Retirement: When would you like to retire? Do you have a plan to get there?

[Southern Elk]

With my youngest being 5 years away from graduating high school, I’ve been thinking more about retirement lately. I’ve always worked more than one job and never seem to have enough time to hunt and travel. I’d like to do more of both before I’m too old to enjoy it. Curious if anyone has a plan to retire early? If so, how do you plan on making it happen? For those who have done it, how did you make it happen and are you enjoying it.

 

[Straight Arrow]

With my youngest being 5 years away from graduating high school, I’ve been thinking more about retirement lately. I’ve always worked more than one job and never seem to have enough time to hunt and travel. I’d like to do more of both before I’m too old to enjoy it. Curious if anyone has a plan to retire early? If so, how do you plan on making it happen? For those who have done it, how did you make it happen and are you enjoying it.

Define "early" from your perspective, then I may have something to contribute.

 

[Dave N]

Didn’t plan on it, forced into it, wasn't ready for it, making it work.

 

[fishing4sanity]

I've heard of this 'retirement' thing before, just not sure I believe in it?

It won't be an early retirement, but I'm hoping to at least scale back some in the next 5-7 years.

 

[Nick87]

I'll be eligible at 55. I'll have 37 years in my pension at that time. I'd be taking a 15% hit at 55. 100% at age 60. Lot of guys won't give up the 15% but how long you gonna live? I'd like to think I'll go at 55 but we'll see. My guess is I'll go til 60.

 

[Southern Elk]

Define "early" from your perspective, then I may have something to contribute.

Long before I can access my 401k at 59 1/2. Maybe 50 ish.

 

[brownbear932008]

I've been tossing this same idea. I will hit my 20 years at 55 and would love to go at that time and postpone my retirement pension until age 60. The problem I'm seeing is finding a health insurance work around without working full-time somewhere. Any ideas and or pointers will be appreciated. Otherwise I'm in until 60 then done.

 

[Addicting]

Join the military and be the reason they put warning labels on fan belts…

 

[fishing4sanity]

Long before I can access my 401k at 59 1/2. Maybe 50 ish.

That ship done sailed..... and sunk for me.

 

[Southern Elk]

I've been tossing this same idea. I will hit my 20 years at 55 and would love to go at that time and postpone my retirement pension until age 60. The problem I'm seeing is finding a health insurance work around without working full-time somewhere. Any ideas and or pointers will be appreciated. Otherwise I'm in until 60 then done.

Health insurance is one of the biggest hurdles. I’d like for my wife to retire early too, but we have health insurance through her work.

 

[Deleted member 20812]

I’m on a 57-59 timeline. We’re working with an investment advisor currently to evaluate how and where to shift monies. In addition, we’re evaluating how things change with different target dates.

 

[Southern Elk]

Join the military and be the reason they put warning labels on fan belts…

There’s something to be said for joining at 18 and putting in your 20. Way too late for me.

 

[MaddH]

I retired 3 yrs ago at 62. Best decision I’ve ever made. Worked for 44 yrs and had two pensions. Have health coverage from my one pension which is very important, just turned 65 so now I have Medicare also. Been able to do quite a bit of hunting the last few years. Never know what tomorrow will bring as I had a heart attack in Feb and still having some heart issues that hopefully will be resolved before my desert sheep hunt this year. And since I’m retired I’ll be able to spend all 42 days of the season hunting if needed.

 

[cgasner1]

Health insurance is one of the biggest hurdles. I’d like for my wife to retire early too, but we have health insurance through her work.

I switched to a hsa insurance my company started offering this year and I’m treating it like a separate 401 any health things that pop up I plan on just paying out of pocket and using the money to buy my insurance when I hang it up

 

[Deleted member 20812]

I will say if you haven’t yet done so, meet with an advisor. Lots of things to consider such as account conversions, paying off a house vs paying out of account earnings, life insurance, pension options if you have one and so on.

 

[npaden]

I struggle a little with this one. I’m 55 and have enough saved up that we could live comfortably if I retired now. It would be a little bit of a challenge and we would have to think through spending and not just buy whatever we wanted. Our son is 16 so I have always planned on retiring at 62 when he should be graduating from college.

My wife has been recently diagnosed with Parkinson’s so it is somewhat tempting to retire earlier and so we can take advantage of her current mobility for traveling. As a part owner of the business it is hard to just walk away without a good succession plan in place though. Right now my wife is doing really well so it doesn’t seem so urgent to retire. I’m at my peak earning period of my life so it is hard to give more of these years up also.

For sure a balancing act of what is good for us and what is best for the business and all that fun stuff.

 

[Nick87]

Not to derail but I don't know if I'll ever fully retire as long as I'm physically able I'll always have to have some sort of job I think. Just maybe not one that I have to depend on.

 

[BackofBeyond]

My youngest will graduate from college when I’m 64, so that’s when I’m for sure out. If he takes a different direction or gets an apprenticeship all the better. As soon as both are out of the house and earning income I’m done.

We’ve been stacking away a decent portion into 401(k)s but need to sit down with a pro like @JLS suggests. Even just for the reassurance we’re on the right track.

 

[RobG]

I’m seriously considering it in the next few months. I’m 56. Obamacare is your health insurance friend until you turn 65. There are pitfalls, especially with the ACA, that I’m just learning so talk with someone qualified.

 

[perma]

I have a plan to retire at 55, but I want to make it an option to go. I do like to work but life happens and you may not have a choice in the matter. Oh well, that’s 24 years from now….