Aldeer.com Forums Alabama Deer Talk Aldeer General Forum Another reason to retire at 62 post

I'm 50 and have full plans to fully retire at 55. I'll start drawing SS at 62. I want to LIVE LIFE and enjoy it. I will not be tied down to this damn place called work.

Thats why i retired at 55 u ain't climbing the hill anymore u going down and faster than u went up. Better enjoy something besides the system

I make what I would consider to be really good money but the stress of it is killing me. What it has taught me is that money isn’t everything. The problem though is, for me, I have three boys all in college and can’t afford to make a change. If I weren’t paying for that, I would have called it quits already and found something much simpler. Instead of telling my boys to make career choices based on a high income, I tell them to find something they enjoy and can make a living at, but something they can also easily make a change in if they ever decide to. I also tell them to start saving and maxing out a 401k from day one. Don’t let their income dictate their lifestyle.

I make more money retired, than I did working.

But I don't spend as much. Especially on gas.

This is me.

Once I built my retirement spreadsheet back when I was 60, I figured out that I could make more money retired than working. I told my boss that and he was like "What does that mean?" I said, "It means we need to start training my replacement."

If you count what Boho and I have made on our 401k's since I retired 27 months ago, plus my pension, plus her S.S. (I'm not taking mine until this September) and add all that up we are making way more money than when we both worked, and spending a lot less even with our travels.

People need to pack those 401k's early and often, fill them with ETF's and work up to putting the max in there that Uncle Sam will let you. Then sit back, relax, leave them alone, and let time and compound interest work for you.

Here's the thing about taking you SS early, as at 62...

Scenario A

You WANT to retire early.
You have a nice 401k.

Then yes, take it early and leave the money in your 401k to grow and depending on how much money you have in there the 401k might just outgrow the money that you are going to miss later on by not waiting later to take SS.

Scenario B

You have health issues and you really can't work.

Well, then you may need to take SS at 62.

Scenario C

You want to keep on working.

Well, that's a no brainer, then put off taking it until full retirement age, keep working and double dip, or wait as long as you want. More power to ya.

There may be more scenarios than that, but that's all I can think of now. And of course paying for healthcare may be a factor too.

im retiring at age 44 with full state of alabama retirement (25 years). company i work for will pay my insurance until i hit medicare age.
house will be paid off before then, my truck and daughters car paid off, wife car will still have a payment.

wife works for Board of Education and will have insurance through them

I guess I am scenario D. Served and retired after 20 years military, then, spent 20 years as a DoD (W) civilian. Tricare is fairly cheap at about $600 a year for medical insurance. So I have two pensions that are reasonable. I also have TSP, and other interests such as gas well leases because of mineral rights. No since working when SS and the civilian annuity matches my recent pay. I'll stay at home and not put up with the traffic, supervisors, and BS.

Turn 69 next month, still FT employee. Been drawing SS since I reached the 67 1/2 age set by SS. My SS check goes directly into a money market account until I retire. I call it my "Moving Back to Texas" fund since I promised The Boss we would move closer to the grand kids after I retire.

Make too much to draw anything. Will start at 67. 2 1/2 years to go

I retired two years ago in your same scenario with 24 years active duty then 18 years civil service. Once you start using Medicare, your Tricare will become Tricare for Life and it will be your supplemental plan to Medicare. You’ll have to pay Medicare premiums based on your income but the TFL is free and it picks up all your copays and deductibles from Medicare. So far, I’ve been very pleased with the overall coverage. Not quite the “free medical care for life” promised when I was commissioned in 1981, but it’s pretty close. Enjoy your retirement, I’m certainly enjoying mine.

Thanks JA. Yeah, Medicare has been in the back of my mind and I wondered what Tricare will do. Appreciate the info.

I'm on Tricare too.

Tricare for me three.

20 year retired veteran pulling the pension. VA disability as well. Been at my current job for a little over 12 years and make good money and the best 401k around. I'm pulling the plug at 55 in 4.5 years and playing on the "rule of 55" for my 401k. 7 years later, at 62, I'll start drawing SS. The math I've done will have my wife and I living nicely, even before we touch our SS at 62. I'm happy with this.

Thank all you veteran's for your service, Ya'll deserve to retire early and well off!

I’m hoping to retire at 72. Kinda ticked I didn’t plan better and sooner but it is what it is. Thank God I enjoy what I do. I’m looking at 3 of my classmates who graduated with me and they are done with eyes. Traveling. Time at 2nd homes. Living the Irishguy life!👍🏻

We didn't start getting serious about investing in our 401k's until I was 50. So it is not an insurmountable challenge.

Looking back at Irish’s post. If you have a 401k with your employer, how can you put ETFs in there since they have a 3rd party (Vanguard) managing the fund?

Most 401k's that I have seen all have ETF's as choices.

Wife’s health insurance is the reason I’ll work 2yrs & 10 months more to get to 66-1/2yrs old. I have a work project to get completed by early June of 2029. Then I can walk with 3 streams of dollars and less time to cover her insurance. Also, maybe a hobby farm income that covers the cost of hunting without getting in the way of it. But there’s a chance I’ll work 3 more days and walk or 6.5 more years.