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When is it time to hang up the Spurs?

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When is it time to hang up the Spurs?

Old 01-24-2021, 02:10 PM
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Default When is it time to hang up the Spurs?

When is the right time to retire? I feel i have enough interests to keep me busy. Iím thinking all Iím doing at some point is making money for my kids to get.
Old 01-24-2021, 02:22 PM
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working past what you need to live on for the rest of your life is not a very good plan.
enjoy life while you can
Old 01-24-2021, 02:26 PM
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Retire while you have good health.
Old 01-24-2021, 02:32 PM
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Life’s too short, pull the plug.
Old 01-24-2021, 02:35 PM
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If you have everything paid and are working to put that money away and do not have huge bills, then why not. Social securty will kick in ,pension , investments will be rolling in and you can enjoy what you want to do .. If kids are out on their own and doing well, then you did your job in rising them, let them work as hard as you did and save for their retirement. Enjoy what you have spend a lifetime getting and enjoy it now, tomorrow may never come. If anything is left at the end,then they can have it.
Old 01-24-2021, 02:39 PM
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The longer you wait to retire, the shorter time you will have to enjoy retirement. Too many people work too long then die right after they retire.
Old 01-24-2021, 02:50 PM
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I stopped working last year at 51 and have really enjoyed life and spending time with the family.
Old 01-24-2021, 02:56 PM
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I agree totally, last week I put my 2 business buildings for sale. No kids here, but see death every day. Owner of funeral home. Life is way to short, Enjoy if you can retire. I can now so we just made the move, hope they sell fast.
Old 01-24-2021, 03:03 PM
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Originally Posted by storytime View Post
When is the right time to retire? I feel i have enough interests to keep me busy. Iím thinking all Iím doing at some point is making money for my kids to get.
Even when I do retire from my current full time job, I expect to keep working in another field for this exact reason.. IMO, the future is looking rough and I hope everything I can give my kids will help them and their families out.
Old 01-24-2021, 03:05 PM
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Sounds like your 50% there.
Do you do your own portfolio and planning?
Have you evaluated your current income to debt pay off future?
Where will your income mainly be coming from?
Is your partner on board with this? If not single?
How can you condense all if any debt in one low % roll over payment while capitalize on returns....
Own your home outright?
Equity evaluation on current assets....
I have a 1:45 on Tuesday which will take me till 4:15.... I'm clear until 10:50 on Wednesday....let's sit down and discuss
Old 01-24-2021, 03:09 PM
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Yep, get out from behind the mill stone when you can.
I retired at 53. Now I teach the young bucks how to do it...at my leisure and part-time.
Also...get out of debt. Pay your stuff off.
Old 01-24-2021, 03:20 PM
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If you’ve won the game, why stay in it?
Old 01-24-2021, 03:40 PM
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I use my dad as an example and I retired last year at 57 when I had an early out opportunity, wasnít a great one but gave me another excuse to finally make the leap.

My dad retired at 65 and only had a few years before health issues slowed him down. He still had a good long retirement as he is 87 now and still doing ok overall. His main early issue was mobility. His walking and breathing diminished quickly so wouldnít really travel or go out of the house much. His 401k has more than doubled since retirement and that is with required distributions since 70. Bottom line, accumulated a lot of wealth and never really splurged much.

itís great that money was never a factor but sad they never really used much of it.
Old 01-24-2021, 03:46 PM
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If you have the resources to retire ..... and ...... making more money isn't motivating you to continue working .... and ..... you have numerous interests outside of working ...... retire. Those three conditions led me to retire.
Old 01-24-2021, 03:57 PM
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It's a tough call. If you are financially able then the only question is which would you enjoy more? I had a job that I really liked. Worked for the same company for over 40 years. I planned to keep working into my 70s. I worked from home. Moved to Florida. Lived near the water and my grandkids. With the new house, boat, and proximity to the grandkids there were suddenly a lot of things that I wanted to do that I just couldn't get done on the weekends. I had a spur of the moment overseas trip that came up. I was on I-75 headed to Tampa airport at 6am on a Sunday morning taking a trip that I didn't want to take. I suddenly dawned on me, I don't want to do this anymore. Followed pretty quickly by, I don't have to do this anymore. Followed by, I'm not going to do this anymore. When I returned home I put in for retirement and retired a few months later. Best thing I've ever done. I'm busy as ever. Working in my shop, boating, spending time with my family. I've no regrets whatsoever. If, like me, you've worked your entire adult life, it's a little scary. Do it while you are still in good health.
Old 01-24-2021, 04:35 PM
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Look closely at your finances. Difficult to project what things will cost in 10 or 20 years.
Even in this no inflation environment things seem to get more expensive when you aren't looking and with the government now printing Trillions inflation will be here sooner or later.
Old 01-24-2021, 04:57 PM
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I "retired" from corporate life in my mid-forties with a plan to possibly never work again. I spent about a year fishing and goofing off. Honestly it was pretty boring and lonely. Maybe it would be different now that I'm 10 years older, but I doubt it.

I truly believe the human animal was built for challenge and even struggle. They keep you sharp and energetic - and I believe healthy.

So... I now work, but only at things I like reasonably well and that are rewarding. What I do may change as I get into my older years, but as I sit here now my plan is to always work at something.

Old 01-24-2021, 04:59 PM
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My dad retired 1st time at 60. Two weeks after he retired he walked in to my office and said what doni do. He went to work for me. At 80 we decided to call him retired per mom. He said the last twenty years were the best of his life. Work, retire do what makes you excited to get out of bed in the morning. We all only have so many days so learn what makes you happy.
Old 01-24-2021, 05:18 PM
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I just can’t do it. I need structure. Wake up , shake off the aches and pains ,hopefully be productive and come home. I don’t do well when there is a 4 day holiday. I like being involved in business and challenged every day . Being around young people keeps life interesting. Old people only talk about their last doctor appointment and how they can’t shit.
Old 01-24-2021, 05:19 PM
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Originally Posted by ktdtx View Post
Look closely at your finances. Difficult to project what things will cost in 10 or 20 years.
Even in this no inflation environment things seem to get more expensive when you aren't looking and with the government now printing Trillions inflation will be here sooner or later.

This, can not stress enough to do your homework on this

As I tell clients to keep in mind most of you are ďat the top of the food chainĒ where you work(plenty of vacation, seniority benefits, etc) because once you hang it up you are DONE. Yea there are plenty of PT jobs and other stuff to do but make sure you can do without .

Seen it go both ways, some hang it up and say they went too early and others that are afraid to walk away and others said they wish they had done it earlier

Easier to do if you have a defined pension by far especially in this uncertain times, if I were relying on a 401k/IRA etc I would let the political climate settle down and give things in the market a chance to stabilize but I am a very cautious person

I will quote my Dad(dad was a bi vocation baptist minister and public school teacher along with working in the family income tax business ) ďhe said Tom once I got to the point I could walk out at ANY TIME there was no more pressure or stress on me ď. Dad went several years past his retirement age with state of SC but he LOVED to work. Enjoyed people and seeing people. In fact Dad worked in the Tax business until mid 70ís and to right at 80 in my teen driving school (which he founded ) 2 yrs after he stopped he Died but if you knew my Dad that was the way he would have wanted it Work was his "hobby" , he always enjoyed his jobs



Last edited by tprice; 01-24-2021 at 07:22 PM.

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