Did you retire early, and did you regret it?
dirtdude
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SSA would like me to work a few more years but I'm tired and ready to hang it up. My buddy retired early and hates it. How did you folks decide the time was right?
A little dirt never hurt
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The gentleman that taught me how to sell and make my money work for me (my life is because of him) retired three times. This last time finally stuck, every winter when he couldn’t play golf anymore he went back to work for a few more years. He said he couldn’t take being around his wife all day every day. They now own three houses in three different states and rotate out, spend a week or two together here and there. He says they have never been happier and he golfs all year round. Good luck Randy.
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Soon as the company I had been with 25 years was bought by a larger company, I knew that the writing was on the wall. Sure enough, they looked round for the guy who had been there longest and was making most, and replaced him with a youngster who would work for a beginner rate. Boom. I was only 70. I had seen my contemporaries retire. Didn't like the looks of that. Soon as man man stops working, seems like he goes to pot.
Luckily, I already had one side business selling gars online. That continues. I started up another biz linking online surveys. It got nowhere. Heart wasn't in it. I started up programming for an online magic card seller which was doing well... until Covid killed the conventions which they depended on. I do a few odd jobs of maintenance for an apartment house landlord who has about fifty units. Just fixed a drain for him today, in fact. But that's sporadic. Doing a bit of eBay, liquidating data storage equipment. That's interesting. I guess I'm still looking for the right place to land. Can't stand doing nothing. I think it actually kills people. Gotta produce. Mowing the lawn is not enough.
In the meanwhile, just to keep busy, I'm about to wrap up a historical novel. Extra long... about 200,000 words. Been kicking at this project about two years. Expect I'll start the next novel this summer.
If the old ball and chain wasn't attached, I'd buy a small sailboat and head back out to sea. Maintenance on a sailboat is a full time task, keep you fit, smart, flexible, and busy as schidt. But the RedHead could not physically do it... so that's out.
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A man in motion stays in motion. A man at rest soon rests in peace._
I'd say it'll depend on how you imagine life after work, Randy. Everybody's different in what they need to find fulfillment and purpose. I've always liked doing nothing and don't get bored easily, so I need less than Davis. I've also (not in comparing myself to anyone here) found a sense of belonging and purpose in my Christianity, so the things that might drive a secular person nuts don't affect me, at least not as much, I would hope.
I waited until I was 65 and was able to start Medicare to officially retire and tap into 'retimement money' because I wanted to stay on Medicaid which meant limiting my income, but I haven't had a real job since '03. I actually think people need less income in retirement than most advisors would tell you. But that's something for you to decide; how do you want to live, will you supplement w/ part-time work, how much will you travel, etc.
My general advice would be to keep working, not because of any of the above considerations, but because you can. I remember hating work too, but there's something to be said for keeping at it even when you don't want to. It might get easier to keep plugging away once you've made up your mind you will; things tend to get a lot worse in our minds when we think we can get out of a shithole, while it seems less shittty if you decide you'll work through the crap. Maybe set yourself a goal of 6mos or a year to keep plugging and then revisit.
I'm curious why he hates it. Is it because he's bored? A friend's dad retired, didn't do much for a year and got bored. He went back to work part time when his wife retired mostly so they didn't kill each other. He's been mowing for the city parks and rec dept.and likes it. Keeps him busy enough but still allows him plenty of down time.
Everybody's different. I retired at 62, and often wonder how I ever found time to go to work. My friend Dan has retired several times in the last 5 or 6 years, and told me a couple weeks ago he's going back to work. Of course, he did get married 5 times and either fathered or adopted a total of 17 children, so there's that.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
Looks like I have to wait until 67. But I’m ready now 😭
Never going to be able to retire but I like to think about what I would do if I could.
Trapped in the People's Communist Republic of Massachusetts.
A heart attack pretty much made my decision for me.
I am pretty sure I will have enough to keep me occupied.
My sons will run a shop that I am paying for, that if I want, I can go in and be a nuisance.
If your have a family around you, like mine, then you will only be as bored as you want to be.
My plan, is to finally do the things I wanted to do, but was afraid to let go of the reliable income. Now, with my pension, I can either do some work or be the bad influence on my grandchildren.
My work would love to keep me around for a couple nore years, but may family is my priority.
My attitude is that being retired doesn't mean sitting around collecting dust, but doing those things you want to do.
If your want to work a couple days a week, then so that.
Each person is different.
Have a plan. Know what it is you want from your retirement. Having one person retired and the other nit, is often a pain.
Just my opinion.
I'm still working on getting retired, so take that for what its worth.
Money can't buy happiness, but it can buy cigars and that's close enough.
I'm 75 and I go up to my studio every day. I make stuff. My work has changed since I've gotten older but making stuff is what I do and what I've always done. I just sold a four digit Wheel Form. When I'm not in my studio I'm working in the garden or on the grounds. I've seen a great bit of the world when I was young so I don't care to travel. Can't imagine retiring.
@Michael_walk Will show you the way
You better watch it, ole scratch n sniff is going to get jealous
I still think the next thing you should make is a website, or at least an Instagram account.
I plan on retiring from my job at 62 if possible. There are so many things I want to do that I can’t wish my current job.
73 and still working though I have cut way down on hours.
I retired after 22 years in the military, worked part time ten after that. Totally retired around age 50 to just puttering in the yard, doing a little charitable work, fishing etc. Maybe I'm not the one to ask.
Don't let the wife know what you spend on guns, ammo or cigars.
I retired after 30 years in law enforcement and then taught 17 years in college. I retired from that full time in January 2021 and I now teach one course a semester on an adjunct basis.
I'm 75 and dying of cancer, but it keeps my in contact with young people and gives me something to look forward to.
I’ll be 62 soon and been unemployed for 2 years.
Applied for SS benefits today, we’ll see what happens.
If everything is approved I should get my first payment in June.
Longevity is not a family trait so I am not waiting for “full” retirement.
I'm thinking of finding some local work, a normal job like 8 hour days 5 days a week. I've been off work 5 weeks now and just feeling rested enough to consider working. Too many hours and too much travel just wore me down. I'll go over to Tractor Supply or True Value and see what they need, there are help wanted signs everywhere. I haven't really prepared myself mentally to retire, I would probably just drink myself to death.
Sounds like a good plan, @dirtdude! Businesses all over are in need of some help right now.
"Iron sharpens iron, and one man sharpens another." - Proverbs 27:17
I'll start collecting social security at 62. I will take a little loss on it, but collecting early will help a little financially.
My boys say that me having a shop and me staying out of it is like bees staying out of the beehive. It won't happen. Evidently, I'm too controlling.
But I did tell them that they can expect that around noon, I'll probably head for the pool for a cigar and momma will probably have a list of "chores" for me.
The likelihood that I'll be bored is pretty slim.
The boss lady always has some project that she thinks "we" should do.
We have this list of stuff for the property. And knowing her, the first 2 years will be non-stop building.
Plus keeping my own equipment going might become more than I want to deal with.
Money can't buy happiness, but it can buy cigars and that's close enough.
Talked to my buddy and he told me they raised the amount you can make to 1900/month while collecting social security so I'm looking into it. Might have to do part time, I see McDonald's has a sign in the window $14 to start.
If you're under full retirement age, the earnings limit is $19,560.
(Who comes up with these oddball numbers?)
If you will reach full retirement age this year, the limit on your earnings for the months before full retirement age is $51,960.
If you are an old fart, you can earn whatever you want... you are fully vested.
That's the way it's been for me. Never had to worry, cause I first collected at 66
This is why you create a business.
The business can make what ever it wants and only pay you $19,500.
Then you rent everything to the business.
You still pay taxes on the money, but then it isn't earned income, it's passive income, like stocks and stuff.
Money can't buy happiness, but it can buy cigars and that's close enough.
Thanks Davis, that's good to know. My buddy got the 19 right but that's about all. He's full retirement age so those details don't matter to him. I'm sure I can make that work.
My game plan is to create an LLC company.
We plan on buying 2 Peterbilts and running those over the road.
My oldest son will run the trucks, my youngest will run a restoration shop.
The trucks and shop will be leased to the company by me, since I will own the properties and the company will be a separate entity.
This will allow me a reasonable earned income, while allowing me to still make a return on my investment.
And with my boys making more money than me, it will actually save me money in the long run. LOL!
The boys are considering buying an excavator or backhoe and hiring it out.
A couple folks I know in that area say there is a demand for it, but we'll have to see once we get there.
And I'll be able to go work, if I want to and not work if I don't want to.
The idea of someone else making me money is something I look forward to. LOL!
Money can't buy happiness, but it can buy cigars and that's close enough.
Look into a S corp, might be better to have an LLC own the property and have it do the renting to the s corp. Been a while since I was involved in something like that, from a tax standpoint, seem to remember some things you need to watch out for.
Don't let the wife know what you spend on guns, ammo or cigars.
Not sure how any of it works.
I'll be dealing with my accountant to let me know what will work the best for my situation, then have my lawyer deal with setting it all up.
I don't know enough about any of it to deal with any of it.
Between the two of them, I'm hoping that they'll make it work for me.
My home will be on the property of the shop, so not sure how that works out.
It may be that we'll go an S corp, because there will be my son's, my wife and myself as owners, so we could be shareholders.
So many things that have to be worked out before we get going on it.
Fortunately for me, I've had the same accountant for 25 years, so he knows how I spend my money, my idiosyncrasies and how I go off on these escapades.
This time, it's me directly involved, with my money.
Money can't buy happiness, but it can buy cigars and that's close enough.
One more rodeo, Livingston Montana, May 9.
So the house is supposed to close on July 12th.
That being the case, I will have my last day at work July 11th and officially retire around Sept 12th.
Oh boy, do I have a lot of work to do in this next month.
I have to bring all my tools home, clean out my truck and office and make sure I haven't forgotten anything.
Then on September, fill out all the retirement paperwork.
On the one hand, excited. On the other hand, being a heavy equipment field tech has been part of who I am for over 40 years. Not so sure how to handle that.
Money can't buy happiness, but it can buy cigars and that's close enough.