Who retires first ?

[Randy_K]

I am hoping some of the close to or retired can give me some insight.

We can both retire between the ages of 62 and 67. The closer to 67 you work the better the pension. Do most retire the same day or is it better to do it a few years apart.

We have no children and any money left when we die goes to charity. We are likely to down size and travel or sell the house outright and full time.

I am 4 years older then my DW. Should I get to retire 4 years sooner? Would I be board ?

How did you decide ?

[Festus2]

Randy -
I'd like to be able to tell you "what I did" but what I did or what others did or will do, will most likely not provide you with much useful insight. Each person's situation is unique. Your financial picture is unlike anyone elses so IMO asking for and getting "retirement" advice on a forum like this really won't be overly helpful.

My suggestion would be to arrange a visit with a financial/retirement/estate planner and make your decisions based on the advice you receive from him/her.

We all have different pension plans and some may not even have such a plan but have other sources of income. Also, retirement plans, banking institutions and their rules and government regulations are not the same here in Canada as they are in the USA so what someone did in California will not be of much use to you in Ontario.

Pensions and retirement dates are only one aspect of retirement. There are numerous other important factors, medical plans for example, all of which are complex and meant for discussion elsewhere.

I'm not trying to avoid answering you but there are just so many variables in your question and in the answers that will not be too useful to you and your situation. What worked for me or for others may not work at all for you.

Check it out with a financial advisor or someone knowledgeable about retiring in Canada.

[theeyres]

I was about ready to tell you our story but read Festus' reply and it made total sense. There are just too many variables. Financial is a big one. But so is loving/liking/hating jobs. When you wonder if you would be bored, then that is a red flag about what you see ahead in retirement. What do either one of you plan to do when you retire? How will you live? Etc. etc. Good luck in figuring it out. It is an exciting time in life and we all have our own unique way of solving it.

[Ken / Claudia]

We have and Soc. Sec. available at 62 or 66 or 70. Sooner taken is reduced payments than max age. All cops I know that talk about it take it at 62. Several reasons, at younger ages people are more active/ still have house payments etc. We never know how long we will live. So pick a age like 79 and look at how much money you will be paid out from age 62 to 79 or 70 to 79. A buddy just did this and found collecting at age 62 he woud be 79 to have been paid out same total as starting at 70. I want to start all of my retirement accounts (4) different ones as soon as they are available. Currently I am collecting on 3 of them. My wife is younger and will start at age 62. My neighbor does not need SS retirement money and will not start until age 70. You really need to talk to a pro even if it costs afew hundred. Advice on this thread is worth what you paid for it. Retiring is not a easy choice to make without real help. Good luck

[hankpage]

As for being bored .... I don't know how I ever found time to work. Hobbies and non-work interests play a big part in enjoying retirement. I have been retired for a few years. DW is younger and will retire in January and can barely wait. If you can afford it , go for it. If you find you are bored you can always volunteer somewhere or work part time to keep busy.
As mentioned ... see a financial planner, start developing new interests and throw away that alarm clock. JM2¢, Hank

[antiqfreq]

Since I am almost 17 years older than my husband - his retirement date is nowhere in sight!

I retired 4 1/2 years ago.

Maybe 'some day' when he gets more vacation from his job of only 2 years; we'll get to do more camping.

Right now we just look at the camper and dream........

I am sure it will ALL work out for you. You two will figure out what is best.

Enjoy,

Jo

[jsmith948]

My DW retired at age 62 - I retired at 64. we had our sons when we were fairly young and have been empty nesters for about 21 years. We are having a ball. As Hankpage said, we seem to be busier now than when we worked. If you can afford to retire, pull the damn plug! Nobody has ever seen an armored car in a funeral procession. We don't know when our health might go south so we're enjoying retirement while we can

[Randy_K]

The big issue for me is not wanting to die with money left over. I would rather travel sooner then be able to buy a gold plated wheel chair when im 80.

I have read that most spend a huge chunk of their retirement money the first 5 years of retirement. A new truck and trailer for example. The work-camper sounds interesting and something I can easily handle.

The cost of full timing is something that seams all over the place. I have read where people say they can do it on $500.00 a month which sound crazy to me. It does look like a monthly campsite in places like Colorado can be had for a few hundred a month. Its hard to get a real price on full timing. I know I would return to Canada 6 months of the year, but with no family it does not really matter where.

Right now I have a house with a big shop. I have a vintage motorcycle collection I work on. Living out of a trailer will require something to keep me busy. I will also inherit a small property in a retirement community likely before I retire , so its a option as a summer base.

Has anyone retired then wished they kept working ? < money aside>

[Desert185]

Originally Posted by antiqfreq

Since I am almost 17 years older than my husband - his retirement date is nowhere in sight!

I retired 4 1/2 years ago.

Maybe 'some day' when he gets more vacation from his job of only 2 years; we'll get to do more camping.

Right now we just look at the camper and dream........

I am sure it will ALL work out for you. You two will figure out what is best.

Enjoy,

Jo

From the looks of your map, you two haven't done too badly in the travel department..

[Desert185]

Originally Posted by Randy_K

Has anyone retired then wished they kept working ? < money aside>

Yes, but maybe for different reasons. I liked what I was doing. I was an airline pilot forced out of the left seat at age 60. Being one of those people who loved what they did for a living, I wasn't ready to go. Fortunately, the same government who forced me to retire allowed me to keep flying airliners for a federal agency. Government logic...

I am now 70 and retiring for good in November. I managed to "toy-up" and build my base ops retirement nest while I was still working. What really helps is to have the big ticket items (house, cars, kids, alimony, etc.) paid for when retirement is a reality. Besides, financial health, physical health is the other part of the equation. You need both to enjoy what you want to do post retirement. Invest in both as much as you can before the fact.

[zuley]

Randy,perhaps over a mug we should discuss this. LOL. Pauline turned 55 this past weekend and made the announcement during dinner that she had two more years to the day to work and that she wanted two years at home before I packed it in. So, I've got 4 to go myself. That will put me at 58. Money is not an issue so that is a good thing. As we get closer to retiring though I'm getting a little antsy. I'd like to get out of the high pressure job and perhaps work part time if even for the same company I work for now in a mindless type position. Paul says the day she walks away from the hospital that is it. The ring comes off her finger and the registration will lapse. Told me I can drag the camper to Killbear, set it up, and then come back and visit on weekends.

[Javi]

DW is 62 and just filed for her SS, she will continue to work part time and I will continue to work 50+ hours a week for the foreseeable future.

[Ken / Claudia]

I wished I could have kept working for 5 or so more years. Retired at 53. But, alittle differnent being a cop. I got almost the some pay for staying home retired than going to work and becomeing a target for acts of aggression etc. by not so nice of people. I have changed my retirement plans. I was going to move to the beach house full time and not work at all.. But, looked around for part time work and found a low impact part time police job, one that does not involve arresting bad guys. And volunteer at my city government with traffic safety. I hunt/fish/camp/boat/ work around the home fix the cars or sleep in as much as I want. My dad retired from 37 years in miltary service and just sat around his home for 20 years until he passed. That is not me. As long as I have health I will be doing something. Fixing up old motorcycles sounds like alot of fun and you might make alittle money.

[Hoojs12840]

Originally Posted by jsmith948

My DW retired at age 62 - I retired at 64. we had our sons when we were fairly young and have been empty nesters for about 21 years. We are having a ball. As Hankpage said, we seem to be busier now than when we worked. If you can afford to retire, pull the damn plug! Nobody has ever seen an armored car in a funeral procession. We don't know when our health might go south so we're enjoying retirement while we can

That's how I feel about it. The wife and I have worked hard since we were 16, sometimes 3 jobs each. We plan on cashing out as soon as we can. We have plenty of social interest's we can be involved in if we need to be fulfilled.

[crash]

The wife retires august 2015 from the army 20+ years and is only 43 right now, me I am 46 .We have acouple rental houses that are paid off. I will leave my job and sell our main house and travel for 2 or 3 years ,while we still have our heath and can afford it .Then settle down some where and take it easy(not enless the lottoery comes our way and then its on like donky kong)

[Randy_K]

Originally Posted by jsmith948

My DW retired at age 62 - I retired at 64. we had our sons when we were fairly young and have been empty nesters for about 21 years. We are having a ball. As Hankpage said, we seem to be busier now than when we worked. If you can afford to retire, pull the damn plug! Nobody has ever seen an armored car in a funeral procession. We don't know when our health might go south so we're enjoying retirement while we can

That sounds good, just got to figure out the timing

[gearhead]

As a co-worker once said: "When you've had enough, and you have enough, you will leave."
I retired a bit early at 58. I never thought I would go back. Company pension and drawing 4% of the 401k. One year after retirement I worked my old job for a few weeks. Then got asked to do some work in Wyoming, then south Texas, Ohio, Seattle, and New York. I enjoyed it. It has slowed down this year. I bought some nice toys.
I am eligible for Soc Sec. Now I have a possibility of a 3 month job in the Mid East next Jan-Mar. I talked to Soc Sec rep and now have a date "pinned". If I don't work Mid East next year I'll take Soc Sec starting in Jan; with 6 months back pay. It's all good!
Wife retired about when I did. Schoolteacher with a pension and half my Soc Sec.

[chuckster57]

In 2008, at 51 yrs old I "paroled" from prison with 25+ yrs as a guard. Since I had my health and sanity, I chose to lock in a regular check.

Unfortunately I didn't have a crystal ball (none of us does) to foresee the crash of everything. I'm doing okay, and since I'm too young to draw SSI, I'm doing a job I really enjoy. It's rewarding to show a new buyer their new RV and how everything works. The thank you and smiles make my day!!

[suza]

My DH is 5 mos older than me. He retired Dec 1, 2011, but, being a business manager for our school district, I waited till the end of the fiscal year (June 30), retiring July 1, 2012. I think DH wishes I was still working. He had more "free time" before I retired

Financial issues aside, I believe it is important to retire while you are able to still do the things you enjoy. That is why early retirement planning is so essential. And, I can honestly say, we are never bored. In fact, there just isn't enough time to do everything we want to do. I'm not sure how we managed when we were working.

One bit of advice I can give is this: If you are prone to procrastination, beware. It is so easy to put off things that need done because you can "always do them tomorrow". Retirement, at least for me, takes a bit of discipline.

I loved my job and my colleagues, but I don't regret, for a moment, my decision to retire. Having my time be my own and be able to spend more time with family are worth so much more than continuing to work for increased benefits. Retire as soon as you can afford. And, yes, a retirement planner is a must.