension by 5%. I had been saving/investing pretty conscientiously so I had a good handle on my financial situation. One day I went to a particularly boring meeting and decided I didn't want to suffer through any more of those. So that was indeed a trigger - I walked right over to the personnel office and submitted my retirement letter and retired a few months later.

The 2nd was after 6 years of relatively unsatisfying (but good paying) work for Defense Contractors. I had set a "number" after which I would retire for good. I never actually reached that number but once I got within about 10% of it I quit my job and retired.

In retrospect, I could have retired with a lower "number". I now do several volunteer "jobs" that I enjoy doing but have no plans whatsoever to work for pay again.
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S&L1940
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Re: Early Retirees - What triggered you to retire?

Post by S&L1940 » Sun Mar 20, 2016 12:17 pm

reriodan wrote:Easiest thread to answer. If you don't like your job and have the financial means to retire, then retire.
At 50 & 60 we really are at the top of our game: health wise, mentally and physically. Sadly, did not have the means to pull the plug. Worked into late 60's but would have walked away in a heartbeat had the resources been there. But, you gotta have a plan for the next 30+ years. Even if it is simply mapping out your nap schedule...
Don't it always seem to go * That you don't know what you've got * Till it's gone

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Re: Early Retirees - What triggered you to retire?

Post by prettybogle » Sun Mar 20, 2016 12:37 pm

fsrph wrote:What was your decision of early retirement based on? Was there a triggering event (other than having enough money to do so)? I'm asking because I could easily retire financially yet I'm still working full time. I'm 56 and could retire on 1 to 1.5% withdrawals rates. Plus, I can collect a pension at 65 which would cover 3/4 of annual expenses. SS my plan is to delay till 70.

If you're wondering, no I do not like my job. Or I should say the job changed so much I can no longer tolerate it. Management has gone out of their way to make work difficult for me. However, I am good at the job and it does pay well. I'm just adding to the savings pile of which I already have more than "enough".

I really don't know what's holding me there. I read where one of the top regrets of early retirees is not doing it earlier. I don't want that happening to me. What triggered you to retire early?

Francis
second paragraph made me double check if this was my post :x

chx
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Re: Early Retirees - What triggered you to retire?

Post by chx » Sun Mar 20, 2016 12:40 pm

I retired in my mid-50s because I wanted better control over when I spent time with other people (particularly large groups) and who those other people were.

JohnF
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Re: Early Retirees - What triggered you to retire?

Post by JohnF » Sun Mar 20, 2016 12:44 pm

Back in 2002 at age 57 with 32 years at the same company work was no longer fun and I didn’t need the money. So, late one Sunday night I decided it was time, started the process Monday morning and was free a few weeks later. Zero regrets, I’m healthy and happy today.

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Re: Early Retirees - What triggered you to retire?

Post by technovelist » Sun Mar 20, 2016 12:54 pm

Hmm, let's see.

The first time I retired was in 2010, when it appeared I could either jump or be pushed, so I jumped.

We had enough money to live on if we were careful, and I figured I was too old to be hired again, so would just make the best of it.

I got hired again in 2012 as a result of a casual conversation with a relative by marriage with whom I had discussed work-related topics.

I got laid off (sort of) from that job in 2014, although they said they would give me some consulting work, which I got very little of.

At that point I again figured I was too old to be hired again, so I went back to being retired.

Later that year I was recruited out of the blue for a contract job that sounded somewhat interesting, and it would enable me to avoid withdrawing from savings, so I took it. They converted me to direct employment in January of 2015, then fired me without notice in June, after I made the apparent mistake of telling them that it was impossible for me to get any work done without being able to talk with the one person who understood the project I was working on. At that point I again figured I was too old to be hired again, so I went back to being retired.

But apparently I'm still not too old to be hired, as I've had a number of additional inquiries including one offer that I turned down because it didn't sound very interesting, the pay wasn't that great, and it was far from home.

Then this past Friday I was recruited for another contract job that sounds a lot more interesting. Hopefully I'll hear about that this week, and if they're interested, and the job is as interesting as it sounds, it will be back to work.

So to answer the original question, the trigger for me to retire was getting fired or laid off when I had enough to live on. However, if I had way more than I needed, I probably would have quit earlier and wouldn't have gone back to work. :mrgreen:
In theory, theory and practice are identical. In practice, they often differ.

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Re: Early Retirees - What triggered you to retire?

Post by mickeyd » Sun Mar 20, 2016 1:30 pm

My J*b retired before I intended to. After a search that quickly indicated that no one was going to pay me what I thought I was worth, I reviewed my investment accounts. After some simple arithmetic ("relentless rules of humble arithmetic" as Jake Bogle puts it), I was convinced that I had won the game already. After that, the decision to ER was simple.
Part-Owner of Texas | | “The CMH-the Cost Matters Hypothesis -is all that is needed to explain why indexing must and will work… Yes, it is that simple.” John C. Bogle

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