How much do YOU think YOU need to retire? ...and at what age will you (and spouse) retire? (Part 1)

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Thanks for all your kind wishes. I retired today! My supervisor talked me into coming back Monday and Tuesday to complete a project… He promised to pay me well AND buy lunch. :slight_smile:

Thank you, @IxnayBob. I reserved both books you recommended at the library. Now that I’m retired, I may actually have time to read them. I am a few years away from being eligible to collect any Social Security, but like to plan ahead.

My sunset career may be getting to use more of my capabilities - have an interview Tuesday after what turns out to have been a telephone interview yesterday. Getting more balance in life after a long time as SAHM. Current job is PT and I don’t want to work in that job FT because it would take away from my quality of life (supervisor asked me to consider…). The new job would be FT and would not take away from my quality of life.

We definitely will be retiring four years from Oct when both H and I are 65. Our nest egg is in great shape and we can transition to Medicare and supplement health insurance. Our home will be paid for by then, both kids out of college way before then - 2nd one finishes May 2018, and older one is getting married next month - and our financial contribution/spending for the wedding is done except for our hotel room for two nights. Also plan to put equal amount of the wedding contribution into a stock account for DD2, because it may be a while (if ever) for her to marry - I do think she will but take her time getting there; That way we did the same for both kids.

Congrats, @hrh19!

More Congrats, @hrh19! That’s exciting.

Is anyone aware of many people who are sorry they retired “too early?” I am thinking I will retire at 58, when my Husband is 60. I think we have enough, but you never know for sure. I feel like it’s kind of like having kids- you find a way to make it work. I’ve heard plenty of people say they wished they’d retired earlier, but I can’t ant think of anyone who said they were sorry they retired.

Nope. :smiley:

I haven’t come across anyone who said they were “sorry” but I know a few who got bored and went back to work for a while.

I’ve always thought that people who say that lack imagination. There is so much to do and learn.

One of H’s friends was bored so took on a series of jobs after he retired, excelling at each of them. His wife was still working as a flight attendant. I cut way back on my hours after the kids graduated and H stopped working. To me, it’s just easier if we are on similar schedules and phases of life.

DH is so ready to be done with work and retires at the end of the month at 60. However, he DOES worry that after a few months rest, he may want a short-term engagement here and there, so he opted for his company’s “transition-to-retirement” program where he stays on the books (unpaid) for five years and can be called back episodically based on interest without having to through a contractor or re-hire process. It’s a nice way to ease out as it keeps a window open. I kinda hope he lets it all go, but if the safety net reduces stress, then that’s a good thing. His stress levels this past year have worried me greatly.

I, OTOH, have not given work a single thought since I retired in April and never plan to do so. I think I retired a few years too late.

Plenty of retirees I talk to have expressed financial concerns, especially regarding medical. But I suspect most are still glad they retired. We ran into a retired friend last weekend that is having a ball I commented that we probably can afford to travel or retire… but not sure if we can do both. He said we’d find a way, since retirees can be much more flexible finding deals. (I’m a little jealous - he is older, so has annuity pension, probably less concern about “making the savings last”)

I admit that having H’s pension with 55% survival benefits and lifetime family medical benefits is a HUGE relief for us because I would have a tough time getting an individual policy and buying individual policies for D and me or a family policy would likely be very costly.

After inheriting a not small fortune I could retire now. But I can’t imagine anything I could do that would give me the intellectual challenge of my job. And I’m a huge homebody so travel is not very appealing.

I think it will be a big struggle for me deciding when to retire. Many people can retire and then have the option to go back to their occupation or consult, full or part time. I can’t, and my only job experience is flying or waiting tables, and I can’t think of anything other work I’d like. Plus, it would be a significant income drop to stop working, and I wonder what I would do with all that time. My husband has a million projects and interests going, and he barely has time to work. And what if you underestimate what it takes to live on? It would really stink to have retired a couple of years too early, and now you don’t have the money to do what you want. But then again, you want to retire early enough to still be healthy so you can travel, if you desire.

Well, I guess it’s the big dilemma and the point of this thread. And after 748 pages, I still haven’t decided! But I need to find some good hobbies.

I don’t want to retire yet, but I’m also feeling somewhat overwhelmed by the amount of work I have right now. I have a permanent full-time job and also do freelance work, and while I can decline individual projects for the freelance work, I feel some compulsion to accept as many as possible because I’m terrified about not having enough money for retirement. I’m a little envious of my siblings; my sister never has to work more than 40 hours per week and has a defined-benefit retirement plan and my brother doesn’t work summers and has a spouse who makes good money. But I know I’m lucky compared to a few of my friends, who are unemployed and have no retirement assets. Perspective helps, I guess.

@rosered55, do you think it would be better to cut down on work load now, and delay retirement for awhile? That might be a more palatable option then working yourself to misery right now.

My concern is that even with how much I’m working now, retirement at age 65 will be difficult financially.

Seems with the ability to do freelance work, that maybe you could supplement your retirement with the projects you choose for as long as you like (if you needed to). But then again, I guess it depends upon how much you like what you’re doing. If you don’t enjoy it, it would not be fun to keep working even occasional projects during your retirement. Though it’s good that at least you’d have that option.

I don’t know if I’m a pessimist or a realist (or both), but I worry that my line of work might disappear.