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Old 10-29-2018, 01:27 PM
Location: Michigan
17 posts, read 5,415 times
Reputation: 57


I plan to retire just weeks after my 58th birthday. Live on my small pension and investments until 62 when I can collect SS. I have worked since I was 14, and I am beyond excited!! I have 3 years left, and they can't pass soon enough.

I am currently maxing out my HSA and 401K to assist with medical expenses/insurance during the gap 58-65. That will be painful, but not painful enough to warrant working those 7 additional years.
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Old 10-30-2018, 07:59 AM
Location: Western Asia
3,187 posts, read 1,445,827 times
Reputation: 2524
Yes, I do plan to retire at age 62 (in the next year) and probably start SS the following calendar year to avoid high taxes during the year I was still working.
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Old 10-30-2018, 12:19 PM
Location: Tucson AZ & Leipzig, Germany
2,381 posts, read 7,767,037 times
Reputation: 3585
I retired about 1 year ago, shortly before age 63. I had worked a total of almost 40 years with no gaps in employment for two large telecommunications companies (about 20 years at each place).

I took a pension buyout at age 45 from employer #1, and rolled it into an IRA. My 401K from employer #1 was also rolled to an IRA and has done well since then and has not been touched. Employer #2 will give me a nice lifetime pension starting in about a year, when I turn age 65. I also have a 401K from employer #2 that I rolled into an IRA, and that has not been touched yet either. I have been living off of bond income dividends from my after tax investment account since retirement, and will continue this for the next few years.

I qualified to sign up for a retiree medical plan from employer #2 which costs me about $180 per month for myself. That will be my primary health care plan until medicare at age 65, then my employer plan becomes the secondary plan at a cost of $40 per month.

I am not going to take SS until after I reach FRA, assuming no major health changes and no other major life changes. I don't need SS for living expenses, so might as well let the monthly amount keep moving up until I am closer to age 69 or 70.

I am happy with my decision to retire. I relocated from expensive southern California to an inexpensive apartment in Tucson. I like it here most of the year. I went to Germany for a bicycle tour during the 3 hottest months of the summer, and I might do that again next summer.
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