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Old 09-05-2017, 08:04 PM
Location: Colorado
79 posts, read 53,687 times
Reputation: 346


The original plan was to retire at 62ish. However, I weathered a long layoff (& a short one), and am now working at a lower salary than I used to have, so there has been less contributed to investments for the last few years. My stash is actually pretty close to what I had projected for 62, and I could live reasonably OK on my investments and SS (I'm 62 now) but after tweaking the plan over time, I've realized I need a bigger buffer than I once thought. Also, future increases in health insurance/care costs are concerning. So now I'm thinking 65, for Medicare and enough income for a substantial buffer. The current plan is an income of about twice my baseline living expenses, which are pretty low (my stash isn't very large). I'm OK with it.
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Old 09-05-2017, 08:25 PM
4,431 posts, read 2,606,853 times
Reputation: 10294
My OH will retire in April 2029 at age 70 and I will retire in September of 2030, at age 67 my FRA.

That's as close as we can retire together.

We'll hopefully make it.

Also by then our remaining father's should be gone and we'll be completely free to retire.

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Old 09-05-2017, 09:13 PM
289 posts, read 148,928 times
Reputation: 445
Originally Posted by ansible90 View Post
62 and 62. That is when the amount of social security plus my savings/investments were enough to live on comfortably.

I am single, was a single mother from the time my son was a baby, so I was able to save enough on my own to do it.

But you are young. If you currently consider working to be a daily grind, you might want to think about a different career. Make your working life enjoyable if you can. And of course, start saving and investing now so your money can grow.
Let me correct myself then, I absolutely love what I do. However retirement at this early stage of my career seems like a wonderful dream, likely one that will get murkier with age, but I digress.
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Old 09-05-2017, 09:46 PM
Location: Surf City, NC
364 posts, read 552,696 times
Reputation: 946
I retired a few weeks short of my 60th birthday, as soon as I was eligible for a pension. I could have had a larger one if I stayed longer, but I was ready to go. I sold my house that week and moved to my retirement home, a townhouse at the beach next door to my then 85 year old mother. My pension is comfortable and my mom wasn't getting any younger. We've had some great times together, for which I'm grateful.
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Old 09-05-2017, 09:59 PM
Location: Central Illinois -
21,525 posts, read 14,346,985 times
Reputation: 14671
Originally Posted by GuyInSD View Post
It was spelled out for me before I was even hired: 56 years and two months (but I do plan to work an additional two weeks to get another month's worth of credit counted towards the pension calculation.
That's interesting, but the MRA according to your chart does not specify you have to retire at the minimum age. I like the math though as I'll be able to retire at 56 years old and 2 months as well, and plan on doing so in 2023.
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Old 09-05-2017, 10:16 PM
9,182 posts, read 9,265,199 times
Reputation: 28754
I plan on retiring at around age 70 which is in twelve more years. I enjoy my work very much as an attorney. I have an office full of people that I enjoy being around. I practice law with one of my best friends. My job allows me plenty of time for traveling which is a great passion my wife and I share.

The irony is I could retire younger if I wanted too.

I am currently educating two children in college, so I have to work hard. Fortunately, this is coinciding with my peaking in terms of income and new clients. So far, I've done it with very little stress.

Young retirement is not a goal of mine.
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Old 09-05-2017, 10:25 PM
Location: Middle Tennessee
3,677 posts, read 2,223,468 times
Reputation: 5213
My plan was to retire at 65 for Medicare purposes. Wound up getting out four months earlier due to situation at work and had a short stint on COBRA. My wife worked at the same place and left at a few months short of 64 and had 16 months on COBRA before Medicare
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Old 09-05-2017, 10:50 PM
Location: Albuquerque, NM
1,427 posts, read 2,568,510 times
Reputation: 2535
60-62. That's 8-10 more years. I had targeted that age based on my spouse being 13 years older (already retired) and wanting some quality time with him while we're both still young-ish so we can travel, etc. I can go on (his) Tricare to cover the gap until Medicare starts, and the plan includes having the house paid off and in good repair, with newish vehicles in place, before I call it quits. We can make it on his pensions and his SS and draw down my retirement savings as needed, allowing us to put off taking my SS. Also, although I only came to public sector work at age 48, I'll draw a fairly decent pension when I reach age 67.

However, I just started a new job that I hope will be my last "career" job. It's in academia, so with combined holidays, annual leave and winter break, I'll have about 7 weeks off every year. That will give us plenty of time to travel, which means if I'm enjoying the work, there won't be such a push to shut it down at 60 or 62. We'll see how it goes.
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Old 09-05-2017, 10:59 PM
Location: Sierra County
271 posts, read 116,652 times
Reputation: 371
Mentally.... my planned retirement age is in 12-16 weeks. I am 48.

That's when our inheritance comes in

Otherwise I don't see us making a significant amount of money beyond that.

Retirement will be cushy but I will still be working p/t to keep the benefits/perks until age 65 or possibly

If not, we will still do well flipping real estate w/ utlizing renters (airb&b likely, to whatever extent)

Meaning our house should add at least 30K yr to our income.

We've had a home business for the last 28 years

Luckily they put a law thru that protects retirement accts regarding medical bills.
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Old 09-05-2017, 11:11 PM
Location: Henderson, NV
3,452 posts, read 2,253,177 times
Reputation: 36542
I targeted 65 because I could get Medicare then, my mortgages would be paid off and I would have sufficient investment and pension income to live comfortably. I loved my job but I was ready at 65 so gave several months notice, helped select and "jump start" my successor and exited the workforce on my birthday! I loved my job and am happy to look back on my accomplishments, but I'm enjoying retirement (almost 8 years!) to the fullest.
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