What are your personal experiences with downside of early retirement?

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investingdad
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What are your personal experiences with downside of early retirement?

Post by investingdad » Sat Mar 09, 2019 7:14 am

Who can share personal experiences on the downsides of early retirement?

Let me share mine, though it's not quite what you think.

I'm working on a difficult project at work, way over my head. No roadmap on this one. I basically direct and guide the engineering team and then pull their work together.

So I was assigned two early retirees who are back working part time, one remotely from his winter home in Florida. Both late 60s. And let me tell you, I would have been SUNK without their experience. But now they're off again because I chewed up all of their time to get me to the finish line.

So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.

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Re: What are your personal experiences with downside of early retirement?

Post by carolinaman » Sat Mar 09, 2019 7:50 am

investingdad wrote:
Sat Mar 09, 2019 7:14 am
Who can share personal experiences on the downsides of early retirement?

Let me share mine, though it's not quite what you think.

I'm working on a difficult project at work, way over my head. No roadmap on this one. I basically direct and guide the engineering team and then pull their work together.

So I was assigned two early retirees who are back working part time, one remotely from his winter home in Florida. Both late 60s. And let me tell you, I would have been SUNK without their experience. But now they're off again because I chewed up all of their time to get me to the finish line.

So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.
This is where having backups, cross training, depth and succession planning are needed. An organization having "irreplaceable experienced" people leave is because they have failed to prepare and plan for that eventuality. It is never a good thing to have only one person who can do a critical and complex task. A lot of retirees get nice part time gigs because of their organizations failure to plan. It sounds like you were the victim of someone in your organization failing to do proper succession planning.

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JoeRetire
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Re: What are your personal experiences with downside of early retirement?

Post by JoeRetire » Sat Mar 09, 2019 7:53 am

investingdad wrote:
Sat Mar 09, 2019 7:14 am
So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.
That has nothing to do with early retirement.
Instead, it's solely due to management making the mistake of not having replacements ready to go.

Nobody is truly "irreplaceable".
Last edited by JoeRetire on Sun Mar 10, 2019 7:29 am, edited 1 time in total.
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Re: What are your personal experiences with downside of early retirement?

Post by praxis » Sat Mar 09, 2019 8:06 am

JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
Nobody is truly "irreplaceable".
Boy, did I learn that!
It was my hardest retirement lesson
but also the lesson that boosted me forward into embracing retirement.

Removing career from life leaves a hole in the middle.
How you fill that hole going forward determines how successful (happy) you are in retirement.

I got over how my former employer was EVER going to make it without me!

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Re: What are your personal experiences with downside of early retirement?

Post by Rondo » Sat Mar 09, 2019 8:36 am

Early retirement can sometimes be lonely because most of your peers are still working and some of them may have younger children as well. It’s not like you can just call someone up and go hang out because they are still doing that daily grind.

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Re: What are your personal experiences with downside of early retirement?

Post by LadyGeek » Sat Mar 09, 2019 9:09 am

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

investingdad - I believe you are referring to the downside from an employment perspective, meaning how it impacts your career.
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Re: What are your personal experiences with downside of early retirement?

Post by bayview » Sat Mar 09, 2019 9:19 am

investingdad wrote:
Sat Mar 09, 2019 7:14 am
Who can share personal experiences on the downsides of early retirement?

Let me share mine, though it's not quite what you think.

I'm working on a difficult project at work, way over my head. No roadmap on this one. I basically direct and guide the engineering team and then pull their work together.

So I was assigned two early retirees who are back working part time, one remotely from his winter home in Florida. Both late 60s. And let me tell you, I would have been SUNK without their experience. But now they're off again because I chewed up all of their time to get me to the finish line.

So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.
I retired from my federal job in October. I spent the last two months documenting everything that I could as to what I knew that they needed to know, and tried to get people to let me train them, pretty much all for naught.

Just got an email yesterday afternoon from my former manager, asking if I'd be interested in going back on a per diem basis. lol
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Re: What are your personal experiences with downside of early retirement?

Post by elainet7 » Sat Mar 09, 2019 9:23 am

the high cost of health care but early retirement should be everyone's goal
life is not a dress rehearsal

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Re: What are your personal experiences with downside of early retirement?

Post by pward » Sat Mar 09, 2019 9:52 am

And that's why you don't over work your engineers for your own benefit. Even if they weren't early-retirees, engineering is a field where the employees have the power not the employer, because the demand for their talent is so great. Treat your engineers right and they will stay. Also, it's always good to make sure your team members are cross pollinating knowledge so you don't get stuck in a position where one person leaving disrupts operations. I've had to learn both of those lessons the hard way as well.

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Re: What are your personal experiences with downside of early retirement?

Post by staythecourse » Sat Mar 09, 2019 9:55 am

praxis wrote:
Sat Mar 09, 2019 8:06 am
JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
Nobody is truly "irreplaceable".
Boy, did I learn that!
It was my hardest retirement lesson
but also the lesson that boosted me forward into embracing retirement.

Removing career from life leaves a hole in the middle.
How you fill that hole going forward determines how successful (happy) you are in retirement.

I got over how my former employer was EVER going to make it without me!
Interestingly, if you look at the behavioral aspect I wonder if this is a U.S. centric issue? The studies support our children being overconfident in their educational prowess despite having some of the worst test scores year after year. U.S. investors have shown overconfidence in being able to predict their forecasting of macroeconomic stock movements (looks like a good time or bad time for the next 6 months) and of course being wrong over and over again. Does this overconfidence continues into the work force it seems? As mentioned NO ONE is irreplaceable. Think about it it is a bit arrogant to think you are.

Agreed with posters above that the issue is employers NOT figuring out to plan ahead of the next generation of replacement workers for each position.

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle

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Re: What are your personal experiences with downside of early retirement?

Post by GCD » Sat Mar 09, 2019 2:56 pm

staythecourse wrote:
Sat Mar 09, 2019 9:55 am
Does this overconfidence continues into the work force it seems? As mentioned NO ONE is irreplaceable. Think about it it is a bit arrogant to think you are.
Somewhat complementary to this is that you are irreplaceable to your family. Now with all the divorce,remarrying and step-whatevers going on I suppose people might argue this. And horrible abusive parents exist. But unless you go on trying to find exceptions, the general rule is that a parent is irreplaceable. At least I am!

Early retirement has let me be much more involved with my kids and my wife. Early retirement allowed me to salvage a kid going sideways in high school where I think it would have been far more difficult, if not impossible, to do so if I had been working full time.

But this thread is about downsides.

I would say the only downside I have experienced so far is people sometimes judge me for not having immediately gotten a post-retirement job.

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Re: What are your personal experiences with downside of early retirement?

Post by Church Lady » Sat Mar 09, 2019 3:15 pm

the high cost of health care but early retirement should be everyone's goal
life is not a dress rehearsal
Yes+. I buy health insurance from my former employer. Last year they reimbursed for out of network care at a reduced rate, which was fine by me. This year, they are not reimbursing for out of network care at all. The dental plan was replaced with a joke dental plan, but apparently active employees are stuck with the same.

In other words, until Medicare, you can buy health care from your former employer, but you may find the coverage gets worse and more expensive every year. :(

ON the other hand, work was probably the main contributor to my health decline. Tradeoffs, tradeoffs!
He that loveth silver shall not be satisfied with silver; nor he that loveth abundance with increase: this is also vanity.

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Re: What are your personal experiences with downside of early retirement?

Post by sailaway » Sat Mar 09, 2019 3:20 pm

Sometimes the board changes and your volunteer job becomes just as annoying as a paying job.

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Re: What are your personal experiences with downside of early retirement?

Post by Erwin007 » Sat Mar 09, 2019 3:47 pm

JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
investingdad wrote:
Sat Mar 09, 2019 7:14 am
So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.
That has nothing to do with early retirement.
Instead, it's solely due to management making the mistake of having replacements ready to go.

Nobody is truly "irreplaceable".
I disagree.

In medicine, there is almost nothing that can beat 15-20 years of experiences in the trenches. No new grad, no matter how well trained, is going to have anywhere near the experience of an almost retired physician of any specialty.

I am fearful for what health care will be like for that reason in about 20 years. There is a huge movement in medicine amongst newer grads to early retire. Some may not be able to due to massive student loan burden, but long gone are the days of physicians working into their 70s because medicine was a calling.

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Re: What are your personal experiences with downside of early retirement?

Post by patelbhavesh » Sat Mar 09, 2019 3:51 pm

My parents/in-laws retired when they were 50[not in US though].
A few hours per day they socialize in parks.But the remaining time is spend on tv or internet.

The world has started rethinking about the concept of retirement.And some European countries are experimenting with gradual retirements versus total early retirement due to mental/health issues associated with early retirement.
https://www.npr.org/series/294406075/re ... -landscape
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2862495/

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Re: What are your personal experiences with downside of early retirement?

Post by mptfan » Sat Mar 09, 2019 3:55 pm

Erwin007 wrote:
Sat Mar 09, 2019 3:47 pm
In medicine, there is almost nothing that can beat 15-20 years of experiences in the trenches. No new grad, no matter how well trained, is going to have anywhere near the experience of an almost retired physician of any specialty.
That may be true, but I think the point is that someone with 15-20 years of experience in the trenches can be replaced with someone else who also has experience in the trenches. Maybe not 15-20, but enough to get the job done...an MD with 5-10 years of experience might not be as good, but they would be good enough to get the job done and they could replace you.
Last edited by mptfan on Sat Mar 09, 2019 3:58 pm, edited 3 times in total.

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Re: What are your personal experiences with downside of early retirement?

Post by HEDGEFUNDIE » Sat Mar 09, 2019 3:56 pm

Erwin007 wrote:
Sat Mar 09, 2019 3:47 pm
JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
investingdad wrote:
Sat Mar 09, 2019 7:14 am
So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.
That has nothing to do with early retirement.
Instead, it's solely due to management making the mistake of having replacements ready to go.

Nobody is truly "irreplaceable".
I disagree.

In medicine, there is almost nothing that can beat 15-20 years of experiences in the trenches. No new grad, no matter how well trained, is going to have anywhere near the experience of an almost retired physician of any specialty.

I am fearful for what health care will be like for that reason in about 20 years. There is a huge movement in medicine amongst newer grads to early retire. Some may not be able to due to massive student loan burden, but long gone are the days of physicians working into their 70s because medicine was a calling.
It’s more complicated than this, I would think.

How many 70-something MDs are still keeping up with the latest in medical research and medications?

How many years of experience would make an MD “experienced”? 10 years? 20 years?

I think if we moved to a world with MDs retiring after “only” 20 years, I think we could get the best of both worlds.

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Re: What are your personal experiences with downside of early retirement?

Post by fourwheelcycle » Sat Mar 09, 2019 5:03 pm

investingdad wrote:
Sat Mar 09, 2019 7:14 am
So for me, the downside is when [people] walk out the door with [no replacements].
When I retired at 60 I knew my employer had no one to do one critical part of my job, so I offered to keep doing it as a consultant for a year until they could train or recruit a replacement. They hired a replacement with the same job title in about six months, but when that person learned they were paying me to do that part of the job he decided he'd rather not do it himself. I ended up consulting a few days per month for seven years.

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Re: What are your personal experiences with downside of early retirement?

Post by staythecourse » Sat Mar 09, 2019 6:43 pm

GCD wrote:
Sat Mar 09, 2019 2:56 pm
staythecourse wrote:
Sat Mar 09, 2019 9:55 am
Does this overconfidence continues into the work force it seems? As mentioned NO ONE is irreplaceable. Think about it it is a bit arrogant to think you are.
Somewhat complementary to this is that you are irreplaceable to your family. Now with all the divorce,remarrying and step-whatevers going on I suppose people might argue this. And horrible abusive parents exist. But unless you go on trying to find exceptions, the general rule is that a parent is irreplaceable. At least I am!

Early retirement has let me be much more involved with my kids and my wife. Early retirement allowed me to salvage a kid going sideways in high school where I think it would have been far more difficult, if not impossible, to do so if I had been working full time.

But this thread is about downsides.

I would say the only downside I have experienced so far is people sometimes judge me for not having immediately gotten a post-retirement job.
Going off a tangent... Yes I agree. One's worth to your family is MUCH more important then you worth in any other relationship, i.e. work, friendships, etc...

My wife and I worked out our careers to spend more time with our kids just for this reason. We know we impact them MORE then we do at work (that includes my wife who is a cancer doctor).

Good luck.
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Re: What are your personal experiences with downside of early retirement?

Post by Clever_Username » Sat Mar 09, 2019 8:12 pm

sailaway wrote:
Sat Mar 09, 2019 3:20 pm
Sometimes the board changes and your volunteer job becomes just as annoying as a paying job.
True, but advocating for change or leaving is much easier if one isn't there for financial purposes. This is true pre-retirement also.
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Re: What are your personal experiences with downside of early retirement?

Post by JGoneRiding » Sat Mar 09, 2019 8:19 pm

JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
investingdad wrote:
Sat Mar 09, 2019 7:14 am
So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.
That has nothing to do with early retirement.
Instead, it's solely due to management making the mistake of having replacements ready to go.

Nobody is truly "irreplaceable".
I don't know. Boss not so intelligently fired someone because in the past he has easily been able to replace that position. We have not managed to do so! If he doesn't SOON I am deeply concerned it will cause a chain reaction of walk outs (I see it the office manager sees it boss appears unaware).

I rest fairly securely in the fact that while not irreplaceable I am very tough to replace (last attempt to hire took 9 months and 3 people turned down offers)

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Re: What are your personal experiences with downside of early retirement?

Post by JGoneRiding » Sat Mar 09, 2019 8:24 pm

Double post

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Re: What are your personal experiences with downside of early retirement?

Post by bhsince87 » Sat Mar 09, 2019 9:30 pm

investingdad wrote:
Sat Mar 09, 2019 7:14 am
Who can share personal experiences on the downsides of early retirement?

Let me share mine, though it's not quite what you think.

I'm working on a difficult project at work, way over my head. No roadmap on this one. I basically direct and guide the engineering team and then pull their work together.

So I was assigned two early retirees who are back working part time, one remotely from his winter home in Florida. Both late 60s. And let me tell you, I would have been SUNK without their experience. But now they're off again because I chewed up all of their time to get me to the finish line.

So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.

Can you clarify what you are actually asking about? Seems like you are talking about the down sides for people who DON'T retire early.

But a lot of responders are assuming you're asking about downsides for the people who do retire early.

Or are you asking about both?
"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace." Samuel Adams

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Re: What are your personal experiences with downside of early retirement?

Post by StealthRabbit » Sat Mar 09, 2019 9:32 pm

What are your personal experiences with downside of early retirement?

Age 49 FIRE; (with No pension / no HC)
1) Property taxes increased from $3k / yr to $14k / yr (Previously had been $800 / yr. Same home, just more worn out... assessor seems to really like it!)
2) Health Insurance was $300 / month @ FIRE yet before A(?)CA, . After HC become 'affordable' it jumped from $300 to $1400 / month, now it would be over $2400 / month... so we are without.
3) Nearly impossible to change careers / get decent jobs once you are sporting gray hair. (Be prepared).

You get a lot of empty stares... "Hey, you can't do that!" Retire early... bye... :sharebeer

On the engineer exodus... (leaving an experience void). Similar in many careers, and most of us 'wage-slaves' felt the brunt of poor succession planning (we got more work, until so over-burdened... we too left!). I know (4) seasoned engineers who 'retired' from my former employer last month, more are following soon. Quite honestly, if companies would allow workers to work, and forget about annual evaluations / goals / accomplishments... there would be a lot more getting done, and a lot more people staying, mentoring, grooming.

Some Mid-level managers can be very intimidated by experienced workers.
My manager exclaimed "I don't want any gray on my team, you old folks ask too many tough questions. I only want millennial's". He got what he wished for :mrgreen: .

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Re: What are your personal experiences with downside of early retirement?

Post by CulchaCity » Sat Mar 09, 2019 9:37 pm

Erwin007 wrote:
Sat Mar 09, 2019 3:47 pm
JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
investingdad wrote:
Sat Mar 09, 2019 7:14 am
So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.
That has nothing to do with early retirement.
Instead, it's solely due to management making the mistake of having replacements ready to go.

Nobody is truly "irreplaceable".
I disagree.

In medicine, there is almost nothing that can beat 15-20 years of experiences in the trenches. No new grad, no matter how well trained, is going to have anywhere near the experience of an almost retired physician of any specialty.

I am fearful for what health care will be like for that reason in about 20 years. There is a huge movement in medicine amongst newer grads to early retire. Some may not be able to due to massive student loan burden, but long gone are the days of physicians working into their 70s because medicine was a calling.
Experience may not be all it's cracked up to be

https://www.bmj.com/company/newsroom/tr ... ath-rates/

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Re: What are your personal experiences with downside of early retirement?

Post by Erwin007 » Sat Mar 09, 2019 9:53 pm

CulchaCity wrote:
Sat Mar 09, 2019 9:37 pm
Erwin007 wrote:
Sat Mar 09, 2019 3:47 pm
JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
investingdad wrote:
Sat Mar 09, 2019 7:14 am
So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.
That has nothing to do with early retirement.
Instead, it's solely due to management making the mistake of having replacements ready to go.

Nobody is truly "irreplaceable".
I disagree.

In medicine, there is almost nothing that can beat 15-20 years of experiences in the trenches. No new grad, no matter how well trained, is going to have anywhere near the experience of an almost retired physician of any specialty.

I am fearful for what health care will be like for that reason in about 20 years. There is a huge movement in medicine amongst newer grads to early retire. Some may not be able to due to massive student loan burden, but long gone are the days of physicians working into their 70s because medicine was a calling.
Experience may not be all it's cracked up to be

https://www.bmj.com/company/newsroom/tr ... ath-rates/
Did you read the abstract of that article you sent? In high volumes there was no difference. And they didn’t analyze low volume, younger physicians. So basically, that was a terrible article. It even said “exploratory” in the abstract. Next.

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Re: What are your personal experiences with downside of early retirement?

Post by CulchaCity » Sat Mar 09, 2019 10:16 pm

Erwin007 wrote:
Sat Mar 09, 2019 9:53 pm
CulchaCity wrote:
Sat Mar 09, 2019 9:37 pm
Erwin007 wrote:
Sat Mar 09, 2019 3:47 pm
JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
investingdad wrote:
Sat Mar 09, 2019 7:14 am
So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.
That has nothing to do with early retirement.
Instead, it's solely due to management making the mistake of having replacements ready to go.

Nobody is truly "irreplaceable".
I disagree.

In medicine, there is almost nothing that can beat 15-20 years of experiences in the trenches. No new grad, no matter how well trained, is going to have anywhere near the experience of an almost retired physician of any specialty.

I am fearful for what health care will be like for that reason in about 20 years. There is a huge movement in medicine amongst newer grads to early retire. Some may not be able to due to massive student loan burden, but long gone are the days of physicians working into their 70s because medicine was a calling.
Experience may not be all it's cracked up to be

https://www.bmj.com/company/newsroom/tr ... ath-rates/
Did you read the abstract of that article you sent? In high volumes there was no difference. And they didn’t analyze low volume, younger physicians. So basically, that was a terrible article. It even said “exploratory” in the abstract. Next.
Hence the may in my post. In the increasingly rapidly changing world of modern medicine older physicians often can't keep up. The data will continue to come on on this topic as we progress. The cries of age discrimination will begin in medicine just as in tech.

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Re: What are your personal experiences with downside of early retirement?

Post by am » Sat Mar 09, 2019 10:43 pm

Erwin007 wrote:
Sat Mar 09, 2019 3:47 pm
JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
investingdad wrote:
Sat Mar 09, 2019 7:14 am
So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.
That has nothing to do with early retirement.
Instead, it's solely due to management making the mistake of having replacements ready to go.

Nobody is truly "irreplaceable".
I disagree.

In medicine, there is almost nothing that can beat 15-20 years of experiences in the trenches. No new grad, no matter how well trained, is going to have anywhere near the experience of an almost retired physician of any specialty.

I am fearful for what health care will be like for that reason in about 20 years. There is a huge movement in medicine amongst newer grads to early retire. Some may not be able to due to massive student loan burden, but long gone are the days of physicians working into their 70s because medicine was a calling.
Retire early because medicine has been corporatized and physicians are employees. They are replaceable commodities in large healthcare conglomerates that look at productivity above all else. Physicians in many places can no longer run their practice the way they like or work the hours they want. A total disconnect from clinical effort and Billings since many are straight salary. It’s a different environment now then our previous generations of mds and therefore different aspirations.

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Re: What are your personal experiences with downside of early retirement?

Post by pasadena » Sun Mar 10, 2019 12:34 am

investingdad wrote: Both late 60s.
That’s hardly early retirement.
But now they're off again because I chewed up all of their time to get me to the finish line.
Well, seems like you learned something.

So for me, the downside is when talented, older engineers walk out the door with irreplaceable experience.
That is a management problem. People don’t usually retire without notice.

It’s the natural order of things. Older people leave so younger ones can advance, and even younger ones can find a job.
Last edited by pasadena on Sun Mar 10, 2019 11:24 am, edited 1 time in total.

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Re: What are your personal experiences with downside of early retirement?

Post by JoinToday » Sun Mar 10, 2019 12:47 am

StealthRabbit wrote:
Sat Mar 09, 2019 9:32 pm
.... Quite honestly, if companies would allow workers to work, and forget about annual evaluations / goals / accomplishments...
....
WHAT ?!?!?! Blasphemy! :D

I take it you weren't on board with your company's yearly reviews.

After 20 or 30 years at my company, the trajectory of my career was pretty much set. I had a techical role, and that is what I did. All I wanted to do was work on interesting jobs, make a contribution, and make it to retirement. But I never wrote that down as a goal -- probably wouldn't look good
I wish I had learned about index funds 25 years ago

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Re: What are your personal experiences with downside of early retirement?

Post by 3504PIR » Sun Mar 10, 2019 12:55 am

This is more in line with the OPs post, and not written with any intended ego. When I retired from the Army In 2008, i felt two emotions - one a combination of joy and relief as I’d used up 8 of my 9 lives in combat, and unexpectedly the othe was being shocked that the Army was letting me go at the peak of my game. They’d invested millions in training me to expand my knowledge in the world and in my craft. They’d trusted me with millions and millions of dollars of equipment and the ability to not only effortlessly manage thousands of people, but to also command them which is an art unto itself, especially when it comes to life and death decision making. I’m 10 years on now and it still amazes me that they let me leave at that particular time, but that’s the reality of a huge organization like the Army where there were a hundred more like me in their eyes, which was true.

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Re: What are your personal experiences with downside of early retirement?

Post by Misenplace » Sun Mar 10, 2019 1:09 am

3504PIR wrote:
Sun Mar 10, 2019 12:55 am
This is more in line with the OPs post, and not written with any intended ego. When I retired from the Army In 2008, i felt two emotions - one a combination of joy and relief as I’d used up 8 of my 9 lives in combat, and unexpectedly the othe was being shocked that the Army was letting me go at the peak of my game. They’d invested millions in training me to expand my knowledge in the world and in my craft. They’d trusted me with millions and millions of dollars of equipment and the ability to not only effortlessly manage thousands of people, but to also command them which is an art unto itself, especially when it comes to life and death decision making. I’m 10 years on now and it still amazes me that they let me leave at that particular time, but that’s the reality of a huge organization like the Army where there were a hundred more like me in their eyes, which was true.

+1, joy and relief.
I was in the private sector, so I don’t think my employer had invested so much in my training as you. Although I also felt that I was in the top of my game, I don’t think that there was any reasonable number to get me to stay once I knew I didn’t need to. Not my problem anymore, glad to have moved on.

Edited to add: in response to OP: no personal experience from me of any downside whatsoever to early retirement. 😎

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JoeRetire
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Re: What are your personal experiences with downside of early retirement?

Post by JoeRetire » Sun Mar 10, 2019 7:23 am

Erwin007 wrote:
Sat Mar 09, 2019 3:47 pm
I disagree.

In medicine, there is almost nothing that can beat 15-20 years of experiences in the trenches. No new grad, no matter how well trained, is going to have anywhere near the experience of an almost retired physician of any specialty.
That would be disaster if there were only one person with 15-20 years of experience.
Fortunately that is not the real world.
I am fearful for what health care will be like for that reason in about 20 years. There is a huge movement in medicine amongst newer grads to early retire. Some may not be able to due to massive student loan burden, but long gone are the days of physicians working into their 70s because medicine was a calling.
There is no need for physicians to work into their 70s to have an adequate supply of experienced medical professionals.
This is a false dilemma.
Don't be a lemming.

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JoeRetire
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Re: What are your personal experiences with downside of early retirement?

Post by JoeRetire » Sun Mar 10, 2019 7:25 am

JGoneRiding wrote:
Sat Mar 09, 2019 8:19 pm
I don't know. Boss not so intelligently fired someone because in the past he has easily been able to replace that position. We have not managed to do so! If he doesn't SOON I am deeply concerned it will cause a chain reaction of walk outs (I see it the office manager sees it boss appears unaware).
Management mistakes. Not an early retirement issue.
I rest fairly securely in the fact that while not irreplaceable I am very tough to replace (last attempt to hire took 9 months and 3 people turned down offers)
I used to think that way many years ago - until I got caught in a layoff.
Don't be a lemming.

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Re: What are your personal experiences with downside of early retirement?

Post by Exterous » Sun Mar 10, 2019 9:36 am

StealthRabbit wrote:
Sat Mar 09, 2019 9:32 pm
Quite honestly, if companies would allow workers to work, and forget about annual evaluations / goals / accomplishments... there would be a lot more getting done, and a lot more people staying, mentoring, grooming.
It's been my experience as a manager that this is changing and even the gray haired employees want more time spent on annual evals, goals and accomplishments. I'm sure it varies a lot by area but my guess is that the desire for these time commitments will continue to grow from the employee side as the more traditional levels of feedback no longer align as well with what people expect

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Re: What are your personal experiences with downside of early retirement?

Post by Hulu » Sun Mar 10, 2019 9:52 am

- temporary loss of social network
- less structure
- less income
- less ability to leverage

scrabbler1
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Re: What are your personal experiences with downside of early retirement?

Post by scrabbler1 » Sun Mar 10, 2019 11:11 am

Church Lady wrote:
Sat Mar 09, 2019 3:15 pm
the high cost of health care but early retirement should be everyone's goal
life is not a dress rehearsal
Yes+. I buy health insurance from my former employer. Last year they reimbursed for out of network care at a reduced rate, which was fine by me. This year, they are not reimbursing for out of network care at all. The dental plan was replaced with a joke dental plan, but apparently active employees are stuck with the same.

In other words, until Medicare, you can buy health care from your former employer, but you may find the coverage gets worse and more expensive every year. :(

ON the other hand, work was probably the main contributor to my health decline. Tradeoffs, tradeoffs!
You are very lucky to be able to buy into health insurance from your former employer. I never heard of such a thing. These days, even retiree health insurance is a rarity. The best most people can hope for is 18 months of COBRA.

But at least we have the ACA now. I worked for 23 years before retiring 10 years ago at age 45. The last 7 of those 23 years I worked part-time, not always eligible for health insurance. From 2009-2013, I was either paying a lot for health insurance or was underinsured. Then, starting in 2014, I bought a decent ACA policy at a decent price. Good thing, too, because I had some health issues in 2015. I have another 9 years on the ACA before I can go on Medicare.

Other than some of these struggles with health insurance, I can't say I have had any downsides from being retired.

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Re: What are your personal experiences with downside of early retirement?

Post by Ron » Sun Mar 10, 2019 11:17 am

While retiring at age 59 is not considered "early", it was earlier than I originally planned some 12 years ago.

The only downside is I'm like the Joker of Batman fame; even after more than a decade, I can't get that darn smile off my face :mrgreen: ...

- Ron

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Re: What are your personal experiences with downside of early retirement?

Post by LiterallyIronic » Sun Mar 10, 2019 11:29 am

praxis wrote:
Sat Mar 09, 2019 8:06 am
Removing career from life leaves a hole in the middle.
How you fill that hole going forward determines how successful (happy) you are in retirement.
This is only a problem if you allowed your career to become part of your life beyond generating money, which gets replaced by your retirement portfolio.

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Re: What are your personal experiences with downside of early retirement?

Post by 2015 » Sun Mar 10, 2019 12:20 pm

The "downside" of retirement is my absolute negativity towards the high degree of insecurity associated with relying on employment for income. I have a friend in tech in the BA right now who is being forced to take personality and intelligence tests in order to even be able to speak to a recruiter. I could never ever go through anything remotely related to that again. The degree of hypocrisy enmeshed in the world of work is almost overwhelming, particularly since in the battle between labor and capital, labor has obviously lost.

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Re: What are your personal experiences with downside of early retirement?

Post by JBTX » Sun Mar 10, 2019 12:47 pm

In my case I'm mid 50s and am in what can be described as a long pre retirement phase. I work contract off an on, sometimes on 6 months sometimes off 6 months, sometimes full time often part time. I occasionally apply for full time positions but very half heartedly and they usually don't go anywhere. My wife works full time, likes her job and we could live off her income alone, but wouldn't save much.

So my take isn't exactly the same as a retiree, but here are my perceptions of disadvantages:

- personally I'm never going to feel great about drawing down on savings, unless I had so much it was mathematically impossible to draw down. I'm too used to accumulating savings. To some degree you will be losing control to events in which you have no control.

- we are used to not having to penny pinch. Having to penny pinch puts more stress on a relationship if there are disagreements about spending.

- when I'm in a good contract gig that I like I tend to feel more engaged and useful.

- when not working there is a great tendency to get distracted on obvious attention getters, such as internet surfing, posting or watching Netflix.

- at this point, my interest in doing what many retirees do is moderate at best. Some of these things may be a good way to occupy time, but not fulfilling per se, at least to me.

As someone who has gone back and forth between full time employment and part time contract, with some long breaks in between, and even the last 10 years of full time was not terribly stressful and rarely over 40 years, I don't have the same perspective of those who have worked for decades full time, often over 40 hrs in stressful jobs with never more than a week or so of vacation. I fully understand why retirement seems wonderful if that is ones experience.

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Re: What are your personal experiences with downside of early retirement?

Post by go_mets » Sun Mar 10, 2019 1:08 pm

JBTX wrote:
Sun Mar 10, 2019 12:47 pm
In my case I'm mid 50s and am in what can be described as a long pre retirement phase. I work contract off an on, sometimes on 6 months sometimes off 6 months, sometimes full time often part time. I occasionally apply for full time positions but very half heartedly and they usually don't go anywhere.
That's me as well.

I hit my 5 years of pre-retirement mark on Sept 28, 2018. :happy

My last application for a full-time position was in October 2018.
I decided to walk away from the application because I realize that I didn't really want to work full-time anymore and especially since the job would require me to do things I was not interested in.
Besides the in-person interview, I had two additional on-the-phone interviews.
The hiring manager was afraid of "pulling the trigger" and wanted to get feedback from others. :annoyed
I had enough.

In the intervening 5 years, I have been fired twice (!) from minimum wage jobs.
Once because the co-worker who was training me sabotaged my work. I could not believe it!
And once because the owner who was in Florida saw me yawning on the office webcam. :P

As for health insurance, I was below the ACA cliff for 2014 - 2018.
Not sure what will happen this year since I have a part-time job that pays well.

Personally I have not found any real downside with pre-retirement.

I do find it easier spending money when I do have money coming in.

.

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Re: What are your personal experiences with downside of early retirement?

Post by Ged » Sun Mar 10, 2019 4:55 pm

staythecourse wrote:
Sat Mar 09, 2019 9:55 am
Interestingly, if you look at the behavioral aspect I wonder if this is a U.S. centric issue? The studies support our children being overconfident in their educational prowess despite having some of the worst test scores year after year.
Some parts of the US get very good test scores.

http://tumblehomelearning.com/timss-tes ... d-so-well/

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Re: What are your personal experiences with downside of early retirement?

Post by bck63 » Sun Mar 10, 2019 6:01 pm

JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
Nobody is truly "irreplaceable".
Agreed. The graveyards are full of irreplaceable people.

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Re: What are your personal experiences with downside of early retirement?

Post by mlebuf » Sun Mar 10, 2019 6:56 pm

I retired from my first career in academia in May 1989, and cut way back on my second career writing and speaking in June 1995. If there is a downside to retiring early, I have yet to find it. There is a downside to aging. Most of us tend to accumulate prescriptions and physicians with the passage of time but that is not necessarily work related. A good case can be made that the stresses of work accelerate aging for some depending on the person and the career. A combination of becoming financially independent and progressive income taxes convinced me to cut back on work and start smelling the roses.

A small percentage of people live to work. They love their work so much that they can't imagine life without it. For those people, being able to continue working is wonderful. For the rest of us who work to live, Oscar Wilde said it best: "Work is the curse of the drinking class." :D
Best wishes, | Michael | | Invest your time actively and your money passively.

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Re: What are your personal experiences with downside of early retirement?

Post by staythecourse » Sun Mar 10, 2019 9:29 pm

Ged wrote:
Sun Mar 10, 2019 4:55 pm
staythecourse wrote:
Sat Mar 09, 2019 9:55 am
Interestingly, if you look at the behavioral aspect I wonder if this is a U.S. centric issue? The studies support our children being overconfident in their educational prowess despite having some of the worst test scores year after year.
Some parts of the US get very good test scores.

http://tumblehomelearning.com/timss-tes ... d-so-well/
That was in reference to the famous poor ratings of U.S. in PISA test scores and then the level of confidence each test taker had immediately after taking the exam.

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle

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Re: What are your personal experiences with downside of early retirement?

Post by sd323232 » Sun Mar 10, 2019 10:39 pm

bck63 wrote:
Sun Mar 10, 2019 6:01 pm
JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
Nobody is truly "irreplaceable".
Agreed. The graveyards are full of irreplaceable people.
I agree! I am an electrical engineer and have seen many smart, talented engineers leaving our team (retirement, or got job somewhere else). But never those engineers were irreplaceable. We would have other engineers do the job just as fine.

CJC000
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Re: What are your personal experiences with downside of early retirement?

Post by CJC000 » Sun Mar 10, 2019 10:53 pm

Wow. I bet those brand new Nuclear Physics Engineers would like to keep the "old timers" around a bit longer...
Oh and and maybe ask those new NASA engineers if those old timers are worth keeping around.

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Re: What are your personal experiences with downside of early retirement?

Post by basspond » Sun Mar 10, 2019 11:46 pm

JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
Nobody is truly "irreplaceable".
In my career I replaced several and sometimes multiple people at the same time. I knew then that everyone is replaceable. You are only fooling yourself if you feel like you or anyone else is irreplaceable.

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Re: What are your personal experiences with downside of early retirement?

Post by Ged » Mon Mar 11, 2019 12:06 pm

staythecourse wrote:
Sun Mar 10, 2019 9:29 pm
Ged wrote:
Sun Mar 10, 2019 4:55 pm
staythecourse wrote:
Sat Mar 09, 2019 9:55 am
Interestingly, if you look at the behavioral aspect I wonder if this is a U.S. centric issue? The studies support our children being overconfident in their educational prowess despite having some of the worst test scores year after year.
Some parts of the US get very good test scores.

http://tumblehomelearning.com/timss-tes ... d-so-well/
That was in reference to the famous poor ratings of U.S. in PISA test scores and then the level of confidence each test taker had immediately after taking the exam.

Good luck.
The overall US results are not among the worst internationally. In fact they are about average for an OECD country. And as before some parts of the US are doing extremely well.

http://www.doe.mass.edu/news/news.aspx?id=24050
Last edited by Ged on Mon Mar 11, 2019 12:20 pm, edited 1 time in total.

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