What are your personal experiences with downside of early retirement?

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

Post by DaftInvestor » Mon Mar 11, 2019 12:13 pm

If you don't have succession planning then you have problems with early retirees.
I wouldn't call this a downside of early retirement - but a downside of poor corporate planning.

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

Post by staythecourse » Mon Mar 11, 2019 8:42 pm

Ged wrote:
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
I said "some of the worst test scores year to year" not the "worst". Look up the data on the PISA website. For math, reading, and science for the OECD countries (35 total) U.S. was tied for #30 out of 35 in math, #19 out of 35 for reading, #19 out of 35 for science. Take into consideration we likely (don't know of sure, but guessing) spend as much on education per child then any other country on that list we are not very impressive, unless you think being in the middle 50% is a measure of success in 2/3 and bottom on the other subject? Most interesting is that was the year America actually PAID the testers to separately report Mass. and NC as well as included in the total. I would have assumed most folks wouldn't have fallen for it, but for the fact you linked it it seems it does work.

The point of my post stands though as the students were no. 1 on confidence on their potential results right after the exam only to be middle of the pact in 2/3 and near the bottom on the other subject. I would say that constitutes overconfidence.

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

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

Post by protagonist » Mon Mar 11, 2019 10:07 pm

I retired in early 2008, age 55.

Over the course of the next twelve months, I lost half my life's savings in divorce and close to half of what was left in the market crash.

It was the best decision of my life.

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

Post by protagonist » Mon Mar 11, 2019 10:10 pm

staythecourse wrote:
Mon Mar 11, 2019 8:42 pm


The point of my post stands though as the students were no. 1 on confidence on their potential results right after the exam only to be middle of the pact in 2/3 and near the bottom on the other subject. I would say that constitutes overconfidence.

Good luck.
Interesting confirmation of Dunning-Kruger effect.

warner25
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Re: What are your personal experiences with downside of early retirement?

Post by warner25 » Tue Mar 12, 2019 6:08 am

Not retired here, but I had an extraordinary amount of downtime in my career over the past couple years (call it a sabbatical), and that gave me some perspective. Depending on how early you're talking, like Mr. Money Mustache style FIRE in your 30s, you need to think hard about life with kids at home. I found that I basically traded my usual job for the job of being a stay-at-home co-parent (which is a unique challenge) with my wife who is a stay-at-home mom. As much as I love my kids, I learned that being a stay-at-home parent to a couple small children is incredibly difficult and not a great fit for me; it was anything but what I imagine for "retirement." I'm reminded of the old joke that there's no such thing as a "vacation" with kids, it's work. And as much as I love my wife, we pretty much only saw each other day-to-day, so it was kind of lonely. There aren't many people in their 30s, especially guys, who aren't at work all week.

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

Post by harvestbook » Tue Mar 12, 2019 7:47 am

My perception was that any corporation I worked for always had more human rights, political power, freedom of choice, and tax breaks than I ever would, so I assumed they'd get along just fine without me. So far so good.

My plan is to just own the robots and let them sort it out.
I'm not smart enough to know, and I can't afford to guess.

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

Post by Ged » Tue Mar 12, 2019 11:04 am

staythecourse wrote:
Mon Mar 11, 2019 8:42 pm

The point of my post stands though as the students were no. 1 on confidence on their potential results right after the exam only to be middle of the pact in 2/3 and near the bottom on the other subject. I would say that constitutes overconfidence.

Good luck.
I went to the PISA web site. http://www.compareyourcountry.org/pisa/ ... /USA?lg=en

On this page there is a graphic that shows the results of various OECD countries in various topic.

For Science and Reading the US shows around average. In Math slightly below average.

Not among the worst. Not near the bottom.

And my point still stands. The results across the United States vary tremendously. Places like Massachusetts are near the top world-wide.

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

Post by staythecourse » Tue Mar 12, 2019 2:41 pm

Ged wrote:
Tue Mar 12, 2019 11:04 am
staythecourse wrote:
Mon Mar 11, 2019 8:42 pm

The point of my post stands though as the students were no. 1 on confidence on their potential results right after the exam only to be middle of the pact in 2/3 and near the bottom on the other subject. I would say that constitutes overconfidence.

Good luck.
I went to the PISA web site. http://www.compareyourcountry.org/pisa/ ... /USA?lg=en

On this page there is a graphic that shows the results of various OECD countries in various topic.

For Science and Reading the US shows around average. In Math slightly below average.

Not among the worst. Not near the bottom.

And my point still stands. The results across the United States vary tremendously. Places like Massachusetts are near the top world-wide.
Same website I used. The difference is you used "AVERAGE" and not country to country specific comparisons. IYou can figure out the same and the results I did from the website just use the interactive report and they are not good as I already presented. Of course, Mass. is excellent why do you think America PAID to have it reported separate? What do you think the results would be if Singapore, Finland, or South Korea reported just their best states? America, wanted a good foot from somewhere as they are so lackluster against other OECD countries especially embarrassing based on the per student.

I'm guessing you are in education and trying to support the American education system. You can do that, but NO ONE in the world thinks America has a stellar prek- high school system.

My point though has to do with overconfidence though. Then again, it seems your arguments are making the point I was making. Average- bad performances and you and many other think we are great. That is a perfect example of overconfidence.

Good luck.

p.s. We will have to agree to disagree and won't be arguing on this point anymore. I apologize to the OP as I deviated his thread from its intention.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle

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

Post by Ged » Tue Mar 12, 2019 2:48 pm

As far as comparing Singapore or Finland to Massachusetts, why not? They are very similar in size.

You are way off base. I am not in the education profession. I am simply pointing out that your reading of the PISA data is ridiculous.

The fact you are making this personal attack is evidence of that, and the futility of my attempt to discuss this with you.

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

Post by marti038 » Tue Mar 12, 2019 3:06 pm

protagonist wrote:
Mon Mar 11, 2019 10:07 pm
I retired in early 2008, age 55.

Over the course of the next twelve months, I lost half my life's savings in divorce and close to half of what was left in the market crash.

It was the best decision of my life.
Go on...

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

Post by protagonist » Tue Mar 12, 2019 5:28 pm

marti038 wrote:
Tue Mar 12, 2019 3:06 pm
protagonist wrote:
Mon Mar 11, 2019 10:07 pm
I retired in early 2008, age 55.

Over the course of the next twelve months, I lost half my life's savings in divorce and close to half of what was left in the market crash.

It was the best decision of my life.
Go on...
OK, I will try to summarize why I said what I did.....

1. As much as I loved my job, I love not having to work a lot more. My stress level dropped by perhaps 90%, and, imho, stress is a major enemy of true happiness.

2. I am no longer in a loveless marriage. I have since found true love and joy in partnership that I never knew really existed before and has opened my heart in myriad ways. Not to mention I have a great relationship with my daughter and I have time to spend with her and to nurture my friendships. I also have time to pursue my hobbies, exercise, etc. Or do nothing or sleep whenever I want to. My time is my own. How many CEOs or world leaders can say that? You lose one thing, you gain another.

3. Money is not everything. Especially when compared with time. If you have enough money to survive happily without struggling, more does not really do much to improve your lifestyle. Plus I have been fortunate to have invested wisely (using what would probably be considered Boglehead-approved methods), and the past decade has been good to investors like myself.... so, though I have less than I did prior to the divorce and crash, I am not wanting for much. But even if that were not the case, and my finances never recovered and even got worse, requiring me to downsize for example, the first two items above would still make me a far happier person. If necessary I would happily give up my wealth and survive on social security alone in return for what I have now, which is peace of mind, happiness and love. A studio apartment and a beater for a car wouldn't be so bad if you have peace of mind, happiness, lack of stress and love. Not bad at all.
Last edited by protagonist on Tue Mar 12, 2019 6:09 pm, edited 1 time in total.

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

Post by protagonist » Tue Mar 12, 2019 5:48 pm

Ged wrote:
Tue Mar 12, 2019 11:04 am

And my point still stands. The results across the United States vary tremendously. Places like Massachusetts are near the top world-wide.
Massachusetts is one of the wealthiest states in the USA. I assume that is partly because it attracts some of the most educated people from around the country (and world). So it is a skewed sample. To be fair, you would have to compare the test scores of MA residents with those from the wealthiest parts of the other OECD nations, and that would still only give you a ranking of people from wealthy neighborhoods, not a ranking of nations. For I think we can all agree that the USA provides some of the best education that money can buy, if you can afford it.

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

Post by Rudedog » Tue Mar 12, 2019 7:54 pm

Retired at 62 from a job working with people who were experts at wasting time in meetings. I keep busy helping my in-laws (in their 90s), walking my dog, riding my Harley, helping my friends with various projects, walking to the local Public Library, making breakfast for my wife as she gets ready for work, talking to my retired neighbors, anticipating my soon-to-arrive grandson. I'll do some volunteer work starting in a few months and travel a bit. No downside that I have noticed. Good luck with your retirement.

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

Post by Ged » Wed Mar 13, 2019 12:28 pm

protagonist wrote:
Tue Mar 12, 2019 5:48 pm
Ged wrote:
Tue Mar 12, 2019 11:04 am

And my point still stands. The results across the United States vary tremendously. Places like Massachusetts are near the top world-wide.
Massachusetts is one of the wealthiest states in the USA. I assume that is partly because it attracts some of the most educated people from around the country (and world). So it is a skewed sample. To be fair, you would have to compare the test scores of MA residents with those from the wealthiest parts of the other OECD nations, and that would still only give you a ranking of people from wealthy neighborhoods, not a ranking of nations. For I think we can all agree that the USA provides some of the best education that money can buy, if you can afford it.
The Puritans always emphasized education. As such Massachusetts had the first public school (Boston Latin) and college (Harvard) in America. The wealth came later.

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

Post by Glockenspiel » Wed Mar 13, 2019 12:51 pm

protagonist wrote:
Tue Mar 12, 2019 5:48 pm
Ged wrote:
Tue Mar 12, 2019 11:04 am

And my point still stands. The results across the United States vary tremendously. Places like Massachusetts are near the top world-wide.
Massachusetts is one of the wealthiest states in the USA. I assume that is partly because it attracts some of the most educated people from around the country (and world). So it is a skewed sample. To be fair, you would have to compare the test scores of MA residents with those from the wealthiest parts of the other OECD nations, and that would still only give you a ranking of people from wealthy neighborhoods, not a ranking of nations. For I think we can all agree that the USA provides some of the best education that money can buy, if you can afford it.
I think you have it backwards. They are some of the wealthiest people because the state has chosen to become a leader in the nation's education and social safety net. Investing tax dollars into children is some of the best tax money that taxpayers can spend, as it creates a highly productive and educated workforce.

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

Post by protagonist » Wed Mar 13, 2019 1:04 pm

Glockenspiel wrote:
Wed Mar 13, 2019 12:51 pm
protagonist wrote:
Tue Mar 12, 2019 5:48 pm
Ged wrote:
Tue Mar 12, 2019 11:04 am

And my point still stands. The results across the United States vary tremendously. Places like Massachusetts are near the top world-wide.
Massachusetts is one of the wealthiest states in the USA. I assume that is partly because it attracts some of the most educated people from around the country (and world). So it is a skewed sample. To be fair, you would have to compare the test scores of MA residents with those from the wealthiest parts of the other OECD nations, and that would still only give you a ranking of people from wealthy neighborhoods, not a ranking of nations. For I think we can all agree that the USA provides some of the best education that money can buy, if you can afford it.
I think you have it backwards. They are some of the wealthiest people because the state has chosen to become a leader in the nation's education and social safety net. Investing tax dollars into children is some of the best tax money that taxpayers can spend, as it creates a highly productive and educated workforce.
I don't have it backwards. I entirely agree with that. And that, in turn, attracts some of the most educated and enlightened people from around the world. It is a positive loop.

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

Post by GCD » Wed Mar 13, 2019 2:12 pm

So as I was talking with some friends today, another downside occurred to me - my friends are not in the same financial situation.

Fortunately my wife is retired and we get along great so I can do things with her. But all of my old friends are working. Many will have to continue working for at least another decade.

Time to make some new friends I guess.

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

Post by Bronko » Wed Mar 13, 2019 4:34 pm

protagonist wrote:
Tue Mar 12, 2019 5:28 pm
marti038 wrote:
Tue Mar 12, 2019 3:06 pm
protagonist wrote:
Mon Mar 11, 2019 10:07 pm
I retired in early 2008, age 55.

Over the course of the next twelve months, I lost half my life's savings in divorce and close to half of what was left in the market crash.

It was the best decision of my life.
Go on...
OK, I will try to summarize why I said what I did.....

1. As much as I loved my job, I love not having to work a lot more. My stress level dropped by perhaps 90%, and, imho, stress is a major enemy of true happiness.

2. I am no longer in a loveless marriage. I have since found true love and joy in partnership that I never knew really existed before and has opened my heart in myriad ways. Not to mention I have a great relationship with my daughter and I have time to spend with her and to nurture my friendships. I also have time to pursue my hobbies, exercise, etc. Or do nothing or sleep whenever I want to. My time is my own. How many CEOs or world leaders can say that? You lose one thing, you gain another.

3. Money is not everything. Especially when compared with time. If you have enough money to survive happily without struggling, more does not really do much to improve your lifestyle. Plus I have been fortunate to have invested wisely (using what would probably be considered Boglehead-approved methods), and the past decade has been good to investors like myself.... so, though I have less than I did prior to the divorce and crash, I am not wanting for much. But even if that were not the case, and my finances never recovered and even got worse, requiring me to downsize for example, the first two items above would still make me a far happier person. If necessary I would happily give up my wealth and survive on social security alone in return for what I have now, which is peace of mind, happiness and love. A studio apartment and a beater for a car wouldn't be so bad if you have peace of mind, happiness, lack of stress and love. Not bad at all.

Mic drop. Congratulations on the self awareness. Tomorrow isn't promised.
Never let a little bit of money get in the way of a real good time.

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

Post by bhsince87 » Wed Mar 13, 2019 7:46 pm

protagonist wrote:
Tue Mar 12, 2019 5:28 pm
marti038 wrote:
Tue Mar 12, 2019 3:06 pm
protagonist wrote:
Mon Mar 11, 2019 10:07 pm
I retired in early 2008, age 55.

Over the course of the next twelve months, I lost half my life's savings in divorce and close to half of what was left in the market crash.

It was the best decision of my life.
Go on...
OK, I will try to summarize why I said what I did.....

1. As much as I loved my job, I love not having to work a lot more. My stress level dropped by perhaps 90%, and, imho, stress is a major enemy of true happiness.

2. I am no longer in a loveless marriage. I have since found true love and joy in partnership that I never knew really existed before and has opened my heart in myriad ways. Not to mention I have a great relationship with my daughter and I have time to spend with her and to nurture my friendships. I also have time to pursue my hobbies, exercise, etc. Or do nothing or sleep whenever I want to. My time is my own. How many CEOs or world leaders can say that? You lose one thing, you gain another.

3. Money is not everything. Especially when compared with time. If you have enough money to survive happily without struggling, more does not really do much to improve your lifestyle. Plus I have been fortunate to have invested wisely (using what would probably be considered Boglehead-approved methods), and the past decade has been good to investors like myself.... so, though I have less than I did prior to the divorce and crash, I am not wanting for much. But even if that were not the case, and my finances never recovered and even got worse, requiring me to downsize for example, the first two items above would still make me a far happier person. If necessary I would happily give up my wealth and survive on social security alone in return for what I have now, which is peace of mind, happiness and love. A studio apartment and a beater for a car wouldn't be so bad if you have peace of mind, happiness, lack of stress and love. Not bad at all.
Very inspiring! Thanks for sharing.
"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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marti038
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Re: What are your personal experiences with downside of early retirement?

Post by marti038 » Thu Mar 14, 2019 9:31 am

protagonist wrote:
Tue Mar 12, 2019 5:28 pm
marti038 wrote:
Tue Mar 12, 2019 3:06 pm
protagonist wrote:
Mon Mar 11, 2019 10:07 pm
I retired in early 2008, age 55.

Over the course of the next twelve months, I lost half my life's savings in divorce and close to half of what was left in the market crash.

It was the best decision of my life.
Go on...
OK, I will try to summarize why I said what I did.....

1. As much as I loved my job, I love not having to work a lot more. My stress level dropped by perhaps 90%, and, imho, stress is a major enemy of true happiness.

2. I am no longer in a loveless marriage. I have since found true love and joy in partnership that I never knew really existed before and has opened my heart in myriad ways. Not to mention I have a great relationship with my daughter and I have time to spend with her and to nurture my friendships. I also have time to pursue my hobbies, exercise, etc. Or do nothing or sleep whenever I want to. My time is my own. How many CEOs or world leaders can say that? You lose one thing, you gain another.

3. Money is not everything. Especially when compared with time. If you have enough money to survive happily without struggling, more does not really do much to improve your lifestyle. Plus I have been fortunate to have invested wisely (using what would probably be considered Boglehead-approved methods), and the past decade has been good to investors like myself.... so, though I have less than I did prior to the divorce and crash, I am not wanting for much. But even if that were not the case, and my finances never recovered and even got worse, requiring me to downsize for example, the first two items above would still make me a far happier person. If necessary I would happily give up my wealth and survive on social security alone in return for what I have now, which is peace of mind, happiness and love. A studio apartment and a beater for a car wouldn't be so bad if you have peace of mind, happiness, lack of stress and love. Not bad at all.
Thank you for sharing that. I assumed you meant something along these lines, but it's certainly more clear with this explanation. I'm glad you're happy and wish you well in your retirement.

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

Post by skime » Sat Oct 05, 2019 1:34 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.
My downside has been family member disapproval of my early retirement. It has gone so far as to cause a serious family wedge due to outright insults from certain family members.

My family and I live a great life. However, certain members of the family are disgusted by our life. Their reaction makes no sense to us, so it's been very disappointing. I'm not sure where their need to insult us comes from.

Other than that, it's the best decision we ever made.

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

Post by protagonist » Mon Oct 07, 2019 5:48 pm

I retired at 55 and looked much younger. I started spending a fair amount of my newfound free time in Europe and S. America.
The responses that I received (in both Europe and S America) when I told people I was retired were typically vastly different than those I received in the USA.
Typical European/S. American responses:
"That's fantastic! How did you do it!!"
"Man, I wish I could do that!"
"Wow. Lucky you!!!"

Typical responses in the USA:
"You look too young to retire."
"Aren't you bored?"
or sometimes, suspicion....as if I must have done something wrong to lose my job.

Of course, these are generalizations....many N Americans thought it was great too.....but there was definitely a big overall difference.

Downside? Sure, I could find some. But all the downsides together don't come anywhere close to balancing out the joy of being able to do what I want when I want, have my time as my own, be able to nurture my relationships with family and friends, stress reduction, work at things I want to work at and not others, etc etc etc. So even though I "loved my job", I am now 12 years into retirement and the downsides all seem too trivial to even bother mentioning.

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

Post by BernardShakey » Mon Oct 07, 2019 11:50 pm

CJC000 wrote:
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.
They too are replaceable. The truly gifted, extremely knowledgeable, and highly experienced are indeed invaluable. These though, are the minority. Many of those 35-40 year employees are a drag on their organizations. Some haven't kept up their skills and others are resistant to technological evolution, new tools, etc.

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

Post by WengerTodd » Tue Oct 08, 2019 1:36 am

For the irreplaceables... on here.

A large portion of my career has been filling the gap left by the "irreplaceable" person who got too confident and comfortable in their position. I'm 41 now, but I recall many times throughout my career where my company had mergers, layoffs, "right-sizing," and all the other terms. At one point, I recall of the 53 people in our office, Corporate sent someone from HR down who laid off 50 of the 53 of us. All 50 were programmers. The only people they didn't lay off was me, my boss, and another computer programmer. When the HR person from corporate had finished laying off all 50 programmers, he got the news that he too had just been laid off (how brutal is that! hahaha).

That was the most egregious of all examples, but there were many similar ones. In every case, they always fired the most experienced person, but it was almost always because they were either choosing to go in a new direction, or the person who was at the top of the food chain stopped performing at the level of his younger counterparts. There's something to be said for youth... having been there myself, and many of you as well. You know you have more enthusiasm and work ethic when you're younger because things are newer and you haven't been saddled with "life" responsibilities yet.

As we age, we get more content and less concerned with the shiny new object... so we become complacent, and this is what leads us to trouble. I always remind myself about this. ALSO... there is a positive and negative benefit to staying in one place for too long. It's hard to "move up" in a company when you haven't been there for a while. You network and people learn your worth. But at the same time... being stuck in a trench in your company can also make you less valuable in the marketplace during the long term. This is especially true with technology. If you find yourself in a support role, rather than a project or building role... it's time to move on... because you're no longer gaining experience, you're losing it.

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

Post by MathIsMyWayr » Tue Oct 08, 2019 10:11 am

sd323232 wrote:
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.
Thanks to the computerization and the widespread use of simulation tools, most of engineering tasks are not much more than learning how to, especially in electrical engineering.
P.S. I hold a terminal degree in electrical engineering.

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

Post by Sandtrap » Tue Oct 08, 2019 11:12 am

1 limited and/or difficult employment.
2 expensive medical coverage until Medicare.
3 life transition expenses

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

Post by telemark » Tue Oct 08, 2019 12:24 pm

I was at a party a couple of weeks ago and someone commented how much happier I've been looking for the past year. Well, yes. I'm never stuck indoors thinking what a beautiful day it is outside.

On being irreplaceable, my former employer seems to be getting along all right without me, somehow or other. But if they ever need help getting an RS232 connection to work, they know where to find me...

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

Post by MathIsMyWayr » Tue Oct 08, 2019 6:56 pm

telemark wrote:
Tue Oct 08, 2019 12:24 pm
IOn being irreplaceable, my former employer seems to be getting along all right without me, somehow or other. But if they ever need help getting an RS232 connection to work, they know where to find me...
Also for a dial-up modem to work...
Sorry, I dropped acoustic couplers...

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

Post by EddyB » Tue Oct 08, 2019 7:10 pm

Sandtrap wrote:
Tue Oct 08, 2019 11:12 am
1 limited and/or difficult employment.
2 expensive medical coverage until Medicare.
3 life transition expenses

J🏝
I don't quite follow 1, unless you mean "unemployment-parading-as-retirement."

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

Post by SQRT » Wed Oct 09, 2019 8:22 am

To a large extent I defined “who I was” through my job. It was very high profile with hundreds of “reports”. I had support staff to do most of the mundane, everyday tasks. Once retired (at 56) I had to re-envision who I was. Took about three years, I think, to go from “big shot Corp exec” to early retired, active, fit, well funded happy guy. This was a difficult time and those close to me have said I was a pain to be around.

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

Post by White Coat Investor » Wed Oct 09, 2019 8:40 am

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.
I think this concern is overblown. While it may appear that many docs are trying to retire early if you hang out on Bogleheads, FI FB Groups, and my forum, I think it's a tiny percentage of the population of docs. Even among those who are FI and write a blog about FIRE worked for another 3 years before actually punching out.

A larger effect on the physician workforce will be more people going part-time particularly as women (who are more likely to go part-time for at least part of their career) make up a larger and larger percentage of the workforce. Med schools this last year have started following a long-standing educational trend in the last year and more than 50% of medical students are now women. Another effect is that docs seem to be more and more likely to marry another high earning professional and thus do not have the same economic need to have a long, full-time career to support the family.

But the whole FIRE thing in your 40s or early 50s? Tiny percentage of docs, even among the FI.
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Re: What are your personal experiences with downside of early retirement?

Post by Blue456 » Wed Oct 09, 2019 9:04 am

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.
Yup, Im one of those who graduated not too long ago. Im paying off my debt before I hit 40 and if I don't get what I want then retire by 50.
But the biggest problem will not be physician retiring early, it will be the nurse practitioners taking over. You don't want to ever find yourself in the ER evaluated by overconfident NP with 24 or 27 months of online training.

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

Post by ponyboy » Wed Oct 09, 2019 9:31 am

Wow, 2 pages of replies with very few actually stating downsides to early retirement. Most just talk about their former employer. Very odd.

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

Post by WildBill » Wed Oct 09, 2019 10:08 am

Howdy

Neighbors and landscaping guys who fire up motor operated gizmos in the morning and wake me up.

I took a hammer to my alarm clock when I retired and do not need a substitute.

Everything else is fine.

Happy snoozing

W B
"Through chances various, through all vicissitudes, we make our way." Virgil, The Aeneid

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

Post by bhsince87 » Wed Oct 09, 2019 10:08 pm

SQRT wrote:
Wed Oct 09, 2019 8:22 am
To a large extent I defined “who I was” through my job. It was very high profile with hundreds of “reports”. I had support staff to do most of the mundane, everyday tasks. Once retired (at 56) I had to re-envision who I was. Took about three years, I think, to go from “big shot Corp exec” to early retired, active, fit, well funded happy guy. This was a difficult time and those close to me have said I was a pain to be around.
I can relate to, and second this.

I'm only 10 months into retirement (age 54) and I'm feeling the same.

I haven't quite worked through it all yet.

I hope it doesn't take me 3 years!
"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 telemark » Wed Oct 09, 2019 10:31 pm

WildBill wrote:
Wed Oct 09, 2019 10:08 am
Neighbors and landscaping guys who fire up motor operated gizmos in the morning and wake me up.
True, that. I had not realized how much time and money is spent spraying mostly unburned gasoline into the air, moving around perfectly harmless vegetable matter.

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

Post by carolinaman » Thu Oct 10, 2019 6:40 am

SQRT wrote:
Wed Oct 09, 2019 8:22 am
To a large extent I defined “who I was” through my job. It was very high profile with hundreds of “reports”. I had support staff to do most of the mundane, everyday tasks. Once retired (at 56) I had to re-envision who I was. Took about three years, I think, to go from “big shot Corp exec” to early retired, active, fit, well funded happy guy. This was a difficult time and those close to me have said I was a pain to be around.
+1. I was the IT Director for a large organization and I had a large staff. My staff setup my computers and anytime I had a problem, they checked it out and fixed it. It was usually one guy who we assigned to many of our executives because he was very good and very personable. Even though I was in tech, I was no longer hands on.

I never had a need for personal computer or cell phone because they were provided for me. When I retired, I bought my own PC, printer and cell phone (in 2010). I did all the setup myself which was not really too difficult. Where I missed my tech support was whenever problems arose. I was now my own tech support. I had a fairly complex setup because I used most of the desktop programs we had at work plus added Skype and a few other products for volunteer work I was doing with a global ministry. Since then, tech has gotten easier to setup but whenever problems arise, they can really consume my time. I really miss my tech support. I have used Geeksquad, but they are no where near the same.

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

Post by bck63 » Thu Oct 10, 2019 5:14 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.
As a nurse, I can so relate to this and agree wholeheartedly. I've had the privilege of working with so many doctors with 15-30 or more years of practice behind them. Their skills were usually unmatched and I would have trusted most of them with my life.

I have always been grateful for 1) people who are willing to put in the incredible amount of time and work needed to become doctors (the excellent surgeon who recently fixed my hernia comes to mind - I feel so much better!); and 2) doctors who continue to practice for years and years. That experience improves lives and saves lives.

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

Post by StealthRabbit » Fri Oct 11, 2019 3:18 am

...downside of early retirement?

I miss paid vacations and bonuses

For technical jobs / certifications, you have to pay / use your free time to keep certificates / license and continuing ed requirements met. ('what-if insurance')

Financially....
1) Makes it tough to fund 'toys' / special treats you could previously afford via overtime and bonuses
2) Easy to get into 'lack-of-confidence' mode... "Did I do the right thing?" (yes / maybe)
3) Missing additional severance packages. (several ex- coworkers each got 3+ severances ... at a price (more time in the trenches))
4) Easy to lose focus (not being 'purposed'). Life can still end tomorrow - don't waste today. (Working! / worrying / pursuing the trivial interruptions)

The most successful ER's I know, carried over their 'initiative / passion / skills / pursuit into 'bettering their retirement'. i.e. 'moving on' with a goal / purpose / contribution to others. (Community, family, friends, mentoring...)

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

Post by MikeG62 » Fri Oct 11, 2019 7:56 am

Downsides? Not many. Perhaps no longer earning a paycheck, the camaraderie of the people I worked closely with and the intellectual challenge/stimulation of my job.

Having said that, I do not miss work at all. I never, ever think about work or what I would be doing at any particular time if I were still working (I had a C-Suite level job). DW (who is also retired) and I are living our lives and loving life. I've been offered a number of opportunities to consult (at very attractive hourly rates) since I retired and the answer has always been no thanks, not interested in working anymore. Too many other fun things to spend my time on than working.

This is very much person specific. My FIL retired 15 years ago at 65 and hates being home. Bored to tears.

For me, retirement is everything I hoped it would be and more.

About to head to the gym now with my DW.
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Re: What are your personal experiences with downside of early retirement?

Post by oldcomputerguy » Fri Oct 11, 2019 8:04 am

MathIsMyWayr wrote:
Tue Oct 08, 2019 6:56 pm
telemark wrote:
Tue Oct 08, 2019 12:24 pm
IOn being irreplaceable, my former employer seems to be getting along all right without me, somehow or other. But if they ever need help getting an RS232 connection to work, they know where to find me...
Also for a dial-up modem to work...
Sorry, I dropped acoustic couplers...
In my case, it was an NFS connection between two Linux boxes and a batch script that did some automated file processing. :happy
"I’ve come around to this: If you’re dumb, surround yourself with smart people; and if you’re smart, surround yourself with smart people who disagree with you." (Aaron Sorkin)

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

Post by brajalle » Fri Oct 11, 2019 8:15 am

scrabbler1 wrote:
Sun Mar 10, 2019 11:11 am
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.
It's a bit more common than you think.

My mother's old workplace (med size int corp) let retirees with at least 10 years in buy it for full price (every 5 yrs over 10 you get more of a discount on the price). When my mother hit medicare age, my step-father was able to stay on it.

My workplace, and indeed, any gov employee at any level in my state, can buy it for 85% of cost when we hit our retirement age based on our retirement plan (I'm aiming for the min age of 55) until we get medicare.

I will say though that the ACA is a huge boon for anyone looking to retire early.

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

Post by a_movable_life » Fri Oct 11, 2019 8:24 am

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.
Might be because of the changes in the practice environment. I love what I do, and in an area of severe need but I spend at least 1/2 my day typing. Like several people said above there may be more people going part time. Three days a week with some after dinner charting from home as compared to 5-6 days a week.
Last edited by a_movable_life on Fri Oct 11, 2019 8:33 am, edited 1 time in total.

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

Post by Smoke » Fri Oct 11, 2019 8:31 am

Retired at 50. 15 years ago. No downside whatsoever. :sharebeer

I know this Question was based on the corporate downside, I could care less.
Arguing for the sake of arguing is something I am not going to engage in.

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

Post by FI4LIFE » Fri Oct 11, 2019 8:34 am

WildBill wrote:
Wed Oct 09, 2019 10:08 am
Howdy

Neighbors and landscaping guys who fire up motor operated gizmos in the morning and wake me up.
As a still employed shift worker, I can relate. Not a quiet day to be had in my neighborhood.

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

Post by flyingaway » Fri Oct 11, 2019 9:23 am

The downside is all your friends are working.

I have a friend who retired early to take care of her disabled son. She has a vegetable garden and sends vegetables to every friends almost every one or two weeks for free. She invites people to play cards at her house every weekend. So she is not working, but doing something for free.

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