Home > What would i do with retirement?

What would i do with retirement?

February 8th, 2021 at 06:30 pm

A lot of people on SA want to work to keep busy.  They are fiscally responsible and enjoy it.  But I'm the one planning on retiring early and want to be done.  My DH I can tell will not want to quit. But here is my perspective and take.

I don't know what the future holds and I believe the One More Year (OMY) syndrome could easily happen to myself and DH.  We could be easily able to retire in 10 years or less.  But will we? I don't know.  I mean postulating, running the excel spreadsheets, using firecalc it's all awesome and nerdy and fun to do. It's super fun to imagine not having to work. It's super fun to imagine being answerable to no one.  Having no debt.  Just able to live.

But when the reality hits will we pull the trigger?  Would we says "sure let's walk away from DH's cushy job earning $XXX" and we're cruising along?  Will we be just risk averse because our kids are in college?  I don't know how we will feel at that time.  I think you have to be standing at the precipice of retirement to make that call.  All the planning is great but if you aren't ready it's not going to happen.

Or what if you we are forced into early retirement because of your health?  Or if you just can't mentally take it anymore?  Or you are 50 and downsized and can't get another job?  Do you get something paying less you like less?  Get retrained? Or do you call it a day?

I think that you should make a plan but like all plans be willing to adapt it based on new information that arises.  What if we buy a newer more expensive home?  What if we decide we can't live where we live?  The what ifs.

For those of you retired, did you make a plan and stick with it?  Did it happen accordingly or did you change it on the fly? Or did your retirement plans change ahead of time and you know it?

6 Responses to “What would i do with retirement?”

  1. Wink Says:

    I had originally planned to retire at age 62. But things at work changed. I got a new boss and saying that we didn't get along is mild. I was 58 when she was hired. The stress I was under was overwhelming, and it was all I could do to hold on until I turned 59.5 so I could leave. My health was more important to me then a few more years of saving. So, while I had a plan, things did change.

  2. Lots of Ideas Says:

    When I turned 55, I realized I had the resources to retire, and that changed my attitude about work.
    I loved much of my actual job, but not the politics to maneuver in the organization. I found I was less able to tolerate the foolishness.

    I had a couple of great assignments that carried me through three years, but then I was assigned to a project that was plagued by bad managers in all areas, including mine. After a long period of struggle, I decided I was done.

    It was a great relief. Much to my surprise, I was twice asked back for very interesting consulting opportunities, and in both cases, the hours I was willing to work and the rate I wanted to be paid were accepted, so over the first four years, I worked part time for about half.

    Until the pandemic, I was very happy and filled my days easily. The past year has been lonely and a struggle, but I do not wish I were working.

  3. LivingAlmostLarge Says:

    I'm a huge travel fan in case it wasn't obvious by my posts and spendy ways. Both cheap and expensive. But right now with my parents and in-laws and kids it's hard to travel the way we want. Perhaps that's what curbs DH and I. He actually sort of hates traveling as well at times. But I suspect it's more the work that accumulates for him and coming back to it. Thus retiring I bet would help.

    I agree I don't think not traveling for the next 14 years is the answer. We won't just travel because we retire. But we tend to travel I think a lot for a couple with 2 growing kids. I read about fire blogs and most are DINKs. Very few families travel with kids a lot, nature of school and timing.

    But retiring? I can dream about having all the time in the world to read and just travel.

  4. GoodLiving Says:

    So I'm turning 52 this year and just ran some numbers and I could technically retire in a few years especially if there were some changes in things. When I realized that, I actually got a little scared. I really love security but the thought of enjoying my life and travel are big motivators. What I realize is that I really should start doing serious thinking and planning and it's possible I could pull the lever in 5-8 years. That would help my sense of security. I have lots of dreams but what would it actually look like. Thankfully, my spouse is on the same page. I've also read that while many folks plan to work at least until 65 fewer folks can due to health issues, needed to care for family members and etc. My Dad was forced into retirement (too high on the pay scale) and my mother took a year sabbatical before she returned for a few years and then retired. With covid, we've had more conversations about this last half of our lives.

  5. LivingAlmostLarge Says:

    Goodliving that i hear is the case. For DH and I we've always said when the last kiddo finishes college. It's pulling teeth. No matter what I do on firecalc we are there in 2034. I personally think we could be there by 2030 when our youngest goes to college but I'm unsure if DH would be amendable to retiring while we have kids in college. I have a suspicion that he is not like that. I'm not sure if he could mentally retire knowing we have two kids potentially needing stuff.

  6. rob62521 Says:

    I retired at 55. That was my plan all along. DH is 14 years older and he retired at 62. We wanted to be able to spend some time together and enjoy things because we never know what is going to happen. Both of us, by the time we were to retire, were glad we could because so many things had happened where we were employed and they were taking a toll on our health, so we felt it was better to do with less money and have the pleasure of taking it easy. Are we glad we did? Yes!!!! Do we regret not holding out a few more year. Not really. We worked to pay things off before we retired. The biggest was the house and we had it paid off before DH retired. We then put the extra money in investments which by that time interest rates were far higher and they grew which helped. I had been saving for retirement since I started teaching full time so I had a nice little nest egg that has grown too. Would I change anything and wish I had kept working? No. I do think my mindset has changed a bit though. I realized before I retired that there were certain things I don't think are as important that I did when I worked. Everyone is different, but I think if you think things through and retirement is something you really want, it shouldn't be an issue if you have prepared.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
Will not be published.

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]