Re: What stops you from retiring today?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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HomerJ
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Re: What stops you from retiring today?

Post by HomerJ » Fri May 04, 2012 11:47 am

VictoriaF wrote:
imgritz wrote:My ex-wife. Divorce is a killer on the finances.
I have noticed that men who marry much younger women tend to work longer than those who stay in their first marriage or get divorced for good.

Victoria
My wife is older than me... I'll probably retire the day she turns 63 and starts collecting Social Security.

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cheese_breath
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Re: What stops you from retiring today?

Post by cheese_breath » Fri May 04, 2012 12:42 pm

Old Guy wrote: I'm not so depressed now. This could work out.
Charities are great. Whether you want to stack books, drive a van for people even older than us, or whatever they can always find a spot for any warm body who will volunteer. And don't discount the shopping, just plan it differently. When my wife was still healthy enough to leave alone we would separate, I'd take a walk while she shopped, and we'd meet later for dinner. Day trips to little towns with lots of shops for her and neighborhoods for you to walk around can be great.
The surest way to know the future is when it becomes the past.

RootyToot
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Re: What stops you from retiring today?

Post by RootyToot » Fri May 04, 2012 12:42 pm

Health insurance.

THY4373
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Re: What stops you from retiring today?

Post by THY4373 » Fri May 04, 2012 12:43 pm

The two things stopping me today in my early 40s is money (both my wife and I come from folks who live on the longer side and so need to plan one of us reaching say 95 or greater) and health care. My employer will provide retiree health care to me at age 55 that is also the time that my conservative calculations show we will have enough money. If the markets do better than expected and the health care reform makes getting health insurance on you own more affordable them I might do it earlier. I like my work well enough but I have plenty I enjoy more outside of work.

Easy Rhino
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Re: What stops you from retiring today?

Post by Easy Rhino » Fri May 04, 2012 1:10 pm

Reason: I'm 36.

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bottlecap
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Re: What stops you from retiring today?

Post by bottlecap » Fri May 04, 2012 1:11 pm

imgritz wrote:My ex-wife. Divorce is a killer on the finances.
My current wife. Seems no matter what you do, they're gonna keep you working!

JT

BikeFan
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Re: What stops you from retiring today?

Post by BikeFan » Fri May 04, 2012 1:24 pm

Old Guy wrote:I'm not so depressed now. This could work out.
Of course it can. There are books to read, movies to watch, places to go, people to meet, and things to do all over the place. I simply can't imagine being bored in retirement! I'm out the door as soon as I have enough money to quit.

hudson
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Re: What stops you from retiring today?

Post by hudson » Sat May 05, 2012 7:07 am

porcupine wrote:This (the subject of this post) question is for those who are not yet retired. Obviously, at a high level, either a) you have all the money you need but really love your work, b) you have all the money but love your company and/or colleagues, or c) you don't have all the money you need. What else ...?
- Porcupine
Great question and discussion...useful because that question applies to me.

Soon enough, I'll be 66....FRA. (Full Retirement Age). I may draw Social Security while continuing to work...also stop Roth, 401K, etc. until I have banked enough for a new truck and a Little River Heritage sliding seat rowboat. http://www.littlerivermarine.com/heritage-15-classic/
At work, we call this the "John Doe"...not his real name.... retirement plan named after the genius who developed it.

Or, I could just stop work at 66 and keep driving my old truck and keep paddling my old Blue Hole canoe.

Tom_T
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Re: What stops you from retiring today?

Post by Tom_T » Sat May 05, 2012 7:51 am

I am 53. My eldest child will graduate from college (hopefully) when I am 61. The youngest, when I am 64. (Such is life when you start a family at age 40.) My mortgage will be paid off by 60, so it's just a question of how much I've saved for college at that point, and whether the monthly income previously used for mortgage payments will need to go towards tuition instead. Most likely, there will also be inheritance money that will affect the equation, but the amount and the timing are unknown, so it's not a factor in my planning.

I have no plans to be working full-time at 65, and ideally I'd like to be done with full-time work by 62. I am a computer programmer, so it's possible that I'll be able to do some part-time work from home, depending on how my employer feels about it. There is precedent for such a thing at my job, so we'll see. And they do have part-time jobs with benefits, so that would be a bonus. It's a private company with many long-time employees. We have quite a few people aged 65 and up who are still coming to work every day... although one person I know has been waiting to turn 70 this year because that's when she gets the maximum Social Security benefits.

Besides, my wife (four years younger, and works in an elementary school) says, "You can hang around the house if you want, but I'll be going to work."

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VictoriaF
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Re: What stops you from retiring today?

Post by VictoriaF » Sat May 05, 2012 8:58 am

mptfan wrote:
VictoriaF wrote:
imgritz wrote:My ex-wife. Divorce is a killer on the finances.
I have noticed that men who marry much younger women tend to work longer than those who stay in their first marriage or get divorced for good.

Victoria
Some things are worth paying for. ;-)
Sweat equity? ;-)

Victoria
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Saving$
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Re: What stops you from retiring today?

Post by Saving$ » Sat May 05, 2012 9:35 am

What stops me from retiring today?
Uncertainty regarding healthcare costs, both from retirement to when I would qualify for Medicare, and once I qualify. So I keep working. Not sure when I will have enough. Not even sure how to figure out how much is needed for healthcare.

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Re: What stops you from retiring today?

Post by socca » Sat May 05, 2012 9:53 am

VictoriaF wrote:I have noticed that men who marry much younger women tend to work longer than those who stay in their first marriage or get divorced for good.
What happens to those men who get divorced for evil? :twisted:

Frittering away the empty hours on inconsequential little hobbies that do not contribute to the greater good sounds like hell to me, although I've known others who seem to enjoy it. If this is what retirement is - forget it!! 8-)

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dmcmahon
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Re: What stops you from retiring today?

Post by dmcmahon » Sat May 05, 2012 10:16 am

Like my work. Need health insurance and not sure about my ability to remain covered until eligible for Medicare. No pension so I'll be relying on savings, which seem like enough, but which won't be if investment returns remain close to zero in real terms, and inflation rears up. Also frankly worried about the trajectory of public finances, fearful of where they might be when I'm a senior.

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Re: What stops you from retiring today?

Post by reggiesimpson » Sat May 05, 2012 10:43 am

Old Guy wrote:Thank you cheese and reggie for your kind statements. When my wife isn't working she knits, cooks, shops (doesn't buy much but likes the thrill of the hunt), does Sudoko and watches Nancy Grace. I have no interest in the first four and the last one fills me with fear and loathing.

As to volunteering; good idea, but I wouldn't want to do in retirement what I do now--discrimination complaint investigations; too much stress; too many sleepless nights while I fret over my cases. Maybe I'll shelve books in a library in town or go to the lectures on campus. Living in a university town provides absolutely no excuse for being bored.

I'm not so depressed now. This could work out.
Get out more. Go to the many Comedy Clubs that are everywhere. Sit in the front row and i guarantee you the comics will pull you in to their "act". You will be challenged so expect to fire back. They will never expect the "old dude" in the audience to be alive let alone hit them back...........neither will the rest of the audience(who are usually under 30!). I went thru this a few times and its hilarious, harmless fun. Everyone appreciates it.

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doglaws
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Re: What stops you from retiring today?

Post by doglaws » Sat May 05, 2012 11:51 am

Health Insurance.

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VictoriaF
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Re: What stops you from retiring today?

Post by VictoriaF » Sat May 05, 2012 12:35 pm

socca wrote:
VictoriaF wrote:I have noticed that men who marry much younger women tend to work longer than those who stay in their first marriage or get divorced for good.
What happens to those men who get divorced for evil? :twisted:
Work forever, because they are unable to recover financially from a divorce?
socca wrote:Frittering away the empty hours on inconsequential little hobbies that do not contribute to the greater good sounds like hell to me, although I've known others who seem to enjoy it.
And how is this worse than "frittering away the empty hours on inconsequential little jobs that do not contribute to the greater good"?
socca wrote:If this is what retirement is - forget it!! 8-)
Hopefully, this in not the only thing that retirement can be. Some people manage to create unforgettable value in retirement. This Forum would not have existed if Taylor and Mel chose not to retire.

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

epilnk
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Re: What stops you from retiring today?

Post by epilnk » Sat May 05, 2012 1:30 pm

Health insurance for us too. We might be able to afford non-employer based insurance but it's just too scary out there alone.

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Re: What stops you from retiring today?

Post by j920 » Sat May 05, 2012 2:17 pm

I'm 23.

hicabob
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Re: What stops you from retiring today?

Post by hicabob » Sat May 05, 2012 2:29 pm

VictoriaF wrote:
socca wrote:
VictoriaF wrote:I have noticed that men who marry much younger women tend to work longer than those who stay in their first marriage or get divorced for good.
What happens to those men who get divorced for evil? :twisted:
Work forever, because they are unable to recover financially from a divorce?
socca wrote:Frittering away the empty hours on inconsequential little hobbies that do not contribute to the greater good sounds like hell to me, although I've known others who seem to enjoy it.
And how is this worse than "frittering away the empty hours on inconsequential little jobs that do not contribute to the greater good"?
socca wrote:If this is what retirement is - forget it!! 8-)
Hopefully, this in not the only thing that retirement can be. Some people manage to create unforgettable value in retirement. This Forum would not have existed if Taylor and Mel chose not to retire.

Victoria

... and I am curious as to how many jobs actually do "contribute to the greater good"

Tom_T
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Re: What stops you from retiring today?

Post by Tom_T » Sat May 05, 2012 2:31 pm

j920 wrote:I'm 23.
Well, Justin Bieber is 18, and his net worth is reportedly over $100 million, so I don't think age alone is a factor. Can you sing? :)

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Taylor Larimore
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The beginning of the Morningstar and Bogleheads forums.

Post by Taylor Larimore » Sat May 05, 2012 2:35 pm

Hi Victoria:
This Forum would not have existed if Taylor and Mel chose not to retire.
Thank you for the compliment but it is a bit exaggerated.

It is true that Mel and I worked very hard to start the Morningstar Vanguard Diehard Forum in March 1998. It was Morningstar's first mutual fund company forum.

This Bogleheads Forum, started in 2007, is the brainchild of Alex Frakt, Larry Auton and "Phoenix (another of Jack's followers). They contribute significant amounts of time and money to make it work. Bogleheads on this forum know that we are free of the conflict-of-interest which permeates the investment industry. I believe that the Bogleheads Forum has become the largest non-commercial financial forum on the internet.

Mel was one of the Bogleheads Forum first contributors. He encouraged me to follow. Along with thousands of other Bogleheads like yourself, we appreciate the honor to participate in Mr. Bogle's Crusade "To give ordinary investors a fair shake. "

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

trasmuss
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Re: What stops you from retiring today?

Post by trasmuss » Sun May 06, 2012 6:52 am

Is it "greed" or "guilt"? I have enough to retire now (62 1/2"). My company is eliminating several benefits unless I retire before next year. I'll be 63 at the end of the year. I am grappling with whether to retire at the end of May (to have the summer off for the first time since 1965) to work until the end of the year (more salary, higher pension, more 401k matching, etc.). Does anyone else feel guilty for retiring before 65? Does anyone else want to keep accumulating more when it really isn't necessary? I have reached the decision to retire no later than the end of the year; now the decision of whether to go now or wait for the maximum amount.

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burt
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Re: What stops you from retiring today?

Post by burt » Sun May 06, 2012 7:25 am

Money. However, hell or high water age 60 is it.

burt

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Re: What stops you from retiring today?

Post by Tom_T » Sun May 06, 2012 7:52 am

trasmuss wrote:Is it "greed" or "guilt"? I have enough to retire now (62 1/2"). My company is eliminating several benefits unless I retire before next year. I'll be 63 at the end of the year. I am grappling with whether to retire at the end of May (to have the summer off for the first time since 1965) to work until the end of the year (more salary, higher pension, more 401k matching, etc.). Does anyone else feel guilty for retiring before 65? Does anyone else want to keep accumulating more when it really isn't necessary? I have reached the decision to retire no later than the end of the year; now the decision of whether to go now or wait for the maximum amount.
What is the additional benefit if you wait until the end of the year?

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Rob54keep
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Re: What stops you from retiring today?

Post by Rob54keep » Sun May 06, 2012 7:53 am

I am 58 and thinking about transitioning into retirement in the next year. I really enjoy my job, am paid well and find that I have alot to contribute to the company's success however they are relocating to a city that I use to live and prefer not to go back to (at least permenately)
I have retired from a previous company so I have health insurance to "bridge the gap" to age 65 (although it's still more expensive that what I have now).
So...thinking about working the next 6 months as a commuter to capture some financial goals and then transition to another company or career or volunteer woork???? I am a strong advocate of working to add value to our own life's and to our society so I don't want to retire just to do leisure things all the time.
I just I'm taking it one day at a time and always seeking a good direction.

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Re: What stops you from retiring today?

Post by hudson » Sun May 06, 2012 8:36 am

trasmuss wrote:Is it "greed" or "guilt"? I have enough to retire now (62 1/2"). My company is eliminating several benefits unless I retire before next year. I'll be 63 at the end of the year. I am grappling with whether to retire at the end of May (to have the summer off for the first time since 1965) to work until the end of the year (more salary, higher pension, more 401k matching, etc.). Does anyone else feel guilty for retiring before 65? Does anyone else want to keep accumulating more when it really isn't necessary? I have reached the decision to retire no later than the end of the year; now the decision of whether to go now or wait for the maximum amount.
"To have the summer off for the first time since 1965" Let's see, that's about 47 summers. A summer off is good...and sounds tempting. Maybe put in for a leave of absence...for this summer and next and go for FRA/66?

I'm in the same boat...but shooting towards FRA...or FRA plus?

Would I feel guilty if I did retire early? I attend two annual gatherings and 2 monthly gatherings of my peers. Around 75% are retired. The peer pressure (which I try to ignore) is strongly pro-retirement. (I try to ignore guilt.)

Keep accumulating when not really necessary? If you have too much accumulated....pull the pin. I could go now, but if I go to FRA, the extra will take care of my cable/phone/internet bill. In another Boglehead discussion, someone asked, "Do you want to be the richest man in Forest Lawn?"

It's good to have a job...it's good to be working...it's healthy to be working....it's great to be working and have the option to leave tommorrow. In the book, "Younger Next Year", there's a section about working-on that's worth a look. For men... http://goo.gl/NvhOx for women...http://goo.gl/lnAKd The point they make is that it's healthy to be useful and needed. If someone one is willing to swap you money for your time, you have worth. Crowley and Lodge go on to say that there are other ways to skin that cat.

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Re: What stops you from retiring today?

Post by VictoriaF » Sun May 06, 2012 8:47 am

trasmuss wrote:Does anyone else feel guilty for retiring before 65?
Among the Bogleheads, the gold standard is retiring before 60. Some highly respected posters have retired before 50. An early retirement is carried as a badge of honor, and the lower your age at retirement is the greater your bragging rights are.

Victoria
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Re: What stops you from retiring today?

Post by hudson » Sun May 06, 2012 8:53 am

VictoriaF wrote:
trasmuss wrote:Does anyone else feel guilty for retiring before 65?
Among the Bogleheads, the gold standard is retiring before 60. Some highly respected posters have retired before 50. An early retirement is carried as a badge of honor, and the lower your age at retirement is the greater your bragging rights are.

Victoria
I don't know that that's ever been stated before. Maybe there should be a list of gold standards in the WIKI? It's kind of like AGE IN BONDS.
Here's to GOLD STANDARDS!

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Re: What stops you from retiring today?

Post by Norris » Sun May 06, 2012 9:01 am

Inertia
Health Insurance
Daughter entering college in the fall
Not necessarily in that order

Lots of interesting responses. By the way, I saw the word "renumerate". Although it would seem otherwise, the actual word is "remunerate" :moneybag

Norris
Life is really simple, but we insist on making it complicated. Confucius

tpm871
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Re: What stops you from retiring today?

Post by tpm871 » Sun May 06, 2012 10:16 am

For me, it's mainly uncertainty. I'm not even close to a "normal" retirement age, so there's (hopefully) a lot of years left. The distant future is uncertain, so early retirement seems (financially) scary. Factors to consider:

Health care costs -- currently increase well above the rate of inflation
Medicare -- may not exist later, due to health care costs and other factors
Health insurance -- cost may be radically higher in the future
Social security -- may not exist later, due to an increasing ratio of retirees versus contributors
Investment returns -- who knows what will happen
Life expectancy -- I may live longer; risk of outliving my savings
Inflation -- my savings may become worth a lot less relative to what I need to spend

So in considering early retirement, I choose the most conservative assumptions:

1. I will live forever (not really)
2. I will never see a dime of medicare dollars
3. I will never see a dime of social security dollars
4. Health insurance cost will always increase at a rate above inflation

Conclusion: I need to be able to live on a very low withdrawal rate that virtually guarantees that my investments will continue grow relative to inflation in the long run. Every year that my investments increase, my future withdrawal rate relative to my portfolio decreases. I'd like to get to a point where I could live on a 2% or less withdrawal rate.

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Re: What stops you from retiring today?

Post by trasmuss » Sun May 06, 2012 10:24 am

I would give up about $775 a year in pension retiring now vs. the end of the year. Plus 5 months of free post 65 healh insurance. My wife would get 75% of the $775 after I'm gone. More is always tempting. I'm giving up $4k per year in pension by retiring at 63 instead of 65. Tom

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Re: What stops you from retiring today?

Post by trasmuss » Sun May 06, 2012 11:05 am

No options for sabatical or summer off. The company is downsizing and laying people off. Once I leave it will be for good. If I do stay until the end of the year I will hopefully have many healthy summers to come. There are no guarantees, however. I'm 50-50 and keep going back and forth. Retirement is such a final decision these days with the economy the way it is. So add "finality" to what stops me from retiring.

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Re: What stops you from retiring today?

Post by 6miths » Sun May 06, 2012 11:18 am

Norris wrote:Inertia
Health Insurance
Daughter entering college in the fall
Not necessarily in that order

Lots of interesting responses. By the way, I saw the word "renumerate". Although it would seem otherwise, the actual word is "remunerate" :moneybag

Norris
I wasn't guilty this time but it is a word that I often trip and have to catch myself when speaking! Although 'numer' sounds like it could be a root for something like 'number', it is actually from 'munus' - gift or 'muner' - to give. I think I just try to remember 'muney' ' LOL.
'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

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Re: What stops you from retiring today?

Post by Jonathan7 » Sun May 06, 2012 11:32 am

Boy do I want to retire today. The numbers say I could do it, but I have an 11 and 13 year old at home, worried about their college education, inflation, volatility in the stock market. Not to mention the "one more year syndrome."

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Re: What stops you from retiring today?

Post by j920 » Mon May 07, 2012 8:26 am

Tom_T wrote:
j920 wrote:I'm 23.
Can you sing? :)
I like your thinking! What you're saying is: try my hand at singing, allow listeners' ears to bleed, and make a killing selling my signature branded earplugs, right?! Maybe my retirement isn't so far off. :P

What I really meant by my post is that I am still young, and don't feel I've accomplished or contributed enough to have earned a lifetime of leisure. The money is also a large factor, though.

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Re: What stops you from retiring today?

Post by floydtime » Mon May 07, 2012 11:37 am

Health insurance.
"Do not value money for any more nor any less than its worth; it is a good servant but a bad master" - Alexandre Dumas

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Re: What stops you from retiring today?

Post by 555 » Mon May 07, 2012 12:18 pm

VictoriaF wrote:
trasmuss wrote:``Does anyone else feel guilty for retiring before 65?''
``Among the Bogleheads, the gold standard is retiring before 60. Some highly respected posters have retired before 50. An early retirement is carried as a badge of honor, and the lower your age at retirement is the greater your bragging rights are.''
This forum is nothing like what you suggest.

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porcupine
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Re: What stops you from retiring today?

Post by porcupine » Mon May 07, 2012 3:32 pm

Tom_T wrote:
j920 wrote:I'm 23.
Well, Justin Bieber is 18, and his net worth is reportedly over $100 million, so I don't think age alone is a factor. Can you sing? :)
What does singing have to do with it? :wink:

- Porcupine

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Re: What stops you from retiring today?

Post by Loon11 » Mon May 07, 2012 9:00 pm

I'm not quite ready to give up my govt' job in this economy - I guess fear keeps me from retiring. Probably got enough financially - son will be through college in summer session, no big debt.
Haven't worked out what to do in retirement - can't travel 24/7 or even want do that much. Never spent that much time alone with my spouse either - won't be able to escape to work.
Plan to ease into it parttime, dropping a day a week initially, then less. Can't see a down side to that - we will not get any more raises for sev. yrs and my high 3 is attained. So parttime for now, retirement in a couple of years or more. Of course, if they change the rules to high 5 yrs, I will be screwed.

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Re: What stops you from retiring today?

Post by Wolkenspiel » Mon May 07, 2012 9:37 pm

Too much fun at work (and lack of :wink: ).

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Re: What stops you from retiring today?

Post by BHCadet » Mon May 07, 2012 11:47 pm

I’ll have health insurance provided by my company for the whole family until 65 when Medicare takes over.
My house is paid for.
I’ve enough savings from our 401k, IRA, and in taxable accounts that we don’t really need a pension to maintain a save withdraw rate.
Both of us have pensions from our companies. Mine has a 5-year lump sum distribution option that is little over 1,000,000 after 5 years.
However, my wife is not old enough to qualify for her pension yet. And I do have one kid in college and one in high school.
I’m waiting for couple more years until my wife qualifies for her pension and when my youngest is in college so I would know the actual college expense will be.

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Re: What stops you from retiring today?

Post by Noobvestor » Tue May 08, 2012 2:00 am

VictoriaF wrote:
imgritz wrote:My ex-wife. Divorce is a killer on the finances.
I have noticed that men who marry much younger women tend to work longer than those who stay in their first marriage or get divorced for good.

Victoria
Not sure whether to laugh or be offended :confused

Atilla wrote:I'm 45. If I retired today it would be in a van down by the river. Not that it doesn't have a certain appeal.

As far as divorce - been there and done that. Luckily my first wife made a lot more than me at the time. I rejected spousal support payments the judge offered me (a man doesn't take money like that from a woman in my opinion). And the child support settlement, while it bugs me to write the check every month, amounts to less than 10% of gross pay.

Could have been a LOT worse.
Not sure whether to attribute to sexism or cultural differences :confused

[I guess I'm just not sure why either of these comments require this kind of gendering ....]
"In the absence of clarity, diversification is the only logical strategy" -= Larry Swedroe

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obgyn65
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Re: What stops you from retiring today?

Post by obgyn65 » Tue May 08, 2012 3:16 am

I am 47 and plan to retire later this year. Inertia is the main reason why I have not retired yet.
"The two most important days in someone's life are the day that they are born and the day they discover why." -John Maxwell

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VictoriaF
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Re: What stops you from retiring today?

Post by VictoriaF » Tue May 08, 2012 6:50 am

Noobvestor wrote:
VictoriaF wrote:
imgritz wrote:My ex-wife. Divorce is a killer on the finances.
I have noticed that men who marry much younger women tend to work longer than those who stay in their first marriage or get divorced for good.

Victoria
Not sure whether to laugh or be offended :confused

Atilla wrote:I'm 45. If I retired today it would be in a van down by the river. Not that it doesn't have a certain appeal.

As far as divorce - been there and done that. Luckily my first wife made a lot more than me at the time. I rejected spousal support payments the judge offered me (a man doesn't take money like that from a woman in my opinion). And the child support settlement, while it bugs me to write the check every month, amounts to less than 10% of gross pay.

Could have been a LOT worse.
Not sure whether to attribute to sexism or cultural differences :confused

[I guess I'm just not sure why either of these comments require this kind of gendering ....]
My comment is based on an observation of how the world is rather than an endorsement of how the world should be. Clearly, no matter how many times my observation fits, one can find an example of a woman marrying a much younger man and staying in the workforce longer as a result. Not only I am not familiar with such cases, I think they are too rare to require gender-neutral language(*).

Victoria

(*) Gender-neutral language is increasingly abused. A poster would write about his female coworker and use a pronoun "they" where "she" is appropriate. For general (statistically-neutral) statements I find the academic approach of alternating male and female gender references more elegant.
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

The Wizard
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Re: What stops you from retiring today?

Post by The Wizard » Tue May 08, 2012 7:35 am

555 wrote:
VictoriaF wrote:
trasmuss wrote:``Does anyone else feel guilty for retiring before 65?''
``Among the Bogleheads, the gold standard is retiring before 60. Some highly respected posters have retired before 50. An early retirement is carried as a badge of honor, and the lower your age at retirement is the greater your bragging rights are.''
This forum is nothing like what you suggest.
Right.
I think she's confusing us with the folks over at the Early Retirement forum...
Attempted new signature...

j920
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Location: Colorado

Re: What stops you from retiring today?

Post by j920 » Tue May 08, 2012 8:10 am

Wolkenspiel wrote:Too much fun at work (and lack of :wink: ).
Great response; one you don't hear often (at least the fun part :happy ).

mojorisin
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Re: What stops you from retiring today?

Post by mojorisin » Tue May 08, 2012 9:12 am

I just turned 40 and hit $1.2M in net worth, with $1M in savings (cash / 401k / IRA). I have a nice paying job ($250k annual), however is sales and highly stressful, but its too much money to walk away from. Plus I have 2 young kids who's expenses are only going to exponentially increase.

My "plan" is to save another $1M in the next 10 years. Hit $2M+ savings with my home mostly paid off by 50. Then in my early 50's move into a part time role, or do something full time which I "enjoy" more day to day even if the pay isnt nearly as high.

I find the more I save, the less "stress" my sales role is. The "stress" of my role comes from having to save a specific amount each year to hit my retirement goals, I'm very good at what I do but "numbers are numbers" as they say in sales. The more money I have saved, the less I "need" the savings. Thus the less need is placed on my income. Once I hit my savings goals, I will be "choosing" to work where today I "need" to work.

To bring this all the way back to the original question - what will be keeping me from retirement (hopefully) will be - I have plenty saved, but my job pays too much to walk away from in my 50's. Thus I'm working because I "choose" to not because I "have" to. The income is disposable income or simply extra savings.

Great discussion.

at ease
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Re: What stops you from retiring today?

Post by at ease » Tue May 08, 2012 12:06 pm

..to Tsasmus...

i'm near your age, and given the info. you noted, i would stay till year end....that way you can make the most of the hand delt you.....then go: then you will look back and say you did the best you could with what was realistically available .....i plan on retiring at 63 1/2, so no...i don't mind not waiting to 65.

SGM
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Re: What stops you from retiring today?

Post by SGM » Tue May 08, 2012 6:39 pm

I am going to semi-retire this month for at least 1 1/2 years, unless someone buys this facility and I get a boss. I really have not had a boss in 17 years. Then I will have to rethink if I want to retire completely sooner. I like the idea of easing into retirement.
"Let us endeavor, so to live, that when we die, even the undertaker will be sorry." Mark Twain

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VictoriaF
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Re: What stops you from retiring today?

Post by VictoriaF » Tue May 08, 2012 8:30 pm

reggiesimpson wrote:
Old Guy wrote:Maybe I'll shelve books in a library in town or go to the lectures on campus. Living in a university town provides absolutely no excuse for being bored.

I'm not so depressed now. This could work out.
Get out more. Go to the many Comedy Clubs that are everywhere. Sit in the front row and i guarantee you the comics will pull you in to their "act". You will be challenged so expect to fire back. They will never expect the "old dude" in the audience to be alive let alone hit them back...........neither will the rest of the audience(who are usually under 30!). I went thru this a few times and its hilarious, harmless fun. Everyone appreciates it.
Even better, take some comedy courses and become a comedian.

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

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