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this is why at age 62 I have second thoughts about retiring..I'm at the top of the heap in wages and seniority....I'll never get hired back....what if something really devastating happens to our family, our home, etc....

what if...what if...what if....

this is why at age 62 I have second thoughts about retiring..I'm at the top of the heap in wages and seniority....I'll never get hired back....what if something really devastating happens to our family, our home, etc....
what if...what if...what if....

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1. You invest you money into whatever is the best deal.
If you are in California, it would be PROPERTY.
Other place, perhaps T-notes/bills.

2. You look at the possibility of long-term part-time work.

3. You have the BEST medical coverage available.

4. You stay close to God, just in case.

5. You stay on top of things, like all good cherries.
SORRY!

If you can do it, hang on until you’re 66...

If you can continue working - do it. I have health problems that changed my earnings when I was in my 50’s. Now I spend all my time penny pinching.

this is why at age 62 I have second thoughts about retiring..I'm at the top of the heap in wages and seniority....I'll never get hired back....what if something really devastating happens to our family, our home, etc....

I'll be the contrarian to other posters, and say: if you can afford it, then do so. 4-8 years from now, you won't wish you had worked longer, and you'll have had more years to enjoy retirement while you are healthier.

But, you have to be sure you can afford to do so:

How much do you really need each month to cover your expenses? Don't just estimate, or use 80% of what you spend now.
Pay a competent financial planner to project what you can afford to spend each month (in 2016 dollars), for the rest of your life. He/she will figure in assets, inflation, monthly income (pension, Social Security, etc).
Start living on that projected monthly amount TODAY, and put the rest into savings/investments. Now is the time to determine whether you can live on the projected amount -- not after you retire.
Do you have sufficient financial assets to deal with unexpected expenses, like replacing a vehicle, repairing a home, etc? Equity in your home isn't enough: you need enough to cover your typical monthly expenses for 6-12 months.
Do you have health insurance? A high deductible policy may be all you need until you turn 65, and after that you can buy a Medigap policy to cover medical costs Medicare doesn't cover. Your budget must be be able to the insurance premimums and the out-of-pocket payments you may incur each year.
Do you have long-term care insurance? Medicaid won't cover long-term care unless you have already exhausted most of your assets. If you have a spouse, you'll have to spend most of his/her assets, too.

And to everyone else out there that is considering retirement in the next 5 years, my checklist applies to you, as well. Start planning now, and you won't be uncertain when the time comes.

Do you like your job or would you rather be doing something else? Your time is more important than the money. If retiring means just sitting around, don’t do it. If there is something else you would like to try, go for it!

this is why at age 62 I have second thoughts about retiring..I'm at the top of the heap in wages and seniority....I'll never get hired back....what if something really devastating happens to our family, our home, etc....

I turn 66 at the end of this year. I'm 75% sure I will start my Social Security on time.

I have zero desire to retire for at least 4 more years. It may go much longer unless feebleness sets in.

Last weekend I attended an event with a number of peers. Several of them have retired, literally. Every one of them was still making mortgage payments. One was quite concerned about that.

All of them said their kids already had their inheritance in the form og weddings and college tuition.

“this is why at age 62 I have second thoughts about retiring..I’m at the top of the heap in wages and seniority....I’ll never get hired back....what if something really devastating happens to our family, our home, etc....

what if...what if...what if....”

I’m in much the same boat. I’m OK...for now (now being 1-2 years out). Beyond that...

You’re right. I was laid off at 60 and so far I have had no responses to my applications, except to exhort me to apply for the same position later, after someone younger has pole vaulted from it. Same story next time, no response. I can likely get a job at a parts store, where I’d make $8.00 a hour 29.0 hrs a week.No hope of corporate insurance, only health marketplace.So I work odd jobs sell stuff on ebay,, work n cars a little. But Lockheed, Rolls Royce aviation and L3 ain’t having none of me. And those guys are pulling $40 a hour now(no pensions in this area.)

this is why at age 62 I have second thoughts about retiring..I'm at the top of the heap in wages and seniority....I'll never get hired back....what if something really devastating happens to our family, our home, etc....

My wife retired at 62 and I did same a little while after.

We had some IRAs (which we moved into a fund that has a guaranteed interest with potential of increasing if stock market goes up and which will not lose money even if the Market crashes) and between them, Social Security, and retirements, things are fine. If you don't have any big debts and don't need to take out loans for "stuff", then I highly recommend it before you become too old to be able to enjoy it. Every day is Saturday unless you have an appointment and it's hard to believe we actually had time to go to work.

Good luck.

PS - do the math - I made a spreadsheet that showed our current income and how it would change with our retirements.

I also showed all the current expenses (broken down by month to make some views easier to compute), including what we generally spent on leisure/dining out, etc.

I had the income (calibrated for post-taxes) shown as monthly and annual and did same with expenses. Made formulas to subtract expenses fro income and have it shown both monthly and annual. We left more in regular checking and savings than what is recommended as "emergency" funds and "padded" everything slightly against us so we see a low-end estimate instead of the rosiest (about $2000/year less than what normal would yield) picture.

I agonized over things for a while and decided we had no business working until we were in the grave and it would take something cataclysmic to leave us in trouble since we can "tighten our belts" if need be as we don't have any reason to be really "scrimpy".