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How did you know it was time to retire? How will you know?
For many folks, this is purely a financial question. They hand in their notice when their portfolio hits a target size or when their likely retirement income surpasses what they think they need.
But what about you, HumbleDollar readers? Was the realization it’s time to retire about more than just money? For those still in the workforce, what will be the signal that it’s time to quit—and will that signal be solely financial or will other factors play a role?
I retired in July of 2023 at the age of 65 as I had planned about 3 years earlier. The decision was made based on:
For my wife (who was in healthcare and retired in 2019, just before Covid luckily) and I the timing to stop working and enjoy the fruits of our long careers was perfect. We both had excellent retirement benefits including pensions and working with our financial advisor we had determined that we would have “enough “.
I was hired to provide consulting services for my employer upon my retirement which did help to solidify the plan a bit and which I enjoyed. That has now ended and full “retirement” for both of us now reigns.
I retired over 6 years ago at age 65. I enjoyed my practice, had great partners and staff, and was privileged to care for many wonderful patients. I had comfortably met or exceeded my numerical goals, and “my gut” told me the time was right. I gave my partners one year notice to help them with planning. When personally informing each of my patients during follow up visits of my upcoming retirement, many expressed surprise and wondered why. I finally came up with an answer that they all seemed to accept: “My wife retired 4 years ago and I plan to join her”.
Newly retired, about half our friends were already retired while the other half were still working full time. When we would gather socially, by chance it seemed like everyone else there belonged to one group or the other. If we were hanging out with retired folks, we talked about anything except working. Whereas, when with those still working, they seemed worried or concerned, and would ask us questions like: “Are you OK?” “What do you do now?” “Have you found any part-time work, or something to keep you busy?” I gradually realized that many of them were merely thinking about their own eventual retirement, and were anxious or worried about how their life might look then. I suggested that each of them will figure out when the time is right, but because we are unique, how we spend our time in retirement will vary. My only advice to them about that was to delay the impulse to start scheduling or booking activities or commitments in advance, and wait until they are actually retired for a bit. Its funny how quickly my calendar fills up without me strategizing how to keep myself busy!
I retired at 53 with no regrets and loving life the past 6 years. Worked for 30 years as a female engineer in the oil business. While I mostly enjoyed it, the industry was dominated by men and a good majority of them had spouses that managed their kids & lives while the women there often had double duty. There was very little flexibility – no working from home or part time options – and the years juggling kids and family were difficult for sure. I was the bigger wage earner in our family at the time and staying home with the kids was not really an option. My husband was working in the schools and had every summer off. Yes I was a bit resentful, and so when the job became soul sucking and we had plenty saved I was ready to have some time for myself and just the unpaid job managing our home/family. My husband is great but I still handled too much of the duties as mothers often do. I often said I didn’t stay home with the kids so I was taking that break on this end of life. Since we were prodigious savers along with military benefits we have more money than we will need and I am super happy to have this time. I have had no problem filling my days with volunteering, cycling and hiking, traveling, home projects, coffee groups, helping my kids a bit, and so much more. I really understand what retirees often say – how did I have time to go to work?
Worked for 33 years in a top 10 multinational pharmaceutical company and through Fidelity we were able track what our pension payout would be upon retirement. After the 2006 Pension Protection Act passed the multiplier in the formula went from government bond rate to the corporate bond. As interest rates climbed payouts dropped, one year the drop was $80k. I told my wife that after 30+ years in the same company now that I was nearing retirement what was happening was just not right.
In 2010 the corporate bond rate actually declined and the payout had recouped the prior year’s drop and hit an all time high. That night I told my wife tomorrow I’m putting my 2 weeks notice and I’m taking the lump sum, I was 57 years old. Even though it was a spur of the moment decision I knew we had sufficient assets to retire. Before turning 55 we had five different financial services company do a depth analysis with Monte Carlo simulations and all five said we would be fine when I decided to call it quits.
In 1984 I bought 100 shares of a $3.00 stock that doubled after a few months based on the recommendation of a business acquaintance who traded stocks frequently. Right then I knew I needed to learn everything I could about stocks, bonds, investing etc and since 1984 I have done just that. Back in the day when we would visit different financial services companies to see if wanted them to manage our money every single one would say to me you should be on this side of the desk with the depth of knowledge you have about our industry. My answer was always, I’ve spent 30+ years working in a stressful corporate environment and now that I’m out you want to suck me back in, thanks but no thanks.
We’ve never looked back and like others have said in HD we’ve enjoyed a healthy stock market which has lifted our 401k’s, the pension lump sum and our other investments. Financial advisors have told us through the years, if you don’t fly first class, your daughters will, but we just can’t get over that hump. We have been Blessed to enjoy a worry free retirement in excellent health.