I am 55 and I have checked the EOI during R3.
Working like a donkey for the past 30 years and guess it's time to do something for myself.
Any advice on preparation for early retirement is highly appreciated.
Be safe!
29 replies (most recent on top)
You are lucky you can retire at 55. I am 58 still need job. Not sure if I will have or not. Fingers crossed.
Retiring Or getting laid off during this COVID-19 disaster really s—s. You cannot really responsibly continue physical contact with your friends from work because of the virus. Make sure you keep up the relationships virtually if you want them to continue.
Congrats! I’m checking EOI in round 4, at 54 and 33 years. Can not wait! I wish everyone the best of luck. I feel so fortunate to have made it through all the past reorganizations and able to leave on my terms with early retirement. Enjoy!
Many people have set up their mind on their lifestyle after retirement with some cushion, hence most can only do it around age 60-65.
I am planning to retire early too, but need to change my retirement strategy i.e. downsizing house, cheaper style in traveling, etc, which I do not mind since job has been a big struggle during the past months
Good to hear buddy. You are opening your life up to new adventures. I have never heard a retired person regret that he retired too soon.
I am also turning 55 this year and ticking the EOI box. Have lost interest in work the way the company is going and am going to pursue my own follies.
OP looking for recognition on his amazing 55 year-old retirement like he belongs to a FIRE club for those who didn't quite make it, and congratulating himself via follow up posts.
OP, you are the greatest and youngest retiree ever. Good job.
You can defer the lump sum until age 60 if you like.
Yes, Congratulations to the OP on your Early retirement. Hope you keep us up to date on your progress. Great to hear success stories like yours.
Good luck with your future, retiring at such a young age. You have an abundance of time left to do whatever you choose.
@3czv, Wrong. Epic fail. 55 is EARLY RETIREMENT. Congrats to the OP!
Just call it retirement and move on with your life already man. Quit trying to create Facebook material about yourself so you can post the amazing news to the world by calling it early retirement. It isn't.
It's retirement. You didn't qualify for early. You get a 2 on retirement. Move along now.
1jew, Anything before 65 yo is early retirement. Do yourself a favor. Try not to rely so heavily on the millennial-laden FIRE boards so much for your info regarding the real world.
And 55 is as good a time to retire as anytime else, If you are ready and prepared well.
If you have had a certified financial planner (or equivalent) review your specifics and expectations then not likely you are too far off the mark on that score. Good luck!
I have been wondering too, and working from home during the past months help me to experience the pre-retirement living and more ready for it now. I am in Round 4 and counting on EOI too...
I am the OP. Thanks for all the encouragement and advice, really appreciate it.
Actually I have been thinking about a change since work is not as interesting anymore and $$ is just a number (child independent, mortgage free, etc).
With global pandemic which changed the world completely and enhanced severance package, they help me to cross over the line without hesitation.
I saw some related postings earlier on lump sum vs annuity, unemployment benefits, retirement funds investment, etc, not sure if I missed anything?
First off— Congratulations !
Some advice: put an amount equal to a few months of expense in cash in the bank. Lump sum and initial IRA rollover takes a few months.
the "negative" of retiring at 55: those years before you turn 60 your lump sum increases by 5% (CVX eliminates that discount in the calculation until to reach 60).
the POSITIVE: you wake up each AM and decide what YOU want to do. Travel, lounge around, read a book, volunteer, spend time with family and friends.... this list goes on and on. Life is short— have a GREAT time !
If you are ready for retirement, both financially and emotionally, then go for it. If it’s right for you, then it is. Some will say it’s too early and to wait until you’re 60, but that’s their opinion. Yours is the only opinion that really counts, right?
It must be nice having two Big Oil retirements. How did you do that. You must have planned this from the very first date with your spouse. Just envious of your financial situation. That’s all.
Really agree with "Follow Your Folly" advice. We retired 5 years ago at 57 years old and 59 years old. Both of us with over 30 years with the Chevron family. Honestly, we've been following our folly, spending time with our grand kids and staying in touch with friends. RV travel has also been a passion.
We are busier now than we ever have been and often wonder how we found the time to work!
Enjoy retirement and try to stay as healthy as you can. You have plenty more years ahead of you!!!
Follow your folly, whatever hobby or activity makes you smile. It may not be as financially rewarding but it will make you infinitely more happy.
Wait till 60 and let someone else lose their job. If you get a job offer, you will be able to cruise for 5 years. Activity is low, next 5 years will be easy.
Congratulations. You’ve earned it. The following website has some great retirement information (financial and non-financial) that you may find helpful. https://www.theretirementmanifesto.com/
You won the lottery, not by luck but by good planning and hard work. Congratulations! Keep in mind, however, that when asked 5 years after the reward most lottery wins say they are unhappy. The world is your oyster, all is open to you, but the wrong choices still lead to depression and despite. My only advise, deliberately seek joy.
I advise you to sort out your financial, property, insurance and health/benefits affairs, figure out what you want to do, and then get on with it.
There is no too early or late, you go when you feel it’s right time for you to go!....in general it’s always a good idea to go when the world asks why now versus why not now.....
@1ccn+16G3VdpH: thanks for bringing some levity to this board ... but make sure your spouse doesn’t read it. Lol
OP: 55 is too young for one person and just right for another. We all have different circumstances. You do YOU. You worked hard and are in a position to enjoy young retirement, and that’s pretty awesome. You might think about volunteering with a favorite charity, documenting your family history, interviewing older relatives and transcribing their stories for future generations, or maybe embarking on a trek of spiritual significance (Camino de Santiago, Pacific Coast Trail). Whatever you do, I wish you well.
Make sure you buy all of the electronics and other hobby items before you retire. Once you retire your spouse will match every penny you spend with their expenses. No matter how much money you made during your career it is not yours to spend. That is love in an equal partnership.
Stockpile all of the single malt scotch you want and keep it in the garage labeled “ fishing equipment”.
Keep a good cash supply In a sock so that you can spend and it can’t traced through credit cards.
55 is not early retirement genius.
Consider reevaluating your decision. 55 is too early to check out. You will leave a lot of future money on the table.
But given you retire early take some time to enjoy your family and hobbies. Don’t ignore your professional network.
Consider following passions you never had time for. Travel after Covid passes. Spend time with your family and friends. Ok n short, have a good time. You’ve earned it