If you can't buy time, should you retire as early as possible?

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My "goal" is to retire at 62, but things can change very quickly, so how knows? I've put money away since i was in my early 20's (401k) I should have a pension of around 70% of my salary by then and I have a rental property, BUT you just never know. You never know how you'll be financially...what can happen...how things can change. It's a little scary. And that's not even considering health - don't get me started - I have seen many perfect plans go up in smoke because of health (or lack of). That changes everything real quick.

But yeah I'd like to retire healthy and young enough to still do things...maybe get a mindless part time job for a few extra bucks and to get me out of the house. And I certainly will consider moving down south for the winter.
 
I work remotely 3 days a week from home so sometimes I feel like I have a part-time job.

Lets face it, a good 80% of people really don't like their current job but need it to pay the bills and raise a family.

No job is perfect but with a good salary and benefits will keep you there a lot longer than you originally planned.

For me its been 33 years with 3 more to go....
 
Originally Posted by Railrust
You never know how you'll be financially...what can happen...how things can change. It's a little scary. And that's not even considering health - don't get me started - I have seen many perfect plans go up in smoke because of health (or lack of). That changes everything real quick.

Health care is a biggie. Medical expenses in one of the biggest reasons people, even with insurance, go bankrupt.
 
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Originally Posted by Lolvoguy
Originally Posted by bubbatime
Men are designed internally to need worth. If they dont build something, manage something, work at something, then internally they dont feel worthy. Its a psychological thing. Basically, lots of men that retire dont feel like they are living a full life and just feel like they are spinning their wheels, wasting time.


Nonsense.
It's all based on the social structure you are born into/ keep around as you age. These groups of people will determine the decisions you make in your life.
If you choose not to do the same as them, you will be ostracized.



I don't post nonsense. I read psychological books for fun when I was a 12 year old. Dozens of them. School wasn't challenging enough in middle school so I read college textbooks. For fun.

One reoccurring theme on men's worth is that men are designed to build, maintain, grow things. To work at something and see results. When men retire, they lose self worth because they no longer use their skills and abilities at work. They no longer challenge themselves under stressful conditions to accomplish a work task.

Sitting at home swearing at the tv with the days accomplishment deciding where to eat for dinner, can wear on a man. Which is why I said retired men need hobbies, volunteer task, or even part time jobs.
 
Originally Posted by Alfred_B
Originally Posted by Cujet
Originally Posted by LoneRanger
Problem I have, is maintaining that "purpose" thing that's been discussed already in this thread.

You clearly have interests. I've read many of your posts. Why would your interests change at retirement? In fact, if you retire early, you could spend more time doing the things you like while you are still able. What's not to love about that?

Find a new purpose.


I've thought about going to graduate school and earning Masters in social work and counseling and work under a psychiatrist as a counselor, I have a good friend who is a MSW&C and retired from a career in psychiatric care. He even served as the superintendent of the local state hospital for a period of time which during his tenure had a secure facility for the criminally insane. He paints a picture of a rewarding job but also a mentally taxing one and I'm not sure I want to get that hard into it. It's really a full on thing or stay out, so I've written it off as not a viable 2nd career choice. Psychology and psychiatric care have always fascinated me, however.

I must confess to a certain altruism ramping up as I approach being able to break away from the 1st career, i.e. the whole giving back sort of thing. I just have to zero it in.
 
bubbatime's assessment of the need for continued achievement is totally spot on.

I have seen a number of guys retire from my field after 30+ yrs who during that time the job became the definition of their persona-- they were in the job roll 24/7, it became their identity. The ones who retired and did nothing, tended to decline quickly. The guys and gals who took on something else to do and also kept themselves interfaced with the active members of the job through our fraternal organization-- they're still thriving for the most part.
 
Originally Posted by LoneRanger
bubbatime's assessment of the need for continued achievement is totally spot on.

I have seen a number of guys retire from my field after 30+ yrs who during that time the job became the definition of their persona-- they were in the job roll 24/7, it became their identity.


Kinda pathetic that someone would let a job define their life to that extent. There's a lot more to life than being run by someone else.
 
Originally Posted by Fawteen
Originally Posted by LoneRanger
bubbatime's assessment of the need for continued achievement is totally spot on.

I have seen a number of guys retire from my field after 30+ yrs who during that time the job became the definition of their persona-- they were in the job roll 24/7, it became their identity.


Kinda pathetic that someone would let a job define their life to that extent. There's a lot more to life than being run by someone else.


A job, yes but maybe not so hard to understand when it's a calling.
 
Originally Posted by LoneRanger
bubbatime's assessment of the need for continued achievement is totally spot on.

I have seen a number of guys retire from my field after 30+ yrs who during that time the job became the definition of their persona-- they were in the job roll 24/7, it became their identity. The ones who retired and did nothing, tended to decline quickly. The guys and gals who took on something else to do and also kept themselves interfaced with the active members of the job through our fraternal organization-- they're still thriving for the most part.


I guess it's just me but with basically the entire knowledge of man at your fingertips via the internet, I find it hard to believe that people are bored in retirement. I'd probably be spending more time studying quantum computing/quantum mechanics.

MIT puts their courses online for free. Surely people can find something interesting to do.

https://ocw.mit.edu/index.htm
 
Originally Posted by LoneRanger
bubbatime's assessment of the need for continued achievement is totally spot on.

I have seen a number of guys retire from my field after 30+ yrs who during that time the job became the definition of their persona-- they were in the job roll 24/7, it became their identity. The ones who retired and did nothing, tended to decline quickly. The guys and gals who took on something else to do and also kept themselves interfaced with the active members of the job through our fraternal organization-- they're still thriving for the most part.


This anecdotal observation probably supports the study I had read about retiring at 65 v. 55. At 65, the job has probably squeezed them dry so that after retirement they decline quickly and are simply unable to do something else while those retiring at 55 are still lucky to have some vibrancy left to be able to find something else to do.
 
Originally Posted by Cujet
Originally Posted by bubbatime
Men are designed internally to need worth. If they dont build something, manage something, work at something, then internally they dont feel worthy.

I have no such troubles. There is no way I'll ever be bored. Too much cool stuff to do and see.

Originally Posted by SubieRubyRoo
men tend to let this job define them, and they inevitably put off retirement as long as possible because they are revered as "experts", and then roughly 75% of them are dead within 6 months of actual retirement, like they lost their definition to their life and they give up. Not for me.

From a realistic point of view, unless one is a coal miner, job type has only a little bearing on lifespan. Men die early, and there is no getting around that fact. The fact that a large number of men die shortly after retirement at normal age, matches normal mortality data. It would be a real stretch to say that failing to retire would have extended their lives. That simply is not born out by the data. 65 year old men drop like flies. Those arteries are clogged and cancer already has a hold.

In fact, early retirement is associated with longer life. https://www.cnbc.com/2018/03/27/how-research-shows-you-can-live-longer-if-you-retire-early.html

we are all or almost all eating the wrong way,,,watch Forks over Knives on Netflix when you can
 
Unfortunately, way too many people have little to no retirement savings and aren't even trying. Even folks in their 40's in the middle-income bracket. They will have a very bad reckoning at some point when retirement is upon them for whatever reasons (health, economy changes, etc.).

On the flip side:
My dad didn't start really saving for retirement until his early 50's but worked at a job he loved for 35 years (engaging with different people every day, some technical work included) and retired at age 74. He and my mom are about to turn 90 and only really now are beginning to see some significant cognitive decline along with difficulty with physical activities. Never exercised in a gym a day in his adult life but taking care of two homes w/yards, widowed family members kept him physically/mentally active. He takes no prescription meds either!

I started working with him in his late 60's with investments and they now are able to live in assisted living without a financial worry in the world.

He proves the old adage of "if you really love what you do, you don't really work a day in your life" IMHO.

I unfortunately, won't fare as well due to some poor decisions with money in my late 30's (yes, I've learned quite a lot since then). My plan now is to work till I'm 70 but at least I am doing what I do enjoy and work mostly with some great folks in a thriving industry (Healthcare). I'm in my mid-50's.
 
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Originally Posted by Jimzz
Yea many think they can retiree but as said living cost go up. So you may have just enough to retire now but not unless you can make major cuts, your investments never drop only increase (hahahha), and/or living cost do not go up. See a lot of people take the "walmart door greater" type job later in life to fill in the gaps. Yet another year or two at prime earning years would have filled those gaps.
Me and the Ms are up to around 1.6 net worth right now but still in our prime earning years. So our thing is to keep working till at least early 50s, when kid goes to college, or till they tell us not to come in anymore. Like to be in at least the low-mid 2 range.


Low to mid $2M range ?

That would be very nice. ☺
 
Financially speaking, do the math (arithmetic):
Housing - is your home paid for? Houses offer a lot, because you can always rent a room.
Does your home need work? They all do sooner or later. This is the reason I did solar. Hopefully 25 years of low payments.
Health care? Whatcha gonna do? Medicare plus a supplemental?
Food, car costs, etc.

Income - whatcha got?

Do the arithmetic. Talk with an advisor. I like Schwab.
I hope you come out OK.
Good luck.
 
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Currently I wake up Monday excited to go to work for week. Friday I am ready for weekend.

Not sure I'd retire early from this 35 hr/week job I enjoy with flexibility to take any day off.
 
Originally Posted by bubbatime
One reoccurring theme on men's worth is that men are designed to build, maintain, grow things. To work at something and see results. When men retire, they lose self worth because they no longer use their skills and abilities at work. They no longer challenge themselves under stressful conditions to accomplish a work task.

Sitting at home swearing at the tv with the days accomplishment deciding where to eat for dinner, can wear on a man. Which is why I said retired men need hobbies, volunteer task, or even part time jobs.

I had a great job and retired at 66 1/2. Interesting work, good people to work with, great pay, great benefits. I could have afforded to retire at 55 but I was just having too much fun.

Since I've retired I've been really busy but doing quite different things. Previously upper management. Now gardening, home renovation, reading about a book a week, participating in my grand kids lives, heavy duty ballroom dance lessons (good exercise and really good for the mind), and volunteering at a local museum where I'm part of the carpentry team. We recently built a full scale mock up of an early biplane - hundreds or maybe thousands of man hours, and it looks terrific.

They talk about men needing a "men's shed". Works for me!
 
Why retire super early anyway? I read an article about the whole "F.I.R.E." movement, some flight attendant worked mad overtime all the time and saved up a nice chunk of money, bought some rental properties. She figured she only needs $2k a month and therefore will retire at 44. Good for her for saving and investing to create a cashflow stream to support her thrifty cost of living but why stop there? I'm sure she makes good wages and a few more years of work would make a huge difference in retirement income/safety.

If you can make good money and have good use of the money you make you can retire quite early. But if you can do both of those things why not keep going till at least 50? Many of these "FIRE" people are throwing in the towel in their 30s and 40s.
 
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I took retirement at 55 and taking my social security at 62 which I just turned. I suffer from severe chronic pain and just had fusion surgery in my back. I'm done working. Everything is paid for so its time to just go fishing.
 
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