Well, let me share with you all that I made the commitment and sent in paperwork for early retirement last week It came down to how much money do I really need to retire, and I decided not that much. The stress at work has been brutal the last couple years and life is short, the message about Pat just re-enforced that to me. My mortgage is almost paid off and worse case scenario I could get a minimum wage job for a few hours a week. Something with little or no stress! But I think I can sell enough spare car parts to support the hobby and get some things restored. Retirement will cover the bills/living expenses plus about $400 a month for starters. I'm keeping most of the 401k invested for the next decade so I'll have something when cost of living outpaces the cost of living increases. So... If you all hear some whooping and hollering from the West Coast come December 30, 2016 that will be me

John

 

Congrats.


I plan to join you in a few more years. I'm only 52 but will be out before 60.


I semi retired at 50 in the fall of 2014. 100 days work per year now for me until 60 then walk away.

 

Thanks Dave. Yes a career can be satisfying but what's the old saying? Nobody ever laid on their death bed and said "I wish I'd spent more time at the office"

 

An office would be a treat. Try looking out the window of a well site shack at an oil Rig for 23 years. 5-8 more years will be plenty.


Mom told me just before she died at the young age of 56 to do something with today because we aren't promised tomorrow.

 

My goal is to hit 25 years at my job at 51, then retire, especially if I stay unmarried and no kids. Enjoy the extra time and less stress.

 

Congratulations on your decision to retire.
I was in a similar situation. I enjoyed what I was doing (Senior Field Test Engineer) but I was tired of the "office politics" and "musical managers". I planned to retire at 65 in 2017 but family issues "forced" my decision to retire in April 2012 (at age 59-1/2). I DO NOT regret my decision!! My wife has a decent job with good benefits but like me is growing tired of the "politics".
Sorry for the long winded reply but you will make it. Life is too short to be stressed out and your health will suffer. Good luck and best of health in your upcoming retirement!!!!

 

Congrats on your decision, you may be surprised to realize as time goes on, how much less money you can live on as retirement progresses...
My opinion is to retire when you feel the time is right from both a financial and health perspective... For me that was at the age of 49, 2 months short of my 50th birthday... Tried a part time job as a parts drivers for a local Olds/Cad dealer to fill some of the free time I had (or thought I had), only to realize that wasn't true retirement... I proceeded to quit and do only what I wanted when I wanted... That's retirement... Also, it nice to be totally debt free...

 

Congrats. I'm the same age, but I suspect I'll be working another ten years at least. I do enjoy my work, however, but it doesn't leave a lot of time for projects. At least I've been able to dial back the hours to about 3/4 time.

 

I worked for Digital Equipment Corporation for over 25 years and I did quite well. DEC got bought out by Compaq and I was asked to stay on "the going forward team". Well, then HP bought Compaq. HP said "if you are over 50 and have more than 20 years in, we will give you a year's pay cash and medical/dental/vision as a retiree forever. I jumped on that, at 54. I never looked back. Never made nearly the money I made at DEC/Compaq/HP, but I had benefits and my health and no stress. I am now 67. Social Security has kicked in, and I work two part time jobs to keep me out of trouble. If either of those jobs gives me any problems, I'll just walk away and play with my Super 88.

 

Congrats John that is great!!

 

Congrats John, I basically quit at 55 and am 58 now. Had a few set backs since, heart attack, found out I had type II diabetes, but am pressing on. I figure if I had to I can go back to work, but so far have made enough extra money tinkering on other peoples cars. I agree with others, being debt free is a perk.

 

Thank you for the encouragement guys. I had a few moments of butterflys in my stomach as I don't want to get this wrong. But I'm feeling pretty good now and getting more excited every day. I'd applied for a couple promotions recently and not been selected. I figured I'd work into my late 60's. Then when a buddy was showing me the paperwork for his retirement I got to wondering if I could retire or not. That's when I sharpened my pencil and really looked at the numbers. And prayerfully considered how much money do I really need. I've always said the main purpose of my career was to support the life I want to lead. Now I was asking myself if that was true, what am I doing still working! And yeah... things had been changing at work and the stress was grinding me down, its time. No regrets, glad I had the career I did but its time to go on to other things. And finally have the time to restore some of the cars I've been collecting

 

Worked for the same place 31 years, retired at 50. Tired of watching others retire and die within 10 years.Owned a home, was debt free, moved to an area I could live cheaper and own a better home. Sold my old house at the height of the housing boom. Good retirement plan, had savings and good medical.
Been not working 10 years. No regrets.
Everyday is Saturday. Wake up and have the freedom to ask myself what am I gonna do today.
Congrats and good luck.

 

Awesome, glad you can do it. My Wife is taking off the afternoon of her funeral, screw that, I am taking off the whole day on my funeral.

 

Congrats John. I retired at 57 was feeling bad when i did i had diabetes but didn't know it. Went to the doctor he said nothing wrong must be stress. I had heart trouble at 42 got a triple heart bypass.Got my diabetes under control and no longer need insulin i am on pills. I am 60 now. I have been looking for a job but only to support my Drag racing hobby. I can get along fine on my retirement but no cash for extras. In 14 mo i can get my social security. If no job pops up i am going to take it.I have a 401k to fall back on.

 

Concerning being retirement age ,are most of you aware of all the discounts that you can receive using your AARP card.. It's not just Hotels ,as that was about the only one that we had ever associated the AARP Discount Card with ,but the list goes on and on..You can get 20% on Ouback Steakhouse, Bonefish Grill and up to 30 % on some things. Check it out ,you can save some real money by just not being ashamed to admit your age. Hope this helps, Larry

 

3 more years and i am done too..out a 55..i can scrounge enough to live well..

 

Excellent! I did the same. I was shooting for 30 years of military service and at the 27 year mark I tapped out. I woke up one morning and said to myself, "I want to live life, I want to enjoy time with family and friends" and so I did. I put in for retirement and I haven't looked backed. I really enjoy my time now. I have time to visit friends, to track down cars and to work on my own. I never had the time when I had my job.

Congrats!

 

I am very glad for you John. I sold out my business to my partner 6 years ago and then was diagnosed with some major health issues. It took it's toll on me and having my car stuff has been a blessing. I can go out in the shop when I feel like it or not. It has been tight at times and others great but I have to say all in all I am blessed. At 56 to have been retired for the past 6 years. It is amazing how much takes up your time. You will soon wonder how you found time for work.

I hope it is totally awesome for you John.

Larry

 

Congrats, I retired 3 years ago after some major health issues and I haven't looked back!

 

On December 1st,it will be 3 years since I retired at 59 . I had 34 years at a power plant as a certified fitter welder. Ten years prior, I had broken my back and blew out a disk. So crawling in and out of boilers was not cutting it for me. Also my son works there and he was always telling me to leave a few bridges for him.(I could not keep my mouth shut anymore about the B.S. going on.) That is when I decided enough was enough. No regrets. Congrats on your decision.

 

Congrats John, im jealous! Good luck to you i hope it all goes very well and smooth for you.Im 62 and so far plan to work until 66. I have some retirement but not enough to have the same income i have now. I will probably have to down size but thats ok with me. Ill work maybe part time some where car related. Theres a restoration shop here that does very nice work, maybe i can work there and learn some new stuff.
I took 14 months off work before i started this last job, man it was great! I never missed work for 1 second, but then reality set in, and i knew it was time to go back to work. The bank balance was not getting bigger...lol. The only reason i was able to do that was because i had sold my house and i was debt free.

 

As I have said before retirement is the best job I have ever had. I retired at 61, but in reality I was let go (fired) after 43 years and after being pissed for a while I realize it was the best thing that could have happened. I got 20 years of severance pay and 6 months later the company went bankrupt soI skated on that one. I've never had just one job, always had rentals and helped my Old man on the family ranch, I have a gun shop that I work in at times so I can be busy but seldom day to day routine stuff that drives me crazy or makes me board . If I get tired or there is a good car show or road trip I want to go on and the calendar is free I'll take a few days off and get out of town.

Life is good, it's also pretty damn short and the things that were fun when young get harder and not so much fun as you age so do what you can while your body will support it, memories last a life time though and get bigger and better each year.

John I hope your retirement is a long and fun filled one. I will see you around some day as I travel north or come on down for a toddy or beer some time...... The best... Tedd

 

Thank you for your encouragement Tedd. Yes, I hope to get really good at being retired If you head up this way or I go down your way I promise to buy you the cold adult beverage of your choice! John

 

Thank you everyone for your kind thoughts. Boy, there sure is a lot of old farts on this board, myself included I can't think of a better way to spend our old age than playing with cars.

 

Congratulations John. May you have a great & enjoyable retirement. I have been retired for almost five years, though involuntarily. I had a heart attack and was not allowed to return. At first, I was upset, but looking back now, they did me a favor. I had 36-years on the job at the time and was 54-years old, and most importantly, thank goodness, have a pension.

 

2blu442-

Congrats from this mid-40's guy who doesn't see that anytime in my near future, but definitely looking forward to that day when it comes!

My dad passed in his late 40's when I was a teenager unexpectedly, and he had never had the chance to get to that point to enjoy his hardworking and frugal lifestyle - was reminded of this when I heard about Pat yesterday.

Anyways, life is short, and excited for you. Enjoy!

 

John,
As we hear of so many who have been lost at an early age. (You are Young) the age thing gets to us. Build the car you want right away. Don't wait! Enjoy this time you have earned it. Have a blast with all that Olds stuff you have. If you get a chance come up and visit.

Do it before some kind of health issue makes it hard.

I watched my Dad and so many others say, "some day I will build that car". Some day is here do it!

Wishing you all the best.

Larry

 

AMEN! Our local chapter did a tour of White Post Restorations this past weekend. One of the cars in their shop is a 1956 Caddy that is currently painted but needs assembly and about $30K worth of chrome work to finish. This is another case where the owner was going to restore it for a long time and finally dropped it off to be done. Unfortunately, the owner passed away earlier in the year and the widow now has to dispose of the project. It will likely bring only a small fraction of what is actually into it.

The message was: don't wait!

 

Congrats to you,you will enjoy it. I got out 13 years ago @ age 52 with 32 years service,full benefits and debt free. All I do is go around and **** everybody off & then leave. I have to pinch myself @ times to make sure it's not a dream.

 

But I get PAID to do that!

Part of my day job it to serve as the "designated @$$hole" supporting the Gov't program office at companies like Boeing and Lockheed. They pay me to go to meetings and crap on the contractors. I haven't had this much fun in years.

 

You made the right choice if your job stressed you out that much. Stress takes years off your life, playing with cars adds them back! I was basically forced to retire at 62 and was really pissed about it for the first month, then realized how much better I felt. I started a car - related Ebay business which keeps me busy but is also completely flexible if I need it to be. Nice to be completely in control!

 

Joe,
Do you ever come to Huntsville AL to "crap on the contractors"?

 

I'm 53 and financially able to retire but I enjoy working - though not all aspects of my profession are entirely enjoyable anymore.

I really enjoy playing with/hunting down/searching/pandering/selling classic cars. And living vicariously through all of you!

 

That is great John! After reading all of the people here that have or are going to retire in their 50's make me think I need a new job, lol. I will work to the day I die likely. Even with the side money I make on Oldsmobiles I will not be able to retire that early. My dad retired a couple years back and has a job offer every other day... He has filled his time so full of things he was never able to do before that he don't have time to work now.

 

Congrats to you!! You are gonna love it! I retired 10 years ago at 59 1/2 and have loved every minute of it. My wife is 12 years younger than me (my shrewd plan to have someone to take care of me when I am decrepit). We have no debts and just the normal recurring monthly bills. As long as our new Pres does not FUBAR Social Security and such, we should be fine for as long as need be.

 

Such a Kool thread congrats to all who have been able to retire. I'm with Eric, I'll be working for a long, long time.

 

Congrats. I also retired @ 59 1/2 from the company I worked for for 32 years. They offered a buyout and I jumped on it. I keep myself busy with my cars and bowling and doing yard work. My company tried to get me to come back as a contract worker and I laughed. I became SS eligible this year and took that also. I really enjoy being retired.

 

I was quite concerned about the finances prior to my retirement, mainly because I won't be getting a raise anytime soon but that doesn't seem to be an issue. It is much cheaper to be retired (if you are debt free that is). I don't have to run 2 expensive cars, no extra for cloths and gas, less taxes plus I don't have to save for retirement anymore. Seems I can get by with much less than half of what I was making while working. Just throwing it out there for those who are trying to plan for the big day.

 

I'm now 63.5 with 2.5 years to go until my wife and I receive full retirement benefits at 66. I have been a Clinical Lab Sales Specialist for 25 years. 2 years ago I resigned from a huge 9 billion dollar, high stress publicly traded company to a much smaller company. But with a lot less stress, it also came with a big pay cut, but with good benefits I can hang on a bit longer. FYI-any of you have an account with Schwab? My wife and met with a financial adviser a few weeks ago and said at 66 were in good shape but not great at 66. This service is free and I also discovered that they have social security advisors-no charge too.