Would you retire if...

jmski52 · October 13, 2011 4:46AM

If you were at your peak earnings right now, how long would you milk it until retiring? Say, if you figured you had enough to retire on now, and if you were 60 y-o or so...

Would you keep working and buying some more nice coins & bullion along the way, or just relax for a change?

BobS · October 13, 2011 4:51AM

The day my wife and I say "we have enough $$ to retire on" is the day before I retire.

pragmaticgoat · October 13, 2011 5:00AM

I like working and relaxing, being self employed allows for both; life is good

RYK · October 13, 2011 5:01AM

I need to about double my current nest egg, by whatever means, before I can consider retiring.

Ahrensdad · October 13, 2011 5:09AM

I have about 20 years before I can even start thinking about it...Great, that was a depressing thought.

Egger · October 13, 2011 5:09AM

<< <i>I have about 20 years before I can even start thinking about it...Great, that was a depressing thought. >>

20, hah, try 30 years

mrearlygold · October 13, 2011 5:13AM

I've been there for a while. I've become much more selective as to who can and who cannot do business here. I believe clients can only become clients the old fashioned way.....they have to earn it

mrearlygold · October 13, 2011 5:14AM

<< <i> life is good

>>

AUandAG · October 13, 2011 5:47AM

I was at my peak in earnings. Thought I'd go another three years. Then the MAN decided
that I was no longer needed. So, at 62 it was retirement. Didn't think we had enough to
do so, but it has been just fine.

bob

guitarwes · October 13, 2011 6:02AM

Depends on how you want to live after you retire.

If you want to be extravagant then you would need a heck of alot more money than one would need if they would like to live comfortably. That would mean milking it a few more years and padding your accounts that much more.

Figure out how much you want to be able to spend per month in retirement (figure in long term healthcare costs also, assisted living/nursing home, home healthcare, etc). Then take your age and subtract it from 95. Take that number and divide it by your nest egg amount then divide by 12.

Is that number more or less that what you want to be able to spend per month? If not, back to work you go!

Edited for clarity and to add this; It depends on how much you like what you do. Some folks don't want to retire. If you VOCATION has been like a VACATION your entire life, why give it up?

Baley · October 13, 2011 6:11AM

Once I had accumulated sufficient assets, I "retired" from working for 4 years (1999-2003, age 32-36) to focus on sports and fitness, world travel, dating, and coin collecting (not necessarily in that order

I did also get married) and then went back to work. It has since been 8 years.

I'm planning on a second "retirement" (of a few years, starting in a few years, probably ages 48-52, I'm 44 now) to focus on home improvement, education and enrichment of our primary school-age children, sports and fitness, and family travel. (ok, and maybe some coin collecting

)

Finally, if all goes well, a "full and permanent retirement" from working is planned for about age 62. (that's when I'll finally get all those small eagle coins dated in the 1790's, not to mention that little cottage at the beach)

To answer the question of the OP, "It depends primarily on A. Net worth (vs expected expenditures). and B. how much I enjoy the job"

mariner67 · October 13, 2011 6:12AM

How many good years do you think you have left?
Retire and explore the rest of life!

FistFullOfDollars · October 13, 2011 6:32AM

Retirement is a dream, I will work the rest of my making my wife happy...

no joke

derryb · October 13, 2011 6:37AM

The real question is "are you making the decisions/sacrifices now to enable yourself to retire when the time comes?" Poor planners are never able to fully take advantage of retirement. Smart planners hang around no longer than necessary.

And then there are the rare few who are able to enjoy what they do and never want to retire as long as they are able to work. In most cases these fortunate individuals work for themselves. Working for one's self should be the "retirement" goal of those who can't wait to retire from a job in which they work for someone else.

JamesMurray · October 13, 2011 7:06AM

I retired at 47 , theres more to life than work. I dont draw any benefits , no pension , no nothing but what i had in the bank when i said enough of this and took off for florida from the chilly climes of the UK.Perversely enough some may think i sunk everything i had into PM's right before they took off so thats been a boon.

renman95 · October 13, 2011 7:51AM

I love what I do.

I see the world on a wing and a prayer (not in the historical sense.)

In 2020 I will have 25 years and qualify for full retirement. I can go to 2024 if I can continue to pass my First Class Medical and still enjoy flying the B777. Though at smoe point enough is enough....like when I have enough classic gold.

However; if capitalism is trounced and replaced by an "economie du fairness" all bets are off.

MsMorrisine · October 13, 2011 8:34AM

easy

milk

cohodk · October 13, 2011 9:54AM

The day work becomes work, is the day I retire.

66Tbird · October 13, 2011 11:36AM

My old man was forced to retire early. At first it was nice, then it became very boring after a year. Then after four years of trying to get that job back he saw it(exact one that he had) offered in a science journal. Long lucky story short he got it back with all seniority, all saved vacation and 5x salary. He was happy again and used three vacation days a week for the next five years till he really retired. Point being some need to stay busy and taper down slowly or bad health habits may start. Cold turkey retirement isn't as easy at it sounds.

JCMhouston · October 13, 2011 11:58AM

<< <i>Would you keep working and buying some more nice coins & bullion along the way >>

There you go, it works. I will admit that health insurance is another reason to keep working. My wife has advanced RA, the weekly shots are something like $400 each, other medications about $150 a week, every 6 weeks a full blood check for liver function around $250. With the company health insurance it's a couple of prescription co-pays and $25 for the lab work, makes a world of difference.

I work 4 1/2 days per week, go golfing or shooting every Friday and Sunday, company pays my golf club membership. I like the job, our Chairman pretty much lets me work how I want so whats not to like.

Bochiman · October 13, 2011 12:00PM

Given the conditions in the OP....

I would ask myself "if I retire, what will I spend my time doing? Will I want for money? Will I have enough to keep traveling/buying/etc?"
"Is work stressing me out? Is it difficult? Am I worried about my health? Do I need health insurance?"

Depending on those answers, I would evaluate my decision.

Julio · October 13, 2011 12:21PM

Retired people wish they were working. Retired once; hated it. Glad I'm working/living. Take care. jws

Konahead · October 13, 2011 1:26PM

Keep working, but doing something i really enjoy and part time.

pmcollectour · October 13, 2011 6:43PM

I will never "retire". I will always spend my breathing moments working, whether it be for money or not for money.

secondrepublic · October 13, 2011 9:08PM

Once I have enough alternative income from rental properties, and no mortgage on my home, I will be able to retire.

I'm getting there. Could be 5 more years, could be 25, it just depends on how much longer my current income allows me to keep accumulating assets.

I don't plan to ever stop being busy and active. Having small businesses and interests on the side is essential to not going crazy!

erickso1 · October 13, 2011 10:24PM

While I normally would agree w/ guitarwes's calcs it leaves out the all important escalator which actually happens to be exponential. The amount of free time I have leads to exponentially more coin purchases. So if I retire and have 24 hours of free time a day, I would be buying an infinite amount of coins, thus negating anything I have saved up for retirement.

I work so I don't have the opportunity to buy coins. Plain and simple.

guitarwes · October 13, 2011 10:45PM

57loaded · October 13, 2011 11:11PM

as long as i can fog a mirror i will have some of my time and energy into my profession.

DrBuster · October 13, 2011 11:30PM

I've been putting together and working a 3-job plan. 1 of them is the 9-5 consulting, which I have lost all drive for with this current client. When that completely goes the other 2 just get more time devoted to them. I will never 'retire' in the traditional sense.

I've taken multi year stretches as freelance only with my profession. Will probably be doing that again and mainly focussing on my other 2 after I don't renew my contract.

gsa1fan · October 13, 2011 11:47PM

Retire enjoy life! Unless you enjoy your job and have nothing keep you busy. Only go around once may as well LIVE instead of exist! JMHO

topstuf · October 15, 2011 12:19AM

I've been widowed and robbed at gunpoint. I'm now retired.

NOTHING could convince me to say "may I help you" even one more time.

Thank God we quit in 2003 so my wife and I could be bums for 6 years before she died.

We have this minute. Nothing more. If you get to where you can confidently live out your expected lifetime on your investments, RETIRE!

Own GOLD! Own utility stocks. Have your house paid off.

And if you MUST own rentals, use REITs. They give you an instant "out" at little cost and immediately.

Farms are work.

66Tbird · October 15, 2011 12:43AM

<< <i> Farms are work. >>

So true, it's a total labor of love, and if not into hard boring sometimes dangerous work with a mentor as a guide, don't bother. Just an observation from see tragedy first hand.

gsa1fan · October 15, 2011 1:56AM

<< Farms are work. >>

If you love it ~ it ain't work

I have a new neighbor she moved from Atlanta to a family farm she inherited. Her great aunty's place,she was not raised on a farm.

So her 125 acres were pretty much free. She has invested $250,000+ on a "organic" tomato farm.

She produced about a 5 gallon bucket full this year off 60 acres planted & irrigated.

Dreaming & farming = 2 different things!

OnlyGoldIsMoney · October 15, 2011 11:32AM

I'm self employed. That means I can choose not to work any given day. In practice taking time off is difficult for sole proprietors. I work many more hours weekly than when I was an employee (pre 1996). The difference is that I take on all the risks and reap all the rewards.

Self employment is a poor career choice if you are not self motivated. I'm obsessive about trying to use my time productively. Even if I had enough saved to retire now I would be bored stiff if I was not consumed with some activity, even volunteer work. At best I can see myself deciding to work on only the most interesting and lucrative projects. Working 30 hours a week would seem like part-time work compared to the 50+ hours I work now.

At 56 my income is peaking. I expect to work until age 66 to secure the largest possible Social Security check. Apart from Social Security my only post retirement resources will be our present savings plus whatever I can add in the next 10 years. Those savings are already substantial but at a minimum I will need to double what we have before I will consider retiring.

Most of what I can save each year is going into more PMs. Should PM prices should ever skyrocket (say $3,500 gold and $75 silver) I might retire earlier.

Would you retire if...

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