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Old 02-13-2016, 03:51 PM
 
Location: Dallas
5,601 posts, read 4,933,024 times
Reputation: 16459

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Hopefully someone can give me some input on this:

If a person is not prepared financially to retire, and will probably need to work until they die because their SS payments will never be enough to fully support them, doesn't it make more sense to take early retirement and work part time?

My sister is in that boat, and she is determined to work until she is 70. Even at that age she won't have enough to live on, so why waste 8 years of her life working like a dog full time? I say claim SS early, get a part time job and enjoy life while you still have your health. She says it's better to wait.

Who is right?
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Old 02-13-2016, 03:52 PM
 
6,306 posts, read 5,049,308 times
Reputation: 12815
Maybe she likes working?
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Old 02-13-2016, 03:56 PM
 
1,075 posts, read 1,117,388 times
Reputation: 1416
Does she have a pension? Will it continue to grow if she waits? What about health insurance?
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Old 02-13-2016, 03:59 PM
 
Location: In a vehicle.
5,026 posts, read 3,211,192 times
Reputation: 8217
Here's my situation:


I would have to pay $400-$650 just for rent for an apartment. Then the utilities, then gas, insurance (Car&renters) then food then cable, then internet....

Instead, I live out of my van.

No rent
Showers/wifi/workout $37 a month (I'd do Planet Fitness but they are across town)
Gas $160 a month
food $75-125
Vehicle Insurance $34 a month ($206 every 6 months)
Mailbox $75 a year ($6 a month)
Some other expenses, but can crunch $450 easy.

Changing job to $1,450 a month....So if careful, save $800 a month?

Thing is, if I work till 62, I'll get $759 a month. I can easily survive at that rate as I have shown....
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Old 02-13-2016, 04:03 PM
 
Location: SoCal
13,216 posts, read 6,313,926 times
Reputation: 9827
It's her choice, I see nothing wrong with it. I think her decision is always right for her. Whatever makes her comfortable.
My brother keeps telling to work part time because I'm too young to retire. He worries I might get bored. So what if I get bored, it's not like I don't get bored at work.
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Old 02-13-2016, 04:07 PM
 
Location: Silicon Valley
18,088 posts, read 22,934,448 times
Reputation: 35212
Well, she has to do what makes her comfortable. But, to your question about what can someone do, they can get into subsidized housing that only requires 30% of your income for rent. Live frugally. It can be done.
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Old 02-13-2016, 04:20 PM
 
Location: Dallas
5,601 posts, read 4,933,024 times
Reputation: 16459
Quote:
Originally Posted by organic_donna View Post
Does she have a pension? Will it continue to grow if she waits? What about health insurance?
No pension...no savings. She does have health insurance through her job.
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Old 02-13-2016, 04:23 PM
 
Location: Dallas
5,601 posts, read 4,933,024 times
Reputation: 16459
Quote:
Originally Posted by Disgustedman View Post
Here's my situation:


I would have to pay $400-$650 just for rent for an apartment. Then the utilities, then gas, insurance (Car&renters) then food then cable, then internet....

Instead, I live out of my van.

No rent
Showers/wifi/workout $37 a month (I'd do Planet Fitness but they are across town)
Gas $160 a month
food $75-125
Vehicle Insurance $34 a month ($206 every 6 months)
Mailbox $75 a year ($6 a month)
Some other expenses, but can crunch $450 easy.

Changing job to $1,450 a month....So if careful, save $800 a month?

Thing is, if I work till 62, I'll get $759 a month. I can easily survive at that rate as I have shown....
I can see it is very do-able in your situation. I'm curious....with no facilities to store or cook food, how do you keep your food bill so low? I imagine you have to eat out? That can get expensive. And do you have a safe place to park your van at night?
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Old 02-13-2016, 05:09 PM
 
Location: Central NY
4,662 posts, read 3,239,300 times
Reputation: 11932
It seems a lot of us think we know what is best for someone else.

Meanwhile, the person they are trying to "fix" is happy or at least resigned to what is coming up for them.

If someone does not ask for our advice or guidance, why don't we mind our own business? Why do we think we know what is best for someone else. Those people just may have thought of something we have not even considered.

Just sayin'
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Old 02-13-2016, 05:26 PM
 
2,062 posts, read 1,304,152 times
Reputation: 10026
Surely she makes more with her full time income than she would with a part time one now.

If she's above full retirement age, she can get full SS payments while working (check the rules).
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