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Old 10-16-2018, 01:32 PM
 
Location: Ypsilanti, MI
2,445 posts, read 3,666,532 times
Reputation: 4819

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Currently 62-4, current plan is to retire at 63-6.


Wife's post retirement health care slides into its lowest premium range when she reaches age 60, at which point I will be 62-9. She will probably retire at 60-4.


I need to work until 63-4 for the employer's contributions in my current 401(k) plan to fully vest.


Another option is for me to work until 65-0 and she works until 62-4. That would have both of us retiring at the same time


Plans can change but the initial scenario is our current plan and has been for about a year.
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Old 10-16-2018, 01:35 PM
 
Location: SW Missouri
15,847 posts, read 30,369,034 times
Reputation: 22356
Quote:
Originally Posted by House4kids View Post
My plan is to retire at 62 and apply for SSN at 63. I am currently 54 and if I end up getting a promotion between 59 and 61 - then I will push retirement back by 3 years for my high 3 years of salary - so say I get a promotion at 61 I will work until 64.
I started collecting Social Security at 62. As for retiring, never. I love what I do too much to ever give it up until I simply, physically cannot do it anymore, and then I will get a job doing something else.
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Old 10-16-2018, 01:36 PM
 
Location: Ypsilanti, MI
2,445 posts, read 3,666,532 times
Reputation: 4819
Quote:
Originally Posted by Magic Qwan View Post
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.

Always good to have a plan, review it regularly, and modify it when situations dictate a change. When I was your age 40 years ago, all my co-workers would retire at age 55. Benefits were reduced a lot in those 40 years so here I am at age 62 and still working for a short while longer.
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Old 10-16-2018, 04:38 PM
 
Location: The Ozone Layer, apparently...
1,906 posts, read 675,811 times
Reputation: 3955
I didn't wanna wait that long.

I could in theory retire at the second quarter of next year but according to what my pension will pay - nope! Cant do it. I have a TDA too, but I will have to prove Im not employed to not be penalized for withdrawing from it before Im 59 1/2.

I just got a promotion and a raise (2 separate increases in pay) from my job that allows me to work overtime until I am ready to drop - dead. &

So, I guess I have three more years to do before I can afford to retire.

I still wont be waiting until Im 62 though.

There is a lot of stress in my life, and since we all know that stress kills, I want to retire ASAP. Life is short, and I don't want to waste it being miserable. I know people who discuss working until they are 70 even though they can get their SS earlier, but they wont get as much money as they will if they wait. God bless them for having faith that nothing will kill them before they turn 70.
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Old 10-16-2018, 04:54 PM
 
2,810 posts, read 1,002,852 times
Reputation: 3256
Quote:
Originally Posted by ComeCloser View Post
I didn't wanna wait that long.

I could in theory retire at the second quarter of next year but according to what my pension will pay - nope! Cant do it. I have a TDA too, but I will have to prove Im not employed to not be penalized for withdrawing from it before Im 59 1/2.

I just got a promotion and a raise (2 separate increases in pay) from my job that allows me to work overtime until I am ready to drop - dead. &

So, I guess I have three more years to do before I can afford to retire.

I still wont be waiting until Im 62 though.

There is a lot of stress in my life, and since we all know that stress kills, I want to retire ASAP. Life is short, and I don't want to waste it being miserable. I know people who discuss working until they are 70 even though they can get their SS earlier, but they wont get as much money as they will if they wait. God bless them for having faith that nothing will kill them before they turn 70.
Correct just in past few years I have seen three co- workers pass away all less than 70 and still working trying to max out their SS. That wonít be me, I have seen my health now at 60 not be what it was just a few years ago. So 62 is my reach. I will have a pension and if I take SS at 62 I wonít need to touch my savings for living. So the only question for me is SS at 62 or using savings to file at FRS.
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Old 10-16-2018, 05:14 PM
 
103 posts, read 194,053 times
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Retiring here at 62, husband at 63 - that will be May 2019. We both will be filing for SS. We are both teachers and can keep our health insurance until Medicare kicks in, and then use the supplement provided. 226 days but who is counting.
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Old 10-16-2018, 05:19 PM
 
Location: Forests of Maine
30,686 posts, read 49,462,974 times
Reputation: 19134
Quote:
Originally Posted by lifexponential View Post
... anyone here file for retirement early?
I served on Active Duty in the US Navy for 20 years. At the end of that career I qualified for their pension. I was 42.

Compared to people whose only pension is SS, I did retire 'early'.
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Old 10-16-2018, 05:27 PM
 
6,885 posts, read 7,286,872 times
Reputation: 9791
58 now.
-- Tentative plan is retire at 65 either in Dec or the Jan after I turn 65, which is two years shy of my Soc. Sec. FRA of 67 . Plant to work until Medicare age, and the age I can get my pension from a previous job. I'll have a small pension from my current job which I'll use to keep my current health insurance and use it as a supplemental to Medicare.
(I have to see which retirement month helps me with being paid out for vacation and sick time, etc.)

-- Will probably live off savings for a year or more to delay SS.
(mostly because I really, really just don't want the hassle of the figuring some people do to calculate the "how much can I make in the year I retire." I have absolutely no desire to use my brain power on that. If I wait a year to file it's not even an issue.]

-- I might still work part-time at 65....during the wait time to filing for Soc Sec. but I doubt it. IF I do it would be well under any of the numbers I've seen when people do the calculating I mention above.

I've known several early retirees who've taken Soc. Sec. at 62. They aren't regretting it.
And I know several people who filed for Soc Sec at their FRA of 66 -- are still working making 70, 80, 90K-and-up per year and their don't regret their choice either. You say Soc. Sec. to them and they smile like Cheshire cats. I could not persuade them to even THINK about delaying while they still worked.
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Old 10-16-2018, 06:04 PM
 
Location: Pueblo area
213 posts, read 121,976 times
Reputation: 483
Quote:
Originally Posted by charlygal View Post
A lot can happen in 40 years.
40 years ago, what kind of computer or cell phone did you have? ATMs, credit cards, store scanners. 500 channels on the sat TV. A million channels on YouTube. Yahoo! email, Google. Netflix. Amazon. Great for him for planning 40 years ahead, but who can predict what will happen before then?

Most impressive in the last 40 years are the drones. The $99 ones look like fun toys, including camera to take movies. USAF has drones that can nuke you. In pitch black. In the mountains of Afghanistan. See you in 40 years.

Last edited by CatPeople; 10-16-2018 at 06:53 PM..
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Old 10-16-2018, 06:24 PM
 
Location: Stephenville, Texas
954 posts, read 1,444,006 times
Reputation: 1884
Quote:
Originally Posted by DonaldJTrump View Post
my dad passed away at 66 , one year after retiring. i hope to retire long before age 62
Can we get that in writing, Mr. President?
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