What is the best age to retire?

[disneysteve]

From my research, it used to be worth it, now, not so much. Looks like $3k / year gets me $150 / day for 3 years or $164,000 total coverage.

Yes, the field has changed a lot. Early on, they were offering very sweet deals but soon realized that their risk assessments were way off and they couldn't possibly afford the policies they were selling. That's why my mom's premiums have gone up so much over the years. Still, her plan is much better than what they sell today.

[tripods68]

If you or your spouse needs a lot of care you can blow through your savings pretty quick. Or nursing home costs until the resident has paid enough to be eligible for Medicaid, which also affects how much the spouse can retain in retirement accts (of course there are ways around some of this that estate planners help with). If you're 85 and still want CPR and to be on a vent, there are potential hospital bills to deal with.

You nailed it. I run projected health care cost in our 70s & 80s to run about $300K if one of us needs nursing home care. So I will need at least $500K in taxable account outside retirements.

[97guns]

The younger the better, if I could have retired at 30 I would have, why would you want to work if you had the means not to? Only a retired person can answer that question, nobody in the workforce can. Most people still working well into their 60's and 70's do it because they enjoy it, I never understood that statement, you never know how great it is not to get up on a timer and go to work every day until you don't do it

[corn18]

I know a few folks who have completely retired and then a year later they are working again. Not because they needed the money, but because they needed something that retirement was not providing them. So I can see that happening in some cases. I know a lot more folks that retired and have never looked back and are happy as clams.

[clatoden99]

It all depends on what your interests and priorities are.

If you want to paint or fish or read or travel, then as soon as you can afford the lifestyle you want. That is one of the reasons why people had gone into the military or government work. Early retirement.

If you really love what you are doing, then retiring is a great way to die early.

If you are broke, then you keep working as long as you can... Calling Walmart.

A study of former Shell Oil workers (http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1273451/) published in 2005 contradicted the popular myth that early retirement leads to a longer, happier life. Looking at thousands of employees who retired from the company between 1973 and 2003, it found that those who retired at 55 died younger, on average, than those who retired at 65. The effect held even for those who retired at 55 but were still alive at 65, making it somewhat less likely that they retired early because of failing health.

[disneysteve]

I know a few folks who have completely retired and then a year later they are working again. Not because they needed the money, but because they needed something that retirement was not providing them.

Too many people make the mistake of focusing on what they are retiring from rather than planning what they are retiring to.

Regardless of your retirement age, you need to have a plan regarding what you will do with the rest of your life. It could be anything that is enjoyable and meaningful to you but there needs to be some kind of plan. You can't just wake up every morning with nothing to do, nowhere to go, and no idea how to spend your time. That will get boring very quickly or you will become an expert on daytime talk shows and infomercials.

[97guns]

Im laying in a $12 a night resort in Thailand right now in my 5th city here, been here for 13 days and have another 15 to go with another 3 cities and my fiance's village before flying back to do nothing, 2 weeks after I get home my fiance will be in the States and it will be nothing but traveling and shopping for us. I never liked working, always dreaded going to sleep before sunset and waking up before sunrise, the lifestyle I have now is sweet

[FLA]

The younger the better, if I could have retired at 30 I would have, why would you want to work if you had the means not to? Only a retired person can answer that question, nobody in the workforce can.

I would still be working because I chose a field of service in college and never tired of that life of service despite modest income. It was nice not to have to be somewhere from 8-4p in the beginning but that wore off. Being able to genuinely make a difference still matters to me. Sure, if I get well enough, I can volunteer to see Hospice patients, but that does not compare to actually being able to solve problems, make them comfortable, etc. I miss the hands on, face to face, nitty gritty work. Obviously, I need to find something to replace that feeling. And I don't think Hospice volunteering is gonna be a good fit, despite it being an excellent career choice.

I thought about fostering dogs when I am down to one dog but am hesitant because I don't see me giving the dog back no matter how great the home they are going to. So I heard about shelters doing dog Hospice. You take in a dog near its end of life and provide end of life care in a nice home, rather than what could be provided at the shelter. I think this is perfect for me. None of our shelters do it but it's a program becoming more popular and maybe when I am ready to do it, I can present why the program would be beneficial, etc.

ITA, you have to find the things that make your life fulfilling because I can tell you having all the time in the world but not being able to go out in it, is not fulfilling at all. Maybe some would not tire of tv, books, etc. but I sure have. maybe if I was doing that in a $12 a day Thai resort I would feel differently, lol.

[ua_guy]

By the time they retire, they are too old to enjoy their savings.

This is one thing I never worry about. As long as I'm alive, I will always be able to enjoy having money around.

Opportunity and health - those things are a different story, and for a lot of people, those things start running out in old age.

asafp

I couldn't agree more.

[disneysteve]

As long as I'm alive, I will always be able to enjoy having money around.

Sorry but that's a pretty naive statement. I know and have seen plenty of people for whom money really has no appeal because their health doesn't allow them to do anything worthwhile with it. If you are confined to bed, can't walk, can't talk, can't comprehend, etc. all the money in the world doesn't really do you any good.

I've seen people who have had strokes, have advanced lung disease or heart disease, Alzheimers, etc. Giving them a million dollars would have done nothing to enhance their lives.

[ua_guy]

Sorry but that's a pretty naive statement. I know and have seen plenty of people for whom money really has no appeal because their health doesn't allow them to do anything worthwhile with it. If you are confined to bed, can't walk, can't talk, can't comprehend, etc. all the money in the world doesn't really do you any good.

I've seen people who have had strokes, have advanced lung disease or heart disease, Alzheimers, etc. Giving them a million dollars would have done nothing to enhance their lives.

It's a naive statement, and it's also not. If I ever choose to prolong the inevitable through healthcare, the care is a lot higher quality, and things are more comfortable when there's money to pay for it versus ending up in some public/state-run facility with no money where they might remember to change your diaper every other day.

Maybe using "enjoy" was the wrong word, but what I'm talking about is the point in old age at which money is no longer "fun" to spend but is there to see you to the end of your days, comfortably, and with dignity.

There are two places I never want to die:

At work

or

In a hospital.

[FLA]

Sorry but that's a pretty naive statement. I know and have seen plenty of people for whom money really has no appeal because their health doesn't allow them to do anything worthwhile with it. If you are confined to bed, can't walk, can't talk, can't comprehend, etc. all the money in the world doesn't really do you any good.

I've seen people who have had strokes, have advanced lung disease or heart disease, Alzheimers, etc. Giving them a million dollars would have done nothing to enhance their lives.

couldn't agree more

and as for having the best care, even the nicest nursing homes I've been in are staffed by minimum wage workers, complaints of infrequent diaper changing is no different, the job sucks no matter the setting so staff is churned on a regular basis. My wealthy patients have had to hire their own aides to get the level of care they desired. Ironically, the best nursing home care avail here is at the county home because the staff are unionized, paid county wages, have a decent pension and stay there for decades, they take pride in their work and it shows. It was horribly ugly but just got moved into a new building and I can honestly say if I had the money to choose between what people think are the best nursing homes and which ones actually are, I'd pick the county home in a heartbeat. This is not true in the next city over so the county home is obviously not always your best pick but it is worth a look see.

if you do not want to die in a hospital, hospice can keep more than 95% of cases at home. Hospice is free and a good choice if you want to be kept comfortable and have your dignity preserved. Although, if you're wealthy you'd probably want to supplement your care with more help.

[dawnwes]

I calculated that if I work until I am 70, I will get the best retirement amount. Not sure I will go that long, but I would get health benefits that are far better if I do.

There is something to be said for not staying home and being a stay at home mom when it comes to facing retirement.

Thankfully, DH has retirement and I still have 16 years in my previous job. But not working for 11 years has been a detriment that way.

[Singuy]

Best age to retire?

35 due to the following reasons

1. You are young and full of energy
2. You are not yet bitter about everything, and everything still impresses you
3. Your child is young, this ensures you spend the max amount of time with them.
4. You still enjoy materialistic things, while luxury materials will just blow your mind.
5. Watching all your friends having to work long hours bring a since of joy into your life because you made it and they didn't (lol).
6. It's a time when you can enjoy clubbing, a road trip, a destination vacation, a wine tasting, and getting trashed with your friends with beer and hookers.
7. You can drive a Porsche without feeling like it's mid life crisis
8. Heck you can do whatever you want and it'll not feel like a mid life crisis.

So BAM. There's your answer, 35(or younger).

I mean who wants to "enjoy" their money when they can't see, feel, remember, and just ache all over. Who thinks the idea of flowering your plants and feeding your fish daily while sitting in an empty house a good way to retire? This is why as people age, they are afraid of retirement because staying at home takes away their purpose in life. But ask any youngster about retirement and their answer is always "yesterday..I wish I can retire yesterday". Retire in your 30s and get a desk job in your 50s. Done and done.

[ua_guy]

Best age to retire?

35 due to the following reasons

1. You are young and full of energy
2. You are not yet bitter about everything, and everything still impresses you
3. Your child is young, this ensures you spend the max amount of time with them.
4. You still enjoy materialistic things, while luxury materials will just blow your mind.
5. Watching all your friends having to work long hours bring a since of joy into your life because you made it and they didn't (lol).
6. It's a time when you can enjoy clubbing, a road trip, a destination vacation, a wine tasting, and getting trashed with your friends with beer and hookers.
7. You can drive a Porsche without feeling like it's mid life crisis
8. Heck you can do whatever you want and it'll not feel like a mid life crisis.

So BAM. There's your answer, 35(or younger).

I mean who wants to "enjoy" their money when they can't see, feel, remember, and just ache all over. Retire in your 30s and get a desk job in your 50s. Done and done.

This sounds like my parents, and they're nearing 70. Well, everything but the 'hookers' part. I swear they party harder than I do...they're still pouring wine and I'm like "stahhhhhp....it's 9pm on a Sunday, I have to get up at 5am!!!!"

Seriously though, I'm giving a LOT more weight to the concept of mini-retirements/"sabbaticals" at a younger age versus holding my breath for the next 30 years at work, hoping that everything works out so I can arrive at retirement when I'm older.