Anyone retire a little early?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I was 51. VERA. Getting a PENSION. Was planning to work till 57, so pension is arguably smaller than I had planned. I was a very good saver so feeling alright. Husband is still working. We had kids later in life so he will work until the younger graduates high school - 10 years from now. I’m his trying to make his life easier.

You’re a stay at home mom to a kid in third grade. Not really “retired.” And your husband is still working full time. It’s not like the two of you can just drive into the sunset on a whim just yet. You’re still very structured, busy, and tied down.

If pp took the VERA and no longer working, she is indeed retired. Her young child or her DH still working doesn’t change the fact that she is indeed retired.

I mean, I guess . . . ain't much of a retirement though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I was 51. VERA. Getting a PENSION. Was planning to work till 57, so pension is arguably smaller than I had planned. I was a very good saver so feeling alright. Husband is still working. We had kids later in life so he will work until the younger graduates high school - 10 years from now. I’m his trying to make his life easier.

You’re a stay at home mom to a kid in third grade. Not really “retired.” And your husband is still working full time. It’s not like the two of you can just drive into the sunset on a whim just yet. You’re still very structured, busy, and tied down.

If pp took the VERA and no longer working, she is indeed retired. Her young child or her DH still working doesn’t change the fact that she is indeed retired.

I mean, I guess . . . ain't much of a retirement though.

That’s fair point

[Anonymous]

Anonymous wrote:I briefly retired at 52 with a NW of about $9 million. But, I still had a child in HS, none of my friends were retired and I didn’t want to hang out with 70 year olds so I went back to work investing in and running a company. I retired at 61 with a NW over $25 million. Retiring is great but if you don’t stay busy and engaged in something you like boredom will set in.

So then why did you retire the second time? Won’t boredom set in?

[Anonymous]

Anonymous wrote:I retired from Biglaw a little over a decade ago at 53 with a net worth of about $4 million. Net worth is now $8 million plus — $5.5 million in retirement accounts, $1.2 million in brokerage and checking and the rest in equity in our primary and second homes. We bring in about $75k a year in SS and rent on our English basement apartment.

My law firm has covered our medical insurance since I retired but I pay the full premium. Once I hit 65 I will switch to Medicare and so will spouse (who never worked outside the home). Kids fully launched long ago and college long paid for. Monthly budget of $20k is proving to be plenty and financial advisor calculates “likelihood of success” at this spend rate at 99 percent with a large nest egg leftover for the kids.

Have never been bored even when doing nothing. Absolutely love being retired despite
the large opportunity cost that I paid and have never looked back. It’s awesome.

Good for you and thanks for sharing. These stories give me hope!

[Anonymous]

I'm not retired yet but wonder if I could in about 5 years. I'm 49 now and have $960K in 401K, $195K in brokerage account. My SSN would be about $1500 a month if I work 5 more years. I also will have a small pension ( about $1000 a month). My spouse already receives SSN and pension in the amount of $3000 a month ( healthcare insurance is deducted from his government workplace). Our child will be heading to college in a few years and we have 4 semesters prepaid in 529. I wonder if I can retire in 5 years. We have no debt, house is paid off. We are pretty frugal. I'm so jealous of all retired people who have time and money and can travel anywhere they want. Can I retire too?

[Anonymous]

Anonymous wrote:I was 51. VERA. Getting a PENSION. Was planning to work till 57, so pension is arguably smaller than I had planned. I was a very good saver so feeling alright. Husband is still working. We had kids later in life so he will work until the younger graduates high school - 10 years from now. I’m his trying to make his life easier.

I mean, getting a job and replacing your income likely would make his life easier. At a minimum, it would decrease his stress.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was 51. VERA. Getting a PENSION. Was planning to work till 57, so pension is arguably smaller than I had planned. I was a very good saver so feeling alright. Husband is still working. We had kids later in life so he will work until the younger graduates high school - 10 years from now. I’m his trying to make his life easier.

I mean, getting a job and replacing your income likely would make his life easier. At a minimum, it would decrease his stress.

Agreed. This is such an odd “retirement” story to share.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was 51. VERA. Getting a PENSION. Was planning to work till 57, so pension is arguably smaller than I had planned. I was a very good saver so feeling alright. Husband is still working. We had kids later in life so he will work until the younger graduates high school - 10 years from now. I’m his trying to make his life easier.

I mean, getting a job and replacing your income likely would make his life easier. At a minimum, it would decrease his stress.

This. Why would you let your spouse work 10 years and you sitting at home?

[Anonymous]

Anonymous wrote:40
Worked and saved every cent before that.

That was me way back in the day. You must not be married (to a woman).

[Anonymous]

Anonymous wrote:I retired from Biglaw a little over a decade ago at 53 with a net worth of about $4 million. Net worth is now $8 million plus — $5.5 million in retirement accounts, $1.2 million in brokerage and checking and the rest in equity in our primary and second homes. We bring in about $75k a year in SS and rent on our English basement apartment.

My law firm has covered our medical insurance since I retired but I pay the full premium. Once I hit 65 I will switch to Medicare and so will spouse (who never worked outside the home). Kids fully launched long ago and college long paid for. Monthly budget of $20k is proving to be plenty and financial advisor calculates “likelihood of success” at this spend rate at 99 percent with a large nest egg leftover for the kids.

Have never been bored even when doing nothing. Absolutely love being retired despite
the large opportunity cost that I paid and have never looked back. It’s awesome.

Zero opportunity cost to to you but a ton for your children and grandchildren and grandchldren.

I could stop working now my self. But I like to pay kids weddings, help with downpayments in homes, afford to do family vacations, host Xmas. Host bridal showers. I know 8 million seems a lot but remember the 1970s a period of almost no stock gains and high inflation. You end up pulling from 401k and savings accounts way faster than expected in those time period. We are in a bull market since 2009. My brother retired in 2022 and his net worth is way way up these last three years not working. Had like 10 million has line 13 million even with spending. He is 99/10 stocks vs bonds. That’s not normal. Now if stocks fell 10 percent a year last three years and him not working might go other way

[Anonymous]

Anonymous wrote:

Anonymous wrote:I retired from Biglaw a little over a decade ago at 53 with a net worth of about $4 million. Net worth is now $8 million plus — $5.5 million in retirement accounts, $1.2 million in brokerage and checking and the rest in equity in our primary and second homes. We bring in about $75k a year in SS and rent on our English basement apartment.

My law firm has covered our medical insurance since I retired but I pay the full premium. Once I hit 65 I will switch to Medicare and so will spouse (who never worked outside the home). Kids fully launched long ago and college long paid for. Monthly budget of $20k is proving to be plenty and financial advisor calculates “likelihood of success” at this spend rate at 99 percent with a large nest egg leftover for the kids.

Have never been bored even when doing nothing. Absolutely love being retired despite
the large opportunity cost that I paid and have never looked back. It’s awesome.

Zero opportunity cost to to you but a ton for your children and grandchildren and grandchldren.

I could stop working now my self. But I like to pay kids weddings, help with downpayments in homes, afford to do family vacations, host Xmas. Host bridal showers. I know 8 million seems a lot but remember the 1970s a period of almost no stock gains and high inflation. You end up pulling from 401k and savings accounts way faster than expected in those time period. We are in a bull market since 2009. My brother retired in 2022 and his net worth is way way up these last three years not working. Had like 10 million has line 13 million even with spending. He is 99/10 stocks vs bonds. That’s not normal. Now if stocks fell 10 percent a year last three years and him not working might go other way

That's a really big portfolio.

That aside, what makes you think the PP doesn't do all that?

I do agree with your larger point (or at least, the point you should be making), that 2015-2025 was a fortuitous time to retire. The PP would most likely have been fine at any time, with sensible adjustments to retirement expenditures, but it's unrealistic for others looking at retirement in their early fifties right now to expect to double their nest egg in 10 years.

[Anonymous]

Plan to next year at 59 with NW of 4.5 mil. Primary residence not paid off but extremely ow interest rate, investment property will be paid off by then and is income generating. No pensions. College expenses will all be covered by 529.

[Anonymous]

Anonymous wrote:Retired at 55 when I could collect my pension and get 70% of health insurance covered. Liquid NW about 2m. No regrets at all - my physical and mental health have improved exponentially.

Are you male or female? Age now? Single? Children?

[Anonymous]

How do these retirements get impacted by a protracted drop in the stock market?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I retired from Biglaw a little over a decade ago at 53 with a net worth of about $4 million. Net worth is now $8 million plus — $5.5 million in retirement accounts, $1.2 million in brokerage and checking and the rest in equity in our primary and second homes. We bring in about $75k a year in SS and rent on our English basement apartment.

My law firm has covered our medical insurance since I retired but I pay the full premium. Once I hit 65 I will switch to Medicare and so will spouse (who never worked outside the home). Kids fully launched long ago and college long paid for. Monthly budget of $20k is proving to be plenty and financial advisor calculates “likelihood of success” at this spend rate at 99 percent with a large nest egg leftover for the kids.

Have never been bored even when doing nothing. Absolutely love being retired despite
the large opportunity cost that I paid and have never looked back. It’s awesome.

Zero opportunity cost to to you but a ton for your children and grandchildren and grandchldren.

I could stop working now my self. But I like to pay kids weddings, help with downpayments in homes, afford to do family vacations, host Xmas. Host bridal showers. I know 8 million seems a lot but remember the 1970s a period of almost no stock gains and high inflation. You end up pulling from 401k and savings accounts way faster than expected in those time period. We are in a bull market since 2009. My brother retired in 2022 and his net worth is way way up these last three years not working. Had like 10 million has line 13 million even with spending. He is 99/10 stocks vs bonds. That’s not normal. Now if stocks fell 10 percent a year last three years and him not working might go other way

Um, let’s just say you’re making a lot of assumptions . . .

I did, in fact, pay for all (four) of my kids to go to college and grad school before retiring, and I also paid for their weddings and down payments for their houses. We’ve also been in the position, since neither of us is working, to provide so much childcare for our grandchildren that none of kids has ever had to pay a dime for nannies or day care, ever. We’ve also paid for very nice family vacations and maintain a large second home that all of the kids and grandkids make frequent use.

If you’re suggesting that I owe it to future generations to work forever and not see my kids or grandkids just so I have more money to leave them when I croak, well, sorry, but nobody in my family — least of all me — feels that way.

You routinely post the doomsday scenario, but personally I think life is too short to think that way. Besides, it’s not like I haven’t been around the block. I’m in my 60s now. I started in Biglaw in the late 80s. I’ve been through more than one market crash and financial crisis. I’ve stayed the course. I’m not your brother. I’m not invested 99 percent in stocks and I’ve been retired for 10 years, not 3. And my professional advisor just recently reiterated that I have a 99+ percent chance that my money will outlive me and that my kids will receive sizable inheritances. I don’t know what else to tell you. I’m comfortable with my choice.