What prompted you to pull the plug and retire?

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KlingKlang
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Re: What prompted you to pull the plug and retire?

Post by KlingKlang »

I got a phone call on my drive home telling me that I was out.

What are this severance and benefits that people keep talking about?
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Monster99
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Re: What prompted you to pull the plug and retire?

Post by Monster99 »

Megacorp went into the "need to restructure" mode - I was 62 and had full retirement benefits and was given a significant amount to retire. No regrets.
Bungo
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Re: What prompted you to pull the plug and retire?

Post by Bungo »

cheese_breath wrote: Mon May 10, 2021 12:12 pm As soon as I could afford it I was gone.
Same here. I reached my "I can afford it" threshold last month and pulled the plug the next day. I might have considered working one more year (slippery slope) to top up my savings a bit more, if I could have continued working from home for another year. But my employer forced my hand by telling us that we're probably going to be required to go back to the office by September. Thanks but no thanks! They probably did me a favor; at this point an extra year of freedom is worth more to me than an extra year of savings!
1moreyr
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Re: What prompted you to pull the plug and retire?

Post by 1moreyr »

Last year, I had had it. I couldn't stand my job. everyday sucked.I didnt feel valued anymore. I called a good friend who retired from the same Megacorp 3 years before me. We discussed medical benefits and I told him how little fun i was having. We walked through my financials. He told me I was good to go. I hung up the phone and another colleague within 10 minutes (pure coincidence).

He is a CEO in a medium size company. He had a job that needed my skills and wanted me to come on board. I felt valued again. I agreed to give him a year and I walked into megacorp a week later and retired a year earlier than I planned. I had told no one my date before this. A lot of shocked faces. as well as an offer to be enticed to come back.....no thank you.......

I feel rejuvenated and realized I didnt hate working, I hated my job. I may work 3-6 months longer than the committed year just for fun. I will still be done at 58.

Oh yea and I posted my finances on Boglehead and they confirmed I was good to go.... :sharebeer
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Padlin
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Re: What prompted you to pull the plug and retire?

Post by Padlin »

Too many layoffs over the years had gutted the company, along with the loss of many friends I lost my drive to be there. On vacation one time I got a call from the plant manager, they were having layoffs and had to offer it to everyone, management included. I was 56, my plan had been to leave at 60 but I had enough $ saved, no debt, and enough time in to get medical up to 65, so after some very difficult thought, I took the offer.

I would have liked to stay for the 3 more years and be a bit more prepared, but the offer was too good to pass on.
Regards | Bob
Hebell
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Re: What prompted you to pull the plug and retire?

Post by Hebell »

Surely I can't be the only person that retired because their parents were really sick and needed help. Both declined and died over a 6 year period. Their cognitive abilities went with their declining physical abilities.
Digital Dave
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Re: What prompted you to pull the plug and retire?

Post by Digital Dave »

I lost the only job that I've ever had just before I turned 57. There was not any kind of retirement benefit and the pay was low. But I would save at least 40% of my income each payday. The business closure wasn't a surprise as I knew the business was failing.
I knew how much I had, but I didn't know how much I spent, but I knew I wouldn't have a problem. Healthcare costs were the biggest unknown. Several years later, the ACA helped.
I looked around for the next year so while I was getting unemployment, but the pickings were poor for someone like myself.
So from then on, I've been a bum. 14 years later, my portfolio has doubled. I'm now a full time portfolio manager, with one customer, me. I missed the job as I was doing what I wanted to do, but that is the way the ball bounces.
Investing in Mutual Funds, ETF's, Forever Stamps and Bittulips.
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midareff
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Re: What prompted you to pull the plug and retire?

Post by midareff »

LOL.... my normally hazel eyes turned dark brown indicating they had me filled nearly to the top with their .. OK, I can't say it here. .... and I had achieved my needed to go numbers. I really, really liked my job, the folks I worked with and all of that. I had watched my parents decline from their late 60's to the end at 90 +. It was very ugly and I expect it will be no different for me and my decline has started at 70 something, 73 now with various serious conditions. I'm still walking 4 miles a day and enjoying life although I'm seeing way too many doctors for too many conditions and taking way too many pills. There is so much more to life than working, even when you really like what you are doing and helping many people with it. I retired 10 years ago with a new bride and don't regret one second of it.
Last edited by midareff on Mon May 10, 2021 7:38 pm, edited 1 time in total.
rick51
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Re: What prompted you to pull the plug and retire?

Post by rick51 »

I may have seen this quote on this forum, I don’t recall…

“When you have enough and you’ve had enough”.
Exchme
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Re: What prompted you to pull the plug and retire?

Post by Exchme »

tibbitts wrote: Mon May 10, 2021 1:23 pm I hardly ever see this mentioned on Bogleheads, but I retired when I did because I wasn't good enough at my job any longer and wasn't being as productive or contributing as much as I wanted to. I wasn't told that and could have kept working. I did hold out maybe a few months more than I would have for some benefits to vest, but if I felt I was doing a better job I would have probably stayed for full retirement (another 10 months or so.) But then I would have retired anyway because I wanted to travel and do other things I didn't have time for. As it happened the pandemic hit right after I retired, and took away almost everything I wanted to retire to do.

If not for feeling the way I did, I would have at least stayed a few months into the following year, vs. retiring in December. There would have been substantial advantages obviously to having a "short" work year - low zero tax rate, etc. But I felt that wouldn't have been the right thing to do.

I wonder if we don't see my reasoning mentioned more on Bogleheads because Bogleheads are still good at their jobs - or just delusional.
If people are too infirm, the are not participating much on this forum where a lot of detailed information is discussed at a high level of understanding, so I think there is a self selection process that makes it seem like everyone stays clear and sharp forever. When in fact most folks eventually lose a step or three.
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midareff
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Re: What prompted you to pull the plug and retire?

Post by midareff »

rick51 wrote: Mon May 10, 2021 7:34 pm I may have seen this quote on this forum, I don’t recall…

“When you have enough and you’ve had enough”.
Amen brother
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midareff
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Re: What prompted you to pull the plug and retire?

Post by midareff »

Exchme wrote: Mon May 10, 2021 7:35 pm
tibbitts wrote: Mon May 10, 2021 1:23 pm I hardly ever see this mentioned on Bogleheads, but I retired when I did because I wasn't good enough at my job any longer and wasn't being as productive or contributing as much as I wanted to. I wasn't told that and could have kept working. I did hold out maybe a few months more than I would have for some benefits to vest, but if I felt I was doing a better job I would have probably stayed for full retirement (another 10 months or so.) But then I would have retired anyway because I wanted to travel and do other things I didn't have time for. As it happened the pandemic hit right after I retired, and took away almost everything I wanted to retire to do.

If not for feeling the way I did, I would have at least stayed a few months into the following year, vs. retiring in December. There would have been substantial advantages obviously to having a "short" work year - low zero tax rate, etc. But I felt that wouldn't have been the right thing to do.

I wonder if we don't see my reasoning mentioned more on Bogleheads because Bogleheads are still good at their jobs - or just delusional.
If people are too infirm, the are not participating much on this forum where a lot of detailed information is discussed at a high level of understanding, so I think there is a self selection process that makes it seem like everyone stays clear and sharp forever. When in fact most folks eventually lose a step or three.
Speaking of infirm.... did you miss the Y in THEY? Sixth word from the start.
Exchme
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Re: What prompted you to pull the plug and retire?

Post by Exchme »

midareff wrote: Mon May 10, 2021 7:40 pm
Exchme wrote: Mon May 10, 2021 7:35 pm
tibbitts wrote: Mon May 10, 2021 1:23 pm I hardly ever see this mentioned on Bogleheads, but I retired when I did because I wasn't good enough at my job any longer and wasn't being as productive or contributing as much as I wanted to. I wasn't told that and could have kept working. I did hold out maybe a few months more than I would have for some benefits to vest, but if I felt I was doing a better job I would have probably stayed for full retirement (another 10 months or so.) But then I would have retired anyway because I wanted to travel and do other things I didn't have time for. As it happened the pandemic hit right after I retired, and took away almost everything I wanted to retire to do.

If not for feeling the way I did, I would have at least stayed a few months into the following year, vs. retiring in December. There would have been substantial advantages obviously to having a "short" work year - low zero tax rate, etc. But I felt that wouldn't have been the right thing to do.

I wonder if we don't see my reasoning mentioned more on Bogleheads because Bogleheads are still good at their jobs - or just delusional.
If people are too infirm, the are not participating much on this forum where a lot of detailed information is discussed at a high level of understanding, so I think there is a self selection process that makes it seem like everyone stays clear and sharp forever. When in fact most folks eventually lose a step or three.
Speaking of infirm.... did you miss the Y in THEY? Sixth word from the start.
I'm not sure if explaining that I'm typing one handed because I fell and broke my arm helps or hurts my case!
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Sandtrap
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Re: What prompted you to pull the plug and retire?

Post by Sandtrap »

If not for health I likely would still be in business.
I was still having fun.

But in retrospect, the timing was good.
Everything fell into place.
Retired at 58.
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Dave bricoleur
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Re: What prompted you to pull the plug and retire?

Post by Dave bricoleur »

Another outlier here (or at least haven’t noticed it listed previously)

In my mid 50’s I realized my parents were in their 80’s, quit my Job, moved to their state/city and tended to them till they passed.
Had enough money, have a bit more now.
The only regret: should have done it sooner.

-dave
Kiter
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Re: What prompted you to pull the plug and retire?

Post by Kiter »

Covid ! Had the plan to ease out ,now firm on pulling out .My work with new client and existing has increased 50% ,I have not ridden my road bike or MTB in 3 weeks, Missed 2 kiting sessions ,no time to weight train. Just turned 65 ,many around me are dying at my age although not the group I hang with as they are 5-15 years younger . Have my number and on Medicare ,no debt to speak of and summer is coming to the NEast . Finish this summer and I'm done
wm631
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Re: What prompted you to pull the plug and retire?

Post by wm631 »

One simple thought was in the back of my mind, and started everything: I was turning 60. How long did I expect to stay on this earth? Put another way - how many "good" years did I really expect to have, let alone stay active, healthy? 20? 25? ... 30 ? (I'd be slightly amazed at that last one. And, feel blessed). The clock was (and, is ...) ticking.

Nobody beats the Reaper. To the best of my knowledge, only one interesting fellow approximately two thousand years pulled that off; and he wasn't interested in accumulated money, or assets before, or afterwards. Also, if you know of some way to take the stuff with you, clue me in. I'm all ears.

Don't over-think this. Do it. There's a brand new world out there for you. Beyond "work".
Last edited by wm631 on Tue May 11, 2021 1:29 pm, edited 1 time in total.
Hebell
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Re: What prompted you to pull the plug and retire?

Post by Hebell »

Dave bricoleur wrote: Mon May 10, 2021 7:52 pm Another outlier here (or at least haven’t noticed it listed previously)

In my mid 50’s I realized my parents were in their 80’s, quit my Job, moved to their state/city and tended to them till they passed.
Had enough money, have a bit more now.
The only regret: should have done it sooner.

-dave
Yeah, my post was above yours, page 2. Taking care of parents.
Wannaretireearly
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Re: What prompted you to pull the plug and retire?

Post by Wannaretireearly »

David Jay wrote: Mon May 10, 2021 1:21 pm I was getting a day older every single day.

[edit] And my Dad passed at age 67...
My dad passed at 59. Never saw a day of retirement or got to enjoy a dime of his retirement money.
Always a vivid reminder for me.
Once kids are off to college, there will be little incentive to get up and work, when I should have 100% freedom with my time. Until then, I'll work and be the house uber driver ;) ( school, soccer, swim, basketball runs!)
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finite_difference
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Re: What prompted you to pull the plug and retire?

Post by finite_difference »

Every things free wrote: Mon May 10, 2021 4:42 pm I plug the plug when I'm having the most fun at a job. I learned that as an elementary school teacher. Stop the game at the funnest point and the children will always want to come back to play. I left public school teaching after 3 years. I realized I couldn't make any money. So I became a business person and off I went. I've always evolved from one business to another. At age 52 I sold my Maytag Home Appliance Center after 7 yrs. of fun.I had a customer base of +10000 families...retired. Financially set.

But kept working and will keep working doing different fun things as long as I'm upright and healthy. I worked at
Natural Grocers Health Store for one year. I learned about nutrition and products. It improved my health. It wasn't fun so I left.

I then went to our City Parks/recreation department for 7 yrs. They asked me to work in our cemetery. I personally took care of 40 acres of cemetery and 500 trees. I dug graves and buried 3-5 people weekly. I lowered the caskets. I dealt with pain, suffering, healing and hope. Extremely interesting and important work. My personality was perfect for that work. It was fun.

I was then asked by a family member to help in his plumbing business. I asked, "is it fun?" Turns out the entertainment level in plumbing is exceptional. I never would have imagined. Everybody has plumbing problems. I'm traipsing through every room in peoples houses. Bedrooms, kitchens, bathrooms, basement and garages. I see every inch of their house, their stuff and lives.I also got licences for septic system installations, repairs and soil testing. If you'd see what I've seen in restaurants you'd not eat there....ever!
So after 4+ years in plumbing I'm moving on.That type of work should be for someone younger. It was big fun. Soon something else will appear.

For me, work is fun!
Work is simply an extension of "play".
I'm +71 yrs.old.....and still playing.

May you be blessed and prosper in all you do.
DTL
Great write-up. Two questions.

What wasn’t fun about the Grocers store that made it worse than a cemetery?

After what you’ve seen do you eat at restaurants?
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh
BernardShakey
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Re: What prompted you to pull the plug and retire?

Post by BernardShakey »

tibbitts wrote: Mon May 10, 2021 1:23 pm I hardly ever see this mentioned on Bogleheads, but I retired when I did because I wasn't good enough at my job any longer and wasn't being as productive or contributing as much as I wanted to. I wasn't told that and could have kept working. I did hold out maybe a few months more than I would have for some benefits to vest, but if I felt I was doing a better job I would have probably stayed for full retirement (another 10 months or so.) But then I would have retired anyway because I wanted to travel and do other things I didn't have time for. As it happened the pandemic hit right after I retired, and took away almost everything I wanted to retire to do.

If not for feeling the way I did, I would have at least stayed a few months into the following year, vs. retiring in December. There would have been substantial advantages obviously to having a "short" work year - low zero tax rate, etc. But I felt that wouldn't have been the right thing to do.

I wonder if we don't see my reasoning mentioned more on Bogleheads because Bogleheads are still good at their jobs - or just delusional.
You're not alone on this one. I'm 58 and starting to feel this too. Just not as capable, though partly driven by lack of motivation.
An important key to investing is having a well-calibrated sense of your future regret.
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namajones
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Re: What prompted you to pull the plug and retire?

Post by namajones »

Exchme wrote: Mon May 10, 2021 7:35 pm
If people are too infirm, the are not participating much on this forum where a lot of detailed information is discussed at a high level of understanding, so I think there is a self selection process that makes it seem like everyone stays clear and sharp forever. When in fact most folks eventually lose a step or three.
Too true. I have participated for many years on another forum and have seen people go from their 60s/70s to their 80s. In the 80s participation trails off to very little or nothing. And then we hear nothing at all.
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namajones
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Re: What prompted you to pull the plug and retire?

Post by namajones »

Cycleon wrote: Mon May 10, 2021 4:53 pm My only piece of advice is to take a breather after making the decision and let things unfold.
I suspect this is very good advice, just based on a recent vacation I took to think things over. The urge can be to jump into something else, but I'm sensing that jumping to nothing for a while may be most beneficial.
Cruise
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Re: What prompted you to pull the plug and retire?

Post by Cruise »

Sometime while in my 50s, I figured out that I would be able to retire some day. I made it a goal to retire at 62, the same age as my father when he retired from his Mega Corp trades job.

I was also in my 50s when I realized that I should be able to sell my consulting business, so I spent time researching this process.

By my late 50s, I was getting bored with the fascinating work that I had been doing—consulting in an area fraught with high risk and liability. I knew that being bored could lead to errors and people getting hurt and me getting sued. I did not want to end my career on that note. So, I activated my plan to sell my business and the sale went through at my age 61. I spent two years mentoring my purchaser, and also picking up some interesting consulting opportunities.

Lots of interesting stories shared on this thread. A common theme is the financial wherewithal to survive without working.
IowaFarmBoy
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Re: What prompted you to pull the plug and retire?

Post by IowaFarmBoy »

For me, it was what I have heard described as "having enough and having had enough." I had originally thought I would work till about 65 but some re-structuring happened about age 61 that I just wasn't excited about. I'd "had enough." This made me take a hard look at our finances and I realized that we "have enough". I stayed till I was 62 to maximize pension benefits. If I had been younger, I would have stayed and would have adjusted to the changes, but at this point I realized I didn't need to. Blessing in disguise.
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racy
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Re: What prompted you to pull the plug and retire?

Post by racy »

China. Mgmt added to my job the responsibility to oversee a manufacturing start-up. Late night phone conferences, long trips and a mission I didn't really agree with were the prompts. After a long day, floating in my lake lounger, having a drink, it dawned on me: I don't have to do this anymore.
LearningtheRopes
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Re: What prompted you to pull the plug and retire?

Post by LearningtheRopes »

namajones wrote: Mon May 10, 2021 12:10 pm What finally did it for you? Was it a number? Your age? A bad boss? Just "tired of it all." A new goal? A new post-retirement career? Some combination?
So to be clear, I'm not retired -- but I did get off the hamster wheel recently and made a radical change. It was a combination of work stress only getting worse, running numbers and realizing I could step back for a while with cash on hand and my spouse's income/benefits, COVID changing priorities, and the desire for a new career that for reasons I won't go into here, was not possible to pursue (not even on the side) without cutting the cord. So it was a gestalt. I will be candid and say that if it wasn't for being in great financial shape - which included (but was not limited to) having a family-related windfall - I probably wouldn't have been able to do it at my age (south of 50) and would have been an even more miserable person, bringing the stress home to the family at night/weekends, etc.
7eight9
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Re: What prompted you to pull the plug and retire?

Post by 7eight9 »

My job ended 1Q19 (company sold - stayed for the severance package). My wife wanted to work until the end of 2019 so she would have 40 quarters of earnings. I figured I would find a similar job for a while. Then we would move abroad. Fast forward to today. Due to the panademic we are persona non grata. I've given up looking for a job so I guess I'm retired.
I guess it all could be much worse. | They could be warming up my hearse.
KarenC
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Re: What prompted you to pull the plug and retire?

Post by KarenC »

In short, getting cancer. After surgery and chemotherapy, it's technically now in remission. Nevertheless, I took a hard look at my future and decided to retire now instead of retiring within the next 2 or 3 years.
"The first principle is that you must not fool yourself—and you are the easiest person to fool." — Richard P. Feynman
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Re: What prompted you to pull the plug and retire?

Post by LadyGeek »

I moved a question by HENRYGRUGER into a new thread. See: [Looking for a reason to retire]
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Re: What prompted you to pull the plug and retire?

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removed by author
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22twain
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Re: What prompted you to pull the plug and retire?

Post by 22twain »

The small college where my wife and I both taught for many years got into a financial crisis a few years after the Great Recession. They eliminated several faculty positions, including mine.

At my age then (58) I would have had little chance of finding another full-time faculty position. If I had managed to find one, it probably would have meant moving to another city. I might have found a part-time adjunct position relatively nearby, an hour or so drive each way, but the pay wouldn't have been worthwhile because of the commuting costs. We had plenty of money saved up at that point, so I decided to put an end to my teaching career.

I was only a few years away from the college's "early retirement" program which provided health insurance until Medicare, so the college offered me a low-paying administrative staff position (just enough to give me full-time status) to bridge the gap. My wife had already retired from her full-time position, but continued to teach there part time.

So we were able to cover our expenses and let our retirement accounts grow during the stock market boom which began around then. I retired completely four years ago, and the pandemic ended my wife's part-time teaching last year. We're in good shape.
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MP173
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Re: What prompted you to pull the plug and retire?

Post by MP173 »

Enjoying reading these insights.

I am 65 (almost 66) and still working. No issues financially, but the sales career provides plenty of self satisfaction and challenges. The upper management treats me well and as long as they are there I will probably stick around (for awhile). When the new suits come marching in, it will probably signal time for me to fly.

COVID changes things for me dramatically. Was contemplating retirement 18 months ago...hip replacement surgery led to consideration of hanging it up. However, recovered very quickly with the new hip and then realized that COVID/retirement would not be a walk in the park...more a one year nap in the park.

Fast forward a year and I am quite happy the decision was made to remain employed. Sales calls came to a halt and I learned how to use Microsoft Team. Productivity rose and now that the economy is back in full swing (has been for 6 months), the commission checks are nearly back to normal.

Used the higher level of productivity to "sample" retirement...more like part time work. Lost 30 pounds and adjusted my outlook on career and life in general. Consider myself fortunate to have worked thru COVID.

Ed
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jimmyq
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Re: What prompted you to pull the plug and retire?

Post by jimmyq »

After surviving several downsizings, I was not having fun and was seriously considering heading for the door. I even starting marking off the days on my personal calendar to a date that I thought might be my last day, but secretly wondered whether I'd actually pull the trigger and hand in my resignation then. Then the company made the decision for me when they laid me off. I was relieved because now I didn't have to make the decision, and I managed to snag a little severance on my way out. That was about 2 years ago, and so far so good.
plasticofantastico
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Re: What prompted you to pull the plug and retire?

Post by plasticofantastico »

I spent 2 years going through a poorly executed corporate merger. Then COVID hit and I spent a year working out of my dining room. I had planned to work until I was 62, but my financial advisor said we were set so we decided to pull the plug.

My last day of work is September 10, and my wife will follow a few months later.
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namajones
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Re: What prompted you to pull the plug and retire?

Post by namajones »

22twain wrote: Tue May 11, 2021 11:14 am The small college where my wife and I both taught for many years got into a financial crisis a few years after the Great Recession. They eliminated several faculty positions, including mine.

At my age then (58) I would have had little chance of finding another full-time faculty position. If I had managed to find one, it probably would have meant moving to another city. I might have found a part-time adjunct position relatively nearby, an hour or so drive each way, but the pay wouldn't have been worthwhile because of the commuting costs. We had plenty of money saved up at that point, so I decided to put an end to my teaching career.

I was only a few years away from the college's "early retirement" program which provided health insurance until Medicare, so the college offered me a low-paying administrative staff position (just enough to give me full-time status) to bridge the gap. My wife had already retired from her full-time position, but continued to teach there part time.

So we were able to cover our expenses and let our retirement accounts grow during the stock market boom which began around then. I retired completely four years ago, and the pandemic ended my wife's part-time teaching last year. We're in good shape.
Interesting. How did the pandemic end your wife's teaching job? I'm actually looking at returning to teaching (overseas) after doing my time in the business world, so I'm interested.

That was good of your school to at least tide you over until you were eligible for the health insurance.
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namajones
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Re: What prompted you to pull the plug and retire?

Post by namajones »

wm631 wrote: Mon May 10, 2021 10:19 pm One simple thought was in the back of my mind, and started everything: I was turning 60. How long did I expect to stay on this earth? Put another way - how many "good" years did I really expect to have, let alone stay active, healthy? 20? 25? ... 30 ? (I'd be slightly amazed at that last one. And, feel blessed). The clock was (and, is ...) ticking.

Nobody beats the Reaper. To the best of my knowledge, only one interesting fellow approximately two thousand years pulled that off; and he wasn't interested in accumulated money, or assets before, or afterwards. Also, if you know of some way to take the stuff with you, clue me in. I'm all ears.

Don't over-think this. Do it. There's a brand new world out there for you. Beyond "work".
Similar thoughts. 60 was a milestone for me. 62 even more of a wakeup call. (Eight years of decent health left...if I'm lucky, etc.) I do divide up the remaining time into "likely good/mountain hiking healthy" and "the rest." There ain't that many years left of "mountain hiking healthy," I figure.

If you're 60/62 and counting on having another 30 years upright, well, you're hoping for the best, in all likelihood.

Here's a handy chart that tells you how many people in the world are younger and older than you are. Hint: If you're 80, only 1.5 percent of the people alive are older than you. If you're 70, it's just over 5 percent.

http://publichealthintelligence.org/con ... ounger-you

:o
Last edited by namajones on Tue May 11, 2021 4:05 pm, edited 3 times in total.
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Candor
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Re: What prompted you to pull the plug and retire?

Post by Candor »

I will be retiring in three weeks at 53. Almost 28 years with the same company. Earlier than I planned but work stress/pressure is getting to be too much and a close colleague is retiring next month which will significantly increase my workload so I'm beating him to the punch by a few weeks. Megacorp bought us out the first of the year and the changes resulting from that are not promising so now is a good time to call it quits. Financially, I would certainly have liked to squeeze in another year or two but at this point the money would not be worth the sacrifice.

I knew I would never make it to full retirement age so I have been planning for this for years but now that it's here it's still a little scary but what a relief to know I'm prepared and have the choice to retire.
The fool, with all his other faults, has this also - he is always getting ready to live. - Seneca Epistles < c. 65AD
Nathan Drake
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Re: What prompted you to pull the plug and retire?

Post by Nathan Drake »

Interesting thread. I reached 50x in my mid 30s, a few years away from 40 still but contemplating Early Retirement

Other than adding to the portfolio I am unsure if it’s wise to stick around when the personal finance problem is largely solved.

Sounds like trading life/time for money isn’t a worthwhile exchange when you’ve got “enough”
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JoeRetire
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Re: What prompted you to pull the plug and retire?

Post by JoeRetire »

Nathan Drake wrote: Tue May 11, 2021 5:46 pm Sounds like trading life/time for money isn’t a worthwhile exchange when you’ve got “enough”
For some it is. For others, not.
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RadAudit
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Re: What prompted you to pull the plug and retire?

Post by RadAudit »

Guess it was just time.

I was past 62 and had "enough". Mom died about a year prior and I had just finished up distributing the estate.
FI is the best revenge. LBYM. Invest the rest. Stay the course. Die anyway. - PS: The cavalry isn't coming, kids. You are on your own.
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LilyFleur
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Re: What prompted you to pull the plug and retire?

Post by LilyFleur »

The commute was killing me, my under-employed job for low pay, no health insurance and only one week off a year at age 57 was killing me, my boss yelled at me when I needed time off for medical appointments (cancer survivor and diabetic), and when I needed time off for family, I couldn't get the time off. I actually would not sit down at all after getting home from work and the gym. I would eat my dinner on a tray in my bed. Most nights I just pushed aside my dinner tray and fell asleep.

Oh, and my portfolio doubled and I was able to start collecting a modest pension.

I'm back working about 15 hours a week from my sofa which helps cushion my portfolio. Life is good!
OnTrack2020
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Re: What prompted you to pull the plug and retire?

Post by OnTrack2020 »

namajones wrote: Tue May 11, 2021 4:01 pm
wm631 wrote: Mon May 10, 2021 10:19 pm One simple thought was in the back of my mind, and started everything: I was turning 60. How long did I expect to stay on this earth? Put another way - how many "good" years did I really expect to have, let alone stay active, healthy? 20? 25? ... 30 ? (I'd be slightly amazed at that last one. And, feel blessed). The clock was (and, is ...) ticking.

Nobody beats the Reaper. To the best of my knowledge, only one interesting fellow approximately two thousand years pulled that off; and he wasn't interested in accumulated money, or assets before, or afterwards. Also, if you know of some way to take the stuff with you, clue me in. I'm all ears.

Don't over-think this. Do it. There's a brand new world out there for you. Beyond "work".
Similar thoughts. 60 was a milestone for me. 62 even more of a wakeup call. (Eight years of decent health left...if I'm lucky, etc.) I do divide up the remaining time into "likely good/mountain hiking healthy" and "the rest." There ain't that many years left of "mountain hiking healthy," I figure.

If you're 60/62 and counting on having another 30 years upright, well, you're hoping for the best, in all likelihood.

Here's a handy chart that tells you how many people in the world are younger and older than you are. Hint: If you're 80, only 1.5 percent of the people alive are older than you. If you're 70, it's just over 5 percent.

http://publichealthintelligence.org/con ... ounger-you

:o
Years ago, I was driving home one night listening to the radio and a minister was talking. To put it mildly, but also bluntly, he mentioned that he had presided over many more funerals of people in their 50s and 60s than he ever did of people in their 70s, 80s, and 90s. That's always stuck in the back of my mind.
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Re: What prompted you to pull the plug and retire?

Post by trueblueky »

Youngest child graduated from college in June several years ago. I retired that August; DW and I moved closer to family.

When you have enough, and have had enough, it's time.
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22twain
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Re: What prompted you to pull the plug and retire?

Post by 22twain »

namajones wrote: Tue May 11, 2021 3:57 pm How did the pandemic end your wife's teaching job?
Last year the college told students to stay home after spring break, and all classes went online for the rest of the semester. She hated teaching online, and doesn't want to do it again.

In-person classes resumed in the fall, with many professors doing at least part of their work online. My wife is over 70 and didn't want to take the risk of doing classes in person, so she declined to teach this past year (fall and spring). Her department found someone else to come in part-time and teach her old courses.

Now she's vaccinated, and so am I, but the new person is in place and on the schedule for next fall. It's conceivable that the new person could leave for some reason, in which case the department would probably invite my wife back, but we're not figuring on it. We'll probably take advantage of it to do some off-season travel, finally. :beer
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asset_chaos
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Re: What prompted you to pull the plug and retire?

Post by asset_chaos »

Prompted by management decision that entire group was being deleted. Happily years before this had achieved the Financial Independence part of FIRE, but large severence package and indexed pension are nice. Moved to diferent employer in similar area. Three years later management decides to delete entire group. Small severence package, but this time took hint and did the Retire Early part of FIRE. Actionable advice: get to the FI part as soon as feasible.
Regards, | | Guy
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peetsperk
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Re: What prompted you to pull the plug and retire?

Post by peetsperk »

It was an easy decision once we realized our income would be substantially higher in retirement than it was when working. I retired in July 2019 at age 62 and my wife will retire this June. We are the beneficiaries of living well below our means, saving aggressively, following Jack's investing advice, having modest pensions and being debt-free.
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Marmot
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Re: What prompted you to pull the plug and retire?

Post by Marmot »

namajones wrote: Mon May 10, 2021 12:10 pm What finally did it for you? Was it a number? Your age? A bad boss? Just "tired of it all." A new goal? A new post-retirement career? Some combination?

I'm on the cusp, personally, and for me it has to be a combination of number, changes at work that I don't like, my age, and probably (though not sure) just being tired of working or, perhaps more precisely, being tired of work impinging on my final years of (still healthy) years left on this earth.

So I'm thinking that with all big decisions like this, it's probably some combination of things that prompts people to go.

Am I right? What made you decide "I'm out"?
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telemark
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Re: What prompted you to pull the plug and retire?

Post by telemark »

For me the precipitating incident was the declining health of some aging relatives and the need for time away from work to help with that. They're deceased now, but I'm grateful for the time I had with them.
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Re: What prompted you to pull the plug and retire?

Post by Wannaretireearly »

Candor wrote: Tue May 11, 2021 4:03 pm I will be retiring in three weeks at 53. Almost 28 years with the same company. Earlier than I planned but work stress/pressure is getting to be too much and a close colleague is retiring next month which will significantly increase my workload so I'm beating him to the punch by a few weeks. Megacorp bought us out the first of the year and the changes resulting from that are not promising so now is a good time to call it quits. Financially, I would certainly have liked to squeeze in another year or two but at this point the money would not be worth the sacrifice.

I knew I would never make it to full retirement age so I have been planning for this for years but now that it's here it's still a little scary but what a relief to know I'm prepared and have the choice to retire.
+1 well done. Still working, but terrified of critical co workers retiring earlier than me! That would be a trigger for me as well. Just not right now, perhaps in 5 years time.
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
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