[M_Six]

I didn't retire in my 50's, but I did retire at 62. I was in the same boat. My job was an income, nothing more. Because I took a pay cut to work closer to home, my highest paid years were behind me and my pension was based on those 4 highest years. After speaking with a retirement counselor, we determined that staying employed was not going to improve my retirement income much more than the 3% compounded raises my pension offers every year. So it didn't make financial sense to keep working. Wifey and I have long been nearly maxing out our supplemental retirement savings, so we have a good bit of money set aside to augment our pensions. Plus Wifey makes a shit ton more money that I ever did and she's 10 years younger and will keep working. Our house and cars are also paid off. We have no debts at all. We have no kids, so no expenses there. And our retirement plans include virtually free health care until we hit Medicare age (which I did this year).

The only expense that sort of caught me by surprise was Medicare Part B, which I had always thought was paid for by our retirement plan. That isn't the case. The plan pays for parts A, C, and D. Part B is deducted from the small Social Security benefit I get. But that was gravy money anyway, so it doesn't really affect our finances. Wifey doesn't have any Social Security benefits, so she'll have to pay Part B out of pocket when the time comes. The retirement plan medical coverage also has some deductibles and co-pays that are higher than I expected. But my total yearly out-of-pocket costs are capped at $1300, so it's not like there's a financial disaster waiting for me if my health goes south.

That may be an issue for folks who don't have good supplemental coverage over and above Medicare. My folks paid a bundle for supplemental coverage, but it saved them when my Dad had heart surgery that went badly. His final hospital bill was over $2mil. Their total out-of-pocket cost in all that was a $600 ambulance ride. The supplemental plan covered the rest. So I'd advise anyone who retires to make sure you have rock solid medical insurance, as one bad incident can wipe out a lifetime of savings.

I picked up the home automation bug after I retired and then drifted into playing with various security cameras. We don't really need them as we live in an extremely low crime area, but I found that experimenting and configuring cameras and the supporting network to be enjoyable. I'm a retired IT pro, so it keeps my mind in the game, so to speak. That hobby can get expensive, though. I also have $13k tied up in 2 bikes hanging on the wall of my garage and another $4k or so tied up in my "Pain Cave" with my trainer, bike, and rowing machine. But that is money well spent as it keeps me in shape.

If you do retire early, make sure to keep busy. Between cycling and my hobby, plus the day to day stuff around the house and yard, I often find I don't have enough time in my days. It's a good problem to have.