has anyone wished they worked one or two more years

lomarica01 · Post by **lomarica01** » Sat Jul 30, 2016 12:23 pm

Considering an early retirement and just wondering if anyone wished they worked one or two more years. I know the unexpected can come up but I think most in this group would already have that factored in as best they can before retiring. All of my former coworkers I run into actually seem to say the opposite, they wished they retired sooner. But these are all more recent retirees.

any comments appreciated

MSDOGS1976 · Post by **MSDOGS1976** » Sat Jul 30, 2016 12:38 pm

I can only speak for myself. No. Retired at 52 and have enjoyed my freedom over the last 10 years.

Swansea · Post by **Swansea** » Sat Jul 30, 2016 12:39 pm

No, worked plenty of years as it was.

Toons · Post by **Toons** » Sat Jul 30, 2016 12:41 pm

Only If could have "bought"
More Time.
The Clock Is Ticking.

dbr · Post by **dbr** » Sat Jul 30, 2016 12:57 pm

I worked a little longer than might have done. On thinking back it was a good choice. I got to see through a project that I enjoyed and was worth doing and the collateral benefit was a better financial position. Also there were some family uncertainties that resolved later.

The Wizard · Post by **The Wizard** » Sat Jul 30, 2016 12:58 pm

No, not full time.
However, I am ok with working part-time with my former engineering employer after being retired from the full-time job for three years.
I typically do 2-3 days per week of my choosing, adding up to 12-16 hours per week...

HueyLD · Post by **HueyLD** » Sat Jul 30, 2016 1:03 pm

"Wish I worked one or two more years?"

No, No, No!!!

dbr · Post by **dbr** » Sat Jul 30, 2016 1:10 pm

I am honestly surprised at how many people I know who have worked longer than I thought was necessary for them. At least a couple of people at my workplace became notorious for being impervious to attempts by management to get rid of them, even into their seventies. Of course these people were the kind that it would look really bad to actually fire them. Academics are another example of this. I am still astonished that a best friend from high school is still 110% in his academic position past age 70. But then he is a world recognized name in his field.

lomarica01 · Post by **lomarica01** » Sat Jul 30, 2016 1:13 pm

OK great those were the answers I was hoping for. Looks like my countdown is starting for mid next year at age 54.

Garco · Post by **Garco** » Sat Jul 30, 2016 1:21 pm

Nope. I retired at age 70. Everything had fallen into place: Social security, 401k adequate for a lifetime, kids financially independent (mostly...), good health.

dbr · Post by **dbr** » Sat Jul 30, 2016 1:26 pm

lomarica01 wrote:OK great those were the answers I was hoping for. Looks like my countdown is starting for mid next year at age 54.

Examples of people working into their seventies or maybe working a little longer for a reason are the answers you were looking for to retire as soon as possible? I am not disputing your decision but it does seem to be some confirmation bias at work.

Ron · Post by **Ron** » Sat Jul 30, 2016 1:31 pm

One more time...

viewtopic.php?f=2&t=157849&p=2368345#p2368345

- Ron

dbr · Post by **dbr** » Sat Jul 30, 2016 1:36 pm

Ron wrote:One more time...

viewtopic.php?f=2&t=157849&p=2368345#p2368345

- Ron

Lot's of people have reasons to keep working that are not $ or maybe even in spite of $. I know and have known lots of people like that. It would also be an insult to those people to suggest they lack imagination as in most cases they are doing what they are doing precisely because they have more imagination and take better advantage of it than most people do.

If you hate your job it is only your own fault that you don't do something about it.

Will do good · Post by **Will do good** » Sat Jul 30, 2016 1:50 pm

I worked 1 year more and that was enough. The income was really good, but we didn't need it.
It's very hard for me to give up on the income, but as Toon has say The Clock Is Ticking.

tfb · Post by **tfb** » Sat Jul 30, 2016 2:11 pm

lomarica01 wrote:All of my former coworkers I run into actually seem to say the opposite, they wished they retired sooner.

There are stated preferences -- what people say -- and revealed preferences -- what people actually do. They are not the same. Just saying they wished they retired sooner doesn't take away the money they earned in those years. If you can have both the money and retire sooner of course you wish you retired sooner. Their action spoke louder. They could've retired sooner but they didn't. Given all the information they had at that time their chosen best course of action was continue working.

Post by **LadyGeek** » Sat Jul 30, 2016 2:12 pm

This thread is now in the Personal Finance (Not Investing) forum (retirement planning).

Watty · Post by **Watty** » Sat Jul 30, 2016 2:34 pm

Some people mentioned that your time in limited, but for a couple the time is even more limited since the odds are twice as high that one of them will not live a long time or develop significant health problems.

I retired just before I turned 59 last year. Financially I will not know if I should have worked another year or two until I am in my late 80s and there is a good(or bad

) chance that neither my wife or I will live that long anyway.

One of the things that I don't like some retirement calculators or safe withdrawal rate studies is that they talk about "success" and "failure" rates. That makes it sound like if your plan fails then you end up homeless and out on the street. In reality for someone that is planning on a nice retirement "failure" might mean that you would have to cut back on your spending some and spend less on things like vacations, cars, etc.

Compared to some people that post here I am planning on a pretty middle class retirement but if I had to I could cut my spending by a quarter(or more) and still have all the basics that I need to have a very comfortable if modest retirement. I happen to live in low to moderate cost of living area and between having a paid off house and Social Security that is just about enough to cover my core living expenses.

dbr · Post by **dbr** » Sat Jul 30, 2016 2:45 pm

Watty wrote:Some people mentioned that your time in limited, but for a couple the time is even more limited since the odds are twice as high that one of them will not live a long time or develop significant health problems.

I retired just before I turned 59 last year. Financially I will not know if I should have worked another year or two until I am in my late 80s and there is a good(or bad ) chance that neither my wife or I will live that long anyway.

I am not so sure the OP meant extending employment from 59 to 82. I would have thought 57/59/61 was the question.

One of the things that I don't like some retirement calculators or safe withdrawal rate studies is that they talk about "success" and "failure" rates. That makes it sound like if your plan fails then you end up homeless and out on the street. In reality for someone that is planning on a nice retirement "failure" might mean that you would have to cut back on your spending some and spend less on things like vacations, cars, etc.

Totally agree that such language is misplaced. Of course those are not studied of retirements but of the behavior of portfolios where a failure would mean that the portfolio is exhausted. It is important to keep harping on diversifying sources of income beyond portfolios. It is already done in a sense that people have Social Security, and some people live on that alone. One nuance in that is that the pension formula at my company gave an increase in my pension income running about 13% a year for a short period in the age 55-61 range. That is worth some conderation, especially in light of the comment next below.

Compared to some people that post here I am planning on a pretty middle class retirement but if I had to I could cut my spending by a quarter(or more) and still have all the basics that I need to have a very comfortable if modest retirement. I happen to live in low to moderate cost of living area and between having a paid off house and Social Security that is just about enough to cover my core living expenses.

white_water · Post by **white_water** » Sat Jul 30, 2016 3:10 pm

Retired at 58. Worked thereafter when I wanted to.

Regrets? None.

TheTimeLord · Post by **TheTimeLord** » Sat Jul 30, 2016 3:21 pm

lomarica01 wrote:Considering an early retirement and just wondering if anyone wished they worked one or two more years. I know the unexpected can come up but I think most in this group would already have that factored in as best they can before retiring. All of my former coworkers I run into actually seem to say the opposite, they wished they retired sooner. But these are all more recent retirees.

any comments appreciated

viewtopic.php?f=1&t=195877&start=152

TheTimeLord · Post by **TheTimeLord** » Sat Jul 30, 2016 3:28 pm

lomarica01 wrote:Considering an early retirement and just wondering if anyone wished they worked one or two more years. I know the unexpected can come up but I think most in this group would already have that factored in as best they can before retiring. All of my former coworkers I run into actually seem to say the opposite, they wished they retired sooner. But these are all more recent retirees.

any comments appreciated

I originally planned to retire 12/1/2014. On balance not retiring then has been an excellent decision for me personally. Planning to work into 2017, maybe through the end of 2018. There are many reasons to prolong your workalike just as there are many years to retire. As I have mention numerous times here I took an early retirement package from Mega-corp and took 10 months away from work. Let's just say the the experience was neutral at best for me. The best advice I hear repeated over and over is have something to retire to not something you are retiring from. Make the decision that works for you, either path is fine but figure out which will enjoy more. Best of luck with whatever decision you make.

DorchesterMa · Post by **DorchesterMa** » Sat Jul 30, 2016 3:40 pm

On one's deathbed, no one ever said that they wished they spent more time at the office. I retired at 58, in excellent health, no prescriptions, never smoked, good weight and blood pressure. Two years in to retirement, diagnosed with stage 4 lymphoma. I am one of the lucky ones. It is in remission. So, I do not wish I worked one or two more years. As my good friend used to tell me, you are dead a long, long time so enjoy yourself now! Family, friends, religion, a good dog, do good deeds.

NMJack · Post by **NMJack** » Sat Jul 30, 2016 3:44 pm

dbr wrote: If you hate your job it is only your own fault that you don't do something about it.

Respectfully disagree. If you hate your job, you have two choices:

a) stay in the job because the pay/benefits for you and your family are more important to you than your day-to-day happiness on the job

b) change jobs

Many choose to make the personal sacrifice and choose "a." I don't consider it a "fault" to place family interests over personal interests.

NMJack · Post by **NMJack** » Sat Jul 30, 2016 3:46 pm

DorchesterMa wrote:On one's deathbed, no one ever said that they wished they spent more time at the office.

As my good friend used to tell me, you are dead a long, long time so enjoy yourself now! Family, friends, religion, a good dog, do good deeds.

Well stated!

dbr · Post by **dbr** » Sat Jul 30, 2016 3:46 pm

NMJack wrote:
dbr wrote: If you hate your job it is only your own fault that you don't do something about it.
Respectfully disagree. If you hate your job, you have two choices:

a) stay in the job because the pay/benefits for you and your family are more important to you than your day-to-day happiness on the job

b) change jobs

Many choose to make the personal sacrifice and choose "a." I don't consider it a "fault" to place family interests over personal interests.

Well, it was to make a point, but you are right also.

obgyn65 · Post by **obgyn65** » Sat Jul 30, 2016 3:51 pm

I retired age 50 but I see patients part time to make the transition easier. I don't regret retiring from my full time position, even if sometimes I miss the full time income.

Shallowpockets · Post by **Shallowpockets** » Sat Jul 30, 2016 4:45 pm

NO.
Nothing but a passing thought that fails real scrutiny. Like a nostalgic pause.
But, when would someone decide that? It sounds like a response to financial regret. Bad planning. Surely not a BH.
Nothing worse than overstaying your working days and being that old guy in the corner desk, or the old guy trying to be like the new guy. The guy who is "still here". Unless of course you work in a place full of those sorts of people.

If anyone wished that, did they act on it? And how did it work out when you went back. I am assuming here that the additional years are at the same job you had left, not a new career.

badbreath · Post by **badbreath** » Sat Jul 30, 2016 4:46 pm

No, but I have not retired yet

The Wizard · Post by **The Wizard** » Sat Jul 30, 2016 4:47 pm

obgyn65 wrote:I retired age 50 but I see patients part time to make the transition easier. I don't regret retiring from my full time position, even if sometimes I miss the full time income.

Right.
Working on your own terms part-time is quite different and refreshing compared to full-time employment...

BAM! · Post by **BAM!** » Sat Jul 30, 2016 5:00 pm

I imagine the people retiring at 70 had very satisfying and/or cush jobs.

I plan to retire at 58 with some part-time work perhaps.

NMJack · Post by **NMJack** » Sat Jul 30, 2016 6:10 pm

Shallowpockets wrote: Nothing worse than overstaying your working days and being that old guy in the corner desk, or the old guy trying to be like the new guy.

Actually, there are many things worse than "overstaying" your working days. First one to come to mind is somebody who gets the ax long before....

Rodc · Post by **Rodc** » Sat Jul 30, 2016 7:37 pm

The Wizard wrote:
obgyn65 wrote:I retired age 50 but I see patients part time to make the transition easier. I don't regret retiring from my full time position, even if sometimes I miss the full time income.
Right.
Working on your own terms part-time is quite different and refreshing compared to full-time employment...

Yes. I may well do something similar.

But it is not really retiring, merely downsizing the job. Or as noted, a transition phase towards retirement, rather than retirement itself.

stevethefundguy · Post by **stevethefundguy** » Sat Jul 30, 2016 8:12 pm

Might some of the early retirees share how much they've saved?

I'm 59, with just over $2 million in investments and a paid-off mortgage on my home, earning about $100,000 annually. And I wouldn't feel secure retiring at this point. I'm thinking perhaps at 65, when I'll be able to start receiving payouts from a modest pension as well. That's also when Medicare kicks in, so I'll only need to purchase Medicare supplemental and not a full-coverage policy.

If I had $5 million or more, maybe I'd feel I could retiree now.

The Wizard · Post by **The Wizard** » Sat Jul 30, 2016 8:33 pm

Well, in my case there were two different possibilities.
One is to cut back to 80% or 60% of full time, which I did not do.
I terminated from 100% to zero and stayed at zero for over a year.
I then had an offer to return part-time up to 50% max which I evaluated and went with.
Obviously, one has more control over the former than the latter...

The Wizard · Post by **The Wizard** » Sat Jul 30, 2016 8:39 pm

stevethefundguy wrote:Might some of the early retirees share how much they've saved?

I saved enough that when I pensionized/annuitized a portion of my accumulation, then together with additional withdrawals in lieu of SS, I had taxable income somewhat greater than in my final few working years.
This has worked out OK...

TheTimeLord · Post by **TheTimeLord** » Sat Jul 30, 2016 8:55 pm

DorchesterMa wrote:On one's deathbed, no one ever said that they wished they spent more time at the office. I retired at 58, in excellent health, no prescriptions, never smoked, good weight and blood pressure. Two years in to retirement, diagnosed with stage 4 lymphoma. I am one of the lucky ones. It is in remission. So, I do not wish I worked one or two more years. As my good friend used to tell me, you are dead a long, long time so enjoy yourself now! Family, friends, religion, a good dog, do good deeds.

The concept you can't enjoy family, friends, pets or God because you have a job makes no sense. Even more difficult to accept is you can't do good deeds with a steady paycheck. If you are miserable in your work life I don't disagree you need a change but there are a lot of people who declare as retired that still work part-time or just move to a lower paying job that better suits them. As for the deathbed quote it is so misguided. Working or retired you will have regrets on your deathbed if you don't make what's important in life a priority. I just don't buy into the concept really early retirement is a panacea. I also doubt anyone spending their last days in a Medicaid facility wishes they would have retired sooner so they could spend more days their. Achieve financial Indepedence then find your path.

J295 · Post by **J295** » Sat Jul 30, 2016 9:32 pm

No. .

TheTimeLord · Post by **TheTimeLord** » Sat Jul 30, 2016 9:58 pm

stevethefundguy wrote:Might some of the early retirees share how much they've saved?

I'm 59, with just over $2 million in investments and a paid-off mortgage on my home, earning about $100,000 annually. And I wouldn't feel secure retiring at this point. I'm thinking perhaps at 65, when I'll be able to start receiving payouts from a modest pension as well. That's also when Medicare kicks in, so I'll only need to purchase Medicare supplemental and not a full-coverage policy.

If I had $5 million or more, maybe I'd feel I could retiree now.

I assume your expenses are $100k/yr. or likely much less so do you feel you are coming up short? You have a pension and I assume will receive SS. You seemed to have done a great job to date especially in comparison to the general populous.

Lynette · Post by **Lynette** » Sat Jul 30, 2016 10:07 pm

.....

Watty · Post by **Watty** » Sat Jul 30, 2016 10:27 pm

dbr wrote:I retired just before I turned 59 last year. Financially I will not know if I should have worked another year or two until I am in my late 80s and there is a good(or bad ) chance that neither my wife or I will live that long anyway.

I am not so sure the OP meant extending employment from 59 to 82. I would have thought 57/59/61 was the question.

I agree. What I was trying to say was that if I run short of money in my late 80s that will be when I would know that I should have worked a few years when I was 59 or 60.

Namashkar · Post by **Namashkar** » Sun Jul 31, 2016 6:10 am

Yes. I retired at 62 after working 34 years. I should have worked 1 more year as SS retirement benefit is calculated using 35 years of salary. However the life is much better. I do not think I will work anymore. No regrets.

Namashkar · Post by **Namashkar** » Sun Jul 31, 2016 6:24 am

Hi TheTimeLord,

Thanks for providing the net asset chart above. Does the figures in the chart represent the family net asset combined for both spouses or it is an individual asset? Just curious!

Barefootgirl · Post by **Barefootgirl** » Sun Jul 31, 2016 6:41 am

I would be VERY interested in seeing how this same question might be answered differently by Canadians, as many times the whole issue comes down to afffordable and adequate health care coverage in the years before Medicare.

Any Canadians in this thread?

Call_Me_Op · Post by **Call_Me_Op** » Sun Jul 31, 2016 7:01 am

The important factor is not how much you have amassed in nominal dollars, but what multiple of projected income need you have amassed. Assuming that projected income need equals current expenses is a reasonable estimate. If X = projected annual income need, I think if you have amassed (94-age)*X, you are good to go. This is very conservative, but with projected returns being low I believe that is justified.

cherijoh · Post by **cherijoh** » Sun Jul 31, 2016 7:02 am

I do actually know some people who wished they had worked one or two more years - a few friends and former coworkers who were laid off from their jobs a few years before they were ready to retire. I suspect asking the Bogleheads will get you a very different answer than posing this question to the general public would.

carolinaman · Post by **carolinaman** » Sun Jul 31, 2016 7:05 am

My original plan was to retire at age 63. Things were going so well for me at work that I decided to work a little longer and did not retire until 66. That was the right time for me with no regrets. One thing to consider when retiring is your health. People with an active lifestyle or those wanting to travel the globe may find health and physical limitations impact their ability to do these things at an older age. Retiring younger will provide greater assurance you can do those things.

cherijoh · Post by **cherijoh** » Sun Jul 31, 2016 7:23 am

stevethefundguy wrote:Might some of the early retirees share how much they've saved?

I'm 59, with just over $2 million in investments and a paid-off mortgage on my home, earning about $100,000 annually. And I wouldn't feel secure retiring at this point. I'm thinking perhaps at 65, when I'll be able to start receiving payouts from a modest pension as well. That's also when Medicare kicks in, so I'll only need to purchase Medicare supplemental and not a full-coverage policy.

If I had $5 million or more, maybe I'd feel I could retiree now.

Have you actually sat down and projected your retirement spending? I think you are actually a whole lot closer to being able to retire than you think. How much are you currently contributing towards retirement? What is your split of tax-advantaged versus taxable? The gross income to sustain your retirement spending may be smaller than you think if you'll be living off of a taxable account in your early years of retirement.

Also, what will your spend down level be once your small pension and SS kick in? Remember your investment portfolio only has to cover the gap in your spending once you start collecting them.

ks289 · Post by **ks289** » Sun Jul 31, 2016 7:33 am

It is likely challenging for most recent retirees (particularly after 7 years of rising equities) to know whether working a year or two more will become important or not from a pure financial standpoint. Firecalc is probably the best tool to prospectively estimate success rates (in a few decades) based on these sort of specific variables (years, portfolio size, etc).
I will probably not feel comfortable about a voluntary early retirement until firecalc gives me a predicted 100% success rate.

stevethefundguy · Post by **stevethefundguy** » Sun Jul 31, 2016 7:35 am

TheTimeLord wrote:
stevethefundguy wrote:Might some of the early retirees share how much they've saved?

I'm 59, with just over $2 million in investments and a paid-off mortgage on my home, earning about $100,000 annually. And I wouldn't feel secure retiring at this point. I'm thinking perhaps at 65, when I'll be able to start receiving payouts from a modest pension as well. That's also when Medicare kicks in, so I'll only need to purchase Medicare supplemental and not a full-coverage policy.

If I had $5 million or more, maybe I'd feel I could retiree now.
I assume your expenses are $100k/yr. or likely much less so do you feel you are coming up short? ...

I am contributing the limit to my 401(k) and IRA -- $24,000 plus $6,500 -- but not much left over after living expenses despite a mostly frugal lifestyle. I'm sure I could handle things now with modest withdrawals until 65 and them be fine for quite a while after that, but I have seen older relations who spent their final years in a Medicaid facility, as mentioned by others. It's the running out of money at the far end, in the event of extended longevity, that has me concerned.

TheTimeLord · Post by **TheTimeLord** » Sun Jul 31, 2016 8:26 am

Namashkar wrote:Hi TheTimeLord,

Thanks for providing the net asset chart above. Does the figures in the chart represent the family net asset combined for both spouses or it is an individual asset? Just curious!

My understanding is that it is household.

"The Survey of Consumer Finances (SCF) is a survey of U.S. households sponsored every three years by the Board of Governors of the Federal Reserve System with the cooperation of the U.S. Department of the Treasury. SCF interviews are conducted by NORC at the University of Chicago. Data from the SCF are used to inform monetary policy, tax policy, consumer protection, and a variety of other policy issues."