Your Retirement Age

[Cheerful]

Some academics have no desire or intention to retire.  Others would like to retire many years before age 62, if possible.

At what age would you like to retire?

At what age do you plan to retire?

[wellfleet]

I'm kinda sorta planning on 65, but I know perfectly well that my actual decision will be influenced much more by my health/spouse's health than by any specific goal on my part. I continue to squirrel away nuts for the future, in any event.

[Parasaurolophus]

Given my current pension plan, somewhere between 65-71.

As far as desire is concerned, however, I'd say the sooner the better.

[Ruralguy]

Since I don't have to pull from my TIAA until 72, it would be beneficial to be employed until then.
However, I'd rather it be closer to 65 if I have the money. I'm 55, so, likely not earlier than a decade from now, possibly longer, but not by a lot. I don't plan to work until death.

[ciao_yall]

Right now it's pretty easy to retire to Spain or Portugal. It's tempting to rent out my place, take early retirement, move, become an alcoholic on good cheap wine...

[dr_codex]

Unless something drastically improves (financially) or declines (medically), I don't see how I can afford to retire before 70. 75 is probably more reasonable, seeing the youngest through college. I am ok with that.

My spouse would like to retire much earlier -- 55 or thereabouts -- but I don't think that's going to work, unless "retirement" really means "change jobs".

[wareagle]

When I was 30, I planned to retire at 60.  This might have worked had Mr. Eagle not become disabled in his mid-50s, and mine was the only income, so I extended that to FRA, 66+.  Then I lost my job, just before turning 63, so it looks like 63 is it.  Holding off on SS as long as I can.

[mamselle]

Ouch.

All good thoughts.

M.

[robear]

I retired at 57, mostly due to a new university president who was ethically challenged while I was definitely in the position where malodorous consequences would flow. My SO was forced out a year later. We have much less money that we planned, but the end of the firehose of toxicity has been worth it. We try to live on less so that we can enjoy each day more. I'm 65 now, and have never regretted retiring.

[clean]

Since I don't have to pull from my TIAA until 72, it would be beneficial to be employed until then.
However, I'd rather it be closer to 65 if I have the money. I'm 55, so, likely not earlier than a decade from now, possibly longer, but not by a lot. I don't plan to work until death.

Ruralguy...

I am not sure of your situation.  The rules for withdrawals from a 401k/403b are somewhat complex.  IF you have a TIAA account at your current employer (not a former employer) and you continue to work past 72, you are not required to make the Required Minimum Distributions from that account.  You would have to take the RMD from IRA accounts and accounts from prior employers. 

[clean]

At what age would you like to retire?

At what age do you plan to retire?

I hope to be ABLE to retire at 60.  I should have sufficient savings at that point, barring a 'market correction'/collapse, I should be ok to retire then.  (Unless I just jinxed it here!!)

My retirement date is currently Dec 2024.  I qualify for health insurance in May 2024, but I plan to take that summer off on a big 3 month vacation in Alaska... which would be expensive... SO I plan to return to work for the next term to help cover that cost!  (and make everyone look at my pictures!!!)

A few months ago, I was contemplating working one more term after, to May 2025. That would replace one of my low, low social security earnings years.  The result would be an additional 1/2 a year's salary, plus given my calculations, increase my social security payment by $20 a month, for life.  (Though I would not begin collecting social security for almost 7 more years at the earliest... so It is a small order of small in the scheme of things and am not likely to work an extra semester only for Social Security payments of an extra $20 that dont start for over 6 years (or maybe even 10!!).

The other events that are encouraging me to leaver earlier are somewhat complex.  I had a health episode in October.  I am still working through the tests, but it is probably resolved now.  However, my aunt, about 13 years older than I at 67 now, was just diagnosed with inoperable stage 3 cancer.  In addition, my parents are in their low/mid 70s, but they retired around 60 and did A LOT of things.  I now see what 70s are looking like.  I just dont see that I can accomplish anywhere near what my parents did in their 60s IF I wait into my 70s.  I have some things that I would like to accomplish and more and more I realize that the future is far from guaranteed and that health can be fleeting.  IF you have goals, you postpone them at your peril.

My former department chair abruptly retired a few years ago. It was shortly after his mother had died (at an advanced age).  When I asked him about the decision, he said a few things of note.  1. Once you have enough money, what are you working for (how do you want to spend your life)?  2.  Dont retire From something, retire TO something. 

So this is a long, long answer to say that I hope to be ABLE to retire by  59 1/2 and be WILLING to retire by 60 1/4 (more or less)  IF not at 59 1/2!

[aside]

At what age do you plan to retire?

71 on the high end, 68 on the low end.

[notmycircus]

I qualified with others for a buy out at my university.  We were informed that if we did not take the buy out there was no guarantee we would retain our jobs.  I was 65 and took it.  So did many more faculty and staff than they expected. 
I was diagnosed with a pulmonary disease a few months later and now spend my days exercising, volunteering, taking classes, playing with my grandchildren and visiting two family members in nursing homes. I would like to thank my bullish former boss for making my decision easier. 

[Ruralguy]

Thanks, Clean, for setting me straight on RMD's. Honestly, I was just using that as an excuse for not retiring too late, but I guess now I just have to set that limit myself. Ideally, before 70, but probably not before 65. My daughter will graduate college when I am 68, so perhaps that's ideal.  My wife is 9 years younger, in good health, and has income other than her professorship. She could retire at the same time if she wants to.

[Volhiker78]

Plan to retire at 65 or 66.  63 now - I started downshifting this year working 80% and giving up some non-essential tasks.   Not sure if I will stay at 80 or shift down again next year.  I