Well, it's close. I am under 100 days before I retire (60 actual work days). I also learned my last 33 workdays will be remote at home as they reconstruct the workspace. Employees will report on February 5, 2024, and I retire on February 2, 2024. It's a refreshing thought, yet scary. I have done an excellent job being frugal and have limited concerns about money. But as many of you told me, it is a difficult transition from cash to only spending money.
My decision to retire a few months before 62 years old stems from experiences over the past 10 years. Besides the past three years of a highly toxic workplace and stressful with a high turnover (when I left, 90 percent of the staff had been in their jobs for less than 2 years), my supervisor, for several years, decided not to retire early. He stayed in his position for another six years. He retired at 67 and unfortunately died at 70. I have another coworker who retired at 65 and died at 68. Another coworker decided to hold out until he was 67 and died the day he was retiring. And one other, who decided to stick it out to age 68 and unfortunately died at 73. A few weeks ago, I was told a dear colleague who I have known for 28 years is in hospice at 51 years old. All I know is that retirees are healthier and happier. I am already starting to feel less stressed, knowing my high-stress workdays are soon over.
After my divorce almost 25 years ago, it took many years to get financially stable. I started to work extra jobs for retirement savings and was extremely frugal. While so many friends took vacations and had better cars and houses, I saved. When my son went to college in 2007, I started working 65-70 hours between two jobs to save more for retirement. Even today, I work 50-55 hours a week to have all the savings I can.
I have always intended to take Social Security or my pension when I am 65. I may wait longer, depending on the economy. I have planned to have cash on hand to get me through at least the first two years of retirement, which will get me to almost 64 years old. At that time, I will rely on my 401(k). It is my intent not to touch my Roth IRA until long after 70 if it is even needed. Fortunately, in 2025, I will have a significant healthcare savings account available, which will pay for most of my medical needs, including insurance for the rest of my life. Many have told me that medical expenses are the most concerning in retirement.
In summary, with my experience of people passing away wealthy, my financial numbers tell me my worst-case scenario based on my spending plan, which includes travel money; I could be broke at 92. At that time, only my pension and social security are left. I would rather be broke at 92 than dying rich in my 70s. And that still is not broke; it just means I have no more retirement savings, and that is based on an average 4% inflation and an average 6% return, which, in all accounts, is a bad situation.
The day I chose to retire is February 2. It seemed fitting that it would not matter if the groundhog would not see its shadow for the rest of my life. That day, I would no longer be in a toxic workplace, cutting years off my life. If we have more winter, who cares? I can read a book, play guitar, walk, or take pictures. If the winter is short, I can ride a bike outside at my leisure and not have a schedule. I can do so many other things on my schedule with little stress!
Looking forward to that time in my life! The new adventure. Carry on, my friends - carry on!
