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Old 05-31-2014, 10:08 AM
 
5,397 posts, read 6,536,800 times
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Do you have good reliable car? Do you need updates or expensive repairs on your house? Do you have a financial project you need to achieve before you retire? Do you want to get those things done and paid for before you retire?

Do you have hobbies or activities you can do to keep you busy?

and you know your finances.

If you are good with all the above, pick your moment and go. Just be prepared after working for 40+ years at full steam it will be hard to dial back your daily pace of life.

So plan your post retirement activities as well as your financial retirement.
Good luck
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Old 05-31-2014, 10:32 AM
 
Location: Great State of Texas
86,093 posts, read 72,515,954 times
Reputation: 27566
Quote:
Originally Posted by popcorn247 View Post
Thanks. Perhaps I was a bit dramatic, but I hear so much about waiting until full SS age, etc. I have no credit card debt and have an extremely good (high) credit rating (800+). I just need to make some financial decisions and go with it. My career has been very rewarding, just the thought of retiring is making me waver between extreme happiness and slight panic. My father had to work his entire life (75). I guess that I am really blessed to be in this situation but I feel the need to be so careful with investments, etc.
Everyone is different. If the numbers work out then no reason putting it off.
Just because everyone says so doesn't make it true for all.

Some people need to wait because they need that money.
Now "everyone" says to wait until 70.

You know if you can afford to retire today or not.
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Old 05-31-2014, 12:55 PM
 
Location: SoCal desert
8,093 posts, read 13,234,579 times
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Quote:
Originally Posted by popcorn247 View Post
I've worked 41 years for the same non-profit. I've been putting money into a 403b for 40 years (TIAA-CREF). I am 63 years old. I just can't continue working at this place! My emotional and physical well-being is suffering....boredom, stress, lack of appreciation, etc. and a very long commute (since 1978) has just about made me nuts!

I want to retire in a few months....and take early Social Security.....so many people say to wait, but I just can't.
So you'll have your 403B check and your SS check and be spending much less money on gas for your vehicle.

Congrats, Popcorn
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Old 05-31-2014, 01:11 PM
 
4,649 posts, read 6,483,631 times
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First of all look at you retirement plan and see how much market risk you have. As for soc sec taking it early can also mean you get it longer. My mindset is retire as soon as financially feasible but life at older ages can be real short be it by death or health.

You worked 40 years so you have to have time to enjoy the fruits of your labor or someone else will.
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Old 05-31-2014, 01:14 PM
 
Location: in the miseries
3,302 posts, read 3,580,382 times
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Quote:
Originally Posted by popcorn247 View Post
Thanks. Perhaps I was a bit dramatic, but I hear so much about waiting until full SS age, etc. I have no credit card debt and have an extremely good (high) credit rating (800+). I just need to make some financial decisions and go with it. My career has been very rewarding, just the thought of retiring is making me waver between extreme happiness and slight panic. My father had to work his entire life (75). I guess that I am really blessed to be in this situation but I feel the need to be so careful with investments, etc.
You will get over it. Spending your money wii be fun.
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Old 05-31-2014, 04:30 PM
 
Location: Edina, MN, USA
6,954 posts, read 7,393,688 times
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Default Poppy

You'd be crazy not to, IMO.

It will be a huge change so be prepared to go through all kinds of inner drama. I felt like a slug - like I was playing hookey. So I cleaned this entire house, every nook & cranny to make up for it. I got over it.

Enjoy the new chapter of your life.
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Old 05-31-2014, 04:42 PM
 
466 posts, read 290,771 times
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Many financial advisors will recommend that you start taking your SS sooner rather than later. The lower amount also means you have the income coming in for a longer period of time, so it eventually evens out. You might want to talk to a financial planner to ease your mind and help you develop a workable plan.
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Old 05-31-2014, 05:01 PM
 
466 posts, read 290,771 times
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Just FYI - using the max I can get at 62 vs. 66, it would take 15 years before the higher 66 amount equaled the sooner (and lower) 62 amount. That means I would be ahead of the game cumulative cash-wise until I was 77 years old if I started taking the lower amount at 62 instead of waiting for the higher amount at 66. If I live past 77 then it would start tilting in the other direction. I doubt that I will live much longer than that due to lifestyle and family history, and frankly I'd prefer to have the money to use during the years I am still relatively healthy rather than have a bunch of cash coming in when I am older and probably not so active. A bird in the hand, and all that. YMMV.

All the above is calculated on the assumptions that benefits are not cut in the meantime, and COL increases stay within historic norms. Who knows what will really happen.
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Old 05-31-2014, 05:04 PM
 
Location: Las Vegas (Winchester)
412 posts, read 307,647 times
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I can commiserate. I feel your consternation!

I'm about to give notice at work that my last day is 6/20. I'm sure my boss will tell me I'm crazy and be downright angry since I've worked there less than two years. I'm turning 58 on 9/23 and have just hit $1.5M in savings (1M in regular brokerage account with maybe $250K subject to cap gains tax as I realize profits) and the rest in a regular IRA and 401K - fluctuates with the stock market since I'm an active investor). A lot of my relatives worked themselves to death and never got to enjoy retirement. I'm not in great health and have vowed not to do the same thing.

From the new SS web site, if I stop paying in at age 58, I can draw $2465/month from SS at age 66. Nice surprise since I was expecting only about $1500/month. I'm only $230 from the monthly max. SS and Medicare is my safety net in case things go terribly wrong over the next eight years.

How much $$$ do you have saved? I'm wondering because it's really difficult to understand a person's ability to fund retirement without real numbers.

I've read numerous times that the biggest mistake retirees make is spending too much $$$ in the first few years of retirement. I'm targeting a budget to not exceed $2500/month for the first three years, then I will reassess my financial situation. You need a budget. I've budgeted:

$700 for rent (studio apartment - Palm Springs)
$1000 for medical (insurance, dentist, misc.)
$250 for food, clothing, personal hygiene
$150 for utilities (moving to Palm Springs which can have high A/C bills)
$65 for internet, Netflix, Rhapsody music
$15 for phone (TMobile as needed minutes which I almost never use and BasicRalk ($10/month) for internet based phone service)
$100 for car (PAYD insurance, gas, upkeep - 2007 Yaris, paid for with 17K miles)
$40 for gym membership
$20 for $1M umbrella policy
$160 for entertainment

No vacations/travel planned for first three years. I don't buy Christmas gifts and rarely eat out. Most of my $160 will be spent on investment and portfolio management books (probably going to buy a Kindle reader maybe subscribe to Economist online).
Only splurges planned will be to buy a cheap electronic keyboard and maybe a used bike.

Last edited by mitchmiller9; 05-31-2014 at 05:26 PM..
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Old 05-31-2014, 05:10 PM
 
71,626 posts, read 71,751,865 times
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Quote:
Originally Posted by Kgryfon View Post
Just FYI - using the max I can get at 62 vs. 66, it would take 15 years before the higher 66 amount equaled the sooner (and lower) 62 amount. That means I would be ahead of the game cumulative cash-wise until I was 77 years old if I started taking the lower amount at 62 instead of waiting for the higher amount at 66. If I live past 77 then it would start tilting in the other direction. I doubt that I will live much longer than that due to lifestyle and family history, and frankly I'd prefer to have the money to use during the years I am still relatively healthy rather than have a bunch of cash coming in when I am older and probably not so active. A bird in the hand, and all that. YMMV.

All the above is calculated on the assumptions that benefits are not cut in the meantime, and COL increases stay within historic norms. Who knows what will really happen.
if one is married there is a whole lot more to think about then if one is single when it comes to ss. throw in the fact retirees as group grow more conservative the chances of beating the return on delayed ss get smaller and riskier.

but there are soooooo many other aspects that have to be looked at when deciding if you have that choice available to you . sometimes delaying ss until 70 and the rmd's that start at that time can be a real tax torpedo.

on the other hand the spousal options that are available at fra can put another 100k into your pocket if you plan correctly.

i am going part time july 1.

congratulations their mitch.
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