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[poll] When will (or did) you retire?

Posted: Fri Aug 01, 2008 9:26 pm
by mptfan
At what age do you plan to retire? Or, if you are retired, at what age did you retire?

Posted: Fri Aug 01, 2008 9:39 pm
by joe8d
My Company closed when I was 61.5.Spent the next year on UE and TRA,Then went on SS and Pension at 62.5.

Posted: Fri Aug 01, 2008 10:17 pm
by Opponent Process
I think early retirement is bad karma. I may change my mind.

Posted: Fri Aug 01, 2008 10:24 pm
by gkaplan
I turned sixty-five last month. I really like my job. I can see working at least five more years.

When will/did you retire?

Posted: Fri Aug 01, 2008 10:30 pm
by oldansker
I'm 62 now and plan to retire in January 2017 (the 26th to be exact). I like what I do and have a 10-year-old daughter.

Posted: Fri Aug 01, 2008 10:32 pm
by kramer
I retired at age 41 a little over a year ago. It has been an amazing experience so far!

I was reading about how some people dream (or have nightmares) about their former job for years, even decades. I have not even thought about my old job/occupation since I left.

Kramer

When Retired

Posted: Fri Aug 01, 2008 11:39 pm
by retired at 48
48 :!:

R@48

Posted: Sat Aug 02, 2008 2:31 am
by pjstack
Retired at 44 from the military. I had always heard people say, "I took a year off and did..(such and such)", and I thought, "Imagine being rich enough to take a year off!"

So when I retired from the air Force (and was single), I thought it would be my only chance to take a year off, so I did!

After a year went by, I thought,"That went awfully fast!", so I took another one off.

And so It went, and now I'm 72!

Posted: Sat Aug 02, 2008 6:04 am
by Sheepdog
kramer wrote:I retired at age 41 a little over a year ago. It has been an amazing experience so far!

I was reading about how some people dream (or have nightmares) about their former job for years, even decades. I have not even thought about my old job/occupation since I left.

Kramer
Kramer,
The recurring at-work dream is true to me. It is definitely not a nightmare, but I dream often of my job prior to retirement 10 years ago. I keep scheduling production, taking business trips, advising employees, and so on it perpetuity. I liked my job so the dreams are pleasant.
Maybe the reason you don't dream of yours is that you retired so young. At 41 I was just barely getting started. 25 years more might have stamped your brain a little more. Congratulations on being able to do it successfully.

Jim

Posted: Sat Aug 02, 2008 7:52 am
by rockies47
The current plan is to retire at 65. Fours years from now.

Posted: Sat Aug 02, 2008 8:09 am
by Midpack
Current plan is to retire at 56, in LT 2 years. But I hope to work at something truly enjoyable regardless of the pay, just not the "high-powered" career of the past 30+ years...

Posted: Sat Aug 02, 2008 8:20 am
by mithrandir
Being 35 years old I've realized I can't plan on a retirement date. What's the point? I can't control what the markets do over the next few decades, I can't control the solvency of Social Security or what I should expect to receive as a benefit, I can't control the future cost of health care, I can't predict what life will be like in 2035.

So instead of trying to paint some preconceived retirement picture I am going to take it one year at a time. Ten years from now I may have a better idea. I have a good amount of savings but they are no where close to where they need to be if I had to take 3-4% annual distributions. This is OK because I am not retiring today or soon. But I don't know how much savings I will have in 10-15 years. I can control how much I save but I can't control the outcome of the markets.

No one really "retires" in the 40s. Well, you may stop working for a living but no one knows for sure if they can live off their wealth for another 30 or 40 years. There's always that risk that the money will run out (consider being a defendant for an expensive lawsuit) and you'll be back to work out of necessity. Chances? I don't know but I don't think it is appropriate to plan on very early retirements.

Posted: Sat Aug 02, 2008 8:44 am
by bob90245
I'm relatively young (47), but I'd like to retire sooner rather than later. Don't know when that will happen. Perhaps near the top of the next bull market. :D

Posted: Sat Aug 02, 2008 9:20 am
by norm
I was planning on retiring when I reached 70 (this year) but I had back surgery when I was 65 and it took almost 2 years for me to recover so I just never went back to work.

Don't retire before a bearmarket!

Posted: Sat Aug 02, 2008 9:28 am
by Vig Oren
Hi mpt, here is a copy of my post to Les from:

Link:

http://www.bogleheads.org/forum/viewtop ... c&start=50


________________________________________
Les, I retired in 1969 at age 40. When I retired, my portfolio was 85% in Teledyne, Inc, stocks. In 1973 I entered a black hole and my portfolio dropped 65%. But I held most of those stocks and went back to work at my alma matter as an assistant teacher at the mechanical eng. lab. Luckily, those stocks recovered during the next decade. After working a year and a half, the market has improved and I returned to full retirement till now. (Reminding you that IRAs and index funds came only after my retirement.) Of course, I learned my lesson then and got diversified. But there were hardly any index funds then, So I invested in Mutual Series, Fidelity Equity Income, Ralph Wanger's Acorn, etc.

My biggest mistake then was NOT placing most of my nest egg in the Wellesley Income fund, and start withdrawing 4% real annual WD. At that time (1971) Wellesley was founded and I was asked to place SOME TDY stocks in it on a tax-free exchange basis .

See here how well Wellesley been doing since inception:
Code:

Code: Select all

INDULGENCE WITH  PREDICTING THE PAST 

Here are Wellesley's (VWINX) past returns 
and the CPIs, from 1971 till 2006 


................All %........ 
Year..........Returns.......CPI 
.......Cap...Income...Total 

1970.inception on 7/1.......5.5 
1971..7.6.....7.5....15.1...3.4 
1972..2.9.....6.9.....9.8...3.4 
1973..-9.9....6.5....-3.4...8.8 
1974.-13.7....7.6....-6.3..12.2 
1975..8.6.....8.8....17.4...7.0 
1976.14.4.....8.9....23.3...4.8 
1977.-3.4.....7.7.....4.3...6.8 
1978.-4.6.....8.2.....3.6...9.0 
1979.-2.6.....8.8.....6.2..13.3 
1980..0.9....11.0....11.9..12.4 
1981..-3.1...11.7.....8.6...8.9 
1982.10.0....13.2.....23.2..3.9 
1983..7.1....11.5.....18.6..3.8 
1984..4.9....11.7.....16.6..4.0 
1985.16.0....11.4.....27.4..3.8 
1986..9.2.....9.1.....18.3..1.1 
1987.-8.1.....6.2....-1.9...4.4 
1988..4.7.....8.9....13.6...4.4 
1989.11.8.....9.1....20.9...4.6 
1990..4.3.....8.0.....3.7 ..6.1 
1991.12.9.....8.7...21.6...3.0 
1992..1.6.....7.0....8.6...3.0 
1993..8.2.....6.5...14.7...2.7 
1994.-10.1....5.7...-4.4...2.7 
1995..21.6....7.4...29.0...2.7 
1996...3.3....6.1....9.4...3.3 
1997..13.8....6.4...20.2.. 1.7 
1998...6.4....5.4...11.8...1.6 
1999..-9.2....5.0...-4.2...2.7 
2000..10.0....6.1...16.1...3.4 
2001...2.2....5.2....7.4...1.6 
2002...0.0....4.7....4.7...2.4 
2003...5.1....4.6....9.7...1.9 
2004...3.4....4.2....7.6...3.3 
2005...1.8....4.0....5.8...3.4 
2006................11.3...2.5

Assuming an investor started to withdraw (WD) from Wellesley Income fund at the start of 1972. Then, here are the results when following the actual sequence of past track record:

$100 = Initial amount invested
4% = Initial withdrawal rate (COLAd WD).

WDs were adjusted by prior years' CPIs and applied to beginning
of next years' portfolio values

$372 = Total withdrawals
$653 = Final portfolio NOMINAL value at end of 2004
$140 = Final portfolio REAL value at end of 2004

However, when performing a Monte Carlo Simulation (taking returns and inflation rates at random from the list) there were scenarios in which the portfolio would have been depleted by 1998. Other scenarios showed final real portfolios values at end of 2004 as hi as $1,244. Overall, Wellesley shows a max 5% failure rate when WD 4% COLAd for 30 years horizons, which complies with the Trinity Study for similar parameters.

Wellesley could have also delivered 5% COLAd initial withdrawal. In this case total withdrawals would have been $465 (from the initial $100), and by following the actual performance and CPIs, final account value at end of 2004 would have been $88 ($19 in real terms). But max failure rate, under MCS, would jump to around 35% for the 30 years horizons.

Wellington fund could have also delivered 4% COLAd withdrawals during the same period but with a choppier ride. In 1973 it lost 11.8% and after the WD during that year the account value dropped to 90% of the investment. In 1974 it lost additional 17.7% and after the WD, for that year, the account value dropped to 69% of the invested value (to 55% in real terms). However by the end of 2004 it reached an account value of $450 ( $97 in real terms), way above those of Wellesley’s at 4%.

Carrying out a Monte Carlo simulation (MCS) while withdrawing 4% COLAd from Wellington, it shows a max failure rate of around 2%. This complies with the Trinity study for 60% stocks, 40% bonds allocation, for the 4% WD, and for a 30 years time horizon. And for a 5% WD the failure rate is around 20%.

Let’s hope for Wellesley to regain its crown. It should be able to do so, given its low expense ratio, stock value tilt, and prompt rebalancing.
---------------------------------------------------

p.s., bob90xxx, I am still waiting for Bill Reichenstein to reply to my question about his statement that diversifying to more asset classes than large caps S&P 500 plus intermediate Gov' bonds WILL NOT IMPROVE THE SWR. He must be very busy with the planned FPA Boston 2008 FPAannual conference Oct 4-7, where he will give a lecture on:

How to Calculate an After-Tax Asset Allocation


Link:

http://www.fpajournal.org/CurrentIssue/ ... llocation/

Posted: Sat Aug 02, 2008 10:38 am
by Kenkat
mithrandir wrote:Being 35 years old I've realized I can't plan on a retirement date. What's the point? I can't control what the markets do over the next few decades, I can't control the solvency of Social Security or what I should expect to receive as a benefit, I can't control the future cost of health care, I can't predict what life will be like in 2035.

So instead of trying to paint some preconceived retirement picture I am going to take it one year at a time. Ten years from now I may have a better idea. I have a good amount of savings but they are no where close to where they need to be if I had to take 3-4% annual distributions. This is OK because I am not retiring today or soon. But I don't know how much savings I will have in 10-15 years. I can control how much I save but I can't control the outcome of the markets.

No one really "retires" in the 40s. Well, you may stop working for a living but no one knows for sure if they can live off their wealth for another 30 or 40 years. There's always that risk that the money will run out (consider being a defendant for an expensive lawsuit) and you'll be back to work out of necessity. Chances? I don't know but I don't think it is appropriate to plan on very early retirements.
Yes, I agree. I didn't see an option for "as soon as I can" or "when I want too". As you said, the markets are unpredictable, your future career and earnings are unpredictable, inheritances are unpredictable, social security is unpredictable, the price of gas/bread/etc - unpredictable.

I save, invest as best I can and take a day at a time. Hopefully, if everything continues as it is, I can retire in my 50's (I am 44 now...).

Ken

Posted: Sat Aug 02, 2008 10:48 am
by chaz
Early retirement was not for me - I enjoyed my work too much. Early retirement seemed scary for keeping occupied. But later retirement worked just great.

Posted: Sat Aug 02, 2008 10:57 am
by rwwoods
I was on schedule to retire at 59.5, but the 2001 bear market stepped in and delayed my retirement by a year. Keep your options open and don't etch your retirement date in stone!

Haven't regretted one day!

Posted: Sat Aug 02, 2008 11:04 am
by Parthenon
When I realized that work was interfering with my personal life and I wasn't getting any younger, I chose to retire in 1997 at age 53. [Now when I think back I barely remember what I did.]

As some of the others have reported, I also have had reoccurring dreams of the building where I was previously employed. The main theme of these dreams revolves around the inadequacies of the toilet facilities.

What could that possibly mean?

Ed

Posted: Sat Aug 02, 2008 11:08 am
by Ron
rwwoods wrote:I was on schedule to retire at 59.5, but the 2001 bear market stepped in and delayed my retirement by a year. Keep your options open and don't etch your retirement date in stone!
Not to "dis you", but by your statement, your retirement (for the rest of your life) depended on the results of "the market" for one year.

Seems a bit "risky" IMHO.

Can you further explain what happened?

BTW, I retired last year on an "up market" (at age 59), yet my retirement income plan did "allow" for the perceived down market periods, and even today (in today's down market situation) feel comfortable with my decision.

I'm not trying to bait you on your decision, but I've spoken to a few former "co-workers" who have yet to retire, but have not done so due to the market in the last 6-9 months. My contention is that if you have prepared (and have a defined plan) the current market (be it up or down) should not affect your decision.

Of course, that's only me, and I would not reverse my decision (even though I could not, at this point in time), but I'm interested in your thought process.

Thanks...

- Ron

Re: Haven't regretted one day!

Posted: Sat Aug 02, 2008 11:10 am
by Ron
Parthenon wrote:The main theme of these dreams revolves around the inadequacies of the toilet facilities.

What could that possibly mean?

Ed
That you no longer give a sh**? :twisted: ...

- Ron

Posted: Sat Aug 02, 2008 11:14 am
by Rob5TCP
I plan to not really retire - when I hit 65 I will stop seeking new clients. At that point my client base should gradually shrink over 5-10 years. If I choose, I could work part time and keep 5-6 top clients - I enjoy my work and would not enjoy a sudden retirement. Part time works better for me when the time comes.

Posted: Sat Aug 02, 2008 11:30 am
by Sidney
My contention is that if you have prepared (and have a defined plan) the current market (be it up or down) should not affect your decision.
I agree. I jumped out at 56 at nearly the peak of the market in November, 2007. No regrets as it relates to financial readiness and the subsequent down-tick.

When retire

Posted: Sat Aug 02, 2008 12:21 pm
by scpo
I retired from the Navy in 76 as a SCPO at 38 yrs of age. I then went to work for the USPS in 77 retired from there in 99. I was 61 wife 58.
We moved from R.I. to AZ. bought a new home, new furnishings,new car. We are debt free. We left R.I. because of high taxes. We now pay less a yr than we used to pay a quarter. :D

Posted: Sat Aug 02, 2008 1:05 pm
by baldeagle
Three years ago I retired from 40 years in the high tech business. I was 60.5 years old. Celebrated my 59.5 birthday as a prelude to independence just one year later. I'm loving every minute and have never looked back. Never have a spare minute either! So much to do.

I volunteer 1-2 days per week at a retirement community making computer help house calls, typically 5-10 calls per day. They love it. So do I. Also, I do a tiny business in computer consulting and I help friends and family with investment questions.

If I was to retire again?

Posted: Sat Aug 02, 2008 2:18 pm
by Vig Oren
If I was to retire again, I would follow the following guidelines by Roger Ibbotson, plus keep an extra of $300K to cover medical expense besides those covered by Medicare and any LTCIs. Long term Insurance (LTCI) is a must IMO. I would get it at a the age of 50 to 60.

http://corporate.morningstar.com/ib/doc ... sGuide.pdf

Notice that those who saved for retirement less than $500K (with only SS benefits as other income) could annuitize portions of their portfolios. Buying fix SPIAS in batches, as you age, from different providers, could spread the purchases over time and average the interest rates ( on which the payout amounts are based). It would also verify that you'll be alive upon purchase of more. Why buy large amount at once if you may not be alive long?

If a bearmarket would arrive within 5 years from the beginning of my withdrawals, I would go back to work and wait, as bob90xxx is doing, by waiting for the next bull market.

While thinking about it I got this past post to of my to ring a bell:

THINGS GET UGLY IF A PORTFOLIO TAKES A 20% HIT

(from a study done a year ago by Craig Israelsen, Ph.D.)

Based on the past 36 years of market returns, the table below shows probabilities of recovery from loss for different allocations for a retirement portfolio, with an 5% initial withdrawal rate at end of first year, and with withdrawal dollars 3% annual boost for inflation.

Note: the losses relate to the portfolio and not to benchmarks.


Allocation....Avg. .Std.Dev......Prob of
................Return.... ..........recovery within
.....................................5yrs after a loss of
.............................................10%.....20%


All stocks........11.....17.........66%....63%

All bonds...........8......5.5.......31........9%

60%stocks
& 40% bonds..10.....11.........66.......47%

Global Multi
Asset...............11......7.8.......75......38%

Allocations:

60%Stocks/40Bonds = 50% Lrg US stocks, 5% Sm US stocks, 5% Intern stocks, 35% bonds, 5% cash

Global Multi Assets = 15% Lrg US stocks, 15% Sm US stocks, 15% Intern' stocks, 15% Commodities (including RE), 35% bonds, 5% cash.


The table below shows the probabilities of recovering within 5 yrs after a loss depending on the withdrawal rate from the Global Multi Asset Portfolio (as described above), while boosting 3% annually for inflation:


WD=..........3%.....4%.....5%......6%

Loss............Probabilities (%)

-35%.........20......07.......00......00
-30%.........35......20.......05......00
-25%.........50......35.......20......08
-20%.........75......48.......38......20
-15%.........80......78.......48......40
-10%.........88......80......75.......50
-05%.........98......90......80.......77
-02%.........98......98......85.......77
00%.........100.....98.......90.......80


Notice: For a retirement portfolio that lost more than 20% in total value in one year, only good luck would help restore it back within 5 years for any withdrawal rate above 3%.

Given the current bearmarket, I am wondering what recent retirees (retired in past 5 years) are doing? Go back to work, reduce withdrawals, change allocation, or what?

Forced retirement

Posted: Sat Aug 02, 2008 2:48 pm
by Taylor Larimore
Hi MPTFan:

At what age do you plan to retire? Or, if you are retired, at what age did you retire?


I was "forced" to retire at age 57 as a whistleblower in the Small Business Administration after I testified before the Senate Small Business Committee that the SBA's 7a Direct Business Loan Program should be abolished (it was).

Best wishes.
Taylor

Maybe in 3 to 6 years; I have work dreams too

Posted: Sat Aug 02, 2008 8:03 pm
by djw
Maybe in 3 to 6 years from now (my wife and I will be in our upper 50s).
If we could afford to retire tomorrow, we'd do it in a second.
We're already planning to sell our 2,000 sq. ft. house and buy a 2 bedroom condo about three years from now, or whenever the real estate market recovers. We're beginning to declutter by selling and donating stuff we've accumulated but don't need.

I define "retiring" as no longer having a job that provides health insurance.
We're hoping that sometime in the next few years the USA or our state will be offering a health insurance plan that will carry us until 65.

It doesn't have to be conventional insurance; I wouldn't mind a high deductible catastrophe health plan and an HSA.

Even though I'm not retired yet, I do have lots of work dreams related to prior jobs. I'm sorry to report that they revolve around my inability to solve a problem or complete a task. I don't allow myself to show anger or frustration in real life as I prefer to be happy and optimistic. I'm guessing that the unhappy stuff get redirected to my dream state.

Posted: Sat Aug 02, 2008 8:47 pm
by at
I'm 36. I never plan on retiring as long as I'm healthy even though my expense now matches 4% of my portfolio. I'll try to find something interesting to do to keep my mind alert.

I'm not sure why some of you have dreams about your jobs. Maybe you've too much time on your hands and thus sleep too much.

Posted: Sat Aug 02, 2008 9:20 pm
by bob90245
at wrote:I'm 36. I never plan on retiring as long as I'm healthy even though my expense now matches 4% of my portfolio. I'll try to find something interesting to do to keep my mind alert.
Not trying to side-track this thread. But the '4% rule of thumb' withdrawal rate in retirement mostly applies for 30-year distribution periods. If you intend to extend the distribution period beyond 30 years, you'll likely need to lower your withdrawal rate below 4%.

Posted: Sat Aug 02, 2008 9:25 pm
by heyyou
Retired in 2005 at age 55.5. You only have to work until you can afford to not work, then you get to restart your life. Retirement is the happiest time of my life, so far.

Posted: Sat Aug 02, 2008 9:53 pm
by joe8d
Just keep in mind that if in the private sector,it is becoming more and more likely that your employer will determine when you "retire" and not yourself.

Retirement

Posted: Sun Aug 03, 2008 9:32 am
by Gretchen
I'm trying to be 25% retired now. This means: bill 1500 hours per year; cover all current bills out of current income (including son's college tuition); and draw up to 1% of our joint portfolio to supplement, if required. I'm continuing to put away the full $20,500 in the 401(K), so the math gets a little fuzzy, but it works for us.

I'm not ready for complete retirement yet, at 57.5. I'd prefer to stay employed with health insurance till I'm 63.5, when I can get COBRA to glide into Medicare.

If the company picture changes -- for example, if we stopped having the ability to Say No To Work on occasion -- I might just hang it up.

Gretchen

retired

Posted: Sun Aug 03, 2008 5:14 pm
by ol_pops
I retired at 62. At that time, my area's work went to India and a "Resource Action" came along. I was offered a separation package, so after more than 33 years with a Large Multinational Computer company, I took it. The door did not hit me in the butt on the way out... My wife says I was laid off but I say I retired. I guess we're both right. Life has been good since. I got my SS estimate and looked back to see 40 years of work. Long enough. My wife is still working (you go sweetie...) and likes her job. I think it's just seeing me in bed while she goes to work is the thing. I really want to know one thing: will the Indian I trained for the job be as gracious training his replacement?

Posted: Sun Aug 03, 2008 5:47 pm
by Rick Ferri
Perhaps the question should ask when people want to retire from their CURRENT occupation. My full retirement date is over age 65 because my job is not physically stressful, so I can work many years past the typical person.

Also, I would encourage many people who post on this site to consider taking the Certified Financial Planner (CFP) exam and consider becoming an hourly, as needed Garrett Financial Planner as a part time job in retirement. There is so much knowledge on this board, it would be wonderful if new retirees use their knowledge to start a part-time second career as an unbiased hourly as-needed financial advisor.

Rick Ferri

Posted: Sun Aug 03, 2008 6:35 pm
by HearDoc
I'm trying to be 25% retired now
That's the ticket ! I "retired" at 57 last April from my employer of 27 years and in 2006 after 28 years in the military (active, reserve and Guard). Pensions with COLA's account for 90% of my expenses, 40/60 AA (TSP/Vanguard/DFA) and I'm fine unless the market completely melts down and we need to forage for food. I plan on working 10 to 16 hours a week as an independent practitioner/ expert witness/ man about town. 75% retired... That's a horse I can ride for a long time.

Posted: Sun Aug 03, 2008 8:57 pm
by unclemick
Layoff age 49.5, 1993. Changed labels to retire early in the stretch.

:wink:

heh heh heh - 8) All praise to Bogle's 500Index and later balanced index.

Posted: Sun Aug 03, 2008 9:00 pm
by aaronc879
Well, I guess I would be in the "as soon as possible" category. I'm hoping for 49 at the latest.

Posted: Sun Aug 03, 2008 11:36 pm
by korman
72

Posted: Sun Aug 03, 2008 11:59 pm
by AThiker
I'm 32. I could not imagine staying in my present line of work, full-time, for another 33. I would go nuts. Another 10 max. In the meantime, I'll be saving as much as possible and working to turn my avocation into a vocation. However, I don't expect being an artist to ever feed my family; at the same time, I don't ever plan to retire from it either. I think I'll feel 'retired' when I can make enough to support my family from my art, along with some part-time work and a little income from investments. So to answer the OP, at around 42.

Hello

Posted: Mon Aug 04, 2008 12:20 am
by simple1
I am 32 and will retire at 49. Unless I REALLY like what i am doing and somehow I dont see that happening when compared to fishing and hunting in a small cabin. :lol:

Posted: Mon Aug 04, 2008 9:34 am
by at ease
Retired at 51 with pension, medical, no debt and a comfortable savings...then just played golf, traveled and goofed off for the next two years...

i had planned ok financially for the event, HOWEVER, i had not considered how stressful being around my wife of 30+ years was going to be, for both of us....she hadn't worked in 20+ years and had her routines set..so my friendly and helpful "thoughts/suggestions" for possible improvements around the home, just didn't sit too well with her....

after 2 years i decided it was time to get either an attorney or a job..i took the job route and things are better than before... i'm out of her way and we have the little bit of extra fun-money to enjoy...now, we laugh about those 2 years and plan on trying again around age 62 or 63 or ...?

Posted: Mon Aug 04, 2008 9:59 am
by Quasimodo
I checked 70 or older. I'm 69 now, and still working on getting debt-free. I'm truly impressed by the number of early retirees in the poll.

Happy retirement to everyone!

John

Posted: Mon Aug 04, 2008 10:38 am
by englishgirl
I'm aiming to retire at 67, which is my full SS age. Although I guess I could retire at 65, which is the medicare age.

However, I'm already transitioning into my second career (at 39) by going part-time at work and going back to school for 3 years. After that I will switch over to a totally different situation. So I hope I will be in a much less stressful job so I am kind of viewing that as "retirement" in a way. And then the plan is that I will be able to keep doing that for a long time because I enjoy it. Although if I don't enjoy it, I can always switch to a third career, I guess!

Posted: Mon Aug 04, 2008 1:28 pm
by gunn_show
nearing 30, I hope I can continue to save as I have been, accumulate a nice nest egg, and my mortgage should be paid off when I am around mid 50's, I will evaluate then.

The poll should include "as soon as I can" due to so many circumstances that do not allow you to define an age or date when you are quite a ways away from retirement. I have no idea what state SS will be in, or health benefits will be like, in a couple dozen years.

But as long as I continue to work hard, move up the ladder in business, and save, I should be ok. Luckily my lady is also of the same mindset, so together we should be just fine in the future.

Posted: Mon Aug 04, 2008 5:40 pm
by Lilly
I plan to start drawing SS at age 66. I have no intention of ever retiring from what my occupation is. I am an artist and love it. I would never have room to keep all of my projects, so I sell them at art shows. Love the travel etc. I am lucky to have found something that draws a great income and love doing at the same time.

Lilly

Posted: Mon Aug 04, 2008 11:41 pm
by btenny
I volunteered to retire at 51 (in 1998) after a long career in high tech that started when I was 19. I was fortunate enough to get a golden parachute at that time with full family insurance (I pay a very large premium that has increased 700% in 9 years but it is good insurance) and a big severance package. I used savings and this severance to pay off the mortgage and live till my early pension kicked in at 55. Plus with the kids thru college we downsized our house in 2001 and got some additional retirement money. I worked part time from 1999-2003 at a play job and my wife kept working in her main career as well. We both completely retired in 2003 and are loving the freedom and time to travel and just enjoy ourselves.

Later this year one of us will start drawing some Social Security as an "inflation adjustment" to keep our standard of living constant and to offset all the medical and insurance costs and other higher costs we have now that we did not have before.

Bill

Posted: Tue Aug 05, 2008 7:39 am
by Kenkat
at ease wrote: i had planned ok financially for the event, HOWEVER, i had not considered how stressful being around my wife of 30+ years was going to be, for both of us....she hadn't worked in 20+ years and had her routines set..so my friendly and helpful "thoughts/suggestions" for possible improvements around the home, just didn't sit too well with her....

after 2 years i decided it was time to get either an attorney or a job..i took the job route and things are better than before... i'm out of her way and we have the little bit of extra fun-money to enjoy...now, we laugh about those 2 years and plan on trying again around age 62 or 63 or ...?
I think this is a common theme. My grandparents joked that when my grandfather retired, my grandmother went back to work - in fact, she did - she worked at the IRS until she was 70! Too many long standing patterns of being apart for the better part of the day, I guess.

A great movie (I thought at least) that touches on some of the themes raised by other posters is "About Schmidt" with Jack Nicholson.

Best regards,
Ken

Posted: Fri Aug 08, 2008 1:05 pm
by J.Fred.Muggs
at ease wrote:HOWEVER, i had not considered how stressful being around my wife of 30+ years was going to be, for both of us
Ain't that the truth! :wink:

Posted: Sat Aug 09, 2008 12:10 am
by MnD
Age 56, (in 10 years) when my youngest is expected to finish college.
I've been working for others for 30 years now - 40 years by age 56. That's plenty. I don't consider it retirement, I consider it independence from the requirement to work for others.