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Old 04-12-2014, 05:08 PM
 
Location: Jamestown, NY
7,841 posts, read 7,338,037 times
Reputation: 13779

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I would stick it out. I'm 64, and I will stay until I'm full retirement age. No part-time job that I might get around here is going to pay me per hour what I make now, and that's especially true of the benies which are priceless in many cases.

I fail to see the point of "retiring", and then going to work for less per hour even part time. When I retire, I'm done working at a job. Period. Maybe I'll work for me, but not for anybody else.
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Old 04-12-2014, 08:55 PM
 
258 posts, read 234,309 times
Reputation: 562
If you decide to quit early, I'd make sure you have that part time job first.
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Old 04-12-2014, 09:28 PM
 
48,516 posts, read 83,989,888 times
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Can you afford to retire now plain and simple. If not you might just be worse than bored if you quit.
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Old 04-12-2014, 10:43 PM
 
Location: Jamestown, NY
7,841 posts, read 7,338,037 times
Reputation: 13779
Quote:
Originally Posted by texdav View Post
Can you afford to retire now plain and simple. If not you might just be worse than bored if you quit.
Another important point.

When I did the math, I found that it would cost me between $10,000 and $12,000 a year in SS/pension benefits to retire at 62 rather than at 66. While the standard "penalty" for taking retirement at 62 would be 25%, since I had a number of years early on where I made very little and am now making much more, my SS at 62 would be only about 2/3 of what I'd get at 66. I would also increase my pension benefit by 8-10% by staying the extra 4 years. That's not including the extra $$$ I would be putting into my retirement account over those 4 years.
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Old 04-13-2014, 01:27 PM
 
Location: Los Angeles area
14,018 posts, read 17,754,097 times
Reputation: 32309
Quote:
Originally Posted by Linda_d View Post
Another important point.

When I did the math, I found that it would cost me between $10,000 and $12,000 a year in SS/pension benefits to retire at 62 rather than at 66. While the standard "penalty" for taking retirement at 62 would be 25%, since I had a number of years early on where I made very little and am now making much more, my SS at 62 would be only about 2/3 of what I'd get at 66. I would also increase my pension benefit by 8-10% by staying the extra 4 years. That's not including the extra $$$ I would be putting into my retirement account over those 4 years.
Excellent analysis, Linda. There is often so much more involved than the simple percentage penalty in taking Social Security benefits at a given age.
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Old 04-14-2014, 12:08 PM
 
Location: SoCal
6,075 posts, read 9,540,537 times
Reputation: 5827
If just searching the Internet is too boring, can you find something worthwhile to do? Like an on-line class in something you're interested in?
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