208 replies to this topic

[GR 'Scott' Cundiff]

Scenario:

• Thinking about retiring and fulltiming a couple of years prior to 65
• Using a professional retirement budgeting plan that adjusts for inflation, etc.
• Working off of a fairly informed budget with a few guesses but also a bit of wiggle room for repairs, etc
• Knowing you might do some workcamping to make a bit more room in the budget for a few years, but not wanting to count on it

If you had a solution that provides around $550 extra a month would you go with it or would you work an additional year to increase that amount to $800 a month?

Edited by grc, 25 January 2012 - 02:29 PM.

[Newt]

I took a company buy out at age 59 1/2. I have never regretted it. It was also a good day when the house and lawnmower sold.

Newt

[richfaa]

To try to answer the question asked.... yes I would work a additional year for a additional 3,000.00 a year in income.

[Barbaraok]

Ask yourself the reverse, if it turns out you only have 1 year left, was the extra money worth it? At age 62 and over that is not an unreasonable question. We've know several people in their late 50s, early 60s who had no symptoms, just dropped from a massive coronary.

Second question, if working one more year is good, why not 2, or 3? Even more money.

In my case, no I would not - - in fact I stopped working at 61. I've fought cancer once and it is 'in remission' (they never say cured anymore) but that doesn't mean it couldn't come back with a vengeance.

Only you can decide.

Barb

[GR 'Scott' Cundiff]

Ask yourself the reverse, if it turns out you only have 1 year left, was the extra money worth it? At age 62 and over that is not an unreasonable question. We've know several people in their late 50s, early 60s who had no symptoms, just dropped from a massive coronary.

Second question, if working one more year is good, why not 2, or 3? Even more money.

In my case, no I would not - - in fact I stopped working at 61. I've fought cancer once and it is 'in remission' (they never say cured anymore) but that doesn't mean it couldn't come back with a vengeance.

Only you can decide.

Barb

Thanks Barb and all for the replies...I know it's up to me, that's why I worded the question as I did - what would you do.

Life's decisions would be so much easier if we could only see into the future.

[Kirk]

While I really don't think that any of us can answer for you, if it were me I would consider also just how much of my total income that increase would be. If the only income that you will have is that $550/$800 per month, then you are speaking of an increase in your retirement budget of 50% over not staying. But if that money is truly extra money and you have another source of income that will be paying you $2000/month, then this is only a 10% increase. To me it would depend upon the amount of need against the extra work years. Just how much is your time worth?

In my case, I was put into a very similar situation, where my employer teased me with an increase of slightly less money per month and the extra time to work would have been nearly three years. My decision was to leave and and take my retirement now, and forget the extra money. Looking back, we have so many memories from those three years and if you look to working to max SS, that would have meant another 8 years and I sure am happy that I did buy into that one! As it has turned out, we live reasonably well on what we have, although there are those who have much more, but if I am happy, why should I care that I don't have the biggest RV in the park or a host of other things that more money would buy? It is all a matter of having what you require in order to live a happy life. Money alone does nothing for me, but if I were hungry I might feel differently.

[RiffRaff]

Ignore

Edited by RiffRaff, 31 January 2012 - 11:59 AM.

[GR 'Scott' Cundiff]

While I really don't think that any of us can answer for you

Thanks for the reply - but again, I know "I" can only answer for me. That's why I asked "Would you...?"

But you did go ahead and reply and I appreciate it.

(I've been around forums long enough to know that the answer is always "it depends" or "only you can decide" - that's why I tired to frame the scenario as "would you?")

Again, thanks for the replies, I'm not trying to be smart or anything, just curious as to what others would do in the situation.

Edited by grc, 25 January 2012 - 03:38 PM.

[BrianT]

RiffRaff makes a good point.

A brutal question, but perhaps a pertinent one might be, "What do you reasonably expect your age to be when you pass away?" Not pie-in-the-sky "gonna live to be 150" kind of thinking, but perhaps a guestimate based upon others in your family that may have left a reasonable example (similar lifestyle, weight, medical problems or lack thereof, etc.).

If most of the people in your family have passed at a fairly early age, the additional $250/mo may not mean so much. If most of the people in your family have lived well into their 80s or 90s or even into the 100s, then perhaps you'd appreciate that extra $250/mo more as your years advance.

Another consideration might be how much you like your work. If it's something you truly enjoy, it may be that another year wouldn't be a bad thing. If it's something you truly do not enjoy, adding yet another year to it might actually shorten your days above room temperature. Levels of physical stress and / or danger may also play into that as not all jobs are created equal.

I do not know if you could reasonably quit work but postpone starting benefits by a year or two or whether that could be another option. Debt and savings levels might have a lot to do with that.

Lots of variables that others couldn't likely answer all that well.

Sincerely, best of luck as you figure it all out. I'd be interested in what you finally decide and how you arrived at your decision, if it's not too personal to share. We're not quite there yet but are pretty interested in these kinds of discussions as it won't be that long...



Brian

[Big Greg]

As long as you are somewhat finacially comfortable, no. You can not buy time while you are still healthy enough to enjoy full timing. Greg

[Barb and Alex]

If you had a solution that provides around $550 extra a month would you go with it or would you work an additional year to increase that amount to $800 a month?

It depends on if that was my total monthly income or just income from one source and if I had other suffecient income/savings available to me. It that that was my total income for a month I'd work another year or more to increase it unless of course I had reason to believe my life expectancy was really short like only 1-2 more years.

I actually struggle with the opposite of that question. I have a really great well paying career that I love but I know I will love full-time RVing even more so I ask myself if I's willing to forgo my current paycheck in favor of the RVing experience. My answer is "yes...but". The "but" entails timing and trying to work out a part-time working solution for my transition out of the workforce.

Edited by Barb and Alex, 25 January 2012 - 03:58 PM.

[Big Greg]

As long as you are somewhat finacially comfortable, no. You can not buy time while you are still healthy enough to enjoy full timing. Greg

[Jessica]

For us, no - $250/month is not worth an extra year of work. We actually made that decision. Harry will be retiring next Feb. and then we plan to hit the road as soon as the house sells. If he were to work another year, his retirement would have been a couple hundred more a month. But we decided that it wasn't worth a year of our lives.

[Connie B.]

NO, I wouldn't work another year for $250 more a month.

Reason, hubby and I were burned out. We were ready to get out. We wanted OUT. Another year would have been hard to do. I can save $250 a month out of our budget easily with a few economies. If I wanted $250 more a month, I could easily workcamp, boondock a little more or do some small job/hobby I might like to make another $250 a month.

However (I am not the first, last or only person to say this), YOU CAN'T BUY TIME. Every hour you work is your life energy used for the money you made. How much is your life energy worth? To me a year of my life is worth much more than $250 a month.

That's the way I look at it in my life: with my life style and my income. If I needed the $250 to just eat food and get my prescriptions, I might think differently. But you asked how I would look at it. In my situation, NO DEAL.

[RV]

I did not. And when I retired at 45 I chose not to go back to work. Instead I fulltimed with my wife for 7 years immediately on retiring from the USAF. I also had one year's retainability which at that time meant about half of your proposed increase and I said no. I could have kept on as I was guaranteed a promotion if I stayed. So in two years I would have made that, and in three more than that.

There is a saying that when it's no longer fun, it's time to go. It was no longer fun and I was way over 20, so I opted to retire. It is now 14 years later and I don't regret it at all. We got to RV for 7 years fulltime when we were very young, (relatively) and fully retired. I had been lucky in some business investments so could afford to do it. There is a lot to be said for doing things while we still can. I could not do what I did at 45 today.

[richfaa]

Right.. and WHAT IF you are 55 and WHAT IF you lived to be 90 that would be a additional 105,000 $$ to spend. and WHAT IF the blinking world came to a end Friday at 10:45AM.. We have never made a decision based on "what if' but on reality. "what if decision making..Love the concept....

[Rover]

I live very frugally now and with 18 months to get my SS; I will take it. On my Fathers side most lived to almost 80. On my Mothers side; she had all but one sibling die of Alzheimers, She died at 61. Out of six, three have died' one of a heart attack at 56; one with ALZ. at 66; one in care still at 72 ( had diagnosed in 07. ) have two so far OK at 77, and 68 and me 60 1/2.
I have bee on the road since 1994, living in an RV; done work camping on and off and sales since the Fall 09. I am pleased that I made the decision to do what I have been doing. Been working my way to SS and part-time work to see the Great North West. An extra $3K sounds good, but I will try to enjoy the last few years I may have left. Rover

[StarDreamers.us]

Make a plan and work your plan. But, all of that is subject to change. In this uncertain world of work. A job maybe important to you. If your resources permit - hit the road and enjoy the lifestyle. This year could be your last. Or it could be the beginning of a long and exciting adventure.

Safe Travels!

[Technomadia]

We were in our early 30s when we started full-timing. We decided... 'Why wait for retirement?', especially when our generation was brought up being told that a traditional retirement probably wasn't in the cards for most of us. if I'm going to be working most of my life, why not find a way to have it all? And with seeing enough friends pass away way before their time, it was a wake up call.

So, nearly 6 years later - we're still on the road. Working as we go - mostly online & remotely.

My father also had dreams of a retirement. But he kept putting it off... 'If I just work another 6 months, I'll have X more retirement income'. Last month he was diagnosed with re-occurance of his lung cancer. He's only 67. Hopefully it was caught early enough to be put into remission again, and I can actually kick his butt out the door to do some of the extended traveling he's dreamed of.

And for us, our mobile lifestyle that keeps the income coming in regardless where we are, allows us to be here with him and my mom - helping with the care-taking, moral support and whatever else.

Life is short. Go enjoy it.

- Cherie

Edited by Technomadia, 25 January 2012 - 05:22 PM.

[GR 'Scott' Cundiff]

I very much appreciate the replies and they are being added to the hopper here. I guess I need to find a forum that discusses the joys of accumulating money and working to get the other side of the issue...otherwise I'm only hearing from folks who love the RV lifestyle as I do.

I could...but: naah!