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I plan to work as long as I feel like it and right now I feel like working. Maybe retire anywhere between 66 and 85 I guess.
I don't think there is any special set age for retirement it's just when you wake up some morning and decide you don't want to go to work anymore. Then what?
Given your rather unique qualifications for fire suppression equipment design, it seems to me you could dial back from full time to any level of effort you wanted to sustain, or needed to sustain - and could come back to full time if you wanted to, provided your health holds. And if you take care of yourself, your health *should* hold - I mean, no guarantees in life, severe illness can strike anybody - but if you eat right, exercise, etc. you stack the odds in your own favor.
Is your house paid for? At age 62 you can get a reverse mortgage and take about 55% of its appraised value out and invest it somewhere. Then you can both retire now and enjoy life together. So what if there's nothing there to leave your kids. Let them earn it themselves, just like you did. You've worked hard and deserve to take time to enjoy life now.
If you don't retire until 70 and your wife retires at 66, what's she going to do all day while you're slogging into a job?
Given your rather unique qualifications for fire suppression equipment design, it seems to me you could dial back from full time to any level of effort you wanted to sustain, or needed to sustain - and could come back to full time if you wanted to, provided your health holds. And if you take care of yourself, your health *should* hold - I mean, no guarantees in life, severe illness can strike anybody - but if you eat right, exercise, etc. you stack the odds in your own favor.
As long as I have my mind I would like to work 2 days a week for as long as I am able and lucky for me finding a company that would work with me wouldn't be a problem.
I like what I do, I'm paid pretty decent money to solve puzzles and with a high end laptop I could work from home most of the time if I wanted to. At smaller companies I've never had a "supervisor" telling me what to do which keeps the stress levels down. I think it is stress, far more than anything else, that makes people need to retire.
So if I am physically and mentally able to work to age 90 I will. I know a guy in Memphis that does what I do, he's in his mid 80's and he still works full time.
My biggest concern is my wife. Should I depart this earth before she does I want her to receive the largest benefit possible.
That's gentlemanly of you, but I think once you have established an "adequate and substantial" retirement income stream for her, I'm not sure you really have to keep adding to it.
I agree that stress is about the only bad thing about working. At least it is for me, and fortunately I don't have a lot of stress on the job.
Here I also have co-workers up into their 80s, several guys, all with bright minds, good health.
As Confucius said, "The used doorstep does not rot".
once Wife decides to take early benefits at age 62, her 25% reduction in RETIREMENT benefits is permanent. IOW, she cannot claim 50% of spouse's benefits at FRA (her "normal retirement age.")
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Are you sure ? I thought that her reduction is permanent if she still collects HER benefit at FRA. However, if at FRA she switches to HIS benefit then she will be able to collect 50% of his.
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This doesn't really answer your question, but is related to the wife's benefit. I am a widow and started getting my late husband's soc security benefit at 60. I was told by social security that I would still be able to get my full benefit, which will be greater, when I elect to start it. They said it wouldn't be reduced. I asked twice when I considering it. Maybe it be different if it were reversed.
I'd also encourage you to consider if there are things you and/or your wife want to do once you retire. You can't count on hav ing time later, despite longevity in the family My husband was a great example of good health habits but developed a blood cancer and died. He had many things he wanted to do. Fortunately, he'd taken early retirement at 54 and had a year before he got sick. On the other hand, by bro-in-law is 72 and has few interests other than working, so that's a good choice for him.
Last edited by equinox1; 01-18-2012 at 05:23 PM..
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