Among Friends

[RedTop]

In my opinion, being so unsure means you're not ready.  This is how I'd determine my readiness:  

Unless you're able to save a big chunk of money every month on what you receive now, you're not ready.  If it's taking everything you make from both jobs to cover your monthly expenses, you're not ready.  If you can't handle the cost of an unexpected major expense ($1000 - $2500 range) without stressing, then you're not ready.   

Unless I had health issues that cause me to struggle physically to work both jobs, I believe I would keep pushing forward as long as possible, saving as much money as possible.  Once you reach a point where you feel both jobs are too much, quit the most stressful job and work the other until you know for sure you are ready to give up the money and what has become your main social connection.  

[Q-Checker]

@Luvsmyfam To complicate things even further, are your parents in a financially stable situation, including health care, so that they would not need family help in case of an emergency?  I know that you are a close family from what you have previously written. Also, is a work from home job a future possibility?

[chrystaltree]

I can only speak for myself.  I always intended to retire at 70.  I thought I might even go until I was 72.  I had career that I loved and excelled at.  I had been working remotely from my home office for 6 years and that really worked for me.  I worked in healthcare finance and everything changed with COVID.  Everything.  New senior management.  People quit and were not replaced so my ten hour work days became twelve hours, six days a week.  Insurance companies became more demanding.  They made us jump through hoops to get paid and then still didn't pay us.  Or paid and then retracted payment. The stress was killing me. And then one morning, it just occurred to me that I could retire if I wanted.  I had my retirement accounts.  Hubby was still working. We didn't have a mortgage.  I had savings.  I made a great salary but it wasn't worth my mental or physical health health.   I retired at 62 with my pension from work.  I decided to delay my SSA retirement until I turn 65 this March.  I know it was the right decision even though I do find retirement somewhat boring.  I miss being productive.  I miss using my mind.  But it's getting better.  I know I wouldn't go back to work if they paid me three times what I was making.  When it's time for you to retire, you'll know.   

[Kachina624]

@Luvsmyfam.  You won't be eligible for Medicare until you're 65.  Until then insurance will be very expensive.  You need to talk to a broker and get prices.  After 65, you'll need supplemental which is considerably less.

You could always quit the job you like least and just work one job.

[SurferWife]

That is such an individual decision.  I'm nowhere near retirement age (58), but I hope to work as many years as I can.  I enjoy my profession, my employer (believe, me though, I have moments that I'd like to say Aloha Mr. Hand...and not return, but those moments are few & far between).  I'd like to at least work until 67, or maybe a little longer, but no longer than 70.  By then, I may be ready to give up the daily grind of work.

[colleena]

@Luvsmyfam  Only you know iif its time.  Make sure you write down all your expenses & all incomes you will have.  Okay you can cover what is now but what about car repairs, insurance extras, rental increases.  If your eligible for social security or medicare remember that there might be a supplemental cost you might owe & unfortunately it doesn't cover everything so make sure your covered.  Ask questiions and do the right thing for you.

[Lilysmom1]

@Luvsmyfam I totally agree with those that said have a financial planner do the numbers.  It completely takes the guesswork out of the question and sets your mind at ease.  There are two sides to this question...can you afford to and do you want to.

I eased my way into retirement.  It was a great way to transition.  Best decision I ever made!  Give yourself the benefit of professional advice on this major life changing decision.

[Shanus]

@Luvsmyfam   IMO, it's not only the time off you enjoy, but figuring out your financial security and if you have "plans" what to do with some of that extra time.

I was lucky when I made that decision because DH is still practicing with a day or 2 off each week. My business is still going, but with my assistants running it. I check in once a month to order the makeup/skincare needed. 

Painting has become a welcome hobby and a bit of income when they sell at the gallery nearby, but I enjoy it enough even if they don't sell.

My biggest issue is that I'm alone too much. Many friends have passed away while others have moved to be near their kids and some have gone to retirement communities and found new friends and activities there.

Wishing you happiness whichever way you decide. 

[Estellee]

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@Luvsmyfam wrote:
How does a person know when it is time to retire?I struggle with this often.Do I take baby steps and cut back on days?Having a 3 day weekend is always so glorious to me.I always count the days until another one comes along.I know my spending habits,but so unsure if I would be making a mistake.

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@Luvsmyfam Baby steps cutting back on days sounds like a smart plan. You will know if and when you are ready to retire.

[CalminHeart]

I retired when the corporate world finished eating my soul, stole my life balance, and had taken all I could give. 

I worked parttime in customer service for a grocery store chain after retiring because I was worried about drop in income. It also filled some time while I was finding a new way to live life. 

It all worked out and I don't regret retiring. In fact, I look back and realize I never felt lighter and happier than when I pulled out of the parking ramp that last day.