Hooked On A Salary... Can't Retire!

[GregZ]

53 here and I am glad to be retired while I can still climb the giant floating slide at the resort. Did it 2 weeks ago with all the youngish folks.

Enough said.

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[Hey Steve]

From my end..once I reach 59 1/2 (2 years away) my retirement can be taken out without the huge tax penalty and my growing nest egg on top of that will be able to comfortably carry my to 62, whereas I will have my steady stream of retirement income. So far, so good. My wife is a minimalist (more so than I anyway), so, although "life" happens-steady as she goes.... I am good and ready for the change, myself!

[Tukaram (Tim)]

I am 51 and been here almost 3 years. so far so good. 

 

As I have said before..but if I had money I would live in Hawaii!  :tiphat:

[bows00]

As I have said before..but if I had money I would live in Hawaii! 

 

After living in Hawaii for the past 50 years, I can tell you that everything gets old.  This island has nothing more to offer me other than good weather, close friends and relatives.  And did I mention how crowded everything is here?  There is traffic just about anytime of the day now.  Not to mention that I gave up surfing years ago, just too many guys to have a wave to myself.  And I had to give up my all time favorite past time of have a few drinks with friends, there are cops around every corner waiting to tag you with a DUI.   

 

Well, I guess I am just trying to talk my way into retirement and give the Philippines a try.  

 

I thank all of you for your well thought out advices.  

[Jollygoodfellow]

Well, I guess I am just trying to talk my way into retirement and give the Philippines a try.  

 

Here's an idea since you're not sure. What you can do is stay in your job another year but pay me to live in the Phils for a year to document my thoughts and experiences and then you can decide for yourself if it would be right for you.

I wouldn't do this for just anyone but for you I will sacrifice a year out of my life.   :cheers:

[Vince Runza]

 

Well, I guess I am just trying to talk my way into retirement and give the Philippines a try.  

 

Here's an idea since you're not sure. What you can do is stay in your job another year but pay me to live in the Phils for a year to document my thoughts and experiences and then you can decide for yourself if it would be right for you.

I wouldn't do this for just anyone but for you I will sacrifice a year out of my life.   :cheers:

 

You're too kind. It's a weakness -- people will take advantage of it.

[Thomas]

Financially, as measly as my pension will be, I think I will be ok living there since I have no debt - my house and car were paid off years ago.

With a 100k USD salary, I suppouse your pension will be very much higher than mine.  (I have been to good at acounting   :)

And I suppouse your house is worth much more than my old remote house in Swedish forest, making you have a biger nest egg than mine too.

The rest of me has been ready to move over 2 years now, just needing my injury to heal enough to manage the travel  (but still problem to walk). I start geting frustrated at I can't go yet   :(

 

So you CAN move    :)

[earthdome]

I think it is the thought of leaving my salary, it is difficult leaving all that on the table. I do count my blessing, but I know I am not truly happy. In fact, most days, I dread going to work. The only thing that gets me through the day are the friends I have made.

 

What would be worse is leaving on the table all the good times and adventures you could have if you no longer have to work. Age is creeping up on you. Don't let it catch you before you have had enough time to experience all those adventures.

 

I had a heart attack and lung cancer at age 54. That was a huge wakeup call. Like you I had remained single and married to work. I retired 3 years later with a modest pension and retirement savings to draw on until SS kicks in. Since I retired I have been able to do many things for the first time and start having some new adventures. Including meeting and marrying my lovely asawa.

 

Don't wait until it's too late.

 

Start working the numbers to see whether you can retire now. Don't forget to look into what your health care options will be at retirement. Best advice is to setup a meeting with someone in HR who counsels employee's on retirement. See where you are at. Many government related jobs allow early retirement with pension at 55.

[bows00]

Many government related jobs allow early retirement with pension at 55.

Yes this is where I will be in September 2016. I going to the Philippines at every opportunity. Thank you for your good advice. I guess no one ever regrets retiring too early on their deathbeds.

[Tukaram (Tim)]

 

I think it is the thought of leaving my salary, it is difficult leaving all that on the table. I do count my blessing, but I know I am not truly happy. In fact, most days, I dread going to work. The only thing that gets me through the day are the friends I have made.

 

What would be worse is leaving on the table all the good times and adventures you could have if you no longer have to work. Age is creeping up on you. Don't let it catch you before you have had enough time to experience all those adventures.

 

I had a heart attack and lung cancer at age 54. That was a huge wakeup call. Like you I had remained single and married to work. I retired 3 years later with a modest pension and retirement savings to draw on until SS kicks in. Since I retired I have been able to do many things for the first time and start having some new adventures. Including meeting and marrying my lovely asawa.

 

Don't wait until it's too late.

 

Start working the numbers to see whether you can retire now. Don't forget to look into what your health care options will be at retirement. Best advice is to setup a meeting with someone in HR who counsels employee's on retirement. See where you are at. Many government related jobs allow early retirement with pension at 55.

 

 

That is my thoughts as well. My dad's 2nd wife was a miser (I thought my dad was cheap until I met her!). All she did was brag about how much money she had in the bank.  Well after her stroke she slipped into dementia and her daughter (who was also her banker) stole all her money and put her in a home.  I would rather spend my money and have some fun.  Depending on my later dementia I may not keep those memories...

 

I was a single dad for many years. I worked only because I had bills to pay.  When the kids moved out I realized I could move over here and quit working.  In the US I would have had to work until I was 65.  I quit working at 48. That was 3 years ago.  I cannot retire for another 3 years but I do not care. I am broke but happy. I have not had to start eating dried fish yet... so I am not completely broke ha ha

 

I would rather have to go crawling back to work with my tail between my legs than live with the regret of never trying.  Everyone has to decide what is right for themselves.   :tiphat: