Jump to content
Cruise Critic Community
fyree39

Why did you decide to retire when you did?

Recommended Posts

On ‎6‎/‎19‎/‎2019 at 5:58 PM, rrgator said:

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.

 

 

Great story:classic_biggrin:......hope everything goes well...…….I will be 62 next March and I REALLY want to retire next year. I have started my research and will see how it goes.

Share this post


Link to post
Share on other sites

I am a retired federal employee who retired two years ago at age 77. With ongoing cuts under the current administration (not a political comment) and the prospect of more of the same for the foreseeable future I was looking for the proper time to retire. 

That moment happened when a substantial bonus was offered for retirement or resignations. I signed on right away and retired a month and a half later. Alas, I found out quickly that I really didn't retire but merely changed bosses. My wife loves to leave extensive orders on how I should spend my day. 

Share this post


Link to post
Share on other sites
9 hours ago, Doug R. said:

I am a retired federal employee who retired two years ago at age 77. With ongoing cuts under the current administration (not a political comment) and the prospect of more of the same for the foreseeable future I was looking for the proper time to retire. 

That moment happened when a substantial bonus was offered for retirement or resignations. I signed on right away and retired a month and a half later. Alas, I found out quickly that I really didn't retire but merely changed bosses. My wife loves to leave extensive orders on how I should spend my day. 

Hi Doug, so you retired at 75....this is where it makes look at things with a deeper perspective. I am 61 and absolutely don't want to work for another 14 years.....I don't work for Uncle Sam though and my boss makes things difficult as well. Not for budget cut reasons, but I had a wonderful boss for 28 years and back in Jan my company transferred me from my own office to HQ and my present boss is a total "micro manager".

Makes things hard......and I keep saying, another year and I am out of there! I turn 62 in March...…...

Share this post


Link to post
Share on other sites
1 hour ago, Lois R said:

Hi Doug, so you retired at 75....this is where it makes look at things with a deeper perspective. I am 61 and absolutely don't want to work for another 14 years.....I don't work for Uncle Sam though and my boss makes things difficult as well. Not for budget cut reasons, but I had a wonderful boss for 28 years and back in Jan my company transferred me from my own office to HQ and my present boss is a total "micro manager".

Makes things hard......and I keep saying, another year and I am out of there! I turn 62 in March...…...

So much for proof reading. I am 69 and retired at 67. At this age we don't need to add unwanted years to our age. 😆

Share this post


Link to post
Share on other sites

Very interesting stories here.

 

Mine is relatively straight forward.  At age 56, I accepted a promotion that required me to move to another city.  DH worked for same company and would retain his job.  We moved out of our house of 30 years on a Thursday,  on Friday put our beloved dog down as she was too old for the journey and Saturday DH died of sudden heart attack.  Lost my home, dog and husband in 3 days. *****

 

After a six month delay, I made the move to new city on my own and muddled through for about a year.  One very slow day at work, I took an assessment of my savings and realized I had exceeded our retirement goal by a lot.  Of course, savings was enhanced by life insurance and the sale of home and the fact that what should have been for 2 retirees is now only needed for one.  So I took a look around and said SCREW IT - I'm going home.  While I love my job and my co-workers are wonderful, I hate this city and miss my friends back in New England. 

 

I will retire in October with 30 years of service to one company.  I will get a small traditional pension as well as an annuity and get a lump sum to cover health care until Medicare kicks in.  

 

Going on my first ever cruise in Jan 2020 - a world cruise, solo.   Diving into the deep end before learning to swim!  Can't wait. 

Share this post


Link to post
Share on other sites
14 minutes ago, Bennniee said:

Very interesting stories here.

 

Mine is relatively straight forward.  At age 56, I accepted a promotion that required me to move to another city.  DH worked for same company and would retain his job.  We moved out of our house of 30 years on a Thursday,  on Friday put our beloved dog down as she was too old for the journey and Saturday DH died of sudden heart attack.  Lost my home, dog and husband in 3 days. *****

 

After a six month delay, I made the move to new city on my own and muddled through for about a year.  One very slow day at work, I took an assessment of my savings and realized I had exceeded our retirement goal by a lot.  Of course, savings was enhanced by life insurance and the sale of home and the fact that what should have been for 2 retirees is now only needed for one.  So I took a look around and said SCREW IT - I'm going home.  While I love my job and my co-workers are wonderful, I hate this city and miss my friends back in New England. 

 

I will retire in October with 30 years of service to one company.  I will get a small traditional pension as well as an annuity and get a lump sum to cover health care until Medicare kicks in.  

 

Going on my first ever cruise in Jan 2020 - a world cruise, solo.   Diving into the deep end before learning to swim!  Can't wait. 

 

Very sorry to hear about your "Weekend from Hell" but glad to hear that you survived it and that after everything settled down for you and that you were able to realize that, financially at least, things were going well for you and that you were able to retire and enjoy life earlier than expected.

 

One suggestion for you and it may or may not be workable for you as it does depend on other factors such as health and family history. Think about waiting till age 70 before beginning to draw social security. Every year you're able to delay drawing it will increase 8% so waiting from 67 to 70 will increase your payments 24% (it actually increases by 2/3% per month) and you also get the COLA's that accumulate over the period you don't draw also. I was able to do that and my wife is also doing it and she will begin drawing her SS this coming Feb. (she's drawing now as my spouse so that's an added benefit. With both of us getting a 32% raise in what we would have drawn at age 66, it has allowed us much more financial freedom than we expected, that's for sure.

 

Whichever way you decide to go when it comes time to make that decision, I hope that you have a great time cruising and enjoying life. If you ever get up here toward the Seattle area, drop us a line at pierlesscruisers at gmail dot com.

 

Tom

Edited by Pierlesscruisers

Share this post


Link to post
Share on other sites
15 hours ago, Pierlesscruisers said:

 

 

 

One suggestion for you and it may or may not be workable for you as it does depend on other factors such as health and family history. Think about waiting till age 70 before beginning to draw social security. Every year you're able to delay drawing it will increase 8% so waiting from 67 to 70 will increase your payments 24% (it actually increases by 2/3% per month) and you also get the COLA's that accumulate over the period you don't draw also. I was able to do that and my wife is also doing it and she will begin drawing her SS this coming Feb. (she's drawing now as my spouse so that's an added benefit. With both of us getting a 32% raise in what we would have drawn at age 66, it has allowed us much more financial freedom than we expected, that's for sure.

 

 

 Thank you for the tip!  I did some research and if I am not mistaken, I can collect DH's SS at 62 and then convert to my own SS at 67+ without taking a haircut on mine.   Still need to confirm this.

Share this post


Link to post
Share on other sites
On ‎7‎/‎25‎/‎2019 at 6:23 PM, Bennniee said:

Very interesting stories here.

 

Mine is relatively straight forward.  At age 56, I accepted a promotion that required me to move to another city.  DH worked for same company and would retain his job.  We moved out of our house of 30 years on a Thursday,  on Friday put our beloved dog down as she was too old for the journey and Saturday DH died of sudden heart attack.  Lost my home, dog and husband in 3 days. *****

 

After a six month delay, I made the move to new city on my own and muddled through for about a year.  One very slow day at work, I took an assessment of my savings and realized I had exceeded our retirement goal by a lot.  Of course, savings was enhanced by life insurance and the sale of home and the fact that what should have been for 2 retirees is now only needed for one.  So I took a look around and said SCREW IT - I'm going home.  While I love my job and my co-workers are wonderful, I hate this city and miss my friends back in New England. 

 

I will retire in October with 30 years of service to one company.  I will get a small traditional pension as well as an annuity and get a lump sum to cover health care until Medicare kicks in.  

 

Going on my first ever cruise in Jan 2020 - a world cruise, solo.   Diving into the deep end before learning to swim!  Can't wait. 

Good morning, my heartfelt condolences go out to you...…...what an ordeal you have gone through.

 

I am glad you had enough $$ financially to say screw it:classic_biggrin: and it sounds like you made the right move! 

As for the 30 years, I am working for the same company 29 years in December and am ready to say the same thing to them.

I will be 62 in March and will retiring after that point.  I don't love my job any more and that is another story, but suffice to say, it is just me. I have multiple savings/investments and then SS will kick in too. I will

want to do something part time (work) but it will be at my choice.

 

A world cruise for your first ever cruise??? WOW...…...I admire you for the big jump.  I have been cruising solo since 2003.

I am going to make a suggestion....you might try something shorter for the first one.  Just to see if you love it so much that you want to stay on ship for that much time.....just a thought.  I have wanted to do a World Cruise, but even with my stability after retirement, a World Cruise is out of my budget.....maybe one day!

 

Anyway,  I only have 7 more months to go....and in April/May I will probably book a month/6 weeks away.

Need to find the right cruise!

 

Again, wishing you good things and have a great cruise.:classic_biggrin:

Share this post


Link to post
Share on other sites
4 hours ago, Lois R said:

A world cruise for your first ever cruise??? WOW...…...I admire you for the big jump....you might try something shorter for the first one.  Just to see if you love it so much that you want to stay on ship for that much time

 

There was a couple on my recent world cruise who had never cruised before...we all wondered how they would do on a 6 month long trip, but they loved it!!

 

My previous longest cruise was 15 days and now I'm almost finished with 7 months continuously onboard...I love it too!

Edited by Go-Bucks!

Share this post


Link to post
Share on other sites
2 hours ago, Go-Bucks! said:

 

There was a couple on my recent world cruise who had never cruised before...we all wondered how they would do on a 6 month long trip, but they loved it!!

 

My previous longest cruise was 15 days and now I'm almost finished with 7 months continuously onboard...I love it too!

You are my hero:classic_biggrin:....you have been on board since January?...…..awesome!

 

Glad that couple loved it too:classic_smile:

Share this post


Link to post
Share on other sites

we'll be on for 40 daze.  and a lot of sea days.   longest previous cruise was 28 days but  i think there were  25 port days. so  very busy.    i'm really up for a long one.  

Share this post


Link to post
Share on other sites
On 7/27/2019 at 8:37 AM, Lois R said:

 

 

A world cruise for your first ever cruise??? WOW...…...I admire you for the big jump.  I have been cruising solo since 2003.

I am going to make a suggestion....you might try something shorter for the first one.  Just to see if you love it so much that you want to stay on ship for that much time.....just a thought.  I have wanted to do a World Cruise, but even with my stability after retirement, a World Cruise is out of my budget.....maybe one day!

 

Taking a shorter cruise was the original plan, just to test the waters.  But, other things got in the way of doing that.  My thought process is this  1. I don't get seasick.  2. I will have an ocean view for five months 3. I won't have to cook, clean or do laundry 4. I've taken longish solo trips for work, so I know what it's like.  My brother has been on the same shop and knows it will be comfortable for me.   It's a risk but a mitigated one.  

Share this post


Link to post
Share on other sites

Here's my formula: On the day you are eligible to retire, from then on you are working for the difference.

 

In my case, I was offered a buyout with immediate pension benefits at age 52.  I put the pencil on it, had personnel also do the math, and the difference was $500 a month.  I was gone at the end of the pay period.

 

Best decision I ever made.  I am now 68 and we have spent the last 16 years enjoying the gift of time.

 

Side note, we also lived below our means and saved/invested all of our lives.  We didn't spend money we didn't have to buy things we didn't need to impress people we didn't know.

Share this post


Link to post
Share on other sites

Well, I am on the downhill swing. Got the big project done (I work with kids and 4-H and got through my last "County Fair". ) It was bittersweet but physically it's been a hectic last 2  months with all the workshops I teach and then getting ready for the Fair. Than means LOTS of physical labor.... and let me tell you, each year it takes longer to recover. It's been 5 days and I'm still feeling it, which is why I chose to retire when I did. Had the party with the 4-H'ers and the party the next night at the wine bar....was a bit much to be the center of attention but now that it's done, I'm getting the office cleaned out for my replacement. This might be awhile due to the University  being a part of the hiring process but they will be fine. You know it's time to go when you spend more of your time saying "well it USED to be like this...."  

 

I will be in and out of office to end of month. No more projects or presentations. I will miss the kids and their sweet ways and the people I worked with but my mind and body just need to plan cruises, not projects! 

Share this post


Link to post
Share on other sites

Retired at 59 1/2 in 2016 from a 35 yr career in the energy services industry. Major corp that 98% of folks have heard of on the news, mostly with a bad spin too. I had watched the company devolve for several years and one day they crossed a line in the sand that I had imposed and I simply said "enough". Turned in my laptop, explosive license, security passes and handed them the keys to my company car. Kinda left them standing there slackjawed. When asked what I was going to do, I replied "not a thing I don't want to" and we went cruising. Since that day in May 2016, we've been on 19 cruises and have 7 more booked. Told our adult children that our retirement plan was to cruise, eat, drink and enjoy life to the fullest and hopefully the last check written on our account to bury us will bounce.

Edited by Cmackdaddy

Share this post


Link to post
Share on other sites
12 hours ago, Cmackdaddy said:

Told our adult children that our retirement plan was to cruise, eat, drink and enjoy life to the fullest and hopefully the last check written on our account to bury us will bounce.

 I love it. We've told our adult kids the same thing, plus we want to slide into our funeral at the last minute with a balloon in one hand, a drink in the other, and exclaim "Whooeee, what a party'

Share this post


Link to post
Share on other sites
15 hours ago, Cmackdaddy said:

 Told our adult children that our retirement plan was to cruise, eat, drink and enjoy life to the fullest and hopefully the last check written on our account to bury us will bounce.

Ha!  I told my daughters that it was either weddings for them or a world cruise for me.  They said to go on the cruise and they will pay for their own weddings thank you very much.  Love my girls.   

Share this post


Link to post
Share on other sites

Worked 40 years for a Large grocer in Florida as a truck driver. Tired of going to work at midnight and dealing with I-75 and I-4  traffic every day. Retired at 60 years old and 3 million miles without an accident.Now trying to get in as many vacations as possible while I still have my health!

Share this post


Link to post
Share on other sites
1 hour ago, fla gang said:

Worked 40 years for a Large grocer in Florida as a truck driver. Tired of going to work at midnight and dealing with I-75 and I-4  traffic every day. Retired at 60 years old and 3 million miles without an accident.Now trying to get in as many vacations as possible while I still have my health!

Good for you!  Welcome to the world of the retired!

 

Tom

Share this post


Link to post
Share on other sites

My last day in my office......TOMORROW! I'm a little numb at the moment. Writing thank you cards....

Share this post


Link to post
Share on other sites
3 minutes ago, amypete said:

My last day in my office......TOMORROW! I'm a little numb at the moment. Writing thank you cards....

Congratulations!  Hope you enjoy your retirement and find that every day is better than the previous one but not quite as good as the next one!

 

Tom

Share this post


Link to post
Share on other sites
1 minute ago, Pierlesscruisers said:

Congratulations!  Hope you enjoy your retirement and find that every day is better than the previous one but not quite as good as the next one!

 

Tom

Thank you! I have to confess it's a really weird feeling. Can't quite wrap my head around it! 

Share this post


Link to post
Share on other sites
8 minutes ago, amypete said:

My last day in my office......TOMORROW! I'm a little numb at the moment. Writing thank you cards....

Congratulations!  I keep wondering when I'm going to make the decision to hand in my keys. The thought of retiring is both frightening and exhilerating.

I wish you nothing but happiness, good health and smooth sailing in your retirement.

Share this post


Link to post
Share on other sites
4 minutes ago, amypete said:

Thank you! I have to confess it's a really weird feeling. Can't quite wrap my head around it! 

 

It's a nice feeling especially after you get used to it.  It's nice because if you find or hear about a job that sounds interesting or that you'd like to try you can take it knowing that you can quit at any time and for any reason.

 

Tom

Share this post


Link to post
Share on other sites
19 hours ago, Hellbee said:

My last day in my office......TOMORROW! I'm a little numb at the moment. Writing thank you cards....

Fantastic and congratulations on a successful career.  It must be a wonderful feeling.   

 

I am in the countdown period myself.   45 work days to go.  Its starting to become real.  Save the Date evites for the unofficial blow out retirement were sent out for my dear colleague yesterday.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Forum Jump
    • Categories
      • SAIL-AWAY GIVEAWAY - Enter Now for a Chance to Win a 7-day Cruise for Two
      • Q&A with InsureMyTrip
      • Forum Assistance
      • New Cruisers
      • Cruise Lines “A – O”
      • Cruise Lines “P – Z”
      • River Cruising
      • ROLL CALLS
      • Digital Photography & Cruise Technology
      • Member Cruise Reviews
      • Special Interest Cruising
      • Cruise Discussion Topics
      • UK Cruising
      • Australia & New Zealand Cruisers
      • North American Homeports
      • Ports of Call
      • Cruise Conversations
×
×
  • Create New...