Retirement itch- when did you get it?

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beyou
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Re: Retirement itch- when did you get it?

Post by beyou » Tue Dec 04, 2018 6:50 pm

truenorth418 wrote:
Mon Dec 03, 2018 9:20 am
I saw a movie, "Lost in America", about a yuppie couple that "cashed out" to travel the country in an RV.

I remember thinking to myself at the time, "Hmm, that's an interesting concept, work really hard for 10 or 20 years, save as much money as possible, and then live off the interest, or whatever".
You do recall that they lost all their money in Las Vegas, don't you ?
Great movie but that did not inspire confidence to retire early !

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mrspock
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Re: Retirement itch- when did you get it?

Post by mrspock » Tue Dec 04, 2018 7:30 pm

retire2022 wrote:
Tue Dec 04, 2018 5:59 pm
mrspock wrote:
Tue Dec 04, 2018 3:26 am

$1.5M invested plus 65% wages in retirement? I’d have left yesterday. What are those 4 prime years of health and mobility worth to you?
mrsspock, paralyzed by indecision hence venting, will take your point into consideration.
If possible you might see if there’s a way to work part-time so you can ease into retirement. Perhaps it will be easier (mentally... financially I think you are golden) if it’s not so abrupt or such a binary decision.

Good luck with your decision! Looks like you’ve made some solid financial decisions during your career!

retire2022
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Re: Retirement itch- when did you get it?

Post by retire2022 » Tue Dec 04, 2018 8:13 pm

mrspock wrote:
Tue Dec 04, 2018 7:30 pm
retire2022 wrote:
Tue Dec 04, 2018 5:59 pm
mrspock wrote:
Tue Dec 04, 2018 3:26 am

$1.5M invested plus 65% wages in retirement? I’d have left yesterday. What are those 4 prime years of health and mobility worth to you?
mrsspock, paralyzed by indecision hence venting, will take your point into consideration.
If possible you might see if there’s a way to work part-time so you can ease into retirement. Perhaps it will be easier (mentally... financially I think you are golden) if it’s not so abrupt or such a binary decision.

Good luck with your decision! Looks like you’ve made some solid financial decisions during your career!
I'm an aggressive investor, with that in mind it is hard in my opinion to shift gear and rebalance my portfolio to moderate asset allocation, esp with dropping equity pricing. Will see in the next few months, a part time consulting job may or may not pop up.

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catalina355
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Re: Retirement itch- when did you get it?

Post by catalina355 » Tue Dec 04, 2018 8:33 pm

retire2022 wrote:
Tue Dec 04, 2018 12:04 am
All, I'm 58 single, portfolio 1.5 million, net worth 2.1 million, thinking every day want to leave, state pension will have 65% final average salary, looking for an excuse, best to leave at 62 but it may not be a good idea, I keep changing my mind. I brought 89 acres upstate, but need to refill the taxable cash account as cash cushion. My car will be paid off in Jan 2019. Will take one day at a time.

I have lots of hobbies would like to do post employment, I'm in my 32nd year of employment and can leave. We are suppose to relocate our office in a few months, the commute may make me leave. My sick time will cover until Medicare, in seven years.

I don't love what I do, but it is not stressful, I'm scared of changes, but what can anyone tell me to make me leave? I could be an consultant, but not sure if I can make it out there.

A few colleagues, have passed on, one a few days ago, thinking it is not worth it, but I'm trapped in my cycle of reality. It is good hearing you all vent.
Your sick time covers 7 years?

Being scared of change is quite common. I know that from personal experience.

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Re: Retirement itch- when did you get it?

Post by LadyGeek » Tue Dec 04, 2018 8:55 pm

retire2022 wrote:
Tue Dec 04, 2018 12:04 am
...I have lots of hobbies would like to do post employment, I'm in my 32nd year of employment and can leave. We are suppose to relocate our office in a few months, the commute may make me leave. My sick time will cover until Medicare, in seven years.

I don't love what I do, but it is not stressful, I'm scared of changes, but what can anyone tell me to make me leave? I could be an consultant, but not sure if I can make it out there.

A few colleagues, have passed on, one a few days ago, thinking it is not worth it, but I'm trapped in my cycle of reality. It is good hearing you all vent.
A little bit of fear is fine. You get through it by realizing you're not the only person to encounter this situation. Take a look at all the other posts in this thread. They've all gone through this. What is "fear" now becomes "old hat" later. You'll do fine, that's how you grow.

Start planning to leave now. An important step is to document how you're going to do this. Writing things down will focus your mind. Having it "in writing" will remove a lot of stress because you now have a plan to follow. When the time comes, you simply act on the plan.

Wait until the office relocation is formally announced. At that time, you will probably be offered a choice to (1) move or (2) resign. There may also be an incentive to stay to the end. Choose to leave and follow your plan. You'll be much happier in the long run. Your hobbies await.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

Tayskiing
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Re: Retirement itch- when did you get it?

Post by Tayskiing » Wed Dec 05, 2018 1:44 am

38
When my wife retired at 38, I started to feel the itch. I started counting down. I have 2 years, 5 months, 26 days until retirement. Will be retiring at 43. Moving to CO and plan on spending time raising the kids and enjoying doing all the outdoors activities like skiing, hiking, and fishing .

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Re: Retirement itch- when did you get it?

Post by MandyT » Wed Dec 05, 2018 3:38 pm

Ron wrote:
Mon Dec 03, 2018 11:13 am
When my job BS bucket overflowed, at the age of 59.

That was over 11 years ago, and have yet to have any regret of my decision to do so even though my original plan was to go at age 66 (my SS FRA).

- Ron
I like the metaphor of the job BS bucket! For quite a while, my job as a tenured associate professor seemed pretty cushy and I expected to retire at 62 or later. As the job BS bucket started to fill, I aimed for 60, then 58.

During the 2015-16 school year, changes were announced that would affect eligibility for retiree medical insurance. Under existing rules, anyone eligible to retire would be eligible for retiree medical. Proposed rules effective 1-1-18 would require the retiree to be at least 60 years old with at least 20 years of service to be eligible for retiree medical. Based on my age, I either had to retire in 2017 (at 55) or I would not be eligible until 2022 (at 60).

The BS bucket was getting full enough that I didn't know if I could hold out for five additional years. When I ran some simulations, the numbers actually were more optimistic than I had expected. I thought about it for a few months and finally decided to retire summer 2017.

I'm frugal and practical about most things, so I can easily see myself having been prone to doing "one more year" for a longer time period than would have been optimal; I'm actually grateful to have had that option taken away, since it made my decision much easier. What's surprising, in retrospect, was how quickly I went from being fairly content to wondering how much more I could stand--perhaps two or three years.

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Re: Retirement itch- when did you get it?

Post by rterickson » Wed Dec 05, 2018 3:55 pm

catalina355 wrote:
Tue Dec 04, 2018 8:33 pm

Your sick time covers 7 years?
Quite possibly.

My employer picks up the full cost of early retiree medical until Medicare eligibility, but we can "sell" sick time (8 hours buys 1 month) for dependent(s). I plan to cover my wife for 5-6 years when I retire.

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Elsebet
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Re: Retirement itch- when did you get it?

Post by Elsebet » Wed Dec 05, 2018 4:30 pm

At age 22 I was pushed into putting 18% of my income into my 401k from a co-worker. In my late 20's I was at a job where a 55-ish year old co-worker told me her horror story of being laid off in her 50's, not being able to find a job for years, and almost losing her house. Those two things started my thinking of trying to become financially independent and live below my means, but not necessarily to retire early.

My personal desire to retire early started in earnest when I was in my mid 30's. I was working in a giant cube farm where I had to walk quite a bit to get to the parts of the building with windows to look outside. Every day I would make the dreary windowless walk to my cube and feel miserable and lonely. I felt like Peter Gibbons from the movie Office Space when he said "Human beings were not meant to sit in little cubicles staring at computer screens all day, filling out useless forms and listening to eight different bosses drone on about about mission statements."

I have to admit that point was the worst I've ever felt about working so far. Every other building I've worked in so far has had windows and plenty of light so I honestly think not being able to see outside easily was severely affecting me.

retire2022
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Re: Retirement itch- when did you get it?

Post by retire2022 » Wed Dec 05, 2018 5:32 pm

catalina355 wrote:
Tue Dec 04, 2018 8:33 pm
Your sick time covers 7 years?

Being scared of change is quite common. I know that from personal experience.
[/quote]

Yes, I believe it does, the reason is sick time is worth about 30K, but will need to look into it further before I pull the trigger.

cj2018
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Re: Retirement itch- when did you get it?

Post by cj2018 » Wed Dec 05, 2018 9:00 pm

Cleverusername wrote:
Sun Dec 02, 2018 8:04 pm
It made me wonder, when did a notion about early retirement in your head become an itch, or even an urge?
As a classic millennial, I spent my early 20s exploring post-college lifestyle: flying around the country, party every weekend, drive expensive German toys, live in high-end apartments, get into student loan by attending graduate school etc.

For me, I caught the FIRE bug early this year after i turned 28 and got married. In my fairly short 5 yr professional career so far, I've worked at 3-5 different companies from tech startup to Fortune 5 companies and climbed the corporate ladder to sr. manager/director level at my current MegaCorp in the bay area. I've already seen how miserable people in my office in their late 30s/40s/50s who just simply clock in/clock out everyday to collect paychecks and hoping to survive the next round of layoffs - i don't want to be them when i reach that age and my BS bucket is filling up fast too as we speak!!! i don't know if it's a millennial thing or a silicon valley tech thing or what, but every young people i know who have high-paying 6 figure jobs here are all aiming to FIRE by their late 30s and get the hell out of bay area!

Anyhow, DW and I started saving and investing like there's no tomorrow in early 2018, and we are glad to have found a place like BH where we follow the investment principle and everything in our low 6-figure portfolio is in index funds and we are staying the course till our FI target which is set to be 12 yrs from now.

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FIREchief
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Re: Retirement itch- when did you get it?

Post by FIREchief » Wed Dec 05, 2018 10:11 pm

I never considered early retirement until I got a really crappy boss/assignment at Megacorp when I was about 48. Suddenly, the FIRE path was exceedingly appealing!! 8-) :sharebeer
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

am
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Re: Retirement itch- when did you get it?

Post by am » Wed Dec 05, 2018 10:21 pm

As an MD, I think about early retirement (early-mid 50s) all the time. I worry that because it is all consuming and has been my life for years, that I’l feel empty or lack purpose if I just completely get out. But the stress, long hours, corporate bs, productivity quotas and liability will make leaving worth it in my mind. All the disease and death that I see too early makes one think hard.

I don’t see any of my colleagues retiring however. I see plenty of old crotchety silver haired doctors walking the halls. I always wonder if it’s because of bad financial decisions or because they like it or can’t imagine life without medicine. The national surveys on burnout and whether docs recommend the profession to kids tell a different story of many stuck MDs. Would love to hear other docs plans?

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Re: Retirement itch- when did you get it?

Post by basspond » Thu Dec 06, 2018 7:22 pm

When I was about 20, retired at 55, loving every minute!

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Re: Retirement itch- when did you get it?

Post by desiderium » Thu Dec 06, 2018 10:36 pm

am wrote:
Wed Dec 05, 2018 10:21 pm
As an MD, I think about early retirement (early-mid 50s) all the time. I worry that because it is all consuming and has been my life for years, that I’l feel empty or lack purpose if I just completely get out. But the stress, long hours, corporate bs, productivity quotas and liability will make leaving worth it in my mind. All the disease and death that I see too early makes one think hard.

I don’t see any of my colleagues retiring however. I see plenty of old crotchety silver haired doctors walking the halls. I always wonder if it’s because of bad financial decisions or because they like it or can’t imagine life without medicine. The national surveys on burnout and whether docs recommend the profession to kids tell a different story of many stuck MDs. Would love to hear other docs plans?
Succinct statement of the zeitgeist among physicians. I think many physicians do lack imagination about alternatives. Perhaps the job is too all consuming to feel the reality of something else. I reached a point where I saw clearly that a combination of current savings, attention to spending, and part time work (e.g. locums a few months a year) could easily meet my financial needs. Thus freed, every day is entirely voluntary on my part and if I really were miserable I should do plan B. It has helped me to refuse things I don't want to take on and delay things that I decide are unimportant--"sorry my schedule is booked for the next 6 weeks, call my office for a slot when it opens up"; or "I have too many evening meetings booked this month, lets try for next". Paradoxically, gaining a reputation for candor and just saying no at times has vaulted the demand for my leadership role and made it easier for me to effect change in my organization. I still think about retiring but not ready yet.

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Re: Retirement itch- when did you get it?

Post by Cycle » Thu Dec 06, 2018 10:57 pm

I'm 35, been laser focused on high savings rate for the last several years, even downsizing and moving into a cheaper neighborhood. Negative lifestyle creep.

Probably got the retirement itch when a friend of ours retired in his late 30s. I think we'll retire in 10 years ish or whatever, but could retire today if we really wanted to.

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Re: Retirement itch- when did you get it?

Post by brennok » Thu Dec 06, 2018 11:31 pm

am wrote:
Wed Dec 05, 2018 10:21 pm
As an MD, I think about early retirement (early-mid 50s) all the time. I worry that because it is all consuming and has been my life for years, that I’l feel empty or lack purpose if I just completely get out. But the stress, long hours, corporate bs, productivity quotas and liability will make leaving worth it in my mind. All the disease and death that I see too early makes one think hard.

I don’t see any of my colleagues retiring however. I see plenty of old crotchety silver haired doctors walking the halls. I always wonder if it’s because of bad financial decisions or because they like it or can’t imagine life without medicine. The national surveys on burnout and whether docs recommend the profession to kids tell a different story of many stuck MDs. Would love to hear other docs plans?
My father, primary care, worked until he died in his 70s. He was seeing less and less patients and focusing more on the business end. He ran his own practice among other things so didn’t have the corporate headaches more common place now as all the private practices get swallowed up. EMR had a lot to do with him no longer seeing patients. He hated the tech and hated going to other doctors watching then just staring at their tablets or laptops.

He also told me in the 80s and 90s not to go into medicine with the directions he saw things going with insurance.

His partner who took over the practice when he died has since sold to a megacorp and is eyeing early retirement. I think he got sick of the headaches and no longer found it fun dealing with the carriers.

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Re: Retirement itch- when did you get it?

Post by Turbo29 » Fri Dec 07, 2018 7:53 am

My father told me not to go into medicine in the late 1960s when I was a little kid oh, I think he hated it.

It killed him because he dropped dead of a heart attack at 47 a few years later.

My mother had worked to help put him through medical school and she always wondered why I didn't want to be a doctor. I never told her what he had said.

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Re: Retirement itch- when did you get it?

Post by tennisplyr » Fri Dec 07, 2018 11:41 am

In my fifties, hated work, retired @61
Those who move forward with a happy spirit will find that things always work out.

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Re: Retirement itch- when did you get it?

Post by mancich » Fri Dec 07, 2018 11:46 am

Turning 51 later this month and starting to get the itch. I'd like the option to be able to go at 55 (have a traditional pension waiting from Megacorp, accessible at 55), but even if I survive in Megacorp until then. I might not necessarily retire. Just want to be able to be in the position to do so. So we're saving like crazy.. Or maybe I'll retire at 55 and then go do something else. The grind gets to me sometimes but trying to keep a positive attitude.. :beer

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Re: Retirement itch- when did you get it?

Post by trirod » Fri Dec 07, 2018 12:56 pm

Must have been around age 40 (had to go check my retirement spreadsheets to see when I originally set those up). Just turned 51 and am semi-retiring December 31 (24 days and counting...). I will consult for my company for up to 400 hours next year and see how that goes before committing to anything beyond that. Kind of a weird situation with my employer - I had assumed we would negotiate an hourly rate for my work next year since I knew they wanted to keep me involved with some specific clients. However, the boss thought that was too open-ended for budget purposes and wanted to pay me a fixed salary in return for up to 400 hours work (with the understanding that this would be negotiated if that 400 hours estimate turned out to be too low). I think it should work out OK, but we'll see.

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