Retired on a shoe string before I can access my retirement accounts and Social Security

[creeksitter]

36K a year is a solid working class income in Knoxville. Lots of families exist on that and they have expenses related to raising children. I lived on about half that for years because I choose to work part time. Plenty on this board are looking at incomes like that for the rest of their lives.

I guess the phrase that got to me is "every day". I can see occasionally wishing you had the wherewithal for a world tour, but I wonder if the OPs are trapped in a materialistic mindset. I expect that would be difficult working in a department store, kind of like a dieter working in a bakery.

Just some random musings.

[selhars]

You may not want to reduce what you have coming , but you can't even get a reduced pension amount at 59?
Even if you could you'd have to do the math to see which is better financial taking a forever-reduced pension benefit, or pinching off your other accounts until you get to 62.

(At my job we ca start getting a reduced pension at 55 (with 10 years of service)

[selhars]

You aren't going to wait until FRA to take your SS?

If they're not thrilled with their new financially tight lifestyle, I wouldn't expect them to wait.

Plus, they were planning to retire at 62 anyway. Doesn't meant they were going to take SS then. But taking it at that time might have been part of the original plan all along.

[In my day]

Originally Posted by Perryinva

So please clarify for us; are you saying its easier than you thought and well worth the changes you made, or you wish you had saved more to use in this scenario, so this is a warning, or are you adking for advice on what to do...or what? We are indeed curious about it. I mean. I am 58 & too am waiting for 62 so I will have the free time and wherewithal to enjoy myself!

We are doing just fine just not a lot of money for the extras like great vacations or fancy meal out. We both work part time now but don't want to work full time so we are pulling a little bit out of savings each month. The good life will have to wait until we both turn sixty two (62) and we can access our pensions and Social Security.

Though we could not survive this if we stayed in NYC where our fixed expenses were $6000 a month. In TN they are only $3000 for us as a couple. FYI: We both turn 62 the same month.

[Perryinva]

Thank you. Well, thats what I thought; it's basically what you said in earlier posts. So basically just biding your time another 3 years and then continue on with the regular plan. Just when you mentioned about really enjoying retirement after 62, I though maybe I had assumed wrong. The odd part is how in your first post you mentioned pulling out all the stops for both of you to get another high paying job in NYC, then pulling a TOTAL 180, and working low stress/pay part time in a LCOL area. Don't misunderstand me, I totally get that initial panic and wanting to stick to the plan for the most success for the longest period you can. That's my mode now. DW practically daily reminds me we can sell it all and do just fine. Part of that is because she retired almost 7 years ago and is 63. At 58, with my highest paying 4 years to go, and a 65% increase in pension, and all the extra savings, company match and mortgage reduction, this next 4 years is 100% my doing based on my wants and needs and interpretation of how much we need to retire at the level I want to. Its one thing if you are forced to regroup and redesign; it's quite another if you do it intentionally with no other reason than because you don't want to work anymore.