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I can get myself tied up in a bundle of nervous energy when I think about all the what if's of retirement. I appreciate all the personal stories of if not ease, at least success, in retiring by 62 or younger. Basically, you've all convinced me to keep on course, stick to our plan. That doesn't mean I'll ignore what's happening economically now, but lean in on options to conserve resources where we can now, knowing they'll come in handy in 6 years.
Taking my time off is hard for me. I was raised with a work ethic that there's plenty of time for rest and relaxation after retirement. I don't recall many vacation weeks of either parent- maybe one two a year at most. But, both did retire at their eligible age for full social security, 61,I think. It was also my dad having a heart attack that convinced them. I was pregnant with DS and it was such a scary fall. Well, he survived and my parents had another 23 years together in relatively good health, though it declined past age 80. I want at least that for DH and me. His parents only had 14 after his dad retired. The fact that we're not guaranteed any of those years, makes retiring on our plan all the more important.
I do want to respond more fully though to Anonymous from last week's Money Monday. It's a bit of a conundrum on how much retirement funds are needed for living decently and for life "top off." Plenty is such a personal interpretation. Well likely have children in different parts of the country so if we're not destined for world cruises, we still want a travel budget, them or us. I also don't want to just get by in retirement after being cautious my whole life. Yet I get that anyone who lost their partners young would have to be thinking just get on with your retirement and enjoy your days together. Money is important to live on of course, but good health can't really be bought.
I did take part of Thursday, my flex Friday and will take Tuesday off. I earned these vacation hours, and the Monday holiday. I'm writing this to post on Memorial Day. How many young men and women never made it to the age to contemplate retirement? I owe a debt to live a life that is grounded in values, family, friends, and good health. Working myself silly is a slap to those that sacrificed. Thank you all for helping me put things in perspective.
While retirement isn’t really on my radar (we do have 401k but I don’t understand any of that tbh) it’s paying for college that keeps me up at night. I’ve thoroughly beat myself up over not saving more and maybe I’m a dolt but again, I’m struggling to understand all the numbers. I’m ashamed to admit that what I thought was a yearly cost was only a semester. It’s getting to almost be time to apply for loans and I’m terrified. I also have no one to really talk to about it although I’m sure if I stop into a physical bank branch they would give me some insight. My daughter seems unfazed by the student loan debt and sees it as just part of life but it makes me nauseous. I’ll be happy when it’s all situated and we’re moving her in. Until then I’m convinced that I’m doing everything wrong, forgetting important stuff and ruining her life. Good times inside my head lol. JoAnn
ReplyDeleteJoAnn - this is hard to understand in the best circumstance. Do you have a financial counselor at the school you can speak to, who can walk you through the options? Hugs. It's a big milestone!
DeleteI agree with HP- the college should have counselor's to help figure out details. It is daunting but you can't kick yourself for it. Use what is available, encourage a part time jobs, and make sure she doesn't student loan a lifestyle. My kids did / do without a lot of extras to keep their spending low. But yes, in a way, a student loan payment becomes another bill. The trade-off should be worth it though, so make sure she's getting the education it's paying for.
DeleteThanks to both of you for the advice and encouragement. I really do appreciate it, and I appreciate the kind response. I will contact the school first. They have been quite helpful with the other questions I have had so it makes sense that they would be available to help. She is incredibly dedicated to having a solid career in the future and could possibly graduate a semester early (no pressure but it is on the radar) so that would help as well. It’s just so overwhelming!
DeleteMy parents both worked for public schools (elementary & high school), so my concept of time off was the opposite - always off during holidays & over the summer. I struggled with my first years of "real" jobs, when I was working & didn't get much of a break. In the early years, you have to accrue vacation time, so I went several years with maybe 2-3 days off, but working 60 hour weeks. It wasn't much fun. Even with my current employer, having a long career, I was starting over, and had zero vacation. I joined in October, and had basically one day for all of the holidays. My current job also requires quite a bit of work over the US holidays, and I did not enjoy working all through Christmas a few years back! It's gotten a lot better in that regard, and I've accrued a bunch as well.
ReplyDeleteOn the retirement note, we're trying to hit the right balance as well. Ensuring we have enough, but not working too far past that. By all objective measures, we will be totally fine, but we have a few years left with the boys in the house, then college, so it is a bit hard to predict!
We do life so wrong in the US. Greed for corporate earnings keeps the hours longer and longer, and fear of losing our earning potential keeps us toeing the line.
DeleteI'm on the side of "go when you get the chance" of course because one never knows how much time we have left in good enough health, in particular, to be able to enjoy those years. But you obviously have your head screwed on and know what your finances need to look like so I'm sure you'll make the right decision when the time comes!
ReplyDeleteI'd love to "go" for him now followed by me at 59.5!! 62 is probably the earliest palatable go.
DeleteI can't offer any advice, retirement is something I've never thought of - I'm still 21 in my head! When the time comes we were planning to sell the house and live somewhere sunny but sadly Brexit put paid to that. xxx
ReplyDeleteToying with a warm place ourselves but so much of the southern US is either to wrong for me politically or too expensive. I think you secretly have had multiple runs at being 21. Good for you!
DeleteI worked for the Florida school district for 20 years before moving here. That was 186 days a year with summers off and all holidays and weekends so even though I don't get all summer off now I earn 8 weeks a year and I take every bit.
ReplyDeleteMy father died at 43 so I always have tried to put my life before my career.
You're a smart lady to do that. Our vacation and sick is separate. I'm over 8 weeks accrued combined, but have 590 sick and 275 vacation ( capped) banked. Yes, I'll strive to do better.
DeleteI totally understand your angst, but so far we are fine and I think you can take the jump. But you need to do you.
ReplyDeleteYou say fine as you juggle multiple sewing projects and commitments like the Energizer Bunny! I know I won't have your stamina to figure out how to close financial holes.
Deleteyou a lucky one to have many supportive types to give you perspective. We do better with input.
ReplyDeleteThe readers are smart cookies. It's good to hear other perspectives while knowing it's an individual decision.
DeleteMy husband and I are in our mid-50s, but retirement is on our minds! I live in one of the most expensive cities in Canada, so we need a lot of savings...
ReplyDeleteAnd don't forget you'll need wardrobe enhancement funds.
DeleteIt seems you think things through well, so I am sure you will get it all right.
ReplyDeleteI'm sure others that are retired thought they had things thought through- then the unexpected happened. I'm sure you didn't expect to not be in your own home. It feel so much like a roll of the dice- we can plan, but we'll never be 100% assured.
DeleteOnly you and your husband know what is best for y'all. TheHub will most likely work somewhere until he is physically unable to work, whether it is for pay or volunteering.
ReplyDeleteSpeaking of work, he is supposed to get 5 weeks of vacation. I imagine in the last 5 years he has taken maybe 20 days of vacation. Even if we are on a trip to see the kids he works most of the day. His choice, but I don't want to hear him ever talk about what he missed!
I don't want to be one complaining about missing out in things. 80% loss of vacation is tough. Maybe had Covid not happened he'd have slowed down? It sounds like working is his passion.
DeleteI went back to work part time immediately because I felt like I needed to beef up my savings more and then inflation and gas prices really hit! Yikes! I have one kid 2000 miles away so I want to be able to fly whenever I need to in retirement. The other kids are within easy driving distance. I just keep working because I don’t know what else to do regarding inflation. I also feel rather stressed about not seeing my far away kid a year and a half during Covid. I have not gotten over that stress yet. I know everyone with kids not nearby was in the same situation, but it truly ripped me to my core. Cindy in the South
ReplyDeleteWe haven't seen my son since Christmas 2019. Covid prevented it, then his work schedule became eratuc- still is. You know I understand how hard not being able to see family has been. I guess we both could fall back on part time fuller work.
ReplyDelete