retiring

[KennyG]

Big 'hit this year was RMD at age 70-1/2 [ IRS rule ].
Take S.S. as soon as possible. Do the math: the catch-up age may be longer than you will live.

There is a lot of good advice all over this thread, but I will throw in a couple of things. For those of us turning 70 in the second half of this year, there is a potential change coming to the RMD rules if Congress gets around to it. It is proposed to increase the age for mandatory starting of IRA/401K payouts to 72. You should keep an eye on this since it will be a last minute December thing if it gets passed. For those that have already started taking RMDs, no change from the old rules.

I strongly believe you should delay starting social security unless you unable to make ends meet without it or you have serious life threatening health issues. Yes, if you die early you will collect less but you probably didn't need it. You can't take it with you. On the other hand if you are fortunate to live for a long time (I think the break even point is early 80s) life will be a lot more comfortable. The hit for early payout is large and the reward for delaying is really great (8% per year for up to 4 years). I will get my first check next month after turning 70 and I will collect about $40,000 per year, cost of living protected. I'm in excellent health and expect to collect for a long, long time.

 

[kenmac]

Even if I were to wait, I doubt I would bring in 40K. I'm sure not letting the government hold my money any longer.
They may decide since I can wait, I probably don't need it anyway, and not allow me to get any.

I think my take at 62 is about $2,200.00 per mo.

It will be a while before I turn 70. I hope they do away with the mandatory withdrawal by the time I get there

 

[bunyip]

Well then our entire government has RORT down to a science :banghead::hissyfit::banghead:

And ours have turned it into an art form

 

[goeduck]

Is art more advanced than science or science more advanced than art? I should not have asked, our government will probably study that :confused3:

 

[bunyip]

I hesitate to ask as I know it will require a multi million $$$$$ feasibility study and a royal commission.
Guy Fawkes had the right idea.

 

[Travelover]

............The hit for early payout is large and the reward for delaying is really great (8% per year for up to 4 years). I will get my first check next month after turning 70 and I will collect about $40,000 per year, cost of living protected. I'm in excellent health and expect to collect for a long, long time.

Additionally, when you die, your surviving spouse gets your SS amount, assuming theirs was smaller. This can be a big deal for a surviving widow as far as having enough to live a comfortable lifestyle.

 

[Wagtail]

Rort = dirty sneaky coniving ways of sucking money and blood from the hapless population that can do little about it.

:yes: ... a succinct, accurate and poignant definition.

 

[TCowner]

For those complaining about the benefits provided by Medicare should really look into what purchasing private health insurance would be at the age of 65. This is the time when our need for medical services are at their highest. Without Medicare as our primary healthcare coverage the monthly cost would be prohibitive for most of us. The cost of purchasing private insurance for a retired couple at age 65, without Medicare as primary, would suck the life out of our monthly retirement income. Most every old geezer, including me, looks forward to the day when we can retire. Eliminate Medicare and watch that date be pushed out about 10 years.

 

[Gem99ultra]

I too, "retired" at age 53. I had a healthy pension, a fat bank book, and paid medical coverage. But it only took me 3 months of building every style of bird houses, manicuring the lawn, and polishing my cars and truck to come to realize that I NEEDed to go back to work. A feeling of feeling useless, and of seeing others doing my old job in a half azz fashion told me that I had a place in the working world, and I needed to be there.

So, I promptly went back to work and enjoyed every single day until I retired again at age 65. Health was still good and finances were still solid. Now for this past 15 years I've actually enjoyed being retired with a self satisfaction that I've earned my remaining time and am thankful that I'm still able to enjoy life. Now my primary daily task is scheduling. My schedule looks like "Things I want to do today, things that I may put off until tomorrow, and things that... hmmm well I may never do!"

Do I feel thankful? You bet! Very much so.

 

[Travelover]

I too, "retired" at age 53. I had a healthy pension, a fat bank book, and paid medical coverage. But it only took me 3 months of building every style of bird houses, manicuring the lawn, and polishing my cars and truck to come to realize that I NEEDed to go back to work. A feeling of feeling useless, and of seeing others doing my old job in a half azz fashion told me that I had a place in the working world, and I needed to be there............

I retired at age 54 and never looked back. It is easier to add years to the front of your retirement, but harder to add them on the back side. These past 12 years of retirement have been the best of my life and I get up every day grateful not to have to be on anyone else's schedule. When my last day comes, I won't be saying, "gee I wished I'd spent more time at work". Each to their own and thanks for paying into Social Security and Medicare all those extra years. I've enjoyed spending the extra cash.

 

[Alien]

I had a government job but at 61 I had had enough of dealing with idiots and backstabbers so one day I arrived at work and was listening to people whinging so I got up, walked into the boss' office and said goodbye. He was a bit shocked and tried to talk me out of it but I wouldn't put up with it any longer so I walked out. (my wife was surprised when I arrived home a couple of hours after I went to work)
A few days later the Commissioner said he would like to see me so I took my letter of resignation in to him and never went near the place again. (He asked me to re-consider.)
The last 10 years have been great but I have had some health problems (5 operations) but have recovered pretty well and am taking life easy. I have plenty to keep me active. I have my tractor and I build drones and model planes and have 3 little dogs that wont leave my side and a beautiful wife that I love and respect dearly.
I have some great friends and life couldn't be better. I have future plans filled with things to do and that keeps me going.

EDIT: I should have mentioned that 3 of my co-workers have died of heart attacks since I left. Maybe I dodged a bullet?
They were all considerably younger than me.

 

[caver]

I retired last year at 55, no wife, never wanted kids, life is good. If I had listened more to my dad I could have probably knuckled down and retired a few years earlier. A couple hours ago i ran into a co-worker who retired earlier this year and is about 4? year older than me. He asked if I had a job...um NO.

 

[bunyip]

I had a government job but at 61 I had had enough of dealing with idiots and backstabbers so one day I arrived at work and was listening to people whinging so I got up, walked into the boss' office and said goodbye. He was a bit shocked and tried to talk me out of it but I wouldn't put up with it any longer so I walked out. (my wife was surprised when I arrived home a couple of hours after I went to work)
A few days later the Commissioner said he would like to see me so I took my letter of resignation in to him and never went near the place again. (He asked me to re-consider.)
The last 10 years have been great but I have had some health problems (5 operations) but have recovered pretty well and am taking life easy. I have plenty to keep me active. I have my tractor and I build drones and model planes and have 3 little dogs that wont leave my side and a beautiful wife that I love and respect dearly.
I have some great friends and life couldn't be better. I have future plans filled with things to do and that keeps me going.

EDIT: I should have mentioned that 3 of my co-workers have died of heart attacks since I left. Maybe I dodged a bullet?
They were all considerably younger than me.

Sounds like we may have worked for the same department albeit different States, Commissioner? Police and emergency services, I used to have run ins with Director Generals.
Too many idiots way above their level of competency and commanding a sinking ship with only the rats for a crew.

 

[Alien]

PM sent bunyip

 

[ovrszd]

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".

 

[two_bit_score]

What is an "early age"?

 

[goeduck]

What is an "early age"?

In this thread it would be 50. But anything before 60 is probably early these days.

 

[Steppenwolfe]

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".

Retiring at 50, 45, 55... who cares? Do what you want. Me, I'm 61 and making more money than ever and working half as hard. I'm self employed, love my job, and the type of person I HAVE TO be doing something. I also don't have to count my change, or worry about what a burger costs; if I want something, I buy it. I'd be nuts chasing every dollar to save. So, for you guys that opt out, good for you, but don't think for a second you make me feel like I am missing something.

 

[Steppenwolfe]

What is an "early age"?

When you are too tired to get up and do it again...

 

[kenmac]

Guess I could have retired at 50. Things just fell into place about 57.
Nothing to boast about

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

I haven't seen /read where anyone posted they didn't have an income. An income could come from investments, etc,.