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I retired when my house sold. I had hoped for Fall but it took until March for the closing. I put in my retirement paperwork about a month before the closing.
I retired when I was eligible.... I don't know if there is any method to the madness, but I do sincerely wish you the very best during your next phase of life when you do decide to do it.
A few items to bear in mind:
1. at age 59.5 you can start to take withdrawals from IRAs penalty free, but still taxable
2. at age 72, you must start IRA withdrawals (RMDs), still taxable.
3. at age 65, apply for Medicare, possible penalties for late application
4. if (and when) one spouse dies, other loses IRS MFJ filing status, becomes Single
5. SS benefits can start as early as age 62, but with reduction in "Full" (aka FRA) benefits.
6. SS benefits can become taxable if other income is high enough.
Suggest you begin studying the SSA, Medicare, and IRS websites for details on these and other issues.
These items also can be affected if you have retiree pension and/or health insurance benefits.
I retired as soon as I could afford to/could file for Medicare. Without age 65 looming as an important decision time, I probably would have been more frugal leading up to retirement so as to retire sooner than 65, but health insurance was the sticking point. I also wanted to get to my new house as soon as it was finished, which was the month I turned 65. The building had been dependent on weather (foundation/freezing etc) so had to map all that out. I also didn't want to drive 2200 miles in winter weather, likely to run into weather and driving problems.
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Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I don't know if there is any method to the madness, but I do sincerely wish you the very best during your next phase of life when you do decide to do it.
