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Old 10-26-2011, 10:51 AM
 
Location: SW MO
23,605 posts, read 31,471,910 times
Reputation: 29071

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Quote:
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.
They certainly help and having gone that route was a knowing choice for both of us when we were raising families (long before we were we) for steady employment and excellent benefits. Thankfully, the latter followed us into retirement. It's one less major concern we ever have to worry about.
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Old 10-26-2011, 02:19 PM
 
8,085 posts, read 4,417,699 times
Reputation: 3072
Yep! Makes all the difference. 64 and want to make it for two more years to my full SS age. Could live on that, but we'll have other funds. Fortunately, we both are in excellent health, because the health costs will be the agressively growing costs going forward.

Happy for all of you 'gubinment' workers. And trying, real hard, not to be envious. The Good Book warns against that.
Quote:
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

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, 02:23 PM
 
Location: southern california
55,647 posts, read 74,595,623 times
Reputation: 48140
live on SSA??? no u cant. you need income to retire.
you retire when you have accomplished that. which is a combination of reducing expenses and getting a reliable stream of cash and being debt free.
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Old 10-26-2011, 05:03 PM
 
Location: Forests of Maine
30,678 posts, read 49,430,310 times
Reputation: 19129
Quote:
Originally Posted by Huckleberry3911948 View Post
live on SSA??? no u cant. you need income to retire.
you retire when you have accomplished that. which is a combination of reducing expenses and getting a reliable stream of cash and being debt free.
Sure you can.
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Old 10-26-2011, 05:31 PM
 
Location: California Mountains
1,448 posts, read 2,587,252 times
Reputation: 2334
I left the workforce on April 1 of 2000 (it was not a foolish act on my part), three months after my 47th birthday. Four years later, husband retired the day he turned 55. Travel and peace of mind are our #1 priority in life, so our retirement decision was based on that. We knew we could live and find contentment on much lesser income, and we were right.

Last edited by Ol' Wanderer; 10-26-2011 at 05:45 PM..
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Old 10-26-2011, 05:41 PM
 
Location: Tennessee
34,673 posts, read 33,676,768 times
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55 after 34 years of government service.
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Old 10-26-2011, 05:53 PM
 
Location: Central Florida
973 posts, read 1,489,255 times
Reputation: 1098
Quote:
Originally Posted by forest beekeeper View Post
I retired at 42.

In my career field, I had reached the 'High-Year-Tenure' date. I knew it was coming and we planned for it. My employer has a chart of how long you can be with the company depending on how high you have climbed up their ladder. Given my pay-grade; I had became too elderly, or had too much tenure.

I am now 52. I have been retired for 10 years.

We had accumulated a large portfolio during my career [knowing that I was going to be forced onto retirement at that date], so we consolidated our portfolio. Then cashed out most of it and bought a large acreage in a forest alongside a river. I have built a house; we have an orchard, a large garden and livestock all underneath the forest canopy.

The Recession took out our remaining portfolio, and forced us to file bankruptcy. Fortunately our 'farm' has no mortgage, and we were able to keep it coming out from the bankruptcy.

My Dw began working p/t when I retired; her income was close to equaling my pension. Then after 9 years with that company she was promoted and went to f/t; now her income is finally greater than my pension.

When I was working, we tried to be as frugal as possible. We only bought $500 - $1000 vehicles, a lot of our clothing came from goodwill, etc. We raised 2 children, and we fostered 3 children at a time; my Dw worked hard to keep our household budget low. For example even with 5 children at home, she kept our grocery budget at $200/month.
Now as a retiree, we have gotten into the process of buying new cars and trading them in at 3-years. In ways I can see where we live a much higher standard of living today, then we did when I was working.

My SS works a little different then most. I do not get SS now. When I become eligible for SS, I can apply for it; however my pension will be reduced by that exact amount. My total monthly income [pension + SS] will remain the same, as what I receive today [pension only].

I am not sure I understand, The company forced you to retire at age 42 or would have at age 52? What kind of a company is this, as technically, you should be the BEST at what you do at that age.
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Old 10-26-2011, 05:56 PM
 
Location: delaware
688 posts, read 864,170 times
Reputation: 2367
i retired at age 60 1/2 after working 38 years, not in the same job or for the same company. i had a small pension ( vested after 10 years ) with the state and my husband's state pension. i perhaps could have made it on those but it would have been tight. what made the difference was the widow's benefit i could receive from social security at age 60 , based on my husband's account. the job itself, the administration, and my immediate supervisor had all changed, not for the better, in the year prior to my retiring. those changes and receiving the social security survivor's check resulted in my decision to stop working. i paid my own health insurance, about $550 per month until i became 65 and began receiving medicare. when i reached 67 i began receiving social security on my own account, which is about $250 more a month than what i was elegible for as a widow.

i feel fortunate that i was able to stop working when i did, and, at least at this point, i'm able to manage well on my income. i've never regretted leaving at age 60 and have found many more interesting, creative ways to live than what i experienced in the work world.

catsy girl

Last edited by catsy girl; 10-26-2011 at 05:58 PM.. Reason: punctuation error
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Old 10-26-2011, 05:57 PM
 
Location: Central Florida
973 posts, read 1,489,255 times
Reputation: 1098
I could have retired this December, but opted to finish out the school year, so June 2012 is it for me! I will be 63 1/2 but will not take SS until I am 64. Hoping though, that another "adventure" that can bring in a bit of money will come my way besides substitute teaching~!
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Old 10-26-2011, 06:05 PM
 
Location: Forests of Maine
30,678 posts, read 49,430,310 times
Reputation: 19129
Quote:
Originally Posted by Sagitarrius48 View Post
I am not sure I understand, The company forced you to retire at age 42 or would have at age 52? What kind of a company is this, as technically, you should be the BEST at what you do at that age.
I retired at 42.

My employer forced me out, onto pension at when I was 42.

I am now 52. I have been retired for ten years. Technically I am subject to recall. If they ever decide they need me, they can recall me and I would be obligated to go.

I did 20+ years in the US Navy.

The majority of US Servicemembers are between 18 and 24 years old, by the time that you are 30 you are commonly the 'old man'.

In most cases, after 8 years of Active Duty a person has became a collection of disabilities; hoping that none of them become too serious.
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