For me, retirement is a financial number not an age number.
I will be at that number at 57, but not going to leave the work force until I am 60.
I hate being retired and I am looking for work.
“For me, retirement is a financial number not an age number.”
I’m 63, have Veterans health insurance and enough money in my retirement account to live modestly by a beach somewhere. Unfortunately, my lovely wife believes we should live in a million dollar home by the ocean and told me I cannot retire. I don’t think she understands that in my job, I make a salary and if we want to live according to her vision, she is the one who needs to bring in that bacon. Owning her own business, she has the ability.
Same here. I too plan to retire in a few years at 57 or 58. But I won’t sit around. I told my wife that I’ll probably volunteer at church a lot more than we already do, and maybe pick up gig temp software work here and there to keep my mind fresh.
Retirement is a financial number. Check.
At 62 I looked around and discovered that I had no debt.
My kids were financially independent of me.
House and cars were paid off.
I don’t call it retirement, I call it slowing down. I got off the corporate rat wheel and mostly do what I want to do now.
We are travelling more and working on a project car together.
Bob Brinker, who hosted a syndicated weekly radio show for 32 years, called this the "land of critical mass," which is the point where a person's investments will generate more income per year than the person spends, thereby allowing the person to live the lifestyle they want without financial concern.
Critical mass is not the same for everyone and depends upon lifestyle, location, debt, and other factors. For my wife and I, critical mass is when we can comfortably live off a 4% return on investments, without having to invade principal, plus social security. We reached that point several years ago, which allowed my wife to retire in 2021 at age 62, and I will be retiring at age 65 at the end of this year. Using the 4% rule plus social security (I will receive the maximum benefit and my wife 50% of the max), our annual retirement income will exceed our average earned income over the last five years, with lower expenses, and our children will have a significant inheritance, when we pass from this life.
With that said, the decision for me to retire is easy: I have been working since the age of 12 cutting grass, shoveling snow, painting houses, washing dishes, McD's etc. I put myself through college and law school working two to three part-time jobs. I owned a successful law practice for 38 years, which allowed us to send our children to private schools, and live debt free except for a modest mortgage on a modest home. Although I will probably miss the intellectual aspects of practicing law, I will not miss the 80-hour work weeks, entitled clients, or the stress of complex litigation. We will fill our time managing our investments, relocating from the Northeast to the Southwest, meeting new people, hunting & fishing, travel, reading, writing (for pleasure), grass-roots politics, mentoring, and most importantly, spending more time with our children and grandchildren.
While I did not plan to retire that early, financially, I was able to, and I am glad I did. The article touches on how our bodies change as we pass through midlife. Well, in your sixties, your body changes damn near every year. I am glad I do not have to force this body out of bed at six and rush into a job.
The author is correct about one thing. Find something to do in retirement. I have a friend who travels all over because he is involved in home brewing. I have another friend who collects antiques and travels across the country to antique stores in the most out-of-the-way places. He loves it even when he does not buy anything. I have a friend who does metal detecting; it does not matter what it is: do not sit on the couch, watch TV at until 4 am, get up at noon, and turn on the TV again.