How old to retire? [Archive] - Simple Living Forums

Tybee

4-28-18, 10:31am

I'm just curious about when people decided to retire, at what age. If you are retired, at what age did you retire? Why did you retire at that age? Was it intentional or did it just evolve out of circumstances? What was your motivator to retire at the age you did?
If not yet retired, when you do you want to retire?

I work part-time but left the full-time gig for health reasons at 60. But I still need to cobble together some income. And I'd like to shift to a different kind of work, so I am trying to retrain for something different.

I like working but have health issues that make full time employment tough in most situations.
Just curious about what others have done and why, so share your experiences, thanks!

pinkytoe

4-28-18, 11:11am

I retired at 61 when I became eligible for my pension. I probably would have stayed longer but the hassle of getting up early, traffic etc and the realization that we could get by without regular salaries made me take the leap. Plus I wanted to still accomplish some things with all that free time before "aging" set in. Funny thing is I just now feel retired as we have spent the past two years selling a house, moving, buying and remodeling a house none of which have allowed much free time. I might consider very part time work again just for the social connections as those get harder in retirement.

flowerseverywhere

4-28-18, 11:15am

Age 52 and 54. When 401s started we started contributing. Stayed in our smaller paid for older house, used cars etc and found ymoyl early. Most of our friends and coworkers thought we were very cheap going on camping trips instead of upgrading cars, homes and cruise/flying vacations. 30 year marriage with similar goals and spending habits. DH had health problems and we decided to just do it. Sold almost everything and moved to Florida. Bought a house with cash from old house sale. We worked at some part time stuff for a while but found our bills were lower here. No state taxes, one car very doable, way lower utility bills so we stopped working after a few years.

Our decision was was based on enjoying life’s simple pleasures while we were able to. Cooking from scratch, biking, walking, playing cards with new friends, birdwatching, reading library books, swimming at our community pools and going to library programs, attending things at senior centers like exercise classes such as line dancing , volunteer and attend free music events. One DIL said we were leaving our prime earning years but I think it was worth it for us. We don’t buy much. We drive to visit kids or go to the beach or parks with a cooler in the car. Rarely go to restaurants or buy stuff. We almost never drink alcohol. No regrets.

Social connections have been easy living in a retirement community.

We love our life and feel we opened jobs for younger people. Our volunteer work is fulfilling. We feel better physically and mentally than if we had stayed at work. Life is good.

Tammy

4-28-18, 11:16am

I’ll get my full pension in 8 more years st age 64. I plan to retire at that time. I’ll probably teach nursing students as a retirement job. I taught nursing clinicals in various hospitals part time a few years ago and loved it. It’s perfect for retirement - 10 shifts a semester equals about a shift a week. I can’t imagine doing nothing ...

iris lilies

4-28-18, 11:22am

JaneV2.0

4-28-18, 11:59am

I retired before I was 50, then worked part- and full-time off and on. I retired permanently at about 55. I'm perfectly happy "doing nothing." My motto is "So many books, so little time." "Doing nothing" is my idea of working for a living--a complete waste of time and life.

iris lilies

4-28-18, 1:05pm

JaneV2.0

4-28-18, 1:21pm

Jane, you lazy slut! (Haha cue old Saturday Night Live newscasts with Jane Curtain as reference here.)

Ha! I embrace my lazy sluttishness! (I make sure to read so no one can legitimately say "Jane, you ignorant slut!") :devil:

Teacher Terry

4-28-18, 1:40pm

IL and Jane, you guys made me laugh outloud:)) I retired at 58 and 7 months later started teaching my class. It was the first time I ever taught and 5 years later they will have to pry it out of my cold, dead hands. I also started testing clients which is what I did in my career for 24 years. I am winding down that business and am not buying anymore tests. I don't have as many hobbies as some so it keeps me busy besides my volunteer work and doing fun things.

herbgeek

4-28-18, 2:00pm

I plan to retire next year. I will be 58 and 6 months at that time. My company however may beat me to it, they had a big layoff in January and i wouldn't be surprised if there is another one this year. I've already been told that the role I have is superfluous, so I'm sure I'll be at the top of the next list. If I get laid off, I'm likely to either retire or take 3-6 month contract jobs. I'm not looking for a new/better job, as I work from home 100% of the time. Now I am so spoiled not having to pack a lunch, put on makeup and real grown up clothes and no commute, it would really be a drag to go back to that.

I've never worked in a company that had a pension plan (other than my first job out of college where I only stayed 2 years). I think we have enough to retire now (because we don't spend much) but hubby is more conservative and thinks we need a bigger buffer. The reason for next year, is that he will qualify for Medicare then, and hopefully health care for only one person will be more affordable.

iris lilies

4-28-18, 2:04pm

Ha! I embrace my lazy sluttishness! (I make sure to read so no one can legitimately say "Jane, you ignorant slut!") :devil:
Yes!

Simplemind

4-28-18, 2:11pm

Always planned to be able to retire at 55 when I was eligible for my pension. Would have stayed if I could have done part time but it wasn't available. I have two volunteer jobs that I love because I write my own schedule. The last several years have been packed with finalizing my parents affairs. With my dad passing in January and winding down the trust I feel like I'm retiring for a second time. We have some big travel plans this year with our free time.

Tybee

4-28-18, 2:44pm

These are so interesting to me. I realize I feel wistful at the idea of retiring early with a pension. I am "pension free" and still need to make money to live on. I really like seeing the range of responses, and I can see how one's individual circumstances really factor into figuring out the best time to retire, or whether one wishes to/can retire at all.

Teacher Terry

4-28-18, 3:01pm

My DH and I each have a small pension of 20k each. However, because WEP takes 2/3's of our SS we probably aren't any better off then people who have this much from SS. I enjoy making $ from my job and that is less we need to take from our savings.

Yppej

4-28-18, 3:08pm

It will probably be age 70.

ApatheticNoMore

4-28-18, 3:31pm

Like much else in life I don't expect it to be entirely in my control. At a certain age corporate america might decide it's time to put you out to pasture as you are "too old", and if anywhere near say social security collection age presto chango you are "retired". At least it sounds much more dignified than unemployed no? Yea obviously if that happens at 50 and one isn't wealthy one probably DOES need to try to find an alternative plan but if it happens at 60 maybe not ... one is ahem "retired" (aka living off savings until SS kicks in in a couple years and helps some with the bills). But hey if anyone asks you are retired.

Until then or one is able to retire on one's own timeline, one is not retired, but one may find themselves unemployed and burning through savings and not able to add to retirement savings or even SS (at least I haven't touched anything with any tax penalties).

I don't think anyone has a pension these days but government workers.

frugal-one

4-28-18, 3:55pm

I retired at 57. I worked one more year than I should have. I was so afraid of the economy. I feel I wasted that year of my life that I stayed working. Unless you have no outside interests at all... retire as soon as possible IMO. Life is too short doing things that you are required to do. It is so amazing to do what I want, when I want! Like the others here, I have always been frugal and have always saved. Sometimes it was only pennies, but still saved. As they say, "where there is a will, there is a way."

Ultralight

4-28-18, 3:56pm

Honestly, I predict I will die before retirement. But on the off-chance I live to retirement, I am saving for it.

My retirement savings is designated to go to my sister, niece, and a secular non-profit when I keel over.

rosarugosa

4-28-18, 6:13pm

I retired 12/1/17 at the age of 59. I have a corporate pension which is pretty small after they deduct retiree medical and dental benefits for DH & me, but I know I am lucky to have them so will not complain. I was going to work until age 62, but I just couldn't stand it any more, and they made a change for the worse to medical benefits for those retiring after 12/1/17, so that nudged me to make my move. I could also see my mother really declining with memory issues, and I knew I could offer her a lot more assistance if I retired.
I have a housecleaning gig and am about to get a dog walking gig. I'm helping out Mom and taking a carpentry course and I have a bunch of home projects to work on. I'm hoping to get involved in the local tree committee. I feel like I'm as busy as I ever was, but not as stressed, which is great. And no fricking meetings!

Gardnr

4-28-18, 9:11pm

My target is 60......our retirement is fully funded so the rest is frosting. I'm turning 57 in 32 days. Some days I'm really ready to pull the switch now, but most days I enjoy my work.

If we had universal healthcare in this country we'd both retire now though as there would be no worries about needing that chunk of change based on the national average of $143k per person after age 65.

I do see volunteer work or perhaps a per diem position if someone will have me. But i want to control my schedule for maximum flexibility.

SteveinMN

4-29-18, 12:17am

I left a HSSJ at 52 and spent the next four years trying to grow a photography business. I closed that last year, not having achieved what I wanted to, but I did not sense the market would change enough near-term to make that happen. Two years ago, one of my previous employers offered to buy out a pension I had just vested in. In a sense, it was "found money" because I took away a much larger 401(k). But it was more than I reasonably would make from residential photography, so I took it. I'm not sure if accepting that pension means I'm retired, but I don't have another source of income and don't really plan to look for one unless I need to. So I guess I'm retired. It would be quite difficult, I think, to step back into IT after 5+ years away. I might go for a McJob but, as discussed in another thread, the value gained from that job would not equal the value of my being the househusband and being on call for whoever needs me.

DW plans to retire at the end of next year, when she's 59. Both of us want to enjoy some free time while we're still healthy enough to travel and before the grandkids start school. Neither one of us ever was workworkwork; we have plenty of interests with which to fill our days.

The big question mark for us will be health care until we qualify for Medicare. DW will be able to COBRA her health coverage, but we don't know if that will make economic sense. We do have an HSA we'd be able to use, but, again, who knows how that will work in the uncertain environment of ACA? So DW may choose to work longer. Or I can try for a job which will provide medical insurance. Or DW will go for that job. There's no script, no rule book. We'll play it by ear. Life can change pretty darn quick. Unretirement may be in one or both of our futures. *shrug*

bae

4-29-18, 3:58am

I “retired” when i was 36.

I read YMOYL, and it resonated with me. I’d just had a good friend and mentor walk into the office after lunch two years before and drop dead at his desk at the age of 38. Guy was in amazing shape, climbed Himalayan peaks w/o oxygen, etc. Blood vessel burst in his brain after a burrito....

I had a 2 year old daughter, and wanted to give her the greatest gift I could - time and attention.

LDAHL

4-30-18, 4:10pm

About this time next year, I plan on retiring in Bae’s sense of the word. We are financially independent through pension and portfolio income, but I plan on continuing to work as long as I enjoy it. I’ll downshift to a job that will be more fun if less renumerative.

To be honest, travel is too much like work and I am unencumbered by any strong passions I feel a need to pursue. My kid already sees as much of me as she can tolerate, and I suspect it will do her some good to see the old man work regularly.

Alan

4-30-18, 4:58pm

I'm retiring in August. It's been interesting interviewing potential replacements because up till that first interview I felt that I could go ahead or not based upon nothing more than my wishes. Having a strong candidate come in the day after tomorrow for his second interview adds a bit of finality that I didn't previously feel. I'm hoping he accepts so I can transfer that end of the line feeling to a welcome to the rest of your life feeling.

Teacher Terry

4-30-18, 5:26pm

Alan, enjoy your new found freedom. Any special plans?

frugal-one

4-30-18, 5:37pm

Congrats Alan!!! You won't regret it!

Alan

4-30-18, 6:50pm

No special plans immediately, although we are talking about taking a 3 month motorhome trip to Alaska next summer.

Ultralight

4-30-18, 6:53pm

catherine

4-30-18, 9:26pm

Congrats, Alan! Your plan sounds great.

As for me, because I'm self-employed and have a lot of autonomy in my schedule for the most part, I plan on working at least until I get maximum SS benefits at 70. At that point, I'll take my foot off the gas and take jobs that come along... until they don't. I'll make sure I've unloaded my house in NJ. Then I'll be "retired." I'll play it by ear, but I'm not opposed to part-time low-stress employment.

Was up at the lake house for a few days--just got home. I have happy vibes that I'm going to like it, which will be a blessing as I'd be able to live there with no debt and reasonable taxes.

San Onofre Guy

5-1-18, 12:40am

I am 55 1/2 and I can afford to retire but it is a tough decision with one child still in college and 9 years until Medicare. I planned on going at 60 but an improved retirement formula and a big promotion five years ago puts me at the point of my age 60 goal today. Hit your goal and evaluate. When I take gross income, subtract deductions, then subtract what I used to pay for a mortgage, I am at my retirement income and not drawing from other sources. The challenge is a thirty year retirement. I now get 9 hours vacation every two weeks. I plan on taking a week off every other month and continue to sock money away for another 6-36 months. Wife pulls SS at full rate in 36 months. I have a huge need for security and hate to spend capital and savings

Gardenarian

5-1-18, 3:49am

I worked full time till my daughter was born when I was 41. I continued working part time till I was 58 and we decided to move. Luckily that was also the year I became vested in my pension.

I didn't plan on continuing to work, but I seem to keep be drawn back to the library world. I'm currently only a substitute, which lets me pick and choose my hours.

I enjoy working a couple days a week - more than that and I lose my enthusiasm rapidly.

I think I keep working because I haven't yet found a calling for this third stage of life. It's also a good way to meet people and become involved in a new town.

We moved from a very expensive area to one more affordable, which gave a huge boost to our savings. That was no sacrifice; I love my new town and was thoroughly done with the congestion and busy-ness of the Bay Area.

I do hope to find a creative outlet that I will find fulfilling in the years to come. I have bought 2 run down houses and fixed them up and rented them. Maybe renovation will be my path - I've always been a house person. I've got another on my radar now...though physically it's pretty challenging for me.

I'm thoroughly happy with my retirement, and it's delightful to actually have choices!

flowerseverywhere

5-1-18, 6:35am

No special plans immediately, although we are talking about taking a 3 month motorhome trip to Alaska next summer.

fun! I hope you get to do it. We have done four multi month RV trips mainly to national and state parks. Last year was PEI and Nova Scotia. We do things like fireman’s breakfasts, local music events, historical houses, monuments and gardens, local museums and almost never have TV hookups so read and play games when we are in for the night. You meet the nicest people and see so much of our beautiful continent. Planning this years trip now.

Lainey

5-1-18, 11:52am

Age 62, almost exactly a year ago. Had been working full-time for 40 years, since graduating from college, and I was ready.
I get a small pension (under $20,000/year) and Soc. Sec. and a small amount of rental house income from a family member, and back of the envelope financials showed that would be enough. I enjoyed my co-workers and my work but I also wanted to enjoy retirement while I still had my health, as others have said.
Our lifestyle is very similar to flowerseverywhere so that part wasn't a change - still like to spend time reading, catching a matinee, decluttering and organizing the house, helping family, hanging out with friends, wandering around the local botanical garden or museums, taking day trips, etc. Also being able to babysit my only grandchild for 2 days/week is a real treat and helps her parents out greatly.

JaneV2.0

5-1-18, 2:01pm

...
Our lifestyle is very similar to flowerseverywhere so that part wasn't a change - still like to spend time reading, catching a matinee, decluttering and organizing the house, helping family, hanging out with friends, wandering around the local botanical garden or museums, taking day trips, etc. Also being able to babysit my only grandchild for 2 days/week is a real treat and helps her parents out greatly.

I swear, I read that "catching a manatee." Thanks for an always needed laugh.
Your retirement sounds perfect.

herbgeek

5-1-18, 2:03pm

I swear, I read that "catching a manatee."

I did too. It was a funny visual. :D

frugal-one

5-1-18, 10:58pm

No special plans immediately, although we are talking about taking a 3 month motorhome trip to Alaska next summer.

Have you been to Alaska before? I was truly disappointed. I expected it to be as awesome as Glacier but it was just ok. It was expensive and it did not have the grandeur of Glacier. I have no desire to go back.

rosarugosa

5-2-18, 6:41am

I'm enjoying reading about everyone's plans and experiences. Good for you, Alan! I look forward to hearing of your travels!

Alan

5-2-18, 8:45am

Have you been to Alaska before? I was truly disappointed. I expected it to be as awesome as Glacier but it was just ok. It was expensive and it did not have the grandeur of Glacier. I have no desire to go back.
Yes, I lived there for three years in the mid 70's. Met my wife and married her there in 1976 and our now 39 year old daughter was conceived there. We haven't been back since 1978 so this will be a nostalgia trip.

Tybee

5-2-18, 10:11am

All these trips and activities in retirement sound wonderful. Like Catherine, I need to continue to work however for money. I think I would like to work for money until I am about 70-75. Obviously, I will continue to work after retirement, as many have pointed out.
And yes, catching a manatee is basically my idea of a good retirement. I had the experience of swimming in Boca Raton and one came up to us and swam with us, but that was a long time ago--when I had money and good health. I am struggling to get back to that state, and a good retirement seems to require an awful lot of money or inherited safety factors, along with strong social support and it seems easier with a good marriage of long duration, minus health challenges over the course of a lifetime.

So many interesting angles on this question, and thank you all!

ApatheticNoMore

5-2-18, 11:26am

I am struggling to get back to that state, and a good retirement seems to require an awful lot of money or inherited safety factors

I don't think it's always a lot of money, for some it's more a risk they are willing to take even if they know it's risky (and that leaves out the people simply forced out, 62 is when most people start collecting SS and there is a reason - physical labor often physically can't do it anymore, and even white collar labor can hit age discrimination). But sure it makes sense for some to wait until Medicare kicks in etc. - I mean if one can't afford healthcare until that point that's a bit more risk than many want to willingly take if they aren't forced out.

along with strong social support and it seems easier with a good marriage of long duration, minus health challenges over the course of a lifetime.

a good marriage is social support but I suspect in many people's cases it's more than that and their partner earns a decent middle class living and so it helps financially. I'm really not with a partner that is necessarily ever going to earn such money, so more skating above poverty, but hey they support themselves and I do when I can (ha but I'm unemployed). Good health definitely helps financially, no doubt about it.

dmc

5-2-18, 12:39pm

I retired at 50, 11 years ago. So did my wife. If I had kept working I would have a few million more, but I could never buy the time back. My mother passed away when she was 55, the owner of the company I worked for and also a good friend died at 57. So I wanted to retire when I was still healthy enough to do what I wanted. And we had plenty of money to maintain our standard of living.

things have worked out well so far.