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Why did you decide to retire when you did?

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I have a little over 3 years to go. I'm compiling a list of things I will NOT miss when I retire from nursing. So far there are only 3 things I'll miss... the sweet babies I care for, a few of my coworkers although my contemporaries will all be gone by then, and the pay. 

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Retired because I could. If I knew it was this much fun, I would have done it sooner. Enjoy to the hilt those remaining years. Do NOT sit and say, "Lets do this some time. Do it now or you may never do it at all."

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I thought I was going to retire at 69 (in 5 more years) but after my first grand child, I decided to retire next year. I want the time to have with her while I am still young ;-) Plus my wife can stop nagging me about wanting to travel more. 

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46 minutes ago, LouieT said:

I thought I was going to retire at 69 (in 5 more years) but after my first grand child, I decided to retire next year. I want the time to have with her while I am still young 😉 Plus my wife can stop nagging me about wanting to travel more. 

 

I hope you are able to delay taking your SS until you turn 70. Picking up an 8% increase per year is a nice increase in SS income (plus all of the intervening COLA increases!) But if you do go ahead and start drawing SS, make sure that you realize that if you do start drawing SS before your "full retirement age", that there are limits to how much you can earn before you start losing $1 of SS for every $2 you earn!  A gentleman I worked with didn't realize that and continued to work after starting to draw SS and found that out the hard way.  He stopped working right after that!  It's not that you can't work, just that you have limits.

 

Of course, if you're "busy" cruising, that won't be a problem. :classic_smile::classic_smile:    Welcome to the "soon to be retired" group!

 

Tom

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I did it! Turned in the official letter to my director, applied for Emeritus status through the University (Whom is my official employer) …..now to figure out the official days including vacation.....yikes it's for real. August 31st is the official day - vacation after that. Now have a busy few months ahead but the good news is like everything else this last year, it's the LAST TIME! (If any of you have ever been associated with 4-H and county and state fairs, this probably makes sense) It's been very rewarding working with all the youth and their families all these years but I'm just worn out. And want to focus more on MY family now!! 

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After 42 years in education I retired in January of this year. I spent my last 20 years out of the classroom in a technology training position. It wasn't a difficult job, but I just wasn't enjoying it any more. Constant staff changes didn't help.

I did make the mistake of taking a independent contract job right after I retired. I don't really feel retired because I have deadlines pertaining to this contract hanging over my head.

Once I finish this contract, I hope to really retire.

I will be taking my first solo cruise in a few months. I love cruising but my immediate family is elderly and not able to travel and the ones that can travel are not financially in the position to do so. I go to Las Vegas by myself all the time, but a cruise has a different dynamic. It should be interesting.

 

 

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we had a Motel business , so when someone came along and bought it,  that was the time to  retire.  Now we buy and renovate houses  for extra $$ to support  our """luxury"" lifestyle. 

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Retired in May at t 62 when I had OHS.  My employer (DH) paid my salary until the end of year , then applied for Medical Disability, which I received 6 months later.  Disability was  then changed to SS when I turned 66.  DH still works 3 days week, which lets us travel more.

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Hi, I will be 62 next year and have been working for the same coming for going on 29 years. I am seriously looking to retire. I have met with my Broker (I have several investments and my 401),,,,,,,I am ready to retire from working full time. If I could find something part time and add that to my "other income" I should be fine...…...I have no mortgage payment and no car payment.

I could travel when I want.....it is just me. The longer I stay at work, then less happy I am becoming. It is getting to be time.

I will be 62 in March so I would be able to collect SS as well...……….one more year.

 

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1 hour ago, Lois R said:

Hi, I will be 62 next year and have been working for the same coming for going on 29 years. I am seriously looking to retire. I have met with my Broker (I have several investments and my 401),,,,,,,I am ready to retire from working full time. If I could find something part time and add that to my "other income" I should be fine...…...I have no mortgage payment and no car payment.

I could travel when I want.....it is just me. The longer I stay at work, then less happy I am becoming. It is getting to be time.

I will be 62 in March so I would be able to collect SS as well...……….one more year.

 

Don't forget about healthcare.  I found that is the most expensive item to pay because of early retirement.  But if you can do it, go for it!

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55 minutes ago, MHF said:

Don't forget about healthcare.  I found that is the most expensive item to pay because of early retirement.  But if you can do it, go for it!

 

I know...….I have not forgotten about it. I know you can get Cobra for the 1st 18 months after retirement.  Actually, the company I work for has a plan I can keep for that amount of time. (yes it is more than I would be paying if I was working) but it offers the same benefits as I have now. Then at the 18 month point? Well who knows what will happen after Nov 2020?

 

 I have talked with Human Resources already about  a "Hypothetical scenario".   I need to do some more

research about it all...…..I just know the past year has not been good and I wish I could leave my notice now but I will deal with 1 more year...…...at least the light at the end of the tunnel is starting to peek through.

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4 hours ago, Lois R said:

Hi, I will be 62 next year and have been working for the same coming for going on 29 years. I am seriously looking to retire. I have met with my Broker (I have several investments and my 401),,,,,,,I am ready to retire from working full time. If I could find something part time and add that to my "other income" I should be fine...…...I have no mortgage payment and no car payment.

I could travel when I want.....it is just me. The longer I stay at work, then less happy I am becoming. It is getting to be time.

I will be 62 in March so I would be able to collect SS as well...……….one more year.

 

 

One thing for you to remember if you retire and start drawing SS at age 62, is that there is a limit as to how much you can earn before you start losing $1 of SS for every $2 of earnings over that limit. which means that once you hit that limit, you're working for one-half of what your salary is in that job!

 

Tom

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10 hours ago, Pierlesscruisers said:

 

One thing for you to remember if you retire and start drawing SS at age 62, is that there is a limit as to how much you can earn before you start losing $1 of SS for every $2 of earnings over that limit. which means that once you hit that limit, you're working for one-half of what your salary is in that job!

 

Tom

Hi Tom, if I am only working part time at that point? I would not be earning nearly as much as a full time job.  I will make sure I do my research though and thank you for the information.  What is the yearly number, do you know?

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$17,640 is the 2019 amount you can earn before you owe $1 for every $2 you earn

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16 minutes ago, Hellbee said:

$17,640 is the 2019 amount you can earn before you owe $1 for every $2 you earn

Thanks for the information.  So, I guess that will change in 2020/2021.....?

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8 hours ago, Lois R said:

Thanks for the information.  So, I guess that will change in 2020/2021.....?

It is a little more complex than that.  You do get the money back in the future.  Social Security has a very easy to read handbook that explains these complexities clearly. Amazing, right?   We verified our interpretation with Social Security 

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12 hours ago, Lois R said:

Hi Tom, if I am only working part time at that point? I would not be earning nearly as much as a full time job.  I will make sure I do my research though and thank you for the information.  What is the yearly number, do you know?

 

If you are under full retirement age for the entire year, SSA deducts $1 from your benefit payments for every $2 you earn above the annual limit. For 2019, that limit is $17,640.

 

In the year you reach full retirement age, SSA deducts $1 in benefits for every $3 you earn above a different limit. In 2019, the limit on your earnings is $46,920 but they only count earnings before the month you reach your full retirement age.

Reference: https://www.ssa.gov/planners/retire/whileworking.html

Tom

Edited by Pierlesscruisers

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1 hour ago, Mary229 said:

It is a little more complex than that.  You do get the money back in the future.  Social Security has a very easy to read handbook that explains these complexities clearly. Amazing, right?   We verified our interpretation with Social Security 

The only thing you do not recoup in the future is the taxes paid on social security.  Everything else comes back to you if you live to 80ish.  I guess the decision for us is we don’t need to social security to live on and we can outpace the returns on social security.  In other words we are the best steward of our money. 

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Thank you to all who have replied. I appreciate it and will continue to do my research. Thankfully I have a Broker who I have known for many years and he is helping me with the breakdown of everything as well. I have several investments and  those combined with SS are going to be very important to my plan.

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Until I got Medicare, I paid for a high-deductible health insurance policy purchased on the open market. It was pre-ACA days, and it really wasn't health insurance. It was asset insurance.  I never had enough expenses to file a claim.  I did that for about 20 years.



 

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Health, family, social security, and satisfaction from career we’re all big factors. As a fellow Cruise Critic member said, “Retirement is the best job you’ll ever have.”

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I will turn 66 in August and will be at full retirement age.  My company was sold a year ago and I had planned on working for another 2 years, retiring at the end of 2020, when I would be 67 and my wife would be 63.  A month ago, my boss, our CEO, came to me and asked if I would be interested in considering a "severance" package.  He explained that our new company was willing to pay me for an extra year, with bonuses and equity positions included, as if I was still on the job.  I know my heart was racing, but I tried to remain calm, and instead of shouting, "How soon can I sign up for this!", remained calm and asked him what did he want me to do.  He started telling me of a new organizational structure that was coming and they needed to eliminate my position to implement it.  After more discussion, and getting some reassurances about some of my key employees futures, we agreed that August 2, would be my last day.  I will still be getting paid for the same period of time I had planned on working, so it is all working out in my favor.

 

I am fortunate in that we have enough money to retire and enough to last us until we die.  All of my kids are married with good jobs and futures, so we won't be having to support them in the future.  We just sold our condo at the beach, replacing it with a house.  And will now put our main home on the market and move to the beach permanently.

 

I'm not sure I am ready to stop working, but I am sure that I am ready to stop working my current job.  My son's company has a consulting business, that he has told me would love to talk to me about doing some work for them.  I may give that a try, but first, I plan on not even thinking about working for some (limited?) amount of time.

 

I intend to work on getting our house ready for sale, while at the same time working on getting our new house at the beach renovated.  I also plan on getting back on the golf course regularly, which I have not done for 30+ years, fishing, boating, reading, watching TV (Netflix, Prime Video, and YouTube, have a lot of things I would like to see!), spending more time with my grand-kids, taking naps, grilling on my BGE and my new Wilmington grill at the beach, and just generally enjoying life, away from the hectic lifestyle I have been living the past 40 years.  I started working at 16, so I will have put in 50 years upon retirement.

 

I may decide after a while that I want to go back to work, and in fact, if I was 10 years younger, I would really be looking forward to continuing to work for my new company.  They are very good to work for and have lived up to every promise they made to us during the sales negotiating period.  But now seems like a good time to call it a career.  I have yet to run into anyone retired that has told me they hated being retired and wish they hadn't had done it.

 

The issue I do have is medical/dental coverage for my wife, who is not Medicare eligible yet.  We will have the opportunity to continue the current company benefits I have through COBRA, at a much higher cost.  So I may do that.  I will be looking into other coverage for the next 3 years at the same time.  I have appreciated the discussions in this thread regarding Medicare and Social Security benefits.

 

One last thing.  As a retirement present to ourselves, we have scheduled the Viking Ocean World Cruise from Miami to London, starting in Dec 2020 and ending in May 2021.  We have done several Viking River Cruises and have enjoyed them immensely, so we are really looking forward to the Ocean cruise.  

 

Really appreciate all of the discussion in this thread and in all of the Cruise Critic boards.

 

 

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rrgator, nice to read your fairy story! I was downsized out of my only 10-year job in 1995, but I won the lottery in that my physician husband suddenly realized it was better to have me around, packing for the trips he came up with, and generally making a house a home.

 

Twenty-five years later, he is ready to pull the employment plug himself, at 72. His major fulfillment has been his career, but dealing in life-and-death can wear on a person. Electronic Medical Records probably added five years to his working span -- he wanted to go there for a long time but the YOUNGER docs in the office hemmed and hawed until the hospital and the government said "computerize or don't get paid!"

 

So to answer the OP's question: "Why did you decide to retire when you did?" Speaking for my husband: he is just too tired. The hours are too long, and he is losing empathy with his patients (although he disguises that well). And as a family physician and geriatrician, he had seen too many people put off travelling and living to keep working until in retirement their health fails them (this happened to his own father)!

 

Along the lines of RRgator's story, I'm not sure my husband's contribution is over, but we have two big cruises planned for 2020 (SO FAR!) and will remain open to what comes next.

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Decided a long time ago to retire at age 59 as this would provide me 20 good years of travel and activity before my body slows down.  I've seen it a lot...  after age 79, if you are still alive, everything is more challenging physically... and sometimes mentally.

I started planning for retirement right out of college... you need to plan 35 or more years ahead to be financially sound at retirement.


No regrets retiring at age 59.

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