Posted on 07/14/2017 3:48:57 PM PDT by Eagles Field
Approaching 63 early next year I’m seriously considering retiring. Still plan to work, 3 day weekends every week. In ’17 you could make around 20K, after that they would take a dollar off funds for every $2 made over ... apparently that figure will go up in ’18. Naturally the apprehension is giving up 20% for the rest of my life but I have a small pension which evens it out. But money lost nevertheless. What price is wrong for a better quality of life and precious time? Did you retire early and regret it or not and wish you had?
I’m in similar circumstances. But I didn’t know what options there might be for healthcare besides signing up for Obamacare
This question hits home - I’m the same age, and in almost precisely the same position. I’ll be interested in the response you receive.
Time is of the essence.
There is no shortage of work one can do for one’s own and others benefit that is NOT TAXED.
Why be a tax slave?
Go Galt ASAP...
2. Postponing your retirement has a large effect on SS, they have a website to get estimates for the different age of drawing SS.
3. Do you have plans/goals/dreams etc which prevent working?
4. How's your health?
These are just some of the basic questions to think about when retiring.
If you can retire, good for you.
I’ll be clocking out to attend my funeral, but I will be expected to skip the lunch and return right after the eulogy. I;ll have to swing back by and pick up my folded flag after shift change...
Retired at 59, as did Mrs. abb. Haven’t missed a meal yet. Don’t regret our decisions at all. But be sure you put a pencil to the money issues.
Re: health insurance
Look into a medi-share plan, instead of obamacare.
No regrets tossing in the towel at 62. Obozo gutted NASA and my job with it. Tired of scrambling around chasing engineering jobs. Saw our way clear to selling the house and having enough equity to buy outright elsewhere. IRA and SS tide us over. Really packed the $ into the IRA in later years, got to love a 100% employer match.
Health care costs may be an issue if you have not researched it.
You are right, the clock is ticking, so enjoy life while you can.
I am almost exactly where you are, wife is 6 years junior. planning retired on july 1, 2021. max pension, max ss, min insurance payout. i am in very good health, nonsmoker, nondrinker.
If $ is three concern it is a math exercise. The $ received each year retiring early vs retiring late (max amount). Add the years together for each and there will be an age where three early amount will go below the late. For me it was in my 90’s so I chose early.
My husband retired at 53....we watched our pennies before and it’s worked out quite nicely ever since.....THANK YOU, GOD!!
I’m in similar circumstances. But I didn’t know what options there might be for healthcare besides signing up for Obamacare
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I’ll be able to continue it through my employer, I think ... they pay half and my contribution is pre-taxed which helps as far as the limit I can make. I’m hoping the administration will come up with a better plan ... yeah, I’m drinkin’at the moment, it’s Friday.
What is the definition of “retirement?”
If you are going to work, is that retired?
My plan is to stop relying on work as income in a few years, although I won’t take SS until I am 70.
I am getting a small pension from the State of California now, just because why not? It would not have gotten much bigger if I waited and who knows what shenanigans California will pull in the next decade or so.
No regrets.
Not having an income was a bit scary at first, but I got used to it pretty quick.
I retired at 62, later regretted it – I wish I waited five more years.
I retired ten years ago at 57. My wife and I gave up 80% of our income, left the city (Honolulu), cruised around and have more or less settled in rural SE Alaska. Wish I had done it sooner. YMMV
I had the opportunity to take my pension early at 57 and it was the best decision I’ve ever made. I work part time now to bridge the gap between the pension and expenses.
3 days a week doing something I love with people I like instead of dreading that alarm every morning.
Prior to 2010, you could collect benefits for several years, then pay them back, and restart your benefit at a new higher amount. This option was often described as an interest-free loan from the government.
In December 2010, new rules eliminated this option and stopped wealthier retirees from taking advantage of this interest-free loan provision.
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