Fortunately I like working and my current job is so flexible that I can set my own hours and can work remotely as much as I want. I'd be foolish giving that up so long as my health is holding up.
“You and I think along similar lines. While I would probably be okay retiring now (I’m 60 and my wife is 62 and just retired), every additional year I can work from here on out would just add to our cushion. I’m telling my wife not to even think about taking her social security until she is at least 67. Then if I can hang on until I’m 70, our dual social security income alone will be $75k (based on todays projections). By even if I can make it another 7 years to FRA, I’ll be in very nice shape.
Fortunately I like working and my current job is so flexible that I can set my own hours and can work remotely as much as I want. I’d be foolish giving that up so long as my health is holding up.”
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Like you i enjoy my job and work with great people. Plus I take care of myself, for example I ride a bicycle 100-150 miles/week. I’m 64.
I do not understand people who retire the month after turning 62 and have SS as the main feature of their retirement plan.
To pay what I call the “Big 5” (homeowner insurance, real estate taxes, heating oil, propane and electricity) costs us $1020.00/month. Add another $2000.00/month transportation, food, insurance and entertainment this is $3020.00/month. Just our combined SS benefit will exceed that by more than what the average retiree receives in ss payments.
I do know from 1st hand experience the “living from paycheck to paycheck” lifestyle because we were doing just that. What happened to us was a possible loss of about half of our income and gut feeling that the economy might take a crap before we retired so we wanted to get rid of all our debt and start putting serious money into retirement savings.
Over a period of 4 years we paid off just about everything including mortgage and consumer debt, a figure that would make most peoples head spin. We have since learned some basic money management skills, we not experts by any means but we have reduced our living expenses by a huge margin, paid off a ton of debt and are putting money into savings. We have gone from seeing nothing but a black cloud over retirement to making plans on what we will do with our free time.
Currently we are going around our home and fixing things are not not working or need upgrades and getting rid of things we don’t use or want.
We don’t follow any of the various financial people to the letter but used Dave Ramsey’s baby steps as a rough guide to get things started. One thig that we do that Dave doesn’t allow is we put 30+ percent into retirement while holding aa car loan. As mentioned this loan is the only debt we have and will be paid by the end of the year. We do not plan on borrowing any more money ever.
Easy credit (credit cards and car loans and to a lesser extent sub-prime mortgages) are what is going to kill off our society. Yes true we have social decline and a lack of morals but it is out of control spending (consumer and government) that will be the way the government gains control over us.
I think it is 58% of US families do not have $1000.00 available for an emergency, 50% do not have $500.