do you wish you retired earlier?
Ah, to go back to the pre-AdvaMed days... but it had to happen and the medical industry did it to themselves.
The public is better off because of it, and it has separated the men from the boys in many ways- but the old days were a lot more fun!
Good buddy was a sales rep for a big-pharma company....he was "laid-off" about 15 years ago when the medical industry went through major changes in how drugs were sold and purchased. Doctors could no longer even go to lunch with a sales rep....all the good reps were fired and laid off. That was a good job circa 1990. Now they have college grads making $40k/year doing all the outside sales. My aunt was also doing that until the big change(s), then she successfully transitioned to other work in big medical.
Regardless, outside sales is not a job for retirement...while you guys who think it's cake-walk are sleeping off a hard night of drinking, I'm out trouble-shooting a VFD on a dairy farm at 3am on a Sunday morning...
I can see Musky12s point. My FIL worked for a large medical supplier. 30 years ago it was such a sack job. He made great money and hardly left his house to sell. Friday was strictly paperwork. Monday - Wensday he would drive around to see customers, mostly doctors or talk on the phone. It was an easy job in those days. Times have definitely changed.
Good one BigMusky12! Spoken like a true inside salesperson!
Been in outside sales for over 20 years, 50-hour work week is a short one. Nights, weekends, haven't fished yet this year (although that's partially weather-related). Drive 300-500 miles every day (I pass a lot of boats on the water every damn day)...I have 190k miles on my 2017 F-150 that I got new 29 months ago.
Management on one's back pushing sales, margins, marketshare, cut your expenses...improve your contacts per day, per month, etc. Customers yelling at you about errors in shipping, invoicing, terms, stock levels, prices in general, service levels, warranties, credits, questionable quality of workmanship (I'm a distributor selling other manufacturers' products)...
It's the easiest job in the world...you should try it. This is the LAST job to have in retirement, unless you are selling things that need no support of any kind (stock, delivery, invoicing, collections, warranties or tech support).
Unless you are lucky enough to love your job, retire as soon as you can afford to. All situations are different. Pensions vs. 401k vs. IRA (Trad vs. Roth), spouse age, etc. Two buddies passed at 54/55 so I was done at 56. Wife is 6 years younger so she would have needed her own health insurance eventually anyway. Over 5 years under the belt now and looking forward to many more. Hopefully wife will retire at 62 and take her lower SS then while drawing Roth funds and lowering health costs if Obamacare still around then. Current plan is for my SS at age 70 and she can bump up to 50% of mine and then 100% of mine assuming she outlives me. That piece could change if health conditions change by then. Continue to evaluate income tax rules to lower tax bill but changes can happen with little notice. Bit of a gamble. Best to not worry, Be Happy!
My plan is retirement at 55. I'm 47 now. Just sat down with our financial advisor and on pace to be 100% funded by then. We save a ton every month. My wife will continue to work only because she doesn't have many hobbies. I have a ton.
I think I will just get an outside sales job and milk the corporate system once I am done climbing ladder. those guys do nothing and I would be able to expense my gas driving around state fishing, I mean visiting customers.
JAW-J-.. I made the decision two years ago (at 58) but am fortunate to have a wife who supported this move and continues to work mainly for the insurance. I do all the household chores including meals, shopping etc and it has worked out for us.. Of course watching the market go up/down is a bit unnerving but we spent the last 30 years saving like crazy and being frugal on the spending side and we have options on when we take Social Security.. Like others I have done the math and our break even point on SS is at 77-78 years old so I may decide to start taking SS early (age 63-64).. Good luck to you and your wife..
jawjerker, just go for it. Yes, collect all the bling you can, look for creative ways to sustain. You'll be OK, and IMO any way to get out of knuckle grinding, good for you.
Glad for all of ya's that got out when you could. I'm just tired of the same old knuckle busting and think it's time to hang it up. Have no plans to travel the world, just enjoy my senior years. We've been to other Countries so I'm ready to just enjoy my yard in Wisconsin, fishing and hunting. Will find myself some part time work. Still will have to wait to see if I get some unemployment bling though before the retirement plans take effect