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Old 06-29-2019, 09:31 AM
 
6,791 posts, read 3,859,912 times
Reputation: 15491

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Nope. Took them ALL by surprise and got out as soon as I qualified.
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Old 06-29-2019, 09:50 AM
 
2,036 posts, read 860,697 times
Reputation: 5032
Even if you have the money it can be scary. All those articles about needing millions to retire, outliving your money and become destitute, working for a teenaged supervisor at Burger King, plus stories about how people retire then die soon after, have seeped into our subconscious our whole working lives. I'm not saying you don't need to plan, far from it. But when you see your way clear, it can still be scary.
Quote:
Originally Posted by townshend View Post
I think it is natural that people will want to retire as soon as they can (given that most jobs aren't all that fulfilling), and therefore they will talk about retiring, but the reality may be that, financially speaking, they don't have all their ducks lined up in a row.

So maybe their continuing working isn't due to a lack of courage, but rather a lack of money compounded by poor planning.
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Old 06-29-2019, 09:55 AM
 
Location: Central New Jersey
2,384 posts, read 910,301 times
Reputation: 4219
No. Soon I was eligible, and completed my 25th year, I pushed the button. No regrets
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Old 06-29-2019, 10:12 AM
 
Location: Woodbury, MN
1,465 posts, read 1,532,746 times
Reputation: 1885
Before you retire, be sure that you'll never have to go back to work after you retire. If you go back to work after you retire, you might have to work for a fraction of what you used to make. On the other hand, if you saved more than enough money to retire, than after some point in time, working more years is a pointless waste of your life! If you wait too long to retire, you won't have as many years as you'd want before your heath declines. If you wait too long, and you lost your health, then the extra money doesn't mean anything.

My wife retired at age 59 two years before I retired. I was planning on retiring at age 65, but ended up retiring 18 months early at age 63 1/2. I took a 10% deduction on my pension and so did my wife. But because we lived well below our means for decades, and saved enough to retire early, we could afford to retire early.

The freedom to do what you want to do, when you want to do it, is breathtaking. I still stay up too late at night, but I wake up at about 9 AM instead of at 4:30 AM, feeling well rested every day, instead of walking around like a Zombie, trying to stay awake. If I ever get tired in the afternoon, I simply take a nap. The quality of life without having to work is drastically improved! Our lifestyle hasn't changed a bit. We live on just our pensions and health care savings money. We haven't started withdrawing money from the retirement accounts or started collecting Social Security. As a result of living well below our means for decades, investing and saving a lot of money, we'll need to increase our spending in our retirement years in the future. After living well below our means for decades, it's hard to spend more money. That's a good problem to have.

I know people who waited too long to retire, and didn't make it to retirement, or retired when their health was shot, and only lived a couple more years. You have to make the decision when to retire. Make sure you never have to return to the workforce. The sooner the better! Don't wait too long to retire! You can't get those years back that you wasted attending pointless meetings and following brain dead policies at your job.
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Old 06-29-2019, 10:12 AM
 
1,439 posts, read 722,050 times
Reputation: 3728
Quote:
Originally Posted by Vasily View Post
And those who have held on to their jobs longer than they "should" are supposed to give an answer so those who didn't can sit back and feel superior to them?
By any sensible rationale...those who made the wiser, better decision ARE superior to the fearful, hanger on types.
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Old 06-29-2019, 10:18 AM
 
2,036 posts, read 860,697 times
Reputation: 5032
We did much the same as you. But we took our SS at 62. If you don't need it, put it in the bank. If you die sooner than later, you lose money and the government keeps it.
Quote:
Originally Posted by davephan View Post
Before you retire, be sure that you'll never have to go back to work after you retire. If you go back to work after you retire, you might have to work for a fraction of what you used to make. On the other hand, if you saved more than enough money to retire, than after some point in time, working more years is a pointless waste of your life! If you wait too long to retire, you won't have as many years as you'd want before your heath declines. If you wait too long, and you lost your health, then the extra money doesn't mean anything.

My wife retired at age 59 two years before I retired. I was planning on retiring at age 65, but ended up retiring 18 months early at age 63 1/2. I took a 10% deduction on my pension and so did my wife. But because we lived well below our means for decades, and saved enough to retire early, we could afford to retire early.

The freedom to do what you want to do, when you want to do it, is breathtaking. I still stay up too late at night, but I wake up at about 9 AM instead of at 4:30 AM, feeling well rested every day, instead of walking around like a Zombie, trying to stay awake. If I ever get tired in the afternoon, I simply take a nap. The quality of life without having to work is drastically improved! Our lifestyle hasn't changed a bit. We live on just our pensions and health care savings money. We haven't started withdrawing money from the retirement accounts or started collecting Social Security. As a result of living well below our means for decades, investing and saving a lot of money, we'll need to increase our spending in our retirement years in the future. After living well below our means for decades, it's hard to spend more money. That's a good problem to have.

I know people who waited too long to retire, and didn't make it to retirement, or retired when their health was shot, and only lived a couple more years. You have to make the decision when to retire. Make sure you never have to return to the workforce. The sooner the better! Don't wait too long to retire! You can't get those years back that you wasted attending pointless meetings and following brain dead policies at your job.
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Old 06-29-2019, 12:25 PM
 
Location: Land of the Great Bears
3,486 posts, read 1,913,876 times
Reputation: 3795
No.
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Old 06-29-2019, 12:59 PM
 
Location: Woodbury, MN
1,465 posts, read 1,532,746 times
Reputation: 1885
Quote:
Originally Posted by bobspez View Post
We did much the same as you. But we took our SS at 62. If you don't need it, put it in the bank. If you die sooner than later, you lose money and the government keeps it.
The majority of people do start Social Security at age 62 if they retire early. There's quite a bit of difference between collecting at age 62 and my FRA, which is age 66. Some people advocate for starting Social Security at age 70, but very few people start collecting that late, unless they work till age 70.

Overall, on average, everyone gets paid the same over their lifetimes. It depends on if you live longer or shorter if it pays to collect early or wait to collect the Social Security, you only know that for certain when you die. When you wait, the amount is higher, but collecting zero for years takes a long time to make up. If you wait, it could take till about age 83 or 84 to break even. If you live to be that old, which isn't certain, you might be in a nursing home before that, and the nursing home will gobble up all your money. The government could also means test your Social Security in the future, which could reduce your Social Security in the future, so they can give more handouts to people that haven't earned it.

We decided to wait until FRA to collect Social Security, rather than to start collecting at age 63 1/2 when I retired, or waiting till age 70, as a compromise.
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Old 06-29-2019, 01:51 PM
 
Location: Texas
160 posts, read 40,889 times
Reputation: 312
Longer than I SHOULD have, no. Longer than I COULD have... yes. I could have retired with a decent pension at 62 but decided to stay working till I was 65 because it made about 300.00 a month difference in my pension. It also enabled me to add a lot more $$ to my retirement fund with the employer matching the first 5% of my dollars invested every payday.
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Old 06-29-2019, 08:56 PM
 
2,175 posts, read 534,812 times
Reputation: 3785
Working for a living is highly over-rated.
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