Who's counting down to retirement?

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Ylem
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Who's counting down to retirement?

#1

Post by Ylem »

Ugh, 124 weeks to go!
Getting close though.
I am hoping to take SSI at age 62.
I really should wait till 65 so I can get Medicare though.

But I can't take it anymore LOL
Can't wait to get out :)
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Re: Who's counting down to retirement?

#2

Post by 515bonner »

I bailed 3 yrs ago at 67. Everyone kept saying oh wait til 70, you'll get 24% more in SS. Nope. Had enough stashed away drawing healthy interest, and "helping out" a couple days a week at old work place, making more now than if I was putting in that 40-50 hr week. Still enjoying retirement.
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Re: Who's counting down to retirement?

#3

Post by UlteriorModem »

Me although the timeline is a bit nebulous :D

Could be tomorrow. But for now I am still 'gainfully' employed but partially retired.
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Re: Who's counting down to retirement?

#4

Post by notFritzArgelander »

My original plan was to retire at 70. That would be about now. However fate and refusing to lie forced my hand and I "retired" three years ago. It was unpleasant to deviate from plan but it was undeniably good for me. Health has actually, measurably improved in most areas of concern (except for one small cloud on the horizon). My Dr has actually removed two drugs from my maintenance regime.

I hope you make your escape while you can still enjoy it. Cheers. :beer: :pizza:
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Re: Who's counting down to retirement?

#5

Post by Bigzmey »

So, you guys saying that I need to retire sooner than later? Good to know! :)

I think I have enough astro equipment, just need to build/acquire an observatory and put kids through college and I am there. :)
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Ylem
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Re: Who's counting down to retirement?

#6

Post by Ylem »

I feel like I am putting my car mechanic's kids through college ;)
Clear Skies,
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Re: Who's counting down to retirement?

#7

Post by Juno16 »

Yes! Retire when you can!

I retired just before my 63rd birthday. Work was getting on my nerves (later 39 years). Home was paid off and kids were out of college.
I’m a few months from my 65th birthday and just got my first SS check. Between that and a pension check, I am fine. You will never have “enough” money. Retirement is great!
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Ylem
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Re: Who's counting down to retirement?

#8

Post by Ylem »

I can pull it off at 62, but will need some type of health insurance to tie me over till Medicare.

The other question should I delay SSI a couple of years and live off savings.

Ugh, math, not now LOL 😂
Clear Skies,
-Jeff :telescopewink:

A bunch of SCTs and MCTs scattered around the house and an Orion ST80.
A big box of Plossls :D
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Re: Who's counting down to retirement?

#9

Post by notFritzArgelander »

Ylem wrote:
Tue May 12, 2020 1:44 am
I can pull it off at 62, but will need some type of health insurance to tie me over till Medicare.

The other question should I delay SSI a couple of years and live off savings.

Ugh, math, not now LOL 😂
While I was still an employee for a consulting firm I looked into the Affordable Care Act and found that I could insure myself quite satisfactorily for less than my employer was deducting from my payroll. So I did the only thing an arbitrageur would do. I withdrew from my employer's plan and paid my own way. That was 4-6 years ago and things might have changed since, though.

Apparently my employer's plan had embedded costs for gynecological services and risks that I don't really need! :lol: I was able to tailor the plan to my individual situation quite satisfactorily.
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Re: Who's counting down to retirement?

#10

Post by Juno16 »

Ylem wrote:
Tue May 12, 2020 1:44 am
I can pull it off at 62, but will need some type of health insurance to tie me over till Medicare.

The other question should I delay SSI a couple of years and live off savings.

Ugh, math, not now LOL 😂
Definitely health insurance is something to work out. As is calculating/projecting your break even point taking SS at 62 vs. later. Unfortunately, a little math is needed!
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Re: Who's counting down to retirement?

#11

Post by bobharmony »

I was helped along in the retirement decision by the company's RIF last November. It hadn't been enjoyable working at the place I was at for 29 years anymore, and I hear it has gotten worse since I left, with many of my remaining colleagues who survived the next two rounds of layoffs being outsourced to IBM last week.

I took my 401K and the company pension I was grandfathered on, rolled them into an IRA and started allocating the money into short term income, long term income and investments. I am in a position to start Medicare next month, which coincides nicely with when my company severance plan runs out, and I am not looking back. Signed up for SSI as well.

If you have a spouse and one of you earned a lot less than the other over your careers, I suggest looking into SSI Spousal Benefits. It is a plan where the spouse who earned less is able to collect 50% of the the other spouses benefit amount without any reduction to either one of you. If the government wants to give us free money, who are we to refuse. We were able to raise my spouses monthly check by several hundred dollars using this tool.

Oh, and the yard looks better early this season than it has ever been at the end of a summer while I was working. My wife and I have gotten a good chance to get reacquainted (better than expected with the pandemic) and we are just rolling forward into it. Highly recommended!

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Re: Who's counting down to retirement?

#12

Post by sdbodin »

Nothing better than retirement, been there since last century. Actually took an early out bonus when the gu'mnt was downsizing. Only wish I had retired when I was 30, shouldn't waste this on old people!

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Re: Who's counting down to retirement?

#13

Post by Lady Fraktor »

Still aiming for 50 (6 years) but will have to evaluate the situation when things start back to normal.
I may have to wait till 55 if this continues...
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Re: Who's counting down to retirement?

#14

Post by Buckethead 2.0 »

Ylem wrote:
Mon May 11, 2020 11:55 pm
Ugh, 124 weeks to go!
Getting close though.
I am hoping to take SSI at age 62.
I really should wait till 65 so I can get Medicare though.

But I can't take it anymore LOL
Can't wait to get out :)
I have roughly 3.5 years to go in order to collect at 62. My thinking is, sure, I will recieve less but for 5 more years so in the end it is more money overall. Several websites give examples, so that's the plan.
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Re: Who's counting down to retirement?

#15

Post by Ylem »

Buckethead 2.0 wrote:
Tue May 12, 2020 6:33 am
Ylem wrote:
Mon May 11, 2020 11:55 pm
Ugh, 124 weeks to go!
Getting close though.
I am hoping to take SSI at age 62.
I really should wait till 65 so I can get Medicare though.

But I can't take it anymore LOL
Can't wait to get out :)
I have roughly 3.5 years to go in order to collect at 62. My thinking is, sure, I will recieve less but for 5 more years so in the end it is more money overall. Several websites give examples, so that's the plan.
I have an article in print that I have not complety read yet.
But it's point is, if you could live off savings for a year your SSI check would be 8% more for the rest of your life.

How much are we earning on savings...

Another idea is to take a "fun" part time job and put off to 63 to get the 8%
I think some math for me is in order.
Clear Skies,
-Jeff :telescopewink:

A bunch of SCTs and MCTs scattered around the house and an Orion ST80.
A big box of Plossls :D
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Re: Who's counting down to retirement?

#16

Post by seigell »

Health Care is likely your biggest bogey - and Prices can be a real Eye-Opener if you come from a Generous Employer-based Plan.

You'll likely have 2x Options open to you: 1) Cobra - where you pay Full Cost to stay on your Previous Employer's Plan for up to 2 years; or 2) ACA (ObamaCare) Exchange - NC participates but without Medicare Expansion - so your Premiums will likely be $800-1000/mo.
Oh, or the 3rd Option: Stay Employed - Tough It Out (unfortunately the only realistic option for Far Too Many...)
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Re: Who's counting down to retirement?

#17

Post by KathyNS »

I am counting up from retirement, seven years ago, at age 58.

I was working from home, one time zone later than the office. When we moved, to three time zones ahead of the office, my boss was willing to make it work. But even with his being accommodating, I'd have had to work 10:00 to 6:30, and that would have killed any kind of social life. So I decided to pull the plug.

The work I was doing was highly specialized, on an obsolete system, and updating my skills for something more up-to-date didn't make a lot of sense at my age.

I had a partial pension from work. I started drawing CPP a couple of years later, and now I get OAS as well, plus some investment income, so we can live modestly but comfortably.
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Re: Who's counting down to retirement?

#18

Post by Buckethead 2.0 »

Ylem wrote:
Tue May 12, 2020 11:01 am
Buckethead 2.0 wrote:
Tue May 12, 2020 6:33 am
Ylem wrote:
Mon May 11, 2020 11:55 pm
Ugh, 124 weeks to go!
Getting close though.
I am hoping to take SSI at age 62.
I really should wait till 65 so I can get Medicare though.

But I can't take it anymore LOL
Can't wait to get out :)
I have roughly 3.5 years to go in order to collect at 62. My thinking is, sure, I will recieve less but for 5 more years so in the end it is more money overall. Several websites give examples, so that's the plan.
I have an article in print that I have not complety read yet.
But it's point is, if you could live off savings for a year your SSI check would be 8% more for the rest of your life.

How much are we earning on savings...

Another idea is to take a "fun" part time job and put off to 63 to get the 8%
I think some math for me is in order.
Never a bad thing to keep doing the math.
~Eric :bandit: |<----------- 6' ---------->| 😷
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Re: Who's counting down to retirement?

#19

Post by pakarinen »

I have a few years to go - too young for Medicare- to collect full SSI and I was thinking I'd probably work until 70 to keep from going crazy. However, we furloughed 250+ employees yesterday. If there's another round and I'm furloughed, I might have to hang it up.

Not sure I want to get back into an hour+ daily commute again. Maybe they'll allow"at-risk" people to work from home when we go back. I really doubt I'll take public transportation unless / until there's a vaccine or efficacious treatment for COVID. And driving 70 miles a day in Chicago traffic is going to get old quickly.

I really don't have any ideas on reinventing myself to keep working if my present job plotzes.
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The window frame.

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Re: Who's counting down to retirement?

#20

Post by hal2000 »

I have 4 months left, going at the end of September. I can hardly wait.
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