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Old 02-04-2016, 12:23 PM
 
11,969 posts, read 5,102,113 times
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I'm planning at 62. I'm now 57 and can't wait. My job is rather physical and each year that goes by it's more and more difficult for me and I come home dead tired some days. That being said, I'll work part-time 10-20 hours a week a 62 and collect SS which will be a breeze compared to now so I can keep my health benefits until I'm 65 and have so much more free time to do things I want to do.
I'm really tired of working, not having much free time and being worn out. If I could retire tomorrow, I would without any problem at all.
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Old 02-04-2016, 12:44 PM
 
Location: Charleston, SC
1,362 posts, read 764,777 times
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I took a Pension Enhancement Package from Megacorp and got out early. My wife and I started our own business in an entirely different field. We recently moved to a lower COL state. I still get the pension check, and our plan was to settle in and start drawing from IRA's. We were going to wait til I was 70 to start collecting Social Security. But when Congress started monkeying around with the Hold Harmless Medicare premiums and COLA stuff......it would offset most of the gains I would make by waiting. I said "Give me my money now." I claimed at FRA.

I know there are mathematical ways to show there's an extra couple of grand for waiting til 70. But we ran a few scenarios, and the real payoff for us is the timing of my wife's Spousal Benefit. She was a stay at home Mom with very little work history for SS. When she claims Spousal correctly, it's a jackpot.

We realize that everyone's situation is unique, and there's no "right" way. We live near one of the most beautiful cities in America. If we want to go into town for a Concert or for Dinner at a 4-star restaurant, or just for a Carriage Ride thru the 18th century........we let Uncle Sam pick up the tab.

Last edited by FiveLoaves; 02-04-2016 at 01:09 PM.. Reason: spelling
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Old 02-04-2016, 03:39 PM
 
Location: Miraflores
781 posts, read 892,352 times
Reputation: 1528
Quote:
Originally Posted by biscman View Post
How does one Retire at 34? Did you mean 54???
Technically, it was 33 and 11 months when I pulled the plug. Besides a successful career on Wall Street, I had a minority interest in 1 successful business and a majority interest in another very successful company that I started in my early 20's. It was not planned, It just worked out that way. After I left a head hunter called one morning and offered me job, I told him my asking price " I won't get out of bed for less than a grand a day" and he never called back.
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Old 02-05-2016, 07:53 AM
 
Location: Jamestown, NY
7,841 posts, read 7,323,056 times
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Quote:
Originally Posted by jghorton View Post
Good input!

Two side issues on the same subject:
1). It seems that many 'retire' and then work part time for much less than they would have made by continuing to work (even part time) where they were. Isn't that really "Semi-retired?"

2). "Danger, danger Will Robinson!!" One is better to simply 'glance' at the possibility of early retirement, while keeping one's focus on the long haul. In my experience, 'focusing too much on the finish-line in the middle of the race, makes the race that much harder to finish!'
Good points!

I never saw the point of "retiring" and then working part-time. It just made no sense to me, so I decided to work until FRA, which I hit in January. My first SS check comes next week. When I leave work on April 1, stick a fork in me cuz I'm done.

I knew people who were dreaming of retirement when they were in their 30s FCOL. I don't mean people salting away extra in 401ks or IRAs, but people who were imagining themselves retired already. I didn't really start thinking seriously about what retirement would be like for me until a couple of years ago.
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Old 02-05-2016, 08:38 AM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
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I think I will take ILMC's advice and take we will take ours the year I am going to be 66 which will be 2023. My wife will be turning 65 that year. The amount of the difference between should not affect us overly too much. As it is we both will probably be retired and living off pension income. Yes we are sort of unique here and the life we will be going through up to that point will be living with a bit less but in the long run it will be fine since we will be taking some of our savings to make up the shortfall but not much at a time and adjust annually as the funds dictate. We wont be at RMD and we should have enough time to draw down so that RMD's wont wack us too hard.
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Old 02-05-2016, 06:28 PM
 
2,744 posts, read 987,380 times
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58 now planning on retiring at 62. The plan is to use pension and annuity to bridge gap to FRA without having to touch 401k.
Work is very stressful and mentally draining and have seen too many coworkers wait too long and die soon after retiring. So ready for 62
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Old 02-06-2016, 09:02 AM
 
Location: Loudon, TN
5,767 posts, read 4,822,990 times
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We retired young (51 and 56) because we both had pensions and we had some income from a rental property that would hold us over until we took SS, with a little bit of an annuity to bridge the gap. Certain pressures in our lives pushed us to retire at that time. We are now 57 and 61. We're both so glad that we retired when we did and moved soon after to a lower COL community with tons of things to do to keep us busy. We plan to travel often in the US and maybe once a year we can do a trip abroad. DH will be taking SS at 62 (this year!) and I will put mine off as long as practical, but probably no later than FRA. I have seen enough health issues in my family that I don't know if I will live to a ripe old age, so I want to enjoy retirement as early as possible and know that we're safe for the long haul, even if we need to downsize at some future point. We've made friends in our community with other early retirees, so we have playmates and we're loving life at this point.
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Old 02-06-2016, 09:13 AM
 
Location: SoCal
13,190 posts, read 6,301,958 times
Reputation: 9808
Quote:
Originally Posted by Linda_d View Post
Good points!

I never saw the point of "retiring" and then working part-time. It just made no sense to me, so I decided to work until FRA, which I hit in January. My first SS check comes next week. When I leave work on April 1, stick a fork in me cuz I'm done.

I knew people who were dreaming of retirement when they were in their 30s FCOL. I don't mean people salting away extra in 401ks or IRAs, but people who were imagining themselves retired already. I didn't really start thinking seriously about what retirement would be like for me until a couple of years ago.
It depends on the part time job. My sister is in this part time mode. She refuses to take job far away, only local, she just finished one month contract. And only work a few months a year. She has plenty of months off.
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Old 02-12-2016, 07:25 AM
 
Location: In The Pacific
986 posts, read 1,178,091 times
Reputation: 1233
I retired out of necessity due to my chronic lower back pain. I was an aircraft mechanic for the U.S. government in N. Calif. with a strenuous job. I couldn't stand the constant pain any longer so I decided retire at age 49 with 30 yrs of service when an early retirement program was offered to those eligible to do so during the Clinton Administration in the late 90s.
We soon thereafter we moved overseas to the Philippines, our roots.
18 yrs later we're still here and still enjoying our retirement lifestyle.
We are now both permanent residence here and plan to stay indefinite.
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Old 03-22-2016, 02:40 PM
 
21 posts, read 14,588 times
Reputation: 92
I retired at 61.5 years old. I live on widow's SS benefits and rental income. I will not take my own SS benefit until I turn 70.
I did give up a little SS by retiring early; if I had continued to work another 4.5 years I would have a larger benefit
at 70 than I will now. However, I live simply and inexpensively and it wasn't worth it to me to work the extra years to
get the extra SS benefit.

I'm very happy with my decision.
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