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Old 10-20-2018, 10:18 PM
 
Location: SW Florida
1,217 posts, read 1,215,865 times
Reputation: 2027

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I retired at nine years ago at 54.5 with a pension when my employer sold out and the new owners moved everything four states west. Started SS last year at 62.

DW is still working to maintain health insurance and she's going to retire at the end of the year and start collecting SS. I started drawing on an annuity this summer and when she has her next birthday, she'll start drawing hers. That will give us a five legged stool with our Roth's waiting for us for any future medical needs.

We managed to pay off the house before I retired by living frugally, a severance package and I worked 72hr weeks for the last two and a half years before I left so I was ready to go. (we knew it was coming) We've never been rich and worked and saved to get where we're at. Expenses will be around 30% of income once we have to start buying health insurance.. So far so good.
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Old 10-22-2018, 03:19 AM
 
Location: Central Florida
1,319 posts, read 1,073,755 times
Reputation: 6293
Quote:
Originally Posted by MichiganGreg View Post
'Working longer' is what a particular poster here often calls 'the silver bullet'- and for good reason.
And deciding to ^ may get a little sweeter for me as I have a very good chance to begin working entirely from home this coming February which for me living in snow country and not having to face ever again driving to work in the snow is like hitting the lottery. My SO other told me he will buy me a new pair of PJs to wear on my first day of starting my new position.
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Old 10-22-2018, 04:18 AM
 
1,582 posts, read 1,176,100 times
Reputation: 6716
And which position is that? Sitting, or lounging?
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Old 10-22-2018, 12:14 PM
 
Location: Georgia
782 posts, read 1,346,655 times
Reputation: 1330
Quote:
Originally Posted by engineman View Post
I retired at 63, that was 21 years ao.
I like to hear this. It gives me hope and inspiration about living a long time so I can enjoy it you.
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Old 10-22-2018, 07:00 PM
 
Location: California side of the Sierras
11,162 posts, read 7,591,600 times
Reputation: 12523
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?
I'm hoping to retire by 58 at the latest; don't know that I will file for SS at 62 though. (Not saying I won't, just haven't run those numbers yet).
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Old 10-22-2018, 07:07 PM
 
Location: California side of the Sierras
11,162 posts, read 7,591,600 times
Reputation: 12523
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 I’m starting if the plan performs well. Of course, that’s in today’s money. In 40 years, inflation will make those numbers 100k each, probably.
Wow, I'm rather impressed that you have even a rough retirement plan at your age! I'm sure you will figure out your optimal route as you go along.
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Old 10-22-2018, 09:42 PM
 
Location: SoCal
356 posts, read 221,777 times
Reputation: 869
Quote:
Originally Posted by Nightengale212 View Post
And deciding to ^ may get a little sweeter for me as I have a very good chance to begin working entirely from home this coming February which for me living in snow country and not having to face ever again driving to work in the snow is like hitting the lottery. My SO other told me he will buy me a new pair of PJs to wear on my first day of starting my new position.
Wonderful! I hope it all goes well.
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Old 10-25-2018, 10:28 AM
 
Location: Summerville, SC
293 posts, read 186,913 times
Reputation: 1440
Quote:
Originally Posted by Petunia 100 View Post
Wow, I'm rather impressed that you have even a rough retirement plan at your age! I'm sure you will figure out your optimal route as you go along.
I agree with Petunia. I wish more young people would look at the big picture, and plan accordingly, instead of having the "everything will fall into place" attitude.
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Old 10-28-2018, 09:44 AM
 
Location: Shreveport, LA
1,609 posts, read 1,588,187 times
Reputation: 995
Quote:
Originally Posted by Ghost Guy View Post
I agree with Petunia. I wish more young people would look at the big picture, and plan accordingly, instead of having the "everything will fall into place" attitude.
I finally found a job that I’m decent at and have been saving every penny since I was 16. I own a house and a car, now. It was hard, but I’ve pulled mostly everything together. I may retire some place like Quito where money goes farther, assuming Quito is still cheap by then. I am looking for that kind of climate, at any rate.
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Old 10-28-2018, 04:43 PM
 
Location: Ohio
24,624 posts, read 19,049,191 times
Reputation: 21733
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?
You've known for 44 years that you would retire.

You've also known for 44 years that early retirement is 62 years and your full retirement age is whatever it is.

And you've also known for 44 years that if you retire earlier than full retirement age, your benefit will be reduced proportionally.

Your Social Security Disability benefit is always exactly equal to your benefit at full retirement age.

Your benefit is based on a 35-year work history, whether you actually worked 35 years or not. For each year you did not work, you get a big fat zero.

If you return to work, even at a minimum wage job, those big fat zeroes will be replaced with wages and your benefit will increase.

If you have worked 35 years, it is still advantageous, because your wages now will probably kick out those years in the early part of your work history where your wages were low.

If you expect Social Security to reduce the retirement age, that's just not going to happen, because you don't have the money to pay for that.

In case you hadn't noticed, even the Euro-States with their generous retirement benefits are increasing the retirement age and slashing pension benefits.

The Euro-States have massive unfunded liabilities coming due between now and 2040, and not even one single country has the money to pay for those benefits that are supposed to be paid.

Britain is in the best situation, owing 75% of their GDP to future benefits. There's no way Britain can pay that, even if they raise taxes, they'll have to slash retirement benefits and make cuts in their healthcare system.

Italy is the worst at 300% of GDP. You should expect to see riots in Italy about 10 years from now, because after maxing out taxes and cutting retirement and healthcare, they still won't have enough money.

France just made major cuts to their retirement system.

Initially, the raised the retirement age to 70, but that would cause perennial unemployment of 10%-12%, so they knocked it back to 65 years. Instead of getting 50% of your wages as your pension, they slashed that to 37.5%, and then increased the number of years you have to work. In the US, you need to work only 10 years, but to maximize your benefits you need to work 35 years. Now, everyone in France born before 1975 has to work 41 years, and those born after have to work 42 years.

And that leaves them at 85% of GDP for the cost of their unfunded liabilities, so there'll be more tax increases and reduced benefits in healthcare and other areas, probably cutting the pension down to 32% to pay for it.


You should consider yourself lucky.
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