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How old is too young to retire?

nala

nala

Ideal_Rock
Premium
Joined
Oct 23, 2011
Messages
7,444
I'm not planning to retire tomorrow. Lol. I'll be 44 in 2 days. My only daughter is off in college, and my empty nest has made me realize that I dispose of a lot of time. I have friends my age who are still changing diapers. I mention these details bc idk if they are influencing my obsession with retirement planning. I should add that I'm a teacher. I've been married to this profession for 21 years. I'm happy to say that I still love it, am wondering where the time went, and realizing it all goes too fast. Anyhow, after I finish putting my daughter through college, I feel like I can really get serious about funding my retirement. Bc I did start saving early and am entitled to a pension, I could retire as soon as I hit 30 years of teaching! Part of me is excited by the prospect. But on the other hand, I look at Hillary Clinton and feel like I'm such an underachiever! Not to mention Feinstein at 84!
I currently work with teachers who have been in the profession for 30 plus years and they look great! Youthful even. So I think it's not impossible to work into my late 50's. But I have to wonder, why?? And the only reason is to make more money. To not deflate my income, even though I'm on track to continue my same lifestyle. So At what point do you prioritize freedom over money?
Idk if there is a thread on this already, but I'd like to hear your thoughts onwhat you think the right age for retirement is. Whether you plan to, refuse to or are already retired and have regrets or none. I know that people vary, but I feel so lost when it comes to this topic.
 
Retire when you have enough money/income stream to support your lifestyle for your life expectancy.

A paid-off house doesn't hurt.
 
This is cliche but there is no right answer. I have an uncle who lived like a monk, rent free with my grandparents his whole life, never went anywhere or did anything, and retired at 45. I have another relative who tried to retire at age 60 and was so bored he started up his own business. It just depends on what you want your life to look like. Is work fulfilling? Is there more you would like to achieve? Will you feel more secure with a few more years on the books? Or are you itching to start a new adventure, travel, write a book? Is there another field that's caught your interest maybe?
 
My wife retired at 55. She is now looking forward to babysitting our grandkids.
 
Nala, I think just having the option to retire is nice. So I would save away so the choice was mine. Good for you that early retirement is even possible!
 
I'm 47 now and I plan on "retiring" the day I turn 59-1/2, March 5, 2030, it's a Tuesday. There will be a party!

Now does that reallllly mean I am going to go home that day and never go back...? Probably not. What *I* am choosing retirement to mean is that and I will no longer make decisions for financial reasons. So maybe I'll keep working -- if I want to. Maybe I'll work more (or less) in my second profession. Maybe I'll go volunteer at the Anti Cruelty Society and adopt a bunch of The Demons great great grandsons. Who knows. But I think it's a positive thing to have a GOAL. So I'm saying to myself "On March 5, 2030, I'll decide what to do next." That date is a goal. You can do that same thing -- if you want. You don't have to decide EVERYTHING. You can decide ONE thing and then plan to decide from there. Or, frankly, you can decide NOTHING right now and continue to feel it out. Wing it. You've got time! And other things to do in the interim. But *for me* I like the idea of having a date on the calendar.

March 5, 2030 -- did I mention the party?! :cheeky:
 
Dee*Jay, I'm coming down for that one :clap:

Retirement is SOOO far for me. I only hope one day I can. I could see working PT as a way to ease into retirement. The people I see who do retirement well have hobbies and travel. They are excited about life. The ones who don't just sit at home and surf the internet all day. I think it is important to always have something that drives us out of bed. Too often people get depressed after retirement.
 
Dee*Jay, I'm coming down for that one :clap:

Retirement is SOOO far for me. I only hope one day I can. I could see working PT as a way to ease into retirement. The people I see who do retirement well have hobbies and travel. They are excited about life. The ones who don't just sit at home and surf the internet all day. I think it is important to always have something that drives us out of bed. Too often people get depressed after retirement.
 
I'd like to retire around 55, which is 20 years from now. I like my job but I like doing nothing better.
 
Before my husband passed away, I was planning on retiring at 40.

What that meant to me was taking on a fun job that might not pay anywhere as much as the job I had at the time. I also wanted my DH to shift from Full time to part time so that he could have long weekends to pursue passion projects.

Retirement meant no longer having to be a slave to the $$$.

Being a widow changed that. However, having been prudent with money, I have the luxury of not jumping back into the work force ASAP and may try something new and outside my normal pursuits.
 
I unfortunately have to work longer than I want to...my plans at this time is to retire at 62, I am going to be 57 in a couple of months.....once my house is paid off and all my other debts are paid then I am done with working and that is going to be right after my 62nd birthday...my house gets paid off 08/01/23..however me and hubby are going to try and start making extra payments on the house to hopefully get it paid off sooner.
 
It sounds as if you are considering what is the next chapter and that is something very exciting to look forward to!
I left my corporate job at 58 (2 years ago) and now am self-employed with DH managing rental properties and flipping real estate. I got my real estate license and do our sales and purchases of homes. Probably working 20-30 hours average a week now as opposed to 50 hours/week with 2 hour daily commute. So semi-retired. I LOVE being self-employed!

I only miss the cheap health insurance and obviously, the higher pay. But I was a good saver (maxed out 401K savings) and feel that the reason I put in those long, hard hours and dealt with the corporate world was so that I can have this freedom earlier than age 65.

We now have the ability to take vacations longer than one week and are taking our first 3 week vacation in March. We travel 6-8 times per year without being constrained by my work schedule.

I don't know if I ever want to 'retire' to the point of having no employment. I think we all need to have a sense of purpose when we wake up---whether caring for children/grandchildren, working part/full time or volunteering.

But it depends on what you envision yourself doing when you retire. And it can change and evolve as you figure out what works for you.
 
Nala congrats on your dd leaving the house and being in college. It's a whole new time for your family.

There is no one right age for retirement of course. It depends on so many factors. Financial health, interests and where your passions are. It is important to have a sense of purpose complete with goals and passions to continue one's love affair with living. But retiring from one's occupation does not mean one no longer has a sense of purpose. That sense of purpose can now be redefined and clarified even more so when one retires from their job. Life can have a new sense of purpose with new goals and one's passion for living can be even more clear and focused.

One comment I will make is that each day is precious and enjoy it to the fullest as we only have right now and are not promised tomorrow. Try not putting off what you want to do for the promise of the future. Within reason save for your future but make sure you are living your life right now. That is all we know we have for sure and we have all seen life change in a moment.

I retired less than 2 months ago and so far I am loving being retired from my occupation. I have a whole new sense of freedom.

I loved being in my profession and helping others but I was ready to stop with all the changes in healthcare because it was no longer appealing to me. I felt I couldn't help my patients the way I once did and I didn't want to sacrifice the care I gave them. It was time after almost 30 years in my profession. Though my education was quite a large percentage of the years I practiced it was all worth it IMO. I feel good about the service I provided and feel good about the work I did and it was time for me to leave. No regrets.

Having said that I wonder why so many equate retiring from one's occupation with retiring from enjoying life. Nothing could be further from the truth. Now I feel more relaxed and able to enjoy life's adventures (thanks Sharon hehe) and while my dh is still working and has no immediate plans for retirement his workdays are more flexible and he can occasionally work from home and so our free time is more flexible now.

I am very fortunate in that I am able to retire and I realize many are not so lucky and I am going to enjoy every moment of it. The possibilities are endless and it is all still quite new to me so retirement is, for me, if you will forgive the play on words (hahaha) a work in progress.


img_8074.jpg


predestination.jpg
 
Elizabeth35 said:
I don't know if I ever want to 'retire' to the point of having no employment. I think we all need to have a sense of purpose when we wake up---whether caring for children/grandchildren, working part/full time or volunteering.
Click to expand...

I think this is spot on! Whatever that is, as long as there's SOMETHING, I think it goes a long way toward happiness in "retirement."

I realized I forgot to put in my first post that I only work three days a week now at my financial job, so I guess I semi-retired from that five years ago at 42, but I'm also a realtor and I've somehow become the "business manager" for two people who run cottage industries (a lady who makes cowhide bags and another lady with a small boutique). So somehow, even though I only "work" three days a week, I WORK every day at something, and those other two somethings are things I can do long after I decide to leave my financial job (whenever that might be).

Would you consider that Nala? I.e., starting to cultivate something else that you have an interest in that you can continue after you retire? That could be an exciting chapter to move on to at that point!
 
After reading all the very wise replies, I think that I realize that I allow my profession to define my identity, much as I allowed motherhood to do so. Is there anything wrong with that? Maybe. Maybe it is limiting. Or maybe it provides a false sense of comfort. Or maybe it isn't. Maybe this identity gives me a sense of purpose.

I think I fear losing my professional identity completely. I'm a very dedicated teacher and when I try to imagine doing something else, I'm at a loss. I'm credentialed to be a principal and there are many opportunities within the district to try something new, but I'm just not there yet. I still love what I do. I think that I'm wrestling with this issue so much Bc I'm a planner.

I'm by no means sacrificing too much for the future. I've just made good decisions until now that have paid off. Hubby and I have lots of free time and we travel or entertain ourselves otherwise.

But this carefree lifestyle has me wondering what is next. Bc it's a chapter in my life that I didn't anticipate facing so soon. I'm on the lookout for new passions. That is one of my goals and I will have to cultivate more before I can shed my professional identity, that's for sure. I guess that I just don't know where to start.
 
Dee*Jay said:
I'm 47 now and I plan on "retiring" the day I turn 59-1/2, March 5, 2030, it's a Tuesday. There will be a party!

Now does that reallllly mean I am going to go home that day and never go back...? Probably not. What *I* am choosing retirement to mean is that and I will no longer make decisions for financial reasons. So maybe I'll keep working -- if I want to. Maybe I'll work more (or less) in my second profession. Maybe I'll go volunteer at the Anti Cruelty Society and adopt a bunch of The Demons great great grandsons. Who knows. But I think it's a positive thing to have a GOAL. So I'm saying to myself "On March 5, 2030, I'll decide what to do next." That date is a goal. You can do that same thing -- if you want. You don't have to decide EVERYTHING. You can decide ONE thing and then plan to decide from there. Or, frankly, you can decide NOTHING right now and continue to feel it out. Wing it. You've got time! And other things to do in the interim. But *for me* I like the idea of having a date on the calendar.

March 5, 2030 -- did I mention the party?! :cheeky:
Click to expand...


Congrats! I love that you know exactly what you want!!! Maybe I'll get to that place soon! You are right, I don't need a road map just yet.
 
missy said:
Nala congrats on your dd leaving the house and being in college. It's a whole new time for your family.

There is no one right age for retirement of course. It depends on so many factors. Financial health, interests and where your passions are. It is important to have a sense of purpose complete with goals and passions to continue one's love affair with living. But retiring from one's occupation does not mean one no longer has a sense of purpose. That sense of purpose can now be redefined and clarified even more so when one retires from their job. Life can have a new sense of purpose with new goals and one's passion for living can be even more clear and focused.

One comment I will make is that each day is precious and enjoy it to the fullest as we only have right now and are not promised tomorrow. Try not putting off what you want to do for the promise of the future. Within reason save for your future but make sure you are living your life right now. That is all we know we have for sure and we have all seen life change in a moment.

I retired less than 2 months ago and so far I am loving being retired from my occupation. I have a whole new sense of freedom.

I loved being in my profession and helping others but I was ready to stop with all the changes in healthcare because it was no longer appealing to me. I felt I couldn't help my patients the way I once did and I didn't want to sacrifice the care I gave them. It was time after almost 30 years in my profession. Though my education was quite a large percentage of the years I practiced it was all worth it IMO. I feel good about the service I provided and feel good about the work I did and it was time for me to leave. No regrets.

Having said that I wonder why so many equate retiring from one's occupation with retiring from enjoying life. Nothing could be further from the truth. Now I feel more relaxed and able to enjoy life's adventures (thanks Sharon hehe) and while my dh is still working and has no immediate plans for retirement his workdays are more flexible and he can occasionally work from home and so our free time is more flexible now.

I am very fortunate in that I am able to retire and I realize many are not so lucky and I am going to enjoy every moment of it. The possibilities are endless and it is all still quite new to me so retirement is, for me, if you will forgive the play on words (hahaha) a work in progress.


img_8074.jpg


predestination.jpg
Click to expand...
Congrats on your retirement Missy! I think many equate retiring with a loss of a professional identity. At least that's my fear. And after working so hard and devoting my life to my professional purpose, my fear is that I'll no longer be relevant in a world where I'm relevant every day. I don't know if it's wrong to think that, but that's what I fear.

I have the luxury of taking summers off. I have made a vow to myself that I will spend these summers looking for a new passion, forging a new identity. Do you have any tips for that?
 
Elizabeth35 said:
It sounds as if you are considering what is the next chapter and that is something very exciting to look forward to!
I left my corporate job at 58 (2 years ago) and now am self-employed with DH managing rental properties and flipping real estate. I got my real estate license and do our sales and purchases of homes. Probably working 20-30 hours average a week now as opposed to 50 hours/week with 2 hour daily commute. So semi-retired. I LOVE being self-employed!

I only miss the cheap health insurance and obviously, the higher pay. But I was a good saver (maxed out 401K savings) and feel that the reason I put in those long, hard hours and dealt with the corporate world was so that I can have this freedom earlier than age 65.

We now have the ability to take vacations longer than one week and are taking our first 3 week vacation in March. We travel 6-8 times per year without being constrained by my work schedule.

I don't know if I ever want to 'retire' to the point of having no employment. I think we all need to have a sense of purpose when we wake up---whether caring for children/grandchildren, working part/full time or volunteering.

But it depends on what you envision yourself doing when you retire. And it can change and evolve as you figure out what works for you.
Click to expand...

Congrats! This sounds ideal!!i hadn't even considered the prospect of merging interests and talents with my hubby. Something to think about as I explore my options.
 
Apart from the age, think of when you have financial freedom
 
in-the-air said:
Apart from the age, think of when you have financial freedom
Click to expand...
Yes. This is my first consideration. Though it makes me wonder. The definition of financial freedom versus greed. Where do you draw the line? What qualifies as freedom and what qualifies as excessive?
 
HI:

You could retire from a full time job--and still teach as a sub (casual).

cheers--Sharon
 
canuk-gal said:
HI:

You could retire from a full time job--and still teach as a sub (casual).

cheers--Sharon
Click to expand...
It’s so not the same. Unfortunately, it’s such the opposite experience. Kids can be very do respectful to subs. It’s not very rewarding to teach someone’s else lessons. I’ve seen many of my colleagues return to do that, and the only one certainty. I don’t plant to ever do that!
 
I retired at 29 lol.
 
nala said:
After reading all the very wise replies, I think that I realize that I allow my profession to define my identity, much as I allowed motherhood to do so. Is there anything wrong with that? Maybe. Maybe it is limiting. Or maybe it provides a false sense of comfort. Or maybe it isn't. Maybe this identity gives me a sense of purpose.

I think I fear losing my professional identity completely. I'm a very dedicated teacher and when I try to imagine doing something else, I'm at a loss. I'm credentialed to be a principal and there are many opportunities within the district to try something new, but I'm just not there yet. I still love what I do. I think that I'm wrestling with this issue so much Bc I'm a planner.

I'm by no means sacrificing too much for the future. I've just made good decisions until now that have paid off. Hubby and I have lots of free time and we travel or entertain ourselves otherwise.

But this carefree lifestyle has me wondering what is next. Bc it's a chapter in my life that I didn't anticipate facing so soon. I'm on the lookout for new passions. That is one of my goals and I will have to cultivate more before I can shed my professional identity, that's for sure. I guess that I just don't know where to start.
Click to expand...

You're not giving up any identity when you retire. It's one facet of you, like motherhood, like being a wife/daughter/aunt/friend that is woven into the fabric of your being and you'll take all of that with you and use it in ways you can't yet imagine when you retire. Finding new passions is a learning experience that you do through trial and error just as we all do as we travel through life. They can't be discovered through academic research and scientific principle -- you have to take a deep breath and put one foot after the other on the discovery path and enjoy the journey. A big challenge of retirement is learning how to relax. You'll likely undergo physical and emotional changes during the first year. Perfectly normal.

As far as this sense of purpose goes that others have mentioned, it doesn't have to be save-the-world Nobel prize winning stuff. It can be as stress free as dedicating yourself to grinding your coffee beans fresh every morning rather than using canned coffee. You've given yourself and your talents to many young people who will go and have gone on to a better life because of you. It's not a crime to dedicate that same attention to just YOU and discover things you have forgotten about yourself, discover new things about yourself, reshape who you are, stay the same as you are. Think of it as becoming a student of you.

I retired 8 years ago from a stressful PTSD-inducing job that I actually enjoyed. High adrenaline stuff 70+ hrs a week but it started to take a physical and emotional toll. I did nothing but tend to myself for the first year after I retired. Then I started dabbling in things that caught my attention. One thing I can no longer do is make long term commitments to anything. It is the result of giving 200+% of myself to my job for so long. So, when I got my first Savannah cat I was reintroduced to issues about animal welfare and I provide free grant writing and consultation to a few organizations. I forgot how much I loved gardening and had the backyard redone into a lovely garden with a greenhouse and I enjoy puttering out there a bit everyday. Having 2 friends die in hospice brought to my attention how many people die alone either because they have no family or their family isn't present for many reasons. It made me profoundly sad that new life is celebrated so avidly but the end of life for some happens without anyone noticing or caring. I found out that we have a No One Dies Alone Program in my city so I volunteer there, sitting with dying people. I didn't research or plan any of this in advance, just took it one day at a time and continue to do so. At this point, I'm trying to pare down the stuff I'm involved with because I'm busier in better ways in retirement than I was when I worked.

If you can't bear to stop teaching altogether, there are lots of ways to stay involved without it impinging on your freedom. Depending on your finances, you can either volunteer teach or take short paid term assignments in places where teachers are scarce -- South America, Mexico, inner cities in the US. You can mentor and/or tutor kids from disadvantaged families. The important thing to remember is that you can choose what to do and the length you want to do it.

The freedom that comes with retirement is the freedom to choose and it is priceless. Carpe diem even if it means staying in bed all day.
 
Matata said:
You're not giving up any identity when you retire. It's one facet of you, like motherhood, like being a wife/daughter/aunt/friend that is woven into the fabric of your being and you'll take all of that with you and use it in ways you can't yet imagine when you retire. Finding new passions is a learning experience that you do through trial and error just as we all do as we travel through life. They can't be discovered through academic research and scientific principle -- you have to take a deep breath and put one foot after the other on the discovery path and enjoy the journey. A big challenge of retirement is learning how to relax. You'll likely undergo physical and emotional changes during the first year. Perfectly normal.

As far as this sense of purpose goes that others have mentioned, it doesn't have to be save-the-world Nobel prize winning stuff. It can be as stress free as dedicating yourself to grinding your coffee beans fresh every morning rather than using canned coffee. You've given yourself and your talents to many young people who will go and have gone on to a better life because of you. It's not a crime to dedicate that same attention to just YOU and discover things you have forgotten about yourself, discover new things about yourself, reshape who you are, stay the same as you are. Think of it as becoming a student of you.

I retired 8 years ago from a stressful PTSD-inducing job that I actually enjoyed. High adrenaline stuff 70+ hrs a week but it started to take a physical and emotional toll. I did nothing but tend to myself for the first year after I retired. Then I started dabbling in things that caught my attention. One thing I can no longer do is make long term commitments to anything. It is the result of giving 200+% of myself to my job for so long. So, when I got my first Savannah cat I was reintroduced to issues about animal welfare and I provide free grant writing and consultation to a few organizations. I forgot how much I loved gardening and had the backyard redone into a lovely garden with a greenhouse and I enjoy puttering out there a bit everyday. Having 2 friends die in hospice brought to my attention how many people die alone either because they have no family or their family isn't present for many reasons. It made me profoundly sad that new life is celebrated so avidly but the end of life for some happens without anyone noticing or caring. I found out that we have a No One Dies Alone Program in my city so I volunteer there, sitting with dying people. I didn't research or plan any of this in advance, just took it one day at a time and continue to do so. At this point, I'm trying to pare down the stuff I'm involved with because I'm busier in better ways in retirement than I was when I worked.

If you can't bear to stop teaching altogether, there are lots of ways to stay involved without it impinging on your freedom. Depending on your finances, you can either volunteer teach or take short paid term assignments in places where teachers are scarce -- South America, Mexico, inner cities in the US. You can mentor and/or tutor kids from disadvantaged families. The important thing to remember is that you can choose what to do and the length you want to do it.

The freedom that comes with retirement is the freedom to choose and it is priceless. Carpe diem even if it means staying in bed all day.
Click to expand...
As always, your posts are very thoughtful. You’ve given me lots to ponder. Thank you.
 
I retired at 45 and have no regrets. There are plenty of things to do to occupy your time and the additional family time is priceless. I'm always amazed when I meet people in similar situations and they say they are bored. If you prefer time social settings instead of alone time volunteer or take a class. On the flip side, I know people who have waited too long and due to health issues couldn't do the things they planned to do in retirement. That terrifies me.
 
nala said:
Would love to hear your story! Please share!
Click to expand...

Nah... likely doesn't matter-- I was a teacher and had more kids than years between them, so it was more of a forced issue. (And married so went down to one income)

I have noticed most of my public school teacher friends have retired as soon as they eligible.
 
Dancing Fire said:
My wife retired at 55. She is now looking forward to babysitting our grandkids.
Click to expand...
That’s such a gift to your daughters! I can’t say that I would ever be able to do that. I was lucky enough to have my then hubby change the diapers! I had the chance to be a stay at home mom, but it wasn’t for me. I was sooo glad when I went back to work.
 
I honestly don't ever see a time that I could retire, and I don't think I will ever pay off a dwelling. I got on the housing ladder late due to having a paltry income, and have basically had to live off credit to actually live (rather than just exist) so we are going to have to step off the ladder to clear debt and cross our fingers that the market doesn't rise any more. If we do get back on the ladder, and given that the retirement age in the UK is now, what, 68? by the time I get there it will have risen to at least 70, if not 75, so I will basically be working until I drop dead in the job, as far as I can see, because I'll need to to have an ongoing and better income than a pension would provide to actually live life and to pay for somewhere to live. (and that assumes that pensions don't completely tank in the meantime...)

The future definitely isn't looking rosy for me and others like me, with barely any savings (because life is too expensive to save anything), no private pensions (see previous comment), and no way to afford large houses we can later sell up and release equity from!
 
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