Can I really retire

17 years ago

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.

Thanks.

Comments (6)

mspam
17 years ago
You would be interested in the book linked below.
Good luck.

Here is a link that might be useful: retirement book
londondi
17 years ago
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.
Related Discussions
OMG, I see spikes! I do, I really, really do!
Q
Comments (4)
Good growing! Congratulations. The blooming season of catts varies so much, some of the brassavola hybrids bloom on every new growth. Others have a seasonal bloom: winter, spring, or fall, a few in summer. Some, like aurantiaca and hybrids set a sheath that develops over the winter, blooming in spring. I think most catts bloom in late winter-early spring, between about March and May-June. Some, like BC Maikai, start showing spikes in Oct-Nov, some of the spikes appearing without any previous sheaths Etc etc Look closely at the newest growths, see if you have a little sheath. If so, keep an eye on it, see if it starts to get fat. But actually, when I was growing catts I often just found spikes (in season) where I hadn't noticed anything before. Same is true of other varieties. It seems like suddenly, they're there and yesterday they weren't. So don't give up hope for blooms on your catts. If you have any fall or winter bloomers they are getting ready to surprise you.
...See More
Retired Plumbers can do crafts tooo
Q
Comments (11)
Yea, i did the sewing too, can't you tell from the amatuerish appearance?....LOL I have not done any sewing in over 25 years and this was the first time I ever sewed nylon. To make it even more challenging, I was using a brand new Singer Sewing Machine, right out of the box, so I was not familiar with it, but I managed to get it done. Now if I could only get the other parts I need for this project. I ordered a small camera for the frog about 4 weeks ago, but its coming from China so who knows how long it will take to get here...hell, with my luck some overzealous U.S. Customs or Homeland Security agent will think its a spy camera or a nuclear detonator or something and I will never get it.
...See More
I really, really need your thoughts on this...
Q
Comments (50)
Clearly some people don't understand the difference between doing the "right" thing and being self indulgent. There are many times when my behavior reflects the "right" thing as society defines it and not the REAL way I feel. It's certainly quelled my desire to engage in road rage or tell my coworker she dresses like a slut, and I'm probably a better person for it. I'll be the first to admit that societal politeness has saved me from myself many times. And sometimes, much to my inevitable regret, I've lost control over my immediate knee-jerk response. In my opinion it's better to do the thing that will ultimately reflect upon your own character, even if the short term desire is to hurt someone. Letting someone else's bad behavior result in yours might be momentarily gratifying but in the long run, it's weakness. But, that's just my opinion. However, if petulant and bitter behavior is what you're really all about, then I guess some would say that is doing the right thing by being true to yourself. If that's the self you truly are. Only you know who you are or who you would hope to be.
...See More
I wish I could retire now
Q
Comments (29)
Judith, You have 13 months of sickness credits built up - but only get paid for 30 days? What kind of hurdles do you have to jump over to be "sick" - for a day or two? Or for a longer period? Often for a longer period you must have a doctor's message. Do you have a co-operative doctor? After all - you have some medical issues, don't you? If you have sick days' credit, that means that you get full pay for a day that you take off sick, doesn't it? By the way - try to get those credit card bills paid off FAST. Store cards usually charge 25 - 28%, and major cards 15 - 18%. If I loaned you $100.00 and required you to pay me $28. per year rent on the money, before one cent of the outstanding balance was retired, you'd call me a real stinker, wouldn't you? And - since most of the stuff we buy on card isn't deductible - you'd have to earn over $40.00 pre-tax in order to have the $28.00 after-tax to pay me the rent on the money. NOT A GOOD DEAL!!! Good wishes for the remaining time - don't get your shirt-tail tied into a knot over it. Shrug your shoulders - give yourself a big smile when you look yourself in the mirror in the morning, wink, stick out your fist, thumb up, and tell yourself that this is to be a lovely day. Good wishes for the next few days. joyful guy/Ed (financial planner - more or less retired, at 74)
...See More
clg7067
17 years ago
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?
jasper_60103
17 years ago
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.
-jasper
Happyladi
17 years ago
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?
agnespuffin
17 years ago
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.

Can I really retire

Comments (6)

mspam

londondi

Related Discussions

clg7067

jasper_60103

Happyladi

agnespuffin

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US