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Old 04-05-2015, 04:50 PM
 
Location: Grove City, Ohio
10,138 posts, read 12,402,575 times
Reputation: 13987

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Quote:
Originally Posted by mathjak107 View Post
the funny thing is i can't say i ever heard of anyone who on their death bed said " i wish i spent more time at the office "
If it were just me I might retire yesterday but it isn't just me.

By working four extra years, one of which is nearly gone now, my ss benefit will go up by $800/month and given my total retirement income all my ss benefit will be free of any state or federal income taxes.

Nobody here knows how much longer we have to live. I could drop dead tomorrow and so could you. Or I could live another 25 years, or even live to be 104 like my grandmother and 105 like my great grandmother, but we just don't know.

Some math for you. Yeah, I know you like this.

How much is $800/month tax free indexed to inflation for the next say 25 years? I want a guaranteed flat out $800 after taxes indexed to inflation for as long as I or my wife lives. I can get that by simply working a little more than three more years now and I would like to have an idea how much that is worth.

Unless I am not crunching the numbers right the opportunity for this much more money is simply to good to pass up.

Mathjak, how much do you figure that is worth? And no, I don't care about leaving any money behind because my kids are doing great; I am only worried about my wife and I.
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Old 04-05-2015, 04:51 PM
 
Location: Sierra Nevada Land, CA
8,410 posts, read 9,160,010 times
Reputation: 13125
Quote:
Originally Posted by nicet4 View Post
I'm still working because I feel like it.

I've had to many friends that retired at 65 and a year later they're dead.

I am going to work until the day comes when I just don't want to anymore.
You must have a lot of unhealthy friends.
***********
My day of retirement has been moved up considerably due a changing climate at work.

Quote:
Originally Posted by nicet4 View Post
If it were just me I might retire yesterday but it isn't just me.

By working four extra years, one of which is nearly gone now, my ss benefit will go up by $800/month and given my total retirement income all my ss benefit will be free of any state or federal income taxes.

Nobody here knows how much longer we have to live. I could drop dead tomorrow and so could you. Or I could live another 25 years, or even live to be 104 like my grandmother and 105 like my great grandmother, but we just don't know.

Some math for you. Yeah, I know you like this.

How much is $800/month tax free indexed to inflation for the next say 25 years? I want a guaranteed flat out $800 after taxes indexed to inflation for as long as I or my wife lives. I can get that by simply working a little more than three more years now and I would like to have an idea how much that is worth.

Unless I am not crunching the numbers right the opportunity for this much more money is simply to good to pass up.

Mathjak, how much do you figure that is worth? And no, I don't care about leaving any money behind because my kids are doing great; I am only worried about my wife and I.
For you money seems to be the most important thing. For most that is not the case. Friends, family, fun, and having the time is what matters. No one has ever said on their deathbed, "I wish that my monthly retirement income had been $800 more."

I plan to retire @66 for mental health reasons. Not to mention my blood pressure. It ain't worth it. I could go to 67 and have $300 more a month. Not worth it. I can cut back or very work part time. It is stupid silly how easy one can earn $300 a month.

Last edited by Mr5150; 04-05-2015 at 05:01 PM..
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Old 04-05-2015, 05:06 PM
 
Location: Central CT, sometimes NH.
3,483 posts, read 5,152,777 times
Reputation: 3554
I'm 52 and plan to retire from education at 55. I am interested in many things and have a part-time business that I enjoy and I look forward to spending more time growing my client base once I retire.
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Old 04-05-2015, 05:13 PM
 
Location: Colorado Springs
4,857 posts, read 4,972,198 times
Reputation: 17353
[quote=nicet4;39101630]If it were just me I might retire yesterday but it isn't just me.

By working four extra years, one of which is nearly gone now, my ss benefit will go up by $800/month and given my total retirement income all my ss benefit will be free of any state or federal income taxes.

Nobody here knows how much longer we have to live. I could drop dead tomorrow and so could you. Or I could live another 25 years, or even live to be 104 like my grandmother and 105 like my great grandmother, but we just don't know.

[quote]

I'm also considering my SS benefit. For me, if I file and suspend until 70, that number will be $3416 per month and that also becomes the survivor's benefit. By waiting between 66 and 70, that monthly income amount increases by $!0,860 per year. To get that I'll forego 4 years of income ($120,528) but SS is an annuity. Furthermore, my wife's grandmother lived to 103. So to buy that extra income it's like buying an annuity that pays 10,860/120,528 or 9%

I think that's the cheapest annuity I can find.

And yes, I'm aware of the potential taxation yada yada.

However, if you are 95 years old and you've spent your savings, that extra $10K per year will be a real blessing. To me, it's like buying insurance against outliving your income.
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Old 04-05-2015, 05:15 PM
 
Location: New Mexico
6,615 posts, read 3,687,027 times
Reputation: 12430
I retired at 52 the first time but went back to work part-time for the next 7 years. I enjoyed the part-time job and the ample time off to do what I wanted. My wife was older so I needed to retire younger so we could spend time together. She passed when I was 59 so I'm glad we had those years without the stress of work and had the time to travel or do what we wanted.
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Old 04-05-2015, 05:40 PM
 
14,266 posts, read 24,021,014 times
Reputation: 20101
I retired at 53.

Ninety days later, I appeared at the doctor's office for my annual physical. Passed with great scores across the board. The doctor asked me what I changed. I told him that I retired.
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Old 04-05-2015, 05:59 PM
 
Location: SW Corner of CT
1,951 posts, read 1,542,518 times
Reputation: 2438
We were talking to the brother, and sister in law about enjoying life while you can....they are in early to mid 50's, we are just ahead of them age wise. They have taken the past two years to travel and are now heading for a week in Aruba, putting it all on credit. Although my Wife would love to do the same, we take a few weekends, and maybe a four day trip in our camper during the spring /summer and fall without any debt. My idea is to retire comfortably at 65 or 67 (FRA), and travel then.....they say "you be dead by then"....I reply "then what would I care".....the things that matter most, is if / when I pass, I leave my Wife living comfortably, not with debt.
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Old 04-05-2015, 06:34 PM
 
Location: Jamestown, NY
7,841 posts, read 7,341,108 times
Reputation: 13779
Quote:
Originally Posted by nicet4 View Post
If it were just me I might retire yesterday but it isn't just me.

By working four extra years, one of which is nearly gone now, my ss benefit will go up by $800/month and given my total retirement income all my ss benefit will be free of any state or federal income taxes.

Nobody here knows how much longer we have to live. I could drop dead tomorrow and so could you. Or I could live another 25 years, or even live to be 104 like my grandmother and 105 like my great grandmother, but we just don't know.

Some math for you. Yeah, I know you like this.

How much is $800/month tax free indexed to inflation for the next say 25 years? I want a guaranteed flat out $800 after taxes indexed to inflation for as long as I or my wife lives. I can get that by simply working a little more than three more years now and I would like to have an idea how much that is worth.

Unless I am not crunching the numbers right the opportunity for this much more money is simply to good to pass up.

Mathjak, how much do you figure that is worth? And no, I don't care about leaving any money behind because my kids are doing great; I am only worried about my wife and I.
I'm 65 and I'll retire in January when I turn 66 for exactly the same reason. When I did my math, between my additional SS benefits and the four extra years of pension credits, my retirement income would increase almost $1,000 a month. That's not including the 4 extra years of contributions to my 403b money, with the added bonus that my investments have been growing really, really well these past 3 years.
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Old 04-05-2015, 07:22 PM
 
Location: Utah
546 posts, read 325,851 times
Reputation: 674
I guess I could say I retired before 50 years old. My husband is a few years older than I am, got a good job offer that required relocation, and when he dangled "you shouldn't need to get a job there" in front of me, I grabbed it. He'll be retiring this year at 61.

Fairly young I suppose, even him, relatively speaking, but we both want to have a period of decent health and quality of life to have some fun for a while.
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Old 04-05-2015, 07:40 PM
 
Location: Duncan, Oklahoma
2,601 posts, read 1,232,616 times
Reputation: 2015
I first retired from teaching in 2007. I went back for two years as a half-day teacher when my former superintendent asked me to do the job. My husband (also a teacher) and I retired together in May 2009. With all the changes in education, we were both ready to get out of teaching.

We were both 56 years of age when we retired. We don't regret the decision at all. We are both very happy in retirement.
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