How did/will you make your decision to retire? SIAP

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PDEMDHC
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In reply to PDEMDHC • 2:13p, 8/26/25
AG
PDEMDHC said:
Wild story that I have kept close to my chest for a while. My wife and I have now transitioned from a retire from corporate life in 60s mindset to now doing it almost immediately. We "won the lottery" so to speak.

We have minority ownership in a family business dating back decades… which has now sold. The amount from the sale along with what we have built puts us over the retirement goal. We never thought it would happen in my lifetime… but it surprised us out of no where months ago and here we are!

At 43, I'll be announcing my "retirement" sometime the next 30-60 days from my corporate job and will give a planned 3 month notice. In 2026, I'll start an LLC or trust and focus on investing via swing/day trading, RE, etc. with the "extra" money after our goal.

My wife will follow suit in about 3 years time based on a bonus payout schedule with her contract. She will also be 43 by then.

We had a VERY difficult five years… but now we get to see our three kids grow up (3 year old and twin newborns) and take care of my aging mom. I cannot wait to see what happens next.



Told the boss today and went extremely well. Get to tell the higher ups tomorrow. Goal is to leave week prior to Christmas and go from there, so about 4 months all said and done.

Huge weight off my shoulders!
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Strat
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In reply to PDEMDHC • 2:26p, 8/26/25
PDEMDHC said:


Told the boss today and went extremely well. Get to tell the higher ups tomorrow. Goal is to leave week prior to Christmas and go from there, so about 4 months all said and done.

Huge weight off my shoulders!

Congrats! Just curious, did you tell your boss that you are "retiring" or did you sell it that you were leaving for personal reasons or leaving to take a sabbatical? At 43, I'm guessing "retiring" is going to generate some questions. I know the correct answer is who cares what other people think but that is easier said than done.
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YouBet
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In reply to Strat • 4:28p, 8/26/25
AG
Strat said:
PDEMDHC said:


Told the boss today and went extremely well. Get to tell the higher ups tomorrow. Goal is to leave week prior to Christmas and go from there, so about 4 months all said and done.

Huge weight off my shoulders!

Congrats! Just curious, did you tell your boss that you are "retiring" or did you sell it that you were leaving for personal reasons or leaving to take a sabbatical? At 43, I'm guessing "retiring" is going to generate some questions. I know the correct answer is who cares what other people think but that is easier said than done.

I'm 51. I got these questions because that's still pretty young to do it.

My response was, "Yes, I'm really retiring."

What are you going to do? "I'll figure it out later."

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Quinn
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In reply to Strat • 4:37p, 8/26/25
AG
I would think that telling people you are retiring early would be one of the best parts of doing so.
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LMCane
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In reply to Quinn • 9:04a, 8/27/25
Quinn said:
I would think that telling people you are retiring early would be one of the best parts of doing so.

I told my employers that I am leaving this June

because after nearly 6 years with the company it's time to enjoy life and traveling in Europe.

will be 55.

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PDEMDHC
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In reply to Quinn • 11:02a, 8/27/25
AG
Quinn said:
I would think that telling people you are retiring early would be one of the best parts of doing so.


Amen. Telling people older than you in higher positions that you finished before they did…. Even with luck…. I had a grin all the way home.
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MAS444
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In reply to Kool • 11:17a, 8/27/25
AG
Quote:
Just this morning before starting work, I was communicating with one of my partners who is 64 and who works harder than probably anyone else I know. He is really fed up with work, lowered reimbursements, taking call until recently, getting some pain in his hands with surgery now, etc. I was absolutely shocked when he told me his goal was to have his house paid off and $5 million in investments, but he wasn't there yet on the investment side. I see what he generates but not what he takes home, and he is one of the biggest producers in our group of 20. I know he buys a lot of guns and takes a lot of hunting trips and put three kids through school, but to not be at that goal by 64 really surprised me.

Just curious (although not sure why)....but does he have other significant non-homestead assets like real estate...?
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FrioAg 00
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12:52p, 8/27/25
AG
Here is a theoretical question to throw out for the group on this topic of knowing when to retire…


If your own future costs of living were all locked in, meaning you fully funded them even under conservative assumptions about inflation and market returns, would you be willing to work an extra 5-10 years to benefit someone else? (Your kids, your church, other passions?)

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Caliber
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In reply to FrioAg 00 • 1:28p, 8/27/25
AG
FrioAg 00 said:
Here is a theoretical question to throw out for the group on this topic of knowing when to retire…


If your own future costs of living were all locked in, meaning you fully funded them even under conservative assumptions about inflation and market returns, would you be willing to work an extra 5-10 years to benefit someone else? (Your kids, your church, other passions?)


A lot of us are already doing just that... depending on how you look at it.

If I had told my kids, college is on your own, and gave nothing to my church/others, then I would already be approaching retirement today instead of looking at 8-10 years out.
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Captain Winky
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1:29p, 8/27/25
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Leeman
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1:35p, 8/27/25
Is Boldin the best software to use ?
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AgOutsideAustin
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In reply to FrioAg 00 • 1:57p, 8/27/25
AG
FrioAg 00 said:
Here is a theoretical question to throw out for the group on this topic of knowing when to retire…


If your own future costs of living were all locked in, meaning you fully funded them even under conservative assumptions about inflation and market returns, would you be willing to work an extra 5-10 years to benefit someone else? (Your kids, your church, other passions?)




My kids are Aggies and out on their own working. We paid for their education. Raised them in the Church and have contributed to Church my whole marriage. We have worked and invested and will be able to take care of ourselves and still help them a little as they go through life. Plus they get what's left when we kick the bucket.

I'm not willing to work extra years to give my kids more money when I die or more to Church.

Time now for my wife I to enjoy the youth of our Senior years.

Any future work goes to support my golf and booze habits.
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Kool
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In reply to MAS444 • 2:35p, 8/27/25
AG
MAS444 said:
Quote:
Just this morning before starting work, I was communicating with one of my partners who is 64 and who works harder than probably anyone else I know. He is really fed up with work, lowered reimbursements, taking call until recently, getting some pain in his hands with surgery now, etc. I was absolutely shocked when he told me his goal was to have his house paid off and $5 million in investments, but he wasn't there yet on the investment side. I see what he generates but not what he takes home, and he is one of the biggest producers in our group of 20. I know he buys a lot of guns and takes a lot of hunting trips and put three kids through school, but to not be at that goal by 64 really surprised me.

Just curious (although not sure why)....but does he have other significant non-homestead assets like real estate...?

I don't know all of the details of his finances, just a reasonable guess as to what he makes yearly based on his collections, which I see every month, and what he has told me. His Dad was a GI doctor, so it isn't as if he likely incurred a lot of medical school debt and both of his parents are deceased. He told me his Dad set up Trusts for his grandchildren, so there was money left over in his estate. My partner does have a property he relatively recently purchased, and a bulldozer he plans to play with on it, to clear space and eventually build a retirement house. His youngest of 3 kids is out school, none of them are degenerates, not working, etc. He had a divorce very early in his career but has been married a long time to his wife (she is not a huge spender from what I can tell and from what he says), and he has had no interruptions in his career. I am fairly certain he doesn't have rental properties. He was just saying he had set those two goals for himself (paid off house and $5 million saved up) before he hung it up. It just surprised me that, at the income he has been generating, he hasn't gotten there by almost 65.
No material on this site is intended to be a substitute for professional medical advice, diagnosis or treatment. See full Medical Disclaimer.
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jja79
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5:44p, 8/27/25
AG
While you work someone else owns your time, you've sold it to them. When you retire you own all your time, having given it back to yourself. That's a hefty price to pay for more money but that's just my opinion. Time is my number 1 factor.
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infinity ag
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5:51p, 8/27/25
Time never comes back. Money can come back.
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chris1515
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In reply to Kool • 7:30p, 8/27/25
AG
I wonder how many people like that are ultra conservative in their savings/investments? I had a similar conversation with an older coworker last week that left me so perplexed at their statements about not having enough to retire when Im guessing they've made a very very healthy income for decades.
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DannyDuberstein
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8:23p, 8/27/25
AG
It just burns a hole in some folks pockets. I have a neighborhood acquaintance who has been the COO and then CEO of a successful privately held company - in his 20ish combined years in these roles it grew from operating only in Dallas to over a dozen major cities, and we've had enough conversations over the years that I have a good idea of what he was making, which was healthy. That said, he and his wife have always spent money like crazy in the 20 years we've known them and make reckless financial decisions. Just in the past few days I learned about what's turned out to be a $150k screwup. He's 55 but nowhere near being able to retire which is crazy to me given I have a good idea of how solid his income stream was. Status has always been extremely important to them, and that has just soaked their finances from a ton of angles
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Retired Principal
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In reply to DannyDuberstein • 8:35p, 8/27/25
AG
DannyDuberstein said:
It just burns a hole in some folks pockets. I have a neighborhood acquaintance who has been the COO and then CEO of a successful privately held company - in his 20ish combined years in these roles it grew from operating only in Dallas to over a dozen major cities, and we've had enough conversations over the years that I have a good idea of what he was making, which was healthy. That said, he and his wife have always spent money like crazy in the 20 years we've known them and make reckless financial decisions. Just in the past few days I learned about what's turned out to be a $150k screwup. He's 55 but nowhere near being able to retire which is crazy to me given I have a good idea of how solid his income stream was. Status has always been extremely important to them, and that has just soaked their finances from a ton of angles


Our financial advisor told us from his experience that people who are multi millionaires don't look like multi millionaires as they drive up in their Camry.
Folks in your example spend first then figure how to save. They have it backwards trying to keep up with others. Wonder how much social media has played a part? Hey, look at me!
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jja79
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In reply to DannyDuberstein • 10:10p, 8/27/25
AG
I spent a lot of years lending money for banks. Until the day I retired I was astounded at how many people with good incomes had less than expected and debt up to their eyeballs. People 50+ years old making $200K, $400K, $800K and they had less than $100K in current and retirement funds. Some had more than one $1K+ car payment. I had a dentist client that lived in Memorial that was more than 70 years old who owed more than $500K on a house he bought 50 years ago. He kept taking cash out to pay credit cards.
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Its Texas Aggies, dammit
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In reply to jja79 • 1:14a, 8/28/25
AG
jja79 said:
I spent a lot of years lending money for banks. Until the day I retired I was astounded at how many people with good incomes had less than expected and debt up to their eyeballs. People 50+ years old making $200K, $400K, $800K and they had less than $100K in current and retirement funds. Some had more than one $1K+ car payment. I had a dentist client that lived in Memorial that was more than 70 years old who owed more than $500K on a house he bought 50 years ago. He kept taking cash out to pay credit cards.


Inverse of the millionaire next door. Wow.
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AgOutsideAustin
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6:00a, 8/28/25
AG
Wealth is what you don't see.
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aggiebq03+
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6:30a, 8/28/25
Warren Buffet said:
Do not save what is left after spending, but spend what is left after saving


Henry David Thoreau said:
The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
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cgh1999
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In reply to jja79 • 8:17a, 8/28/25
AG
jja79 said:
I spent a lot of years lending money for banks. Until the day I retired I was astounded at how many people with good incomes had less than expected and debt up to their eyeballs. People 50+ years old making $200K, $400K, $800K and they had less than $100K in current and retirement funds. Some had more than one $1K+ car payment. I had a dentist client that lived in Memorial that was more than 70 years old who owed more than $500K on a house he bought 50 years ago. He kept taking cash out to pay credit cards.

Had a great one last week. Doctor with a $4MM house and $3.6MM mortgage. $3MM beach house with $2.8MM in debt and listed at $2.8 for the last 6 months. Less than $300k liquidity. Over $1MM in merchant cash advance loans in the 70% interest range.

Looks (and acts) rich, but is perilously close to bankruptcy.
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KALALL
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In reply to cgh1999 • 8:24a, 8/28/25
AG
That's absolutely bonkers.
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cgh1999
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8:26a, 8/28/25
AG
I haven't retired, but last December I started my own business after a 20+ year career in banking. I'm doing private lending and work when/where I want. After years of being cheap (like my buddy jja), I don't need a big paycheck and title to survive. Ironically, I'm on pace to make as much or more working on my own.

I can do this job from anywhere I have cell service and internet. My only issue is insurance and I saved/budgeted for expensive insurance based on pre-existing conditions.

My decision was based on quality of life. In 2023, my wife was diagnosed with an aggressive form of cancer and no title or professional recognition is worth one less minute with her. Thankfully we had already been focused on retiring early at 56 when my last kid would be out of college. We accelerated that plan and haven't looked back! Thankfully her prognosis is much better and we are planning on a long life together without a Houston commute!
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FrioAg 00
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8:28a, 8/28/25
AG
With high income folks who are also broke, a good question is also "how many ex wives do you have"

Something about impulse control issues
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Caliber
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8:30a, 8/28/25
AG
I talk with a lot of my engineering coworkers and acquaintances... they aren't any better.

So many that have the latest trucks/cars, big houses, trips but won't be able to retire and struggle to pay for things.

My wife teaches at school in a very rich area and I've gone to their auction parties. The conversations I've had with many of these people point to them making good money but everything goes right out the door again so that they can keep up with the Jones. Some are legit wealthy for sure but so many others can barely afford anything that isn't planned and its nuts.
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YouBet
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In reply to jja79 • 8:34a, 8/28/25
AG
jja79 said:
I spent a lot of years lending money for banks. Until the day I retired I was astounded at how many people with good incomes had less than expected and debt up to their eyeballs. People 50+ years old making $200K, $400K, $800K and they had less than $100K in current and retirement funds. Some had more than one $1K+ car payment. I had a dentist client that lived in Memorial that was more than 70 years old who owed more than $500K on a house he bought 50 years ago. He kept taking cash out to pay credit cards.


As we've discussed numerous times, this board is a total outlier. What you've posted here is more the norm than the outlier. All of the pubic data we have available to us tells us this when you look at average and median retirement nest eggs across demographic groups.

My mom was a CPA. She had numerous income rich clients who saved literally $0 for retirement. She hit her limit when she had a few clients start telling her they were going to retire and she had to break it to them that there was nothing to retire on. They had no savings. They spent every dollar they made. People are generally stupid with money and do not think ahead.

She actually went and got some of her investment creds (Series 7?) so she could start advising her younger clients on their investment decisions before it got too late, if they were interested.
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RightWingConspirator
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8:46a, 8/28/25
AG
This thread has not helped me one bit stay focused on the task at hand. In March of this next year, I stand to make quite a lot of money with bonus, raise, etc. I'm likely to be awarded stock options as well. Hanging on for another seven months is really killing me. I think my desire to work is just about dead. The fact that we've already amassed sufficiently for a nice retirement at 52 years of age and we've grown very accustomed to living a very modest lifestyle tells me we have enough to just pull the trigger. But the raise, bonus, etc. keeps me sucked in.

My plan was to work another 3-4 years and get my youngest out of school high school, but not sure I can make it that long.
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htxag09
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9:46a, 8/28/25
AG
I feel like this debate brings out a lot of extremes.....

It's either the multimillionaire who drives a 5 year old Camry or the multimillionaire who has $100K saved for retirement because he/she blows everything.

Fact is there are a lot in the middle also. Obviously don't get into the deep financials of every person I talk to but I'd guess that 95%+ of the multimillionaires I know drive a Range Rover or a $90K truck but have enough saved for retirement they'll never have to worry about it. Not that they'd ever have to worry about it anyways because they hold positions at companies that have very generous retirement benefits.

ETA: I know 5 couples that are multimillionaires very well and all of them are in this category.
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Kool
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In reply to chris1515 • 10:19a, 8/28/25
AG
chris1515 said:
I wonder how many people like that are ultra conservative in their savings/investments? I had a similar conversation with an older coworker last week that left me so perplexed at their statements about not having enough to retire when Im guessing they've made a very very healthy income for decades.

I do know that my partner uses the financial advisor whose firm is the broker for our benefits. He told me that he was heavily invested in bonds a while back, that was when the "Liberation Day" tariffs were rocking the market badly and I was quite upset about my losses. The problem with him shifting to equities is that he's likely close to retiring now, he's probably not gotten significant run-up unless his FA timed it perfectly. People who have a huge cushion can stand to keep their portfolios higher in equities, regardless of whether they are close to retirement or not. Someone who feels as if they are near the end of their working careers but don't have enough saved up to comfortably retired...that's a double-edged sword. If he stays heavily invested in bonds, he's safe, but he isn't moving closer to his $5 million and house paid for.
No material on this site is intended to be a substitute for professional medical advice, diagnosis or treatment. See full Medical Disclaimer.
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RightWingConspirator
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In reply to Kool • 10:28a, 8/28/25
AG
We'll likely stay heavily invested in equities even through retirement. I think conventional wisdom has changed somewhat over the years on that topic. Even if the market turns down, if there is enough there to weather the storm, you'll likely be better off staying in equities....at least until that's no longer the case. <---snark
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Retired Principal
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In reply to RightWingConspirator • 10:35a, 8/28/25
AG
RightWingConspirator said:
We'll likely stay heavily invested in equities even through retirement. I think conventional wisdom has changed somewhat over the years on that topic. Even if the market turns down, if there is enough there to weather the storm, you'll likely be better off staying in equities....at least until that's no longer the case. <---snark


We are still 60/40 equities/ fixed income. So far, so good Been retired serval years and our IRAs keep reaching new highs. Our draw down rate is 3.5% annually.
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Sparkkkey
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In reply to jja79 • 11:26a, 8/28/25
jja79 said:
I spent a lot of years lending money for banks. Until the day I retired I was astounded at how many people with good incomes had less than expected and debt up to their eyeballs. People 50+ years old making $200K, $400K, $800K and they had less than $100K in current and retirement funds. Some had more than one $1K+ car payment. I had a dentist client that lived in Memorial that was more than 70 years old who owed more than $500K on a house he bought 50 years ago. He kept taking cash out to pay credit cards.

My dad was a banker for over 3 decades. Bankers always know who the posers are.

I have seen it all. The drywall guy with his house paid off. Broke ass doctors.

Nobody talks about rich doctors because we expect them to save a little of their money. Nobody looks down their nose at the drywall guy that is using his last $2 on a scratch off. But we are going to laugh at the doctor's wife whose credit card gets declined.
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94chem
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In reply to cgh1999 • 2:58p, 8/28/25
cgh1999 said:
jja79 said:
I spent a lot of years lending money for banks. Until the day I retired I was astounded at how many people with good incomes had less than expected and debt up to their eyeballs. People 50+ years old making $200K, $400K, $800K and they had less than $100K in current and retirement funds. Some had more than one $1K+ car payment. I had a dentist client that lived in Memorial that was more than 70 years old who owed more than $500K on a house he bought 50 years ago. He kept taking cash out to pay credit cards.

Had a great one last week. Doctor with a $4MM house and $3.6MM mortgage. $3MM beach house with $2.8MM in debt and listed at $2.8 for the last 6 months. Less than $300k liquidity. Over $1MM in merchant cash advance loans in the 70% interest range.

Looks (and acts) rich, but is perilously close to bankruptcy.

You can eat, drive, vacation, hobby, clothe, and borrow your way to bankruptcy no matter how much money you have.

Major purchases and borrowing decisions in life are inevitable. Knowing that they are necessary and not overdone gives great peace of mind.

5 cars, don't owe on any of them, models 2020, 2016, 2013, 2009, 2006.
$20K for 3 week family trip to China with my adopted son.
$50K loan at 4% to pay for rental property that appreciated.
$100K in home equity to pay for college at 3.5%.
Vacation home that breaks even...

Not everything works out, but these huge outlays that accomplish nothing just seem to destroy people. Why are you spending $500 on a family meal without an occasion? Why are you living in 3800 square feet when 3200 is fine. Why do you pay for way more car/RV/boat than you need? Why did you choose the most expensive college?

I wish I was further along than I was, but making sound decisions when you do pull the trigger on major purchases is really important.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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