[twov8sandat4]

Retiring this year after 35 years of working in public power. I will be 56 this summer. I am an engineer by trade, but have been babysitting adults for the past 10 years, which has been taking a toll on me. I am not the traveling/golfing type, so I will continue working, but as a consultant on my time and doing real engineering work again, and hopefully have some spare time to work on the cars

[nUcLeArEnVoY]

That's the joke I was making. It's damn near impossible to save these days for most people. I'm blessed in that I'm actually able to, but only recently was that opportunity afforded to me once I became an RN. Now I'm over-saving to make up for lost time.

[GTOLiam]

Originally Posted by jhein

We actually have enough money to retire right now, but my wife is only 55 so she can't access her 401k money yet which makes up about 30% of our savings. I turn 60 in about 3 weeks. So the plan is to retire once my wife turns 59 1/2 when we can access all of our money.

Did you check to see if the 'rule of 55' applies to your 401k - my company allows this exception on mine. Can't use funds in Roth or other until 59 1/2 though without penalty.

"The Rule of 55 allows you to withdraw funds from your 401(k) or 403(b) without incurring the 10% early withdrawal penalty if you leave your job in or after the year you turn 55. However, you will still need to pay regular income taxes on the amount withdrawn"

[Ben M.]

Originally Posted by 71GP76TA

I'm in the central valley and can't wait to get out.... When I moved out here from the bay area 20 years ago it wasn't that bad.. though it wasn't that great..... Now??? I hate it...

Ooh yeah. A friend of mine grew up in Fresno and had absolutely nothing but horrid things to say about it and he left there 20 years ago. He and I both had just moved to the Bay Area and while there were things to hate about it, it was much better than the central valley! When our kiddo woke up on a long road trip she saw palm trees and was so excited "CALIFORNIA!!!" We didn't have the heart to tell her it was just Bakersfield...

[b-man]

Originally Posted by GTOLiam

I'm coming up on retirement at an early age, going to pull the pin around 58, and doing some research on taking SS. Would you mind sharing why you held back taking when you retired at what sounds like 62 1/2?
Tax benefits? Keeping yearly income low for ACA? Guaranteed investment at 7-8% each year you wait versus higher but risk prone market? Pushing out the bottom lower income years in the 35 average?
Whenever I run the numbers in those Monte Carlo retirement type of simulators, I'm always better off taking it early at 62.
Thanks!

I’m putting off collecting for most of the reasons you mentioned.

One main driver of my decision is my foreign born wife of 13 years and American citizen cannot collect SS on her own earnings history, however she will be able to collect 50 percent of my award. So in my case getting the highest payout possible for her future is a priority.

Doing the numbers the payout collecting early versus late crosses over at around 80 years old. From age 80 onward that extra money every month would definitely be good to have. So everyone’s situation is different which affects when would be their ideal time to take SS.

I’m gonna roll the dice, not planning on checking out early….

[tooski]

Originally Posted by Keith Seymore

Go out to lunch? Used to take between 30 and 90 minutes. Now? All day.

Put gear lube in a Ford nine inch? All day.

Mow the lawn? Used to be a couple hours. Now? All day.

Grease the chassis on the Chevelle? All day.

I guess work really does expand to fill the time available for its completion.

K

Ditto.
Drive my car 5 miles and back to pick up my mail. All day.

[jhein]

Originally Posted by GTOLiam

Did you check to see if the 'rule of 55' applies to your 401k - my company allows this exception on mine. Can't use funds in Roth or other until 59 1/2 though without penalty.

"The Rule of 55 allows you to withdraw funds from your 401(k) or 403(b) without incurring the 10% early withdrawal penalty if you leave your job in or after the year you turn 55. However, you will still need to pay regular income taxes on the amount withdrawn"

I've never heard of that before. I'm checking with my HR dept. Thanks for the tip.

[SRR]

Does anybody know why they still take SS out of your pay even when your full retirement age and working full time?
SS is also famous for "over payments" so be wary of that.
You should also base taking SS later on family longevity. If most of your relatives hardly make it past their early 60's don't wait!

[Formulas]

I took my SS as soon as possible simply because our wonderful government was more busy giving a drop dead date on reduced payments rather than shoring up the system that has since then proved to have been raided bigly by my fraudulent uncle Sam, I am still on the fence as to whether the system will see better days or not.

I retired age 57 in 2015 in CA. raided my 401K with the RULE of 55 to buy in WV. outright, Sold 2 houses in CA bought my sisters house in Ohio when she passed away sat on that then sold it after 4 years all this is why i stayed out of the stock market had to let the dust settle on tax's finally after this years tax season all that is past me and now getting back into the stock market starting this April

My initial re'entry was based on the Newsmax IPO which started trading April 1 and i have been buying low numbers of shares on dips (about 15 companies now) i have much more to buy because you don't run in and flop all your cash down at once (dollar cost averaging) but in the first 3 months i have a 6703.00 gain with a 5000.00 start to a now 27991.00 cost basis

Not bad for a part time job and anybody can do it

[68bird400HO]

Originally Posted by GTOLiam

I'm coming up on retirement at an early age, going to pull the pin around 58, and doing some research on taking SS. Would you mind sharing why you held back taking when you retired at what sounds like 62 1/2?
Tax benefits? Keeping yearly income low for ACA? Guaranteed investment at 7-8% each year you wait versus higher but risk prone market? Pushing out the bottom lower income years in the 35 average?
Whenever I run the numbers in those Monte Carlo retirement type of simulators, I'm always better off taking it early at 62.
Thanks!

I've modeled when to take SS too and agree that it is better to take it earlier as long as you can earn 5%+ on your savings. Essentially, if you are getting SS then that is nest egg money you are not using and is earning a return. It becomes less true if you live past 90, but then the difference is marginal.

However, none of this modeling accounts for the ACA subsidies. Here you want to keep your reported income low. So with that I think taking SS when you get on Medicare is a good strategy. It is a little more complicated if there is a big age gap with your spouse.

[68bird400HO]

I just turned 59 and will be losing my job as my company has decided to cease operations at the end of this year. My last day is next Tuesday, and I think I might just retire now. I have some savings, no debt, kids through college, and a small pension coming at 65 to add to SS. I just want to make sure I can stay mentally and physically active.

[Bills Auto Works]

I have only read about half of the posts on this thread as of m y posting, but I agree with Bart......

Everyone's situation is different & mine is WAY different! I love what I do & except for dabbling in a few different positions in the mid 80's. I have been self-employed since 1983.

I have never even thought about SS, don't have a 401K & feel like I have always been way better off without adding all of that stress & anxiety to my life.. I don't know that I would EVER completely retire as again..."I love what I do".

My Lovely Wife works for the feds in HHS & I had been urging her to retire as soon as she could, but now because things have gotten SO much better since the last election, she is now going to wait until 2026 to retire which is fine with me because again...."I love what I do". That old saying is 100% true! If you love what you do, you will never work a day in your life!

God Bless
Bill
https://www.jalopyjournal.com/forum/...closed.614419/

[Formulas]

......... Failure to plan is a plan to fail ... With that said i agree with the statement that everyone's situation is different.... A successful person will critically look deeply at every aspect of their life and decide a course of action based on their findings ditching what doesn't work well and incorporating a plan for things that have a higher chance of success,,,,

It takes action ya might have to fight a bit of fear of the unknown to get it done..

[jhein]

Originally Posted by GTOLiam

Did you check to see if the 'rule of 55' applies to your 401k - my company allows this exception on mine. Can't use funds in Roth or other until 59 1/2 though without penalty.

"The Rule of 55 allows you to withdraw funds from your 401(k) or 403(b) without incurring the 10% early withdrawal penalty if you leave your job in or after the year you turn 55. However, you will still need to pay regular income taxes on the amount withdrawn"

OK, well no "rule of 55" for my plan. That's OK though. Right now we're only working 2 days a week so we can keep up that rigorous pace indefinitely.

So if we work another 4 years, we'll have enough money so that we'll be earning much more in interest than we need to maintain our current standard of living and accounting for inflation.

[carbking]

Retirement ??? Isn't that a disease that has been cured???

If our Lord is willing, I will turn 80 next year.

Have owned my own business since 1974.

I ENJOY what I do!

If one of you young whippersnappers wanted to buy the business, I would consider retiring, but have not done so yet.

Knew several folks that couldn't wait until they could retire, then dropped dead within 3 months from boredom, too much beer, too much TV, too much.......

Since 1974, 84 hour work weeks have slowly dwindled to 36 hour work weeks; I spend more time with my family. I did have to greatly reduce telephone hours to 2 days a week (if I answered the telephone 24/7, ALL I would accomplish.........would be to answer the telephone).

When younger, we planned family outings to coincide with swap meets and car shows (we had to jump through some hoops the first year to convince the local educators that planned road trips could add to a child's education). My folks had a motor home, and we towed my van. Would set up at the show with the motor home, and various family members would take the van and go places. The kids saw a lot of interesting areas.

Anyway, not sorry that I did not retire ! Have truly lived a blessed life. No regrets.

Jon

[BILL BOWMAN1]

Part time more than likely, not only do I need some kind if structure in my life, theres just too many cool parts I want to buy!!

[Hunter98TA]

Got laid off in March after 8 years at a Cold Storage Trucking company doing OS&D and claims. Went until early June when I stumbled into another job at a cold storage, packing and trucking company doing customer service, scheduling and problem solving. Now doing 58-62 hours a week after just 3 weeks and it's now coming up on their "busy fruit season".

This is coming from a 66 year 8 month old man with a HS education (read that as SS eligible). I was young dumb and making a LOT of money in the 80's 90's and early 20's. Just didn't invest it right. Like how dumb was I to miss out on the Cisco IPO. 100 shares could have been mine. rats

At least I taught my son and daughter to NOT follow Dad's retirement plan. It worked, they're doing fantastic

[Trulyvintage]

Interesting thread & timely for me.
Currently, I am in Coeur d’Alene Idaho
where I lived in the mid 80’s and
where my oldest daughter was born.

I have been self employed since I
served my apprenticeship as an electrician
and earned my electrical journeyman’s
license and first electrical contractor license
here in Coeur d’Alene.

Social Security and 401(k) are not options
for me, for my oldest daughter they may
still be available when she retires.

She currently has 3 jobs, working in the garden department at Home Depot and driving a step van for Amazon and cleaning houses and apartments.

Home Depot and Amazon have full benefits
and flexible schedules for her.





She has applied to the state of California to be a lifeguard and has passed the first two steps which included a background check and
polygraph test, the last step is the physical
test which is next month and she is training
her best to pass that too.

The pay and benefits while being a cadet
are good, lifeguards carry firearms and go
thru the same academy as police officers.





It must be difficult for folks of this generation in their 30’s and 40‘s who are trying to find stable employment with a company that will be
able to pay benefits and a pension
when they retire.

Jim

[vertigto]

Pension...what is that? Seriously...unheard of these days in the private sector.

If I loved what I do (clinical research), I would never retire. I need activity to stay sane and motivated. Unfortunately, I am tired of my chosen career (it has always been a 'job' and not a lifelong ambition)...but has paid decently. My fault for not doing what I love, but bills have to be paid. At 59, I am looking for a low stress opportunity (unfortunately lower income) to pay for health insurance and pursue my hobbies (cars and music). I've saved pretty diligently, but (by the interwebz) standards, I need @ $1.2 - $2 mil in the bank. I'm not looking to outlive my savings.

[1965gp]

Yea no one getting a pension these days unless it’s some sort of government job. I’m almost 50 and plan on going till I’m 70 but a lot can happen in 20 years. Goal is to have both kids through school (youngest is a senior in HS) by 55/56 and the house paid off around 60.

Then decide if we are going to stay here and if we do, probably remodel the house. A lot will depend on where the kids set their roots.