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Old 10-16-2018, 06:25 PM
Location: VT; previously MD & NJ
2,184 posts, read 1,340,059 times
Reputation: 6291


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.
Originally Posted by charlygal View Post
A lot can happen in 40 years.
Here we have a 22 year old who is PLANNING for the future. This is what all should do. Good job, Magic. You will do very well.

CharlyGal - a lot can happen in 40 years, but the person who planned (and re-evaluates along the way as needed) will still be way ahead.
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Old 10-16-2018, 06:49 PM
2,069 posts, read 703,003 times
Reputation: 5311
I retired at 61 due to toxic politics. I did NOT file for SS- had worked and saved all my adult life. ACA was an expensive PITA, starting at $450/month when I first retired to $900/month last year. Medicare kicked in on the first of this year, thank heaven.

DH died two years ago so I'm now collecting Survivor benefits but am planning to wait till age 70 to collect on my own record.
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Old 10-16-2018, 07:08 PM
Location: NYC
2,898 posts, read 1,582,286 times
Reputation: 7913
Although I had planned to retire at 65 in order to have sufficient funds in my IRA, at the end of my 62nd year work suddenly offered buyout packages & I decided to take one at the very last minute. I had a week to reconsider after informing mgmt of this, as did they, plus i had already pencilled the last week of the month off for vacation.

So after confirming acceptance I had only 2 weeks left at work before I retired, a real unplanned shock. My 63rd birthday was 3 weeks later. My current plan is to wait till about 68y4mo to collect SS ( 1 1/2 year from now) but I will reconsider at that time whether to wait till 70yo.
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Old 10-16-2018, 08:00 PM
Location: Clinton, MD
40 posts, read 16,766 times
Reputation: 177
62! 62! 62! I'll be 62 June 2019. July 27 2019 Is my retirement date. And yes I will be collecting SS in August! I don't care how you calculate what I may be earning collecting it early, but I'm done and I deserve it!
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Old 10-17-2018, 04:16 AM
1,137 posts, read 569,237 times
Reputation: 4370
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.
Originally Posted by Beach Sportsfan View Post
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 won’t 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 won’t need to touch my savings for living. So the only question for me is SS at 62 or using savings to file at FRS.
Those people were confusing retiring with filing for SS; they are not the same. I retired last year at a couple of months before FRA and waited a year to file. Since I was working past 62, between the extra 5 years of delay + great savings run-up, it was a great choice. Had a great year retired while delaying; as in everything, choices are personal.

Last edited by MichiganGreg; 10-17-2018 at 04:38 AM..
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Old 10-17-2018, 05:31 AM
Location: Virginia
8,113 posts, read 12,679,374 times
Reputation: 3770
My target is age 55 to retire from my current job. There really is no reason for me to go past that point.
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Old 10-17-2018, 11:32 AM
Location: equator
3,410 posts, read 1,524,633 times
Reputation: 8443
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?
On disability, you had Medicare. Now you don't. So what will you do for health care until 65? That's a consideration.

We both retired at 62 and took SS. But we retired overseas and have that health care (now 63).
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Old 10-17-2018, 11:52 AM
Location: Northern panhandle WV
3,007 posts, read 2,168,437 times
Reputation: 6691
Originally Posted by eliza61nyc View Post
I plan on retiring on my 60th birthday. lol I'm a ny's baby. so Jan 1 2020 will be my last day of work. I actually was thinking of going November of next year.

Now as far as "fairness" goes? it's neither fair or unfair. the rules have been in place for ever.

Hey you want to talk about unfair. my late husband died at 52, never collected a dime in ss but I can get his AND mine. it's one or the other, so basically all those years of him paying in go to uncle sam.

I'm not complaining. it is what it is.
You could however, assuming you are not re-married, collect your widow's benefit at 60 and let your own grow up until age 70 thereby accumulating delayed credits on your own benefit, so in that way you can figure you/your husband did get "something" out of all the years he paid in. You don't mention any children but they could have been collecting on his record too if the right age.
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Old 10-17-2018, 12:57 PM
13,873 posts, read 7,386,288 times
Reputation: 25351
Originally Posted by MichiganGreg View Post
Those people were confusing retiring with filing for SS; they are not the same.

Yep. I have the spare $200K to be able to defer collecting from 62 to 70. It's an extra COLA-protected $20K per year for the rest of my life to defer to age 70. Why wouldn't I take that deal?

I have no clue when I'm going to retire. I'll retire when somebody doesn't want to pay me my usual high tech wages to telecommute doing what I do for a living. That might be in a few months. I might work the whole decade of my 60s. I've accumulated enough wealth that I'm OK if I stop working now at age 60. I have much better cash flow if I work more years.
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Old 10-17-2018, 12:57 PM
Location: Central Ohio
612 posts, read 249,301 times
Reputation: 1118
Been there, done that.
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