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Old 10-15-2018, 05:50 PM
 
Location: Sylmar, a part of Los Angeles
4,002 posts, read 2,552,498 times
Reputation: 8571

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I sat down and calculated if I could afford to retire and I started SS at 62, never regretted it one second.
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Old 10-15-2018, 06:31 PM
 
1,063 posts, read 465,553 times
Reputation: 2512
Quote:
Originally Posted by lifexponential View Post
Hi folks. I had been on disability but recently got a job. I'm 62 and change almost 63 and when I told Social Security about my new job, well now I'm not going to get the disability I had been getting for awhile and that's fine, I was geared for that. But once I stop getting those benefits, I can have the option of filing for retirement, but it's not going to be the full retirement age.
They sure ding you for that.
I for one feel it's not fair because why wait until you're so old you cant even enjoy the benefits you get!
So with that said, anyone here file for retirement early?

It's simple really. You either play by gov't rules or suffer the consequences! Complaining about their rules don't even make you feel good so why do it??
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Old 10-15-2018, 06:41 PM
 
Location: VT; previously MD & NJ
2,214 posts, read 1,356,544 times
Reputation: 6402
Quote:
Originally Posted by lifexponential View Post
Hi folks. I had been on disability but recently got a job. I'm 62 and change almost 63 and when I told Social Security about my new job, well now I'm not going to get the disability I had been getting for awhile and that's fine, I was geared for that. But once I stop getting those benefits, I can have the option of filing for retirement, but it's not going to be the full retirement age.
They sure ding you for that.
I for one feel it's not fair because why wait until you're so old you cant even enjoy the benefits you get!
So with that said, anyone here file for retirement early?
Quote:
Originally Posted by lifexponential View Post
after considering all of the options my plan is to just keep working and put off retiring since I don't want it to get cut so much.
Yes if you wait until full retirement age you will get more per month. If you work between now and then, you will be contributing for a few more years which may also increase the amount you get per month.

I retired at 62.5 because at that point the amount I got in social security plus the amount I had saved was enough for me to live on comfortably. But health insurance between the ages of 62 and 65 (medicare age) can be very expensive... so that's another number that enters into the calculation of when you can afford to retire.

Social Security payments are set up to encourage people to retire at later ages. Everyone has to decide if their health will hold out long enough to be able to wait until a later age before collecting.
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Old 10-15-2018, 06:43 PM
 
1,316 posts, read 1,738,173 times
Reputation: 1696
I retired at 61 and took SS early at 62. I have a pension though and between the two paychecks it is more than enough income for my expenses. I won't need to touch savings until much later so I will continue to save. It helps though that I have medical insurance through work and only have to pay for my husbands portion.
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Old 10-15-2018, 07:32 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,664 posts, read 40,039,994 times
Reputation: 23813
retired in my 40's (for the 3rd time)
no pension
not counting on SS
still eating
still traveling

nothing fancy

That's OK

Retire early, retire often (Practice make perfect)
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Old 10-15-2018, 07:41 PM
 
1,226 posts, read 526,128 times
Reputation: 2238
my dad passed away at 66 , one year after retiring. i hope to retire long before age 62
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Old 10-15-2018, 07:55 PM
 
6,845 posts, read 3,884,515 times
Reputation: 15630
My husband retired at 62. We moved to Hawaii, where he worked part time with health insurance paid. It was absolutely wonderful and we've never regretted it.
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Old 10-15-2018, 09:18 PM
Q44
 
Location: Hudson Valley, NY
895 posts, read 767,512 times
Reputation: 1761
I recently posted that my original plan was to retire at 62. However my company has offered a voluntary separation offer with severance and I have put in for it. I just turned 59 and will find out in early December if I've been accepted. So far the signs look good.

Originally I thought I would delay SS till 70, but with this offer I'm thinking my FRA of 66-10 is more realistic. My wife is 2 years younger than I am and wants to work for 3 more years so we're on her health plan. Her retirement health plan is excellent too.
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Old 10-15-2018, 10:03 PM
Status: "Second Year School Teacher" (set 7 days ago)
 
Location: Shreveport, LA
1,319 posts, read 992,012 times
Reputation: 656
I am 22, and yes, I will retire 40 years from now when I am 62. I will get 50k a year pension plus 50k a year from a 403b plan Iím starting if the plan performs well. Of course, thatís in todayís money. In 40 years, inflation will make those numbers 100k each, probably.
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Old 10-16-2018, 07:13 AM
 
365 posts, read 126,586 times
Reputation: 1440
Retiring early has afforded me to have a happier, better life. I had NO life whatsoever when I was working like a dog all of those years. No one has walked in your shoes, no one should tell you to wait if YOU feel it's time. I felt like I was in a prison just putting in time. I had no dependents, no bills, there was no reason to keep working. Yes, I had to pare down a little bit but not too much. I don't travel a lot nor do I have expensive hobbies, don't eat out, don't buy a lot of material things, don't have new $35,000 cars....it works for me.
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