I am also on the edge of retirement, and have given thought to it a while & asked a bunch of older friends.

NOBODY has said "I wish I would have worked another year or 2..." Not a one.

I probably wont quit cold turkey, but am scaling back to only working a few days a week, rather than 5-6 days a week.

 

I am also on the edge of retirement, and have given thought to it a while & asked a bunch of older friends.

NOBODY has said "I wish I would have worked another year or 2..." Not a one.

I probably wont quit cold turkey, but am scaling back to only working a few days a week, rather than 5-6 days a week.

I know quite a few in that boat actually. They quit and "The Market" took a severe downturn. Suddenly, the returns they counted on to live on evaporated. I've seen quite a few such people who ended up working at Home Depot or Walmart- after they gave up much better jobs....

This is really an asset allocation issue. You should plan to seriously re balance your investments in retirement. Failing to do so can leave you horribly exposed to market fluctuations. The problem for many people is- 1. They don't hire professional help in planning 2. They NEED the extra income that market returns give vs. safer investments, which because of their safer nature, pay less.

 

You're living the dream!

 

You mentioned not having a mountain of debt. That is key IMHO to success in retirement.

 

Dealing with social security, IRMMA, Part B and D and supplemental was a PITA, but after that, smooth sailing.
No magic involved, you know the drill, work the numbers. I plan 10 years out. Believe me, when you retire, everything will break.

 

I retired 3 1/2 years ago at 62. My advice is to keep busy. Live within your means. Find things to do that will keep you busy, hobbies, home improvement, plans, etc. The only thing I miss is the daily interaction with peers and coworkers. After close to 43 years in one job I just woke up one day and every day is Saturday. I’m still adjusting actually. I retired after my wife’s partner died of ALS at 60 and a good friend of mine had a massive heart attack and died at 61. I was convinced that wasn’t gonna be me.

These days now I’m just happy to be here after just recently being diagnosed with a brain tumor. Going through hospital and doctor office visits, hospital stays, multiple MRI’s, Cat-scans and now my first 28 days of radiation treatments just to begin with. Can’t imagine what all that costs, but so far my Medicare plans have picked it up. Knock on wood.🫣.

Not to be a downer, but don’t wait too long. We all have more miles in our rearview mirror than we do in the windshield. Definitely for me, that’s for sure.. Good luck!

 

Retire as soon as you can - no one ever wishes theyd spent more time at the office and you can always take apart time job if you go stir crazy. It's very rarely the money that is tricky either in cases like yours where people don't have massive debt. What is tricky is you never know how long you and your wife will be healthy and able to do things and travel as you wish. Also if she's working from home you'll have to be careful that you don't drive her up the wall because she's not used to being with you 24/7 and most wives are ready to kill their husbands after the first 4 months. Be sure to have hobbies because my experience is very few of the people you know from work who say they're going to stay in touch actually will. Also as time goes on if you're lucky enough to keep on ticking you will start to lose your closest and dearest friends and it's very hard to make new ones or replace those people. Isolation is the real threat in retirement and it can lead to a sense of depression and meaninglessness if you're not careful

 

There are organizations that offer Social Security / Medicare planning - I would suggest finding one you like. Income-Related Monthly Adjustment Amount (IRMAA) is definitely something you need to watch out for. It can dramatically raise your Medicare costs but thankfully they recalculate it annually. If you're on (or planning to choose) COBRA medical coverage, this may also interfere with your Medicare coverage costs because COBRA is not "creditable coverage". Definitely speak with some knowledgeable people in that field to avoid mistakes and gain some peace of mind. Finally be sure to understand the differences (coverages and costs) of Medicare Supplement plans vs. Medicare Advantage plans before your make your selection. Best of luck with your retirement.

 

I am 85. Coming up on our 60th anniversary, The "Golden Years" is the money you are handing out. We had no debt and kept busy. Woodworking, shooting, RV, boating, fishing, hiking and Jeeping. Not all at the same time. Keep moving or the vultures will start circling. I was in today for heart tests and most of the people there were in bad shape and 10 or more years younger.

 

Been retired 13 yrs after 40 long yrs in a phosphate mine. Lost my best gal 7 yrs ago after 42 yrs together, miss her so much. But I started back part time [20-23 hrs wk] two and a half yrs ago, an easy job, good boss, good coworkers, he gives me the time off that I want for my 2 shoots/ month and the occasional doctor visit. I honestly wish I had started back pt 5 yrs ago. I believe that i was in a depression, not walking, gaining weight, sleeping too much, not enjoying my toys or getting work done around the house or yard. Since I started back pt I do an average of 5-6k steps a day over a week. Have lost some weight, my mind has gotten sharper, remembering better. The rainy day money helps too. Advice to you would be stay current with your shots and checkups. Getting a ck up with my gp this week. Last month’s teeth cleaning found a cavity so next week I have that worked on. Been playing with my 617-10 today as a smooth target trigger finally arrived. Much nicer than the one that was on it. Btw, I’m 74. Good luck.

 

I wish I had put more into my Roth IRA account vs 401K. The Roth outperformed the 401K account over the years. Both were in "moderate" risk plans and split 50/50 as to contributions. The 401K was pre-tax dollars, Roth was after-tax dollars.

I retired at 62. The main reason was the wife's health. It was more important to me to spend more time at home than working 10-12 hour days 6 days a week.
The BIG thing is insurance. That'll hit like a ton of bricks. The wife is on SSDI since she was 26 but too help add benefits it would have been nearly $1900 a month for extra insurance. I'm a Vet so I use/used the VA until I was able to get Medicare at 65.

 

I retired 7.5 years ago at 59 yrs 10 months. I had all the corporate bs I wanted and our financial planner asked why I didn’t quit years ago. My wife worked 2 years longer than I did and I love retirement but it didn’t settle good with her. We rescued a puppy last summer and that has been a life saver for her.

I didn’t plan on ever going back to work but 4 years ago our city built a shooting complex and asked if I wanted to oversee the rifle and pistol side. I had been a competitive rifle and pistol shooter for 30+ years and a CRO so it took me about 2 microseconds to say yes.

It’s a fun job, you talk hunting and fishing, shoot guns, help people sight in guns and talk reloading all day and every 2 weeks money shows up in the checking account. Plus it gets me out of her hair 8 hours a day for 4-5 days a week.

As for me, no regrets. Make sure you can live comfortably and go for it. We saved for 40+ years so if I go to the shooting range in the sky tomorrow I know my wife won’t have to be a door greeter at the Wall Marks to buy food.

 

I retired at 52 years old,you relies fast you have nobody to play with all day because there still working.

 

Wow, congrats! Did you get a lot of snide comments from friends and acquaintances for retiring so young?

 

Plug your stuff into all the online financial calculators you can find. Some are wildly inaccurate because it’s in their interest to keep you contributing. But between them you should have a reasonable picture.

It really boils down to inflation and healthcare, housing, and how volatile our investments are.

Uncle Sam loves to turn us all into gamblers, trying to guess when we’ll die and how much healthcare will cost in the coming decades. Both are equally difficult to guess. I know I’d rather be safe than sorry.

 

I'm semi-retired now and my wife still works from home, but could retire soon if the company offers another early retirement incentive. Reading another post about getting older, I would like to ask my elders here what your experience with the retirement process was like? What did you do right or wrong, and what regrets you may have?

From listening to others, I hear a lot more "I wish I'd retired sooner" than "I wish I had worked longer". Fortunately we are good at living small and aren't buried in a mountain of debt

Thanks for the input!

Honestly. I am a very busy guy but hunting and fishing could not fill all my hours. I took a part time job at Menards 4 years ago as a stocker. good physical labor and many friends. 20 hours per week. Money for gun hobby. Stay connected! Might want to consider some work.... j

 

a little morbid but make sure you have your own friends. Found out how many friends I didn't have when my wife passed. Just something to think about even though we think we will go first.

 

If you was closer I’d be you friend. I need shooting buddies.

 

No debt is key to not worrying about not working. I waited till 70, and only pull the minimum required from retirement money, to keep uncle sugar happy. Taking care of elderly parents has kept me and the spouse busy..

 

My parents are still alive and so is my MIL. Watching after them is my top priority. I'm blessed and honored to be able to do it. Now, who's going to look after ME is another matter entirely!

 

Retire to something. Hobbies, volunteer work, etc. Keep busy. Keep moving.

 

I retired at 65, I am lucky as my Medicare supplement is paid by my former employer, as well as a monthly pension check. I have the best medical coverage with less copays that I have ever had.
I grew up on a family farm along with 3 brothers. Started doing small tasks at age 5, by age 10 we worked in the fields same as the adults. When I retired I started to follow the Maynard G Krebs model- WORK. I have had several inquiries about hiring me for home improvement projects, Sorry, not interested.
I have zero spare time, between the 2 grandsons, maintaining the house and yard, 2 vehicles, shooting, reloading, exercising, I don't know how I had time for a full time job. My wife has mobility problems, I do most of the meal prep and clean up, all the grocery shopping, and errands.
You are on the right track to avoid debt, we are debt free. As of right now we can live comfortable on our SS and pensions, without having to tap into our savings. I am well aware that that could change with inflation or health problems.
My advice is to do whatever makes you happy, a part time job or set on the front porch and watch the cars go by. Also try to eat healthy and exercise. I eat healthy foods, a lot of vegetables, but I do enjoy ice cream, cookies, cakes, and donuts. Not every day but twice a week.

 

I retired several years ago (early at age 58). After trying to not work, I got bored, so I have a part time gig at a small gunshop I used to frequent. It lets me chat about guns with customers, get employee discounts and occasionally scoop up an interesting collectibles.

Assuming you are financially secure, find some activity to keep yourself engaged. At the gun shop I meet a lot of lonely men. Some have lost their spouse, and it seem men have a harder time socializing them women do.

If you plan on doing stuff like travelling, do it soon. If you are like me, your health may interfere with some plans so don't wait.

Simplify your life. A lot of that stuff you've accumulated over the years will just end up taking up space. If you aren't going you it, sell it or donate it. Use the money to do thing you've always wanted to do.

 

Best advice I could give has already been alluded to above- get rid of your debt and manage your spending while retired. Having our house and cars paid off and no outstanding debt to deal with has made retirement planning a lot easier than I thought it would be. At 72 I've been retired for 7 years now and loving every bit of it. Also, having something to do after retirement is a good way to extend your life and quality of life. Most retirees who sit on their butts after retirement don't last long from my experience. Hobbies, regular friends you can get together with, and a routine that gives you something to look forward to will help a lot toward quality of your retirement.

 

Problem with owning a house and cars is that you still have to pay rent to the government for your house even though you think you own it. And cars dont last forever. At 67 I figure for sure at least 2 more new cars and possible another after those. Appliances break, HVAC breaks, roofs need to be replaced, HEALTH CARE, etc, this list goes on and on.

 

Debt is the one thing you do not want when you retire. I've been retired almost 18 years and our home was paid for. Our cars, both 2018 models, are paid for so the only bills are the monthly recurring ones. We live within our means and that's important when you're retired. I NEVER assume a debt that I couldn't pay off tomorrow if I needed to.

For those about to retire, take a close look at your daily habits and change those that cost a lot of money. Some people who retire continue to spend at the same level as when they worked and soon find themselves in debt. Retirement also means making adjustments and reducing expenses is often necessary... unless you're independently wealthy. I'm not but I'm not hurting either.

 

Sometimes working that extra 2 years to at least hit FRA can make a big difference in your SS check for the rest of your life. I floated about 14 months with investment income before collecting at FRA. The difference was about $200 a month. Most of my friends are in the wait till 70 camp as the difference is $4000 a month vs $5000 a month roughly. Three years from now max SS will be about $5500? But, you have to be able to either float the years to 70 or have a job you like and just continue to work. I decided to take my money now and forgo the extra $1000 a month waiting till 70. The breakeven is 11 to 12 years know matter how you slice it. To me that was a long break even and would rather keep the investments growing (hopefully) instead of floating the 3 more years and drawing down principal. Our plan is to live off SS, some other passive income along with interest and dividends and my little part time gig subbing which I happen to like very much. I'm off now for the summer so by the time September rolls around I'll be glad to go back. And yes, I pay an advisor to manage my money which for me was well worth it, so far.

 

I was forced to retire 15 years ago because of a health condition. Fortunately no debt and decent IRA . Even though I‘m by nature a frugal person I find it shocking how much money I spend on health care and other necessities now because of inflation.

 

To answer your question. Do NOT put off your bucket list. If you two planned a trip to Europe or the antarctic, get it in the works. What ever that list entails, get started. The older you get the harder doing some of that list can become. Then there’s the health issues with age. After 5 years of retirement I started cancer treatments and I’m doing great. The point however is now it’s harder to plan those trips and things we want to do. It all had to be planned around my medical schedule. That 54 day cruise we want to take is getting harder and harder to fit in.

 

Dito on retire debt. Use the prev debt payments to pay yourself into an account; we prefer one that is readily accessible.
I suggest Not getting an 'Advantage' health care plan, they LOCK you into their networks and worse than pulling teeth to escape. We went with Medicare + Supplement + a Drug Plan figuring we'd try it for a while and see how it worked; we could always change. Years now and working Just Fine.....and yeah, we have put it to the test with some Big Expense issues.
You can keep working but remember, there is NO WAY you can ever buy that time back for any amount of money.