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I agree with DEJ.
Went through that some 25 years ago. Took it. Contracted to an outfit setting up (wired) networks and systems at trade shows, Comdex, Internet World (big in those days) as well as a lot of small shows. Did some programming for support stuff, lead generation, etc. mostly scripts. Slung 17-20" CRT monitors, argued with W95, OS/2 and such. Traveled the US, took time to see stuff after shows packed up. Paid my way (including MRS) plus some spending money. Did that for about 5 years. Later hooked up with a couple of outfits that I could support remotely using VPN to hardware firewalls. If nothing else was available, I used a MiFi. Quit one, still do the other. Written lots of small programs/scripts to support them. One failed adventure into a retail program (earned almost $.05 an hour from sales).
BEWARE: Some companies will offer to hire you "part time". That, to me, should be 20 hours a week or so. For them, it was 60 hours a week for 4 weeks. Maybe.
Make sure you retire TO something, not FROM something. Watching the grass grow in the back yard sucks.
Arguing with a woman is like reading the Software License Agreement. In the end, you ignore everything and click "I agree".
Well you got 2 choices,
1. work at a well paid job and save lots for your dreams - only to find despite having the funds you're too old and decrepit to do those things (for instance, like walk the great wall)
2. seeing as you're OK enough to retire do them now while you can still walk.
You mention you would find something to go back to, even if at the community centre teaching for less money - you can't take it with you so if less money is still enough then great, so that's what you do when you get back.
As others also mentioned never retire to 'do nothing,' it's 100% a sure way to shorten your life. (seen it with my own eyes - my parents, their friends, my friends parents... way too many times to believe it's a coincidence).
Welcome to your new signa&*(gD@@@ @@@@@@*@x@@
I've actually started a list of what I'd be doing (much more positive than a bucket list).
Practicality is part of it. For example - the teaching - it would not surprise me if the only people who get those gigs are connected (which I am not). The list serves the duel purpose of being an eye-opener to what do I do with myself and simultaneously a series of fall-back plans. Of the later, there must be sufficient items purely in my own control to prevent that lethal disaster.
That option would likely be in their interest. I generously comment my code but pretty much half the business is running on frameworks I built. They'll run a long time - but if they want to make changes - good luck to that.
If I go that route and they say 'no', I'm a rather expensive per diem contractor.
But, then, that's if they perceive me as useful. The place has changed over the years, especially recently, and "vision" isn't what I'd call a specialty.
Don't let your employer guilt trip you into staying either. No one is irreplaceable.
Retirement is a learning process. You learn to occupy yourself and feel useful but without having to dance to someone else's tune.
We're philosophical about power outages here. A.C. come, A.C. go.
I'm on the other side of that decision. I got retired in 2010 with the golden handshake and am retired now with a pension. I did some contract work (with the company and otherwise) and did some further college work. Fully retired and goofing off now (except for occasional FOSS stuff).
- Make sure that you have your ducks lined up for medical coverage for yourself and whomever is a dependent of yours. In the US, if you get any kind of retiree medical coverage from the company, you can drop existing dependents (eg. college students) but not make any other changes. Before retiring, I thought that the Obamacare yada yada was just a bunch of political noise. I retired, then got married, then discovered I couldn't cover my new wife, then discovered how truly remarkably awful is this Obamacare thing. Trust me, medical coverage is a major point.
- Make sure that you can truly live on your nest egg plus benefits. Don't forget the implications of a bad health event, divorce or an unanticipated legal issue. Before and after social security.
- Make sure that your skills are saleable if you have to go back to work.
- If you see a downturn in your company's business, they will likely cut back personnel, with the "old guys" first. You will get $$$ incentives and extra bennies to leave on their schedule. You won't get this if you leave on your schedule. It might pay greatly to wait a couple of years (and this will be in your favor for social security benefits).
So, I did an approximation to all of the above and am now enjoying the best years of my life. Just what retirement is supposed to be. TADA!
I have my own medical coverage - independent of my employer. A self+one plan (plan and those covered changeable annually at an open season). It's not cheap - and has co-pays (until medicare kicks in) - but I get what I need.
As for the finance, I used the SSA site to determine my SSA payments when I reach full retirement. Due to the penchant for a certain political party to screw federal employees/pensioners in order to give the illusion of caring about the economy I have a nasty deduction taken from my SS. After 20 years in the SS system I begin to earn back the deduction over the next 10 years (assuming I make enough for it to count as substantial). Working about 1/3 into FY2018, for example, is worth about $500-$600/year, permanently, along with whatever I earn.
Getting that number, I used the calculator at the 401K financial org for my current employer and let then figure out how long what I have will last (the estimate I need more than I actually spend). Based on their calculations we're good until age 110 or so.
Per Obamacare: the real problem with it is that it should have been a single-provider plan, like medicare. For now, one has to contend with greed MD's and even greedier insurance companies that cause US citizens to pay double (per capita) compared to the next most expensive country - and in exchange for this, our quality is ca. 40th in the industrial world. A system that impoverishes people by the hundreds, daily. Single pay would also be good for employers that give their employees coverage and make the sleazy ones pay their fair share. Returning to paragraph one: the cost of the plan (mine plus the former-employer portion) is more than a minimum wage employee would earn. Husband/wife together would need to literally choose between food/shelter or medical coverage. Today's news indicates that lower income people are about to be thrown under the bus by a rich man's attempt to do something beyond embarrassing the US.
There are other employers out there. Make your (apparent) desire to be part-time known, and a part of any negotiation (including with your current employer).
You: "Hey, I don't need the money, but I enjoy the work and it keeps me busy. How about if we work a deal where I come in four days/week. I'm willing to give up x% of my salary (more than 20), so you're getting a break for letting me do this."
Them: "No, we're dumb, unimaginative management. Our heads would explode if we were to consider anything outside the normal bounds."
You: "OK. How about I come in zero hours per week, instead?"
I'm in the same kind of boat, I think the first part of next year we will have this kind of conversation.
I also need to start researching whether there are just the kind of "help out" gigs. Maybe some volunteer work, or the kind of maintenance that needs to be done but organizations never have time to do them. Low stress, where I could do them to keep busy, take a low rate, and both of us get something out of the deal.
To be clear, you are saying you can now easily live off of the return you get every year, without touching your nest egg? If that stopped, do you have enough time left? (the two biggest mistakes I have seen, I will assume you thought it through, with REAL inflation numbers, based on Energy and Food prices as true Inflation).
Then... I would approach your current employer, and negotiate the work schedule/vacation that you want.
I would gladly cut an employees salary in 1/2, and cut them down to 6 months, etc. To keep their knowledge base around. Heck, depending on the company size, etc, I would work with you to get you what you want, while keeping your expertise at our fingertips. Below 1 day/week, I am not sure it has that value. And it could be incremental over the next 5 years or so.
But, I have seen MANY employers who cannot fathom a special deal. All employees are EQUAL and must be treated as such, no favors. I watched people QUIT because they could not attend a NEEDED WEEKLY AA course because it happened in the AM, where this person felt comfortable, and the company played hard ball... (use vacation first (scheduled), then sick time, then PTO, etc. etc.)
so, it depends. It never hurts to ask when you are in the position that their firing you ONLY helps you decide. LOL
I announced my retirement to my employer, giving them up to 90 days to replace me. I had been with them for over 12 years. I work for a major property title company and my job was/is data remediation. The work is not time sensitive.They couldn't find anyone with my skill set with similar knowledge. I had already been working remotely from home for the previous two years, three days a week and two in the office, mostly meetings. They finally offered me my same position, at the same rate of pay, to work remotely five days a week.
I've been "retired" 6 years now. The wife and I have travelled to major cities on every continent. We will are planning to revisit some cities. Our most recent trip was one month in exploring Peru, with Machu Pichu as the prime objective.
So, go for it. Life is too short to be saddled to a computer 40-60 hours per week. Should you be as fortunate as me, all the better. I haven't had any issues violating "working" in any country. I carry two notebook computers, one for backup, file a status report weekly, my paycheck is automatically deposited into my checking account, and I pay all my bills online. And, wifi connection is available everywhere.
My employer's weird about working remotely (and even that depends upon who you talk to). They accept it from a contractor and don't like it from their own employees. Let's just say, as time has gone by, the new pennies running the place don't have the shine the old ones did.
One thing, though, is that although there's an IT group, I'm the only one that hasn't hitched his wagon to a single mega-project. This means I make all the other things. That typically requires face-to-face time.
Your situation, however, solves a lot of problems. Keeping mentally stimulated, can go where you want when I want. It's an option I may push for - what can they do? Say no?