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Old 10-26-2011, 07:45 AM
Location: Toronto, Ottawa Valley & Dunedin FL
1,409 posts, read 2,354,075 times
Reputation: 1159


I retired at 60, about 3 years before I wanted to (laid off.) Started collecting Canada Pension a year later, must wait til 65 for Old Age Pension.

Husband retired this year at 68, got a golden handshake to make way for new staff. He's been collecting OAS since 65 (and it's been clawed back.)

No defined-benefit pensions for either of us, so it's our RRSPs mostly (like IRA.)
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Old 10-26-2011, 07:52 AM
Location: Sierra Vista, AZ
16,133 posts, read 20,817,345 times
Reputation: 8293
I pulled the pin at 53 and I'm glad I did, I've been out for a dozen years and my health hs gone downhill. At least I got the first 10 years to enjoy. As for living on Social Security I wouldn't think it was possible.
Between my wife and I we get $2,500 a month that would be cat food budgeting.
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Old 10-26-2011, 07:53 AM
5,822 posts, read 13,312,141 times
Reputation: 9289
We both retired at 62. Diagnosed with cancer and had kidney removed. Decided life is too short and everyday is a gift. Worked all our lives and wanted to enjoy the fruit of our labors.

We worked for same company, 20+ years, which provided us with a good pension, hefty 401K. Served 20+ years in military, so have retirement from Uncle Sam, along with SS and military health benefits.

We have no need to touch and of our 401K, Roth or savings accounts. Everything is paid for and we still have $$ left over each month. Pay grandchildren's tuition to private school and are able to provide special trips and things for them. We are truly blessed.
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Old 10-26-2011, 08:34 AM
491 posts, read 597,951 times
Reputation: 2095
Quit working for health reasons at 55. I had cut back to 1/2 time for the 3 years prior to that hoping I could tolerate that much work. Between arthritis, chronic fatigue, fibromyalgia and migraines I just couldn't do it.

I live on close to what I will receive if I take SS at 62. If I take SS at 65 it will be almost exactly what I live on. And I might add no cat food for me!
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Old 10-26-2011, 08:55 AM
144 posts, read 286,879 times
Reputation: 162
I see common denominators for people who were able to retire before the age of 65:

Goverment pension and healthcare

I wonder how many people can retire prior the age of 65 without them. Many people can live without pension using their savings but I guess many will have to work themselves to death to be able to afford healthcare insurance
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Old 10-26-2011, 09:28 AM
15,149 posts, read 19,748,966 times
Reputation: 21319
I retired this past April at the age of 65. I worked in the oil/gas industry for 42 years, the last 20 of which were for the same company. I have a pension from that company and I also have my Social Security income. I've had to spend a lot of my savings on recovery from a stroke five years ago -- but my house has been paid off for many years, I have a 13-year old Jeep that I love and wouldnt sell for any amount of $$$ and I live fairly simply. Life is good.
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Old 10-26-2011, 09:53 AM
Location: Los Angeles area
14,018 posts, read 17,729,443 times
Reputation: 32304
Retired from full time work at age 61 with pension after 34 years with same employer. Continued doing a small amount of part-time work for the next six years (very small, as in $9,000 to $10,000 per year - didn't need the money but it was gratifying), then gave that up at age 67 when the hassles outweigned the fun. Now fully retired for the past few months, but will still do one five-week project during the summer. I will take it one year at a time deciding when to stop with that one project, which I still find gratifying.
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Old 10-26-2011, 09:55 AM
Status: "0-0-2 start!" (set 15 days ago)
Location: The beautiful Rogue Valley, Oregon
7,291 posts, read 15,342,559 times
Reputation: 9468
Originally Posted by stockproipi View Post
I see common denominators for people who were able to retire before the age of 65:

Goverment pension and healthcare

Generally that would be VOLUNTARY retirement. The spouse "retired" at age 55 because he was offered early retirement. Since the company had effectively cut all new R&D projects, he could read the handwriting on the wall. About 6 months after he left, 3/4 of the engineering division was laid off and he would have been among them, with much lower benefits. Although he looked seriously for work for about 8 months, there was absolutely nothing in his field. Currently we are both self-employed, effectively very part-time.

As "retirees" we are eligible for the company retirement health care - since it's geared for Medicare-aged retirees and people living in the San Jose area, the only program available to us is $1,200 per month with a $7,500 per person deductible. Good thing we paid our house off long ago, because that is pretty much our old mortgage.

We had hoped to get a private insurance policy, but were turned down by 5 companies - we are eligible for the much cheaper state "high risk" pool because of being turned down, but the money for that program fluctuates and we could easily find ourselves insured one month and not the next.
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Old 10-26-2011, 10:02 AM
7,339 posts, read 16,637,122 times
Reputation: 4567
This last June, after turning 62, wife and I agreed that I should go for my SS/Early Retirement due to being unemployed and having a real rough time finding a job. I was collecting unemployment bene's, but that ran out. I'm currently looking for a part-time job, but that's not easy either! Getting set up to try some local "pet photography" and see what happens with that. The middle of last year, my wife became unemployed and was very close to going to SS for Early Retirement, but got lucky with a nice full-time job with great bene's. Combining her salary and my SS, we do ok. She is due for a salary increase next month and early next year will be our last car payment and those two will be a nice addition to the household income! Could I live just off of my SS, if I was single? I could try, but I doubt it very seriously! My wife loves working much, much more than I ever did, but when it's a nice and warm day outside during the week, she will take "taking our boat out" over the job (but can't)! And, when she is sleeping hard (nice and comfortable), she will hit the snooze alarm 3 times and I have to say "Honey, you gettin up?" So, our boat and her "good" sleeping could make a difference with her job, but she doesn't let it. BTW, to save us some money, I have health bene's thru the VA.
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Old 10-26-2011, 10:38 AM
Location: In the Pearl of the Purchase, Ky
7,410 posts, read 12,940,514 times
Reputation: 30965
I didn't put the other part of mine on here. My wife retired the summer before I did, with 21 years as a civilian employee at Ft. Campbell, Ky. She took early retirement because the stress of her job would aggravate an illness she has and would put her in the hospital for several days. We figured with my retirement, her retirement and her TSP (Federal version of 401k) we'd be doing good, then the stock market crash wiped out her 50K. I got to enjoy a few months' retirement before I had to go back to work. But, with both jobs, after 20 years we both have our health insurance paid for for life.
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