Mixed feelings about retirement

[carviewsonic]

I just told our GM that I will be retiring in about a year (I'll be 57). The company has been good to me, so I want to be fair to them. It will take a while to find a replacement, and they will need on the job training by me. It's a couple of years earlier than I had originally planned, due to an autoimmune kidney issue. That's been an issue for sixteen years now, and the news on that front hasn't been good lately. I would like to have a few years of retirement while I'm healthy enough to enjoy it, so I think I'm making the right decision.

In no particular order my mixed feelings come from:

Change in financial status (from a paycheque to a pension). We have savings but are not wealthy. My wife will retire as well, so that we can do things together.
She'll have a small pension. So we should be o.k., but it will be an adjustment. We're meeting with a retirement planning accountant soon.

I do like my job and the people I work with, but don't love it. It can be a bit stressful at times, but I suppose that's why I'm paid. I'll miss many of the guys I work with. It's kind of tough to walk away from a career that I know I'm fortunate to have.

Like a lot of guys my career has been a part of my identity, so I'll have to adjust to losing that. Not sure how I'll fill all that time, but it will be fun doing new things.

There was a good thread started by CUJET that covered a similar topic, guess I'm just looking for reassurance that I'm doing the right thing.

 

[jeepman3071]

Our time here is short. Go out and enjoy things with your wife! Go experience the world, travel, see nature and all the experiences our earth has to offer. I know too many people who have died just shortly after they worked so hard to retire, and sadly never got to enjoy it. As someone from a younger generation, I hope one day I will be able to enjoy retirement, but as retirement benefits dwindle away, that seems like less of a reality every day. Definitely meet with a planner so you can be comfortable and not have financial stress, you have worked hard to enjoy these new experiences.

 

[Railrust]

You are 100% absolutely doing the right thing!

You have a kidney problem, you are 100% correct that you should retire right now and enjoy yourself before you might have a little trouble later down the road.

You will adjust a lot quicker to retirement than you ever could imagine.

This is a no brainer. You are making the right decision. I really don't know why anyone would hesitate to make the decision you are making - your situation is textbook of why people should retire and enjoy themselves.

 

[Donald]

I have yet to see a case where telling an employer early helps the employee. Even if you tell them early they probably will not start looking for a replacement until a month before you leave. If they found a replacement tomorrow would they hire him and have both of you on the payroll for the next year?

Retiring is not ending but starting the next chapter in life's journey.

There are some books like "Retire with a Purpose". Good reading.

 

[loneryder]

At your age, Quality of life should be more important than earning money. Go for it sooner rather than later. You will be glad you did. Don't let them "drag out" your retirement by "not being able to find somebody".

 

[Fitter30]

Retired after 40 years with one company retired at 61 with a bad back. Now 68 best move I've ever made. Never bored always something to work on or check out. The only bad thing i have more doctors than friends. Life is to short go as soon as you can.

 

[csandste]

Seemed like my older relatives worked almost to death. My grandfather (whom my widowed mother and I lived with) constantly preached that the depression was coming back and to save my money. Since I was married to a spendthrift, I put everything I could into IRA's plus a 457 retirement plan. Most of this was before the Roth so I have a far bigger tax bill now that I'm in retirement (I also have a nice Gummint retirement plan).

The last nine years since my retirement has sped by. I'm having a great time and don't miss working at all. People used to tell me "once you're retired, you'll wonder how you had enough time to work." I'd reply, "Not me, I love working." Turns out they were right. Who'd of thought that?

 

[JeffKeryk]

Health is #1. Please make sure you will have adequate health insurance.
Get proper exercise, mainly stretching and walking.
Since your income is changing, make sure to plan ahead; budget until you figure it out.

Enjoy your self in this time of transition.
I imagine you can always go back to work if you really want to.

Good luck!

 

[supton]

Any chance you can semi-retire? Maybe work during the winter months--alternatively, work the summer months and spend winters someplace warm(er). Get out of a high stress job (?) and maybe work something else, anything else, just for pocket money, so as to stretch the savings.

I'm not sure what your options are, but sometimes it's nice to arrange them all out.

Good luck.

 

[doitmyself]

Originally Posted by carviewsonic
Like a lot of guys my career has been a part of my identity, so I'll have to adjust to losing that. Not sure how I'll fill all that time, but it will be fun doing new things.

This comment raises an important red flag. For those in poopy jobs, its hard for them to imagine how retirement could be difficult. For some men, it IS difficult to handle retirement. They are accustomed.to having that daily driving purpose in life. Accustomed to the physical and mental challenges the job provides. The social interaction with other people the job provides. The time away from home and spousal responsibilities. The routine. The "purpose" for living for many. The idea that their life is directed by the career, i.e., no decision making on the purpose of getting up every morning (like being in the armed forces).

With retirement, all of the above changes and for many men, they simply are not prepared for it. After they finish: sleeping in late, the honey-do list, tinker in the garden, watching too much TV, taking a few trips - then what????

Again, many here will wonder how anyone could have difficulty accepting the Shangri-La of retirement.

Besides the financial retirement counselor, I would also visit the internet and/or a professional to learn how to be prepared for the emotional difficulties of retirement.

 

[BMWTurboDzl]

Originally Posted by doitmyself
Originally Posted by carviewsonic
Like a lot of guys my career has been a part of my identity, so I'll have to adjust to losing that. Not sure how I'll fill all that time, but it will be fun doing new things.

This comment raises an important red flag. For those in poopy jobs, its hard for them to imagine how retirement could be difficult. For some men, it IS difficult to handle retirement. They are accustomed.to having that daily driving purpose in life. Accustomed to the physical and mental challenges the job provides. The social interaction with other people the job provides. The time away from home and spousal responsibilities. The routine. The "purpose" for living for many. The idea that their life is self directed by the career, i.e., no decision making on the purpose of getting up every morning.

With retirement, all of the above changes and for many men, they simply are not prepared for it. After they finish: sleeping in late, the honey-do list, tinker in the garden, watching too much TV, taking a few trips - then what????

Again, many here will wonder how anyone could have difficulty accepting the Shangri-La of retirement.

Besides the financial retirement counselor, I would also visit the internet and/or a professional to learn how to be prepared for the difficulties of retirement.


So true. Becoming socially isolated at that age usually does not result in positive outcomes.

 

[NO2]

Whether to retire depends on your health, stress levels, and income situation. People tend to underestimate the amount of money needed to retire. Can you live for 40 years on your current retirement income, assuming your joint life expectancy is long and will both die in your late 90's? That is typically 3-4% of your current retirement assets as annual income, plus SS.

My partner died at 67 of cancer. Dad at 68. But my Mom is super fit at 85 and just retired. So know one really knows how much time they have left. Plan for the best, prepare for the worst.

You can begin drawing social security at 62. You will receive a lot more per month if you start at 70. Some of your earnings might be deducted off your social security if you take it before 70 and you work.

You can look for another job within your firm (best) that might be less stressful. Finding a job as an older person is difficult. Are you willing to start a new career? Be retrained?

Medicare starts at 65. You will have to determine what health plan you have and what it will cost. Obamacare plans, including deductibles, cost over $20K/yr (less if healthy) for a couple. You'll need one for at least 7-8 years. You might need supplemental insurance if your do have a retirement insurance plan.

Are your home and vehicles paid off? If you live in a high cost state, like NJ, you might be paying outrageous property taxes. Are you willing to move to a cheaper place?

What leisure activities do you enjoy, and are they cheap (hiking, bicycling, camping) or expensive (overnight travel, skiing , fine dining) ?

 

[andyd]

It is good that you work at a place that will put up with that announcement with out an immediate kiss off. A few jobs ending with dismissal completely unexpectedly and I wouldn't say a word until a lot closer to the date. I retired at 66 and I'm glad I did. Turns out it wasn't heart burn giving me chest pains. 35 yrs ago, when I was on the night shift at the 'Yard; it was not un-common for a retiree at age 65 to die within a yr.

 

[Bud]

I retired in 2007. Didn't need too, but wanted to. Will be 73 this year and haven't missed working at all. I owe no one anything as far as money and was in that position when I retired. Have excellent retiree medical from the company I retired from. If you can see your way to get out of the rat race do it. Find some things you enjoy doing and go for it.

 

[JunkdrawerDog]

Originally Posted by Donald
I have yet to see a case where telling an employer early helps the employee. Even if you tell them early they probably will not start looking for a replacement until a month before you leave. If they found a replacement tomorrow would they hire him and have both of you on the payroll for the next year?

Retiring is not ending but starting the next chapter in life's journey.

There are some books like "Retire with a Purpose". Good reading.

This^^^ I retired at 60 1/2 with the standard 2 weeks notice. The company was notorious for foot dragging on hiring replacements and expecting that you would complete a lifetime of work in your last days of employment. Just make a clean break and start the next chapter of YOUR life. Hey...after the initial shock wore off they still had a catered breakfast on my last day and a big cake and party at 3:00 pm!

 

[oemjunk]

You will be able to go fishing every day. I don't see what the problem is.

 

[double vanos]

I noticed the difference of income also lead a different philosophy. When working if I saw something I liked I always justified it by the mindset "what am I working for ? Treat yourself..."
Now retired, when the same scenario comes up I think of how unnecessary the stuff I bought while working was, then think about going back to work, then realize I don't really need what I was considering purchasing.
I want for nothing in retirement, I just quit justifying stupid purchases, and am content to pass it by...

 

[walterjay]

You are absolutely making the right decision. Take time to finish out on a positive note with your family. Do what you want to do and enjoy life. I wish you the very best.

 

[AZjeff]

Originally Posted by oemjunk
You will be able to go fishing every day. I don't see what the problem is.


If someone told me I had to fish every day I'd never quit working.

The OP's health concerns are reason enough to retire early. Lots of talk about retire as early as possible and enjoy it, you may die tomorrow, etc.... that only works if you can afford to do it. Not only now but in 25 years. Everything is going to cost more and medical expenses usually increase as we age so what works now might not later if it's fixed and you 're spending down principal. If I live to be 85 I don't want to be penniless. At 62 I'm wrestling with this subject every day.

 

[CT8]

I retired when I was 48 years old because my income from investments greatly exceeded my income. During the years [since 2000] have kept myself busy buying and selling real estate and during the 2009 recession bought some foreclosures fixed them up and rented them then sold them did some hard money loans . Had 38 acres of real nice irrigated bottom land that I grew hay or rented out the land for cows. Now 2 days a week I help a friend with picking up food for a local food bank. Busy hands are happy hands. I like being retired.