Contemplating Retirement - Describe Your Transition

[JonMA1]

I turn 62 this year. I'm close financially, but not yet mentally prepared for it. I mean, how do you break away from what has always been a huge part of your entire adult life? Not going to lie, there's a little bit of apprehension in making the jump. I can do the numbers between my current take-home pay, and what I'd make with retirement withdrawals along with SS. I've researched how much a part time gig would impact taxes. It's just hard to wrap my head around the notion of receiving money without having to deal with all the negatives that are part of every workplace. There is a 3-year plan in place, and I'll probably stick with. But damn... I'm close.

In many ways, I have a dream job. While I have mostly good days at work, there's the everyday BS, as well as the realization that I'm not as sharp as I used to be. Because I went from Covid unemployment to what I have now, there's the feeling of having really lucked out... that I should just ride this wave until someone catches on that they're overpaying me. Still, I don't want to go out as the old guy who should have retired years ago. As a result, I'm already into the phase of grooming my position to make it easy for the next person to take over. I'm close to the point of being just as content pushing a broom or working on the fab floor as I am sitting at my desk creating Excel formulas and spreadsheets that do all the heavy lifting. There are days when I tell myself... you're almost there, pal.

And as much as anything else, there's the prospect of playing more golf to consider.

If you're retired, semi-retired, or even just pondering retirement, what's your story? Were you nervous about the transition? Have you/did you made a rock-solid plan? Did you stick with that plan? Did the prospect of golf or travel or spending more time with your family tip the scales? Was your job so bad for so long that the jump was easy? Or is a career later in your life something you simply enjoy?

 

[leftshot]

Jon, I'm not quite there, but much closer than you. I just established December 31st of this year as my last work day.

First of all, I identify with every thought and feeling you put in your OP. I've literally worked since the age of 8. That's 57+ years of work, so yes the prospect of not working is odd and strange to me. I had planned to continue working until age 70. I have a great job and work environment. What changed is this spring my daughter and son-in-law who live nearby announced they were making the big move--both in location and career. This had been a topic of conversation for some time. Nevertheless, now it became very real and imminent. They are our only relatives in the area and now it looks like we may all be together in the same community with our other daughter, son-in-law and grandkids. That is really exciting to us and them, but that doesn't mean it made all those feelings and thoughts you've had go away.

Right now, we're focused on getting our house ready for sale (almost done with that), getting rid of the stuff we're not taking with us, getting things at work setup so I can leave them in the best shape possible (maybe 75% of the way there), and figuring out what retirement income sources we turn on at the end of the year, and which we'll hold for later. In other words, we planned well, which is why I have these choices. But I want to continue to plan well.

I'll add additional posts here as we progress, and you are welcome to PM me if you want to discuss some topic offline.

P. S. By upper Michigan do you mean the upper peninsula or somewhere around Traverse City, Mackinaw City, Alpina, or Grayling part of the state? I lived in Michigan for 10 years and traipsed all over the state.

 

[Scott F]

I retired at the age of 61, but it wasn’t my choice. I had a disc in my back burst and needed surgery to repair it. My company had short term (6 month) disability which gave me nearly my full salary the whole time I was recovering. I knew that when I had my surgery that I wouldn’t be able to back to the job I had without doing more damage to my back. When the 6 months was up, I was able to qualify for Social Security disability which included me being eligible for Medicare as well. I took my retirement which included a pension and money for health insurance for my wife. Financially, I didn’t have a big drop off in income which made that transition easy. I’d worked for the same company for 36 years and while I didn’t hate the job, I was more than ready to leave it. I started earning money from the time I was 12 as a caddy, then a paperboy, and fast food and retail through high school and college. I’d never been out of work of some kind for nearly 50 years. I was soooo happy not to have get up early and report to a boss anymore that the switch to retirement was incredibly easy for me. Having back issues wasn’t in my retirement plan, but it hasn’t been too bad. I was able to fish and eventually play golf. Even after 6 years of retirement, I’m not bored and I certainly don’t miss working. I can take my time in the morning, and have an extra cup of coffee if I want. My wife and I have never been big spenders and except for buying a new truck a few years ago, I haven’t had to touch my savings. The lack of stress is the best thing about my life. I’ve never been happier and still have a hard time believing how blessed I am. Not everyone can adjust easily to a more relaxed life and feel lost without a job to go to. I’m not one of those. I’m living my best life.

 

[WLG1952]

I retired in 2007. I just woke up one morning, and decided I didn't want to work anymore.

Biggest decision was to make sure my Wife, and I both had health insurance that would take care of us. Health insurance that wouldn't bankrupt us with unpaid medical bills.

Next decision was to either sell the company, or turn it over to our Daughters. One turned it down, the other wanted it....under one condition. That being me being available for any business issues that she needed advice on. Also, that I took care of any required training seminars, since I am an accomplished public speaker.

My agreement with her was she had to keep the majority of employees I left behind.

My wife retired a few months after I did in 2008.

After just sitting around doing nothing in a large empty house for a couple months, we bought a big motor home and hit the road.

Our house, (nest egg) we let our Grandsons move into while they attended UNLV. All they had to do was take care of it, get passing grades, and pay the property taxes on it. They promptly turned it into a coed frat house. Pissed the neighbors off a little.

Once we hit the full time RV trail, we never looked back. Probably 110K miles of traveling. Along the way we would sometimes work as volunteers with the NPS.

In late 2018 we parked for an extended period, to reevaluate our future plans. Covid hit, and we stayed parked untill it eased up a little.

In late 2020 we moved back to a small town, still in an RV, to be close to our Daughters, and medical facilities. We knew we didn't want live in the Vegas Valley anymore.

Still have the house, and it's still being used by college students. One of our Granddaughters will move into it next year.

Retirement life is good.

 

[Hitsnmisses]

61.5 , no that’s not my round score …
Almost own renovated period home , 15 months away , after starting again with a new partner after a mutual divorce . Super will fund comfortable retirement .lts coming up and on the horizon , 2.5 years away, with the last year on accumulated
leave. In good road worthy condition with amazing partner . I can’t wait for the finish line where the spanner goes into the tool
box, for the last time. Having no schedule or electronic data and phone calls etc will be so much better . The time to laugh and have leisure to myself and enjoy with others , the body and mind will and are looking forward too it all. It’s a prove life we all should enjoy

 

[golfinnut]

I want to retire now & I'm only 50

BTW ... I might need you to make an Excel formula for me

 

[73monte]

I'm 63, so getting very close. BIggest issue for me is having too much time on my hands. I'm part Border Collie I think, so with not enough to do, I get totally neurotic. I can literally drive myself crazy.

I've heard all the suggestions about part time work, and hobbies, travel etc. But everyday life is more the problem. I can only relax and enjoy myself when I'm totally wiped out exhausted. Otherwise won't even sit down to eat.

Recently sent home from work unexpectedly due to a Covid exposure. I was bored out of my skull the first day. Could have cried actually.

My genes are no help either. My Mother worked full time until 87 years of age.

 

[Sox_Fan]

I retired a little over 4.5 years ago just short of my 53rd birthday. I had been ready mentally to take the plunge for a couple of years and we decided early in 2017 to do it at the end of that year. My job had me working 60+ hours per week (on salary so no OT) and staying in hotel 3 or 4 nights per week. 2 kids were already out of the house and on their own and the youngest was graduating high school in the spring of 2019. We had saved enough in her 529 plan to easily get her through at least 5 years of college.

Neither of us are real keen about doing a bunch of traveling, especially me after being on the road pretty much non-stop for about 27 years, so I played golf 5 days a week. The one thing I didn't really count on was losing 20 - 25 lbs. (I always walk the course) in the first 4 or so months and had to buy a bunch of new clothes. The flexibility of being able to decide we are going to visit family in a week or two as opposed to having to plan it out for months with requesting time off and all of that junk has certainly been nice. The one thing that has turned out advantageous of spending so much time on the road working was that I accumulated over 2 million Holiday Inn points so we are good for free accommodations for a long time.

I knew I was going to eventually get a part-time job to not have to take five $0's in my social security calculation. My home course was looking to restart having a Ranger on weekends in April of this year due to the significant increase in rounds so I thought that would be a great chance to erase some $0's and be someplace I enjoy being at even more. They saw my work ethic (which most of their employees had very little of) and trained me to work in the pro shop and do cart duties also. Now working over 30 hours, instead of the 12 I started out at, and not making very much money but am enjoying being at the golf course 7 days a week and making a real difference at a place I have been a member at for 13 years. The perks of free golf and the ability to get equipment at cost are quite nice and definitely add value to the lack of pay. The golf course is owned by the city and they have a structured pay scale with no flexibility.

I have no regrets for taking the retirement plunge when I did.

 

[Danimal]

I want to retire now & I'm only 50

BTW ... I might need you to make an Excel formula for me

This is me now. I’m 51 and ready. The health insurance dilemma is a real problem.

 

[pattyboy21]

Are you retiring with a healthcare plan that you can keep, or will you need to purchase one for you and your family until you reach 65 and are eligible for Medicare? In Texas, my wife and I were paying over $1,100/month for pretty crappy insurance.

 

[mancest]

I consider retirement multiple times a day. Bad news is I am not read to and have a lot of things to figure out before I can actually do so. The good news is I have probably 30 years before I will actually be able to, so can keep procrastinating for a bit.

 

[goalie]

I have a few years left. My retirement will be golf and metalworking/welding art to keep me busy. If you're not "doing" your dying is the saying, so I plan to stay busy.

Good luck with the decision(s)

 

[goalie]

This is me now. I’m 51 and ready. The health insurance dilemma is a real problem.

I get to keep my federal insurance as if I'm an employee when I retire early.

 

[Bernoulli]

I retired a little over 4.5 years ago just short of my 53rd birthday. I had been ready mentally to take the plunge for a couple of years and we decided early in 2017 to do it at the end of that year. My job had me working 60+ hours per week (on salary so no OT) and staying in hotel 3 or 4 nights per week. 2 kids were already out of the house and on their own and the youngest was graduating high school in the spring of 2019. We had saved enough in her 529 plan to easily get her through at least 5 years of college.

Neither of us are real keen about doing a bunch of traveling, especially me after being on the road pretty much non-stop for about 27 years, so I played golf 5 days a week. The one thing I didn't really count on was losing 20 - 25 lbs. (I always walk the course) in the first 4 or so months and had to buy a bunch of new clothes. The flexibility of being able to decide we are going to visit family in a week or two as opposed to having to plan it out for months with requesting time off and all of that junk has certainly been nice. The one thing that has turned out advantageous of spending so much time on the road working was that I accumulated over 2 million Holiday Inn points so we are good for free accommodations for a long time.

I knew I was going to eventually get a part-time job to not have to take five $0's in my social security calculation. My home course was looking to restart having a Ranger on weekends in April of this year due to the significant increase in rounds so I thought that would be a great chance to erase some $0's and be someplace I enjoy being at even more. They saw my work ethic (which most of their employees had very little of) and trained me to work in the pro shop and do cart duties also. Now working over 30 hours, instead of the 12 I started out at, and not making very much money but am enjoying being at the golf course 7 days a week and making a real difference at a place I have been a member at for 13 years. The perks of free golf and the ability to get equipment at cost are quite nice and definitely add value to the lack of pay. The golf course is owned by the city and they have a structured pay scale with no flexibility.

I have no regrets for taking the retirement plunge when I did.

So great to read about your current position with your local municipal course. Perks are good too.

 

[Iceman!]

This is me now. I’m 51 and ready. The health insurance dilemma is a real problem.

There was some talk of making Medicare available for people 55 and older however it never got off the ground.
Think there is an labor force problem now, imagine if people could retire at 55....

 

[Bernoulli]

I'm nearly 60, Covid financial related issues affecting my employer had me considering retiring last year. Employer was contemplating a retirement incentive that I would have been foolish not to consider and take. Unfortunately, those issues have resolved and that incentive was not offered. So, retirement is no longer a consideration. Still, I can go whenever I want. I have health insurance in retirement and I have a pension and I can always work part time if I wanted. For now though, I enjoy working. I can see me giving this another 5 years or so.

So, to answer the question, I have considered it, not necessarily by choice.

 

[tequila4kapp]

@JonMA1
Assuming some things break a particular way I am in a very similar spot. I can SO relate to your description of your job and your own performance. It is actually a contributing factor to me thinking it IS time to retire. But bigger picture... I know I cannot just sit at home and watch TV. So I think about it in the context of Live to Work vs Work to Live. I intend to work after I retire but do so in a way that is WAY more on my terms. Part time. Something I am interested in. Something I can give 2 weeks notice for a leave at the drop of the hat without a 2nd thought. Maybe just a side hustle. So it isn't just 'working part time' and tax implications ... it is how I approach it mentally. I am rambling; I hope this makes some sense and helps.

 

[Duffer Seamus]

My transition? I stopped going to work every Monday-Friday. Easy peasy

I retired five years ago. The approximate time had been set two years before. By one year before all the financial plans were complete. The exact month was nailed-down about six months beforehand.

By the time the target month was approaching I was more than ready for it. The job had no longer amused me for some time and I was tired of the daily grind.

Many people, incl. one of my two best friends and my boss, didn't believe me when I said I'd be happy in retirement and wouldn't miss the job. They were all wrong. Oh so very, very wrong.

 

[Mr Moke]

My wife and I are 3 years away. Retirement is the soul focus of our lives at this point. We have a pretty good financial plan and a huge list of projects and past times to look forward to. We’d love to bail now but our overall chance of success would decrease.

 

[nbargolf]

Retired at 62 now 79 17 years retied never been bored. Traveled in an RV an volunteered at state parks as host. Northern New Mexico mountains were our favorite. 2014 made the trip of a lifetime took a 42ft motorhome pulling a car to Fairbanks Alaska then back down the west coast. Now off the road fish, golf loving it. As I tell a friend who is going to work until he's 70 YOU CAN'T BUY TIME when it's gone there's no getting it back. Years back when I first retired my neighbor was going to work until he was 67. I hounded him until it retired and we went fishing together for several years then he died of pancreatic cancer not yet 70 I miss him. So you never know what tomorrow will bring retire as early as you can and enjoy life.

 

[BH 43]

I retired at 65, retired from USAF in 89. Worked for Hughes, Flight Safety, Boeing until I reached 65. Planned on retiring at end of year, moved it up to end of September. Haven't looked back, or regrated it. Hope you can enjoy your retirement. I'll be 79 in a few days.

 

[uitar99]

I'm 69, probably could retire any day. Been in the financial services industry (commercial banking) since 1974.

Have a job I enjoy, get paid well (at least from my perspective) golf 50 or 60 times a year, take a couple trips yearly, got benefits covering the majority of the health stuff, play in a band with friends and help my son out when/if he needs it.

So many people I know, do less than I do, but retired cuz they thought "damn, I'm 65, I'm supposed to stop work". They now are either financially strapped, bored out of their minds or died 6-9 months later.

I've got this idea in my head that we humans need a certain amount of regular reoccurring stress in our lives. Not the kind they kills you, but the kind that gets you up in the morning...maybe its routine. I just can't see me stopping the routine. Maybe the OCD is taking over.

I'm told, you'll know when to stop working that full time job we call a career. Hasn't happened to me yet and I'm not living my life by others standards.

You gotta do what's right for you and yours.

 

[Sox_Fan]

This is me now. I’m 51 and ready. The health insurance dilemma is a real problem.

Are you retiring with a healthcare plan that you can keep, or will you need to purchase one for you and your family until you reach 65 and are eligible for Medicare? In Texas, my wife and I were paying over $1,100/month for pretty crappy insurance.

We have been in Marketplace Health Insurance (aka Obama Care) since I retired and never have paid more than around $250 per month for health and dental insurance combined through that program. I always opt for a middle of the road program (what they term a Silver plan) instead of the bargain basement catastrophic coverage of their Bronze plans or the very expensive Gold plans. You get tax credits based on your projected income that can be applied towards the health care premiums. I always over-estimate my projected income by about $10k to leave some wiggle room and make sure I don't get hammered with a lump sum penalty at tax time. For example, if you project your income at $40k per year, the tax credits you get to apply towards health insurance premiums is based on that amount. If you end up making $50k, then the tax credits you would have qualified for at that income level would have been less than what you received so you have to pay the difference back when you reconcile the tax credits as part of your yearly return. It really is a pretty good deal as long as you are smart with it. My youngest daughter is still in college so I am still covering her along with myself and my wife.

 

[richhoff]

I retired at 65. My transition was to immediately play golf 5 days a week and spend the winter months where I could still golf the same schedule

 

[Acesteve]

@JonMA1
But bigger picture... I know I cannot just sit at home and watch TV.

x50, having activites for me is key. My youngest is 2 years from college. we can have real activities then if I'm financially ready.

though I've dreamed of retirment for years, not having a job is a bit scary.

the opposite is scary- one can always find reasons to extend yet in my fathers +55 community many never have health past 70.