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Next week I turn 61. If you had asked me four years ago when I would retire, I would have replied age 68. My wife will retire in two years when she reaches the minimum age necessary to receive the maximum employer/benefit plan contribution toward post-retirement health care.
My current employer uses Great West Financial as their 401(k) manger, and while playing with the web site's Retirement Planning tool last night (after correcting my future Social Security receipts using data from the Social Security Administration which includes all my previous employment history), I discovered that our monthly income, if I retire at age 65, will be in excess of what we receive now while both working! And I forgot to include my wife's anticipated Social Security receipts in this total.
This retirement income is the benefit of decades of saving, investing, and planning toward retirement. I still remember those times about 30 years ago when I would go for an entire week with only a single $1 bill in my wallet. House payments, car payments, things for the kids, etc. Times were not always rosy but it was important to my wife and I that our kids be raised with an at-home parent until into grade school.
Obviously it is time for a more in-depth discussion with our Financial Planner. Do I retire in two years with my wife? Do I retire in four years at age 65 (his previous recommendation)? Is there any logic in waiting until age 66 and 4 months (FRA)? When should we start collecting Social Security benefits?
I am just now starting to look forward to retirement. Maybe my previous lack of enthusiasm for retirement was caused by uncertainty regarding our finances, or maybe I am finally getting burned out by pressures of work.
Now for something serious. You could probably do either. You probably have enough resources to retire now if your employer allows you to remain on their health insurance. You could pick up COBRA ask mathjack on that. Health insurance needs are usually what keeps people working. But if you like your job and it isn't too taxing and you have no other plans then you can continue to work.
But I am sure you will get some interesting comments based upon your bubbly thread.
I retired at 62 1/2 and it's the best thing I could've done. If you can afford it, get out of the rat race as soon as you can.
Unless you really like working there are much better things you can do with your time because it's is the one thing you can't buy.
I didn't hate my career but towards the end of it I didn't love it either. I've been retired for 6 months now and have loved every minute of it.
I actually already have retired once; 4-1/2 years ago. I took the cash value of my pension from that employer as a lump sum (back when the interest rate used for calculating its Net Present Value was less than 1%!), had our Financial Planner manage those funds for us, and immediately started an identical job making close to what I was being paid with 30+ years of seniority at my previous employer.
Theoretically I could retire from this employer and then become a part-time "Hired Gun" with a Contract House, working only when I get bored or really want another challenge.
I used to think that people ought to keep working as long as they can. But I changed my mind.
Having experienced a few friends either becoming seriously ill or just dropping dead in their early 60s did that. I can visualize those arrows whizzing by!
Now I advise people to retire as soon as possible. Unfortunately, for most people, that age is 63.5 That gives you 18 months of Cobra coverage to bridge to medicare at 65.
Retiring earlier than that without nailing down health insurance cost is too risky.
i wouldn't give any advice about delaying without knowing their financial picture . not everyone has that choice to stop working and delay if they don't have the resources to lay out safely .
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I disagree with the others, but that's just for me, and may not apply to others. I will be 65 in a few weeks, but I love my job, it's challenging, with great pay, more than I have ever made before, and nice benefits. I have a window office with views of Elliot Bay, Mt. Rainier, the Olympic mountains and part of the Seattle skyline. While we could manage on the pensions and SS, both will increase with each year we continue working, so we will be that much better off when we do decide to retire. With about 6 weeks/year PTO now, and my wife working at a school, we have plenty of time for nice summer vacations. For people that hate their job, I can see retiring as soon as financially feasible. Here, people tend to stay longer. The two most recent retirees here were age 70 and 72.
I used to think that people ought to keep working as long as they can. But I changed my mind.
Having experienced a few friends either becoming seriously ill or just dropping dead in their early 60s did that. I can visualize those arrows whizzing by!
Now I advise people to retire as soon as possible. Unfortunately, for most people, that age is 63.5 That gives you 18 months of Cobra coverage to bridge to medicare at 65.
Retiring earlier than that without nailing down health insurance cost is too risky.
Please excuse he ignorant question here.
If one decided to roll the dice and retire at 62 and not continue medical coverage either through Cobra or the Open market, once they turn 65 and are eligible for Medicare, is there a penalty for the lapse in coverage?
If one decided to roll the dice and retire at 62 and not continue medical coverage either through Cobra or the Open market, once they turn 65 and are eligible for Medicare, is there a penalty for the lapse in coverage?
Nope.
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Early and Often
