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...of a lot of very valid sounding reasons but really -- after all those years of anticipation -- you're either just not ready to act, still undecided about what to do with it, or frankly just afraid of change? Practically speaking, I have to live in my house another half year to avoid capital gains when I sell it, my pension will be considerably larger if I delay it another year, I'll be eligible to draw on my IRA then to avoid dipping into saving, etc., but I know that if I revealed to anyone that I'm actually eligible to retire -- TODAY -- I'd be chastized for not seizing the day, lectured about how short life can be, told that I'm wasting my time, etc... But the fact is, my job isn't intolerable, and I just haven't got my ducks in a row yet! It seems enough for now just to know that I can... Now it's time to stop just dreaming and actually start choosing and planning.
I did the opposite. Planned to retire at age 55. Offered early retirement (with no penalty) at age 50. I had a very good paying job, my DH owned his own business.
We decided to go for it. We're 64 and 65 now and absolutely NO regrets....wouldn't trade the last 14 years of retirement for any other years of our lives.
So you have decided it makes financial sense to delay retirement for a bit longer. This will also give you time to finish planning and getting ready for retirement.
That makes perfect sense, but why, why, why are you posted this?
Do you care what others will say about your decision? Do you have doubts? Are you trying to prove something to yourself or to others you don't even know?
...of a lot of very valid sounding reasons but really -- after all those years of anticipation -- you're either just not ready to act, still undecided about what to do with it, or frankly just afraid of change? Practically speaking, I have to live in my house another half year to avoid capital gains when I sell it, my pension will be considerably larger if I delay it another year, I'll be eligible to draw on my IRA then to avoid dipping into saving, etc., but I know that if I revealed to anyone that I'm actually eligible to retire -- TODAY -- I'd be chastized for not seizing the day, lectured about how short life can be, told that I'm wasting my time, etc... But the fact is, my job isn't intolerable, and I just haven't got my ducks in a row yet! It seems enough for now just to know that I can... Now it's time to stop just dreaming and actually start choosing and planning.
Seems to me you asked a question and answered it.
But what the hell - here are my two cents: Give yourself another year - your finances will be in better shape, and you can use the time to get your ducks in a row.
Your reasons for delaying retirement are very sound, so just ignore anyone who says you ought to be retiring immediately. It's your retirement, so you get to choose when and how to do it!
But what the hell - here are my two cents: Give yourself another year - your finances will be in better shape, and you can use the time to get your ducks in a row.
Then give it a year after that so your finances will be even better and your ducks will be in a tighter row. Then you might as well give it another year after that since you should have even more money then, and since you have your ducks in a row(God, I hate that expression) you might as well work another year so you have even more money. Then if you work 5 more years think of the money you will have then! Maybe enough to buy more ducks!
I've known too many that put things off and never got to the goal. Death, illness, disability, or death of spouse can happen tomorrow. As the old saying goes "no one on their deathbed ever said I should have spent more time working."
A friend got bad news yesterday. I seriously doubt she is thinking about work, money, or ducks.
That's my two cents. ( damn, another expression I hate)
People are all different. My father did not want to retire and just reduced his hours until they forced him out at age 72. I on the other hand was in a different kind of profession (and have many hobbies) so found a way to retire at 56. Just find a solution that works best for you.
Lots of people work a few extra years. There is nothing wrong with delaying retirement if it significantly improves your financial position and you can use the extra money. I’m working two extra years (7 months to go) just for that reason. In those two years, I've been able to increase my pension, 401k, and other savings and feel much more secure about weathering the next recession and moving to a higher cost of living area. I will be 62 when I retire, still relatively young – 62 was the sweet spot for my pension plan. However, I would not want to work longer than that or work another year for a much smaller pension increase.
As far as getting your ducks in a row, you have been debating what to do in retirement for a few years now and still seem to be undecided. You list some good financial reasons for working another year but I would not wait much longer than that just to get my ducks in a row because that day may never come – you may have to force yourself to retire once you have worked out the financial side and then make some lifestyle decisions.
a). Are you older than 59-1/2 and able to withdraw money from your IRA without a penalty?
b). Are you over 62 and eligible for early SS?
c). Are you 65-67 and eligible for full SS retirement.
d). Do you have a fixed pension plan which you are 'eligible' to start at a fixed age (or years)? - You've already said it will grow significantly if you delay.
e). Have you calculated the amount you will need to withdraw from your IRA and determined you can do so for the rest of your life, without outliving your principle?
f). Is your mortgage paid-off and/or do you have enough equity to sell the home and buy a permanent retirement home (without a mortgage)?
Before I retired, I remember people asking me, "when are you eligible to retire?" I thought, "When I can afford it" (finally pulling the plug at 60-61).
Every person must decide when they can afford to retire, based on their own situation. Retirement is a lifetime decision and it's totally irrelevant what other people think or say about your retirement ... unless they plan to help you fund it.
In a sense, retirement planning is like cutting a board. Measure twice and cut once. You will be far less likely to "cut the board too short."
...of a lot of very valid sounding reasons but really -- after all those years of anticipation -- you're either just not ready to act, still undecided about what to do with it, or frankly just afraid of change? Practically speaking, I have to live in my house another half year to avoid capital gains when I sell it, my pension will be considerably larger if I delay it another year, I'll be eligible to draw on my IRA then to avoid dipping into saving, etc., but I know that if I revealed to anyone that I'm actually eligible to retire -- TODAY -- I'd be chastized for not seizing the day, lectured about how short life can be, told that I'm wasting my time, etc... But the fact is, my job isn't intolerable, and I just haven't got my ducks in a row yet! It seems enough for now just to know that I can... Now it's time to stop just dreaming and actually start choosing and planning.
I was offered an attractive buy out at 55. I had six months to decide. I turned it down. I worked two more years and was offered a similar package. I accepted it immediately. The two years I worked after turning it down were pretty miserable. I believe I was called an idiot twice a day. I have been retired since 1994.
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