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I retired at 52. I had 26 years on the job and need 27 to get full retirement. I was working for the state and the retirement system was changing at the first of the next year. If I hadn't retired when I did, I would have had to work another 10 years to get back to what I could draw on a retirement check now. So I said bye! lol
Retire at 62 after 25 years in my "last" career. It was two years before I'd planned but it just wasn't fun anymore so I call it quits. Both my wife and I have defined benefit pensions from our former state which, while not munificent, are adequate and Social Security decidedly helps. We're "comfortable" and to us, that's more than adequate.
Could we live on SS alone? Probably, but barely. We'd have to give up our house and that would be a decided no-no.
We retired 3 years ago (I was 57 and my husband was 62). Our social security is minimal and we never counted on it being a main source of income - my husband has a decent pension and lifetime benefits - we are blessed and very grateful.
We retired 3 years ago (I was 57 and my husband was 62). Our social security is minimal and we never counted on it being a main source of income - my husband has a decent pension and lifetime benefits - we are blessed and very grateful.
...to the lifetime benefits. We have them too and they make "all" the difference. There was some fiscal "sacrifice" in the process of earning them but in the end, well worth the price of admission!
Not quite retired, going next summer at 61. When social security kicks in it will help, but we're definitely not going to rely on it as our sole income. Its getting harder and harder for me to go to work every day even though I have a very good job. I had working papers at 14, I just don't have anything left to give to work anymore.
what age did you retire at and what made you retire at thaat age. cam you live on soccial security
1. My wife and I both retired at 55.
2. I retired at 55 because that's when I planned to retire - it was a BIG reason I went to work for Uncle Sam in the first place. And my wife - who also ended up working for Uncle Sam - retired the month she turned 55 and had the necessary years of service (30).
3. Neither of us get - or will ever get - Social Security. We have federal pensions.
In my career field, I had reached the 'High-Year-Tenure' date. I knew it was coming and we planned for it. My employer has a chart of how long you can be with the company depending on how high you have climbed up their ladder. Given my pay-grade; I had became too elderly, or had too much tenure.
I am now 52. I have been retired for 10 years.
We had accumulated a large portfolio during my career [knowing that I was going to be forced onto retirement at that date], so we consolidated our portfolio. Then cashed out most of it and bought a large acreage in a forest alongside a river. I have built a house; we have an orchard, a large garden and livestock all underneath the forest canopy.
The Recession took out our remaining portfolio, and forced us to file bankruptcy. Fortunately our 'farm' has no mortgage, and we were able to keep it coming out from the bankruptcy.
My Dw began working p/t when I retired; her income was close to equaling my pension. Then after 9 years with that company she was promoted and went to f/t; now her income is finally greater than my pension.
When I was working, we tried to be as frugal as possible. We only bought $500 - $1000 vehicles, a lot of our clothing came from goodwill, etc. We raised 2 children, and we fostered 3 children at a time; my Dw worked hard to keep our household budget low. For example even with 5 children at home, she kept our grocery budget at $200/month.
Now as a retiree, we have gotten into the process of buying new cars and trading them in at 3-years. In ways I can see where we live a much higher standard of living today, then we did when I was working.
My SS works a little different then most. I do not get SS now. When I become eligible for SS, I can apply for it; however my pension will be reduced by that exact amount. My total monthly income [pension + SS] will remain the same, as what I receive today [pension only].
what age did you retire at and what made you retire at thaat age. cam you live on soccial security
My wife was 62 and had 18 years with a state government. The offered their upper management level an early retirement deal. They added 5 years to her thus on paper making her 65 with 20 years of service. They then hired her back on two 6 month contracts for 3 days a week at her full salary. That year she collected her retirement plus salary. That was a sweet year. The state had a "deal" with the federal government on SS (to long to explain) but my wife also started collecting SS at 62 but the SS amount is reduced via the "deal".
At the time I was 60 as she is two years older then me. It took me 2 years to sell my business. I started collecting SS at 62 and we moved south.
Under her state retirement she kept her health insurance which I was a dependent under. When each reached 65 they went om Medicare with the state insurance then becaming our supplemental.
Knowing I would not have a retirment, over the years we purchased IRA's and made some other investments. As of now we do need any additional income from IRA' nor investments, but with minimum distribution we will have to start to take some which we plan on spending on vacations.
My wife contributes about 70% of our income. She could easily get by with out my income. Without her income I would have to tap into IRA's and investments ASAP, but I will deal with that when needed.
I retired the day I graduated from college at 25 (ya, I took the seven year route). Ever since then I have been occupied in my "retirement job" and it's been a breeze..
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...to the lifetime benefits. We have them too and they make "all" the difference. There was some fiscal "sacrifice" in the process of earning them but in the end, well worth the price of admission!
