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Re: Retiring early - share your experience! Please!

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Message 31 of 96

I retired from the Air Force at age 44 after 25 1/2 years of service, 10 years enlisted and 15 1/2 as an officer, and have only worked about 6 1/2 years in the last 38.  There are two questions you need to answer before you retire at any age because your retirement won't be enjoyable if you don't.  The first one is, how are you going to live on a reduced income and the second is what are you going to do with all your free time.  During my working years I always set my standard of living at no more than 60% of my military pay so, in effect, I was always living on a reduced income.  My wife and I travelled extensively after I retired and my retirement was never boring.  We made two trips to Europe and two to Hawaii and several cross-country trips here in the States.  She had only been in nine states before she met me and had been in 49 states and 23 countries on three continents when she passed away in 2011.  I quit working completely at 55 1/2 and we lived on just my military retired pay from then until my Social Security and civil service retirement kicked in at age 62.     

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Re: Retiring early - share your experience! Please!

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Message 32 of 96

I count myself blessed that I was able to retire at age 55. I worked for the Federal Government for 36 years. I had always planned to work until I was at least 65 years old, but my job had become so stressful that when I turned 54 I told everyone at work that I was retiring on my 55th birthday. Many didn't believe me but when I reached 55 I was out of there and have not regretted for one minute my decision. Also, retiriing gave me a chance to join the greatest group of volunteers ever at AARP.

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Re: Retiring early - share your experience! Please!

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Message 33 of 96

I assume you retired prior to your full retirement age. If true, what they give you now is it. The only increase you'll see would be a COLA and only if Congress elects to give it to you. Next year, all Social Security beneficiaries will see a 2 percent COLA. But that is likely to be offset by an increase in your Medicare premiums that are automatically deducted.

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Re: Retiring early - share your experience! Please!

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Message 34 of 96

I assume you retired prior to your full retirement age. If true, what they give you now is it. The only increase you'll see would be a COLA and only if Congress elects to give it to you. Next year, all Social Security beneficiaries will see a 2 percent COLA. But that is likely to be offset by an increase in your Medicare premiums that are automatically deducted.

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Re: Retiring early - share your experience! Please!

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Message 35 of 96
Does anybody know if you get full retirement benefits when you get to actual retirement age or are we stuck with what we have????
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Frequent Social Butterfly

Re: Retiring early - share your experience! Please!

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Message 36 of 96

To am5488... You were able to do a wonderful thing. Too many of us are haunted by 20/20 hindsight. My grandmother suffered from diabetes. My mother would hide all the goodies whenever my grandmother would babysit us. My mother said if she would have known a week ahead when my when my grandmother would have passed on, she would have hidden nothing; at that point, it would have been too late to hurt her and it would have given her one final pleasure that she missed. I think my Mom was right and I feel bad she carried that regret. 

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Silver Conversationalist

Re: Retiring early - share your experience! Please!

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Message 37 of 96

The chances are your CDs will be safe.  Too many of my friends have mostly bonds in their nest egg.  They are less safe then the stock market and don't provide much better interest than the CD.  In 2007-8 it was the bond market that collapsed eventually pulling the market with it.  The stocks that crash mostly just lost value since there was really wrong with the economy it was just very enimic.  The bad bonds lost all their value.  Nothing was done that might actually prevent that from happening again. We are now a bit worse than we were back then, more not less debt, so this is all very real.  I try to talk sence into my friends but they are too old to think for themselves in the financial world.  They think fine in other areas but not about investing.  I guess there are too many things they need to learn to make a wise decision and they just get over whelmed.  I suggest all of you start reading investment info while you are still 'young'.  That and knowing how to stay healthy are the most influencial for your 70s.  You don't need to buy anything but it took me about a decade to be able to see straight and I still pick up new concepts monthly.    

 

If you held on to your stock during the crash, they would have over doubled by now.

 

I was also forced out in 2009.  Thank God I didn't get laid off in 2008!  I had lost my unemployment by the time the job market opened up some.  I am an aging computer programmer.  No one wants old programmers.  At my first job, all my interviews were over the phone.  I was smart enough to have compiled 20 pages of possible Q&As which allowed me to blow away your competition.  I expected to retire at 65 but I may work until I am 70.  I am a government contractor and that is as long as this contract can last.  This will be my last job.  I don't mind working but job hunting at my age is punishment.  It usually winds up with getting turned down after a face 2 face interview.  It doesn't matter how well you do if the younger guy did OK they hire the younger guy.  I even was told that by my possible manager for one lost job.  She attended both interviews.  She told me I had the best  interview.  Only one other guy knew all the questions but did not answer as thoroughly as I did.   That get very old.  My current job, the manager had references checked before the interview instead of after they decide to hire you.  I kept the project I was on on schedule because I out produced the other 3 programmers combined.  2 of them made more money than I did.   I only wanted a 6 month job to last me until 66 but I will stay here till they pull the plug on me.  Our savings grew since we are still packing away max amounts in all possible ways. If you can delay retiring, your pocket book will thank you. I need a back and new knees and I hope I can hold off that long.  By putting off retirement, our combined nest egg is now producing more than my gross salary.  We have more money than I had ever dreamed we would have.  Our investments made triple what we averaged over the last 30 years.  By the time my wife retires, we may make more than we do now with 2 salaries. My younger wife will retire a few years later.  Now that we are set with a very livable retirement income and each year that grows. We are starting to take nice vacations. I used to penny pinch but not any more…

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Re: Retiring early - share your experience! Please!

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Message 38 of 96
To Hikermama and Nyadrn...

Thanks for the kudo--appreciate.

One thought too I failed to answer was...buy or rent? We elected to rent. We can rent here in Mexico for 25-30 years for what it would cost to buy & maintain a house. At our age, we thought renting was better in retirement. Ask yourself...if one spouse were to become disabled or die, do you want the survivor to be faced with trying to sell? If both died, we didn't want that added burden on our daughter to try to sell a house in Mexico, which might take 18-36 months unless you discount the selling price to quickly unload. It's a personal choice, but I've seen too many tragic stories when the unexpected happened & so rental works better for us & our future.
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Conversationalist

Re: Retiring early - share your experience! Please!

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Message 39 of 96

explain 'respected' social butterfly, please...  Smiley Happy

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Treasured Social Butterfly

Re: Retiring early - share your experience! Please!

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Message 40 of 96

m800369d wrote:

2nd day of retirement at 64..not sure yet...have many "To-Do's" before, I can find my own time. Had to move on,  job was killing me stress wise. Spouse is retiring in December...maybe when we are together... this time feels more uncertain.


@m800369d  Best wishes to you.  Let us know how things are going!

 

 

Life's a Journey, not a Destination" Aerosmith
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