If you could retire early...

[JaxDad]

I would have liked to retire earlier, but I had kids late in life. I have absolutely no regrets, as they’ve really kept me young! As it is, I’ll probably retire in 3-5 years, when my youngest is hopefully comfortably in college.

I still can’t picture my retired life, although I do plan to do a couple long trips a year and one big US road trip. Otherwise, I think I’ll still work, maybe for a non-profit. I have a background in ecosystem restoration, so I’m already considering a couple organizations in that field.

 

[momz]

DH and I cannot afford to retire yet (early 50's). But, in addition, I have some seriously high health care costs. I meet my max out of pocket in the first quarter every year and sometimes the first month, just depends on when that MRI is scheduled. I have MS, and I am healthy enough to continue working. I could go on disability, but there are limits on what that pays. It's there if I need it, and even though my disability lawyer says I would easily be approved, it is not something I feel I need to do at this point.

All that said, I have decrease my hours to 0.6 FTE. Even though there are job postings for positions I feel would be good fit, they are all full time so I won't be applying. I have made a decision that part time is the right mix of income and free time. There is no guarantee that I will have the health to enjoy my retirement and I want to have some time available to do some of those retirement things NOW before I lose the ability to do them.

We also have 2 kids in college that we are paying for. This retirement outlook may change once they are on their own. Or if I have a relapse. So....you never know.

As for today, I am a working woman and thankful that I can.

 

[leebee]

I'll be 66 in July and can retire with full Social Security benefits in November. We have enough in our retirement accounts so we can continue to live pretty much as we do, BUT as of right now, the mortgage and HELOC suggest that perhaps I work a few more years. Downsizing upon retirement had been part of the original plan (selling our house and buying something significantly smaller), but with the housing market the way it is, there's no way we'd be able to buy something else, or even rent. SO... hi ho, hi ho, it's off to work I go.

 

[disneychrista]

I have a good friend that hasn’t had a “real” job in the 6 years I’ve known him. He semi-retired at 55. He works odd jobs and substitute teaches on occasion. Right now he is on a four month long vacation. He is “lucky” in that he inherited money and can do that.

I don’t expect to retire before 70. Not sure what I’d do with my time if I retired now.

 

[MrsPete]

I just did retire early!
I'll work a bit here and there to avoid digging into my savings, but I won't work full time again.

 

[Kittyblue]

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.

If retiring early meant doing nothing but sitting at home, then no. I’d rather keep working and go out and enjoy life on my time off.

 

[China Expat]

One year from today I hope to retire!

 

[Praying Colonel]

If it were just me, yes. But I just have a feeling from looking at my family/genealogy and DW's that she's going to outlive me by quite a bit and I want to give her as secure a future as I can. I realize there's a tradeoff there, but I don't want to leave her in a tough situation.

 

[disykat]

I think a lot of it depends on how much you like your job and what your other priorities are. I went from "I'm going to work until I'm 65" to retirement at 56 really quickly when my parents needed care, I was not happy at work, and the stress of it all was making me sick. Suddenly anything beyond survival money was not important.

 

[Mrs. Ciz]

I’m 56 and DH is 54. I was a stay at home mom for 8 years and then worked part time with no benefits for 8 years. That 16 years put us behind in our retirement savings. We have a decent amount saved but not enough since our jobs phased out full pensions. I’ve been teaching full time at a Catholic school for the last 10 years and just renewed my teaching license for another 10 years. I won’t be renewing it once I turn 66. Our youngest graduated from college in 2021, so we are done paying for that. Our focus now is to pay off the mortgage and increase our retirement savings.

The big wild card for early retirement is health insurance. How are you younger retirees paying for health insurance until you qualify for Medicare? Did one spouse retire while the other is still working?

 

[Kitty 34]

I was a couple of months away from my 62nd birthday. I had subbed (and worked other jobs) for 42 years....I was ready.

DH retired the next year at 64. He was definitely ready.

Moneywise we could have retired earlier but at the time it was OK for us to keep working.

 

[Pea-n-Me]

How are you younger retirees paying for health insurance until you qualify for Medicare? Did one spouse retire while the other is still working?

Good question! I know people who went without, but that’s not something I’m willing to do.

 

[CGB]

The big wild card for early retirement is health insurance. How are you younger retirees paying for health insurance until you qualify for Medicare? Did one spouse retire while the other is still working?

Our health insurance coverage is a benefit of my husband's military retirement. Hands down, it's been one of the best benefits he received for his service.

 

[MEC004]

As a teacher I will retire at 52 and my husband He is 10 years older, but owns a company.

We take a big trip every other year and will continue to d o that once we retire. I’ll have my state pension/403b and my husband has a 401K. Our house is paid off too.

We will travel when we feel like it, but prefer to stay at home. I have a lot of hobbies to keep me busy and hubby likes to relax. Right now we go on a big trip every other year with our 10yo. It seems we will likely continue this even once we retire or where my son lands his feet.

14 years and counting down

 

[WDWDancer]

I sort of did already. I am in my late 40s and gave up a corporate career to stay at home to homeschool my daughter. DH is older than me, still works, plus military retirement and benefits. I may work part-time in a few years, but not a necessity as of now.

After 25 years in the rat race, I am thrilled to be home with DD. DH has a 3 day set schedule so we have tons of family time.

We are similar to you - I left a lucrative job to homeschool our 3 littles. DH is older with a military retirement and still working for the govt. He is eligible for the 2nd retirement in a year; we will see what the state of the world is.

 

[Planogirl]

My biggest concern is health insurance. Medicare will kick in down the road and there is the supplemental stuff and so on to think about. Otherwise I could probably just about afford it now. I already have an active pension but it isn't enough.

All of that figured out, I would retire yesterday.

 

[fly girl]

I retired early. Company offered an early retirement package that I qualified for (age plus years of service) and I took it.

I miss being on the plane, I do not miss juggling my schedule with dh's and taking care of a child. (it was 3 careers for a while when dh still was in military) Although, since 2020, I am glad I am not flying. No thank you.

I keep plenty busy. Not just sitting around eating bon-bons.

 

[CdnCarrie]

If it were just me, yes. But I just have a feeling from looking at my family/genealogy and DW's that she's going to outlive me by quite a bit and I want to give her as secure a future as I can. I realize there's a tradeoff there, but I don't want to leave her in a tough situation.

That’s sweet.

 

[lisaviolet]

I'm lucky to have lots of vacation time and love my job.

So wonderful to hear, Carrie..

Is it your career or your specific position? Both?

 

[lisaviolet]

If it were just me, yes. But I just have a feeling from looking at my family/genealogy and DW's that she's going to outlive me by quite a bit and I want to give her as secure a future as I can. I realize there's a tradeoff there, but I don't want to leave her in a tough situation.

How loving & beautiful..

Here's to you both living a long life together in retirement.