How to Know When It's Time to Retire

[wayne77590]

Many moons ago my FIL retired. He had a routine. Work Mon-Fri, cut the grass and go fishing on the weekends, OR, we would ask him if he wanted to go to the mall on a weekend day.  After he ritired, DW would call him and ask if he wanted to go to the mall. We were still working at the time.  He said he couldn't because he had to cut the grass. This happened a couple weekends in a row and finally we asked him to go to the mall and he responded the same way. When asked what he did Mon-Fri he replied that he piddled in his backyard shop.

DW went ballistic and told him to cut the grass Mon or any day through Fri and leave the weekends open for us.  It worked.

I retired twice. Once from the USMC and once from NASA. I was asked several months later (on both) if I missed it.  No, I didn't miss the work but I missed the camaraderie.

After the second retirement we purchased a 5th wheel, then a MH. Neither were our first experiences with 'camping.'  Now we have the camaraderie of other RV'ers.
 DW was going to work at NASA until in her 70's but she was hospitalized once while working, and I had a MC accident. She retired 6 months after I did.

We never look back, just to the future. You don't need a plan, you just need to get out there and enjoy the rest of your lives. I'm 80 years old and still living "the dream."

Go for it!

[dbenoit]

I retire at 3pm and un retire at 6am during the week.

[wayne77590]

Thank you for you taxes that are supporting my retirement.?

[dbenoit]

20 hours ago, wayne77590 said:

Thank you for you taxes that are supporting my retirement.🌈

Your Welcome.

[fagnaml]

Wayne --

At the moment my retirement plan is similar to dbenoit's except my retirement hours are a bit shorter -- 6:00 p.m. to 6:00 a.m. 

Bill and other folks --

I met with my financial planner yesterday to discuss interest rate impacts on my lump sum pension amount after now 40 years + 4 months of service with my large energy (oil & gas) company.   My lump sum pension calculation is complicated based on PBGC rates, corporate bond rates and 30 year Treasury rates.   Since PBGC rate covers the first 28 years of my career I had thought PBGC rate increase would have the biggest impact on the lump sum pension amount.  I was totally wrong!   To my surprise the 30 year Treasury rate (TSR) has a much more significant impact as each 0.5% increase in the 30 year TSR reduce my lump sum pension amount by $100,000!   So needless to say, I and my financial adviser are closely watching interest actions by the Federal Reserve which could drive up the 30 year TSR rate.    The next TSR rate is published on July 15 for retirement dates in the fourth quarter this year.  If that TSR rate jumps much at all, I will very likely retire in August / September to not lose six figures in my lump sum pension benefit.   

[wayne77590]

Ouch!

[fagnaml]

On 6/2/2022 at 1:05 PM, fagnaml said:

Wayne --

At the moment my retirement plan is similar to dbenoit's except my retirement hours are a bit shorter -- 6:00 p.m. to 6:00 a.m. 

Bill and other folks --

I met with my financial planner yesterday to discuss interest rate impacts on my lump sum pension amount after now 40 years + 4 months of service with my large energy (oil & gas) company.   My lump sum pension calculation is complicated based on PBGC rates, corporate bond rates and 30 year Treasury rates.   Since PBGC rate covers the first 28 years of my career I had thought PBGC rate increase would have the biggest impact on the lump sum pension amount.  I was totally wrong!   To my surprise the 30 year Treasury rate (TSR) has a much more significant impact as each 0.5% increase in the 30 year TSR reduce my lump sum pension amount by $100,000!   So needless to say, I and my financial adviser are closely watching interest actions by the Federal Reserve which could drive up the 30 year TSR rate.    The next TSR rate is published on July 15 for retirement dates in the fourth quarter this year.  If that TSR rate jumps much at all, I will very likely retire in August / September to not lose six figures in my lump sum pension benefit.   

Quick update.  The TSR rates published the last week of July increase another 1.5% !    That increase would result in my lump sum pension value dropping very substantially for a November 30 retirement vs. an August 31 retirement (the value decline equates to a full year of salary!!).   Since I don't want to work another year "for free", I am retiring on August 31.  I'm getting more excited about retirement the closer I get to my final day.

One 'nicety' of my new retirement will not be rushing to Baton Rouge late on Friday afternoons and driving home on Sundays for hastened an LSU football weekend.   This fall's LSU weekends will be much more relaxing and enjoyable -- drive to Lake Charles on Thursdays to visit son and his family -- drive to Baton Rouge on Fridays -- drive to Lake Charles on Sundays then finish trip to Katy on Mondays.   Not having to "push hard" will be very enjoyable.  

And will finally have time to likely attend our first ever FMCA International Rally in 2023. 

Edited August 19, 2022 by fagnaml

[wayne77590]

Way to go Mike. Just remember that being retired is hare work. You never know when you are finished.

[wildebill308]

1 hour ago, fagnaml said:

And will finally have time to likely attend our first ever FMCA International Rally in 2023. 

Well CONGRATULATIONS on making the move to living for yourself. 

Yes look around there may be some local rallies. 

Do you have any plans on outher trips?

Bill

[five]

7 hours ago, wayne77590 said:

Way to go Mike. Just remember that being retired is hare work. You never know when you are finished.

Agree, plus you never get a day off!