Retire or not Retire? That is the question.

Work wise, I find myself so unmotivated and just plain burnt out. Problem is I'm self-employed, and business has slowed to a stop. I'm seriously thinking of retiring because the pressure to bring in the money is not fun any more. The frustration of working for nothing is getting under my skin. I was hoping after our long vacation that I'd feel more spark, but it just isn't the case.
On the other hand, I'm worried if Hubby and I can adjust to a much smaller income. Hubby is leaving the decision up to me. He's already retired, but of course enjoys the laurels of my additional income (when it comes in). Hmf, what to do?

I'm wondering if any of you had a problem with this decision? Has anyone ever regretted going into early retirement? Do you get bored? Do you wish you had more money to do more things? Do you lead a more active life when retired?

I sure would appreciate comments from my Boomer friends.

I can appreciate your situation. My house was on the market and I had a buyer who, in July, changed his mind. There has been little to no interest now, in this depressed real estate market. I'm not sure the situation is the same in Germany, but perhaps so. And I'm guessing that's why you're working without seeing much of a return.

Do you possibly have a hobby that you can ratchet up into a money maker? This might add some excitement to your days and bring in some income as well.

Many of my friends don't have the option of retiring - we all talk about "pushing it into high gear in our later years", instead of having the luxury of retiring.

If you and your hubby can work out a plan so that you will be okay, financially, and you have enough shared interests to keep you busy, then by all means enjoy your retirement!

And maybe if you retire from your current business, you'll find something else you love to do that can bring in some money too!

Good luck with your decision; very nice that your hubby is so supportive.

Kathy

Since my company "retired" me, I didn't have much choice after 25 years. But I can honestly say that one becomes very creative when one has to...

Hobbies are great things to generate extra income, but if money isn't a DAY TO DAY issue, but may take away from some luxuries, then I might suggest figuring up what you think you would "miss out on" if you retired and figure what that cost would be... then find something in your life you do "now" that you could forego in order to set that moola aside for the luxury. It is workable...

Another thing I might add is that I have found (and this isn't necessarily true for everyone) that the things I thought I would "miss," I haven't. My lifestyle hasn't changed much except I am busier than I've ever been in my life!

If you think you can't make extra money, think again. There are TONS of ways! I don't know about Germany, but here in the States, we can save up papers and junk mail, and sell it back to the recycle centers. If you have enough, you can make as much as $300.00 a weekend. Just one example. I have done this, but I know someone who has. As a matter of fact, he made it into a "side" business after it took on a life of it's own. He now goes around his neighborhood, and other ones, and collects their newspapers and other junk mail, and then takes it to the recycle center and sells it. The people who had the papers are grateful for his FREE pickup service, and he is grateful for the FREE papers.

Make a list of what you do now
Make a list of what you think you would miss

You might be surprised!

Thanks klmr13, Kathy and JJ for you comments. They have truly helped me decide what I should do. Starting January, I will put my business on hold till the market gets better. Your right, klmr, we have the same economy slump in real-estate like you do. It's always been that way. Can't figure why.
And I know what hobby I'll be pursuing next year! I'm going to be writing my heart out and be busy submitting to agents and publishers. I've always been so frustrated that I haven't had time to send queries on my finished novel. I'm hoping and praying that someday I can call myself an author, like so many of you.

Good luck to you Hannalore!

Oh, Hannelore...you have a FINISHED novel - You already can call yourself an author, my dear, because you ARE!

Sometimes things happen in strange ways. Perhaps this is the "push" that you needed to publish your book.
Wishing you the best of luck!

Another author. And on the way to retirement! I am jealous.

Here's an article of interest.
Are Baby Boomers better off taking early retirement offers?

October 30, 2006 - As companies look to cut back on payroll, some baby boomers are being offered buyouts by their companies. Is it a good idea to take early retirement, or do boomers need to explore their options?

When the Washington Post offered a buyout to . . . .

http://www.wistv.com/Global/story.asp?S=5608629

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I am earning retirement dollars now. I do however do many other things to make ends meet. I edit manuscripts and that is my major way of earning a buck. I also crochet and sell the afghans I make. I do some proof reading for college essay writers, and Ghost write peoples novels for them. All in all I am very busy and able to live comfortably. You do, or may have to cut back some but it isn't hard.

What about health insurance? What do you ladies do about that if you are now retired, but too young for Medicare, and working at home? My husband has been retired for a year now, but he doesn't turn 65 until March so he hasn't started collecting his SS yet. He has health insurance now, but that ends Dec. 31. I have my own at my job. Today, we had open enrollment and I had to switch to the family plan as opposed to individual as he will be without any Jan. 1. Even when he turns 65, Medicare A only pays for hospitalization. I know you need a supplemental one even if you have Med A & B so we might be better off to keep him on my plan. The problem is the cost. I knew our family plan was high (about $100/wk.) Many of our employees (single moms) can't afford it. But, it went up, as it always does. It is going to cost us $125 per week for coverage plus $22 per week for dental on the family plan.

I'm hoping to retire in a few years, or at least cut down my hours. I would probably be able to retire at 62 if it weren't for the health insurance. I'm wondering what others do. We're not the only ones in this boat.

Louisa

I know, that's why I brought this up. It is such a serious problem, nationwide. I can't just not go to doctors. I have a heart problem and take several meds. I don't mind the co-pays so much, but the insurance is so costly and I can't be without it. Neither can my husband, although he's pretty healthy. But, you never know what tomorrow brings.

In Massachusetts it is now a law that everyone has to have health insurance. That's a good thing, but.........they don't tell you how you are supposed to afford it. Companies have to offer it, but that doesn't mean they have to kick in enough to make it affordable for people. The last time I went to the ER, last spring, I was there over 4 hours and left at midnight, unseen. I gave up and went home. The reason for this is that many people have no insurance and are on Medicaid and they use the ER as their doctor. This defeats the purpose of the ER for people who have an emergency. Those who have insurance and are paying dearly for it have to sit there and wait or not be seen at all. It's a crazy system.

I'm just curious what other people are doing. I don't know Anne. With my luck, I'd probably injure myself chopping the wood and have to go to the ER.

Louisa

I have a friend Sandy whos husband is on Disability, heart problems so he has full coverage for everything. She however at age 54 has to work a full time job just for the insurance for her and their daughter....If you have a heart problem and a good doctor they can request disability for you and that means full coverage insurance. Talk to your doctor when ready to retire.

Retirement is not an option. I'd quite work in a heartbeat if I could afford insurance. Before I met the elevator and the spider I went to the doc 3 times a year to get my meds. This week I was there twice. Go figure!

We were with friends tonight who are both retired, but not old enough for SS yet. They are paying $21,000 a year for health insurance between the two of them. They may move to FL because insurance is cheaper there. And I thought our situation was disgusting.

I have cardiomyopathy and right now I'm doing fine. However, I am on meds. The meds are keeping me this way. I am fully capable of working and wouldn't want to be in a position to qualify for disability. I'd rather stay healthy.

Saundra, I just realized you are in FL. My friends are telling me that health insurance is so much cheaper if you live in FL. Not that I'm going to move, but I'm curious about that. Is it just a grass is greener thing, or what? As far as I can tell, it's bad all over the US.

Louisa, health and dental insurance continues to rise all over the country. Family plans can be unaffordable. I pay approx $75/month (individual plan - only me - w/meds included) through the company I work for and am extremely fortunate because that includes health and dental (I can't afford to quit).

I had Florida Health Care (only good in Florida so you can't travel) for years before this job and I cancelled because it became unaffordable at that time for me but still less expensive than what you're talking about. I didn't have near as many health problems so I could cancel without worry then. I think FHC is still a sliding scale depending on age, etc.

Some single people I know here have found decent Blue Cross/Blue Shield plans but I don't know what their coverage is. All plans have different coverage and meds might not be included. I save at least $8000/yr for medical/dental in my opinion with the insurance at work. I have good insurance but some others are better and more expensive. I have an HMO and would prefer a PPO but that's more expensive.

For instance, AARP has a new dental plan but only provides periodontal treatment/surgery every 5 years which is unacceptable for people like me. You have to read the small print to know what they're really offering so begin your research now.

Good luck, If you find something you're interested in in Florida, I can help investigate.

My firm has good insurance, yet the deductable has doubled this year and we now pay for short term insurance. Also, the co-pay has increased $10 per visit. Those w/ family usually opt for the cafeteria plan.

We don't have a cafeteria plan, MustangGal in my company. thanks for your input. I'm really interested in what everyone has to say. It's interested to hear from others.

Saundra, I'm not looking into Fl, my frieds are. They own a place there and are thinking of going from snowbirds to living there or living there most of the year. I have a Blue Cross plan, HMO. I have been paying around $117/month on an individual plan, just health not dental. It included meds, but with co-pays for meds and doctor visits. It is going up to about $138/month now. But, now I need to do the family plan since I have to add my husband on. The family plan is $125/wk. which amounts to $6,500/ yr. If I retire at 62 and he has Medicare A and whatever it takes, I will have to pay a lot for myself for 3 years. I sure can't afford to retire right now. I want to keep working for at least 2 and half years and then re-evaluate and in the meantime sock as much into my 401k as possible.

Thanks for your input, Saundra.

Louisa