After working for 40 years should I stop and retire?

[Anonymous]

I'm currently 59 years old
I will be 62 when I have done 40 years
Started at 22. Soon I'll be 60

My goal is two fold

1 fully paid off rental property
2 800k pension fund

The more years I work the now in my pension especially now I'm older

I may /may not meet those two goals by 62 but I'll be close

Updates

10 mo

Been thinking about how to retire earlierI have debt on a rental of 72k which I'm paying back 24k per yearI'm cashing in a policy getting about 34kSo I'm thinking I work 2 more yearsAnd take 24k from the policyPlus 2 years of 24kEquals 72Then the pension... Contributing about 50k per year into that soI'll have 750k not 800k in two years But that's okay especially if it means not working another year

[slatyb]

That depends on the lifestyle you want after retiring. If you can live happily on your current savings plus any retirement income (pension, Social Security or other government benefits) then go ahead and retire.

[Asker]

Tbh I think 40 years is enough years to devote to working

And other considerations are
My relationships... Because I'll have more free time to spend with my wife for example
Also mentally I need to prepare. And get interested in hobbies

I'm losing interest in work
Things that used to be interesting now just seem dull

I have my two goals I want to achieve and then I'll retire

[Asker]

I meant to say also
That the life of retirement needs energy and effort
And the later I leave it the less I will do about it

What I mean is if you asked me a few years ago what my vision of retirement would be, I would have said sitting around similar to my spare time when I was working.

But that's wrong. I need to have more structure, do things, hobbies, activities

So for me, that's cycling, gym,
YouTube
Financial planning
Looking after my rental properties
All that stuff

[jahaims]

That isn't much to retire on if you consider your medical needs down the road.

[Asker]

I calculate it gives me
4,500 per month

Then I have all the bills including health insurance

Also there will be a lump sum of 200k

[BrandiC]

Dont retire until you know you have the money to live on. Once you do, go for it and enjoy your life!

[Asker]

Exactly

That was my plan

But do we ever have enough?

I mean I'd like to have a million in the bank

But that's not going to happen🙂

[slatyb]

Talk to a financial planner and figure out how much you could spend if you retired now.

[red-lipstick-girl]

Wait until you are 62, I am sure you will be rewarded for your efforts. 🥰

[Anonymous]

No one ever said on their deathbed, I wish I had spent more time in the office.

[Asker]

I guess you're young and maybe not the best advisor🙂

But I'm beginning to run out of steam and I think I can keep it going for a couple of years

But not much beyond that without dropping the quality of my work

Better to go with my reputation than being pushed

[strateguy632]

Continue working

[Asker]

To continue working is the narrative we grow up with and foster along the way

But eventually we will all retire
And will there be any gas in the tank at that point to invent a new life?
Or just loll around the house?

All opinions gratefully listened to

[Jmmmfi4]

Fuck yeah you should