triumph7 said:Talk to your financial guy again. Ask him if you have enough to retire now but not start social security until 66.8 when you get more $$.
Also run the numbers on that based on your real life expectancy. Sometimes 4 more years of smaller payments more than makes up the difference.
I'd retire now. You're not going to get the time back and if you don't need the money and aren't feeling fulfilled in your current position, why stay?
I just turned 50 yesterday but I've always had the plan to retire when I'm in my late 50's, 57-59. Most of my hobbies involved doing physical things, mtn biking, alpine skiing, dirt biking etc. I don't want to work and then not be able to enjoy my hobbies when I do retire.
I've been injured a bunch the last two years, I don't bounce anymore, I break. While I don't mind work, it's not the first thing I want to do. I don't wake up on a Saturday thinking I'd rather go into work instead of biking, skiing, etc...
So I'll pretty much punch out as soon as I'm sure we're going to be financially secure. I can always work part time at the dental school or the VA or the base if I get bored...
You have experience with boilers and pressure relief valves, you are safety-minded (as evidenced by your concern over the valves being in service for five years without inspection), and you can communicate coherently in written English, so obviously you're smarter than the average bear. What if you took some time off to be with your dad, and then applied to become a boiler inspector?
I'm not even sure why it's a question.
If I could retire and maintain my current standard of living. I would definitely not be working anymore, and hell, I wouldn't be on the computer. I'd be sitting next to a lake somewhere looking out aimlessly over the water.
Duke said:triumph7 said:Talk to your financial guy again. Ask him if you have enough to retire now but not start social security until 66.8 when you get more $$.
Also run the numbers on that based on your real life expectancy. Sometimes 4 more years of smaller payments more than makes up the difference.
FWIW, the actuaries at the SSA did straight math on the increasing payouts as a function of starting to collect at older ages. In other words, no incentive is provided to encourage early or late collection...from their prospective, the expected lifetime payout is the same.
One way to game the system is to determine if you think you’ll live longer than the average SS recipient by considering your lifestyle, your current health, and your family longevity.
I’m considering collecting at the earliest possible age and just putting the money in the stock market as the SS annual increases don’t come close to the real rate of inflation. Additionally, I think there’s less chance of the benefit being reduced for those that are currently collecting. Honestly, I think COVID-19 is going to cause a redefinition of the word “can’t” in many cases as in “you can’t reduce my benefit” getting a reply of “COVID-19 – the country is broke – you’re better off than others – here’s your fifty cents on the dollar”.
The only problem I have is that my wife is 7.5 years younger than I (throw in 3.5 additional years to allow for how much longer woman tend live than men at my age) to estimate her being on SS for 11 years after I’m gone. This is an important consideration as she’ll probably get more by taking 50% of my benefit than all of her own so a case can be made for me driving my benefit up as much as possible.
RX Reven' said:Duke said:triumph7 said:Talk to your financial guy again. Ask him if you have enough to retire now but not start social security until 66.8 when you get more $$.
Also run the numbers on that based on your real life expectancy. Sometimes 4 more years of smaller payments more than makes up the difference.
FWIW, the actuaries at the SSA did straight math on the increasing payouts as a function of starting to collect at older ages. In other words, no incentive is provided to encourage early or late collection...from their prospective, the expected lifetime payout is the same.
One way to game the system is to determine if you think you’ll live longer than the average person by considering your lifestyle, your current health, and your family longevity.
The actuaries though are using a gigantic pool. It works on the whole, but as you alluded to, it is different for individuals.
For instance, my dad expects to live another 20-30 years based on his health and family history. He's putting off collecting as far as he can - which is also influcenced by the fact that mom is 6 years younger than him.
My FIL, on the other hand, is already the 3rd oldest male in his family history (the 2 older ones are his half siblings), and he has some health issues. He will be taking it as early as possible.
There is a difference between "leaving this job" and "retiring." Congratulations for having the means to be able to decide. In my neighborhood there is a website called nextdoor that groups by subdivisions. There are plenty of retired guys offering handyman services. You can be really choosy and do what you like. Or work in a ...... wherever for minimal spending money and to keep your mind engaged.
I wish I had taken time away from work to be with my Dad before he passed. Given the choice now, I'd do it in a heartbeat. But you don't usually know when the end is coming. So if you are financially able, do it.
I'm 56 now and was planning on retiring at 62. That's still the plan, but I'm on an extended hiatus from work and finding it harder to go back. Computer programming is for the young. My eyes just won't take 8+ hours of staring at a monitor anymore.
I put my two week notice in two days ago. After talking w/ HR, I was advised to use my sick/ annual leave through the end of this pay period. Yesterday became my last work day. Today I returned my keys, campus ID badge, parking pass and work shirts to HR. Signed some papers and it was done.
Boiler boss said he hated to see me leave, he was sincere and I believe him, I like that guy. I understand his hands were tied w/ the budget, or better put, the lack of it.
Co-workers said similar but I have doubts, maybe they're happy I left. I have no animosity towards them when I should have but I let it all go. I didn't want to leave like that. They didn't make it easy when it should have been, we had it made. They are now two men short but have ample time to hire and train before boiler start up in the fall. Maybe they'll get some OT out of it.
I left and never looked back.
Gonna chill for a while, catch up on projects and hang out w/ Dad. Maybe look up some old friends too. I have no interest in going back to work at this time. I will schedule an appointment w/ SS to see where it all stands and evaluate my options.
Celebratory beer tastes good, it's great to be home.
Bravo! Congrats!!
In reply to fasted58 :
Massive congratulations. I even like my job situation pretty well, and I can't wait for the day I turn that alarm clock off forever.
Excellent move - time to enjoy life!
I am 51, and if I can retire before I am 91, I'll be happy. (My advice, don't have kids in your 40s, don't send your kids to Ivy-league schools, don't get divorced...) If you can do something you enjoy doing and make some money, then stay as long as it makes you happy. If you are miserable and have another option, do that.
That's awesome!
In reply to pinchvalve (Forum Supporter) :
My buddy said to have your kids before you're 30, then get snipped.
He isn't arguing with a 17 year old at age 57, he's kayaking with his wife.
alfadriver (Forum Supporter) said:If the financials are straight, and you will have enough money to be very happy with, why keep working? Unless it makes you really happy to work, I think you already have your plan.
Can I say that it's interesting that 62 is early retirement, as I'm planning on retiring at 55.
I'm planning on four more years at the pwutter desiging piping systems till I'm 70 cuz after all the years I've spent doing this I
can truthfully say that thru it all. very little has come close to the stimulation/compensation per the hours worked that can
rival the occasional mental brianfarts that would make one go screaming towards the nearest exit
In reply to fasted58 :
Awesome dude! I have never looked back either. I miss a couple of coworkers, but not much else. I used to meet them for lunch occasionally, but the Covid ended that.
Congratulations! Enjoy retirement, and I bet you’ll find more than enough to keep you busy.
In reply to fasted58 :
Congratulations man. Good to hear.
In reply to 759NRNG (Forum Partidario) :
It's funny you mention being a piping designer close to retirement. I know quite a few through my job in the pharma engineering world and I have yet to meet one younger than me (50). Most are in the their 60's. For whatever reason, it seems like there is no educational path to replace them either.
fasted58 - congrats! I would absolutely retire tomorrow if I could.
Congratulations. I'm glad you decided to enjoy your dad's company. If you get bored I have to believe part time work will be available. The boiler inspector suggestion above sounded like a great one.
One of my best friends at work retired two weeks ago. He was telling me that all of the stress was gone the next morning. That after 20 years a pretty damn good company. He's so happy now.
And, I just saw last night that an old girlfriend of mine died a few months back. She was a couple months older than me and didn't make it to 58. You just never know. Go enjoy.
Last night I fell asleep watching YouTube videos w/ Autoplay on. I woke up and had a WTF moment... go to bed... gotta go to work.
No the berkeley I don't. 
After filing notice my last work day was Wed. 7/8/20. Leave time filled in to the end of pay period, today Fri. 7/17.
As of 11 p.m. tonight I am 'officially' off the clock.
Done!
Done!!
Done!!!
I feel like a giddy school kid.
Nice. Congrats.
Nearly All the engineers taking the package here have gigs with contracting companies. 6 months after their retirement date they will be back at work on their terms. Probably making more per hour. Don't wanna work certain days. No problem.
Fourteen days since my last work day, four days since being officially off the clock.
I stranded 126 hours of sick/ family leave time ($2275), had I retired under the state system I would have been eligible. Shoulda planned earlier to burn it up. I will get around $1200 in annual leave and deferred holiday pay, that oughta buy a nice 3D printer and/ or drone. It's toy time.
I get to see Dad most every day now. Hot weather been kicking his butt some, he's definitely slowed down. Been making progress at home, slow but steady.
Every day is a Saturday if you want it to be. Saturday rules apply, no beer before 10:30 a.m. (old GF rule)
The best benefit may be that the alarm clock is just a time piece now. Damn, how I got to hate that berkeleying thing.
I'm still in the watch YouTube videos in your underwear, drinking beer in the A/C phase. That will change w/ the weather. Been in the 90's lately.
Maybe cut the grass tonight, maybe.
I had always wanted to go out on the top of my game. This last job put the kabosh on that ideal. With COVID, Dad and that light at the end of the tunnel getting brighter this was the right choice. It is what it is.
No looking back, no regrets.
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