Retirement decision

[Conan The Librarian]

It seems like there are a lot of retired guys on this forum. Am wondering how you decided when the time was right. Maybe it's too personal a question, so don't be offended. We're getting to the point where it's coming soon.
 
I've got one kid left at home and another in college, so I think I need to work until they both graduate. My wife can start drawing a pension at about the same time. Looks like about five years. After that, I don't think we should keep working, except in some part time capacity for our own edification and some cash flow.

[rockbilly]

My wife retired five years before I did, she was 62, and I stayed until I was 66 before retiring.  My decision was easy, they had plans to move me to another area, and I didn’t want to go through the hassle of learning the ropes with a new crew so I put my papers in. 

Several years prior to retiring we bought a new truck and a fifth wheel trailer; we planned to do some traveling for a year or two and see the USA. We did get to make a few trips, then I found out I had lung cancer and plans had to be put aside.  My cancer has been in remission, I will get the results of a PET scan this past Monday tomorrow, if things are good we will do some more traveling.

We were lucky, we both had good jobs and were able to put a sizeable amount in savings over the years, and we both have good retirement income.  So the decision to retire wasn’t hard.

My advice to anyone, put back all you can, if you have a good 401K program participate in it and contribute as much as you can afford.  If your income is cut to the point that you have to scrimp to live then retirement won’t be fun.  And by all means, do the things you want to do and can afford while you still have your health.

[powderman]

I had no choice but to quit work at 62. My heart and walmart made the decision for me. After open heart in 03 I had fmla papers and drs orders on what I could and could not do. WM said they were getting rid of all the full timers one way or another. They ignored all the paperwork, almost killed me. I was having bad chest pains every day and having to take a lot of nitro pills. It was quit, or die. I chose to live. Income cut in 1/2, but I'm alive. POWDERMAN. 

[45-70.gov]

at  53....i didn't like the way things were going at  work


i am  56  now.....they still call me in when they get  REAL  desperate for  help


i had  been accumulating rental  homes....had planned on quitting  at  55  anyway


bought  3 more  homes since  i quit working


AND  MY RETIREMENT ENDED UP BEING A JOB  CHANGE


but  i just work when  i feel  like it  and take extended vacations

[OldSchoolRanger]

This is going to sound foolish, but you will know when it's time to retire.

But make sure you prepare for it financially and mentally. 

Then go out and really enjoy life, do the things that you never had the time to do while you were working.

[sidewinder319]

Rockbilly too bad a man deserves better after working all your life.  I could have went at 57. The company wanted me to stay. The years rolled by. I hit 62 and they wanted me to move over seas for  two years.  Hell I was ready to go.  Then it hit me how stupid, its time to leave the job. I had a good retirement a heavy 401K no bills. We bought a 5th wheel a Dodge Diesel and put the last 9 years on the road as much as possible. I shoot Black Powder matches and go where ever the mood strikes. Read Old School Rangers advice and follow it. My only regret is I should have went at 57. You get old too fast.

[bobg]

      I retired on one of my more stupid days. Went to work one afternoon and my boss told me day shift screwed up my machine and it would be a few minutes before they had it fixed. Talked to the repair guy. He said it would be at least 5 hours before he could get it up and running. Ask the boss what he wanted me to do for 5 hours. Said nothing to do go set in the lunch room till they get the machine running. Set there about 45 minutes then told the boss i was going home. Went home and gave it a lot of thought. I figured i was almost 62. Time to retire. Went in the office the next morning and told them good bye. I am going to retire. 

[magooch]

I told myself that when our investments reached a certain point I was calling it quits.  Everything came together at age 59.  That turned out to be a super good decision on many levels.
 
I still have to pinch myself sometimes to see if I'm just dreaming.  Retirement is better than good, but what I can't understand is how I ever found time for work.

[Conan The Librarian]

Thank you!  Thank you! Thank you! I appreciate the information.
 
 
45-70 Gov, I've got another place that I'm using as a second home that will become a primary home. No intention to rent it because I live there part time, but I do want to get into a couple of homes to rent near that place. How did you start acquiring rental homes? I guess my biggest concern is that they'd need to cash flow because I can't afford to pump much money into them once they are rentable. I guess the big question is how did you manage to get them to pay for mortgage plus upkeep? Any info you can share will be very much appreciated.

[45-70.gov]

Thank you!  Thank you! Thank you! I appreciate the information.
 
 
45-70 Gov, I've got another place that I'm using as a second home that will become a primary home. No intention to rent it because I live there part time, but I do want to get into a couple of homes to rent near that place. How did you start acquiring rental homes? I guess my biggest concern is that they'd need to cash flow because I can't afford to pump much money into them once they are rentable. I guess the big question is how did you manage to get them to pay for mortgage plus upkeep? Any info you can share will be very much appreciated.

i  am a carpenter  by trade
my specialty  was remodeling
even  worked on some multi million$ jobs  as a superintentent
i don't pay morgages....i pay cash.............that forces  me to find good deals/dumps
just  been  going  slow  for 30 years.....reaty to move QUICK  when opertunity knocks
you  save a few thousand in closing  cost  and can  move real fast...if no bank is involved

[Sourdough]

I had not planned on retiring when I did but it worked out for the best at age 55. 

I retired from the Air Force and draw a retirement check.  I ended up with a disability when I retired from an industrial accident, and a piece of shrapnel.

I went to work as a DOD civilian since I had to follow my Active Duty wife around for seven years till she retired.  After 10 years I was sent home due to my service connected disabilities.  I had enough time to retire.  One of the requirements was to apply for Social Security Disability.

The wife still works, I keep trying to convince her to retire.  She says she could not stand to stay home with me all the time, weekends are enough.

[Conan The Librarian]

Thanks, 45-70 Gov! I really appreciate it. That's the only way I could see it making sense financially. I was looking at buying duplex a few years back and it just didn't make sense. I'm looking at renovating some trailer houses and cottage sized homes. One option is that I'll be near a big air base, and will see what I can find that might appeal to renting military families.

[BBF]

you could also break it down to a two part decision.
 
 If I retire today have I got or get enough funds to do at least some of the things I want/need to do?
 

I work as long as I can to accumulate as much as I can. Retirement can wait until I'm unable to work or must retire................Hoping you live long enough afterwards to enjoy your loot or all you lived for was your work.
 
 
For myself I wanted to stop at 55 and couldn't until 59 and that was hard enough. Those 4 years spend working are haunting me ever since 'cause by the time I reached 63 I couldn't continue doing what I had hoped to do for many many years..

[BBF]

scatter ..yes, but your heirs will love you more when you're the richest man in the graveyard...
 
 
..TM7
.

I have every intention to leave with a balance in RED