Mid 50's retirees question

[Addicting]

It is hard to pull the trigger. I think I have to wait for Medicare, but any longer will take a lot of thought. My hope is that someone in a good retirement town will want my services, move me there, and pay me richly until I hit 65.

Male gigolos do well in most retirement communities, no need for a pimp. Don’t cut your profits.

 

[David658]

Male gigolos do well most retirement communities, no need for a pimp. Don’t cut your profits.

Pretty sure that no matter what I think of myself, those services will not earn me any money. Especially since my wife would have a say so in my employment endeavors.

 

[Labman]

I'm in the process of making a decision in the next year and a half or so on whether to retire from my LE career at age 56, or stay for another year past that, and retire at 57. The difference in staying the additional year until age 57, would get me another $300 a month on the monthly pension that I'll receive. My wife and I are debt free. She will continue working full time, and carry our health insurance for the next 9 years until we hit age 65. During those 9 years, I'm planning on working my part time job about 3 days per week, just so that I can still maintain my current LE salary (pension plus 3 days a week at my PT job =same amount as current LE salary). This will also allow us to continue maxing out our roth IRA. Wife has a 401k at work, she'll also get a full SS check when she retires. I'll get a reduced SS check (Windfall Elimination Program) because of my pension. We keep a very detailed monthly budget, so we are very aware of our monthly needs. Even without staying the additional year to gain the extra $300 per month, we will have enough cash flow to easily cover our monthly expenses.

I'm currently very healthy, and have a decent level of fitness, and am more than ready to step out of this career. Looking forward to more hunting trips, etc. We've talked about this, and agreed that it might be nice to have that $300 extra per month, just to have a little extra. Not sure if it's really worth it or not. I realize this is a decision based on our personal situation.

Were any of you early retirees faced with a similar decision? If so, did you leave early, or stay the extra year or two, and was it worth it?

When the govt offered an early military retirement back in 2015 I jumped on it with 17yrs of service. I think I “lost” $500 a month in retirement pay vs what I would have made staying to 20. A great friend of mine was waiting to qualify for the program, which required 15yrs of service, but he died in a plane crash before he could take the govt up on their offer. I’ve never looked back and said “I wish I would have stayed in”. Ever. All my buddies who got out early feel the same. Take the early retirement while you can get it and move on.

 

[SAJ-99]

You guys are making it sounds like a lot of people who went into LE didn’t exactly Love the job after a few years. Shocking.

 

[bradr]

You guys are making it sounds like a lot of people who went into LE didn’t exactly Love the job after a few years. Shockin

For me, the first 5-10 yrs were fun. Then, ya start to ask yourself....why? But, I stayed, so that's on me. There are a lotta good times though among officers both on and off the job. Comradery, benefits, pay, generous vaca time after 15 yrs all help as well. It would however be hard for me to honestly tell a young guy nowadays to go into law enforcement.

 

[AlaskaHunter]

When the govt offered an early military retirement back in 2015 I jumped on it with 17yrs of service. I think I “lost” $500 a month in retirement pay vs what I would have made staying to 20. A great friend of mine was waiting to qualify for the program, which required 15yrs of service, but he died in a plane crash before he could take the govt up on their offer. I’ve never looked back and said “I wish I would have stayed in”. Ever. All my buddies who got out early feel the same. Take the early retirement while you can get it and move on.

Excellent points! Of all the folks I know that retired early, I know of none that regrets that decision. Usually you adapt to the retirement income.

 

[hank4elk]

Pretty easy to woulda,coulda ,shouda yourself...... sitting in a chair, in the shade, on your own free and clear land, watching elk with a cuppa, waiting for Sat. and your draw cow hunt..............naaaaaaaaaaaaaaaah!
Not wealthy by any means and very happy with where I am at @ 66 after retiring @54.

 

[shrapnel]

For me, the first 5-10 yrs were fun. Then, ya start to ask yourself....why? But, I stayed, so that's on me. There are a lotta good times though among officers both on and off the job. Comradery, benefits, pay, generous vaca time after 15 yrs all help as well. It would however be hard for me to honestly tell a young guy nowadays to go into law enforcement.

Just another friendly reminder, you aren’t talking as much about early retirement as you are about 1 more year. I would still recommend you consider what that extra year will get you, not cost you.

This is a decision for yourself and not someone else. Dying early can happen to anyone, don’t worry about that, plan for living, you won’t be sorry.

 

[hank4elk]

Timing,lifestyle,married,options. All need to be considered by each individual.

I do know if I had stayed 2 more years I would not have 12k bonus,have longer to wait to recover and poorer for it in the long run. Probably stuck in the same place and working part time.
12 years later and the prices of land has doubled at least here.

 

[AlaskaHunter]

Retirement has been the best years of my life.

Early in college days and early family life, $ was a constraint.
Then mid and late career, time was a constraint.
Now retired, I have time, money, and still physically fit...
hopefully the next 15-20 years will be the best of my life.

 

[peterk1234]

Retirement has been the best years of my life.

Early in college days and early family life, $ was a constraint.
Then mid and late career, time was a constraint.
Now retired, I have time, money, and still physically fit...
hopefully the next 15-20 years will be the best of my life.

Very well said.

 

[JCS]

I never talked to anyone in a nursing home that wished they would have worked longer.

 

[HONEYBADGER]

I'm in the process of making a decision in the next year and a half or so on whether to retire from my LE career at age 56, or stay for another year past that, and retire at 57. The difference in staying the additional year until age 57, would get me another $300 a month on the monthly pension that I'll receive. My wife and I are debt free. She will continue working full time, and carry our health insurance for the next 9 years until we hit age 65. During those 9 years, I'm planning on working my part time job about 3 days per week, just so that I can still maintain my current LE salary (pension plus 3 days a week at my PT job =same amount as current LE salary). This will also allow us to continue maxing out our roth IRA. Wife has a 401k at work, she'll also get a full SS check when she retires. I'll get a reduced SS check (Windfall Elimination Program) because of my pension. We keep a very detailed monthly budget, so we are very aware of our monthly needs. Even without staying the additional year to gain the extra $300 per month, we will have enough cash flow to easily cover our monthly expenses.

I'm currently very healthy, and have a decent level of fitness, and am more than ready to step out of this career. Looking forward to more hunting trips, etc. We've talked about this, and agreed that it might be nice to have that $300 extra per month, just to have a little extra. Not sure if it's really worth it or not. I realize this is a decision based on our personal situation.

Were any of you early retirees faced with a similar decision? If so, did you leave early, or stay the extra year or two, and was it worth it?

Get out while you still have your health. Did many years myself. It's a young man's ballgame and it isn't going to be getting any easier. Enjoy your retirement. In a few years you will look back and will be glad to have traded the retirement years for a few hundred bucks. You won't miss the money, you can get more. You will miss the time as years go by and you dont know how much of that you have.

 

[bradr]

Get out while you still have your health. Did many years myself. It's a young man's ballgame and it isn't going to be getting any easier. Enjoy your retirement. In a few years you will look back and will be glad to have traded the retirement years for a few hundred bucks. You won't miss the money, you can get more. You will miss the time as years go by and you dont know how much of that you have.

Thanks. That’s exactly what I’m leaning towards after a lot of thinking this thing over for the past several days.

 

[willy]

One never knows when their run in life ends. You and your wife could live a few more decades with your health or not. It's good to plan for tomorrow but live for the day. If you have the means to retire now and do the things you've been putting off, do so. Live within your means but live while your alive.

 

[tim629]

Yeah, hearing about guys dying a yr or 2 after they retire is something that makes this decision to go early a lot easier. I’ve heard similar stories from other cops

same happens to farmers: retire then die shortly after. honestly i think a lot of it is keeping yourself physically and mentally active no matter when you retire

 

[Alaska Bush Hunter]

I'm in the process of making a decision in the next year and a half or so on whether to retire from my LE career at age 56, or stay for another year past that, and retire at 57. The difference in staying the additional year until age 57, would get me another $300 a month on the monthly pension that I'll receive. My wife and I are debt free. She will continue working full time, and carry our health insurance for the next 9 years until we hit age 65. During those 9 years, I'm planning on working my part time job about 3 days per week, just so that I can still maintain my current LE salary (pension plus 3 days a week at my PT job =same amount as current LE salary). This will also allow us to continue maxing out our roth IRA. Wife has a 401k at work, she'll also get a full SS check when she retires. I'll get a reduced SS check (Windfall Elimination Program) because of my pension. We keep a very detailed monthly budget, so we are very aware of our monthly needs. Even without staying the additional year to gain the extra $300 per month, we will have enough cash flow to easily cover our monthly expenses.

I'm currently very healthy, and have a decent level of fitness, and am more than ready to step out of this career. Looking forward to more hunting trips, etc. We've talked about this, and agreed that it might be nice to have that $300 extra per month, just to have a little extra. Not sure if it's really worth it or not. I realize this is a decision based on our personal situation.

Were any of you early retirees faced with a similar decision? If so, did you leave early, or stay the extra year or two, and was it worth it?

Position yourself well
All vehicles paid off
Mortgage paid off
All toys paid off
And a good balance in 401K and IRA
I retired at 62 and still can make 18k a year without effecting Social Security

 

[Jim2914]

If you can solve healthcare then go. Dont wait then wonder why you stayed.
many at the 50s stage stay due to healthcare.

 

[Mountain Man]

I feel like these stories of people passing away shortly after retiring is not an accurate picture across the entire population. People tend to hold on to negative storylines rather than positive examples so they stick out in our minds more. Plus, how many 80+ year olds do we have in our social circles to incorporate their stories? If we did, how many of their stories might show how they are running out of money?

I don’t think there is an easy “right” answer so it will ultimately come down to your priorities and comfort with your financial projections for an assumed life expectancy. One thing to keep in mind is that if you find your finances falling short at some future point you may end up having to work more to catch up. That is not necessarily a horrible scenario and might very well be worth the risk of retiring early to reduce stress.

 

[David658]

Interesting since this thread began...some stress reducing things may happen at my employment, which would actually make the work fun. Might actually look to working till my Bride hits 65, so with toys paid for and debts at zero we could head back closer to the grandkids. The next few weeks promise to be interesting, as to whether we remain here (if that fun job appears) or get someone offering me employ elsewhere to basically move us to our retirement location in exchange for me earning a paycheck there for a while.