Rutgers, you need to work within your own psychological framework. Are you good at contemplating and then carefully coming up with a plan, or do you need framework to your days to feel your best, and help create the energy to make the best plan? I say this after talking to a new retiree last night, who was so unaccustomed to the lack of people interaction in retirement that she was sort of spinning her wheels.This retiree and I work in a business where we converse with people all day long. Though I have many friends, adding a little initial structure that facilitates people contact, as well as feeling needed would help the process. I also think that is is quite different being single, as things can get lonely a little too fast at times, though I always have plenty to do.
I appreciate the feedback. I do some meaningful volunteer work now that will continue in retirement…ramping that work up a bit is probably a good plan. Anybody else have “Feeling Worthwhile” pretty high on their list? Other ideas/thoughts?
For me the issue is telling people that I’m about to retire. I can say it freely on CC because it’s CC. Retiring with a pension and full benefits is unheard of nowadays. When people here that I will be retiring from the federal government at a young age they don’t always have the best response. As they are railing against it (always starting out with “no offense to you”) I ask them “if you had an opportunity to do what I’m doing and retire early would you?” They always say yes.
@HappyFace2018, it is not unusual for US military to retire at a very young age at 38 after 20 years with a pension and full benefits. Some never have a full time job or work at all after that. I retired from government work at age 60 with a pension and benefits. My good friend retired before me at age 56 after over 30 years. I have not had anyone say anything to me to have me defend my retirement. Part of it was I told very little ahead of time I was retiring until I had to tell them. Then I just did it.
H retired after working 45 years with the federal government with a nice pension + COLA and medical coverage. Folks said congrats on lasting that long! We don’t talk about his pension or insurance, but it lets us sleep well at night.
“For me the issue is telling people that I’m about to retire. I can say it freely on CC because it’s CC. Retiring with a pension and full benefits is unheard of nowadays. When people here that I will be retiring from the federal government at a young age they don’t always have the best response. As they are railing against it (always starting out with “no offense to you”) I ask them “if you had an opportunity to do what I’m doing and retire early would you?” They always say yes.”
I don’t get this (having retired earlier this year). Aren’t you just saying “Hey, I’ve retired” to which they say “Hey, congrats!” Why would you be discussing that you had a pension and full benefits? That’s your private financial information, and not anyone else’s business or concern. I certainly don’t “explain” my retirement by saying that I’ve saved $x and here are the particulars of how my household is going to manage without my income.
If I’m mistaken and you aren’t saying anything but they somehow discern that you have a full pension and benefits (is that the case for any federal employee? Beats me - how would I know?) and they start railing about it, they are boors, because again the only normal response is “Hey, congrats! Enjoy!” And with boors, you needn’t waste your time trying to justify what you do. You know now that they’re off your list of people worth talking to.
My dad retired from the military at 50 with 21 years of service (he went in late). The nice part of retiring early is that if you want an encore career or a job that you’d love but doesn’t pay well, the financial downsides are much lower. My best friend from middle school’s DH (who I stayed in touch with for 35 years) retired from the military at 38 with 20 years’ service and now teaches PT at a college in New England. Their real passion, however, is running a small museum. Having the military pension makes the other things possible.
HP, I get it. If you are normally an open and friendly person others are inquisitive. You do not need to answer.
However, do realize that often people are asking for themselves.
When we adopted our S I had many questions, as did my two GF’s who had also adopted, when we were asked, “how much did he cost?”.
We each answered our own way with one GF feeling offended, one simply not giving info, and myself answering in the vein that the person wanted to know if it was even a possibility that they could also adopt.I was happy to give them facts.
I have always found this interesting.
For myself, a normally revealing person, I have had to learn to make comments that do not give concrete info for other things in my life. ESP. about how much we now have in retirement and how much my inheritance ended up being. WHY-- dang if I know. Just does not seem appropriate.
If you are a government employee you do not worry about being secretive with your pension or salary information since it is public information and easily available to anyone interested.
One reason I discuss my pension is to correct the vast amount of incorrect information that people have about it. When people realize that I contributed as much or more to my pension than they do to their 401k they initially do not believe it. The majority of people think that the government funds the entire pension but in my plan they only fund about 30% of it.
Don’t confuse them with facts. These people could have chosen a career in public service in their early life. Many don’t because they believe government work doesn’t pay well or it’s not meaningful work. But now they begrudge those who did answer the call the are now enjoying their retirement. The CSRS was a good deal, but people don’t know that those retirees have no social security to add to their pension later. FERS is okay, but many people don’t max out their TSP contributions and will not have enough to live on if they only have their annuity or very little TSP to live on until they can start drawing their social security.
@HappyFace2018 you need better friends! 
If you told me you were retiring I’d say “that’s awesome! What are you looking forward to doing?”
I have two friends who adopted children from China, India, and Siberia. If I had asked my friends “how much do they cost” I would have lost two friends. I find that question unbelievably rude. There are ways to have a financial discussion about the cost of adopting children that is much more sensitive to the parents. They say they get questions that are much worse than that.
FWIW, we’ve discussed being foster parents once we retire (we’re gunning for 55), and we have asked a lot of questions in our circle of friends who have fostered kids (mostly babies who are awaiting placement to a permanent home). I think fostering is a pretty worthwhile pursuit, but it is not for the faint of heart, and it takes a lot of mental and physical energy (from what we’ve seen from our friends).
My MIL fosters baby kittens that need to be bottle-fed every four hours. She’s a retired NICU nurse so this fits in well with her abilities and fairly extensive travel schedule with FIL. When they’re not on vacation, she usually has one or two (once she had a whole litter and said that was way too much). They are returned to the adoption agency once they’re old enough (usually 8 weeks).
I actually like the current FERS plan although I understand they recently increased the employees contribution for the annuity portion.
"I don’t get this (having retired earlier this year). Aren’t you just saying “Hey, I’ve retired” to which they say “Hey, congrats!”
Nope, not all people respond to the news you are a young retiree with “Hey, Congrats!” even with zero pension in your back pocket. It brings up some jealousies and judgement in some people from my own experience and that of others I’ve talked to.
Instead of listening to people ask me questions about my retirement, I just started telling people I worked at home. Sometimes I tell people I am unemployable. Probably true.
My sons will be eligible to retire with a good pension when they are 46 and 49. Wow, I just realized they could potentially retire within a few years of when I do. Whoa In both of their cases, I am sure they will then make their secondary businesses/passions into a full-time venture.
“One reason I discuss my pension is to correct the vast amount of incorrect information that people have about it. When people realize that I contributed as much or more to my pension than they do to their 401k they initially do not believe it. The majority of people think that the government funds the entire pension but in my plan they only fund about 30% of it.”
I think it’s a very good idea to discuss specifics of a government funded pension. After all, the taxpayers are paying for it, so of course they are curious about the details. The stories that make the news are the ones about a massively pumped up pension, with people retiring early, making more in retirement than they did as salary, due to calculating pensions based on overtime, etc. Or feeling like their taxes have been raised extensively, while hearing about what a huge drain on taxpayer funds the pension systems are, while they have worked all their lives and are not getting a pension themselves. Of course they feel resentment. The fact that the public sector doesn’t have to make a profit makes them less accountable than private companies, they don’t just go out of business and ditch the pensions the way private companies do. I don’t think people resent police/firefighters/military, people in the line of fire retiring early, though.
I believe that when people hear the details, they realize that most of the government funded pensions are not the scams that they have been hearing about. That many people contribute highly to their pension, the numbers are not extravagant, and that people have worked for a long time to earn them, and may not get social security benefits. I was not excited about the deal someone told me they had…retiring with full pension ( in a state that has a highly underfunded pension fund), going back to work at the same job the next day for the same pay, and getting more contributed to their retirement account while they were working (and getting retirement benefits). I don’t think that’s the norm, and when you hear the details of other people pension, it validates that.
"I think it’s a very good idea to discuss specifics of a government funded pension. After all, the taxpayers are paying for it, so of course they are curious about the details. "
I can see being interested in the details from a public policy perspective, informing one’s voting choices, etc. I can’t see getting into the specific details of the pension of the person standing in front of me. Even if he’s a govt worker and I’ve “paid” him, I can’t see how it’s my business.
I retired in February. Some of my coworkers linked it to my twins’’ graduation from college (in the sense that - now she doesn’t have that big cost hanging over her head, she’s decided to relax and wind down). Actually my decision and timing had nothing to do with no longer having to pay tuition, as we had already had that money set aside. But why bother discussing that with them? Smile and nod!
If someone IRL is going to express resentment / jealousy of your retirement (other than lighthearted teasing / “must be nice”), they aren’t worth “explaining” anything to, or defending your decisions to, IMO. Let them think whatever they like. Their problem.
Shortly after I started working at my current company a few years ago a 51 year old man who worked in our office services department (an important but certainly not high paying position) retired. He had been with the company for 15 years and made a killing on his employee stock purchase plan. I was thrilled for him, and jealous that I hadn’t been in on the company’s success for that long!
‘Smile and nod’. I use that frequently in many situations. I love it.
“I can see being interested in the details from a public policy perspective, informing one’s voting choices, etc. I can’t see getting into the specific details of the pension of the person standing in front of me. Even if he’s a govt worker and I’ve “paid” him, I can’t see how it’s my business.”
People ask others personal questions all the time. They are not entitled to an answer, however, when they are footing the bill it is obvious why they are interested. If someone feels it’s too intrusive, then don’t answer. If anyone asks me about my pension, I tell them whatever they want to know, it’s not a big secret. i don’t consider it a rude question, they are just curious. However, I am not easily offended.