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Old 09-06-2017, 08:16 AM
 
Location: Forests of Maine
30,714 posts, read 49,511,045 times
Reputation: 19152

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Quote:
Originally Posted by jayguy01 View Post
What is, or was, your planned retirement age?

I'm really hoping to call it a career at age 60. Although I have almost 30 years until this milestone, I hope to leave the grind behind me and still be physically fit to do everything I can with the time I'll have available. Like most things, it comes down to money, and I think I can make sure through proper planning to put myself in a great situation.

What is, or was, your planned retirement age and what happened to make it happen, or not happen?
At 18, I got into a career [US Navy] that offers a mandatory 20-year pension. So there was a possible career path that could have led to retiring at 38.

Six years into it, I was fed-up and hated it. So I got out and went to college. After four years of college the job market had tanked, and friends convinced me to go back into the military. After another fourteen years, I was forced onto pension when I was 42.

I have a collection of four minor 'disabilities'. I think that anyone who leads an active life will accumulate injuries as they age.

Knowing all along that this was the pension that my career offers, we invested with the focus of being able to retire at 42.

If I had climbed 'higher' up the ladder, then I could have stayed on Active Duty a bit longer and been put onto pension after 22 years, or longer. But I was too disenfranchised with the system, to be a good prospect for further advancement.

I have been retired for 16 years now. I am a few more years away from SS eligibility.
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Old 09-06-2017, 08:29 AM
 
Location: Chapel Hill, NC, formerly DC and Phila
8,569 posts, read 12,690,405 times
Reputation: 8335
I stopped working at my professional job right before age 40 (when my third child was born). I've had a few small side-income gigs since then. I am now 50 and don't expect to work full-time again, but wouldn't mind working a "hobby" job.

My husband is 51 and works full-time. Our goal is for him to retire at 59. It is when our last child will finish high school, and we can move (I don't like where we live, but my husband's job is good). My only concern is funding health insurance from then until Medicare kicks in. I hope to have $2M in retirement assets at that time, but who knows?
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Old 09-06-2017, 08:32 AM
 
Location: South Florida
195 posts, read 106,759 times
Reputation: 1158
My dad's side of the family all died in their 40's and 50's so I always planned on retiring in my early 50's just to have a couple of years before I kick the bucket. I wound up retiring at 50 because I was in the construction business and the market went to hell so there was no point in building any more houses. Well, here we are 9 years later and there is nothing wrong with my heart and I'm as healthy as a horse. My mom's family all live into their late 80's and 90's. I hadn't figured on taking after them but I guess that maybe I do.
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Old 09-06-2017, 08:37 AM
 
489 posts, read 328,857 times
Reputation: 1149
I'm planning on retiring at 64 (one year from now) or 64 and 4 months. I'll have a small pension plus retirement savings and will delay taking SS until at least FRA at 66. I'll probably use COBRA until I turn 65.

Originally planned to work until 66 but work in healthcare has become very challenging and stressful. And thankfully I received a small inheritance which allowed me to pay off my mortgage and increase the amount I save for retirement, making it possible to retire a bit early. Well, that and my frugality.
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Old 09-06-2017, 09:06 AM
 
2,482 posts, read 1,448,849 times
Reputation: 3383
55 years old...It happened..my job offered a 'buyout' to anyone 55 years or older with 25 yrs. or more of service.
Buyout included 2 extra years of work service time added to my full pension..kicked my pension up to about 260 bucks per month..full medical, eye care, prescription plan with 10 dollars co -pay, have to pay 43. bucks per month for full dental coverage plan..with a 2,000 dollar a year cap.
Altough I was apprehensive about retiring that early... I took that deal and ran...never looked back.
I feel very fortunate.
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Old 09-06-2017, 09:27 AM
 
825 posts, read 566,876 times
Reputation: 2603
I plan to retire on March 1, 2024. That's the first day I will be eligible to retire with a government pension. I will be 65 years old. I'll still be almost two years away from my Social Security FRA at that point.
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Old 09-06-2017, 10:39 AM
 
659 posts, read 326,172 times
Reputation: 1974
Had to early retire at almost 58, far earlier than I expected. Now in the second of 9 years that I have to fund retirement myself until SS FRA. I have COBRA until end of Dec 2018, then the fun begins with trying to affordable health insurance.
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Old 09-06-2017, 10:48 AM
 
Location: 500 miles from home
30,174 posts, read 16,665,894 times
Reputation: 22683
Quote:
Originally Posted by mr.magoo View Post
55 years old...It happened..my job offered a 'buyout' to anyone 55 years or older with 25 yrs. or more of service.
Buyout included 2 extra years of work service time added to my full pension..kicked my pension up to about 260 bucks per month..full medical, eye care, prescription plan with 10 dollars co -pay, have to pay 43. bucks per month for full dental coverage plan..with a 2,000 dollar a year cap.
Altough I was apprehensive about retiring that early... I took that deal and ran...never looked back.
I feel very fortunate.
I'm hoping for some kind of buy out!


Age 56 here and planned to work to 62 with no problem; enjoyed my work and my co-workers but with the umpteenth 'restructuring" and tripling my workload in the past 4 months - I AM SO READY to retire.


I ran the numbers and I would take such a hit if I retired today. My son is in his senior year of college and then wants Grad school (which he will pay for) . . . so I'm backing down from 62 to 60 with fingers crossed.


That would be four more years, God help me. I really just want to sleep in a bit, workout with my friends, volunteer at my favorite places, walk the dogs, visit with friends and family. Travel if I can.
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Old 09-06-2017, 10:55 AM
 
Location: Durham, NC
703 posts, read 3,050,791 times
Reputation: 1026
45, worst case 50. I am 37, only between 8-13 years left till I retire. Will time it with when my youngest will be 18.
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Old 09-06-2017, 12:37 PM
 
2,952 posts, read 1,644,753 times
Reputation: 5292
Tried it at 44, husband 54. Thank God we didn't sell our business.

Our registered Investment Adviser, thinks we should now at 60 and 70. we have more than enough money. That is not the point for us.

We are just getting started with new projects. Can't believe we get paid for doing what we do. Entetainment industry.
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