Getting ready to enroll in Medicare? AARP’s Medicare Made Easy has the resources you need to help you make the right choices.

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Re: Wondering if I made the right decsion

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Message 11 of 24

Get it now.  The only way you could make an accurate decision would be if you knew when you would die.  

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Re: Wondering if I made the right decsion

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Or LogicsHere, you can take your SS as early as you are eligible and invest it.  There are def 2 schools of thought on when to take your SS benefits.  Since living until 70 is an unknown but getting that monthly check back from the gubbermunt and choosing to invest it is a definite, controlable situation.........I chose that route and it's served me very well.  I get a little tired of reading how you'll be 8% wealthier if you wait until 70 (not from you, AARP friend, but from all the investment gurus and financial newsletters).  I've easily averaged 6% on my SS income and that's a conservative amount my CPA calculated over the last 5 years and it's money in my bank, not Uncle Sams!  I know that doesn't work for everyone, but neither does waiting until you're 70 and not seeing a dime if you check out before then!

amcoffiebean
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Re: Wondering if I made the right decsion

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I had only found out a year ago January that I was entitled to receive my husband's SS Survivor Benefits.  As I was just about to apply for them, I was let go from my job.  I chose to take the Survivor Benefits and supplement with some money from my 401K and when I reach 70 apply the the benefit against my own work record because it is significantly higher.

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Re: Wondering if I made the right decsion

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Message 14 of 24

You did yourself an injustice by not taking your SS at age 70 as the 8% increase only applies up till age 70.  Also, the year following your 70th birthday you could have made unlimited money with no effect to your SS.  You lost a ton of money.

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Re: Wondering if I made the right decsion

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Thanks that was helpful. I have been on the gerbil wheel for 40yrs.. Right now I am training my replacement and  having to constantly remind myself that he's going to have a different way of doing things. I'm having to let go of a job that has basically been my baby and handed to someone else. 

 

 I have no intention of just sitting around the house when I retire. And I know I making the right decision. But it's like you said, when you have been running at such a fast pace for so long it's hard to just suddenly Stop and let go. 

 

Thank you for the insight.

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Re: Wondering if I made the right decsion

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Even though I didn't retire when I was in my 50's I made a major career change. It wasn't only a total change, I began working out of my hubs home office which was a drastic change from the go-go-go 3 piece suit type of career I gave up.  I didn't really feel depressed but I felt a lot of anxiety from the almost-immediate slower pace.  It was extremely hard for me to adjust to having more free time, less pressure and not being so responsible for my career decisions as when I was self-employed.  After a few months of this, and while chatting with some past-career friends over dinner one night, one of them hit the nail on the head to describe what was happening with me.  I'd been in that one career for 26 years.  She said "it was your identity, it was who you were most of the time" and bingo, $200/hr on the couch couldn't have put it any better.  I often worked more than 5 days a week; and some really close friends developed out of my career, just being friends with neighbors or old school chums faded to be replaced by business friends. I was very shocked because I looked so forward to living a quieter lifestyle with normal M-F 9-2PM job, I was really ready and never regretted the decisions, but there were some surprises I didn't anticipate........you may be depressed or you may just be suffering from losing your identity for little awhile.  Now I look back and wonder how I stood it as long as I did..........keeping up that pace for so long.

amcoffiebean
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Re: Wondering if I made the right decsion

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For me, retirement was easy. I retired at 67, and I've found that I have so many things to do, my only frustration is lack of time.  Someone characterized retirement as "doing nothing".  Wow, so far from the truth.  I, and pretty much all the retirees I know, are very busy and only complain about the lack of time to do things and how fast time flies.  I have many interests, a good group of friends, and volunteer activities as well.  I think it depends a lot on interests one has outside of work.  If you don't have any, retirement is the time to get some.  It's really pretty wonderful.  Hope it works out for you, but you have to make it work yourself.  Good luck.

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Re: Wondering if I made the right decsion

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@Midgiesmom wrote:
Hi everyone: Don't know if this topic is of interest but I'm 63 and last year I made the decision to begin collecting my social security. I have worked full-time for over 45 years and decided it was time to dial it back and do other things. After talking with my employer about it, they asked me to stay on at least part-time and I have agreed to do that since I will likely have to work in some capacity the rest of my life. Anyway, I have been looking forward to this new chapter in my life and we recently hired my full-time replacement. Now suddenly, I find myself depressed. What should be a time of looking forward to new possibilities and adventures is turning into a time of sadness. Has this ever happened to anyone else? And what do I do about it?

Hi

 

It is not surprising that you are feeling conflicted.. this is one of the more difficult decisions you make in your lifetime.  It defines the separation of you as a retired person from you as an adult worker, or the ending of one chapter of your life into another and they are often the largest group of years in our lives.  Work can be our meaning and value, our social  outlet, our place of learning,etc.  So give yourself some time to get used to the change.  You are not making a complete cut off, you are transitioning to part time.  You will still have many of the benefits of working and less hopefully of the stress.  Best wishes!!

 

ps  I am still working full time and have all the same concerns that you do : )

Life's a Journey, not a Destination" Aerosmith
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Re: Wondering if I made the right decsion

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I did not take my S.S. until I was 72. I worked till then also. Retired with a 40 yr. pension, 401K money and the max for S.S. I was widowed at 48, my children were grown and married and I wanted to keep and maintain my home. This was the right choice for me, because of my circumstances. I did take my husbands S.S. when I turned 65, because he had been self-employed it was not large, but it was a nice sum to invest. I did not need it to live on because my job paid well.

When you choose to take your S.S or to retire is a personal decision based on what you want and certainly what your circumstances are. Look at it realistically and realize that it going to be different than when you were working, make sure you have enough money to allow for emergencies and inflatiion and to live your way.

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Re: Wondering if I made the right decsion

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I am 65 and have started to dial back on my work; however, am fortunate enough to defer taking Social Security for a while. I hope to wait until I'm 70 to start drawing it, so I can get the maximum payments. Next year at 66, I can begin taking Spousal Benenfits on my wife's Social Security (she's already drawing SS). I believe this decision, has to be based on your individual circumstance; e.g. health, other sources of money.

 

As for working, I have made the decision to sell  a business I created a number of years ago, and work only part time (picking and choosing my projects). I have also reinstituted a law practice, focusing on appeals, where I can have better control over the work flow than if I were to open a litigation practice again. All this is so I can continue to bring in some money, while increasing my time off and freedom to travel with my wife.

 

I am trying to walk a line between becoming completely consumed with work again, and doing "nothing". I can certainly identify with the feeling of depression, especially as I was closing our office and packing up and throwing out stuff. Memories! I think the trick may be to take things as they comein the 2 new avenue I've opened...and if nothing comes in, then there are all the wonderful things I want to do anyway in retirement!

 

Good luck and thank you for sharing.

 

CLH

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