There are a whole bunch of different rules of thumb, planners, etc that can estimate how much you need to retire. I'm not looking for that, but rather your philosophy on the time vs money equation.

I've had a CFP run the numbers considering my current savings, practice value and a pretty darn accurate analysis of what I spend now. I had initially thought my safe point was 65, but I was probably being too conservative in his estimation.

He is thinking that with a modest increase in savings (decrease in current spending) and slight reduction in retirement spending vs where I am now, I would be able to retire at 60.

Question:
Would you tighten your belt a bit, take it easy on discretionary purchases and plan to live that way in retirement for the trade off of 5 extra years of freedom?

Choices:
I'd work until 65 in order to enjoy the finer things in life
I'd take retirement at 60 and trade time for "stuff"

 

I quit my job last Feb. When I did the numbers to see how long I could last without a job, it looked like I can stay unemployed indefinitely starting age 59 1/2.

I saw a couple of adjustments that I can do to improve my chances and am executing them. If I go by the thumbrules and online calculators, I'm still short and would need to work 4 more years. But freedom from not having to go to a job that I do just to pay the bills is very liberating. I think what doubles the pain for me would be the commute.

I'm still busy anyway.

I am 53 but healthy. I'm going to make as much money as I can; save as much as I can for as long as I can. I will revisit the situation when I'm 60.

I would hate to retire prematurely and run out of money at a time when I could not work if I wanted to.

I just turned 67. I could have retired comfortably at 60, maybe 62...but when you get right up to the edge of retirement it's pretty scary. I concluded I like my work and will continue to do so as long as it's fun and challenging. I did start SS benefits 8 minutes after turning 66, my full retirement age.

I’m done at 60, but may continue doing part time work after that. I don’t care if I need to downsize then either.

My big factor is health insurance. My job provides a generous pension, and I have a good chunk in my 401k, but once I retire I will no longer have health insurance provided at a discounted rate.

I'll retire from my current job at around 51 or 52, but I will have to find something to either provide health insurance until medicare, or something to provide $$$ to buy my own. I'm tentatively considering some community-college level instruction on the police and EMS side, which I already do part-time, or trying to get an administrative gig at a community college in these areas.

Or my wife could just keep working until I'm ready for her to quit

My goal was to be debt free when I retired. I was able to punch out at 59 1/2 with just 2 mortgage payments left and no other debt at all. That was over a decade ago.

The freedom to do what I want, when I want, along with escaping the politics of the workplace were the prime motivations. I've never looked back!

I had a bucket list that I had started working on but a major health issue has curtailed those pursuits sadly. The old adage about health and family in retirement is absolutely spot on.

This message has been edited. Last edited by: bald1,

I am already set, but I'm going until at least 66 regardless. I have lots of technical problems keeping my mind sharp and I enjoy working. It's not an easy going industry by any means, but the compensation is great. I will reevaluate when I get there and decide if I want to continue working.

Don't plan to retire... I plan to work until I die...

To me all this depends solely on what your view of "retirement" is. Want to travel the world, sail the seven seas? Best have a freight train load of money in the bank. Do a little traveling in the US go see the kids maybe not so much. All the kids still live close by and you've done most of you're traveling in your younger days you need even less. Traveling is costly.

House payed for? Monthly living expenses without any other debt. To me the only who can answer this question is you. I'm retiring in a few weeks. We are selling off most of our business and retaining some because the wife wants to work a bit longer and bring in some income.

I'm 62 now. Kids all live within several miles of us so no need to travel to see them. I've done a lot of traveling in my younger days so I don't feel the need to get out and see the world.

I'm going to continue my bbq catering as a side job in the summer months because I just love doing it.
We live rather simply compared to a lot of folks I think, so after the sale of the business I'm suspecting we will have more than we need without having to feel like we are selling ourselves short on anything.

My wife and I retired 2 years earlier than we'd originally planned. I was 62 and she was 60. We have never regretted choosing time and freedom over a little more pension income and some additional pretax savings. Last weekend marked the 5 year anniversary of submitting our retirement papers. We often remark to each other how glad we are to have quit working when we did. I will say we had no debt and carefully did the math concerning our income versus expenses. Time has now proven that we can afford our version of retired life. Good luck with your decision making MNSIG. It sounds like you are approaching the retirement timing question realistically.

25 years ago!!!!!

At the first opportunity!!!!!!

Even that long ago politics were rapidly taking over the workplace.

It depends. My answer would be yes. As I have lots of interests to keep me busy and occupied. When I did work while I enjoyed it. It was still work.

If you love your work and you do not feel it is work and is your passion. Then that would be different.

Retirement can be awesome. The freedom, the flexibility, the independence, the possibilities, etc.

Some people struggle not having that structure and work, job, challenge and paycheck right in front of them.

So you have to factor that in.

If you have a desire to move to the retirement phase of your life you will be very happy and I would do it.

Retirement does not mean sitting around drinking an adult beverage. I find it more like working for yourself, but the paycheck is more of a reward than an actual paycheck. I accomplish many things in retirement.

I wish you the best.

I retired from my full time job last July at age 58. I work part time for small luxuries and vacations, but I could make it without working.

I voted I'd take retirement at 60 and trade time for "stuff". I retired 6 months ago at 56. I enjoy this retirement very much as I have worked since I was 14 sometimes had two jobs or one job and a business. I worked for a very large company for 30+ years around a lot of people. Saw way to many people work until they died. What was sad was many of them were well off and could have retired years ago.

We wanted me to hit "full retirement age" as defined by the SSA. We figured that would put us in a position such that my 401k savings, wisely reinvested, would serve as a supplement to our income, rather than a major part of it. We also calculated the mortgage would be paid off soon thereafter.

We met with a couple different investment managers about two years before my planned retirement. Both had come highly-recommended to us. Both concurred with our planning.

To mitigate against unforeseen major eventualities, we're insured--home, auto and health--with exceptionally good coverage. Yes: That means a bit bigger chunk out of the budget on an ongoing basis, but it also means a major event is less likely to trash the long-term plan.

Could I have retired six or seven years earlier? Sure. I could have. But we'd have taken a fairly significant hit on SSI and it would have meant 6-7 years less in the retirement savings pot--during which time the economy recovered and my 401k plan, then the plan in which it was reinvested, realized significant growth.

So far, nearly one year into it, it's working out pretty much as projected. We're living a lifestyle essentially unchanged from when I was working full time. Then again: We never have lived particularly high off the hog, anyway.

My philospohy is to retire this June (wife did it in Jan).

Maybe more seriously, we aren't planning to relax, vacation, party. We are planning to do volunteer work, be productive in some manner to benefit those around us. We just won't be getting a paycheck for it.

Past tense for me.

I met with a CFP planner last Dec and said I had just one overriding goal: To retire ASAP. I said I would do whatever he recommended to do so: increase saving, cut spending, etc.

I said I would sell my car and buy a $500 beater if that’s what it took. Luckily, nothing that drastic was necessary and I retired in February.

Nice coolrich, congrats

min, a couple of things you did not mention. Your age and whether you have a pension on top of a retirement account.

The difference between 60 and 65 (five years) is a very long time.

I am assuming you are close to sixty now.

If you are only self funding your retirement from work income. I would retire as soon as possible.

If you have a good employer funded pension in addition to a 401k I might work for another 12-24 months, maybe

My Mom had planned to retire at 58, but instead retired at 57 when a merger presented itself with a sweet package that gave her benefits as if she retired at 58. At age 58, she was diagnosed with stage 4 inoperable terminal cancer and spent the last 2 years of her life in chemo and radiation. That one year of retirement she spent cancer free weighs on my mind.

On the other hand, Dad retired the week after my passed at age 60 and has been enjoying the crap out of retirement for 10 years.

I’m middle aged am planning to retire as close to 55 as humanly possible. I’m a lifelong saver and currently on track for 55 to 55.5. If I’m really enjoying what I’m doing and in good health I could work longer and be even more comfortable. I could also retire at 55 and consult part time.