Retirement Blog

Finance Blogs » Retirement » Should I stay or should I go?

Should I stay or should I go?

By Jennie L. Phipps · Bankrate.com
Monday, April 9, 2012
Posted: 2 pm ET

Last week, I wrote about the early boomer rush to retirement.

According to a survey by MetLife, 45 percent of 65-year-old boomers are now fully retired, up from 19 percent in 2008. Another 14 percent say they are officially retired but working part time or seasonally. And of those who continue to work, 37 percent say they plan to retire in 2012.

I found these numbers surprising, but among the dozen or so people who commented, many  understood perfectly why so many boomers are packing it in early. However you see it, this provides an interesting glimpse at retirement planning.

Here are a few of the things people had to say about their decision:

  • tomeyw: I just turned 68. In June, I'll celebrate (the operative word) working 45 years. I love what I do. I run into lots of retirees who all seem bored and trivialized, worrying about when the mail will come. There's no magic formula or age for retiring.
  • Sam Boroughs: I planned my early retirement so that we live OK on Social Security. I live in a low-tax rural area (no water or sewer bills). I do not have or want cable or other costly TV (over air has more than we can look at). We only eat out when traveling. No car (not needed, as our daughter helps with all shopping). We're HAPPY with the discretionary money we have available.
  • james bosch: I'm 61 and will retire at 62 because I can't stand my boss, and my company won't let me change departments. I'm the last one in the department to escape. Everybody else has gotten out one way or another. I wonder if a bad boss is one of those "other" reasons people retire early. I wish that had been on the questionnaire. Boomers cannot so easily move from a bad situation. Retirement is the last escape hatch.
  • PAT PADUCH: We have no idea of what the future holds for most older people. The average saved is around $100,000, and the rest is Social Security, which no one can count on. Their money may last seven to 10 years, and then what will people do? Time will tell. I believe that one should work as long as possible and save as much as possible. If any is left over at the end, then the next generation can use the help.
«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
4 Comments
florence
May 16, 2012 at 12:42 pm

in reply to Ron's comment about eating dog food....thats why you can't retire, pet food is way too expensive. you need to change your diet to oodles of noodles & macaroni and cheese.

Pat
May 02, 2012 at 1:09 pm

I recently retired at age 62. Between my retirement and my social security I am bringing home the same as my take home pay when I worked. It is working out great for me. I get paid once a month and pay all the bills and my husband gets paid every 2 weeks. It has been great for us. I highly recommend it. You can save money being retired.

Ron
May 02, 2012 at 6:08 am

I am 79 and cannot afford to retire, unless I develop an appetite for dog food. The dry dog food is okay I guess, but the canned stuff is disgusting. May be we get a new president that can turn things around so we geezers can get back on people food. Fat chance!

Asa
April 29, 2012 at 4:31 pm

I retired when I was 62 I are 82 now---------So Far So Good!