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Old 09-11-2014, 08:46 AM
 
Location: in the miseries
3,302 posts, read 3,582,652 times
Reputation: 3810

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It all depends on how much you make over the ss benefit amount.
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Old 09-11-2014, 09:35 AM
 
Location: Texas
29 posts, read 34,466 times
Reputation: 44
I'm 59 1/2, HBP, and recently diagnosed with diabetes. Besides that, pretty good health (as far as I know). My job is steady and if it doesn't change, not very demanding. I am making more now than ever, but I have debt to clear up. House is half paid for, owe about 90k.
Wife likes her job, for the airlines, and possibly could transfer, she is 58. Here is the rub....we are native New Yorkers living in Texas. We know we will not retire back to the north east, too cold and too expensive. But we both feel, we can't get out of Texas fast enough!!
Took an early retirement from my trade union. Have a defined pension from my current job when I leave. I can take an early retirement in a few months, and wish I could, but the numbers are not good. I plan to take SS at 62. If SS + early pension I already get + pension from this job gets me close to my goal number, I'm gone.
If I lived where I was happy, I'd wait till 66 and 2 months and pack it in. It is tough when you are not where you want to be.
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Old 09-11-2014, 03:28 PM
 
Location: Hiding from Antifa?
6,422 posts, read 4,184,634 times
Reputation: 5716
Quote:
Originally Posted by luvmyhoss View Post
It all depends on how much you make over the ss benefit amount.
Assume I will be earning over 2x the SS benefit at 64. My penalty would be 50% of the SS Benefit, but I would get that back later? Problem is, I think I would be stuck at the lower rate than fra once the penalty is made up.

I have been thinking I would work until fra, start SS coming in and keep working to get debts paid down at least until we can sell the house and finally downsize. As long as I stay healthy I think we can hold on until then. We were on a plan to downsize around 2009. Then the bottom dropped out of our house value.
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Old 09-11-2014, 03:41 PM
 
8,860 posts, read 5,143,460 times
Reputation: 10144
I will retire the minute it is affordable for me to do so. There is too much stuff I want to do to work one minute longer than necessary.
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Old 09-11-2014, 05:05 PM
 
Location: Los Angeles area
14,018 posts, read 17,751,136 times
Reputation: 32309
Quote:
Originally Posted by Petunia 100 View Post
I will retire the minute it is affordable for me to do so. There is too much stuff I want to do to work one minute longer than necessary.
No one can argue with the above, because that is the priority which you have placed on retirement versus continuing to work - that is your value system, and a very reasonable and understandable one.

Different people will have different takes on what "affordable" means in this context, of course. I am just curious what it means for you, if you would care to answer. Does it mean continuation of approximately the standard of living which you are accustomed to? Or does it mean a more bare-bones lifestyle? Or does it depend heavily on being able to afford the "stuff" you want to do, such as travel perhaps?
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Old 09-11-2014, 05:45 PM
 
8,860 posts, read 5,143,460 times
Reputation: 10144
Quote:
Originally Posted by Escort Rider View Post
No one can argue with the above, because that is the priority which you have placed on retirement versus continuing to work - that is your value system, and a very reasonable and understandable one.

Different people will have different takes on what "affordable" means in this context, of course. I am just curious what it means for you, if you would care to answer. Does it mean continuation of approximately the standard of living which you are accustomed to? Or does it mean a more bare-bones lifestyle? Or does it depend heavily on being able to afford the "stuff" you want to do, such as travel perhaps?
I am willing to reduce my lifestyle somewhat. I intend to downsize my house (just bought it to finish raising my kiddos). I'm thinking I may buy my final home with a reverse mortgage, to preserve as much of my capital as I can. I just want a little place with a garage, modest but nice.

I don't really have a lot of expensive habits. I'm not a shopper and don't buy a lot of expensive clothes. I love to travel, which certainly can be expensive, but am not above searching for discounted cruises and airfare. I enjoy dining out, but am just as happy with a simple meal made at home. I love to see plays and concerts, but enjoy them just as well at the Sunday matinee. Also, community theatre can scratch that itch nearly as well as a professional show. I love to read but most of my books are borrowed from the public library. I love to walk and am just now getting back into bike riding, which are both very inexpensive pasttimes. I think I may buy a small travel trailer and explore some of our national and state parks more fully. If I choose a used one carefully, I should be able to use it for several years and then sell for close to what I paid.

I'm not there yet. I expect I will be able to afford to retire at age 62. I doubt before then, though that would be really, really nice. Just what I have now, growing for 15 more years, plus 12k of SS benefits ought to do it. I hope to ramp up my savings rate substantially once my youngest chick is out of the nest, and I sell the nest. Still quite a few variables, will just have to see how it comes together.
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Old 09-12-2014, 08:02 AM
 
29,784 posts, read 34,885,423 times
Reputation: 11710
Quote:
Originally Posted by GM fitter View Post
I'm 59 1/2, HBP, and recently diagnosed with diabetes. Besides that, pretty good health (as far as I know). My job is steady and if it doesn't change, not very demanding. I am making more now than ever, but I have debt to clear up. House is half paid for, owe about 90k.
Wife likes her job, for the airlines, and possibly could transfer, she is 58. Here is the rub....we are native New Yorkers living in Texas. We know we will not retire back to the north east, too cold and too expensive. But we both feel, we can't get out of Texas fast enough!!
Took an early retirement from my trade union. Have a defined pension from my current job when I leave. I can take an early retirement in a few months, and wish I could, but the numbers are not good. I plan to take SS at 62. If SS + early pension I already get + pension from this job gets me close to my goal number, I'm gone.
If I lived where I was happy, I'd wait till 66 and 2 months and pack it in. It is tough when you are not where you want to be.
Because you have shared in another thread I will give it to you straight and direct as I see it. Suck it up now and prosper later. You are a few years from having the keys to the retirement happy land coffers. Build your pension and savings up and reduce your debt and when you make your move it will be forever and the more you build the foundation the better off you will be. As you said elsewhere you can move where ever you can afford. Take some time and just up your options and life quality for after you move. It isn't the age you retire that will seal the deal you want but the resources you are retiring with.
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Old 09-12-2014, 08:06 AM
 
71,706 posts, read 71,829,507 times
Reputation: 49273
i too was diagnosed with diabetes 6 months ago. i am back to prediabetic levels with no meds. but that still plays no part in when i take ss since i have a spouse to consider.

it did play a part in my recently going part time and a decision to retire within the next 11 months.
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Old 09-12-2014, 08:13 AM
 
29,784 posts, read 34,885,423 times
Reputation: 11710
Quote:
Originally Posted by mathjak107 View Post
i too was diagnosed with diabetes 6 months ago. i am back to prediabetic levels with no meds. but that still plays no part in when i take ss since i have a spouse to consider.

it did play a part in my recently going part time and a decision to retire within the next 11 months.
I was thinking about you and others when I posted my previous post. You have the assets to be able to travel, enjoy and eat good food out which for a diabetic is important. Can as you know be more expensive. That is part of why I suggested waiting until you can really afford to be able to travel, sight see and still be able to eat out healthy etc etc.
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Old 09-12-2014, 08:18 AM
 
Location: Out in the Badlands
10,425 posts, read 8,789,544 times
Reputation: 7734
Not everyone makes it to 70.
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