chris12345 Posted June 7 Share Posted June 7 How old were you when you retired? Any regrets? Anyone out there thinking of calling it a career? Quote Link to comment Share on other sites More sharing options...
Gurn Posted June 7 Share Posted June 7 12 minutes ago, chris12345 said: How old were you when you retired? Any regrets? Anyone out there thinking of calling it a career? 57, is when I was done. No regrets. Having a pension plan, makes a huge difference. I began to look at the difference staying longer would make to my monthly pension income, and came to the conclusion that every year longer, was worth about $50 more per month. however, when I divided my yearly, early pension, by that $50 I realized I was going to be 72- before that extra 50 would reach the 'break even' point. Throw in CPP and OAS, at 65 or later, and it's going to be just fine. I had/have been keeping a financial tally on all my expenses for a few years, and started looking at the money saved by not: spending 300-350 monthly on gas to get back and forth to work spending extra on insurance (not sure if to and from work, over 15 kilometres is still a thing) wear and tear on the car.-- my monthly gas, insurance and repair averages $200 a month now. Clothing can also be a savings, for those folk that don't get a uniform provided by the boss/employer. Do you go to a fast food place for workday lunches? Make less money- pay less taxes, also a thing to be considered. No more 5:20 am start time---- Yay!! -------------------------- I should mention- as a guy that has had multiple concussions- mostly work related- I am given to understand I have a higher chance of getting dementia/Alzheimer's, and decided to leave; enjoy the years, and hope to live a long healthy life- but if not--At least I've had 2 pretty decent years, so far. 1 1 1 Quote Link to comment Share on other sites More sharing options...
4petesake Posted June 7 Share Posted June 7 7 minutes ago, Gurn said: 57, is when I was done. No regrets. Having a pension plan, makes a huge difference. I began to look at the difference staying longer would make to my monthly pension income, and came to the conclusion that every year longer, was worth about $50 more per month. however, when I divided my yearly, early pension, by that $50 I realized I was going to be 72- before that extra 50 would reach the 'break even' point. Throw in CPP and OAS, at 65 or later, and it's going to be just fine. I had/have been keeping a financial tally on all my expenses for a few years, and started looking at the money saved by not: spending 300-350 monthly on gas to get back and forth to work spending extra on insurance (not sure if to and from work, over 15 kilometres is still a thing) wear and tear on the car.-- my monthly gas, insurance and repair averages $200 a month now. Clothing can also be a savings, for those folk that don't get a uniform provided by the boss/employer. Do you go to a fast food place for workday lunches? Make less money- pay less taxes, also a thing to be considered. No more 5:20 am start time---- Yay!! -------------------------- I should mention- as a guy that has had multiple concussions- mostly work related- I am given to understand I have a higher chance of getting dementia/Alzheimer's, and decided to leave; enjoy the years, and hope to live a long healthy life- but if not--At least I've had 2 pretty decent years, so far. I retired at 59 for a bunch of reasons- Same job for 40 years, the last 25 commuting a total of 130km per day Knew it was time for a younger person with fresh ideas to take over The company had been sold 3 times over my career, the last time to some Americans. Great guys but constantly pushing Trump & travel to Ohio My wife suffers from osteoporosis/arthritis and we knew there would be a limit to her mobility eventually and she wanted to travel After considering all the financial stuff you mentioned we arranged it so I had zero income for 3 years, tax savings were substantial Right now we are 3 weeks into a cross-Canada trip, camped on PEI. It’s cliche but retirement is fantastic, all my time belongs to me now. No looking back at all. Word of warning though - be careful if you’re the type that gets bored easily. The days can get long if you have no hobbies or passions. 1 1 Quote Link to comment Share on other sites More sharing options...
Bob Long Posted June 7 Share Posted June 7 I don't have the link right now, but studies show if you retire in your 50s you live a lot longer, so yeah do it if you can. Assuming work isn't a great passion that doesn't keep you happy. 1 1 Quote Link to comment Share on other sites More sharing options...
Gurn Posted June 7 Share Posted June 7 (edited) Also- if you get bored, or decide to make a little extra- no problem finding a low stress job. New boss gives you too rough a time, just quit, and go elsewhere. After the ferries- I spent half a year doing janitorial/custodian work for the local school board. Was great, good employer, and the little contact I had with the kids was a real boost- all their optimism was good for me. I have been considering going to a part time job, but want it to be something that can truly help people out. Maybe back to working with the handicapped, or meals on wheels kind of thing. Edited June 7 by Gurn 1 1 1 Quote Link to comment Share on other sites More sharing options...
Barnstorm Posted June 8 Share Posted June 8 Nice to go into retirement with 0 debt. Property taxes can be deferred at age 55 which can be used to a retired home owners advantage. It was particularly beneficial when interest rates were bottomed out. Quote Link to comment Share on other sites More sharing options...
chris12345 Posted June 8 Author Share Posted June 8 2 hours ago, Bob Long said: I don't have the link right now, but studies show if you retire in your 50s you live a lot longer, so yeah do it if you can. Assuming work isn't a great passion that doesn't keep you happy. What about your 20s? 1 Quote Link to comment Share on other sites More sharing options...
gwarrior Posted June 8 Share Posted June 8 I'm 36 and I want out now!!!! Problem is I like living inside and I do enjoy beer........ so I guess I'm screwed. 1 Quote Link to comment Share on other sites More sharing options...
chris12345 Posted June 8 Author Share Posted June 8 23 minutes ago, gwarrior said: I'm 36 and I want out now!!!! Problem is I like living inside and I do enjoy beer........ so I guess I'm screwed. Yea I want out too but I have a nasty whisky collection and a few other expensive hobbies. Be nice to retire I am starting to really get the itch but am nervous to walk away. Quote Link to comment Share on other sites More sharing options...
bishopshodan Posted June 8 Share Posted June 8 I'll never retire properly. I stopped chasing money at 45. I knew when my belly was full, slowed down. Was in a position to buy my dream property and I have all the toys I can ever want. I also did not breed, very happy about that. Wife and I are DINK's, it's given us so many opportunities.. We'll enjoy spending the inheritance that isn't needed. I look forward to 'working' on my loves ( hobbies etc) after I finish what I feel is my public service in my current job. That could be tomorrow or 20 years from now, dunno. 1 1 Quote Link to comment Share on other sites More sharing options...
Gurn Posted June 8 Share Posted June 8 5 minutes ago, bishopshodan said: That could be tomorrow or 20 years from now, dunno. People at work started to ask me when I was retiring, and I'd reply "After 3 bad days, and so far this is looking like one of them" 2 1 Quote Link to comment Share on other sites More sharing options...
The Arrogant Worms Posted June 8 Share Posted June 8 52 and it wasn't by choice. It was because of concussion issues. 1 Quote Link to comment Share on other sites More sharing options...
Allegend Posted June 9 Share Posted June 9 I retired at 63, after a long teaching career. Retirement has been good so far: Less stress and more freedom. 1 Quote Link to comment Share on other sites More sharing options...
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