My kids are in college. I’d really like to stop working, but need a few more years for the medical and the income. The education is taken care of, however for myself in the process of a job change. Things are much more difficult after 50 seems like. Find it a bit disconcerting that I’m judging myself by whether I have a job or not. I’m considering listing our home, take the equity, get a smaller home, so keep myself light. It’d be so nice to have a home that’s not dependent so much on a high paying job.
I know it does not address healthcare but can you consult with what you have been doing? That has been my “retirement” job. You have to balance healthcare market with fees. But it kept me active.
I sort of did what you’re contemplating @GtrLtr. We downsized and I left my job. For a while it felt great. Then, two things happened. One, eventually, I got bored, and I went back to work last year, although it’s a very different kind of job than what I used to do. More flexible, much shorter commute. The second thing that happened is that I started to suspect we downsized too early - or too much. We really do need a bit more room than we have now, for example, I’d love another room/bathroom for guests. And we’re now actually contemplating an addition (!) in the event my mom moves in with us. In other words - be careful what you wish for. Every scenario has its drawbacks.
At 50, I started the nonprofit that I’ve been ever since. I enjoy it. The budget is generally quite modest unless I want to work hard to get grants, but I feel we are really helping people and it makes me happy. Fortunately, we did get grants when my kids were in college so I was able to draw a salary that helped pay our kids’ ed expenses. Now, I mostly work part-time and love it.
I was much older (more like 64) when I left my terrible, horrible, no-good very bad job (where I had to live in another state during the week) and we downsized and got rid of the mortgage. Since then I’ve just done consulting work, and now that I’m 70 I’ve got my full SS benefit, my RMD, DH’s SS benefit, and a small pension. Any income I get from work is gravy. No regrets whatsoever about getting rid of the huge albatross of that ginormous “forever” house.
I’m 58 and changing jobs! I graduated with my doctorate in May and was offered a faculty position. Yes, I’m taking a cut in pay, but I don’t need to work so hard to put away money into retirement. It’s 9 months/year, and I’ll be doing clinical work (I’m a NP) and I can adjust the hours based on monetary needs. It seems the perfect pre-retirement job. Hope I like it. Some places are happy to have older workers with lots of experience to teach the youngsters.
I’m surprised how much we get attached to the house. The wife is not keen to sell. However, this means the stress of being in a high paying job. With the digital age and automation coming on us, the job scene is changing dramatically. I suspect, its going to get harder to get a steady job. Why not go for a lesser paying job and have greater financial freedom? Wish she would understand.
@GtrLtr Have you run numbers and quantified the financial picture for your wife to help her see the savings of less taxes, less upkeep and maintenance, etc? Houses can be big money pits and as they and we age, it winds up costing more as they need repairs and we can do less of it ourselves so need to hire out.
Yes, exactly. That’s what I’m in the process of doing. The way I see it, if we can downsize to a smaller home, we could use the equity from this home to finance it, effectively paying a lower mortgage. Lower mortgage would mean having the flexibility of taking up a lower paying job. As it is, getting a job is getting more difficult, but I wouldn’t feel pressured to keep or take up a high paying job.
Funny, how it really leads to the question of what one really wants at this point in life? Is it less stress, pride of ownership, designations, material things, better health and fitness? What’s the point of all this?
Exactly the conversation I am having right now. DH lost a golf buddy to a rare type of thyroid cancer last week, and we both have friends battling cancer and trying to get to a new normal. To me, it boils down to time vs money, and I choose time. It may yet take a year or two, but retiring early, selling the house and probably renting initially make sense to me. I want less stress, time to travel and time to focus on health and wellness.
@GtrLtr Are you interested in a lower paying job to relieve stress, in preparation for the eventually that you might be iin a position where you are forced to look for a new job, because you hate your current work, too many hours, retiring early? What is motivating you?
Does your wife work as well?
If my h was agreeable I’d sell this huge “dream home” and live in a small condo or bungalow.
I’ve joked but am serious, if anything were to happen I’d sell in a heartbeat and move someplace no/low maintenance.
But now I have a small zoo living here plus boomerang kids and various friends and family who need a place to stay.
When I was single, I lived in a very nice one bedroom apartment. It was convenient to talk to many things–library, grocery stores, restaurants, pediatric hospital, even a short bus ride to downtown and work. I can see moving back at some point for a lower maintenance life, but having to share a wall with the neighbors was one of the few drawbacks.
@doschicos, my motivation is multiple factors - kids in college, getting into the next phase of life, knowing that the job scene is changing, the opportunity to do something different, the trade off between time and money as @rockvillemom alludes to above, breaking the link between the need for a high paying job and current mortgage, what if scenarios etc.
I’ll have to take heed of @katliamom’s advice above as well. We’re still discussing options.
It doesn’t happen overnight. It can take a few years to figure it all out, and then to sell the house and create the right opportunity for yourself.
I am changing jobs at 59 (closer to 60 than to 59). And I have gray hair, which I will not be dying in an effort to look younger. I know it’s not going to be a picnic finding a job, but it will be worth it. My mom was only 15 years older than I am now when she died. I plan to begin enjoying my life in case I only have 15 more years to do it. I figure that de-stressing will add years to my life … not to mention allowing me to enjoy those years. We do have enough savings that I could retire, but I am not ready to stop working. I have no clue what I will do next, but I know one thing: My life will be better because I finally got the nerve to make a change.
I changed my jobs 5 times after 50. It was like trying to find myself - trying out different jobs to see what I liked or didn’t liked (I figured it out that I really didn’t like consulting, not for any money in the world. I also figured it out that I didn’t want to manage a large organization, and preferred a smaller team with focus on key deliverables). I am finally at a job I like. I actually ended up in a sector I never thought I would ever be in. My pay is less than the height of earning power, but it is just me now with no tuitions or dependents. I continue to have recruiters contact me about some “big jobs,” but that’s where my heart is at any more.
I am also 59 and like kelsmom, I want to focus on other things besides my work, but at the same I want it to be interesting and something I want to do. I worked for my family before, and now it is for me. 
Let me just put in a plug for living frugally and having a great retirement.
I’m 70 and haven’t yet officially retired. I’m still connected to an HR consulting firm where I handle their “overflow” during the busy benefits enrollment season. It’s very flexible and I do it from home.
But I’ve also become very active in a volunteer activity that is giving me a great deal of satisfaction, in terms of being able to use my unique skills (data analysis, training, phone banking) and feel like I’m making a difference. And if I decide eventually it doesn’t suit me anymore, I can stop anytime I want. Freedom is awesome.
I thought this was a good article this morning. I enjoyed reading about the women who followed their dreams later in life.
https://www.washingtonpost.com/graphics/2019/lifestyle/women-over-50/?utm_term=.784c6b3cf36f
@sabaray, the 82 yo woman looks incredible – kudos to her for getting in shape late in life!