General Question

Pachy's avatar

Are you the retiring type?

Asked by Pachy (18572points) January 14th, 2013

By that I mean, are you newly or long retired, planning retirement soon, or dead set against ever retiring. The financial benefits for continuing to work long past retirement age are obvious, but can you tell me other reasons that caused you to make the decision to leave your nose on the grindstone or take it off?

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20 Answers

YARNLADY's avatar

I’ve been formally retired, receiving Social Security for several years now, but I became a homemaker when my youngest son was born in 1980 and I haven’t regretted a minute of it.

marinelife's avatar

I am not retired. I can’t afford to right now.

LostInParadise's avatar

I am contemplating retirement in a few years, after I hit the minimum age for max social security benefits. I am planning on visiting a number of retirement communities to see if that is what I want to do. I visited the first one this past weekend.

augustlan's avatar

I can’t envision ever retiring. Don’t see how I’ll ever be able to afford to.

burntbonez's avatar

Why would I retire? As long as I’m doing work I love, work is the most interesting thing I can be doing.

Pachy's avatar

@burntbonez, maybe depends on your age. I used to feel the same way.

Pachy's avatar

@augustlan, I thought the same thing only a few years ago but things change. Priorities change.

YARNLADY's avatar

I have to point out that I have a younger husband who makes a very decent salary, and money was not a consideration for us.

Coloma's avatar

I could easily retire, and could have retired in my mid-40’s without one shred of guilt.
I was able to live well on part time work up until a few years ago.
Sadly where I was 5 years ago and where I am now is quite symbolic of the economic carnage of the past 5 years or so. I have no hope of a full retirement at this time, no.

dabbler's avatar

I think it would be great to retire. My job’s ok, for a job, but it’s not like I’d do the same thing for fun.
I’d be busy though, plenty of hobby things on the backburners.

Pachy's avatar

@Coloma, ain’t it the truth?

Seek's avatar

Please. It’s 2013 and I’m 27. I have serious doubts my country is going to exist by the time I’m retirement age. If it does still exist, retirement age will be about 297 by the time I catch up to it.

Pachy's avatar

@Seek_Kolinahr, really meant the question for us knee-creaking jellies, but I hear ya, I hear ya.

Jeruba's avatar

Most of my on-staff working life was a frank trade of my time and skills for their money and benefits. I loved my years as a freelancer, but when you have kids you just can’t take the same risks, and you’ve got to have the insurance. So I did what I had to do and worked for high-tech corporations. I wasn’t sorry to see that phase of my life end, and I don’t envy my former colleagues who are still in that environment. Many of them feel trapped.

My last employer put together an early-retirement incentive package a few years ago, and I was eligible. I thought about it hard for two weeks and then signed the paper. I figured they were never going to make me a better offer.

I found a website that helped me compute the break-even age for my social security: how long I’d have to live to come out ahead on waiting for a higher rate versus taking it sooner. (How much do you give up in payments for the sake of a few dollars more per month? It’s worth doing the math.) Then I chose a date, and went ahead when it came.

Having the freedom of my time is important to me. I don’t have any expensive habits. A freelance job now and then gives me a little extra. I wouldn’t go back if I could.

Bellatrix's avatar

I have a long road ahead before I retire officially. I still need to build up my super for on thing. Even when I do ‘officially’ retire I doubt I will give up work. I hope to work in my community for a start and will continue to freelance in some form.

WestRiverrat's avatar

I do not intend to retire at this time, even if I retire from my current job I would want to work at least part time somewhere.

@Seek_Kolinahr You are still young enough that if you put your mind to it you could make enough to retire without counting on social security or medicare. Between my personal retirement accounts, my pension and SSI I should make as much or more take home when I retire than I do now. It wasn’t always easy and I started later in life than you are now, but it can be done.

wundayatta's avatar

My goal was always to retire at around 55 or so. All my projections were showing us doing fine so that both my wife and I could retire then. Although, it would have been easier if one of us retired and not the other.

Then her work turned into hell, and I told her to retire, and finally she did, at age 54 or so. I am still working. Then again, my work is easy enough that it’s like being retired. Very little pressure.

Still, I’d like to feel more comfortable, financially. The kids have not yet gone to college. And we’re dependent on a long term investing strategy that could go all to hell again, as it has several times in our lives. Still, this last year, my wife tells me, stocks have gone up 13%. According to Quicken (which I don’t really trust, but can’t figure out why), we’ve averages 12% return each year since 1993. I think Quicken must count some things as returns that aren’t, though.

Anyway, even though she isn’t working, our net worth is increasing. But there’s still two college educations to pay for, as well as retirement. I think we can do it. It wouldn’t be a problem if we found a way to cut our expenses. But I’d like to travel. I think I’d like to do workshops and things, too.

So yes, I plan to retire and yes I think I can do it, depending on how the next 9 years go. But I know there will be unexpected bumps in the road before then and even after then, so I’m not counting on nothing.

rooeytoo's avatar

I am 68, my husband is early 70’s and no we will never retire as long as we are capable of working. I like having structure in my life and he likes the challenge of business. I would probably get fat and lazy if I retired.

ETpro's avatar

68 hear too, and about to reach the big 69. I can’t imagine just sitting and watching the world go by, or engaging in only activities to entertain myself. I have to be doing something meaningful. Besides, the old saying is dead right; “It takes a lot longer to wear out than to rust out.”

Seek's avatar

@WestRiverrat Ah, if only age+brains=money. In this country, money+money=maybe some money. And I’m not the entrepreneurial type. There are several small businesses I’d consider getting into, but to be honest, I don’t want the responsibility. Love to cook. I’d love to be a caterer. Do I want to deal with health inspectors and taxes, budgets and equipment maintenance? No, I want to cook food and throw parties. All the extra crap just takes all the fun out of it.

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