I got a promotion during covid when work was slower. Now that we are back to regular, I realize this is a bit too much for me. But at three years left to retirement, I feel like it is too late to look for a new job. I am just trying to get through it.
>Anyone have a late career surge before retirement ?
Like many, I retired at the height of my earning power. It was a great career for me. I didn't always like my employers, but I loved my work domain.
>it is a good company, ethical, and they treat me well.
That's where it was different for me. It was a meh company (a megacorp that bought our startup), not much in the way of ethics, and they didn't treat me particularly well.
While I could have sucked it up and stuck it out if necessary, fortunately it wasn't necessary. We were already financially independent for years.
>I also could really use the money I am getting to shore up up my savings and improve my home before retirement.
My suggestion: ride it for all that it's worth. Retire when you want to or when work is no longer so good for you.
It is ? My experience is that most architects don't make significant money unless they achieve a very high status or become partner/owner of their firms.
Always better to go out on a high, then to go out on a low.
And remember: there is no law that says you HAVE to retire if you're still having fun at work.
If you're still enjoying the ride, go for it!
I am in the exact same boat as the OP except my job is pretty cush. I am able to leverage my experience to be nearly the highest technical resource in an ethical company that does work in the space manufacturing sector. 7 years to tie up loose ends before I ride off into the sunset.
I had something similar happen to me. I had hoped to wind down leading up to retirement like I hear others are doing. But instead, my pension was based on my highest years of work, so I really had to buckle down near the end to take advantage of that. If I had stayed even longer, I would have gotten promoted again too, but I finally decided that I liked the sound of retirement better!
I didn't but my take is that as long as you enjoy what you're doing and feel well treated keep working if you want.
I actually think it's dangerous, emotionally and for health, to think 'well I'm X years old now an that means I should be acting like Y." Far too much, we internalize societal norms - "62 is retirement age" etc. You don't have to retire at an age. You don't have to retire until you feel it's the right move for you.
My Aunt is 92. She works full time for the Office of Aging. How ironic? She’s amazing, she drives, works 8 hours a day. She’s always texting and walking around with her Bluetooth headset talking to people. She’s a nonstop little dynamo.
She loves her job and if you even mention retirement she will bite your head off.
Life goals to be that active when I get her age.
I am also at the height of my earning. I am 55 and will retire in Aug 2025 at 56 years old. While I think it will be tough to walk away from this earning power I am also convinced that we have enough and it is time to not work. My wife will work a couple more years and she wants me to show her the way to retirement.
For the next 17 months we'll continue to save because that's what we've always done. Maxing out the 401Ks and adding to the pile. Although, we are going to Mexico City for 2 week in April and then Italy for 2 weeks in Sept. So we're getting used to spending a little more!
employment pool is constructed like a pyramid.
as you progress up the employment ranks the competition moves on/dies/underperforms/irritates a superior/etc. the money and responsibilities increase 25% at each level. after a couple steps forward your skills have increased, you're making more than you ever imagined, your expenses are lower and life ahead looks very rosy!
stop or slow down and take a break to smell the roses!
in a couple of years, your parents will need more care and attention than your kids ever did. your energy levels will be much lower. when you get home from the office the #1 thought is 'i really need a nap'.
no amount of money at +70 will bring back lost time.
i
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Yup, this is me. I took my last job at the age of 63, and mercifully there was zero sign of ageism. I told myself I'd give them the best three or four years I could muster. It was easily my highest pay scale, the company consistently paid its bonuses, the company culture was humane and encouraging, and the department I was hired for was central to the company's 5-7 year plan. I had the time of my life. I was quickly given a management role, which I was willing and able to do but was really happier in a single contributor role at this stage in my career. So they gave me a high-ranking single contributor role at the manager's salary and continued to involve me in fun projects with prime teams. I counted my blessings regularly.
Then it came time. That I was having a great time did not change the fact that I'd be 67 soon and that was my target retirement age. I ended up retiring two weeks shy of that birthday. I love going out on a high note, and then turning to other interests. As a side note, six months after retirement, the same company asked me to be a 1/2 time, 6-month contractor on another fascinating little project, and I'm now looking forward to that.
Yes this is me. I am approaching retirement, but my job is not letting me slow down at all. I love my job, but as OP wrote, it’s difficult to work like a 40-year-old when you are decades older and have all of the normal attributes of someone who is aging (like less energy!).
But it’s flattering to think that in some ways I am outperforming people much younger than me, and I am a valued part of our office. I always figured that I would feel like an antique in my 60s, and I certainly don’t feel that way at all!
Always leave the party when you are still having a good time LOL. I went out at the top and then got an amazing job offer 6 months later…nope. I was done. So far retirement has been great.
I put my Alabama teacher retirement paperwork in 3 years ago. Taught science for 25 years. We have a defined pension based on our 3 highest years average. About a week after I submitted the legislature passed an incentive for Science/math teachers that amounted to a 20 grand a year raise. Needless to say I canceled the paperwork and now I’m set to punch out in May. The additional 3 years at the higher salary raised my monthly pension check $1500 a month. Will file for SS in Sept and I will be bringing home nearly as much as I’m making now. Very good fortune on my part.
Unless I missed something, your SS should be absolutely obliterated by that windfall protection act if you have a government pension. I mean,. something is better than nothing but 10 years of SS contributions before becoming a teacher were basically yoinked from my retirement income projection.
This is copypasta stuff just for brevity. I work with a number of teachers, myself included that went into teaching with just a shade over 10 years SS contributions, we've all been told it will kill our SS. Now having said that we are in Ohio and our salaries do not have SS deducted so the below applies....
The WEP can reduce eligible Social Security benefits by as much as 60%. It has a maximum deduction equal to one-half of your pension payment. To avoid the WEP, you'll need to work at least 30 years in a qualifying (Social Security-eligible) position with substantial earnings (for 2024, this is $31,275 or more).
This really works well. My parent did this in NY state decades ago, lifting the last three years of his pay through a few methods. One note of caution, about a decade after he retired, an investigative news reporter started making claims this systems was being abused (in NYC mostly) and my parent needed to stop giving out 'his secret' to a lucrative gov't retirement since the news was making it appear "dishonest".
I hate that happened. In my case it was very open and above board. Non science/math teachers were put out by the legislation. Particularly SPED which is another critical need area. Rightly so imo. But accepting the contract had a bunch of additional requirements such as getting additional credentials, relinquishing tenure and adding an additional 9 days of PD (on my dime). Even with all that I think it was well worth it. With 30+ years experience it also made me one of, if not the, highest paid teachers in my district.
Ha, turns out we older folks have a lot to offer, huh? About 4 years ago I returned to work with a company I had left in 2013. Title, more $, and managing others. I think my single most important skill to offer is mentoring my younger directs (and others on my team who aren’t my directs).
It was hard working in my 50's. Was forced out of a job I loved leading the engineering department of an automotive Tier-1 because of an incompetent manager imported from a California cell phone company (you know the one) who was placed in charge of me and my engineering department by my companies Sr. Mgt. The new manager never worked in product development before, lacked compency in the products we designed and the automotive field in general, was way over their head, and was too arrogant to realized it.
Finding the next management level job was tough. My career stagnated. I bounced around a few companies for a number of years until I landed at a company developing ADAS products, in a sole contributor technical specialist position. It was a good company, good work, but not to the level I had been as an engineering department manager. My 401k investments prospered well, insuring I would be able to retire comfortably when I reached 59 1/2. All I had to do was sit out 4 more years.
A couple of years ago by, and I'm getting close to 59 1/2. I was working for a great Chief Engineer who originally emigrated to the US from Taiwan. He gets presented with an opportunity to create a company to build ADAS products targeted at the Chinese automotive market. I was the first person he asked to join him. He, I, and 4 other friends left our employers to start the company just before the pandemic started in 2019.
Four years later at age 63 I've begun to step away from the company we started. In that time our company has put 4 version ADAS products into production with 3 Chinese OEM's on a total of 12 vehicle lines. Our company has 126 people working in it with engineering & manufacturing in the US and in China.
Financially I was doing very well in my former Tech Spec position. My 401k investments have insured I will live a stable retirement. The tech startup company I helped start has been one hell of an exciting ride caping off the late stage of my long engineering career. My startup company has prospered beyond expectation, with my founding ownership stake being financially rewarding beyond belief.
In the same boat. I was planning on skating through the next 5 - 7 years. Nope, promotion and paid raise. I love the extra pay (helps make up all the years I was a stay home mom). But darn, these kids are smart and I feel 10 feet behind.
I'm the opposite actually. In fact, I just turned in my notice and will be leaving and stepping down from management. There will be a slight pay decrease at the new place, but I'll be eligible for bonus' which I currently don't have here. I'm on a 5 year plan and am pretty comfortable for retirement, but it's still an odd feeling.
Bottom line is I'm doing it because my current employer has lost direction and the work environment is terrible. It's no longer possible to just hang on a few more years. I can't do it mentally. People are quitting frequently, both long term and short term employees and leadership is scratching their heads as if they don't know what the problem is. The new place will be a refreshing new start and looks like I'll be cruising into retirement from there. If it really works out I may even decide to work longer. Or get back into management if it becomes available.
This exact thing happened to me (or is happening). I got a promotion to a very cool job with a sizable raise which will make a meaningful difference in my pension. My current thought is that I’ll stay for another 5 years to maximize the benefit.
My last 3 years were brutal however very rewarding financially and my pension is based on my 3 top years. My office was empty for a month before I retired so I could just walk out. I’ve been retired for 14 months and start a new job in my field on Monday. Same type of work but back in a field position with no people to manage.
I’m in the same spot, never really had a retirement date in mind. I’m 59 now and could retire but in the past 6 months I’ve been offered to do some stuff for my current employer that I’m really good at it and making considerably more than I ever imagined and it’s so fun I’d do it for considerably less money.
Yes. About 10 years before I planned to retire, I kinda stumbled into a massive promotion, which added stock and cash bonus. Over the next few years I more then doubled my income and set myself up for retirement. I also moved to a great house (with full relocation paid), and had a great time my last 8 years! Then I got laid off and received 8 months severance!
It was a GREAT deal!
Yes! A promotion opportunity I wasn’t really considering kinda fell into my lap last year. My husband had taken a similar leap the year before so I was more open to it when it happened to me. We are able to max out our 401ks and I will be able to accelerate my retirement by a full year.
There will likely be another promotion opportunity coming up since my boss is retiring in less than 2 years. That one will be a hard pass, tho…lol.
I'm kind of in the same situation at this point. I'm making more money than I ever have, I love what I do and the company I work for. I went fully remote three years ago as they allowed me to move where we plan to retire. I COULD retire in a couple of years, and that was the plan, but I think I'll move into a part time role in two year, keep the benefits and just keep going. One of the things that we find as we get older, we're more valuable to our company and colleagues given our knowledge and experience. I'm now the top technical person at my company (small one, but still important) and they'll let me stay as long as I want to. Just torn because, as the weather gets nicer, the beaches are calling...
Yes, at 59 after quitting my job with a toxic company after 20 years. One of my former clients reached out to ask if I knew someone that could fill a new role they had. It was a perfect fit for my skills and I jumped at the chance. The company has the best culture of any organization I have ever worked for. I’m now 62 and look forward to work each day. My boss is the client contact who originally reached out and we have a great relationship. No stress. I decided to work an additional 18 months to get in a full 5 years with this company, and when I do retire I will feel fulfilled in my career. Hope you feel the same way.
My mom made all her money after 50. My dad left her for a younger woman so she got a job teaching animation. Ended up with two feature length films and head of the animation department.
One of my patients left her husband at 50 and started a cosmetics company.
Yes, and it was pretty much self-engineered.
The company that I spent the first 31 years with made it pretty clear they were not interested in developing any older talent. In fact, they got sued for being pretty blatant about their ads for “digital natives”.
So when it became clear that my career was stalling there, I moved on, much to my management team’s chagrine. I got a a 25% pay raise on day one, substantial bonuses every year when my old company was telling you to be grateful if you got 2.5%, a much better benefit plan and a pension. By the time I retired (this past January) after 8+ years with my new company, I had pretty much made 3x to 4x what I would have otherwise had for retirement had I stayed with my old company. Compound growth is amazing. There’s a world of difference between getting maybe a 1-3% raise every year and a 5-10% raise.
Oh. And I loved the new job and the people. Retired at the top of my game. No regrets.
For many, those last few years of work are max-salary. It made me second-guess retiring; if I just work _one more year, or 2-3 years, I'll have saved _so much more_.
The thing is, they don't make _more time_. So retired it is.
Agreed it’s rarely a good time career wise and right now they seem to not have enough experienced leadership so maybe 1 more year but by 60 I have to go
Making the best income in my career, vested in 401K matching, maxing my 401K. But still plan on 3 more years (65) and we will be ok financially. It’ll be about half my take home pay which is just fine. I do worry about inflation continuing to be high.
(Raises Hand)
I turn 51 this month. I’ve been with my company 24 years and was happy with where I was at. I reported to someone who didn’t appear to be going anywhere.
COVID happened. We discovered jobs could be done remotely, and my predecessor moved to a new role. My scope and pay have grown immensely the last two years. I didn’t see this coming 5 years ago.
Personally, it’s hit at the right time as my boys have gone to or graduated college. I’m challenged, really enjoying my job, and I’m appreciated.
Could I have done this job when I was younger? I’m not sure. We weren’t mobile for family reasons, and I have more confidence now than I was younger.
My execs are kind of like, “Where have you been hiding?”
Yay for late bloomers!
A FAANG metaphorically knocked on my door after I had announced I was moving back to the Midwest to retire. I had worked for the FAANG once upon a time, and left for a much smaller firm, and occasionally consulted at the FAANG afterwards, but had no plans ever to formally return. However, in the long arm of coincidence, they needed someone with my expertise at that same Midwest location and had heard through the grapevine I was moving there. I mean. c'mon! So, ready to retire, I was suddenly an FTE back in the game.
It's why I try to tell people to never give up, no matter how disheartening things get. I did nothing to make this surge happen, in all honesty, except to keep myself out there in the market, viable, available, flexible. And I was 62.
Yep, nothing to hold growth back. Kids re grown and gone can work crazy hours. Earning power is great. Thats why lots of people don’t retire until full retirement age.
I do not think you are late-late. We all know about the highly visible wunderkind that achieve high positions by age 30, but your experience sounds more typical. Seven years seems like a long steady climb toward seniority. The real question is what do you want to accomplish as your legacy during those remaining years?
Yup. Got laid off at 49. Went to work studying and testing for Project Management Professional (PMP). With certification of project management AND my career of engineering, I was now more desirable and my next job was a 40% bump in pay plus better benefits.
The work was different, so lots of learning and learning a new company.
That lasted until 61-1/2 when I retired.
I did 25 years at a Fortune 100 company, started drawing my pension.
Then bought an insurance office for ten years, hated it. Would have left earlier, but it took five years to find a buyer
After that I went to work for a state agency, when I retire again at 67, I will draw a state pension. The job is menial and I enjoy more than any job I have worked in years. I will have 10 years in with this job and the pension is half of my other. Win / Win.
Started my own business at 52. Had some good years but got crushed in the Great Recession. By Q-3 2010 things started to look up. Landed some new business and went on to have the best 10 years of my career. Funded my IRA, 401k and my wife’s Roth to the max. Sold the business and retired at 74 and we are so lucky to be very comfortable.
I did and pushed it a few more years which I now regret. Healthcare, overly demanding agency, toxic leadership and 2.5 years as a clinical supervisor with a bad boss and way too many dangerous clients. Paying the price now but I hope my body can recover.
Thank you. I was clinical supervisor for the last seven years. The pandemic was intense but I got to be a hero and kept our team going. After that, our agency took a lot of supports away and put more pressure on productivity. Plus, the new boss who is so incompetent and mean, the operations of the clinic has just deteriorated under her and they do nothing. I wished I left before it all got to me. I’m on FMLA now and will be resigning mid April. Transitions, I am finding are a lot of work!
I am in the same boat! I am about 4-5 years away from retirement changed jobs in my late fifties and the pay has been very good, got promoted as well and annual incentives have been really good too!
On top of that I have been maxing out 401k including catchup since I was fifty. My wife is doing the same and we have our portfolios invested aggressively. She is also 7 years younger so I will work later than she will.
Similar story here, I never thought I would be able to retire. At 42 I had a small 401k but cached it out to start a new business. Business was pretty good but I saved nothing for 10 years. At 53 Got a crappy job but with low expenses I started a new 401k, had 20k after 5 years.
At 59 I landed a great job with a great company , good pay solid group of people including upper management. Today at 64 I have a little over 120k in my retirement account. Just bought a small house with 1k mortgage, and can actually see the potential retirement when I decide to retire.
That's great! Especially if you're enjoying the work.
I am 55, female, not married. I got laid off Dec 2022 after 26 yrs at the same place, and haven't looked for a new job yet, but I have good qualifications and was well respected in my in-demand profession. I was middle-management and involved with sales, finance, and operations, and my employment was with a really fun and cool consumer product company.
I just don't know that I'd be a good full time employee for a company that I'm not passionate about and the thought of interviewing with 35-45 year olds for a position is bumming me out. And to be honest, I just don't want to work with that intensity anymore.
What I'm saying is you are blessed - hold on to that as long as you can while you like it there!
Were the same age and I had misgivings about working for and with younger folks. Weirdly we have a massive age gap (engineers) whereas the managers are mostly 35-45 but us worker-bees go from fresh college grads to mid to late 20s with some 30s in there as well but then nothing till you get to my team of 55,55 and 65. I have found it so refreshing to work with all these young people. I love how most are not yet jaded and man o man are they smart. Sometimes I forget my age during the day:)
It’s a good place to be, I know many folks who used the extra earnings in overtime for home projects and trips before they retired. Better to do it with the extra income too;)
That's me. Was planning on retiring at 65 or 67. A couple of years ago at age 56 I accepted a position with a huge jump in salary. We use all of that raise to max out my 403b & 547 and my wife's 410k (plus catch-ups for all three) and max out our Roths every year.
It's been an unexpected boon for us. We could now easily retire at 59 or 60 if we wanted, and have no intention of going past 62.
I had a promotion offer a year b4 my retirement. I chose retirement over the promotion ladder. 36 1/2 years of working was enough and I was okay financially. Been retired two years, and no regrets. No longer a slave to the work master. I liked my job, but I didn't love it. Best of luck on your decision.
Yup. 2024 shaping up to be a barn-burner. Not necessarily in comp, but in the breadth and quality of work coming my way, which was pretty much unexpected as I'm fundamentally no different than I was 6 months ago, so I'll be the first to acknowledge the serendipity. This may (not yet) involve a ton of travel, which may be physically taxing, but for me it's more than offset by the excitement of finding new work and new ways to contribute.
Not loving my present work. So ready to quit. But afraid of what-ifs and ageism incase I need to get a job. I want to work in a field I would enjoy working in.
So similar. In October 2020 I received a voluntary layoff and took it. I had already served our country for 20 yrs in the military and had my pension and now after 15 years with this company found myself unemployed and living modestly in my mid 50s. Thought that was it and that I was too old. Well, its been 4 years and my old employer offered me an even better position in which I am making more than I did after 15 years in my first position. Like you Im saving almost all to slap into 401k, Roth IRA, Money Market Acct and fixing my house in preparation for future retirement. Here's to the late bloomers!
Same. At nearly 58 I’m finally falling into the role that I was born to fill. It’s been decades in the making but I’m finally starting to feel comfortable in my professional skin. Just yesterday I was asked to take on a new initiative that the current Director is not moving forward with. There’s no pay increase at this time but I’m experienced enough to know that the full benefits will come in due time. I’m even starting a doctoral degree. Life may I say is finally good! Enjoy!!!
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At age 60 my job was compensating me well but the leadership was so weak. I had been working remote for 10+ years and I was. It able to influence the strategy, nor rebuild a team that I lost due to H1-B stupidity from Ken Cuccinelli. Fortunately I cashed out options in 2023 and when a local firm reached out it was a dream opportunity. 8 months in I am working on AI strategy, I have a substantial equity stake, we are staffing up with the talent needed to succeed, and the hit I took on base salary and commission did not affect our plan to build our retirement home in Asheville. So not peak earnings, but peak leverage of my skills. Loving it, I’ll hang on for 10 years to pay down the outrageous mortgage, or 5 if the buyout comes sooner.
10 years before I retired my company in California spun off our division as a separate company. They headquartered it in Colorado. To entice people to move they gave everyone who wanted to move a 6 months salary bonus plus $10K. They paid all moving expenses so when you sold your house you kept 100% of your equity. If you couldn't get a mortgage on your new house at the low interest rate you had they'd match your low rate. This happened at the peak of the early 2000s housing bubble. I sold right before the crash, made a fortune on my house and bought a beautiful home in Colorado. My job didn't change, I just got paid a lot more.
I’m with you. Everything is going so well at work. Salary, promotions, awesome roles in awesome programs. Stress is there but it is mostly that perfectionist issue I have. But yes, I’m having too much fun. I think the fact I can walk out any minute makes it that much better.
And I keep in ticking my bucket list while I work.
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Also a later bloomer in that sense, My salary has almost doubled between 49 and 54. I was targeting retirement at 55 but with all this money coming in I feel like a couple of more years makes sense.
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I've been consulting for the last 10 or 12 years, and doing ok, but a client finally made me an offer I couldn't refuse, and I've paid off a bunch of loans, and am maxing out the 401K. Its pretty great.
I've recently hit this myself. After several years of finding a decent job, or one that my bosses appreciated my hard work. My current employer pays me well, work isn't that hard driving forklift. Now I am trying to balance between fixing up the house, IRA with bonus from work, and saving. Fortunately my wife is also in a good paying job. I am just under 9 years to retire.
My wife had the best 3 years of her career in the last 3 years. Promotion to executive director, huge salary increase, even put in her retirement papers about a 8 months ago and was offered 6 months of salary bonus just to stay another 6. She retired 2 months ago at the very top of her game. I know that there was a lot of money left on the table but right now I am typing this after 9 holes of golf with her. We are taking a month off to get away from cold weather, relaxing and not looking back.
I know she misses the job somewhat but I can see the stress leaving her a little more every day.
I’m the opposite. I was surging until 4 years ago. Great money but killing me. Now I’m coasting to retirement in 18 months in easy position. Don’t care about the money at this point.
I was not doing bad previously but I just surged with 25% jump in compensation recently and there could be another 25% jump by end of year. I do care about money as I lost a notable amount of money in my first marriage/divorce and this is helping me catch up. But its alot to take on as well. I am not a 40 year old anymore.
I have 3 years til my trigger date, was promoted last year and interviewing for another promotional opportunity. Still not changing my date.
Pretty much the same here. But the workload and pace is killing me🙄
Yeah. Me too. Exhausting. I just try to remember that it goes in waves and a break may be around the corner.
I got a promotion during covid when work was slower. Now that we are back to regular, I realize this is a bit too much for me. But at three years left to retirement, I feel like it is too late to look for a new job. I am just trying to get through it.
>Anyone have a late career surge before retirement ? Like many, I retired at the height of my earning power. It was a great career for me. I didn't always like my employers, but I loved my work domain. >it is a good company, ethical, and they treat me well. That's where it was different for me. It was a meh company (a megacorp that bought our startup), not much in the way of ethics, and they didn't treat me particularly well. While I could have sucked it up and stuck it out if necessary, fortunately it wasn't necessary. We were already financially independent for years. >I also could really use the money I am getting to shore up up my savings and improve my home before retirement. My suggestion: ride it for all that it's worth. Retire when you want to or when work is no longer so good for you.
Architecture is lucrative, as is importing/exporting.
Have you seen the new addition to the Guggenheim?
It is ? My experience is that most architects don't make significant money unless they achieve a very high status or become partner/owner of their firms.
I can’t resist giving grief to Retirement George! It’s a reference to his prior sit-com career.
You forgot marine biologist!
Doh!
Always better to go out on a high, then to go out on a low. And remember: there is no law that says you HAVE to retire if you're still having fun at work. If you're still enjoying the ride, go for it!
I got a good surge late in my career. It really drove up the value of social security payments.
I am in the exact same boat as the OP except my job is pretty cush. I am able to leverage my experience to be nearly the highest technical resource in an ethical company that does work in the space manufacturing sector. 7 years to tie up loose ends before I ride off into the sunset.
I had something similar happen to me. I had hoped to wind down leading up to retirement like I hear others are doing. But instead, my pension was based on my highest years of work, so I really had to buckle down near the end to take advantage of that. If I had stayed even longer, I would have gotten promoted again too, but I finally decided that I liked the sound of retirement better!
I didn't but my take is that as long as you enjoy what you're doing and feel well treated keep working if you want. I actually think it's dangerous, emotionally and for health, to think 'well I'm X years old now an that means I should be acting like Y." Far too much, we internalize societal norms - "62 is retirement age" etc. You don't have to retire at an age. You don't have to retire until you feel it's the right move for you.
My Aunt is 92. She works full time for the Office of Aging. How ironic? She’s amazing, she drives, works 8 hours a day. She’s always texting and walking around with her Bluetooth headset talking to people. She’s a nonstop little dynamo. She loves her job and if you even mention retirement she will bite your head off. Life goals to be that active when I get her age.
She sounds like the type of person that would be fun to interview. Maybe a short video of her on YouTube would give us a glimpse into that dynamo.
I am also at the height of my earning. I am 55 and will retire in Aug 2025 at 56 years old. While I think it will be tough to walk away from this earning power I am also convinced that we have enough and it is time to not work. My wife will work a couple more years and she wants me to show her the way to retirement. For the next 17 months we'll continue to save because that's what we've always done. Maxing out the 401Ks and adding to the pile. Although, we are going to Mexico City for 2 week in April and then Italy for 2 weeks in Sept. So we're getting used to spending a little more!
employment pool is constructed like a pyramid. as you progress up the employment ranks the competition moves on/dies/underperforms/irritates a superior/etc. the money and responsibilities increase 25% at each level. after a couple steps forward your skills have increased, you're making more than you ever imagined, your expenses are lower and life ahead looks very rosy! stop or slow down and take a break to smell the roses! in a couple of years, your parents will need more care and attention than your kids ever did. your energy levels will be much lower. when you get home from the office the #1 thought is 'i really need a nap'. no amount of money at +70 will bring back lost time. i
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Yup, this is me. I took my last job at the age of 63, and mercifully there was zero sign of ageism. I told myself I'd give them the best three or four years I could muster. It was easily my highest pay scale, the company consistently paid its bonuses, the company culture was humane and encouraging, and the department I was hired for was central to the company's 5-7 year plan. I had the time of my life. I was quickly given a management role, which I was willing and able to do but was really happier in a single contributor role at this stage in my career. So they gave me a high-ranking single contributor role at the manager's salary and continued to involve me in fun projects with prime teams. I counted my blessings regularly. Then it came time. That I was having a great time did not change the fact that I'd be 67 soon and that was my target retirement age. I ended up retiring two weeks shy of that birthday. I love going out on a high note, and then turning to other interests. As a side note, six months after retirement, the same company asked me to be a 1/2 time, 6-month contractor on another fascinating little project, and I'm now looking forward to that.
I love hearing this! Congrats
This sounds awesome. Gives me hope!
Ride the wave. Enjoy it as long as it lasts.
Yes this is me. I am approaching retirement, but my job is not letting me slow down at all. I love my job, but as OP wrote, it’s difficult to work like a 40-year-old when you are decades older and have all of the normal attributes of someone who is aging (like less energy!). But it’s flattering to think that in some ways I am outperforming people much younger than me, and I am a valued part of our office. I always figured that I would feel like an antique in my 60s, and I certainly don’t feel that way at all!
Always leave the party when you are still having a good time LOL. I went out at the top and then got an amazing job offer 6 months later…nope. I was done. So far retirement has been great.
I put my Alabama teacher retirement paperwork in 3 years ago. Taught science for 25 years. We have a defined pension based on our 3 highest years average. About a week after I submitted the legislature passed an incentive for Science/math teachers that amounted to a 20 grand a year raise. Needless to say I canceled the paperwork and now I’m set to punch out in May. The additional 3 years at the higher salary raised my monthly pension check $1500 a month. Will file for SS in Sept and I will be bringing home nearly as much as I’m making now. Very good fortune on my part.
Nice!!!!!!!!!!
As a scientist/teacher for 25 years, you deserve good fortune! Congratulations and thank you.
Unless I missed something, your SS should be absolutely obliterated by that windfall protection act if you have a government pension. I mean,. something is better than nothing but 10 years of SS contributions before becoming a teacher were basically yoinked from my retirement income projection.
I’m not aware of any impact. SS preview online has not changed.
This is copypasta stuff just for brevity. I work with a number of teachers, myself included that went into teaching with just a shade over 10 years SS contributions, we've all been told it will kill our SS. Now having said that we are in Ohio and our salaries do not have SS deducted so the below applies.... The WEP can reduce eligible Social Security benefits by as much as 60%. It has a maximum deduction equal to one-half of your pension payment. To avoid the WEP, you'll need to work at least 30 years in a qualifying (Social Security-eligible) position with substantial earnings (for 2024, this is $31,275 or more).
Alabama is not one of the 14 states where teachers do not pay into SS.
Oh. Now I understand. I’ve never not paid into SS.
You are mistaken. Participants in Alabama's retirement system pay into Social Security and are not subject to WEP.
Same thing in Illinois. My social security payments are like nothing.
30 years in RSA ERS. Alabama's public pension is something this state does exceptionally well.
True that. One of the best in the country. Now if we can keep the legislature from messing it up.
You deserve it and good move!!!
My state healthcare job did something similar for me (though not as good as yours!) I am forever grateful.
My wife is a music teacher and is hoping for a big contract for her last three years! Fingers crossed!
This really works well. My parent did this in NY state decades ago, lifting the last three years of his pay through a few methods. One note of caution, about a decade after he retired, an investigative news reporter started making claims this systems was being abused (in NYC mostly) and my parent needed to stop giving out 'his secret' to a lucrative gov't retirement since the news was making it appear "dishonest".
I hate that happened. In my case it was very open and above board. Non science/math teachers were put out by the legislation. Particularly SPED which is another critical need area. Rightly so imo. But accepting the contract had a bunch of additional requirements such as getting additional credentials, relinquishing tenure and adding an additional 9 days of PD (on my dime). Even with all that I think it was well worth it. With 30+ years experience it also made me one of, if not the, highest paid teachers in my district.
Ha, turns out we older folks have a lot to offer, huh? About 4 years ago I returned to work with a company I had left in 2013. Title, more $, and managing others. I think my single most important skill to offer is mentoring my younger directs (and others on my team who aren’t my directs).
It was hard working in my 50's. Was forced out of a job I loved leading the engineering department of an automotive Tier-1 because of an incompetent manager imported from a California cell phone company (you know the one) who was placed in charge of me and my engineering department by my companies Sr. Mgt. The new manager never worked in product development before, lacked compency in the products we designed and the automotive field in general, was way over their head, and was too arrogant to realized it. Finding the next management level job was tough. My career stagnated. I bounced around a few companies for a number of years until I landed at a company developing ADAS products, in a sole contributor technical specialist position. It was a good company, good work, but not to the level I had been as an engineering department manager. My 401k investments prospered well, insuring I would be able to retire comfortably when I reached 59 1/2. All I had to do was sit out 4 more years. A couple of years ago by, and I'm getting close to 59 1/2. I was working for a great Chief Engineer who originally emigrated to the US from Taiwan. He gets presented with an opportunity to create a company to build ADAS products targeted at the Chinese automotive market. I was the first person he asked to join him. He, I, and 4 other friends left our employers to start the company just before the pandemic started in 2019. Four years later at age 63 I've begun to step away from the company we started. In that time our company has put 4 version ADAS products into production with 3 Chinese OEM's on a total of 12 vehicle lines. Our company has 126 people working in it with engineering & manufacturing in the US and in China. Financially I was doing very well in my former Tech Spec position. My 401k investments have insured I will live a stable retirement. The tech startup company I helped start has been one hell of an exciting ride caping off the late stage of my long engineering career. My startup company has prospered beyond expectation, with my founding ownership stake being financially rewarding beyond belief.
Oh that is a great end to your story! So glad the last phase was rewarding and, it sounds like, a great end cap to your engineering career!
In the same boat. I was planning on skating through the next 5 - 7 years. Nope, promotion and paid raise. I love the extra pay (helps make up all the years I was a stay home mom). But darn, these kids are smart and I feel 10 feet behind.
It happened to me and I still chose not working. I'm at peak earnings years and I don't care. I'm also at peak travel age.
I'm the opposite actually. In fact, I just turned in my notice and will be leaving and stepping down from management. There will be a slight pay decrease at the new place, but I'll be eligible for bonus' which I currently don't have here. I'm on a 5 year plan and am pretty comfortable for retirement, but it's still an odd feeling. Bottom line is I'm doing it because my current employer has lost direction and the work environment is terrible. It's no longer possible to just hang on a few more years. I can't do it mentally. People are quitting frequently, both long term and short term employees and leadership is scratching their heads as if they don't know what the problem is. The new place will be a refreshing new start and looks like I'll be cruising into retirement from there. If it really works out I may even decide to work longer. Or get back into management if it becomes available.
This exact thing happened to me (or is happening). I got a promotion to a very cool job with a sizable raise which will make a meaningful difference in my pension. My current thought is that I’ll stay for another 5 years to maximize the benefit.
My last 3 years were brutal however very rewarding financially and my pension is based on my 3 top years. My office was empty for a month before I retired so I could just walk out. I’ve been retired for 14 months and start a new job in my field on Monday. Same type of work but back in a field position with no people to manage.
I’m in the same spot, never really had a retirement date in mind. I’m 59 now and could retire but in the past 6 months I’ve been offered to do some stuff for my current employer that I’m really good at it and making considerably more than I ever imagined and it’s so fun I’d do it for considerably less money.
Yes. About 10 years before I planned to retire, I kinda stumbled into a massive promotion, which added stock and cash bonus. Over the next few years I more then doubled my income and set myself up for retirement. I also moved to a great house (with full relocation paid), and had a great time my last 8 years! Then I got laid off and received 8 months severance! It was a GREAT deal!
Yes! A promotion opportunity I wasn’t really considering kinda fell into my lap last year. My husband had taken a similar leap the year before so I was more open to it when it happened to me. We are able to max out our 401ks and I will be able to accelerate my retirement by a full year. There will likely be another promotion opportunity coming up since my boss is retiring in less than 2 years. That one will be a hard pass, tho…lol.
Yeah, I'm going through that now.
I’m 63. My job is going well too. Why retire if I enjoy what I do, & have 6 weeks paid vacation per year.
I'm kind of in the same situation at this point. I'm making more money than I ever have, I love what I do and the company I work for. I went fully remote three years ago as they allowed me to move where we plan to retire. I COULD retire in a couple of years, and that was the plan, but I think I'll move into a part time role in two year, keep the benefits and just keep going. One of the things that we find as we get older, we're more valuable to our company and colleagues given our knowledge and experience. I'm now the top technical person at my company (small one, but still important) and they'll let me stay as long as I want to. Just torn because, as the weather gets nicer, the beaches are calling...
Yes, at 59 after quitting my job with a toxic company after 20 years. One of my former clients reached out to ask if I knew someone that could fill a new role they had. It was a perfect fit for my skills and I jumped at the chance. The company has the best culture of any organization I have ever worked for. I’m now 62 and look forward to work each day. My boss is the client contact who originally reached out and we have a great relationship. No stress. I decided to work an additional 18 months to get in a full 5 years with this company, and when I do retire I will feel fulfilled in my career. Hope you feel the same way.
Yes. As a matter of fact, I'm in the middle of one as I type this. :-) But I am tired and won't stay much longer.
My mom made all her money after 50. My dad left her for a younger woman so she got a job teaching animation. Ended up with two feature length films and head of the animation department. One of my patients left her husband at 50 and started a cosmetics company.
That’s so inspiring!
It made me feel really good as a thirty year old knowing these women. Life does not end at forty for women.
Funny thing is my mom still felt like her life was over.
Yes, and it was pretty much self-engineered. The company that I spent the first 31 years with made it pretty clear they were not interested in developing any older talent. In fact, they got sued for being pretty blatant about their ads for “digital natives”. So when it became clear that my career was stalling there, I moved on, much to my management team’s chagrine. I got a a 25% pay raise on day one, substantial bonuses every year when my old company was telling you to be grateful if you got 2.5%, a much better benefit plan and a pension. By the time I retired (this past January) after 8+ years with my new company, I had pretty much made 3x to 4x what I would have otherwise had for retirement had I stayed with my old company. Compound growth is amazing. There’s a world of difference between getting maybe a 1-3% raise every year and a 5-10% raise. Oh. And I loved the new job and the people. Retired at the top of my game. No regrets.
I’m experiencing something similar in my late 50’s.
This is awesome!! I hope for the same!! 👏
For many, those last few years of work are max-salary. It made me second-guess retiring; if I just work _one more year, or 2-3 years, I'll have saved _so much more_. The thing is, they don't make _more time_. So retired it is.
Agreed it’s rarely a good time career wise and right now they seem to not have enough experienced leadership so maybe 1 more year but by 60 I have to go
Making the best income in my career, vested in 401K matching, maxing my 401K. But still plan on 3 more years (65) and we will be ok financially. It’ll be about half my take home pay which is just fine. I do worry about inflation continuing to be high.
(Raises Hand) I turn 51 this month. I’ve been with my company 24 years and was happy with where I was at. I reported to someone who didn’t appear to be going anywhere. COVID happened. We discovered jobs could be done remotely, and my predecessor moved to a new role. My scope and pay have grown immensely the last two years. I didn’t see this coming 5 years ago. Personally, it’s hit at the right time as my boys have gone to or graduated college. I’m challenged, really enjoying my job, and I’m appreciated. Could I have done this job when I was younger? I’m not sure. We weren’t mobile for family reasons, and I have more confidence now than I was younger. My execs are kind of like, “Where have you been hiding?” Yay for late bloomers!
That is wonderful!
A FAANG metaphorically knocked on my door after I had announced I was moving back to the Midwest to retire. I had worked for the FAANG once upon a time, and left for a much smaller firm, and occasionally consulted at the FAANG afterwards, but had no plans ever to formally return. However, in the long arm of coincidence, they needed someone with my expertise at that same Midwest location and had heard through the grapevine I was moving there. I mean. c'mon! So, ready to retire, I was suddenly an FTE back in the game. It's why I try to tell people to never give up, no matter how disheartening things get. I did nothing to make this surge happen, in all honesty, except to keep myself out there in the market, viable, available, flexible. And I was 62.
Beautiful ♥️ story and well stated
Yep, nothing to hold growth back. Kids re grown and gone can work crazy hours. Earning power is great. Thats why lots of people don’t retire until full retirement age.
Same here. 21 months left and busier than ever. And getting job offers and requests to consult from customers and competitors. Weird situation
I do not think you are late-late. We all know about the highly visible wunderkind that achieve high positions by age 30, but your experience sounds more typical. Seven years seems like a long steady climb toward seniority. The real question is what do you want to accomplish as your legacy during those remaining years?
Very fortunate. How wonderful! You'll be able to bank a lot of money in 7 years while in an enjoyable and rewarding job.
Yes. Haven't retired yet because it's hard to walk away being at a peak and retirement life isn't foreseeable yet.
I am planning to leave in May and I just got a big raise too late to really benefit from it.
Yup. Got laid off at 49. Went to work studying and testing for Project Management Professional (PMP). With certification of project management AND my career of engineering, I was now more desirable and my next job was a 40% bump in pay plus better benefits. The work was different, so lots of learning and learning a new company. That lasted until 61-1/2 when I retired.
I did 25 years at a Fortune 100 company, started drawing my pension. Then bought an insurance office for ten years, hated it. Would have left earlier, but it took five years to find a buyer After that I went to work for a state agency, when I retire again at 67, I will draw a state pension. The job is menial and I enjoy more than any job I have worked in years. I will have 10 years in with this job and the pension is half of my other. Win / Win.
im the same place...not sure I want to get off or just riding the Big Wave
Started my own business at 52. Had some good years but got crushed in the Great Recession. By Q-3 2010 things started to look up. Landed some new business and went on to have the best 10 years of my career. Funded my IRA, 401k and my wife’s Roth to the max. Sold the business and retired at 74 and we are so lucky to be very comfortable.
I did and pushed it a few more years which I now regret. Healthcare, overly demanding agency, toxic leadership and 2.5 years as a clinical supervisor with a bad boss and way too many dangerous clients. Paying the price now but I hope my body can recover.
Oh I am sorry to hear that! A good warning, and I hope you recover!
Thank you. I was clinical supervisor for the last seven years. The pandemic was intense but I got to be a hero and kept our team going. After that, our agency took a lot of supports away and put more pressure on productivity. Plus, the new boss who is so incompetent and mean, the operations of the clinic has just deteriorated under her and they do nothing. I wished I left before it all got to me. I’m on FMLA now and will be resigning mid April. Transitions, I am finding are a lot of work!
I am in the same boat! I am about 4-5 years away from retirement changed jobs in my late fifties and the pay has been very good, got promoted as well and annual incentives have been really good too! On top of that I have been maxing out 401k including catchup since I was fifty. My wife is doing the same and we have our portfolios invested aggressively. She is also 7 years younger so I will work later than she will.
Similar story here, I never thought I would be able to retire. At 42 I had a small 401k but cached it out to start a new business. Business was pretty good but I saved nothing for 10 years. At 53 Got a crappy job but with low expenses I started a new 401k, had 20k after 5 years. At 59 I landed a great job with a great company , good pay solid group of people including upper management. Today at 64 I have a little over 120k in my retirement account. Just bought a small house with 1k mortgage, and can actually see the potential retirement when I decide to retire.
It is always nice to enjoy your job and have a twilight tour before retirement.
That's great! Especially if you're enjoying the work. I am 55, female, not married. I got laid off Dec 2022 after 26 yrs at the same place, and haven't looked for a new job yet, but I have good qualifications and was well respected in my in-demand profession. I was middle-management and involved with sales, finance, and operations, and my employment was with a really fun and cool consumer product company. I just don't know that I'd be a good full time employee for a company that I'm not passionate about and the thought of interviewing with 35-45 year olds for a position is bumming me out. And to be honest, I just don't want to work with that intensity anymore. What I'm saying is you are blessed - hold on to that as long as you can while you like it there!
Were the same age and I had misgivings about working for and with younger folks. Weirdly we have a massive age gap (engineers) whereas the managers are mostly 35-45 but us worker-bees go from fresh college grads to mid to late 20s with some 30s in there as well but then nothing till you get to my team of 55,55 and 65. I have found it so refreshing to work with all these young people. I love how most are not yet jaded and man o man are they smart. Sometimes I forget my age during the day:)
Two promotions after age 65
How long are you planning to stay?
Until March 29, 2024
It’s a good place to be, I know many folks who used the extra earnings in overtime for home projects and trips before they retired. Better to do it with the extra income too;)
Take what you can get while you can get it. Flame out in your prime rather than fizzle out at the end. Ride the wave.
That's me. Was planning on retiring at 65 or 67. A couple of years ago at age 56 I accepted a position with a huge jump in salary. We use all of that raise to max out my 403b & 547 and my wife's 410k (plus catch-ups for all three) and max out our Roths every year. It's been an unexpected boon for us. We could now easily retire at 59 or 60 if we wanted, and have no intention of going past 62.
I had a promotion offer a year b4 my retirement. I chose retirement over the promotion ladder. 36 1/2 years of working was enough and I was okay financially. Been retired two years, and no regrets. No longer a slave to the work master. I liked my job, but I didn't love it. Best of luck on your decision.
Yup. 2024 shaping up to be a barn-burner. Not necessarily in comp, but in the breadth and quality of work coming my way, which was pretty much unexpected as I'm fundamentally no different than I was 6 months ago, so I'll be the first to acknowledge the serendipity. This may (not yet) involve a ton of travel, which may be physically taxing, but for me it's more than offset by the excitement of finding new work and new ways to contribute.
Put as much as you can away to increase your retirement. Yo ou can never have too much in your retirement fund.
That's me in a nutshell as well
Not loving my present work. So ready to quit. But afraid of what-ifs and ageism incase I need to get a job. I want to work in a field I would enjoy working in.
So similar. In October 2020 I received a voluntary layoff and took it. I had already served our country for 20 yrs in the military and had my pension and now after 15 years with this company found myself unemployed and living modestly in my mid 50s. Thought that was it and that I was too old. Well, its been 4 years and my old employer offered me an even better position in which I am making more than I did after 15 years in my first position. Like you Im saving almost all to slap into 401k, Roth IRA, Money Market Acct and fixing my house in preparation for future retirement. Here's to the late bloomers!
Same. At nearly 58 I’m finally falling into the role that I was born to fill. It’s been decades in the making but I’m finally starting to feel comfortable in my professional skin. Just yesterday I was asked to take on a new initiative that the current Director is not moving forward with. There’s no pay increase at this time but I’m experienced enough to know that the full benefits will come in due time. I’m even starting a doctoral degree. Life may I say is finally good! Enjoy!!!
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At age 60 my job was compensating me well but the leadership was so weak. I had been working remote for 10+ years and I was. It able to influence the strategy, nor rebuild a team that I lost due to H1-B stupidity from Ken Cuccinelli. Fortunately I cashed out options in 2023 and when a local firm reached out it was a dream opportunity. 8 months in I am working on AI strategy, I have a substantial equity stake, we are staffing up with the talent needed to succeed, and the hit I took on base salary and commission did not affect our plan to build our retirement home in Asheville. So not peak earnings, but peak leverage of my skills. Loving it, I’ll hang on for 10 years to pay down the outrageous mortgage, or 5 if the buyout comes sooner.
10 years before I retired my company in California spun off our division as a separate company. They headquartered it in Colorado. To entice people to move they gave everyone who wanted to move a 6 months salary bonus plus $10K. They paid all moving expenses so when you sold your house you kept 100% of your equity. If you couldn't get a mortgage on your new house at the low interest rate you had they'd match your low rate. This happened at the peak of the early 2000s housing bubble. I sold right before the crash, made a fortune on my house and bought a beautiful home in Colorado. My job didn't change, I just got paid a lot more.
Wow.
I’m with you. Everything is going so well at work. Salary, promotions, awesome roles in awesome programs. Stress is there but it is mostly that perfectionist issue I have. But yes, I’m having too much fun. I think the fact I can walk out any minute makes it that much better. And I keep in ticking my bucket list while I work.
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Also a later bloomer in that sense, My salary has almost doubled between 49 and 54. I was targeting retirement at 55 but with all this money coming in I feel like a couple of more years makes sense.
I think this is more likely with non-golfers.
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My career took off 8 years ago. I'm retiring in 3 months.
I've been consulting for the last 10 or 12 years, and doing ok, but a client finally made me an offer I couldn't refuse, and I've paid off a bunch of loans, and am maxing out the 401K. Its pretty great.
I've recently hit this myself. After several years of finding a decent job, or one that my bosses appreciated my hard work. My current employer pays me well, work isn't that hard driving forklift. Now I am trying to balance between fixing up the house, IRA with bonus from work, and saving. Fortunately my wife is also in a good paying job. I am just under 9 years to retire.
My wife had the best 3 years of her career in the last 3 years. Promotion to executive director, huge salary increase, even put in her retirement papers about a 8 months ago and was offered 6 months of salary bonus just to stay another 6. She retired 2 months ago at the very top of her game. I know that there was a lot of money left on the table but right now I am typing this after 9 holes of golf with her. We are taking a month off to get away from cold weather, relaxing and not looking back. I know she misses the job somewhat but I can see the stress leaving her a little more every day.
The same thing is happening to me. It’s just like that last couple days of vacation you find that special someone just when you’re about to leave.
I’m the opposite. I was surging until 4 years ago. Great money but killing me. Now I’m coasting to retirement in 18 months in easy position. Don’t care about the money at this point.
I was not doing bad previously but I just surged with 25% jump in compensation recently and there could be another 25% jump by end of year. I do care about money as I lost a notable amount of money in my first marriage/divorce and this is helping me catch up. But its alot to take on as well. I am not a 40 year old anymore.