Should my husband retire at age 55?

HappyladiMay 28, 2005

My husband will be 55 next Febuary and can retire with 70% of his top 3 years of pay. He has worked for the goverment since he was 19, including armed service years. He will be able to keep his health insurance also.

He works extremely hard now, often 50 to 60 hours a week, sometimes more. He is vey tired of working, but I am worried about him getting bored when he retires. He gets bored easily.

I just work part time, and I am not sure how I feel about him being around all the time, either.

Has anyone retired so young? What do all of you do to keep busy? Does anyone work part time?

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My husband retired at 57........and died at 62. He enjoyed every day after he left work and never regretted it. He joked that when he first saw me in the morning he could figure out if it was one of those days that he needed to spend outside It was and adjustment having him around all the time but we did enjoy taking up golf again as a couple and playing on the lake where we (I) live. If he hadn't retired when he did he would have in March at age 62 and he died in November. It gave me great peace knowing that he had 5 years to enjoy himself before dying way too early. If your DH has the chance and the $ will be sufficient, go for it.
A neighbor retired about a year ago at 55 or so and then went to work part-time at Lowes and loves it! He lost 20 lbs. and calls it his gym that pays him to go there.

    Bookmark   May 30, 2005 at 9:15AM
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Hi Happyladi,

My ex- and I parted over 30 years ago and she was unwilling to have even minimal connection, since.

As head dietitian in a substantial hospital she decided to take the golden handshake back a few years ago when there was talk of closing that hospital or a similar one about 15 miles away.

She died last summer, after several months' battle with cancer - how ironic, that she, who'd fed millions, was laid low by her own gut.

At the time, our offspring said that she'd been fortunate to have retired when she did, as she'd had 10 years to pursue various hobbies and other interests. She, who grew up in Iowa, spent three months in the winter touring the southern States. She'd been having a ball, really.

Had she retired at the usual time, she'd have had about a year to enjoy life in such a fashion.

And I added that she'd have spent more than half of that year being sick.

So she'd made what turned out to be a good decision, several years ago.

Does your husband have other interests that he could pursue, especially ones that might provide a little income?

Every dollar that we earn just after retirement means that (most of) one of those dollars in the kitty stays there to continue to earn for possibly several years.

I say, "most of" because every dollar that you earn currently turns out to be less than a dollar, after tax. Also, the dollar that continues to earn may well have a certain level of tax assessed against the cents that it earns, annually.

Many who retire early do not regret it.

Of course - eating turnips at age 85 as a major component of one's diet because the purse has grown rather thin is no fun, either.

And if one feels that some extra income/asset would be adviseable, the time to do it is shortly after retirement, while you're still young and strong - and after you've got the travelling, other means of kicking up your heels with the freedom from work, etc. out of your system.

Hope you make the choice that's best for you.

ole joyful

    Bookmark   May 30, 2005 at 7:48PM
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i took early retirement at 59 with just my small retirement from where I retired from and another small check that I opted to get "forever". Later on I decided to take SS.
I haven't regretted it. I miss the interaction with those on my job - the daily problems I had to solve but have enjoyed being on my own.

    Bookmark   May 31, 2005 at 12:31AM
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Joyfulguy, money isn't a problem. He can get 70% of his top 3 years of pay for retirement and he will get cost of living increases. We also have good savings.

I think he would be happiest working part time. He gets bored easily. He does have several minor interests that he can expand on I hope.

    Bookmark   May 31, 2005 at 10:31AM
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Sounds like an opportunity to me for your DH to retire. Some good points have been made about enjoying some time together even tho' it's an adjustment for both.

When I became a widow my DH had seven years of quality time even tho' he was ill. We had moved to a retirement community where he had quite the social life & I fell into working with seniors as I was younger.

Eventually I remarried & have a new life in a private area of town & can once again enjoy gardening & work with seniors if I choose. This all has been rewarding. My DH had retired @ 55yrs after working so hard & he currently enjoys getting involved in the community & takes on part-time work for some of my clients. It's a win-win for us.

The very best to you both on whatever you decide.


    Bookmark   May 31, 2005 at 2:48PM
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I'm glad to see I'm now able to post on this forum - I think it was only for subscribing members for awhile. I retired at 62 about a year ago, after stressful nursing career. I have SS and a nice pension, and DH is still working - his choice, he says so he can support his classic cars hobby, but he'd be able to quit if he really wanted to. I have not regretted retiring a little early for one single second!! We have some savings, house paid for, and I have a quilting hobby that totally absorbs me. I enjoy so much having my time be my own, but worry a little about my DH when and if he retires. He has a few minor health issues that could become major, and I just want him to quit work and enjoy his time with his cars, and the chance to do a little traveling. He deserves to have some good years to slow down and enjoy life. No one knows what even next week will bring for any of us. I do think women handle retirement a little easier than men do, MHO, as we never have the complete change from working to total leisure - at least not many women I know have total leisure. Definitely need a hobby, or passion, or ability to just sit back and enjoy the moment, watch clouds, smell the roses, etc. and I think alot of men find this hard to do, and then boredom sets in.

    Bookmark   June 6, 2005 at 6:48PM
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Haven't had a man around for so long I forgot what they look like!! I've heard it is good for them to have some kind of routine and good for us all.
I don't know if you can post to the quilting forum but a nice bunch of gals hang out there. I think you can look anyway. Come and join the fun.

    Bookmark   June 6, 2005 at 11:07PM
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Minnie TX - yes, I check out the quilting forum every day, and frequently post in it. Nice forum!

    Bookmark   June 7, 2005 at 8:47AM
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Tom went to work one day. It was his last day - they'd held a retirment party for him, and all, previously.

Next morning, he slept in a bit, got up, read the paper for a while, put it down and looked around.

Read it some more, for a while, put it down and looked around.

After the fourth or fifth time, Daisy asked,
"Something wrong?"

"Where's breakfast?" was the reply.

"You retired yesterday, didn't you?" asked Daisy.

"Yes - what's that got to do with it?" from Tom.

"So did I," replied Daisy, sweetly.

After a fustrated comment from Tom, Daisy went on, "Well, I'll get breakfast now - and after breakfast we'll sit down to discuss who's going to do what around here".

That story, which I've told at some of my seminars for prospective retirees, seems quite a bit more popular with women than with men!

If you can afford it - retire when you can. Who knows how many more years - months - even days during which you may enjoy good health?

Or ... even life, even though you aren't enjoying the good health as in earlier days.

Last summer when my ex- died of colon cancer (ironic, for as head dietitian of a major hospital for 20 years, having fed millions, it was her gut that did her in) our two offspring noted that in the ordinary course of things, she'd have retired last year.

I commented that she'd have been fighting the disease for over half of that year.

As it was, ten years or so before, when they'd discussed closing her (mental) hospital or a similar one twenty or so miles away, she thought that, even though it meant taking quite substantially early retirement, she'd rather take the golden handshake than possibly settle for a severance package.

As it was, said our two, she'd had a ball for ten years - doing miniatures, cross stitch and other hobbies, spending time with friends as well as travelling in her motor home for three months each winter through the southern States, where she'd made a number of friends - she was an Iowa girl.

Perhaps much of a man's self-image, ego, etc. is bound up in his career, for many.

More so in the past than currently and in future years, I'm sure, for we no longer go to work for one employer and stay there, relatively securely, for many years.

Moreover, many contemporary men say that they plan to have a lot more things of high priority in their life than having it almost all bound up in their work.

Enjoy each day as it comes.

ole joyful

    Bookmark   June 10, 2005 at 3:32PM
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When I worked in the bank in the commercail finance area the wife of one of our clients used to bring in the necessary papers once in a while. One day she said she had just turned 65 and got rid of all her appliances. It was eat out every night or take out from now on. I often think of that day!!

    Bookmark   June 11, 2005 at 12:15AM
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My husband worked a lot of hours when the children were growing they left home, my husband and I began to have more time alone with one another - we began to travel, go to concerts, take long walks, long bicycle rides, garden together, plan and produce remodeling projects for the house together, dream of our retirement, etc. Years ago I think our focus and what we spent our money and time on was our children more than anything else. Now our focus is on each other - we have developed together as a couple rather just a Mom and Dad. We both work at pleasing each other and that helps. We are friends and lovers and are happiest when we are together. Now this is not to say that we don't each need our own private time - we do.....but our focus is on a close loving relationship with each other.......if we didn't have a such a happy relationship, I think I would dread his retirement and that would be a very sad thing for me. There are a lot of years (hopefully) between retirment and death - with the right attitude, they truly can be the best years of your life.

    Bookmark   June 14, 2005 at 12:34PM
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I am around your husband's age, and I would love to be retired. I have plenty of hobbies and volunteer work to do.

Having said that, I have read that you really do have to plan how to spend your time in retirement. Sometimes the lack of routine is hard for people to handle.

Does your DH enjoy the work? Are their hobbies/pastimes/volunteer work that he would enjoy.

My father died before he retired. I have had some life threatening medical conditions (supposedly "cured" now). I enjoyed my job, but I really wasn't thinking "gee, I should have spent more time at work" when I was sick.

    Bookmark   June 16, 2005 at 10:25PM
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My husband enjoyed his job until about 2 years ago. His job was changed to a supervisory position. He now oversees people that do the job he used to love doing. He doesn't enjoy supervising at all.

He didn't want his job changed, but he had no choice if he wanted to continue working there. He was also given a nice corner office, but no more money. He also supervises people all over the southwest and has to travel fairly often.

He has a couple hobbies like woodworking and fooling around on his guitar.

    Bookmark   June 19, 2005 at 1:36PM
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My wife and I are both 53 and took early retirement because a package was offered that was too good to refuse. My wife regularly worked 70-80 hours per week and I typically put in between 50-65. The last year has been wonderful. My wife and I have opportunity to get to know each other again yet we still continue on we some separate interest areas. (I golf) I never would have thought my wife would adjust to the lack of working so easily. It has ben great and I wouldn't change anything. This is not to say that I don't have days that I might get bored, but we are still looking at doing something part time later. (Community etc)

    Bookmark   June 28, 2005 at 7:26PM
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My husband of 49 years retired at 52 on an early out. He has been retired 19 years. He plays tennis, does volunteer work, reads, plays computer games, watches TV and keeps the yard. He loves every minute of retirement. We can go and come when we like with no strings. Dotty

    Bookmark   July 23, 2005 at 8:39PM
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If you "need" something to do, checkout the local state university/college to see if they have a "60-plus" program where seniors 60 & over can take classes for a very small fee like $3 or so tuition per semester; there may be some restrictions regarding when one is allowed to register for the classes.

I've read some time back that over 40 states have such a program. Some have completed courses for their degree, some got 2nd degrees, some went for their masters & some, like me, taking various classes just for enjoyment/enrichment. I find that I am now enyoying going to school more than when I "had to"...

My idea was to enroll in the type of classes that I avoided long ago...."libral arts", English Lit...., etc.

    Bookmark   July 26, 2005 at 4:59PM
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Happyladi, I'd be thrilled if my dh would take early retirement. He originally planned to do so at 50, but now says 55...ish (which could mean 60.) In the last five years, we've both developed health problems that make travel uncomfortable at best and sometimes impossible. So much for those plans we made years ago.

If your husband has been unhappy in his work for the past two years, that's bound to have an adverse affect on his health. I'd be encouraging him to retire. Since he already has a couple of hobbies he can expand on those while he discovers how else he will fill his time. I wouldn't push him to take a part time job just yet. In fact, you might want to leave yours so that the two of you can enjoy traveling while you still have your health.
Best wishes.

    Bookmark   August 2, 2005 at 5:50PM
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Wise suggestions.

Unlike wine ...

... health seldom improves as we age.

ole joyful

    Bookmark   August 2, 2005 at 7:28PM
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UAHMom, we have a son just entering 9th grade, so any extended travel is out for now. We did take a nice 16 day road trip in Californa last month with our children.

We also have a daughter entering her second year of college. It cost us over $15,000. last year and I am sure this year will be more. I guess that around the world trip will need to wait a few years. :>)

    Bookmark   August 5, 2005 at 5:42PM
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Happyladi, I too work for the government and will be retiring early next year with 64% of my high three. I've decided it isn't about the money but rather its time to move onto the next chapter in my life and see what is around the bend in the road. I am looking forward to the journey. It's not where I'm going to but rather what I never have to do again, such as meeting deadlines I have no control over, doing more with less resources, putting up with the politics of an agency...of course I will miss my colleagues and the excitement of my career, but those colleagues that I have become close to will continue to be in my life and I can generate excitement in other areas such as volunteering. I will be able to experience things that I've only thought of. If I get bored, I'll voluteer at our local hospital, school, or ?. I'm healthy and that is the key for me to begin my new journey in life. I sold my hubby on it too and he is retiring too. We're excited for the journey to begin. Have hubby go for it! (BTW, if he looks at his current annuity amount he would receive with maximum years that he has, he will realize that he is working for little money. If he must continue to work for his spirit then he should retire and get another job. This will maximize his monthly income and you'll be able to get the daughter through school with much more $ in your monthly budget). Good Luck!

    Bookmark   October 7, 2005 at 5:06PM
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We just closed our store,June 30th, and had a 2nd retirement party for DH. His first was in 1980 at which time he open the store. He's 79 now. I've known many retired military who put in their 20 years, got the pension and started doing work that they liked. At that point it's not the money but the enjoyment. Good Luck.

    Bookmark   October 8, 2005 at 2:42PM
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My husband retired 3 years ago at age 55. The job had become stressful, and "it was time!" He had (still has) no hobbies to keep himself busy, but has had a few part time jobs - not for the money since he has a good pension - but for something to do. He misses "the guys" from work, but misses NOTHING else! I had to laugh when you said that you weren't sure you could handle him being retired! I work part time, and it was a BIG adjustment for me too. I didn't like it at first, because he was almost always home when I was home. I was used to "me" time, which I no longer had. It took me 2 1/2 years until I got used to it! Now he works for the golf superintendant at the same Country Club where I do landscaping/flowers. We are both part time. My hours are flexible, his are semi-flexible so it leaves time for us to travel, golf there for free, and basically enjoy life. He has lost weight from being more active than sitting at a desk, has more energy, and feels better. He even helps me out with some (anything is helpful) housework, and is starting to find things to do around the house to keep busy. Winters are an bit of an adjustment since neither of us work, but we travel and spend time at our second home in the mountains (needed a tax deduction) and try to catch up on inside projects at home. I say to your husband - Go for it!

    Bookmark   October 8, 2005 at 8:24PM
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Wish we could have retired that young, but then we did a lot of things others only dreamed of before retirement, so no regrets here.

Please join us again at the retirement forum

    Bookmark   October 14, 2005 at 5:50PM
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Well, each situation is different. My husband retired at 60. I wanted him to retire at 55, but he chose not to. Due to a number of health problems he ended up having, he has had to go through quite a bit since he retired, and probably blessed to still be living. But, all is working out okay now and we are going to do some real living rather than wait (wait for what?). Now is the time. Who knows about tomorrow. We are going to enjoy ourselves as we can in case there won't be a healthy tomorrow.

    Bookmark   October 16, 2005 at 6:29PM
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I am so glad to have found this thread. My husband is thinking about retiring too. I have my reservations about it. I've been a housewife for 30 some years and to have him underfoot is going to be interesting if nothing else! If he stays til age 56, (4 more years) he will receive pension and a good portion of his (our) health insurance will be covered. You never know if you've saved enough.

I do not want to be one of the women who pushed hubby to work longer only to lose him too soon after the delayed retirement. That would be unbearable to live with. He would, if he had his way, retire tomorrow. The job has become stressful and his heart is not in it anymore. He was a real "company man" for years. I can't see walking away 4 years before pension and health insurance. Just doesn't make sense to me. He will be with the company about 31 years at that point. I'm just hoping he can hold out for those 4 years and not let the stress get to him. It's a rotten situation for him... but 4 years! just 4 years..... Any thoughts?

    Bookmark   October 21, 2005 at 12:56PM
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Linda, I have to tell you that if the situation is really stressful for him, it may start having serious physical effects. That's what happened to me. I LOVED my job and worked for the same company for a total of 25 years. But the nature of the job changed a lot, I had a lot of extra duties that interfered with doing my "real" job, plus I had a very heavy workload and was working many unpaid extra hours just to keep things going. I repeatedly asked for another staff member but was told that it wasn't in the budget. Finally, the stress started causing both physical problems and "reactive anxiety," which interfered with my ability to perform my job well. I received a lot of good advice from a counselor as well as my Kitchen Forum friends and decided to leave. Since I'm 60 years old, I'm not sure this is retirement; I may freelance at home or seek another job after I "recuperate" from the stress. Recovery is taking a long time (I'm just realizing now how badly I was wounded), and I did take a hit with regard to pension and insurance benefits, but I feel that I've got my life back.

If your DH feels that the stress is just a normal part of the job, and it doesn't bother him too much, then, fine, he should continue to work, if he wants to. But if he feels it is injuring him physically and emotionally, he needs to get out and save his life!


    Bookmark   October 21, 2005 at 2:27PM
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Hi everyone,

This is a topic that hasn't been near the top for a while, but may be of interest to some who haven't seen it.

ole joyful

    Bookmark   March 8, 2006 at 3:41PM
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I don't have time to read all the responses but will say that my workaholic husband thought that he would be bored to death and nothing is further from the truth..He is loving having time to do anything and everything he wants and to take his time doing it...We have 5 acres so he is learning to do all kinds of things that once he would have paid some one to do...Retirement is just what you want it to be....

    Bookmark   March 14, 2006 at 11:59AM
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Welp, I can relate my own experiences...

Hubby retired in 1996, from a $60K a year white collar job, because he was 'fed up'... For the first year all he did was sleep... He'd get up, come down stairs then take a nap, get up to go potty and get something to eat then take a nap, he'd get up to eat dinner then take a nap, get up to watch a little TV then go to bed for the night... We'd get in arguments because I was doing the housework on 'HIS' time or while he was napping... He's now working for his brother-in-law, servicing semi-trucks, crawling under them getting dirty, for a whopping $10 an hour and he is more miserable now than he ever was when he was working for Fords... That is no job for a man of 63 but he refuses to quit even though money isn't a problem...

Then there's the tale of a good friend of mine... He retired at 58, had a ball enjoying his passion for old cars and did all the other things retired people are supposed to do, enjoying his family, taking vacations and continued playing with his computers... He died at 62 of an aortic aneurysm... He left his wife well provided for but she still misses him, terribly...

The moral of my musings... The good die young while the cranky buggers just get crankier... lol


    Bookmark   March 17, 2006 at 9:43AM
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Please don't go on like this - I'm getting older by the minute!

o j

    Bookmark   March 18, 2006 at 2:34PM
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Well there's always exceptions.... And by your name I suspect you're one of them...


    Bookmark   March 18, 2006 at 7:18PM
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buy a sports car, find a young blonde girl friend!

    Bookmark   March 20, 2006 at 5:30AM
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bill h,

That's a sure recipe not only to start "feeling" old fast ...

... but to actually *get* there!

ole joyful

    Bookmark   March 20, 2006 at 8:07PM
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Bill H,

I've been drawing a picture in my mind of Rita passing on your message to her dear as-yet-unretired-husband!

Doesn't seem to quite come into focus, somehow.

o j

    Bookmark   June 8, 2006 at 1:11PM
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I am the orginal poster and my husband did retire this past April.

It has been different with him around more. I kind of wish he would leave for a day every week so I can have some time all to myself. He likes to play music a lot and while I like some music but I also enjoy quiet or watching a show. I used to Tivo shows he didn't like and watch them during the day, but now he is here and he likes to criticize what I watch.

He has two days a week while I work all to himself(well, the kids are home from school now) but I feel the lack.

    Bookmark   July 3, 2006 at 11:43PM
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Happyladi: My husband will be 55 in 2 years, and will retire from the government with 70% of his high 3 as well. We are working on our retirement budget, which has to cover 2 houses and their taxes/operating costs (we count our blessings all the time that we could swing 2 houses). Our mortgage will be paid off by then. I plan to work 2 years after him (I will then be 55, and can take my 401K without penalty). We should be ok financially, but I think he's going to be bored to death. I'm more of a homebody; he likes to be doing stuff all the time. I'm sure we'll figure it all out, but right now it's scary.

    Bookmark   August 15, 2006 at 8:52AM
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I am retiring in two weeks. Just turned 50 years old, good health. My dad told me to start working towards retirement while you are young,put something aside every payday, set a goal. Didn't give much thought to the idea, what do parents know... lol
Well after 25 years working in local government, and putting aside a little something,I can say Dad was right.
Many friends have said when you retire, you will be so busy,you will be suprised how you found time to go to work.
Looking forward to it.

    Bookmark   November 10, 2006 at 6:17PM
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most likely depends on how much he likes working, and if he has hobbies. me i hate working, and i can spend hours doing nothing. so for me 55 is it, i`am done.

    Bookmark   November 12, 2006 at 10:00PM
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Tell the old fart to get lost for a couple of days a week - the house is just as much yours as his.

Or - at least, stay out of your hair.

Threaten that if he doesn't ...

... you'll follow him around b!tching about everything that he does.

Or, maybe, just do it, without the warning, and when he complains, ask him how he likes some of his own medicine?

ole joyful

P.S. I got censored, "illegal string of characters ...", until I amended one offending word.

Now, I ask you - have you ever found me to be nasty to a string of characters such as are found here, whether or not they were illegal???

I do sometimes offer a gentle, somewhat whimsical reproof to characters like those that come around here spamming ... or businessing.

o j

    Bookmark   November 13, 2006 at 6:36PM
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I'm bumping this one up, it still has quite a bit of good info. Happyladi, has he found something to do for a day or two a week?


    Bookmark   December 29, 2006 at 4:16PM
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Hi jerrielliay,

I think that Happyladi may have locked herself in her room and is tearing her hair out.

Too bad she hadn't thought to take the computer in there with her.

When I worked as a personal financial advisor, I used to tell folks that if they gave me 10% of their income (i.e. invested it wisely) they'd be able to retire early.

It is difficult when folks who've been frustrated/bored/fed up with work, retire, whether early or not, ...

... then, soon after retirement become bored out of their skull, because they haven't developed lifestyle and interest plans, hobbies, volunteer concerns, etc.

Too bad they haven't prepared beforehand, so that they, too, could say that they've never been so busy - but doing things that they love doing.

And activities and interests that they've chosen, at times that they choose, with people with whom they enjoy spending time, etc.

Good wishes for a fine New Year, everyone - whether or not you're yet retired!

ole joyful

    Bookmark   January 5, 2007 at 4:57PM
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How are things going?

I wish I had one of those old geezers around for bit. It might be nice to have someone tall to reach up to those tall shelves etc and keep me warm on cold nights. Be grateful you have one around to be company for you. A lot of women don't have that luxury.

    Bookmark   January 11, 2007 at 6:26PM
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Here's three true examples of retirement or non-retirement:

My dad was forced into retirement at 62 by downsizing at his company after a merger. He died suddenly two months later, without having even collected his first pension check.

My first husband and I put off a lot of things to raise our kids and struggled day-to-day. We both worked fulltime, but promised each other we'd travel and enjoy each other when he retired. He contracted lung cancer at 56 and died six months later. I vowed "Carpe Diem" from that point on - never to put off until tomorrow what I could do today, because we can never know what the future holds.

My new husband (of six years) was able to retire with 100% of his base pay at 58. We did a great deal of traveling the first couple of years, but health problems (for both of us) began appearing very soon. Because of high medical bills, very little savings, and my inability to continue working (for health reasons) we declared bankruptcy two years ago. He decided to take early SS, at 62, which helps but if he could have waited it would have been a lot more.

Now he has been diagnosed with illness that will make it almost impossible to travel the way we hoped to, and we will have to sell our home and move to a different climate.

Life doesn't give you a roadmap, or any foreknowledge of what is to come. I still believe one must "seize the day" and if you are able to retire with good healthcare and adequate income - do it! Believe me, your career is not YOU - and it will survive without you!

    Bookmark   January 17, 2007 at 2:47AM
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Thought I'd bump this up.

I see I last posted here in 2006. My husband will be 55 next month, and will be eligible for retirement (he works for the Federal government).

He's been trying to get a good estimate of what his pension will be. He's gone on a few Federal websites, and they give him differing amounts.

We are fortunate to have two houses with no mortgages. We hope that the budget we worked up will carry us through.

The other issue is that he gets bored very easily.

Any of you early retirees out there - how have you adjusted?

    Bookmark   October 22, 2008 at 2:02PM
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Hi cheerful one ... that could be more cheerfuler with a more congenial husband,

Tell the old bugger that one can make a lot nicer music with four or five strings on his violin than if he has just one!

God gave him a good brain ... and a body that is capable of varied projects ... plus a spirit that atrophies when unused.

Tell him to make much fuller use of all three of them!

ole joyful

    Bookmark   October 23, 2008 at 6:59PM
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It takes a measure of sensitivity and perceptiveness to be aware of another's need for some space, and to stay out of the way while they're feeling that way.

And even more to develop awareness of when it might be fruitful to try to jolly them out of their funk.

Good wishes for a wonderful, rewarding retirement, everyone.

An optimistic spirit helps keep down the need for one's doctor's ministrations (and swallowing all of those pills), I think.

ole joyful

    Bookmark   November 10, 2008 at 1:24PM
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I retired a year ago november 1st and the only one thing that I might suggest is that you have EVERYTHING paid off, you'll have your normal bills to pay but the key is to owe no one nothing. all of your nest-eggs are yours to do with as you wish

    Bookmark   December 8, 2008 at 5:24PM
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raise din 99,

Now nearing 80 and thankful to be enjoying good health ... I hope that, with a bit of luck, I may be able to raise a bit of Cain/din at 99.

I'm not quite sure about the "no debt" deal to which you refer.

I refuse to go into debt for consumer items.

However, I have about 80% of my asset in equities.

Nearly a couple of years ago Canada's largest telco, whose shares I've owned for a while, made a deal to be taken private, at a premium price to current shareholders.

It was a huge deal, backed by several international banks ... and set up just before the U.S. financial debacle ... so the deal has been on and off for some time.

Now ... their auditors have told them that the debt would be too heavy for them to bear ... so the deal is off: stock price dropped about 30%.

With the current deep drop in the stock markets, I've been buying several times in the past two or three years, using most of my available cash and had counted on the cash from the telco deal to finance some more purchases as the market stays down.

Now, I'm looking up some share certificates that I have, and asking for certificates of some mutual funds that I own to be issued, to use as collateral for purchasing more stocks spread in several purchases over the bottoming of the market.

In earlier recoveries, often 25 - 30 per cent per year was attained for the first couple of years, but I think that the U.S. financial crunch these days may cause the recovery to be delayed and less of a surge when it begins, this time.

I can borrow for 4.25% on a fully-secured loan, and investment loan interest is deductible, taking me down to about 2.75%, I can earn about 3% ordinarily on quality stock, to produce about 2.5% after-tax return, which brings the cost down to about 0.5%, and inflation is officially about 2.5%, these days (though my visits to the store lead me to doubt that) ... so I'm making money on my loan.

Especially since a bank share that I own could have been sold for $107. in May '07 ... and now has dropped to around $50.00. Two years ago they increased the dividend to $3.48 annual rate ... at just under $50. stock price, that pays me just over 7.5% ... and it's taxed at low rate.

So, you see, I'm about to do some borrowing ... I think.

Some companies here are getting a tax break for paying most of their earnings out to shareholders and several have been paying up around 12 - 15% ... some up around 20% ... though some of them may be about to cut the distribution rate, due to lowered profit rates.

Looks as though, having bought some of them, I'd better have their shares issued and use them as collateral for an increase in that investment loan!

Good wishes for wise and enjoyable use of your precious life ... and assets.

ole joyful

    Bookmark   December 9, 2008 at 7:00AM
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The rate on a fully secured Line of Credit that I mentioned above of being 4.25%, which was at the Prime rate, then, I think ...

... but it has changed!

With recent drop in Prime rate by the central bank, the Prime that the bank quotes now is 3.5% ... and they were willing to lend to me at Prime, earlier ... but that was then.

Now ... the rate that they offer is current Prime ... plus 1.5% ... so they'll charge me 5.0%, if and when I choose to use the LoC.

Good wishes for the coming holiday season, everyone.

ole joyful

    Bookmark   December 18, 2008 at 1:10AM
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ole joyful - I also have a LOC that we have had for years. The balance has been $0 since 2003 but we have kept it open just in case. I did secure it to the house to have a lower interest rate, but balance is still $0. Yesterday my GIC came due so when at bank I asked if there were any plans to close out LOCs willy nilly just in case people started using them to pay for ordinary bills in these uncertain times. I was told that this would not happen - AND - that if I were to borrow I would only have to pay the prime rate - as a long time holder of the LOC - but that a new customer would have to play the prime plus 1.5% - guess we are grandfathered. I did renew my GIC at 3.75% - one of those special deals - 2 years, redeemable, with a sliding rate of interest should I have to pull funds out for emergency purposes. Since one never knows, I did not intend to re-invest for 2 years - but earning 3.75% and currently having the option to borrow against LOC at same rate would make things a little easier if need be.

    Bookmark   December 19, 2008 at 1:51PM
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Has anyone retired while still having children in school?

    Bookmark   December 22, 2008 at 5:58PM
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Yes I'm 66 years old and still having children

    Bookmark   December 22, 2008 at 8:09PM
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Hi, I'm the orginal poster. I was surprised to see this thread is still around. My husband hasn't gotten a paying job but he does help a friend who has a business remodeling company. He works with him about 4 times a month but he doesn't get paid. Seems odd to me but my husband doesn't seem bothered by it.

He also drives this friends parents around as they no longer can drive. He takes them to the doctor, hairdresser, and grocery store.

    Bookmark   December 23, 2008 at 11:04PM
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I haven't owned? held? a GIC in years: I don't like earning interest.

A GIC is a contract that says that I've loaned a given amount of money to a specified agency and that they guarantee to pay it back in full at the end of the agreed time, plus pay rent at a specified rate during the agreed time. There's another guarantee that they never mention: apart from the rent on the money, they won't pay one dollar more than the agreed amount of the loan, either.

However - there's a little mouse that slips into their establishment and chews a small corner off of each of those dollars, every year. Called "Inflation".

Oh, right - hardly any of those dollars are there ... the ones that are there are not working for them! But, wherever your dollars may be - that mouse chews a corner off of each, every year that they're a "guaranteed dollar".

They rented most of them out to others (and about eight -ten times as many, besides) and they figure to make more on your money than you do ... or they rejig the offers until they do.

Since the number of my (invested/loaned) dollars can't grow (apart from the rental fee), the only return that that asset will ever produce is done now ...

... it's called "interest" ...

... and it's taxed now ...

...and taxed at the highest rate!

I would have been wise to have shifted most of my equity-based assets into a security based on a guaranteed number of dollars, six months ago. They've shrink about a third in value, since then.

But - how does one decide when to make the shift?

And - when to shift back?

Skilled manager such as Sir John Templeton say that one can't time the market ... so they stay fully invested, all of the time.

If I shift, there's substantial tax to pay on part of the capital gain ... plus fees to sell the equity and to buy them back.

When I own Canadian stocks, some of them pay a dividend, which until 2005 was taxed at a much lower than regular rate: much lower than the rate on interest.

In 2006 and after, a change in the method of calculation has resulted in a further substantial reduction on the rate of tax payable on dividends.

And when the price of my stocks increase, I incur no tax liability on that increase as long as I continue to hold them (unless I die). When I sell them, or die, the increase in value incurs income tax - but only at half of the regular rate.

I grew up on a farm - so uncertain income ... and seasonal income ... and concerns about how to manage capital are not as fear-inspiring in me as in most city folks, used to regular paycheques (and usually spending most of them as they arrive), such that if they miss about two, they are screaming bloody murder.

I prefer a great deal more flexibility than that.

And I want a cushion: chewing fingernails (or paying high credit card fees) in case an emergency turns up while I have next to nil funds available has no appeal to me whatever!!!

Further - I want to run my own money. I want to manage the money ... rather than have it (or its lack) pretty well manage me!

ole joyful

P.S. A young guy writing in our financial magazine told how he retired at 34 ...

... then wrote a book,"STOP Working - Here's How YOU Can".

I wouldn't want to be fathering at 66 ...

... requiring coping with teen-agers at 80??

Not my idea of a dream vocation!

I'd probably want to die ... in self-defence!

o j

    Bookmark   December 24, 2008 at 6:08AM
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If your husband gets bored, he can stop by my house and I can make hot passionate love to him - he would absolutely forget all his boredom because I will make him feel like a real man.

    Bookmark   February 1, 2011 at 2:55AM
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I retired at age 55 and enjoyed a year of 'retirement' but decided to venture out to do several other things after that period. That year provided my wife and I some time to get reacquainted and enjoy some distant time together.

Following that first year I felt that I needed to spend time in projects that I enjoyed. It wasn't long after that that I found myself back to work full-time in a couple other endeavors. Now that I am 63 years of age I retired again and this time working on projects that I truly love involving social activities. Retirement is an evolving process. Even though your husband may route retire at 55 it is very likely that you will find other things to do that will be more fulfilling than the job that he's doing now.

This is a good time of life for both of you so take advantage of what it has to offer. Best of luck in whatever you choose to do.

Here is a link that might be useful: Active Empty Nesters

    Bookmark   February 4, 2011 at 3:45PM
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Mine is planning retirement at 54 with a $ penalty. I am worried sick ... I am 5 years old than him and really don't feel I am healthy enough to go back to work.
I worry about him being home all the time ... he has no hobbies, he just sits, watches tv or plays games on computer ... I worry his retirment will kill me !

    Bookmark   July 6, 2011 at 9:53PM
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Well, Lady ... are you still happi?

One person a while ago was worried about retiring, though she thought that she could afford to, worried that she'd be bored to death.

I asked her what it was about freedom that she found disconcerting??

ole joyful

    Bookmark   September 9, 2011 at 2:34AM
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Looks like I last posted in 2008.

My husband retired last August. He turned 58 this past November. His full annuity just kicked in.

He's still adjusting. The opportunity to adopt a German Shepherd from a family member presented itself right after he retired. He is the best dog you'd ever want. It's given my husband a purpose, but he feels there's still something missing.

    Bookmark   February 6, 2012 at 3:41PM
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Following up to my last post. I'm still working. Husband isn't adjusting as well as I thought he would. The only reason I'm still working is to save more money. The job isn't what it used to be. No raises or bonuses for the last 4 years. One co-worker just got laid off. I thought I could wait a while, but I'm getting in a bad frame of mind.

No matter how much we have in the bank, it will never be enough. If I think that way, I'll never stop working and that's not a good thing.

    Bookmark   June 19, 2012 at 1:44PM
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Several dishes of food for thought, here, I think.

Quite a few ideas were bounced around.

Some time ago, when one person wondered about her husband retiring some early, largely because of increased stress at work, one of her concerns was that he had few interests.

I suggested that he dig up some new interests, in that "any legit violin has more than one string".

Another poster called attention to that by quoting it, and said that /she planned to use it ... to which I replied that s/he was welcome to it, and I hoped that s/he might find it useful.

ole joyfuelled

    Bookmark   December 5, 2013 at 5:58PM
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"Any legit. violin ...

... has more'n one string"!

ole joyfuelled

    Bookmark   March 4, 2014 at 8:15PM
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C'mon, this discussion was essentially done two years ago and more. Instead of bumping these old threads, why not let them rest in peace? You keep commenting on your own comments.

    Bookmark   March 4, 2014 at 8:58PM
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Well iam 56 now,swore I was going at 55 even bought a home in a 55 and over community in fla. Hate the job hate the cold weather here, my wife can't wait to move south and I just can't seem to pull the trigger on retirement.???not the money got more than enough, got decent medical ???

    Bookmark   December 8, 2014 at 6:41PM
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