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I think the SS at 62 focuses too much on the math. What if you are just tired of working? If SS makes retirement possible, isn't that worth more than squeezing every dime out of the system? I am sure there are people out there that love their jobs, but I think most people are ready to retire at 62. What price can you put on having each day to do as you wish, and not have to report to some job?
Exactly, as there are millions of Baby Boomer (peak born in 1957 & 1959) soon to be entering their early sixties there are also multiple variables that account for everyone’s decisions to prolong or take an early retirement.
The sad fact also is so many do not know if they can retire early. They have either been misinformed or naive in their planning for retirement.
I have seen multiple examples at work where those within a few years are given a retirement class and they come away dumbfounded that their 401k was supposed to be 1/3 of their retirement. For thirty plus years they never contributed.
I have a great job but I am leaving at 62. Will I have money to travel the world first class, no but I will be able to live comfortably and not diminish in any way my lifestyle or my family’s.
To me it is all about quality of life and what you need to get by. There are some who need to wait financially but to those that want to hold on for a few dollars more, why gamble your life against the opportunity to retire and start enjoying your remaining years.
I finally reached my big "decision year". Turned 62 this year. Been retired since 55.
I don't need to take it. No spouse in picture. Have a son who will inherit. I still have yet to tap IRA/Roth/401K.
Current flow (pension + taxable investment income) is more than enough to cover current expenses.
When I croak pension and SS go *poof* into the nether.
For now I'm just doing "back of the envelope" calculations to play out different scenarios.
I took mine at 62 1/2. Age 65 now. I also have a pension and a monthly payout from the interest on investments. With no debt I could afford it and I really wanted to retire. It's a nice setup and I never have to work another day in my life. That in itself is worth it. The one thing you can't buy is time, and I enjoy life every day.
There are plenty of break even calculators out there. I think my break even is about 80. I don't see much reason to wait past 62. Living to 80 is not a given. My parents both died at 85. The last few years they had, I don't think any extra money would have made any difference. I also don't want to work past 62. I am tired of the whole thing and I have paid into SS since I was 15. At 62 it will be time to collect something.
There is no way I'm working past 62 in the graveyard known as Corporate America. I'll take my chances. My mom died at 79 and my Dad at 93
My husband is 6 years older than me. We will delay his social security until age 70 to maximize my lifetime benefit. Most of my family lives well into their late 80's and mid 90's. Maximizing the payment helps to minimize my worry about private investment returns when we am very old.
One big factor to consider is that Medicare doesn't start until 65, so for many people that's going to be an expensive three years of medical coverage. That's pretty much the only reason I worked the additional three years--and I even already had military Tricare. Those three years turned out to be extremely medically expensive for me.
But the medical scares of those three years were sufficient to convince me that working a 9-5 until I died was not what I wanted to do, and that "until I died" could be 20 years from now or next month.
Sweating a cancer biopsy can change your outlook, particular when the doctor admits he was surprised it was negative. Sweating another couple of them will definitely change your outlook.
It's rather depressing to realize how incredibly quickly and in how many ways any person post 60 can go from "healthy and vigorous" to "six months to live." I don't want to be caught having done nothing but 9-5 when I really am looking at my demise.
Last edited by Ralph_Kirk; 06-09-2019 at 10:18 AM..
I finally reached my big "decision year". Turned 62 this year. Been retired since 55.
I don't need to take it. No spouse in picture. Have a son who will inherit. I still have yet to tap IRA/Roth/401K.
Current flow (pension + taxable investment income) is more than enough to cover current expenses.
When I croak pension and SS go *poof* into the nether.
For now I'm just doing "back of the envelope" calculations to play out different scenarios.
Thanks. Most of these posts are taking a spouse into account. Some of us don't have one.
I am almost 61, retired three years ago, and collect a sufficient pension. My plan is to wait until at least the 66.8 age.
My pension also goes poof when I'm dead because it was the full single allowance.
There is no way I'm working past 62 in the graveyard known as Corporate America. I'll take my chances. My mom died at 79 and my Dad at 93
I have no intention of dying at my desk. I don't see the point of working past 62. The SS income stream is my ticket out of my office. I don't know how long my health will hold up. There is a mental side of this as well, that people don't talk about. If you are mired in a job that is unfulfilling, is that a wise use of your time past age 62? I talked with a woman that retired from corporate America a few years back. I was curious, so I asked her when she knew it was time to retire. She said she reached a point where she could not look at retirement finances anymore. Whatever she had, it had to be enough. I feel that way as well.
I think we debate this ad Nauseam every few weeks on this subject.
Agreed- I'm on another Board and the same thing happens. Every specialized Board has its recurring topics; on theKnot.com 16 years ago when I was planning my wedding, they included, "Should I change my name?" and "Separate finances or common pot?"
I just learned to contribute when I felt like it, bypass it if I was tired of the subject. And sometimes you do learn something new or read a different point of view.
I plan to retire by age 62 but not start drawing SS until 67 or later. We're planning to relocate to a lower cost of living area and expect that my military retirement and a small federal pension will be enough that we can live comfortably until I take SS. Since I'm 4 years older than my wife and I've been the higher earner, delaying provides her more $ to live on assuming (likely) that I die first.
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I'm with you
