Defining Retirement

**forHISglory** · 05-27-2010, 09:09 PM

Someone asked me today how I define retirement. Years ago, I would have given a simplistic answer: Being 65!

Today, though, I have a different answer. I'm in my early 60s and retired 3 years ago. Yet I'm still working. How does this make sense? I have some ideas that are formulating about how to define retirement. But I'm interested in what you have to offer.

Here's the question: How do you define retirement?

**mama2James** · 05-27-2010, 09:54 PM

It's still a long way off for us, but I guess I'd define retirement as being able to choose whether or not to work anymore, and not needing to work in order to have sufficient income to cover my needs and modest wants. Having the freedom to decide how I want to spend my days, whether that includes doing paid work or not.

**Elizabeth CM** · 05-27-2010, 11:40 PM

I love this question - thank you for posing it, and sparking the thoughts onto a subject I really need to define for myself :-)

I know my parents & grandparents defined retirement as a complete change in lifestyle (not actively working for pay anymore, moving to a retirement-friendly home/area, travel, etc.).

My husband and I are grappling with this. We both have careers we would like to have after the ones we currently have that would be less lucrative. We dream of a very rural home (or second home) and less-on-the-grid lifestyle. We would love to take long travels seeing family and friends.

So we are realizing at this age (late 30's, mid 40's) with much of our savings lost and new debt (and a 9-year-old yet to get thru college) from the recent economic circumstances that we need to look at our expectations for retirement.

Thanks again for bringing this to the forum!

Bless

**mauimagic** · 05-28-2010, 12:01 AM

What a thought provoking question. I know that my answer will be far different than it might have been 10, 20 or 30 years ago.

I think I'll consider myself partially retired when I no longer feel that I have to teach during summer school. This year I am splitting the summer teaching assignment with another teacher, so I will have three weeks off in July.

Shall give it more thought - mahalo for the idea!!

**PlainCash4** · 05-28-2010, 01:17 AM

I have a ways to go before i "retire". I suppose my idea would be working part time for some extra money.

**wjcalderon** · 05-28-2010, 07:59 AM

I retired about 4 years ago. I work about 15 hours a month cleaning houses for extra money.
The rest of my time is truly mine - I have time to garden, read, visit my granddaughters, and take an afternoon nap if I want.

Retirement is wonderful - I highly recommend it!!

**nuisance26** · 05-28-2010, 08:59 AM

~I don't believe in retiring from all work like my DH sems to be planning on. I really think he believes he'll stop working at 60 (or whenever we have $1 million in out retirement accounts)and we'll start traveling the world or something.
I think a person should retire from a career but not from all work. Having a part-time or hobby job or volunteerring is a great way to spend the slowing down years!~

**mombottoo** · 05-28-2010, 05:14 PM

Retirement is when you no longer work at your "real" job either because you choose not to or because you get hurt. Being retired also means you are living off money you would have used after retirement...does this make any sense?

I consider my dh retired even though he is only going to be 55 this month...he is no longer able to work and his income comes from his SSD & LTDI.

**forHISglory** · 05-28-2010, 05:38 PM

I no longer think of retirement as an age. We retired early, but had planned it that way. We also did not quit working, but rather cut down and only taught a couple of courses. I see retirement as a time for choices. I can choose to work or not. I can choose to travel, do volunteer work, spend more time with family, sit and read all day, or take a nap. I am now planning to stop teaching in a year, and then begin to do some travel, and do more volunteer work. I hope to keep on living at the same standard that I now enjoy. It's modest, but I have all I need, and am satisfied. So I see retirement as a positive.

However, not everyone has choices about retirement. Those who were downsized or disabled perhaps had no choice. Those who either did not plan ahead, or had unfortunate circumstances do not have the myriad of choices that others might have. My best friend recently told me that they have no savings: NONE!!! They are on track with paying mortgage and car loans and credit cards, but have not one cent in savings of any kind. And she said they opted to NOT participate in the 401k at work. Now they are 62 and scared because time is closing in and they have few choices left. She does not see retirement as any where close, and thinks that they will have to keep working until they die. She sees retirement as a negative and defines it as a mirage.

**mauimagic** · 05-28-2010, 10:48 PM

Mahalo for your perspective FHG. So sad to hear about your friend and her husband. Not that we are in any great shape, but at least I have a plan. DH doesn't plan though - he's planning on working til he dies, I'm sure. Crazy!!

It will be interesting to see what happens in 5 or 10 years!!

**KeithBC** · 05-28-2010, 10:56 PM

I think of retirement as leaving a career. Lots of people still have to or choose to work after retiring; they just don't work at the same kind of job or in the same field of work.

By that definition, I have retired a couple of times, and will likely retire at least one more time before I actually quit working.

**frugal-fannie** · 05-28-2010, 11:31 PM

I see retirement as doing what I want to do. But I plan to stay busy and still find ways to generate income.

**thesightofoneself** · 05-29-2010, 02:38 AM

i'm not sure how i would define retirement. my life is to up in the air at the moment to come up with any solid answer

**frugalfoster** · 05-29-2010, 08:30 PM

Originally Posted by mama2James

It's still a long way off for us, but I guess I'd define retirement as being able to choose whether or not to work anymore, and not needing to work in order to have sufficient income to cover my needs and modest wants. Having the freedom to decide how I want to spend my days, whether that includes doing paid work or not.

This says it all for me!!!

**peanut** · 08-29-2010, 01:11 AM

I haven't worked for pay outside the home in the last 25 years. I recognized early on that I was essentially retired...could do what I wanted. Course then I homeschooled the girls for 18 years! But it was fun and I wanted to do it...and DH was all for it. So it made sense. Yeah, retirement for me is being able to do what I want when I want.

For DH it's different. His idea is like Keith in BC...it's leaving a job...the one he doesn't like but has earned us a living the last 15 years...and the one that will give us a pension to live off of in his retirement...that will enable him to do what he wants to do when he wants to do it!

I love choices...