retiring

[kenmac]

the retirement age for full social security benefits went up to 66 years old now. you'd take a big hit before then!..

if you've save and invested well, Who cares of you take a hit taking ss early.
You aren't guaranteed these benefits will be here tomorrow. No way I'm waiting to receive my benefits at 66 1/2.
If they take it away,or reduce benefits. If I start early, at least I will have gotten some of my money

I've got 5 months to go

 

[ovrszd]

In my case, I put myself through college working part time, while my buddies went to work in factories making "big money", to buy toys. I was the dummy living cheaply while they had new cars and trucks.

Once I graduated and had a good income, I still lived relatively cheaply but invested the extra money I had, while my peers at work bought vacation homes, new cars every year and boats and other toys.

Then when the big recession hit, employer was looking for people willing to go, for a price. I had enough to retire anyway so I jumped on the special offer. My peers were grateful because they still owed on the big homes, the vacation homes and the toys.

So, how do people retire early? Spend less than you earn, invest it, starting early, in stock index funds. Don't sell on downturns. Take care of yourself like you only have one body. And a little luck helps a lot, too.

And have a very good income thru your working years. What was you highest year?

 

[ovrszd]

if you've save and invested well, Who cares of you take a hit taking ss early.
You aren't guaranteed these benefits will be here tomorrow. No way I'm waiting to receive my benefits at 66 1/2.
If they take it away,or reduce benefits. If I start early, at least I will have gotten some of my money

I've got 5 months to go

I started at 62. Based on the years to break even if I waited.

 

[RickB]

if you've save and invested well, Who cares of you take a hit taking ss early.
You aren't guaranteed these benefits will be here tomorrow. No way I'm waiting to receive my benefits at 66 1/2.
If they take it away,or reduce benefits. If I start early, at least I will have gotten some of my money

I've got 5 months to go

At 62+ I am conflicted about when to sign up. There is little doubt that the last group to be adversely affected by SSI changes will be those already cashing checks. But at well over $100 per month additional for every year I wait (regardless of additional income) it is a tough call.
So much about retirement planning would be easier if we knew when our time will be up.

 

[kenmac]

At 62+ I am conflicted about when to sign up. There is little doubt that the last group to be adversely affected by SSI changes will be those already cashing checks. But at well over $100 per month additional for every year I wait (regardless of additional income) it is a tough call.
So much about retirement planning would be easier if we knew when our time will be up.

I made the choice to go ahead and take mine when I reach 62.
I may get a little less money to begin with, but it may equal out drawing less ss for a longer period of time, vs drawing more for a shorter period of time.

I'm not much of a gambler. I'll take the money when I can get it

 

[RickB]

I can’t fault the logic. At this point I am going to take another look when I turn 63. Right now things are good so I’m letting it ride.

 

[3Ts]

I think more info is required.

To retire at 50 something really, really good financially had to happen.

1. A sinfully high paying job?
2. An inheritance?
3. Lottery/gambling winnings?

Others can add their thoughts.

So, for those retiring at 50, explain in detail how that was accomplished?

If you choose to not do so then quit boasting about it. Hard working, financially frugal men are reading this and wondering what they might have done wrong.

Careful how you respond. If you claim it's simply because you managed your money wisely I'll call B.S.

A man with no income, regardless of spending habits, is poorer every day.

So, for those retiring at an early age, tell us the "Rest Of The Story".

I retired at 57. My pay was a little less than my co-workers because I'd put time in the military (Vietnam Vet) and didn't have as much applicable experience as those who were not in the service. However, I always lived below my means and maxed out my 401k and invested bonuses when I received them. If I couldn't afford it, I didn't get it. I drove cars until they wouldn't get me to work anymore. I did not take vacations to exotic places. Always paid off the credit card every month (that's the worst way of borrowing money). So, I do claim to have managed my money wisely and hopefully I'm not thought of as boasting, certainly not my intent, but rather to point out that with careful planning it can be done. Now we are in a situation where we can help others from both a time, materials/tools, and money standpoint. Most of what we try to do is thru the church or Masonic lodge so our name is not directly associated with the help.

 

[Gem99ultra]

At 62+ I am conflicted about when to sign up. There is little doubt that the last group to be adversely affected by SSI changes will be those already cashing checks. But at well over $100 per month additional for every year I wait (regardless of additional income) it is a tough call.
So much about retirement planning would be easier if we knew when our time will be up.

None of us actually "KNOW" our time will be up. If in doubt, read the obituaries; all ages, race, social status, etc.. On the other hand, nobody in my family's history has lived past the age of 82. Yeah, I know - that's just a coincidence. Or is it? But without any other indicators, that's what I'm gauging for my target age. If I live longer, I'll be thankful. If not, well, that's the way it goes. But I'm doing all I can to set a new 'high'. BTW, I retired at age 65, 14 years ago. No regrets.

 

[dieselscout80]

For those of you are retired, have you seen a decrease in your expenses or have they stayed the same and what was the change?

 

[Chris616]

In answer to polkwrangler's original question:

I second what others have written. If you're unable to do the complex calculations to work this out yourself, it is money well spent to get independent financial advice. And by "independent" I mean going to a "fee only" financial advisor where you pay to get unbiased advice from someone who is not in the business of selling financial products. It is very easy to make a mistake doing retirement financial planning on your own that will cost more than the price of the advice from a professional.

Chris