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Conversationalist
Posts: 7
Registered: ‎06-14-2010

Re: Retiring early - share your experience! Please!

Message 11 of 74 (565 Views)

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.

Conversationalist
Posts: 7
Registered: ‎06-14-2010

Re: Retiring early - share your experience! Please!

Message 12 of 74 (422 Views)

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.

Info Seeker
Posts: 2
Registered: ‎06-16-2012

Re: Retiring early - share your experience! Please!

Message 13 of 74 (421 Views)
Does anybody know if you get full retirement benefits when you get to actual retirement age or are we stuck with what we have????
Frequent Social Butterfly
Posts: 131
Registered: ‎12-11-2013

Re: Retiring early - share your experience! Please!

Message 14 of 74 (344 Views)

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. 

Bronze Conversationalist
Posts: 23
Registered: ‎11-14-2012

Re: Retiring early - share your experience! Please!

Message 15 of 74 (360 Views)

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…

Bronze Conversationalist
Posts: 27
Registered: ‎02-01-2011

Re: Retiring early - share your experience! Please!

Message 16 of 74 (368 Views)
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.
Info Seeker
Posts: 3
Registered: ‎02-10-2010

Re: Retiring early - share your experience! Please!

Message 17 of 74 (429 Views)

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

Respected Social Butterfly
Posts: 35,643
Registered: ‎02-27-2008

Re: Retiring early - share your experience! Please!

Message 18 of 74 (427 Views)

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
Respected Social Butterfly
Posts: 35,643
Registered: ‎02-27-2008

Re: Retiring early - share your experience! Please!

[ Edited ]
Message 19 of 74 (389 Views)

uechapa wrote:

>>

My advice to my children and grandchildren is to enjoy life daily but also plan for their turn at retirement so they can continue life with the same standard of living:  live for today and tomorrow too.  Enjoy life on 80% of your gross and save 20% for your tomorrows, and may there be many.


Congratulations on achieving a very successful retirement. As you said, that doesn't just happen. It takes planning and work but is worthwhile! I am pretty close to that last day! 😀

Life's a Journey, not a Destination" Aerosmith
Conversationalist
Posts: 7
Registered: ‎06-14-2010

Re: Retiring early - share your experience! Please!

Message 20 of 74 (441 Views)

I retired at age 65 mainly due to family needs as my wife who can no longer drive herself needed transportation to doctor appointments and I found it harder to get time off from work for such needs as I was in competition with nearly all my co-workers. So I finally decided to stay home and applied for retirement. I was old enough to get Medicare, So a major hurdle was cleared, health insurance. I also realized that it was time to retire anyway as I was beginning to have health issues of my own. Also the workplace was changing as such that I no longer felt I belonged there. Sure I missed the public contact and my fellow co-workers. But the pressures of the job were getting increasingly difficult to adjust to. So it was a relief to retire. And a joy to stay in bed in the morning listening to the younger neighbors of ours go to work each day and not having to join them. Now I could go shopping during the weekdays instead of weekends. And I could take a day trip out of town to shop or visit. One adjustment was not having to schedule doctor's visits just on my regular day off from work. Everyday was Saturday from now on!