The “I want to retire soon” thread (2 Viewers)

[fruity pebbles]

We are a largely middle aged group of men. Anyone looking to push up their retirement date? I’ve been a nurse for nearly 20 years. At 52, I’m constantly playing with the numbers trying to figure out a way to retire in the next 3-4 years. Healthcare has changed so much in the 20 years I’ve done it. I’m not naive to it always being a business but it’s right in your face now. I just don’t want to do it any longer. Anyone else looking to get out of the pressure of the rat race soon? what industry are you in and why?

 

[ProstheticRGK]

We are a largely middle aged group of men. Anyone looking to push up their retirement date? I’ve been a nurse for nearly 20 years. At 52, I’m constantly playing with the numbers trying to figure out a way to retire in the next 3-4 years. Healthcare has changed so much in the 20 years I’ve done it. I’m not naive to it always being a business but it’s right in your face now. I just don’t want to do it any longer. Anyone else looking to get out of the pressure of the rat race soon? what industry are you in and why?

Same exact boat as you, but I'm 54 in a month. I'm thinking about doing an on-line Psych NP program to get away from the bedside and up my earnings for the home stretch. I'm hoping maybe a new mental challenge will cure the burnout I'm feeling. Or, at least, make me a nicer nest egg.

 

[SFBayDuck]

That’d be me! Fifty-one. Probably still will have to bring in some income, but would like to get off the SaaS sales treadmill sometime in the next 3-5 years and at least hit pre-tirement.

 

[FairWarning]

I would love to, but will probably never see that day. Inflation has just eaten away everything that I’ve saved.

 

[Terminalxylem]

We are a largely middle aged group of men. Anyone looking to push up their retirement date? I’ve been a nurse for nearly 20 years. At 52, I’m constantly playing with the numbers trying to figure out a way to retire in the next 3-4 years. Healthcare has changed so much in the 20 years I’ve done it. I’m not naive to it always being a business but it’s right in your face now. I just don’t want to do it any longer. Anyone else looking to get out of the pressure of the rat race soon? what industry are you in and why?

Same exact boat as you, but I'm 54 in a month. I'm thinking about doing an on-line Psych NP program to get away from the bedside and up my earnings for the home stretch. I'm hoping maybe a new mental challenge will cure the burnout I'm feeling. Or, at least, make me a nicer nest egg.

We may need a separate healthcare workers contemplating retirement thread.

I'm 51, wife is 50, and we're both on the cusp of retirement. As @fruity pebbles mentions, medicine is too business-like nowadays, and it's super gross.

We originally were shooting for 55, but I'm not sure my wife will make it. She dreads going into work, even though she's only part time. I can go a few more years, but not sure it's worthwhile.

 

[Galileo]

On my way out of education soon. I have one more school year to go (beyond the current year) before I am eligible for retirement with full benefits. I just met with a retirement counselor yesterday to go over some of the details. I am looking at June of 2025 as the jumping off point, a couple months shy of my 57th birthday.

 

[Galileo]

We are a largely middle aged group of men. Anyone looking to push up their retirement date? I’ve been a nurse for nearly 20 years. At 52, I’m constantly playing with the numbers trying to figure out a way to retire in the next 3-4 years. Healthcare has changed so much in the 20 years I’ve done it. I’m not naive to it always being a business but it’s right in your face now. I just don’t want to do it any longer. Anyone else looking to get out of the pressure of the rat race soon? what industry are you in and why?

Same exact boat as you, but I'm 54 in a month. I'm thinking about doing an on-line Psych NP program to get away from the bedside and up my earnings for the home stretch. I'm hoping maybe a new mental challenge will cure the burnout I'm feeling. Or, at least, make me a nicer nest egg.

We may need a separate healthcare workers contemplating retirement thread.

I'm 51, wife is 50, and we're both on the cusp of retirement. As @fruity pebbles mentions, medicine is too business-like nowadays, and it's super gross.

We originally were shooting for 55, but I'm not sure my wife will make it. She dreads going into work, even though she's only part time. I can go a few more years, but not sure it's worthwhile.

Doctors aren't allowed to retire!

I say that simply out of selfishness, because I have settled in comfotably with my primary physician over the course of the last decade. I know she is starting to scale back her practice a little bit now. I dread the thought of needing to start over with a new PCP.

 

[Juxtatarot]

I'm 53 and thinking about retiring soon or, at least, taking some years off and working later on if I get too bored. I think I've saved enough to live off investment income perpetually although doing that might be tighter than ideal. I'm naturally frugal, though, so I'd probably be fine.

The biggest expense I still have to figure out is healthcare since I wouldn't have any until medicare. I'm healthy now but obviously I need some protection in case things change. I could use some advice on this. Someone mentioned in another thread that I could likely qualify for ACA subsidies in retirement since my income would go down so much. After the first retirement year, my income would be very low as it would just be investment income and the majority of that is tax sheltered. Is that correct that assets don't matter, only income? What is the best to get an idea on realistic hypothetical premiums?

 

[ghostguy123]

I already semi- transitioned into this almost 2 years ago. As a nurse of almost 20 years as well (though I'm 43), I went part time at the beginning of 2023, and it's been wonderful. Several years from now I'll probably go even more part time, and then probably go super part time when the retirement itch starts to itch even more.
I've seen too many people "unhappy" going straight from full time to retirement. If you feel burned out then change jobs, or go part time. Try part time first. It's a game changer. Plus, you don't need to wait. Do it right now. Will you need to work more years than you planned? Sure, but it's well worth it.

 

[popeye]

I get my opportunity in January. Found out a couple of weeks ago that my role is being eliminated with my current employer. 34 years in IT. Crunching numbers to figure out what long term approach should be.

When called into the meeting where they shared the news, I was aware many others were having the same conversation that day. Only regret was not working in some version of "Good luck with your layoffs, all right? I hope your firings go really, really well", before the video call ended.

 

[Uruk-Hai]

I'm 61 and have been considering it a lot lately. I don't have a massive retirement portfolio, but I could live out my expected lifespan with relatively the same QoL I live now.

That big fly in the ointment is healthcare. I have some health issues and my job provides a better plan than most Americans get. I could roll the dice, retire, and hope to keep what good health I have until Medicare can kick in at 65. I do not want to pay out of pocket for a comparable plan until then, but a bad turn of health could be ruinous (especially if I survive it and need special care and/or have relapses). So I'm leaning towards working until 65 if I can get there.

 

[IvanKaramazov]

Good thread. I'm 51 and would ideally like to retire in 4-5 years. By that point, I'll be eligible for a modest pension that would be enough to retire on just fine if I was also drawing Social Security, but of course that second part is a long way off. So I'll need to rely on my nest egg to fill that gap for a while. Depending on what the market does over the next few years, I may be able to retire as planned, or I also have the option of significantly down-shifting my work responsibilities (moving from admin back to faculty) that would be essentially a semi-retirement placeholder until I feel comfortable retiring for good. There's very little chance that I'll be in current role 5 years from now one way or the other.

 

[belljr]

52 and I'm doing exactly 12.5 more years to get the maximum payout for my pension.

I could probably realistically retire before then but I am waiting until then

My wife is 55 and she will be retiring in the next 3-6 years (once my daughter graduates college)

 

[Tecumseh]

We are a largely middle aged group of men. Anyone looking to push up their retirement date? I’ve been a nurse for nearly 20 years. At 52, I’m constantly playing with the numbers trying to figure out a way to retire in the next 3-4 years. Healthcare has changed so much in the 20 years I’ve done it. I’m not naive to it always being a business but it’s right in your face now. I just don’t want to do it any longer. Anyone else looking to get out of the pressure of the rat race soon? what industry are you in and why?

Same exact boat as you, but I'm 54 in a month. I'm thinking about doing an on-line Psych NP program to get away from the bedside and up my earnings for the home stretch. I'm hoping maybe a new mental challenge will cure the burnout I'm feeling. Or, at least, make me a nicer nest egg.

We may need a separate healthcare workers contemplating retirement thread.

I'm 51, wife is 50, and we're both on the cusp of retirement. As @fruity pebbles mentions, medicine is too business-like nowadays, and it's super gross.

We originally were shooting for 55, but I'm not sure my wife will make it. She dreads going into work, even though she's only part time. I can go a few more years, but not sure it's worthwhile.

Nurse here as well. Will hit 51 in a couple weeks. If the housing market would quit being a Richard, I plan to buy another couple of rentals and be able to live off my rental income, but that’s not looking like it will happen for a couple of years. I’ll hopefully be able to pull it off by 60, but who knows…

Plan 1A is crossing my fingers and praying that I get a call from a job I recently got a lead on. Significant bump in pay and 100% remote, with govt benefits.

 

[fruity pebbles]

So far I've gone to nights to reduce the number of hours worked. I can essentially make close to the same at 32 hours on nights as I did 40 hours on days. Nights has its own issues though. Not something I think most can do long term. It's a little better but not a whole lot. Think my longer term game plan is retire from nursing at 55-56 and do something that I like better but doesn't pay as well. Luckily I started when they still offered a pension. They axed that shortly after I started and now offer a generous 2% 403B match. I feel bad for the younger kids coming in. I couldn't imagine doing this for 30 years the way it is now

 

[3C's]

60 with a healthy 401k and other investments, owe no one (mortgage free), just the normal bills (utilities, food, health). I often contemplate retirement but then the pay hits the bank account and I'm like "alright alright alright!" I'm in IT, the work is relatively easy (for me) and pays well, I work from home a lot so I get to watch TV in the background (Pro Football Talk on now), work out during the day, take the dogs out to play. Only downside is being on call 1 week a month but even that's not terrible and not nearly as bad as it used to be. I'll probably never quit working completely and when I hit 65 I'll probably go to work at Lowes or something part time.

 

[Uruk-Hai]

when I hit 65 I'll probably go to work at Lowes

I'll probably do something similar. I've been in construction all of my life - both the selling of materials and as a contractor - and I wouldn't mind doing 20 hours a week selling to pros again at a building supply house.

 

[Sleestak]

53.5 years old. FED GOV engineer in the FERS system. Minimum retirement age (MRA) is 57. I will be retiring in late June of 2027. Hanging on to reach retirement age in order to secure the subsidized Fed health benefits for life, and to avoid inflation potentially taking too bit of a bite out of my pension. I've really hit the wall this past year. I need to somehow get enthusiastic again or its going to be a long 3.5 years. Maybe take a leave of absense? Seniority and benefits still accrue as long as the absence isn't too long. But nah, I'll probably just keep my head down and grind it out. I'm a team player.

 

[-OZ-]

47, our youngest is in 3rd grade. I don’t see retiring until she graduates college but we’re on track fairly well for that. Puts me at 61 (hopefully). I can get 22% of my federal civilian pension at 60 so that works out fairly well. That also gives us a decade to use traditional retirement funds before SS.

Part of my job involves advising people leaving the government (military and civilian) and going to work for a contractor. Many of these engineers do quite well consulting or just part time work.

 

[Lehigh98]

Getting laid off and being out of work (with a severance package luckily) for almost a year kinda changed my thoughts on how to approach this. It's boring doing nothing after a while. While I was originally thinking of completely retiring with 0 income, now I'm thinking of picking up some kind of PT job to keep busy that will also supplement retirement. Not sure what that would be yet but would probably do something that changes the math a bit.

Personally, I'm 47 with a HS Senior and HS Soph so won't be able to seriously look at the numbers until we get through college selections and costs. Of course, the other big consideration for a date is healthcare options and availability. No pension here so just relying on savings, 401k, any gov assistance with SS/healthcare if we still have one by then, etc...

 

[STEADYMOBBIN 22]

when I hit 65 I'll probably go to work at Lowes

I'll probably do something similar. I've been in construction all of my life - both the selling of materials and as a contractor - and I wouldn't mind doing 20 hours a week selling to pros again at a building supply house.

Not retired but moved on from construction- For me-I don’t remember the bad jobs or clients very much but I miss the guys I was “in the trenches” with the most. Guys you’ve bled with. The camaraderie. The ball busting.

I’m in a better spot these days than most of them so I try and treat them to sporting events and concerts as much as I can. This summer I’m going to visit my old carpenter who moved back home in Maine.

 

[STEADYMOBBIN 22]

I’m 46 and behind you guys a bit. I have to work until about 65 if I want my full 86% pension.

Not sure I’m willing to go that far. One kid left to send off to college and then I’m going to really grind the new company I’m working on starting now.

Wife can retire sooner. When the numbers make sense we’re out.

 

[belljr]

53.5 years old. FED GOV engineer in the FERS system. Minimum retirement age (MRA) is 57. I will be retiring in late June of 2027. Hanging on to reach retirement age in order to secure the subsidized Fed health benefits for life, and to avoid inflation potentially taking too bit of a bite out of my pension. I've really hit the wall this past year. I need to somehow get enthusiastic again or its going to be a long 3.5 years. Maybe take a leave of absense? Seniority and benefits still accrue as long as the absence isn't too long. But nah, I'll probably just keep my head down and grind it out. I'm a team player.

I'm only staying until 65 because I flipped over late. I was 44 when I flipped from contractor.

 

[STEADYMOBBIN 22]

Also NOOOOOOO WAAAAAY am I working at Lowe’s or anywhere else.

Travel and sitting on beaches is our plan. I can’t even fathom the mentality of wanting to work to occupy my time.

 

[ChiefD]

I'm 54 and I'll get to work until about 87.

Enjoy your retirement jerks.

 

[3C's]

Also NOOOOOOO WAAAAAY am working at Lowe’s or anywhere else.

Travel and sitting on beaches is our plan. I can’t even fathom the mentality of wanting to work to occupy my time.

My "dream" is to work at a ballpark, be one of those vendors selling beer or peanuts in the stands, but that's not an option here. But sitting on beaches doing nothing is not my idea of fun. And maybe it'll change some time but travel has never really been our thing and with 8 or so pets it's pretty difficult anyway.

 

[STEADYMOBBIN 22]

Also NOOOOOOO WAAAAAY am working at Lowe’s or anywhere else.

Travel and sitting on beaches is our plan. I can’t even fathom the mentality of wanting to work to occupy my time.

My "dream" is to work at a ballpark, be one of those vendors selling beer or peanuts in the stands, but that's not an option here. But sitting on beaches doing nothing is not my idea of fun. And maybe it'll change some time but travel has never really been our thing and with 8 or so pets it's pretty difficult anyway.

That’s not a terrible idea if you love baseball.

 

[3C's]

Also NOOOOOOO WAAAAAY am working at Lowe’s or anywhere else.

Travel and sitting on beaches is our plan. I can’t even fathom the mentality of wanting to work to occupy my time.

My "dream" is to work at a ballpark, be one of those vendors selling beer or peanuts in the stands, but that's not an option here. But sitting on beaches doing nothing is not my idea of fun. And maybe it'll change some time but travel has never really been our thing and with 8 or so pets it's pretty difficult anyway.

That’s not a terrible idea if you love baseball.

No doubt. Only thing we have here though is a small college and they're not selling anything in the stands. I did have an opportunity to be one of those guys that carries around the replay monitor for the refs (football) but decided I'm not old enough for that yet.

 

[Sleestak]

Also NOOOOOOO WAAAAAY am working at Lowe’s or anywhere else.

Travel and sitting on beaches is our plan. I can’t even fathom the mentality of wanting to work to occupy my time.

This, so much.

 

[dgreen]

53.5 years old. FED GOV engineer in the FERS system. Minimum retirement age (MRA) is 57. I will be retiring in late June of 2027. Hanging on to reach retirement age in order to secure the subsidized Fed health benefits for life, and to avoid inflation potentially taking too bit of a bite out of my pension. I've really hit the wall this past year. I need to somehow get enthusiastic again or its going to be a long 3.5 years. Maybe take a leave of absense? Seniority and benefits still accrue as long as the absence isn't too long. But nah, I'll probably just keep my head down and grind it out. I'm a team player.

I’m 48 and also FERS. My plan is 57, too. I will have 34 years by then.

 

[STEADYMOBBIN 22]

Also NOOOOOOO WAAAAAY am working at Lowe’s or anywhere else.

Travel and sitting on beaches is our plan. I can’t even fathom the mentality of wanting to work to occupy my time.

My "dream" is to work at a ballpark, be one of those vendors selling beer or peanuts in the stands, but that's not an option here. But sitting on beaches doing nothing is not my idea of fun. And maybe it'll change some time but travel has never really been our thing and with 8 or so pets it's pretty difficult anyway.

That’s not a terrible idea if you love baseball.

No doubt. Only thing we have here though is a small college and they're not selling anything in the stands. I did have an opportunity to be one of those guys that carries around the replay monitor for the refs (football) but decided I'm not old enough for that yet.

I’d like to coach a very small HS football program. I’d do it for free.

We “might” buy some land in West Virginia, there’s got to be a small program out in the sticks that would want me.

 

[fruity pebbles]

Also NOOOOOOO WAAAAAY am working at Lowe’s or anywhere else.

Travel and sitting on beaches is our plan. I can’t even fathom the mentality of wanting to work to occupy my time.

My "dream" is to work at a ballpark, be one of those vendors selling beer or peanuts in the stands, but that's not an option here. But sitting on beaches doing nothing is not my idea of fun. And maybe it'll change some time but travel has never really been our thing and with 8 or so pets it's pretty difficult anyway.

That’s not a terrible idea if you love baseball.

No doubt. Only thing we have here though is a small college and they're not selling anything in the stands. I did have an opportunity to be one of those guys that carries around the replay monitor for the refs (football) but decided I'm not old enough for that yet.

I’d like to coach a very small HS football program. I’d do it for free.

We “might” buy some land in West Virginia, there’s got to be a small program out in the sticks that would want me.

Sounds like fun. Think I’d like to work in a small hobby shop. Baseball cards, coins etc. Like you, I’d do it for free.

 

[Sleestak]

53.5 years old. FED GOV engineer in the FERS system. Minimum retirement age (MRA) is 57. I will be retiring in late June of 2027. Hanging on to reach retirement age in order to secure the subsidized Fed health benefits for life, and to avoid inflation potentially taking too bit of a bite out of my pension. I've really hit the wall this past year. I need to somehow get enthusiastic again or its going to be a long 3.5 years. Maybe take a leave of absense? Seniority and benefits still accrue as long as the absence isn't too long. But nah, I'll probably just keep my head down and grind it out. I'm a team player.

I'm only staying until 65 because I flipped over late. I was 44 when I flipped from contractor.

I was a contractor until age 30, then became a Fed, so I'll have 27 years of creditable service at retirement at 57 yrs old. That's a nice payment, once combined with my and my wife's social security payments.

 

[gianmarco]

We are a largely middle aged group of men. Anyone looking to push up their retirement date? I’ve been a nurse for nearly 20 years. At 52, I’m constantly playing with the numbers trying to figure out a way to retire in the next 3-4 years. Healthcare has changed so much in the 20 years I’ve done it. I’m not naive to it always being a business but it’s right in your face now. I just don’t want to do it any longer. Anyone else looking to get out of the pressure of the rat race soon? what industry are you in and why?

Same exact boat as you, but I'm 54 in a month. I'm thinking about doing an on-line Psych NP program to get away from the bedside and up my earnings for the home stretch. I'm hoping maybe a new mental challenge will cure the burnout I'm feeling. Or, at least, make me a nicer nest egg.

We may need a separate healthcare workers contemplating retirement thread.

I'm 51, wife is 50, and we're both on the cusp of retirement. As @fruity pebbles mentions, medicine is too business-like nowadays, and it's super gross.

We originally were shooting for 55, but I'm not sure my wife will make it. She dreads going into work, even though she's only part time. I can go a few more years, but not sure it's worthwhile.

Yep.

Turning 48 soon and I'll be retiring at 55.

7 years to go and almost starting to count the days.

My wife is very part time right now and won't go more than a few more years.

 

[Brony]

Getting laid off and being out of work (with a severance package luckily) for almost a year kinda changed my thoughts on how to approach this. It's boring doing nothing after a while. While I was originally thinking of completely retiring with 0 income, now I'm thinking of picking up some kind of PT job to keep busy that will also supplement retirement. Not sure what that would be yet but would probably do something that changes the math a bit.

Personally, I'm 47 with a HS Senior and HS Soph so won't be able to seriously look at the numbers until we get through college selections and costs. Of course, the other big consideration for a date is healthcare options and availability. No pension here so just relying on savings, 401k, any gov assistance with SS/healthcare if we still have one by then, etc...

I have kids the same ages. College costs are still be a big unknown, so I need to see where both land before I can fully retire. Healthcare costs have some variability too depending on income, but predictable enough for planning purposes. Hoping to work full time til I'm 55 or 56 than switch to a full WFH easy gig.

I had always imagined selling our house and downsizing to somewhere more exotic, but as I think about it more, the idea of being in a location without knowing a bunch of people sounds less desirable. (I have a lot of family close by). That and since I don't have retired friends close by here makes me slow my roll on retirement.

 

[Sleestak]

53.5 years old. FED GOV engineer in the FERS system. Minimum retirement age (MRA) is 57. I will be retiring in late June of 2027. Hanging on to reach retirement age in order to secure the subsidized Fed health benefits for life, and to avoid inflation potentially taking too bit of a bite out of my pension. I've really hit the wall this past year. I need to somehow get enthusiastic again or its going to be a long 3.5 years. Maybe take a leave of absense? Seniority and benefits still accrue as long as the absence isn't too long. But nah, I'll probably just keep my head down and grind it out. I'm a team player.

I’m 48 and also FERS. My plan is 57, too. I will have 34 years by then.

Nice. You'll be getting a payment of 34% of your final 3 year's average salary. 35% or so, actually, once you factor in unused sick leave. That payment number will begin being indexed for inflation (to a large extent) at age 62.

I'm not mentioning the possibility of you deferring your payments until age 60 or so, and instead collecting SRS from age 57 to 60. For that, I think you effectively have to leave the Fed health system, hopefully going on ACA, and then get reinstated once your annual payments begin at age 60. I forget all the details now. I'm just going to go ahead and begin immediate payments upon retirement rather than deal with the other options available.

 

[guru_007]

My father retired at 55, and my goal is to retire at 54 (just shy of 2 years from now) because I'm competitive like that. Virtual empty nester (one 18 year old still at home, but works full time and barely ever home, probably will move out within a year or two), no mortgage, been piling cash into my brokerage account for years now. I'll be drawing SS benefits the day I'm eligible, where my wife will wait till the last possible moment (she is about 5 years younger than me).
Obviously, like others have alluded to, the big issue is private health care for myself and my wife until Medicare hits.
But, there are a few other issues that I need to tackle in my mind first. First, what to do with ourselves. Sure, I have a hefty reading list, and movies I'll watch and travel will be pretty heavy at least 55 - 65/70. But I mean, that still leaves quite a bit of free time. I love golfing, but I think 1x per week like in a league would suffice. My wife is already looking into substitute teaching gigs as she enjoys teaching (part time, she is not a teacher), but I need a few more things to fill my time. Hiking, gardening, gambling, may join a foodie group or cooking group or something to stay active.
The other issue which I think is going to be harder for me to get a grip on is spending money. I'm real good at making and saving money. I'm relatively good at investing and budgeting. But spending over budget and drawing down from savings is going to give me real anxiety. I will get a good test of that this coming year as I have a ton more expenses than earnings (Daughters wedding, 3 additional trips, few graduations out of state, etc...) so I'm already trying to figure out where to pay for all of this from, but we're a still dual income family. When there is no income other than interest/dividends and draw downs, well that's when the anxiety will set in
Will try to revisit this thread periodically as well.

 

[NewlyRetired]

The biggest expense I still have to figure out is healthcare since I wouldn't have any until medicare. I'm healthy now but obviously I need some protection in case things change. I could use some advice on this. Someone mentioned in another thread that I could likely qualify for ACA subsidies in retirement since my income would go down so much. After the first retirement year, my income would be very low as it would just be investment income and the majority of that is tax sheltered. Is that correct that assets don't matter, only income? What is the best to get an idea on realistic hypothetical premiums?

I should do an AMA for you guys but I bet healthcare is going to be the main question.

The short answer is, as always, it depends on your state.

The longer answer is that is takes a little work. IMO, the best way to find out what you qualify for is to pseudo apply for healthcare and see what plan you land in for your state. The applications for each state are online and after you answer a bunch of questions (similar to applying for college financial aid), you should end up with a large summary at the end. You can use that summary to look at a chart for your state and see where you land.

You will find many tiered plans, ranging from free health care to reduced cost health care. See which plan you land in and that should help you determine the cost.

Note that anyone who intends to work part time, this will effect your numbers obviously and may push you out of a tier or even out of the program entirely.

 

[dgreen]

53.5 years old. FED GOV engineer in the FERS system. Minimum retirement age (MRA) is 57. I will be retiring in late June of 2027. Hanging on to reach retirement age in order to secure the subsidized Fed health benefits for life, and to avoid inflation potentially taking too bit of a bite out of my pension. I've really hit the wall this past year. I need to somehow get enthusiastic again or its going to be a long 3.5 years. Maybe take a leave of absense? Seniority and benefits still accrue as long as the absence isn't too long. But nah, I'll probably just keep my head down and grind it out. I'm a team player.

I’m 48 and also FERS. My plan is 57, too. I will have 34 years by then.

Nice. You'll be getting a payment of 34% of your final 3 year's average salary. 35% or so, actually, once you factor in unused sick leave. That payment number will begin being indexed for inflation (to a large extent) at age 62.

I'm not mentioning the possibility of you deferring your payments until age 60 or so, and instead collecting SRS from age 57 to 60. For that, I think you effectively have to leave the Fed health system, hopefully going on ACA, and then get reinstated once your annual payments begin at age 60. I forget all the details now. I'm just going to go ahead and begin immediate payments upon retirement rather than deal with the other options available.

I don't think you have to leave the health system to get the SRS. However, you are limited on how much outside income you can earn. So, you can't work a decent-paying job and collect SRS.

 

[NewlyRetired]

Besides healthcare, the second biggest question I always get is "what do I do all day"

The common answer you will hear from early retirees is "instead of waking up asking what do I "have" to do today, you wake up and say what do I "want" to do today"

For those that get bored easily or are afraid they won't have enough hobbies etc, I highly recommend looking into volunteering. There are endless (and I mean endless) opportunities to help others.

I have told this story often but I had a buddy who retired around the same time I did. He was a real hard core engineer, focused on his job, and saving and investing like crazy. He was very highly paid at the end. When he retired he wanted something different. So he found a place where adults needed help reading.

They hooked him up with a guy who was desperate to learn how to read as he wanted to get his drivers license to be able to get a job. He had been from a very poor up bringing and time where schools just pushed kids along whether they were learning or not.

Long story short, he helped the guy learn to read, the guy got his license and a job and turned his whole life around. My buddy said nothing working all those years and making tons of money gave him any feeling like he got when the guy told him the good news.

 

[Keerock]

I'm 54 and I'll get to work until about 87.

Enjoy your retirement jerks.

This, unfortunately is me also. Had several financial setbacks (medical expenses, small business hardships, and now a layoff) which put a damper on any hopes of an early retirement. That lottery should hit any day now though.

 

[belljr]

Not sure how the subsidized insurance perk works when i retire but that will help with medicare bridge

 

[NewlyRetired]

It is more clear now than it was years ago when I retired, but please be very wary of the old school 4% withdrawal rate when doing your calculations.

Inflation has effected many retirees who used that, imo, too aggressive withdrawal rate number when factoring to see if their money would last.

 

[-OZ-]

Also NOOOOOOO WAAAAAY am I working at Lowe’s or anywhere else.

Travel and sitting on beaches is our plan. I can’t even fathom the mentality of wanting to work to occupy my time.

I totally understand that. We plan to travel most of the winter and enjoy summers at the lake. But we’re usually better off when we find something of value to contribute. I’m somewhat torn as to whether that’s getting my CFP and working with middle income families in the community, working at fleet feet and volunteering in the triathlon community including race directing, or volunteering at the church in various capacities. Maybe a combination.

 

[-OZ-]

It is more clear now than it was years ago when I retired, but please be very wary of the old school 4% withdrawal rate when doing your calculations.

Inflation has effected many retirees who used that, imo, too aggressive withdrawal rate number when factoring to see if their money would last.

Flexible withdrawals seem like the best COA.

 

[-OZ-]

I'm only staying until 65 because I flipped over late. I was 44 when I flipped from contractor.

I came in at 40. Of course, the military pension helps more than the civ.

 

[NutterButter]

46 here and I actually am becoming the opposite. I certainly have my days, but in general wfh making a good income doing a job that's pretty low stress is something I can see myself doing for a long time. I like the mental stimulation and the wfh along with the hours I naturally have b/c my kids are older gives me more than enough time and freedom to do the things I desire. And all the extra disposable income never hurts.

 

[Sleestak]

53.5 years old. FED GOV engineer in the FERS system. Minimum retirement age (MRA) is 57. I will be retiring in late June of 2027. Hanging on to reach retirement age in order to secure the subsidized Fed health benefits for life, and to avoid inflation potentially taking too bit of a bite out of my pension. I've really hit the wall this past year. I need to somehow get enthusiastic again or its going to be a long 3.5 years. Maybe take a leave of absense? Seniority and benefits still accrue as long as the absence isn't too long. But nah, I'll probably just keep my head down and grind it out. I'm a team player.

I’m 48 and also FERS. My plan is 57, too. I will have 34 years by then.

Nice. You'll be getting a payment of 34% of your final 3 year's average salary. 35% or so, actually, once you factor in unused sick leave. That payment number will begin being indexed for inflation (to a large extent) at age 62.

I'm not mentioning the possibility of you deferring your payments until age 60 or so, and instead collecting SRS from age 57 to 60. For that, I think you effectively have to leave the Fed health system, hopefully going on ACA, and then get reinstated once your annual payments begin at age 60. I forget all the details now. I'm just going to go ahead and begin immediate payments upon retirement rather than deal with the other options available.

I don't think you have to leave the health system to get the SRS. However, you are limited on how much outside income you can earn. So, you can't work a decent-paying job and collect SRS.

I think the question I have is whether you can defer taking your pension payments, rather than beginning pension payments immediately upon retirement, and still stay in the Fed health system (FEHB). As I understand it, the answer is No.

In other words (and ignoring SRS since it complicates the discussion): I retire at age 57. I'd rather wait to begin monthly retirement payments until age 62 because I incur a 5% reduction in payment for each year prior to age 62 that I begin receiving payments. If I start payment at age 57, my payment would be reduced by 25% since I was starting payments 5 years prior to age 62. Normally I'd prefer to wait until age 62 to avoid that hit. However as I understand it, if you are not receiving monthly retirement payments, you are booted from the FEHB system until such a time as you do begin payments. At that time you may choose to resume FEHB coverage, with its lovely premium subsidy.

 

[jwb]

57 here, wife is 61. Like I mentioned in another thread, I'm a self-employed copywriter. I have some fairly steady clients, so I think I can hold off AI for another few years. My wife works part time as a paralegal (4 days a week). She commutes 35-50 min (depends on construction/traffic), so she's starting to tire of that. I could see her dropping to 3 days soon, and maybe out altogether at some point. We buy health insurance through the ACA. It's not cheap but isn't much more than what we paid when she had health benefits at her old job.

We have no pensions - just our self-directed IRA's that I'm steering. Between us we have a solid amount put away but nothing earth-shaking. We did make a big move to NC two years ago, and got our age-in-place house at 2.-something percent, so that's good. No other debt, and no kids. I figure we'll be ok to retire in a few years, especially if I can continue to grow our money via the market. Hopefully the ACA sticks around for healthcare until medicare kicks in.

The one thing I worry about more than anything is boredom. No kids = no grandkids. But without pensions, we'll never have that carefree guaranteed income retirement either, so extensive yearly travel is probably out (we're not big on a lot of travel anyway). There are only so many home and garden projects you can do, so I could see us both continuing to work in some form for the long haul.

 

[Willy]

Health care is the biggest issue for me too. I have a chronic condition that costs a fortune and I don't think ACA would be a great deal for me. I could retire by 55 if it weren't for health. We get insurance through my wife now anyway, so I guess I could retire and just tell her she's working another 11 years. Yeah, that will go over well.