How did you know it was time to retire?

I was financially secure and I was burned out on the job.

No choice. At 65 you are out in most jobs. ( Switzerland )

I will know it’s time when I reach 70 years of age and qualify for the maximum SS for my specific situation.

When I could not afford my medications working minimum wage.

Getting close. When work stops being enjoyable…. not quite there yet.

My employer offered an early-retirement package for employees age 55 and over. It included a year’s pay, two years of health insurance, and several more incentives.

It wasn’t quite the deal it sounded like, but it was good anyway, and so I took it. I haven’t regretted it in the 12 years since.

There are a few things I miss about the workplace, but I wouldn’t trade them for the ownership of my time. I freelanced for a couple of years and then quit for good.

When my 2 retirement pensions (not including SS) and stock market dividends added up to more money than my working salary. Oh and I was 64 years old.

I felt that it would be a good idea to retire to make room for young technologists to take my place.

I don’t regret retiring at all. In fact I never even think about my old profession (Medical Lab Technologist which I did for 38 years). Very stressful profession. I always have plenty of things to do that I love doing. Excuse me while I go canoe paddling with my wife.

@gondwanalon is “canoe paddling” a euphemism?

My state and my company pension together meant I could afford to retire and I had the opportunity to travel round China so I went. I have had no regrets.

It’s mostly about money isn’t it? Do you feel you have enough for the rest of your life?

Then deciding if you will enjoy your daily life without your job to go to. I think for most people the answer is they will enjoy life much more without their job taking up so much of their time.

A lot of people I know would have retired younger, but waited for Medicare to kick in. Most people I know who retired young planned for many years to have enough money for retirement. They always knew they didn’t want to work forever.

My dad retired from his career, and then started a little side business he always wanted to try. He loved doing it. He only stopped recently. Is that still considered retired? He retired from his career when his pension would be locked in at the maximum available and he knew he would have enough money for many years to come. He didn’t need the extra money. Also, he had serious health scares like needing bypass at age 46. Life is short. You can always consider some sort of part-time work or business if your concern is not feeling productive.

During my last year on the job, I was noticing mistakes I was making that I would never have made before.
Then my company offered me early retirement, with the understanding that if I continued working, they would deduct $60,000 from my pension.
Seemed the right time to go, and I’ve never regretted it.

@janbb We love canoe paddling (mostly outrigger) that we’ve been doing for 6 years (since I retired 6 years ago). We generally paddle 5 to 6 days a week all year around in the PNW. Total paddling miles is well over 2000 miles per year. Before the pandemic we use to paddle in canoe races all up and down the coast in Washington, Oregon and Canada in rivers, lakes and Puget Sound. Also a few races in Hawaii and Australia. We will likely compete in the World Prints Championship in London next year (if it’s not canceled). Fun stuff!

Thank you, everyone! Such insightful answers, all of them very helpful.

I’m not ready to retire just yet, but that age is creeping closer. Medical benefits are a big consideration for us, as I carry those through my job. My husband is self-employed, and five years younger than I am, so I have to keep the medical insurance in mind. Luckily, I like my job and have an excellent manager, so it’s not as though I am looking for an escape route. :)

@tedibear Some people don’t even consider retiring before Medicare will kick in, but a lot of them can afford the $12k-$15k a year (more or less for a couple) for health insurance, they just never even consider it. Some of them are even paying a few thousand for their insurance through work, so the difference isn’t as much as that.

My boss was elected to her position, and she lost her re-election bid, so I would have had to go back to doing a regular job (after ten years of not doing a regular job). I have free health care (excluding dental and optical) until the day I die, and I had a sucky commute, so I weighed the pluses and the minuses and decided it was time to take a break. I’m not saying I won’t, in the future, take a part time job doing something less stressful, but for now, I’m officially retired and taking the pension from my government job.