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If you feel that way, I'd say retire. Lately, the brainwashing from the media is working to convince people to stay working and not retire. My guess is that the govt. is encouraging this because of the their own financial problems. If you think you still need some income, find a part time job doing something more to your liking. IMHO, its not good for your health to have to deal with the stress you're under.
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My 403b is worth ~ 700 thousand. I am not married, no children, plan on going on COBRA for 18 months, until I am eligible for Medicare. I seldom eat out, plan on using the local library.....and want to sell my home and move north to a lower col area
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Sounds like you have plenty of money to live on. Take SS and supplement with your savings.
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.
disclaimer: I have not read the whole thread yet, but will do so later.
Popcorn247,
You are very fortunate to have your money in TIAA-CREF. Good organization. Well managed and quite reasonable fees. After forty years, you should have quite a sum set aside. The only thing is to decide exactly how to get your money.
I wish I knew your exact age. Just turned 63? Or, getting close to 64? Without knowing, the thing that I would recommend is that you try to stick it out at your employer until you are 65 and can go on medicare. Short of that and medical will be mostly on you. But, perhaps your employer will give you enough to cover your medical.
One little game I play that helps quite a bit is that I have so much vacation saved up that I take Friday's off. (We are on a 9/80 schedule anyway so get every other Friday off anyway.) Doing this gives me a permanent four day work week/three day weekend.
disclaimer: I have not read the whole thread yet, but will do so later.
Popcorn247,
You are very fortunate to have your money in TIAA-CREF. Good organization. Well managed and quite reasonable fees. After forty years, you should have quite a sum set aside. The only thing is to decide exactly how to get your money.
I wish I knew your exact age. Just turned 63? Or, getting close to 64? Without knowing, the thing that I would recommend is that you try to stick it out at your employer until you are 65 and can go on medicare. Short of that and medical will be mostly on you. But, perhaps your employer will give you enough to cover your medical.
One little game I play that helps quite a bit is that I have so much vacation saved up that I take Friday's off. (We are on a 9/80 schedule anyway so get every other Friday off anyway.) Doing this gives me a permanent four day work week/three day weekend.
I will be 63.5 in September and I can go on COBRA from my employer for 18 months. At this time it is $382.00 per month. Since 1978 I have been in charge of an event every Fall. I work all year for this, in addition to other duties. I haven't taken anytime off in the fall, since 78. I want to retire right after this event, this year and never have to plan and work towards this again.
I will be 63.5 in September and I can go on COBRA from my employer for 18 months. At this time it is $382.00 per month. Since 1978 I have been in charge of an event every Fall. I work all year for this, in addition to other duties. I haven't taken anytime off in the fall, since 78. I want to retire right after this event, this year and never have to plan and work towards this again.
I am previously on record in this thread as supporting your desire to retire at this time - well, in a few more months actually. So let me repeat that support. Age 63.5 is certainly not too early to retire, unless one is financially not ready, and that doesn't apply to you.
One of the big nuts to crack in retiring before Medicare age is health coverageand you've got that one covered!
Go for it after your big yearly event. You've earned it and then some.
No that is not correct. The benefit goes up 8% per year for each year past age 62 if you don't collect. (Or, which may be what you're thinking of, it is reduced about 6% per year if you think backward from age 66 to age 62.)
Edited to add: Here's a cut and paste from another thread where I used actual numbers to run the arithmetic:
The SS benefit at age 62 is 75% of the benefit at the full retirement age of 66. Therefore, one can look at the situation from both directions. For simplicity, let's assume a full retirement age benefit of $1000, in which case the age 62 benefit is $750.
1. We can figure the reduction from full retirement age (looking backwards, so to speak), which is 25%, divided by four years equals a bit over 6%. This is probably what Dave has in mind.
2. Or we can figure the increase from age 62 (looking forwards), i.e., from $750 to $1000. Adding that $250 increase to the $750 results in a 33% increase, being that $250 is one-third of $750. 33% divided by four years equals 8.25% per year.
I believe looking at things from the perspective of #2 above is more accurate because that is what the retiree is facing at age 62 as he or she decides whether to file for benefits or not. The benefit will increase 8.25 percent each year filing is delayed, up to age 66. And of course it will continued to increase until age 70 as well, but I have not looked at the percentage increase per year between 66 and 70.
You must have missed my post after yours in the other thread. It's not an 8.25% increase per year before 66.
Age 62 - 75% of FRA amount
Age 63 - 80% of FRA amount
Age 64 - 86.7% of FRA amount
Age 65 - 93.3% of FRA amount
Age 66 - 100%
Onward and upward from there ...
SS has it listed month to month, I've shortened it here.
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.
Yes, I am single so those considerations don't impact me.
rmds? fras? Not up on your abbreviations, would you please explain? And please explain the tax torpedo you refer to. Thanks!
Wait for what? Death? Creaky Joints? Bad Eyesight? No hearing?
If you have run the numbers and it works out so that your net worth is still increasing - or at least steady - when you reach 90, I say pull the trigger and go do what you want to do.
Maybe this is just me, but why would I care if my assets were steady or increasing at age 90? To leave a huge chunk of change to my kids?
I'm planning on spending it all rather than working until I'm too old to enjoy it. Nobody gave me a huge chunk of change and I never expected it. I figure I can live on what I will have saved by the time I retire, until I am about 80. Don't expect to live much beyond that. Mom died of Alzheimer's at 78 and I suspect I'm headed down the same path so I want to get my living in while I still have my wits about me. I guess if I run out of money before I die I'll live with one of my kids or they can put me in a home. Once I'm out of my mind like she was I really won't care what happens to me, will I? I'm Ok with that. I've forewarned them already!
I'm keeping a small Life Insurance policy going so they have enough to bury/cremate me. Anything over and above that, that is left from my savings, is gravy.
If your bored at same time as your stressed then retirement isn't going to stop the stress part. No one can truthfully tell you if you should or are able to retire. To some it will mean more boredom and stress if not prepared for it.
Since 1978 I have been in charge of an event every Fall. I work all year for this, in addition to other duties. I haven't taken anytime off in the fall, since 78. I want to retire right after this event, this year and never have to plan and work towards this again.
You have no idea how liberating that will be especially when the next fall event rolls around and you didn't have to prepare for it! I'm coming up on my one year anniversary of retiring from a job I held for 25 years. When I run into my former co-workers it's almost like they're from another country speaking a language I no longer understand. And that thrills me no end!
And you're in much better financial shape than I am.
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.
I did at 62. Working was getting more and more difficult for many reasons.
If you have enough in your 403b and other savings/investments, and little-to-no debt, just do it. Sometimes the so-called common wisdom doesn't apply to everybody or every situation.
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