General > General Technical Chat
Retirement - when to take that step (leap?)
CatalinaWOW:
Most of the advice here is good, but actually impossible to follow. For example: Make sure you have enough money/income. But no one knows how long they will live, nor how their expenses will be over decades. Since it is impossible to do an accurate assessment the secret is to be comfortable with the decision without having hard facts.
The decision is personal and will be different for everyone. My decision which was based on a combination of factors (not being able to perform at the bleeding edge all the time, family history indicating I might not live all that long, and a regrettable work experience, among others). Life since retirement has taken a couple of unexpected and unplanned turns, but as with others who have commented I am completely happy with decision. A few more years could have dramatically increased the nest egg, but even looking back I wouldn't trade the experiences for the money. That could change somewhere down the line as a result of further life events or in the world around me, but that is one of those unpredictable situations.
thermistor-guy:
--- Quote from: aargee on August 04, 2021, 06:46:54 am ---...
Just wondering how others have handled this and the transition to a better (or worse?) life.
--- End quote ---
I am looking at retirement but can't quite afford it yet. So, similar to what others have advised:
* Make sure you can afford retirement. Do you have a financial plan that shows it's feasible?
* Watch out for retirement homes. If you think you will end up in one, be prepared. The decent ones
are very expensive, with large bonds upfront (roughly AUD 600k per person). Most are not fit to house
livestock.
* Put the effort into staying healthy and active, so your mind and and body function well, and you can
enjoy life. Nothing worse than being trapped in a weak body that hurts, unable to think clearly, taking
medication that depresses you, suffering at the hands of incompetent doctors, all the while leaking
money through medical bills.
* Think about how you will spend your time. Some people feel lost when they retire.
(I have so many things lined up that I want to do. As soon as I can afford it, I'm out.)
5U4GB:
--- Quote from: daqq on August 04, 2021, 10:12:57 am ---
--- Quote ---Not necessarily like a job, but some occupation that's not only relaxing, but also keeps you from idling around and waste away in front of the TV. Some people find retiring difficult (like my old man); they suddenly feel useless and one of the things that made their existence meaningful is now suddenly gone.
--- End quote ---
Had an old colleague who retired - he was that age. He managed to endure a whole month of it, then went back to work.
--- End quote ---
Was going to say the same thing, there's several not-really-retired neighbours close to me, all of whom kept doing what they'd done while fully employed, just on a part-time basis: Two teachers who still teach part-time, an EE who still works 1-2 days a week to keep his hand in, a carpenter who spends most of the day in his workshop... all of these guys are in their 70s and still doing what they enjoyed and/or were used to.
I suspect their wives aren't complaining about having them out of the way a good chunk of the time either.
nctnico:
--- Quote from: CatalinaWOW on March 12, 2024, 11:52:59 pm ---Most of the advice here is good, but actually impossible to follow. For example: Make sure you have enough money/income.
--- End quote ---
Over here you can buy/save for a fixed monthly pension from an insurance company. That way the person who dies at 60 pays for the income for the person who lives to be 100.
guenthert:
Re: finances
Many years ago, when the social security administration still sent out letters in snail mail stating (paraphrasing) "if you continue to earn this much, you will have so much in retirement". I thought then, well, shit, that isn't even paying the rent.
Not too long ago, I got squeezed out of work (they wanted us to do 60h weeks with no reason given and no outlook of improvement -- when that company already lost half their support staff a year earlier; I presume in a similar stunt) and found it difficult to get hired again (IT in the S.F. Bay area undergoes some transformation). I counted my coins and figured I should be ok (assuming no major turmoil in the financial market, but if something like the Great Depression reoccurs in our lifetime, we're screwed in any case). Funny enough though, I had an advisor at Fidelity walk me through a retirement plan and his Monte Carlo simulations suggested that I need to work til I'm 70. He however didn't take into consideration (even though I explicitly stated as much) that I do expect to receive social security (which ain't all that much, but more than the average retiree gets in Germany) and that I'm free to move to an area of cheaper cost of living (which I did meanwhile).
I have now doubts, that those financial advisors really have my best interest in mind. ;-}
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