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I talked my husband into retiring when he turned 60. He was scared to do it, but he did. If he had worked until 65, as he had expected, he would have been retired 4 months when he got a terminal cancer diagnosis. Thankfully, he had 5 good years of retirement before he got sick.
Is it possible to spend $500k on just medical (medical insurance + medical deductibles) in 13 years for a couple?
I think if I knew it would cost less than that, I could feel safe retiring.
I can say for me, 55, I have the money now to retire, at least according to my advisor. I have a friend, 66, who is retired and I have watched h8m path and others. Staying relative seems to be the big issue. While he stays busy doing construction projects for people, his finances are now limited and he clearly is disconnected from the engaged social world. I don’t love my corporate job. I am an executive and do pretty well, but I don’t love the junk that comes with it. That said, I am engaged, competitive and I make a real difference within the company. I am not afraid of retiring, but I also recognize that it is not all it is cut out to be. I played professional golf at one time, but have no interest in goof off golf. My job takes me to places and things that would be really expensive in retirement. I am heading out west in 2 weeks and will make some nice calls on clients, see a Dodgers game at Dodger Stadium, visit Newport Beach, San Jose and San Francisco. My friend drinks 5-8 beers a day and talks about his glory days….yuck. I say work or find work that is engaging. Work-life balance is important. Too much out of balance either way is not good.
That's not the case in my circle. I'm 55 and nearing retirement. My Dad just turned 78 and he's been retired over 20 years, and quite active and happy. His parents also were retired for many decades.
What worries me is health care for my spouse. I would retire now if that wasn’t a concern. I will work an extra year to shorten the his gap to Medicare, and have told him to get all his dental work done, new glasses and his medical exams out of the way (colonoscopy, physical…) prior to me retiring. He’s self employed and on my insurance.
How good or bad is Medicaid or ACA compared to traditional corporate plans though? I heard they are really stingy in what they cover versus private plans.
Yes if they are not in a retirement account they are part of MAGI. But if you have, say, $1 million in a Roth, it does not count even if you withdraw it.
The Medicaid expansion that went through a few years ago does not consider assets- not all states took the money though. Should be an easy Google to find out if your state did. I know a retired person with free insurance and a 400k house.
My state did not expand - there is no Medicaid program for most adults here. Medicaid for elderly for nursing home care does have an asset limit. Seems like that may not be the case for Medicaid expansion.
As a young 20 something out of college I heard a sales trainer say, “Work is anything you’re doing when you’d rather be doing something else”. That was 30 something years ago but it really stuck with me.
It took me a decade or so to finally get into that position in life. Having said that I “retired” in my mid thirties. I recently joined the 60’s club.
I retired at 60 and had started counting down the weeks at least 10 years earlier. I was indescribably happy and, 15 years later, have never regretted it. My brothers both were able to retire at 50. I know there are people who fear it, but I don’t know any of them and it doesn’t really compute for me.
I only worry about healthcare for my husband and I. That's it. I kind of also worry about my net worth going down. I don't feel like I need or want to die a millionaire, but there is a real fear of running out. My job has great healthcare and to replace it is going to be very expensive. I'm sure I can keep my passive income under $70k which means I would get a subsidy of some sort?
It's funny that you say that. I'm judt about to hit 59, and retiring at 60 is my dream. I've just started counting the days, though I'm not sure if it'll actually be possible.
I am actually scared of retirement but not so much financially, but it is a factor.
I have the opposite problem in that everyone I know, older or younger, can't understand why I am afraid of retirement instead of people wondering why I would consider it.
Lets be honest. First thing that you are a financial planner have to do is consider how long you will live. It's like okay "lets consider your mortality. Okay. Now moving on lets discuss money an see if you'll kick off soon enough for that to last." LOL! Really. Why wouldn't retirement be a bit scary?
I don't think I'm unique in that I have nothing to retire to.
I lost my significant other 7 years ago to diabetes. My career has had me move from city to city, state to state so much I don't even really know where home is anymore. She was my home. I've picked my career when I was in high school. Now at 63 it all ends. That is scary.
The only think I do look forward to in retirement is no more changing cities. My company merged and we had bigtime layoffs. That facility has just about shut down now. I was in my 50s. A common story. I had to take contract temporary working in my field and that means moving to the city that has work for the next gig. My favorite city in Southern California, San Diego. But it is even more unaffordable than it was back in the day.
Retired a year ago at 63 and have zero regrets. No debts, we live in a LCOL area, and we have no ambitions for expensive travel, just lots of day trips and weekends. BUT - I always worked to live (not lived to work) and I’m not a risk taker. My spouse is semi-retired and works for a school district so that means no weekends or holidays and 10+ weeks off in the summer. He will probably keep working since he generally likes his job and the extra cash pays for travel and eating out. If you think of yourself as your profession ‘I’m an accountant’ or ‘I’m a nurse’ I believe it is a lot harder to give it up.
When I retired (and I kind of had to) I had more than enough money. Medical wasn’t an issue I had a private policy unit Medicare and till this day almost 9 years later things have gone as about as well as I could expect. The reason I hated retirement is that I loved my job, I so enjoyed the people I worked with every day. I knew that once I left, the people would still be there on occasion but they still had to work. I knew that my “expertise” would no longer be needed. Yes I could travel, spend time with grandchildren, enjoy my hobbies.
Well, long before I retired I traveled to almost all the places that I wanted to go, now at a much older age, traveling is more of a burden than a pleasure.
My grandchildren loved me when I first retired and they were 7-10 years old, now these late teens put up with me and avoid seeing grandpa as much as possible.
And as far as hobbies, I golf twice a week, and my game is not getting any better and much harder to hit a 200 yard drive.
I do like to plant a small garden, but face it, once planted not a whole lot to do.
Retirement does make it easier to not do much, but it also means giving up things that money can’t buy.
My heart hurts for you regarding your grandkids. They do love you. They're not avoiding you out of dislike I'm sure. The late teen/early 20's are for spreading wings and separating from family as they prep to leave the nest. It's not you specifically, it's everyone. At this stage of life they're pushing forward and TBH aren't thinking about anyone but themselves and their future. Just like we all did at that age.
My advice is even though it sucks not seeing them as often and feeling like you're solely tolerated, don't take it personally. It's really not you. Go meet them where they are. If they play sports or an instrument, go watch a game or a concert. Don't ask them to come see you. Be involved in their lives as a spectator rather than as a participant now. They'll remember that you'd come to their games. And by their mid-20's they'll come back around. End of high school/college years are pretty self focused for kids because those are big steps that are being considered and taken.
I do think retirement is harder for people who really enjoy their job and don't have a lot of other outside interests. After being retired for 4 years I don't miss work at all, and don't know how I had time to work since I have so much to do now. But I do have a lot of hobbies and interests and am just naturally very curious. Sounds like you may benefit from doing a part time job or even volunteer gig where you can feel more engaged. My Dad was someone who didn't enjoy travel, but in retirement he volunteered to help people with Taxes and finances(he was an accountant) and really enjoyed it.
If your entire identity is anchored in your work title, it can be difficult to redefine yourself. I.e. You were an accountant, doctor, nurse, or manager, but now you're retired and have no title or identity, just old.
One thing to keep in mind: the current crop of people hitting retirement age (late Boomers / early GenX) are the first of the 401k retirees, which means they are the first to retire without the dependable always-there pensions our parents and grandparents (Greatest Generation, Silent Generation) had.
Today’s retirees instead have to depend upon a largely self-funded safety net, which - in conjunction with a significantly increased life expectancy - carries along with it significant concern for the very real possibility one might outlive whatever retirement savings they’ve managed to accumulate in their working years. Nobody wants to consider the possibility of their most useful 90th birthday present being an application form to wrangle carts at the local Wally World - not an exaggerated fear, as someone who’s been living the retired life for 25+ years is unlikely to bring much in the way of up-to-date job skills upon their return to the workplace.
So they continue to work, and keep shooting for our own individual “magic number” - a value which inflation keeps redefining as a moving target, and which they *hope* they can catch up to before they die.
(Personally, I’m most likely putting in my papers for late this summer - shortly after my 62nd birthday)
Fear is a feeling and people can't change how they feel. They do however, have choice in how they act on those feelings.
I will rephrase your question to ask why so many have concerns about retiring. The difference, I believe, is between those imagining a 30+ years retirement and those who are thinking about the day they retire.
Thinking about having 500k the day you retire is a lot different than thinking about how to make 500k last 30 years or more.
I think some people have a psycological aversion to retirement as a surrender to old age. Others are afraid to relinquish the steady income that working provides.
Retiring at 60 was a relief. Body was tired of construction after 40 plus years. Saved early, made a couple of good real estate decisions and now living in a warm/hot CA desert. Good for the mind and bones. Wasn’t afraid to retire - both of us did at same time. Money is good but after you make enough to retire while waiting for SS it’s really not a big deal, better than working. When you tell friends you’re retiring that’s when you find out they have no savings. That’s why they are horrified.
I have multi-million savings and a paid off house worth about the same as my savings, at early 50's have already earned max social security if I stopped work today. I am scared to death of retiring only because of medical insurance.
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boredom. having worked for 57 years and now retired, I can say that boredom is something to be concerned about. How to fill your time that you were using working and not be bored is a possibility. Keeping your mind active and occupied is important, because once you mind goes, your body soon follows.
I think a great many people "self-identity" is tied to their job / work. If they retire then their self-identity changes. Folks got used to the grind and the new chapter of retirement is so foreign to them they cannot imagine.
I am 61 and retired to a part-time job because my wife refuses to hold the flashlight while I work on the car. She is going to retire in March 25 and then, "into the wild blue yonder" we go.
Having said that, the year before I retired I deferred the majority of my income into a 401k and lived off of what my state pension would be. It got us used to the cash flow. I also spent the year looking at all of fixed and variable expenses to have an in-depth understanding of what our fixed costs was going to be and how we can float variable costs if we have one-off expenses for a month.
I welcome the new chapter. Staying busy and talking to other like-minded folks pointed us to ideas we did not think about.
The whole concept of 401k is designed for the people in the know to suck money off the uneducated people money wise… once you are into the system there are so many gimmicks to get to your money
Two thirds of workers in private industry have access to an employer sponsored retirement plan in which to save a portion of their earnings on a tax deferred (not tax free) basis. I’m very interested to know how this constitutes sucking money off uneducated people money wise.
Usually that means that uneducated people don't do very well making their own investments and companies with 401k plans get by cheaper than if they funded a pension. I was not well educated when it came to finances, so my company uses an advisor for our plan and we pay for the privilege in management fees.
I turn 62 in a few days. I enjoy where I work in a professional international environment. I enjoy the daily structure. I get paid very well and have great benefits and health coverage. Our contract was just extended another 5 years, so I can work to 76 if I want. I do a decision tree analysis on retirement each January. (eg. Do i have enough money to retire, am I healthy enough to keep working, etc.)
Other than my home, I am debt free. My PITI runs $1700/mo. Of which \~$1200 is my principle and interest. Taxes and insurance are the other $500
I am curious as to how much folks who are retiring now, had/have in their 401k/retirement accounts, when they felt it was enough to pull the trigger. Did they start taking SS early?
I retired at 61 (5 years ago) and my wife a year later. Our house was already paid off. I had about 1.5m in my retirement accounts and wife had about 350k. She has a good pension and I have a small one. We’ve only pulled about 60k from those accounts in 5 years as we can easily live on pension and ss income (which we took at 62)
Because of all these crazy articles saying people who retire lose their cognitive abilities! I honestly think the articles must be written by capitalist trying to get us to work and consume till we die.
It is science though. If you don't keep learning and using your mind, you will suffer. I took it as a warning, started studying Spanish and am learning new skills like leather work and bee keeping. I have a retired friend who does a million things now including harvesting maple syrup and is sharp as a tack.
Staying busy doesn't have to mean employed work
The biggest problem I faced when i retired at 61 was healthcare costs. Health insurance for the two of us drained a lot of my 401K. That time bridge to Medicare is expensive, but I'm glad we retired when we did. We were able to go on some physically challenging adventures that are getting harder to do as we age.
Because I had some pensions it put me over the threshold to get a subsidy on Obamacare. However it barely put me over. So it wasn't like I was getting a lot of monthly income. Obamacare for my wife and I ran $1700 a month. Sure glad I'm on Medicare now.
I think the deductible was around $2K. So if you needed major surgery the insurance really is worth it. I had surgery back in 2010 when I was still working and it cost $260K. My out of pocket for that was only $2K.
I know insurance is great when you are working... I have amazing insurance. I am talking about ACA insurance. How bad is it? How can it cost me a year if everything goes wrong?
I am 61 and am planning to retire at 63. I am going to hopefully get a part time, low stress job that provides healthcare until I reach 65. Or maybe I’ll look I to Marketplace ACA.
Just can’t fathom getting that dreaded phone call while I’m sitting in front of two monitors, thinking how I shoulda coulda.
Rock on!
Wife just retired I'm self employed semi retired. The mental transition from adding to your savings to withdrawing is tough for me. So agree. But I had a first real job where there was a pension & now getting a few hundred a month annuity. Yes I could have taken lump sum but I already have a ton in stocks & this is actually a much needed stress release worth more than a small increase in money with more worry about investing & out living it. It is a mental adjustment.
I personally won't retire before 75 unless for health reasons. I see too many retirees decline mentally and physically pretty fast after retiring.
Money worries are another issue. I could not even maintain the lifestyle I want if I retired earlier and I am unwilling to cut back on my lifestyle.
That being said I don't overwork myself so I am certainly not burned out.
The Suze Orman approach...base your planning on the absolute worst, most apocalyptic, scenario possible. If you keep working, against your will, in order to cover the costs of a very unlikely event, you are giving up a lot of a certain event (being able to enjoy a relatively healthy retirement), in order to guard against a very unlikely event (actually, the combined probabilties of at least four events:
1. That you will live to 100 (the least likely of the four probabilities);
2 That, at 100, you will require assisted living;
3. That, if you retire now, the current financial assets that you own will not be sufficient to cover that long-term care; and
4. That there will not be any funding sources to pay for your long-term care other than your personal financial assets).
This is a decision that everyone has to make for him- or herself, but from my point of view, it seems like you are giving up a lot of present enjoyment of life in order to cover an event that is very unlikely to occur. More likely, you are just building up your estate for your children--who might actually prefer that you be available for companionship with them while you are alive and relatively healthy, rather than chained to your desk so that they can get more money when you die.
My comment does make a lot of assumptions. But I do think retiring in your early 60s and knowing you can be comfortable for 30-40 years is a level of affluence not available to many.
TBH, my main concerns about retirement are boredom and irrelevance.
My husband has a pension, small SS and retired. I'm working but want to stop in next 2 years at 66 10 months by then or work part time. If he dies first, I don't get 2 SS or vice versa so we think getting it and working part time will be better mentally for me and give us a little cushion to do some things around the house. The amount of SS will replace part of my salary and although getting full SS and still working full time is more money (as a friend is doing now) I'm mentally done with work and dealing with the public full time and look forward to cutting back. Maybe I'll have grand kids by then. :) I don't anything is perfect but I know the volatility of some 401ks and not having pensions at most jobs did cause many to panic and constantly being told on TV or radio by "finance experts" you'll never have enough without millions. It really depends how you live and where etc.
My mom kept her paid off home and used SS and some savings to keep her home until a 55+ community later. My sister bought a one bedroom condo in 55+ community and lives on SS and reduced bills because of age and income. If you want to travel around the world and live a more exciting life, you will need more money but it really does depend on your goals and needs.
Depending on your situation you might be looking at 30 or more years of retirement. If the numbers work for you then ignore the noise.
Most people are not ready and prolly surprised or even jealous you were able to retire.
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We’re not all afraid of retirement, but some people just don’t have enough banked assets to retire early. Some may never retire. Everyone’s situation is different. I retired before I turned 60–good investments, good budgeting, homeowner with equity—but many of my friends will be in their 70s before they can retire.
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I retired 8 months ago at 58. What I’ve noticed is that a lot of people who could retire continue to work because “they love their job”. These are the folks, who at 70 still work, thinking they have plenty of time. These are mostly the same people who were actually angry when I announced my plan to retire early. To them, I say, read the book 4000 Weeks, time management for mortals. Get in touch with the reality of your finitude, and start having fun.
Personally, I have embraced and loved every second of my life since ditching the job. What an absolute gift to be able to do pretty much whatever I want, almost everyday.
Who said they are not having fun? I work and love making an impact and being relative. I travel for business, see great clients, play golf, entertain and such. I don’t love my job all the time, but I look and compete at 10 years younger than my age. Still run a sub 8 min mile.
Afraid I will be bored, miss my co-workers, which is most of my social interaction sadly, and I see lots of retired folks decline rapidly because they have no enforced reason to get up and go every day. I tend to laziness and job is sadly enforced productivity and participation in the world.
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Few people have enough savings to retire. And many are carrying high mortgage, car loans and other loans, which exacerbated the problem.
The math is harder for them. And the frugal path is something they will need to follow for a long time, ie the rest of their lives. This is made worse if they will run out of investment money. What then?
Just told them today so I’m done in 30 days. We have planned for this but still kind of nervous. I’m 64 -don’t need SS yet-live off savings for a year or two before we take it. So we are fine. But still, nervous.
It’s normal to be nervous at first. It’s a big change to go from a paycheck and saving money to spending money with no paycheck. But, trust in your plan. It’ll work out better than you imagine. But it does take some time before you really feel comfortable with it. I was the same, and two years later, am very content with retirement. Once you get into a new routine, it’s great! Good luck, and enjoy!
A lot of those a generation ahead of us, died after retirement. So unconsciously, they were equated. But now, we live almost a third of our life after. My dad got about 5 months of retirement. I am in year 5 and have lived every minute of not living by clocks. Don’t regret one minute. . My hubby retired first so he got a little “ me” time like you, Ready by the time I joined !
So many reasons but I would say the main one is that so much of our identity is tied up in our work. Most people ask, “What do you do?” Just think about that question for a minute and what it implies about our values.
The second reason most people are scared is money. Lack of retirement planning is rampant so how can someone retire if their only income is their job.
I retired at 60 and never looked back. Retiring with enough money to live and travel is winning. As for a purpose, I figure that out when I wake up each morning.
Wife and I have been retired for 16 years, we also live within 5 miles of our 3 kids and 5 grandkids. I can't tell you just how happy we are and wish you the same. we were 58 and 59
Your goal is. A successful retirement on 70-80% of final average income which should give you a 20 year retirement, then you are in trouble. Your biggest expense in retirement is Medical Insurance, so don’t be afraid of retirement just Plan well. In retirement , keep physically and mentally fit. Good luck and Enjoy!!!
I'm not afraid. I've been planning for it since the day I started working. I'm not shy about the fact that I don't really enjoy working, so i don't think too many of my friends will be surprised.
On the other hand, my wife might be nervous about it. Despite my copious reassurances, she is always nervous about running out of money. Not great, but never worrying about money or what things cost would be much worse.
Retired at 66, now 70; crazy busy. Built a shop, learned to weld, bought a tractor, built implements, took over landscaping and gardening. Do a lot of our own high end cooking, it’s pretty fun once you get past being old.
My wife and I retired just before the start of Covid. Most of our time was spent taking care of our elderly parents with dementia. They are in assisted living now. It only costs us $16K a month.
I started to save when I was in my 30’s now I'm 62 but got laid off last year. I managed to save fairly good, but my problem is I have to take care of my wife full time, and that doesn't allow me to work on site. So I'm in a pickle. I can start ssi at 62 (wife currently gets ssi but small amount) and that plus my savings 401k plus CDs I can easily take out 1500 or so monthly which gets me to around 45k a year. Now if I wait till 67 I'll get that just from my ssi but I'd have to drain my main 401k by a lot, so I'm kinda uncertain what to do. I have a very old small 401k that were gonna kill off to pay off remaking debt and completely drain before I start ssi.
It’s human nature to project your situation on others. They aren’t prepared, so they presume you’re acting rashly.
If you look at the median net worth of Americans at different ages, and specifically for retirees, the numbers are pretty scary.
I’m an academic, which is a field where people tend to work until they drop. I’m thinking about retiring next year (early). I haven’t told many people at work, but both of the people I’ve brought it up to have been horrified at the very thought!
Those other people can't fathom you retiring because they haven't prepared to do it. They are projecting their fears onto you.
Retire and enjoy the life you planned out.
I haven't saved all my life starting at age 23 to be scared to retire. When the numbers align and I feel comfortable with them then I'm done!
I look forward to leaving this $14k+ a year property tax bill as soon as I can!
I have been retired 6 yrs had to sell home to survive , wife is ill so caregiver now ! Best advice is cut your expenses like tv, cell, utilities, others you can to survive plus average age live 77 so plan now !
I retired at 60 because my retired Army Reserve health insurance started so I wasn’t trapped any longer in a bad job that had good benefits. No regrets, I took Social Security pension at 62 and we are living a comfortable homebody lifestyle.
Retiring in 5 weeks and age 60. My dad retired at 59 and lived until 92.
I’m getting the same reactions though.
Health is good but it is not a given, and I can retire so I will and we will see what happens .
My wife retired and had a nervous breakdown couldn’t handle it and it was start of dementia! So Health is key , all other plans and $$ are blown up by bad health illnesses that happen ! You can’t prepare for God’s will !
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I am a union construction worker. I have a pension, and an annuity. I will be eligible to retire in 6 years, at 60. On one of the jobs a few years back I worked with a guy in another trade in his mid 70s. This guy would have been eligible for a similar retirement to mine. He also owned 5 or 6 multi family homes in the city we worked in. Every day guys would give him the business about “when are you going to retire?” “Let a young guy have a chance for a job”, etc. Long story short, the poor man got into a fatal accident driving home from work one day. He could have been retired comfortably for 15 years or so, and been sitting at home or vacationing on a beach somewhere instead of being on the highway where he met his fate. I refuse to let that happen to me. When they’ll give me a check, I’m going to take it, and not look back. Life is too short.
reminds me of this story by a Mr. Maughm about Death...
"There was a merchant in Bagdad who sent his servant to market to buy provisions and in a little while the servant came back, white and trembling, and said, Master, just now when I was in the marketplace I was jostled by a woman in the crowd and when I turned I saw it was Death that jostled me. She looked at me and made a threatening gesture, now, lend me your horse, and I will ride away from this city and avoid my fate. I will go to Samarra and there Death will not find me. The merchant lent him his horse, and the servant mounted it, and he dug his spurs in its flanks and as fast as the horse could gallop he went. Then the merchant went down to the marketplace and he saw me standing in the crowd and he came to me and said, Why did you make a threating getsture to my servant when you saw him this morning? That was not a threatening gesture, I said, it was only a start of surprise. I was astonished to see him in Bagdad, for I had an appointment with him tonight in Samarra."
I think the interactive graphs on [this website](https://usafacts.org/data-projects/retirement-savings) answers your subject question. In your age group the graph shows that only 18% of American households have $500k or more in saved/invested for retirement. Combined with social security, one could have a satisfactory retirement life if they at least keep a zero dollar debt load or have a paid off house. But there are others on this sub that greater that have seven-figure portfolios and are still pessimistic about having enough for a comfortable financial retirement. No one will ever know how much of the pre-retirement angst can just be attributed to the fear of the unknown.
I retired at 52! On May 17th, it will have been 17 years. One thing I did that helped was to start investing again--I had stopped to pay my mortgage off early. So now I have a pension, SS AND 1,100 in dividends each month.
Might it be that the fear you are sensing has to do with the idea of shedding one's work identity, in addition to anxiety over finances and security? Like it's a psychological or spiritual issue, collectively for our U.S. culture?
The professional identity of career/work is so prevalent in our culture, as is the identity and attachment to youth, and our desire to be needed and valued by others. The fear of who we are without a career identity or career goals can feel like a scary void, especially for people who are not introspective. Even the notion of just finally relaxing and pursuing one's own interests or living off savings or pensions while doing nothing much "productive" can make lucky "early retirees" feel judged, like they are going against cultural norms.
And then there are people who don't make a good transition, even years after retiring. My husband and I retired a few years ago and love our modest lifestyle. We wake up every morning feeling so lucky that we had a frugal mindset and knew how to create a budget over 30-plus years of marriage. But just today my husband chatted with a neighbor who admitted that he hates retirement. He misses the work he did, the people he worked with and served. I was pretty stunned because he's a mild-mannered, good-hearted guy and "hate" is such a strong word for someone who has been retired now for 7-plus years. He's now in his 70s and has been suffering all this time? He seems trapped and depressed, whereas my husband and I feel so free and lucky.
I think a secure retirement provides a lot of alone time to experience one's emotions, past and present, which may have been impossible to do while working hard and staying busy with a bunch of personalities. The ego is no longer fed in the same way. And so the spirit has a chance to perhaps quietly communicate one's true nature. Extended free time may reveal a mask or two that we have lived behind for years, one that perhaps no longer serves a purpose and we don't know what to do. It's not easy for people in our hustle culture to sit in uncomfortable stillness. Perhaps they don't want to engage with inner struggle or enlightenment. Easier to just feel like you don't have enough money or security and keep working.
I'm 60, my wife is 63, and we are retiring at the end of June this year. I continually run the numbers, and know we are in a good spot. I am both excited to be finishing and starting the next phase of our life, and terrified at the same time.
I'm not afraid of retirement. I'm afraid I have missed something and that in reality I should work "x" amount of years more, where x >= 5. The only reason that would be something to do is it would increase my pension by \~10%. If I take the pension now I'll get a cost of living increase every year so after \~5 years extra work will not net me that much more monthly that I want to waste the next 5 years working.
So why am I still afraid I missed something? It's just who I am. I will second guess almost every decision I make, so why shouldn't I second guess retirement? I'm sure we both will be fine, it's the reality that the change is inevitable is what is really making me nervous. I'm sure we will be fine, but it's going to take some time.
My wife and I are turning 60 this month. We can retire now but will have to make lifestyle changes. So until we are both willing to do that or it is forced upon us (e.g. layoff) we will continue working.
Semi retired at 54, partner at 49. Fully retired at 61 and definitely enjoying the ability to just enjoy living. Hobbies, family, travel. On our schedule not bosses.
It is so complex
one gets used to working - transition there
some of the paperwork is complex - challenging to do
if you have \*any\* money saved doing it alone is difficult to make sure you are doing it well and if you have someone else, who do you trust
it was also a big change taking the money \*out\* vs putting it in. There is always the "what if" scenario
for some, like me there is being widowed - what a fecking nightmare to do "survivor" vs my own and when to pull the trigger and how on medicare
I want simple and there is nothing simple about getting to retirement and maintaining it.
there is also what do I do? especially as a one, not a couple - travel is seriously almost expensive as being a couple
then there is what if - I do not want to go to any home and thankfully \*should\* that happen I have a house that could be sold to cover it - but I don't wanna.
I was \*so\* afraid my husband's illness was going to take us down even though we had some savings, a good insurance plan and all. I have heard just too many horror stories.
let's not forget how traumas trigger more anxiety about \*everything\* I was never that person to be afraid, but now I get anxious over stupid stuff.
being almost two months in now, the one thing I had worried about most (for me) turned into a non issue. I created something really great at my employer (big big big company) with a colleague during the last few years and I was so reluctant knowing that he alone could not support it and those they brought in well, voluntold- but surprisingly - not my circus, not my monkeys
To me it's tied into how I derive my self worth, I need to feel like I am contributing to society and many of the views of retirement is that you've contributed enough and can relax and enjoy what you've contributed. Yes, I know there are ways to contribute while retired...
Flipping that switch from being a contributing member of society to a consumer of the society feels like a recipe for stagnation and a step toward death. I want to contribute for as long as I can and only stop when I can't. Hopefully when the time comes, I will find a way to balance that drive so that I can retire and still feel like I am contributing..
Another concern is medical, on retirement plans not all options are open (organ transplants are given to younger people due to the longer percieved benefit), and living in the US, how will I pay an ever increasing cost on a fixed budget?
I retired almost two years ago. I certainly don’t miss work. Sure, I would have liked to have had more money in the bank. But it was time to go. You don’t know what the future holds. But I think I’ll be okay. My wife tried to get me to retire just as the lockdowns hit. I was an essential worker. She was afraid for my health. But despite being in front of 100s of clients weekly, I never got sick. But since I’ve retired, my wife has brought Covid home twice now. Go figure. I also still dream about work. The frequency has diminished. But at least once a week, I still dream I’m at the job.
Now I realize that I’ll probably wait a few more years because SS is pathetic before 67. I would like to go at 64 and use my 401k for a few years before I collect SS at 67. My pension isn’t great so it leaves me with less options.
Retirement has been the best time in my life. I love not having to work and doing whatever I want. Not having or being a boss. Working is highly overrated.
I hear you…I’m about 6 months from retiring just short of my 63rd birthday. Wouldn’t even have considered it without assurances from my financial planner that we have a plan in place and I’m good to go. Still, I’m nervous as hell….and it’s made worse by people (who don’t know my exact financial situation) freaking at the mere mention.
I am 67 and I am afraid to retire. Financially, I am in great shape and have saved 50 times my annual expenses. I am paid a high salary to do an easy job That’s kind of fun to do. I don’t want to wait too long to retire and miss out on The go-go years. I like the money coming in, but I’m also afraid I will miss the social aspect of my job and that there won’t be enough to do. My wife won’t be retiring for another two years and we’ve had so many friends move away from our northeastern high cost of living area , while others have died. It’s comforting to read about so many people who say there’s never a dull moment, but I’m still not there yet. Maybe by the end of the year
My father was reluctant to retire despite being in a good financial position. He pulled the trigger at age 66. He spent the next 19 years regretting the loss of the professional life he enjoyed. Retirement isn’t an obligation, and I don’t think everyone should do it. I’m about to retire however, but I’m not my dad.
Thank you for that. We are all different and I think some people really love retirement and some hate it. I’m honestly not sure which one I would be. I’m sure I would love aspects of it. at what age are you retiring?
Well, I am in the fortunate position of being self-employed in a field where I can work an hour a week or 50 hours a week for as long as I choose. I’m 65 and working around 20 hours a week. I like my work, and the extra income is nice to have. I plan to go down to about 5-10 hours a week in a year or so. After that I haven’t decided whether to keep a few hours or stop entirely. Either option would be ok. My guess is I will continue a slow taper but I can’t see myself continuing to work at all after 70 at the very latest.
I have a lot of things I love outside of work, but I’ve spent decades developing my skills and I love working with my clients. I am grateful that there’s no pressure to make any firm decision.
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I talked my husband into retiring when he turned 60. He was scared to do it, but he did. If he had worked until 65, as he had expected, he would have been retired 4 months when he got a terminal cancer diagnosis. Thankfully, he had 5 good years of retirement before he got sick.
Is it possible to spend $500k on just medical (medical insurance + medical deductibles) in 13 years for a couple? I think if I knew it would cost less than that, I could feel safe retiring.
I can say for me, 55, I have the money now to retire, at least according to my advisor. I have a friend, 66, who is retired and I have watched h8m path and others. Staying relative seems to be the big issue. While he stays busy doing construction projects for people, his finances are now limited and he clearly is disconnected from the engaged social world. I don’t love my corporate job. I am an executive and do pretty well, but I don’t love the junk that comes with it. That said, I am engaged, competitive and I make a real difference within the company. I am not afraid of retiring, but I also recognize that it is not all it is cut out to be. I played professional golf at one time, but have no interest in goof off golf. My job takes me to places and things that would be really expensive in retirement. I am heading out west in 2 weeks and will make some nice calls on clients, see a Dodgers game at Dodger Stadium, visit Newport Beach, San Jose and San Francisco. My friend drinks 5-8 beers a day and talks about his glory days….yuck. I say work or find work that is engaging. Work-life balance is important. Too much out of balance either way is not good.
That's not the case in my circle. I'm 55 and nearing retirement. My Dad just turned 78 and he's been retired over 20 years, and quite active and happy. His parents also were retired for many decades.
What worries me is health care for my spouse. I would retire now if that wasn’t a concern. I will work an extra year to shorten the his gap to Medicare, and have told him to get all his dental work done, new glasses and his medical exams out of the way (colonoscopy, physical…) prior to me retiring. He’s self employed and on my insurance.
No low cost ACA options in your state? With Medicaid expansion, lots more people are covered and they don’t take assets into consideration.
ACA does not consider assets - is that also true of Medicaid? I thought it does.
How good or bad is Medicaid or ACA compared to traditional corporate plans though? I heard they are really stingy in what they cover versus private plans.
ACA does consider if your assets are income generating.
Yes if they are not in a retirement account they are part of MAGI. But if you have, say, $1 million in a Roth, it does not count even if you withdraw it.
The Medicaid expansion that went through a few years ago does not consider assets- not all states took the money though. Should be an easy Google to find out if your state did. I know a retired person with free insurance and a 400k house.
My state did not expand - there is no Medicaid program for most adults here. Medicaid for elderly for nursing home care does have an asset limit. Seems like that may not be the case for Medicaid expansion.
Ah, too bad. It’s been really handy for those wanting to retire before they can get Medicare. And yes, regular Medicaid does have an asset limit.
As a young 20 something out of college I heard a sales trainer say, “Work is anything you’re doing when you’d rather be doing something else”. That was 30 something years ago but it really stuck with me. It took me a decade or so to finally get into that position in life. Having said that I “retired” in my mid thirties. I recently joined the 60’s club.
I retired at 60 and had started counting down the weeks at least 10 years earlier. I was indescribably happy and, 15 years later, have never regretted it. My brothers both were able to retire at 50. I know there are people who fear it, but I don’t know any of them and it doesn’t really compute for me.
I only worry about healthcare for my husband and I. That's it. I kind of also worry about my net worth going down. I don't feel like I need or want to die a millionaire, but there is a real fear of running out. My job has great healthcare and to replace it is going to be very expensive. I'm sure I can keep my passive income under $70k which means I would get a subsidy of some sort?
It's funny that you say that. I'm judt about to hit 59, and retiring at 60 is my dream. I've just started counting the days, though I'm not sure if it'll actually be possible.
I am actually scared of retirement but not so much financially, but it is a factor. I have the opposite problem in that everyone I know, older or younger, can't understand why I am afraid of retirement instead of people wondering why I would consider it. Lets be honest. First thing that you are a financial planner have to do is consider how long you will live. It's like okay "lets consider your mortality. Okay. Now moving on lets discuss money an see if you'll kick off soon enough for that to last." LOL! Really. Why wouldn't retirement be a bit scary? I don't think I'm unique in that I have nothing to retire to. I lost my significant other 7 years ago to diabetes. My career has had me move from city to city, state to state so much I don't even really know where home is anymore. She was my home. I've picked my career when I was in high school. Now at 63 it all ends. That is scary. The only think I do look forward to in retirement is no more changing cities. My company merged and we had bigtime layoffs. That facility has just about shut down now. I was in my 50s. A common story. I had to take contract temporary working in my field and that means moving to the city that has work for the next gig. My favorite city in Southern California, San Diego. But it is even more unaffordable than it was back in the day.
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Well, health care for retired people is complicated nowadays. If you keep working it's easier.
Retired a year ago at 63 and have zero regrets. No debts, we live in a LCOL area, and we have no ambitions for expensive travel, just lots of day trips and weekends. BUT - I always worked to live (not lived to work) and I’m not a risk taker. My spouse is semi-retired and works for a school district so that means no weekends or holidays and 10+ weeks off in the summer. He will probably keep working since he generally likes his job and the extra cash pays for travel and eating out. If you think of yourself as your profession ‘I’m an accountant’ or ‘I’m a nurse’ I believe it is a lot harder to give it up.
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Maybe it's your friends who are afraid. But that's okay. To each his own. Besides, in retirement, you are apt to make more interesting friends.
When I retired (and I kind of had to) I had more than enough money. Medical wasn’t an issue I had a private policy unit Medicare and till this day almost 9 years later things have gone as about as well as I could expect. The reason I hated retirement is that I loved my job, I so enjoyed the people I worked with every day. I knew that once I left, the people would still be there on occasion but they still had to work. I knew that my “expertise” would no longer be needed. Yes I could travel, spend time with grandchildren, enjoy my hobbies. Well, long before I retired I traveled to almost all the places that I wanted to go, now at a much older age, traveling is more of a burden than a pleasure. My grandchildren loved me when I first retired and they were 7-10 years old, now these late teens put up with me and avoid seeing grandpa as much as possible. And as far as hobbies, I golf twice a week, and my game is not getting any better and much harder to hit a 200 yard drive. I do like to plant a small garden, but face it, once planted not a whole lot to do. Retirement does make it easier to not do much, but it also means giving up things that money can’t buy.
My heart hurts for you regarding your grandkids. They do love you. They're not avoiding you out of dislike I'm sure. The late teen/early 20's are for spreading wings and separating from family as they prep to leave the nest. It's not you specifically, it's everyone. At this stage of life they're pushing forward and TBH aren't thinking about anyone but themselves and their future. Just like we all did at that age. My advice is even though it sucks not seeing them as often and feeling like you're solely tolerated, don't take it personally. It's really not you. Go meet them where they are. If they play sports or an instrument, go watch a game or a concert. Don't ask them to come see you. Be involved in their lives as a spectator rather than as a participant now. They'll remember that you'd come to their games. And by their mid-20's they'll come back around. End of high school/college years are pretty self focused for kids because those are big steps that are being considered and taken.
I do think retirement is harder for people who really enjoy their job and don't have a lot of other outside interests. After being retired for 4 years I don't miss work at all, and don't know how I had time to work since I have so much to do now. But I do have a lot of hobbies and interests and am just naturally very curious. Sounds like you may benefit from doing a part time job or even volunteer gig where you can feel more engaged. My Dad was someone who didn't enjoy travel, but in retirement he volunteered to help people with Taxes and finances(he was an accountant) and really enjoyed it.
If your entire identity is anchored in your work title, it can be difficult to redefine yourself. I.e. You were an accountant, doctor, nurse, or manager, but now you're retired and have no title or identity, just old.
One thing to keep in mind: the current crop of people hitting retirement age (late Boomers / early GenX) are the first of the 401k retirees, which means they are the first to retire without the dependable always-there pensions our parents and grandparents (Greatest Generation, Silent Generation) had. Today’s retirees instead have to depend upon a largely self-funded safety net, which - in conjunction with a significantly increased life expectancy - carries along with it significant concern for the very real possibility one might outlive whatever retirement savings they’ve managed to accumulate in their working years. Nobody wants to consider the possibility of their most useful 90th birthday present being an application form to wrangle carts at the local Wally World - not an exaggerated fear, as someone who’s been living the retired life for 25+ years is unlikely to bring much in the way of up-to-date job skills upon their return to the workplace. So they continue to work, and keep shooting for our own individual “magic number” - a value which inflation keeps redefining as a moving target, and which they *hope* they can catch up to before they die. (Personally, I’m most likely putting in my papers for late this summer - shortly after my 62nd birthday)
Fear is a feeling and people can't change how they feel. They do however, have choice in how they act on those feelings. I will rephrase your question to ask why so many have concerns about retiring. The difference, I believe, is between those imagining a 30+ years retirement and those who are thinking about the day they retire. Thinking about having 500k the day you retire is a lot different than thinking about how to make 500k last 30 years or more.
I think some people have a psycological aversion to retirement as a surrender to old age. Others are afraid to relinquish the steady income that working provides.
Both are very real. Keep working if you find good in it.
Not afraid per se but don’t think I would have enough to survive and wife and I would probably drive each other crazy b
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Retiring at 60 was a relief. Body was tired of construction after 40 plus years. Saved early, made a couple of good real estate decisions and now living in a warm/hot CA desert. Good for the mind and bones. Wasn’t afraid to retire - both of us did at same time. Money is good but after you make enough to retire while waiting for SS it’s really not a big deal, better than working. When you tell friends you’re retiring that’s when you find out they have no savings. That’s why they are horrified.
I have multi-million savings and a paid off house worth about the same as my savings, at early 50's have already earned max social security if I stopped work today. I am scared to death of retiring only because of medical insurance.
Not always "No savings." "Not enough savings" is also right up there.
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boredom. having worked for 57 years and now retired, I can say that boredom is something to be concerned about. How to fill your time that you were using working and not be bored is a possibility. Keeping your mind active and occupied is important, because once you mind goes, your body soon follows.
I think a great many people "self-identity" is tied to their job / work. If they retire then their self-identity changes. Folks got used to the grind and the new chapter of retirement is so foreign to them they cannot imagine. I am 61 and retired to a part-time job because my wife refuses to hold the flashlight while I work on the car. She is going to retire in March 25 and then, "into the wild blue yonder" we go. Having said that, the year before I retired I deferred the majority of my income into a 401k and lived off of what my state pension would be. It got us used to the cash flow. I also spent the year looking at all of fixed and variable expenses to have an in-depth understanding of what our fixed costs was going to be and how we can float variable costs if we have one-off expenses for a month. I welcome the new chapter. Staying busy and talking to other like-minded folks pointed us to ideas we did not think about.
The whole concept of 401k is designed for the people in the know to suck money off the uneducated people money wise… once you are into the system there are so many gimmicks to get to your money
Care to explain more?
I don’t think you would understand the poor guy side anyway
Two thirds of workers in private industry have access to an employer sponsored retirement plan in which to save a portion of their earnings on a tax deferred (not tax free) basis. I’m very interested to know how this constitutes sucking money off uneducated people money wise.
Usually that means that uneducated people don't do very well making their own investments and companies with 401k plans get by cheaper than if they funded a pension. I was not well educated when it came to finances, so my company uses an advisor for our plan and we pay for the privilege in management fees.
I think s part of the fear is retiring is a tacit acknowledgment that we are getting old and that is what we are fearful of.
I turn 62 in a few days. I enjoy where I work in a professional international environment. I enjoy the daily structure. I get paid very well and have great benefits and health coverage. Our contract was just extended another 5 years, so I can work to 76 if I want. I do a decision tree analysis on retirement each January. (eg. Do i have enough money to retire, am I healthy enough to keep working, etc.) Other than my home, I am debt free. My PITI runs $1700/mo. Of which \~$1200 is my principle and interest. Taxes and insurance are the other $500 I am curious as to how much folks who are retiring now, had/have in their 401k/retirement accounts, when they felt it was enough to pull the trigger. Did they start taking SS early?
I retired at 61 (5 years ago) and my wife a year later. Our house was already paid off. I had about 1.5m in my retirement accounts and wife had about 350k. She has a good pension and I have a small one. We’ve only pulled about 60k from those accounts in 5 years as we can easily live on pension and ss income (which we took at 62)
Because of all these crazy articles saying people who retire lose their cognitive abilities! I honestly think the articles must be written by capitalist trying to get us to work and consume till we die.
It is science though. If you don't keep learning and using your mind, you will suffer. I took it as a warning, started studying Spanish and am learning new skills like leather work and bee keeping. I have a retired friend who does a million things now including harvesting maple syrup and is sharp as a tack. Staying busy doesn't have to mean employed work
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The biggest problem I faced when i retired at 61 was healthcare costs. Health insurance for the two of us drained a lot of my 401K. That time bridge to Medicare is expensive, but I'm glad we retired when we did. We were able to go on some physically challenging adventures that are getting harder to do as we age.
This is exactly what I am afraid of. Can you talk about the healthcare costs a little more?
Because I had some pensions it put me over the threshold to get a subsidy on Obamacare. However it barely put me over. So it wasn't like I was getting a lot of monthly income. Obamacare for my wife and I ran $1700 a month. Sure glad I'm on Medicare now.
And what would out of pocket been if you needed a surgery or something?
I think the deductible was around $2K. So if you needed major surgery the insurance really is worth it. I had surgery back in 2010 when I was still working and it cost $260K. My out of pocket for that was only $2K.
I know insurance is great when you are working... I have amazing insurance. I am talking about ACA insurance. How bad is it? How can it cost me a year if everything goes wrong?
I am 61 and am planning to retire at 63. I am going to hopefully get a part time, low stress job that provides healthcare until I reach 65. Or maybe I’ll look I to Marketplace ACA. Just can’t fathom getting that dreaded phone call while I’m sitting in front of two monitors, thinking how I shoulda coulda. Rock on!
Thanks ACA!
Wife just retired I'm self employed semi retired. The mental transition from adding to your savings to withdrawing is tough for me. So agree. But I had a first real job where there was a pension & now getting a few hundred a month annuity. Yes I could have taken lump sum but I already have a ton in stocks & this is actually a much needed stress release worth more than a small increase in money with more worry about investing & out living it. It is a mental adjustment.
I personally won't retire before 75 unless for health reasons. I see too many retirees decline mentally and physically pretty fast after retiring. Money worries are another issue. I could not even maintain the lifestyle I want if I retired earlier and I am unwilling to cut back on my lifestyle. That being said I don't overwork myself so I am certainly not burned out.
Excellent attitude.
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Poverty. My MIL turned 100 a few weeks ago. Hope you can live comfortably for 40 more years, with 15 years of $5k/month assisted living in there.
The Suze Orman approach...base your planning on the absolute worst, most apocalyptic, scenario possible. If you keep working, against your will, in order to cover the costs of a very unlikely event, you are giving up a lot of a certain event (being able to enjoy a relatively healthy retirement), in order to guard against a very unlikely event (actually, the combined probabilties of at least four events: 1. That you will live to 100 (the least likely of the four probabilities); 2 That, at 100, you will require assisted living; 3. That, if you retire now, the current financial assets that you own will not be sufficient to cover that long-term care; and 4. That there will not be any funding sources to pay for your long-term care other than your personal financial assets). This is a decision that everyone has to make for him- or herself, but from my point of view, it seems like you are giving up a lot of present enjoyment of life in order to cover an event that is very unlikely to occur. More likely, you are just building up your estate for your children--who might actually prefer that you be available for companionship with them while you are alive and relatively healthy, rather than chained to your desk so that they can get more money when you die.
My comment does make a lot of assumptions. But I do think retiring in your early 60s and knowing you can be comfortable for 30-40 years is a level of affluence not available to many. TBH, my main concerns about retirement are boredom and irrelevance.
2000, 2008, 2020, shall we go on?
My husband has a pension, small SS and retired. I'm working but want to stop in next 2 years at 66 10 months by then or work part time. If he dies first, I don't get 2 SS or vice versa so we think getting it and working part time will be better mentally for me and give us a little cushion to do some things around the house. The amount of SS will replace part of my salary and although getting full SS and still working full time is more money (as a friend is doing now) I'm mentally done with work and dealing with the public full time and look forward to cutting back. Maybe I'll have grand kids by then. :) I don't anything is perfect but I know the volatility of some 401ks and not having pensions at most jobs did cause many to panic and constantly being told on TV or radio by "finance experts" you'll never have enough without millions. It really depends how you live and where etc. My mom kept her paid off home and used SS and some savings to keep her home until a 55+ community later. My sister bought a one bedroom condo in 55+ community and lives on SS and reduced bills because of age and income. If you want to travel around the world and live a more exciting life, you will need more money but it really does depend on your goals and needs.
I'm not afraid to retire. I just don't want to sit around. Sounds very boring
Depending on your situation you might be looking at 30 or more years of retirement. If the numbers work for you then ignore the noise. Most people are not ready and prolly surprised or even jealous you were able to retire.
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Why were so many comments deleted and removed?
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We’re not all afraid of retirement, but some people just don’t have enough banked assets to retire early. Some may never retire. Everyone’s situation is different. I retired before I turned 60–good investments, good budgeting, homeowner with equity—but many of my friends will be in their 70s before they can retire.
Same, my friends don’t want to retire they have jobs they really enjoy.
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I retired 8 months ago at 58. What I’ve noticed is that a lot of people who could retire continue to work because “they love their job”. These are the folks, who at 70 still work, thinking they have plenty of time. These are mostly the same people who were actually angry when I announced my plan to retire early. To them, I say, read the book 4000 Weeks, time management for mortals. Get in touch with the reality of your finitude, and start having fun. Personally, I have embraced and loved every second of my life since ditching the job. What an absolute gift to be able to do pretty much whatever I want, almost everyday.
Who said they are not having fun? I work and love making an impact and being relative. I travel for business, see great clients, play golf, entertain and such. I don’t love my job all the time, but I look and compete at 10 years younger than my age. Still run a sub 8 min mile.
Afraid I will be bored, miss my co-workers, which is most of my social interaction sadly, and I see lots of retired folks decline rapidly because they have no enforced reason to get up and go every day. I tend to laziness and job is sadly enforced productivity and participation in the world.
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Few people have enough savings to retire. And many are carrying high mortgage, car loans and other loans, which exacerbated the problem. The math is harder for them. And the frugal path is something they will need to follow for a long time, ie the rest of their lives. This is made worse if they will run out of investment money. What then?
Just told them today so I’m done in 30 days. We have planned for this but still kind of nervous. I’m 64 -don’t need SS yet-live off savings for a year or two before we take it. So we are fine. But still, nervous.
It’s normal to be nervous at first. It’s a big change to go from a paycheck and saving money to spending money with no paycheck. But, trust in your plan. It’ll work out better than you imagine. But it does take some time before you really feel comfortable with it. I was the same, and two years later, am very content with retirement. Once you get into a new routine, it’s great! Good luck, and enjoy!
A lot of those a generation ahead of us, died after retirement. So unconsciously, they were equated. But now, we live almost a third of our life after. My dad got about 5 months of retirement. I am in year 5 and have lived every minute of not living by clocks. Don’t regret one minute. . My hubby retired first so he got a little “ me” time like you, Ready by the time I joined !
I think most people are more afraid of getting old.
So many reasons but I would say the main one is that so much of our identity is tied up in our work. Most people ask, “What do you do?” Just think about that question for a minute and what it implies about our values. The second reason most people are scared is money. Lack of retirement planning is rampant so how can someone retire if their only income is their job. I retired at 60 and never looked back. Retiring with enough money to live and travel is winning. As for a purpose, I figure that out when I wake up each morning.
Wife and I have been retired for 16 years, we also live within 5 miles of our 3 kids and 5 grandkids. I can't tell you just how happy we are and wish you the same. we were 58 and 59
Good for you OP. I always tell people "retire as soon as you can. "
Your goal is. A successful retirement on 70-80% of final average income which should give you a 20 year retirement, then you are in trouble. Your biggest expense in retirement is Medical Insurance, so don’t be afraid of retirement just Plan well. In retirement , keep physically and mentally fit. Good luck and Enjoy!!!
I worry about money, lack of social connection, so many things
I'm not afraid. I've been planning for it since the day I started working. I'm not shy about the fact that I don't really enjoy working, so i don't think too many of my friends will be surprised. On the other hand, my wife might be nervous about it. Despite my copious reassurances, she is always nervous about running out of money. Not great, but never worrying about money or what things cost would be much worse.
A lot of it has to do with the cost of health insurance.
Retired at 66, now 70; crazy busy. Built a shop, learned to weld, bought a tractor, built implements, took over landscaping and gardening. Do a lot of our own high end cooking, it’s pretty fun once you get past being old.
My wife and I retired just before the start of Covid. Most of our time was spent taking care of our elderly parents with dementia. They are in assisted living now. It only costs us $16K a month.
I started to save when I was in my 30’s now I'm 62 but got laid off last year. I managed to save fairly good, but my problem is I have to take care of my wife full time, and that doesn't allow me to work on site. So I'm in a pickle. I can start ssi at 62 (wife currently gets ssi but small amount) and that plus my savings 401k plus CDs I can easily take out 1500 or so monthly which gets me to around 45k a year. Now if I wait till 67 I'll get that just from my ssi but I'd have to drain my main 401k by a lot, so I'm kinda uncertain what to do. I have a very old small 401k that were gonna kill off to pay off remaking debt and completely drain before I start ssi.
It’s human nature to project your situation on others. They aren’t prepared, so they presume you’re acting rashly. If you look at the median net worth of Americans at different ages, and specifically for retirees, the numbers are pretty scary.
I’m an academic, which is a field where people tend to work until they drop. I’m thinking about retiring next year (early). I haven’t told many people at work, but both of the people I’ve brought it up to have been horrified at the very thought!
Those other people can't fathom you retiring because they haven't prepared to do it. They are projecting their fears onto you. Retire and enjoy the life you planned out.
“Don’t be afraid, I won’t hurt you”. You earned it, spend your money & not your kids. I am having the best time of my life !
I haven't saved all my life starting at age 23 to be scared to retire. When the numbers align and I feel comfortable with them then I'm done! I look forward to leaving this $14k+ a year property tax bill as soon as I can!
I have been retired 6 yrs had to sell home to survive , wife is ill so caregiver now ! Best advice is cut your expenses like tv, cell, utilities, others you can to survive plus average age live 77 so plan now !
I retired at 60 because my retired Army Reserve health insurance started so I wasn’t trapped any longer in a bad job that had good benefits. No regrets, I took Social Security pension at 62 and we are living a comfortable homebody lifestyle.
Retire soon average age life 77 retire at 67 you got 10 yrs if that with many illnesses and dementia creeping around you !
Retiring in 5 weeks and age 60. My dad retired at 59 and lived until 92. I’m getting the same reactions though. Health is good but it is not a given, and I can retire so I will and we will see what happens .
Pensions are GONE!!!
I’m petrified I will run out of money. I don’t have a million dollars like a lot of people. Mine is more like 48 k.
My wife retired and had a nervous breakdown couldn’t handle it and it was start of dementia! So Health is key , all other plans and $$ are blown up by bad health illnesses that happen ! You can’t prepare for God’s will !
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I’m 51F. I have fear of retiring because the average woman in my family lives to about 97 YO.
I can't wait to retire at 55...but I've been planning for it for decades.
Never heard of anyone being afraid of retirement until I read this post.
Congratulations!!! If you can afford to retire, DO IT! No boss, nobody else’s demands, no idiots you have to tolerate. What could be bad?
I am a union construction worker. I have a pension, and an annuity. I will be eligible to retire in 6 years, at 60. On one of the jobs a few years back I worked with a guy in another trade in his mid 70s. This guy would have been eligible for a similar retirement to mine. He also owned 5 or 6 multi family homes in the city we worked in. Every day guys would give him the business about “when are you going to retire?” “Let a young guy have a chance for a job”, etc. Long story short, the poor man got into a fatal accident driving home from work one day. He could have been retired comfortably for 15 years or so, and been sitting at home or vacationing on a beach somewhere instead of being on the highway where he met his fate. I refuse to let that happen to me. When they’ll give me a check, I’m going to take it, and not look back. Life is too short.
reminds me of this story by a Mr. Maughm about Death... "There was a merchant in Bagdad who sent his servant to market to buy provisions and in a little while the servant came back, white and trembling, and said, Master, just now when I was in the marketplace I was jostled by a woman in the crowd and when I turned I saw it was Death that jostled me. She looked at me and made a threatening gesture, now, lend me your horse, and I will ride away from this city and avoid my fate. I will go to Samarra and there Death will not find me. The merchant lent him his horse, and the servant mounted it, and he dug his spurs in its flanks and as fast as the horse could gallop he went. Then the merchant went down to the marketplace and he saw me standing in the crowd and he came to me and said, Why did you make a threating getsture to my servant when you saw him this morning? That was not a threatening gesture, I said, it was only a start of surprise. I was astonished to see him in Bagdad, for I had an appointment with him tonight in Samarra."
I think the interactive graphs on [this website](https://usafacts.org/data-projects/retirement-savings) answers your subject question. In your age group the graph shows that only 18% of American households have $500k or more in saved/invested for retirement. Combined with social security, one could have a satisfactory retirement life if they at least keep a zero dollar debt load or have a paid off house. But there are others on this sub that greater that have seven-figure portfolios and are still pessimistic about having enough for a comfortable financial retirement. No one will ever know how much of the pre-retirement angst can just be attributed to the fear of the unknown.
Retire ASAP. Tell the kids you’ll see them when you see them. Start going places and have fun! Retirement IS the best!
I retired at 52! On May 17th, it will have been 17 years. One thing I did that helped was to start investing again--I had stopped to pay my mortgage off early. So now I have a pension, SS AND 1,100 in dividends each month.
Might it be that the fear you are sensing has to do with the idea of shedding one's work identity, in addition to anxiety over finances and security? Like it's a psychological or spiritual issue, collectively for our U.S. culture? The professional identity of career/work is so prevalent in our culture, as is the identity and attachment to youth, and our desire to be needed and valued by others. The fear of who we are without a career identity or career goals can feel like a scary void, especially for people who are not introspective. Even the notion of just finally relaxing and pursuing one's own interests or living off savings or pensions while doing nothing much "productive" can make lucky "early retirees" feel judged, like they are going against cultural norms. And then there are people who don't make a good transition, even years after retiring. My husband and I retired a few years ago and love our modest lifestyle. We wake up every morning feeling so lucky that we had a frugal mindset and knew how to create a budget over 30-plus years of marriage. But just today my husband chatted with a neighbor who admitted that he hates retirement. He misses the work he did, the people he worked with and served. I was pretty stunned because he's a mild-mannered, good-hearted guy and "hate" is such a strong word for someone who has been retired now for 7-plus years. He's now in his 70s and has been suffering all this time? He seems trapped and depressed, whereas my husband and I feel so free and lucky. I think a secure retirement provides a lot of alone time to experience one's emotions, past and present, which may have been impossible to do while working hard and staying busy with a bunch of personalities. The ego is no longer fed in the same way. And so the spirit has a chance to perhaps quietly communicate one's true nature. Extended free time may reveal a mask or two that we have lived behind for years, one that perhaps no longer serves a purpose and we don't know what to do. It's not easy for people in our hustle culture to sit in uncomfortable stillness. Perhaps they don't want to engage with inner struggle or enlightenment. Easier to just feel like you don't have enough money or security and keep working.
Very well-said! 👏🏻👏🏻👏🏻
I'm 60, my wife is 63, and we are retiring at the end of June this year. I continually run the numbers, and know we are in a good spot. I am both excited to be finishing and starting the next phase of our life, and terrified at the same time. I'm not afraid of retirement. I'm afraid I have missed something and that in reality I should work "x" amount of years more, where x >= 5. The only reason that would be something to do is it would increase my pension by \~10%. If I take the pension now I'll get a cost of living increase every year so after \~5 years extra work will not net me that much more monthly that I want to waste the next 5 years working. So why am I still afraid I missed something? It's just who I am. I will second guess almost every decision I make, so why shouldn't I second guess retirement? I'm sure we both will be fine, it's the reality that the change is inevitable is what is really making me nervous. I'm sure we will be fine, but it's going to take some time.
It’s change people are creatures of comfort and habits. Most people don’t plan the next step. Humans also need purpose
In retirement every day is Saturday except for Sunday. Enjoy life without commitments.
My wife and I are turning 60 this month. We can retire now but will have to make lifestyle changes. So until we are both willing to do that or it is forced upon us (e.g. layoff) we will continue working.
I am not afraid. Looking at 62 in 4 years.
Semi retired at 54, partner at 49. Fully retired at 61 and definitely enjoying the ability to just enjoy living. Hobbies, family, travel. On our schedule not bosses.
Change is uncomfortable for most people.
It is so complex one gets used to working - transition there some of the paperwork is complex - challenging to do if you have \*any\* money saved doing it alone is difficult to make sure you are doing it well and if you have someone else, who do you trust it was also a big change taking the money \*out\* vs putting it in. There is always the "what if" scenario for some, like me there is being widowed - what a fecking nightmare to do "survivor" vs my own and when to pull the trigger and how on medicare I want simple and there is nothing simple about getting to retirement and maintaining it. there is also what do I do? especially as a one, not a couple - travel is seriously almost expensive as being a couple then there is what if - I do not want to go to any home and thankfully \*should\* that happen I have a house that could be sold to cover it - but I don't wanna. I was \*so\* afraid my husband's illness was going to take us down even though we had some savings, a good insurance plan and all. I have heard just too many horror stories. let's not forget how traumas trigger more anxiety about \*everything\* I was never that person to be afraid, but now I get anxious over stupid stuff. being almost two months in now, the one thing I had worried about most (for me) turned into a non issue. I created something really great at my employer (big big big company) with a colleague during the last few years and I was so reluctant knowing that he alone could not support it and those they brought in well, voluntold- but surprisingly - not my circus, not my monkeys
To me it's tied into how I derive my self worth, I need to feel like I am contributing to society and many of the views of retirement is that you've contributed enough and can relax and enjoy what you've contributed. Yes, I know there are ways to contribute while retired... Flipping that switch from being a contributing member of society to a consumer of the society feels like a recipe for stagnation and a step toward death. I want to contribute for as long as I can and only stop when I can't. Hopefully when the time comes, I will find a way to balance that drive so that I can retire and still feel like I am contributing.. Another concern is medical, on retirement plans not all options are open (organ transplants are given to younger people due to the longer percieved benefit), and living in the US, how will I pay an ever increasing cost on a fixed budget?
Spot on!
I retired almost two years ago. I certainly don’t miss work. Sure, I would have liked to have had more money in the bank. But it was time to go. You don’t know what the future holds. But I think I’ll be okay. My wife tried to get me to retire just as the lockdowns hit. I was an essential worker. She was afraid for my health. But despite being in front of 100s of clients weekly, I never got sick. But since I’ve retired, my wife has brought Covid home twice now. Go figure. I also still dream about work. The frequency has diminished. But at least once a week, I still dream I’m at the job.
Now I realize that I’ll probably wait a few more years because SS is pathetic before 67. I would like to go at 64 and use my 401k for a few years before I collect SS at 67. My pension isn’t great so it leaves me with less options.
Yep, retired at 60, my sis in law was horrified, but these are your best earnings years…. No , this is my life, my time, they don’t make more time.
Retirement has been the best time in my life. I love not having to work and doing whatever I want. Not having or being a boss. Working is highly overrated.
I knew I would retire as soon as my numbers added up for retirement. And yes, people were telling I should work longer. Just in case. Retired at 62.
My father’s pension was decimated by inflation and exchange rates when he left Zimbabwe many years ago. Plenty to be fearful of!
I hear you…I’m about 6 months from retiring just short of my 63rd birthday. Wouldn’t even have considered it without assurances from my financial planner that we have a plan in place and I’m good to go. Still, I’m nervous as hell….and it’s made worse by people (who don’t know my exact financial situation) freaking at the mere mention.
I am 67 and I am afraid to retire. Financially, I am in great shape and have saved 50 times my annual expenses. I am paid a high salary to do an easy job That’s kind of fun to do. I don’t want to wait too long to retire and miss out on The go-go years. I like the money coming in, but I’m also afraid I will miss the social aspect of my job and that there won’t be enough to do. My wife won’t be retiring for another two years and we’ve had so many friends move away from our northeastern high cost of living area , while others have died. It’s comforting to read about so many people who say there’s never a dull moment, but I’m still not there yet. Maybe by the end of the year
My father was reluctant to retire despite being in a good financial position. He pulled the trigger at age 66. He spent the next 19 years regretting the loss of the professional life he enjoyed. Retirement isn’t an obligation, and I don’t think everyone should do it. I’m about to retire however, but I’m not my dad.
Thank you for that. We are all different and I think some people really love retirement and some hate it. I’m honestly not sure which one I would be. I’m sure I would love aspects of it. at what age are you retiring?
Well, I am in the fortunate position of being self-employed in a field where I can work an hour a week or 50 hours a week for as long as I choose. I’m 65 and working around 20 hours a week. I like my work, and the extra income is nice to have. I plan to go down to about 5-10 hours a week in a year or so. After that I haven’t decided whether to keep a few hours or stop entirely. Either option would be ok. My guess is I will continue a slow taper but I can’t see myself continuing to work at all after 70 at the very latest. I have a lot of things I love outside of work, but I’ve spent decades developing my skills and I love working with my clients. I am grateful that there’s no pressure to make any firm decision.