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Did you retire early, and did you regret it?

dirtdudedirtdude Posts: 5,626 ✭✭✭✭✭

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


  • PatrickbrickPatrickbrick Posts: 7,695 ✭✭✭✭✭
    edited April 2022

    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.

    "We make a living by what we get, but we make a life by what we give".  Winston Churchill.
    MOW badge received.
  • webmostwebmost Posts: 7,713 ✭✭✭✭✭
    edited April 2022

    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.

    A man in motion stays in motion. A man at rest soon rests in peace._

    “It has been a source of great pain to me to have met with so many among [my] opponents who had not the liberality to distinguish between political and social opposition; who transferred at once to the person, the hatred they bore to his political opinions.” —Thomas Jefferson (1808)

  • peter4jcpeter4jc Posts: 15,148 ✭✭✭✭✭

    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 could've had a Mi Querida!"   Nick Bardis
  • CharlieHeisCharlieHeis Posts: 8,112 ✭✭✭✭✭

    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.

  • Amos_UmwhatAmos_Umwhat Posts: 8,329 ✭✭✭✭✭

    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.

    WARNING:  The above post may contain thoughts or ideas known to the State of Caliphornia to cause seething rage, confusion, distemper, nausea, perspiration, sphincter release, or cranial implosion to persons who implicitly trust only one news source, or find themselves at either the left or right political extreme.  Proceed at your own risk.  

    "If you do not read the newspapers you're uninformed.  If you do read the newspapers, you're misinformed." --  Mark Twain
  • RhamlinRhamlin Posts: 8,896 ✭✭✭✭✭

    Looks like I have to wait until 67. But I’m ready now 😭

  • ShawnOLShawnOL Posts: 8,116 ✭✭✭✭✭

    Never going to be able to retire but I like to think about what I would do if I could.

  • CalvinAndHoboCalvinAndHobo Posts: 2,915 ✭✭✭✭✭

    @First_Warrior said:
    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.

    I still think the next thing you should make is a website, or at least an Instagram account.

  • genareddoggenareddog Posts: 4,000 ✭✭✭✭✭

    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.

  • silvermousesilvermouse Posts: 18,780 ✭✭✭✭✭

    73 and still working though I have cut way down on hours.

  • GuitardedGuitarded Posts: 4,633 ✭✭✭✭✭

    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.

    Friends don't let good friends smoke cheap cigars.
  • dirtdudedirtdude Posts: 5,626 ✭✭✭✭✭

    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.

    A little dirt never hurt
  • Hobbes86Hobbes86 Posts: 3,134 ✭✭✭✭✭

    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

  • 0patience0patience Posts: 10,665 ✭✭✭✭✭

    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.

    In Fumo Pax
    Money can't buy happiness, but it can buy cigars and that's close enough.

    Wylaff said:
    Atmospheric pressure and crap.
  • dirtdudedirtdude Posts: 5,626 ✭✭✭✭✭

    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.

    A little dirt never hurt
  • webmostwebmost Posts: 7,713 ✭✭✭✭✭

    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

    “It has been a source of great pain to me to have met with so many among [my] opponents who had not the liberality to distinguish between political and social opposition; who transferred at once to the person, the hatred they bore to his political opinions.” —Thomas Jefferson (1808)

  • 0patience0patience Posts: 10,665 ✭✭✭✭✭

    @webmost said:
    If you're under full retirement age, the earnings limit is $19,560.

    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. :)

    In Fumo Pax
    Money can't buy happiness, but it can buy cigars and that's close enough.

    Wylaff said:
    Atmospheric pressure and crap.
  • dirtdudedirtdude Posts: 5,626 ✭✭✭✭✭

    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.

    A little dirt never hurt
  • d_bladesd_blades Posts: 3,628 ✭✭✭✭✭
    edited April 2022

    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.

  • 0patience0patience Posts: 10,665 ✭✭✭✭✭

    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.

    In Fumo Pax
    Money can't buy happiness, but it can buy cigars and that's close enough.

    Wylaff said:
    Atmospheric pressure and crap.
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