Early retirement, because of PCa, or not? Some opinions

It's a question that will arise for many of us, if it hasn't already, and ought to be worth a discussion.

Googling

retiring with prostate cancer

produces a rather large number of hits (more than I had expected, actually), so there's plenty to read out there about this topic.

But a lot of what I did see seemed to me rather hypothetical, future planning sort of stuff. This was very unlike the discussion in the link below, which I also found when searching. It's from HealthUnlocked's Advanced Prostate Cancer forum. It's a couple of years old, but still very relevant.

There people are discussing their real-life experiences with having to deal simultaneously with both PCa and retirement issues. Some of the comments made and the advice offered seemed very helpful, from a "been there, done that" perspective for many of them.

Arguably more relevant to cite for discussion than a link to a more hypothetical article? (And I presume linking to a thread in another PCa discussion forum, such as the one below in HealthUnlocked, is okay with our Mods?)

Maybe some of you would like to go the discussion in the link, skim through the posts (especially see "Replies"), and comment yourselves on the experiences discussed there?

Some comments from that thread:

"I say to my wife that I would like a few decent years without such (work) stress before shuffling off this mortal coil. On the other hand, the thought of taking early retirement worries me also."

"Do we, as a group, fight to remain in productive employment as long as possible, or do we find other avenues?"

"I did not regret having had that time to do other things (after early retirement), in a different day-to-day environment, despite a considerably lesser pension amount and a more downsized $ lifestyle."

"I am thinking of stepping down my commitments and giving away the 9 to 5."

"I no longer enjoyed work. I took early retirement in 2012 at 55 which cost me ~30% of my pension. I never regretted a single day my decision. I spent the next three and a half years doing things with my wife that we never had time for."

"A common fear is how to fill the day (post retirement). Somehow, activities expand & I have never been bored." (I have found this to be very true, now in my own twelfth year of retirement, BTW).

"I think that work-related stress can affect the course of PCa. I could have decided to work until age 65, but I wonder if I would have had any retirement to enjoy."

"If you enjoy work and can be effective don't quit. However if your job stresses you out it won't help your battles with cancer."

Along with other good observations.

Feel free to post below any comments on the comments.

https://healthunlocked.com/advanced-prostate-cancer/posts/135529748/to-take-early-retirement-or-not

my current career goal is early retirement.

I just changed my plans. I had previously (recently) communicated my interest/intention to retire at 59.5, and was targeting this May/June. I was then offered an exciting and lucrative year-long project. I took a month off over the Christmas holidays to travel and be with family (most of them only had 2-weeks off), and decided to postpone retirement. New target: May/June 2020, at 60.5. Not in any way related to the PC I had 10-years ago.

Deja vu all over again? How many of you are retired?

Saipan Paradise said...
Deja vu all over again? How many of you are retired?

or OT: How many of you are still working?

alephnull said...
My congratulations to Mattamx, Blackjack, and IntheShop on early retirement!!

Not so fast...at least as far as I'm concerned, in the next 16 months things may change again. It's a plan. May/June 2020 is a long way away. As Eisenhower said: "Plans are nothing. Planning is everything."

Post Edited (Blackjack) : 1/17/2019 2:24:26 PM (GMT-7)

Hmmmm

Well, 3 years ago I had a plan: be out of debt and retire at 62. Then, everything changed: my 36 yr career came to an end due to corporate maneuvering, I moved halfway across the country with my wife, and started over. I'm in a really good employment situation--not making as much as I was 2 years ago, but....

Current goal is to retire at 65. From full time employment. Will I still work? Who knows? (I just turned 60)

I think about my Dad. He turned 65 in 1991. That was also about when he was diagnosed with PC. He had treatment, and in many ways worked until a few months before he died in 2004. He did, however, only worked when he wanted to, doing things he wanted to do. They also traveled with Elder Hostel-Australia/New Zealand, Greece, 2 summers in Britain, etc.

81 GYGuy
Thank you very much for posting that and starting this thread, because these days, that thought of retirement if my fondest dream. I am 63 1/2 thinking of early retirement at 64, I have a good pension but would have a paltry S.S. income. I have a huge mortgage, but do not want to wait til I am 66 that's for sure, maybe retire at 65. I keep thinking to just give up the big home, and downsize. We have a RV, so maybe travel some and really enjoy the rest of my life with my precious wife.

If only I could qualify for disability before I retire, that would give me the cushion of income before that final work day. My Onc would not discuss that possibility with me right now, as I am his very good remission poster boy/Man. Anyway, exploring all avenues, etc and ..keeping the faith
Wings, wingin it in So Cal

I am 68 and still haven’t had my mid-life crisis. How the hell could I consider retirement?

I just sold my business, started some consulting work and am considering starting another business. PCa has never made me think about retiring. I certainly enjoy time not working, but I enjoy working as well. Just going to do it in my own terms.

Jack, congratulations on selling the business. I’d be very curious about what your new ventures and consulting entail. Mostly out of curiosity, but as you know we are (were) in the same industry

I’m planning my exit in December, at age 69. I would hardly call it an early retirement, chronologically. However, I think if not for PC and some other health issues, this would not have even crossed my mind I would still be going fullbore. On the one hand at times I still have the fire in the belly. On the other hand since developing healthy sho i’m planning my exit in December, at age 69. I would hardly call it an early retirement, chronologically. However, I think if not for PC and some other health issues, this would not have even crossed my mind I would still be going fullbore. On the one hand at times I still have the fire in the belly. On the other hand since developing health issues, enjoying life has become a priority for me. I decided a couple of years ago but I just need to reduce the stress in my life, and get rid of anyone that causes me stress. Well I love my work, the stress of dealing with people inevitably happens. So thank you PC, in December at the latest, it’s peace out for me

For me, retirement is about my lifestyle and choosing what is best for me and my wife. I retired at 59 with trepidation but was the smartest thing I have ever done. I retired pre PC because work got crazy, I was at a fortune 100 financial company and the crash had occurred. Today I live a very full life and have time to deal with life challenges.

So for me, retirement is a choice to live and pursue whatever I fancy today! It took me some time to get to that decision but glad I did. Denis

I was basically forced into retirement after I lost my job in July 2013. In October of that year I was diagnosed with prostate cancer. I worked a few odd jobs since then but not much. In January of 2018 my wife lost her job and because I had very little retirement savings we sold our house, paid off most of our debt and found a less expensive place to live.I sometimes miss the work life but now look for other ways to fulfill myself Our new town has a great senior center and I just started to learn to play guitar. The also have a complete wood shop that I am itching to join but guitar lessons first then woodshop.

This discussion has run its course about 5 times in the past, but here we go again....

I walked away from my job (won't say "retired") when it became too much of a burden. I went at 64, and paid a year of COBRA medical to get to Medicare.

In the case of PCa, IF you have recurrence or just never have good results, there is a compassionate allowance in the disability scheme that may let you get, as disability, the difference between your current age SS and age 66 SS, that at 66, converts to your permanent SS amount. I did this, was approved, and had to wait 6 months for payments to kick in. But I started drawing my 66 amount at 64 1/2, so it is not always a good idea to wait.

It will generate a lot of paperwork, and your uro / onco may not be happy, but the worst outcome is that you spend two hours on line and get denied. I talked to my uro, and he said I qualified, so I went for it.

I have a tiny company pension from the 80s, so nothing exciting, but I don't get the constant 4am calls anymore.

I'm looking at retiring at the end of March! While only 61, I had been planning on doing it at 62 in the fall. Some unexpected funds came our way, and helped bridge the "gray area" in my financial plan, making it look ok to do it now.

Regarding social security and when to take it, people seldom look at the breakeven point. If you're 62, and begin taking payments it locks in at a certain amount, per month. If you wait until 66-1/2 you get a higher amount per month.

But, if you wait, you get nothing at all for 4-1/2 years. Do a little spreadsheet, a running total of payments starting at the two ages and their monthly amounts. Compare the running totals, and you may find what many do, that the break even point is around age 73-75. So after age 75 you'd be ahead if you wait for the total received.

The small extra amount per month for me simply isn't worth working another 4 or 5 years. Some also suggest you should burn other savings first, and wait to take SS until full payment age. It's another way to look at it.

It's admittedly a little pessimistic, but with my situation, my diagnosis, the probability of living well past 75 doesn't seem very likely, for me. But that's just me. And anyway, today, so far so good!