If you could retire early...

[CdnCarrie]

Depends on the company. Some places do have mandatory retirement ages.

I fairly certain that is illegal in Canada - Human Rights violation - except for couple professions like air traffic controllers. https://goodtimes.ca/cant-fired-65/

 

[DLgal]

I wonder if those right now in the late 40s/50s are the last who can even think about early retirement as correct me if I am wrong, but most companies switched just after our generation to non-pensions to employer 401ks. Unless you are lucky and have other savings/cash from inheritance etc... what income do you have`?

I assume those who are retiring early on the 35/40 years and out have pretty good comany pensions + maybe some 401K. How does one pay for healthcare then between let's say 55 and medicare??

I also feel many have different definitions of "retired".. Retired for me means you work for an entity and accure enough benefits and time where you can stop working, where this entity in some way continues to give you an income.. Saving, hitting the lotto, inheriting, sellings, or living below means for me is not "retirement" but I "no longer work"

The main group of "young" retirees are military. You can retire after 20 years with immediate pension payments and basically low cost health insurance for life. Most military retirees are between 38 and 50. Some go on to have second careers, but many retire fully. Military retirees also are eligible for social security at "retirement age."

My husband plans to "military retire" next year, at age 44, after 24 years as a military officer. His pension and VA disability payments will be enough for us to survive, but he still wants to get another job. His second job will allow us to do all the fun stuff we enjoy doing.

 

[tcufrog]

My DH is trying to sell his company. If he sells it then he will be expected to stay around for 2-3 years afterward to help with the transition. My DH has no idea what he wants to do afterward. He's only in his mid-40s. I'm a SAHM who is often busy during the day. During the lockdown, he got bored so he kept bothering me while I was trying to get stuff done. The thought of him at home with nothing to do sounds terrible to me.

 

[tzolkin]

To me 53 is not retiring early- at my job you could retire with full benefits at 50 so 53 would be delaying retirement. I was not ready to move into a retirement setting at 50 but was certainly ready to stop working after 30 years at the same company! I started collecting a pension as soon as I retired and they pay my health benefits 100% so no cost of health insurance for me and it is excellent health insurance, no deductible but co-pays did go up to 25.00 this year from 20.00.

Retiring at 50 with a pension and health insurance is definitely not the norm. You retired "early" and 53 would also be considered "early" by most people. Normal retirement age for Americans is mid-60s because most need to wait until they are eligible for social security and Medicare.

 

[georgina]

The big 4 US accounting and consulting firms have mandatory retirement ages for partners and auditors ranging from 55 to 62. The pensions and other retirement benefits are very good though.

 

[BamaGuy44]

The old joke is "What would you do with all that free time?" Answer: "Whatever the h*** I want!"

But seriously, I don't have a lot of hobbies other than travel, and we already do about as much of that as we could afford or want to anyway. I'm 52 and if I could retire today, I would absolutely love it for about a year, then I feel like I would get bored. I'm just not interesting enough to keep myself occupied LOL. My job is not physically demanding, and I work on side projects for fun in my own time anyway. Might as well keep getting paid for it a few more years.

 

[mom2grace]

I guess the point /question I was more asking was would you retire early if it meant not being able to travel? That’s the trade off my friends are making.

My answer to that is no. Only if there was a really good reason like health issues.

Also not sure I would move into a retirement community at such an early age. - downsizing to the point of not being able to host their family for holidays or even really babysit grandchildren overnight seems drastic change so early.

Have you seen new retirement community homes? They are well designed & spacious. We have friends who just moved to one & they have had an adult child living with them & host/house grandchildren & great grandchildren regularly.

 

[CdnCarrie]

Have you seen new retirement community homes? They are well designed & spacious. We have friends who just moved to one & they have had an adult child living with them & host/house grandchildren & great grandchildren regularly.

Ive seen my friends new place and it’s way too small to host 3 kids plus their spouses and half dozen grand kids for Christmas. Maybe why they chose it! And an hour away from kids.

 

[aprilgail]

Ive seen my friends new place and it’s way too small to host 3 kids plus their spouses and half dozen grand kids for Christmas. Maybe why they chose it! And an hour away from kids.

I am currently looking into a retirement community- not to live full time but for a few months a year- it is actually a good size- 3 bedrooms 2 bathrooms- big enough for my daughter and her husband to come stay- if I had three kids- their spouses and hald dozen grandkids I would rather they stayed in a hotel anyway than at my house- sounds way to chaotic for me.

 

[jecarnl]

I retired 5 years ago at age 42. Now I'm so bored that I am considering some job offers.

 

[MrsPete]

Not only would I retire early, I just did retire at the end of the school year. I liked-but-didn't-love my job; I was good at it, and I liked my workplace and my co-workers, but I didn't like getting up before the crack of dawn, and the work had steadily become more and more over the years. And micromanagement has become a big problem over the last couple years.

Why did I retire when I did? I was at the top of the pay scale and "had my years in", so neither my paycheck nor my pension would ever grow larger. My pension is about half of what I was earning working full-time. I can substitute, but it'll be on my terms -- if I have a trip planned or I just plain don't like teaching a certain classroom, I can say no. And although I'll be back in the school, seeing my old friends, I won't have to plan lessons, call parents, or do anything except supervise today's class. I see it as a win-win.

I don't feel completely retired yet. I'm used to having summers off -- I think it will hit me in the fall. However, I already feel more relaxed. It occurred to me that I haven't really "been off work" for 30 years; that is, as a teacher -- even in the summer -- you're always thinking about your upcoming classes, always considering lessons that you could improve. It felt strange at the end of the school year NOT to be prepping /copying the first two weeks' lessons for August. If I were young and choosing a career path again, I'd choose a job that allows for real time off /not just time away.

For many people, health insurance is a big part of this equation -- maybe the biggest part. I have friends who earn more than me /have saved over the years, but who say they have to stay at work for the insurance. I feel fortunate that my own insurance is $25/month until I am old enough to qualify for Medicare; and I can cover my husband, but his insurance takes 20% of my pension -- ouch. I'm going to get a big raise the year he turns 65!

 

[QueenIsabella]

Ive seen my friends new place and it’s way too small to host 3 kids plus their spouses and half dozen grand kids for Christmas. Maybe why they chose it! And an hour away from kids.

What we plan to do down the line, is rent a vacation home for the kids/grandkids to stay in, near our current home. We live in a beach resort area--they can stay on the beach, we can visit daily, then sleep in our own beds. Of course, they can come here, too--we have a big house with a pool. Even if we downsize, we'll stay in the area. I figure, we'll rent a big house for a couple weeks, and the kids (and their families) can come and go within that time frame, as it works for them.

 

[tzolkin]

What we plan to do down the line, is rent a vacation home for the kids/grandkids to stay in, near our current home. We live in a beach resort area--they can stay on the beach, we can visit daily, then sleep in our own beds. Of course, they can come here, too--we have a big house with a pool. Even if we downsize, we'll stay in the area. I figure, we'll rent a big house for a couple weeks, and the kids (and their families) can come and go within that time frame, as it works for them.

This is exactly what I keep telling my parents. They use holidays/family visits as an excuse for not being able to downsize from their huge house. It has been several years since all of us kids have been to visit at the same time and who knows when it will happen again. They pay nearly $2k a month just in property taxes alone, then add in utilities and upkeep. They could rent an amazing cabin or beach house somewhere if we did all decide to get together and be saving all that money throughout the rest of the year.

 

[CdnCarrie]

I am currently looking into a retirement community- not to live full time but for a few months a year- it is actually a good size- 3 bedrooms 2 bathrooms- big enough for my daughter and her husband to come stay- if I had three kids- their spouses and hald dozen grandkids I would rather they stayed in a hotel anyway than at my house- sounds way to chaotic for me.

I couldn't imagine telling my busy parenting kids that they now have to host all family get togethers as we moved into someplace too small to do so. For sure when I'm older but not this early. But yes every family is different.

 

[AussieFan8]

If I were young and choosing a career path again, I'd choose a job that allows for real time off /not just time away.

Ditto.

 

[CdnCarrie]

Not only would I retire early, I just did retire at the end of the school year. I liked-but-didn't-love my job; I was good at it, and I liked my workplace and my co-workers, but I didn't like getting up before the crack of dawn, and the work had steadily become more and more over the years. And micromanagement has become a big problem over the last couple years.

Why did I retire when I did? I was at the top of the pay scale and "had my years in", so neither my paycheck nor my pension would ever grow larger. My pension is about half of what I was earning working full-time. I can substitute, but it'll be on my terms -- if I have a trip planned or I just plain don't like teaching a certain classroom, I can say no. And although I'll be back in the school, seeing my old friends, I won't have to plan lessons, call parents, or do anything except supervise today's class. I see it as a win-win.

I don't feel completely retired yet. I'm used to having summers off -- I think it will hit me in the fall. However, I already feel more relaxed. It occurred to me that I haven't really "been off work" for 30 years; that is, as a teacher -- even in the summer -- you're always thinking about your upcoming classes, always considering lessons that you could improve. It felt strange at the end of the school year NOT to be prepping /copying the first two weeks' lessons for August. If I were young and choosing a career path again, I'd choose a job that allows for real time off /not just time away.

For many people, health insurance is a big part of this equation -- maybe the biggest part. I have friends who earn more than me /have saved over the years, but who say they have to stay at work for the insurance. I feel fortunate that my own insurance is $25/month until I am old enough to qualify for Medicare; and I can cover my husband, but his insurance takes 20% of my pension -- ouch. I'm going to get a big raise the year he turns 65!

I think teachers and nurses have an ideal situation where they can retire and then sub/ work casual! I wish I had that option available. That would be great.

 

[MrsPete]

What we plan to do down the line, is rent a vacation home for the kids/grandkids to stay in, near our current home. We live in a beach resort area--they can stay on the beach, we can visit daily, then sleep in our own beds. Of course, they can come here, too--we have a big house with a pool. Even if we downsize, we'll stay in the area. I figure, we'll rent a big house for a couple weeks, and the kids (and their families) can come and go within that time frame, as it works for them.

That seems so much smarter than maintaining a large house year-round.

I couldn't imagine telling my busy parenting kids that they now have to host all family get togethers as we moved into someplace too small to do so. For sure when I'm older but not this early. But yes every family is different.

Eh, my mom told me (and my siblings) that she's been at the center of family events for ... well, decades, and she's done with doing the heavy lifting. She wants to attend and will help with tasks or food, but she said we're in charge of the big plans. I didn't think anything bad about it.

I think teachers and nurses have an ideal situation where they can retire and then sub/ work casual! I wish I had that option available. That would be great.

Yeah, teaching is not the same job I signed on for 30 years ago, and it has lots of negatives -- but the retirement details are a perk.

 

[Frwinkley]

Not only would I retire early, I just did retire at the end of the school year. I liked-but-didn't-love my job; I was good at it, and I liked my workplace and my co-workers, but I didn't like getting up before the crack of dawn, and the work had steadily become more and more over the years. And micromanagement has become a big problem over the last couple years.

Why did I retire when I did? I was at the top of the pay scale and "had my years in", so neither my paycheck nor my pension would ever grow larger. My pension is about half of what I was earning working full-time. I can substitute, but it'll be on my terms -- if I have a trip planned or I just plain don't like teaching a certain classroom, I can say no. And although I'll be back in the school, seeing my old friends, I won't have to plan lessons, call parents, or do anything except supervise today's class. I see it as a win-win.

I don't feel completely retired yet. I'm used to having summers off -- I think it will hit me in the fall. However, I already feel more relaxed. It occurred to me that I haven't really "been off work" for 30 years; that is, as a teacher -- even in the summer -- you're always thinking about your upcoming classes, always considering lessons that you could improve. It felt strange at the end of the school year NOT to be prepping /copying the first two weeks' lessons for August. If I were young and choosing a career path again, I'd choose a job that allows for real time off /not just time away.

For many people, health insurance is a big part of this equation -- maybe the biggest part. I have friends who earn more than me /have saved over the years, but who say they have to stay at work for the insurance. I feel fortunate that my own insurance is $25/month until I am old enough to qualify for Medicare; and I can cover my husband, but his insurance takes 20% of my pension -- ouch. I'm going to get a big raise the year he turns 65!

I am 2 years away from retirement as a teacher. It was a mid life career change that I began at age 42. I will retire after 21 years and my pension will be about 50% of my current earnings. I too will have medical insurance until 65 (my DH as well).

We're planning a big trip that first Aug/Sept when I would be getting ready to go back to school. I too adore my co-workers, and substituting is always an option.

 

[JBRB828]

I retired at 50 because my company was sold and the new owners (GUCCI) only took about 5 people that could benefit them in the long run. Unfortunately, those employees were let go after about a year. I swore I'd never buy a Gucci item after that!
I took my 401K and severence pay. My kids were adults and on their own so DH said you dont have to work anymore. That was 22 years ago come July 1. DH retired at 65.