Can I really retire

frank300July 20, 2006

I am 43 and I hate the pressure of my job. I calculate that if I average spending $30,000 per year over the next 15 years, I will then be depleted of my liquid assets and current retirement (don't care about the 10% penalty) money. Also I already have a home paid off which I can sell in 15 or so years and move to a cheaper area. Also note I am single and my lifetime partner and I do not have kids and won't have that major expense.

Realistically do I ever have to work again or at least am I at the point where I can simply go independent in my field or really try to find something I love where money is not an issue.

In addition what are good ways to spend the time. Of course I would do even more volunteer work to further give back to society as well as more exercise but what other ideas do you have on this.


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You would be interested in the book linked below.
Good luck.

Here is a link that might be useful: retirement book

    Bookmark   July 21, 2006 at 7:51AM
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I would really think long and hard about retiring now and spending down your savings and retirement accounts. First of all, what about health insurance? I know that is a huge expense. Can you afford it for 23 years? Medicare doesn't kick in until age 65. That is a long time to pay for health insurance.

Second, your Social Security will be less --probably a lot less. Try to find some site that will help you figure out what you will receive down the road. That is almost 20 years out. Your social security payment is based on earnings, of which they calculate it based on your earnings closest to retirement. An early retirement can greatly reduce what you receive.

Can you try some other full time employment with benefits, even if you make less money? No one knows what the future can hold. Do you want to be one of those elderly who go on tv complaining that they don't have enough to live on?

There was recently an article in our local paper about people who were being evicted from a mobile home park. The property was being sold, and developed for condos. People who lived there were complaining that they couldn't find anywhere else that cheap to live. One man was really upset. He retired when he was 47, and now at 63, said that he didn't have the money to move. He wasn't retired with a disability, just didn't want to work any more. Of course, he spent 15 years not working, but now wanted help from the government for moving. If he had worked a few more years, he might not be in that situation. I felt no sympathy.

    Bookmark   July 21, 2006 at 1:10PM
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Wow, burned out at 43! That was me about 15 years ago. I took a break doing secretarial work in a fun west coast city. After a while, I went back to my former profession and a relatively low stress firm and I feel better. ;)

I really didn't have any problem with the low paying job. I do feel the need to have some savings, other than my house, for retirement.

I don't know what your high pressure job is, but is there some lower pressure related field you can move into?

    Bookmark   July 21, 2006 at 2:48PM
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Hi frank300.
I'm 43 as well, and plan to work til 60-62 at least.
Maybe a vacation and/or a new job is all you need?

Good Luck.

    Bookmark   July 24, 2006 at 11:22AM
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Will your partner still work? Can you be put on his/her insurance?

What about a different job, a part time job or going back to school to learn something new?

    Bookmark   July 25, 2006 at 7:02PM
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Retirement is nice for a while, and then boredom sets in. Traveling, etc. will reduce your assets very quickly. Work as long as you can, part time if need be, and then when you do finally decide to call it quits, there will be more money in the bank, and trust me on this, pinching pennies for year after year is the pits.

Just a personal note. When we retired, our house was paid for, and we thought we had plenty of money in the bank. We figure that Social Security and the IRA payouts would be plenty to live on. and we could have fun and travel with the interest on the investments. Shortly after we made the final step, interest rates dropped, everything else zoomed upward. Little things like Cablevision went from less that 10 bucks a month to almost 50. Garbage, taxes, utilities, Gasoline, EVERYTHING went up. Now, we are drawing on our investments at a much faster rate. It isn't going to last.

I doubt if your savings will either.

    Bookmark   July 30, 2006 at 7:20PM
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