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Dave, this is so true.
I'm enjoying the EXTRA time I spend with my grand children. :good2:

The first year of retirement, I tried to catch-up on the thing I didn't have time to do while I was working. I actually over-worked myself and thought I was loosing my mind. Since then, I've gotten my head straight and I only do the thing that absolutely need to get done. I've learned to continue to NOT do the things I don't HAVE to do. Someone else will have to do it long after I'm gone.
Aaaahhh, you learned the secret. Priortize. Do the most important things first, then if something doesn't get done, it is not as important.

Dave

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Usually both

As far as the work around the house and property - it’s always been a battle between time and money for me. Still is. Went from one extreme to the other.....
LOL, you are lucky. I'm usually short of both time AND money. I think the saying a "a day late and a dollar short" was made up just for me.

The above being true for almost all of my life, now that the kids are mostly on their own I'm only 50 cents short. Still, I think by this time next year I will have either pulled the trigger or am very close to it. I'm already eligible for Medicare, my wife will be so at least we will have some idea about health insurance. I think I can make up most but not all of our current income by SS, 401 K/savings/investment withdrawals and possibly either some PT work or farm income. By then, we will have no significant debt and pulling the trigger is looking better and better the longer I work.

I'll miss work. I'll miss the people and the challenge. I'll really miss the paycheck and won't be comfortable watching savings dwindling rather than growing but neither do I want to work until I fall over and they kick dirt over me.

I'll probably work almost full time on the farm but won't have night meetings and weekend conferences to deal with on top of work during the day. I'll actually be able to plan some of the farm work rather than catching it in partial days away from my regular job. It will be a bit weird to have almost control of my schedule except for my better half's input. She's already pretty much told me that I won't sit around the house, which was fine- I'm not planning on that anyway. I'm used to working way over 40 hours a week plus any farm time I can manage so to be working only daylight hours will be a new adventure.

Treefarmer
 

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LOL, you are lucky. I'm usually short of both time AND money. I think the saying a "a day late and a dollar short" was made up just for me.

The above being true for almost all of my life, now that the kids are mostly on their own I'm only 50 cents short. Still, I think by this time next year I will have either pulled the trigger or am very close to it. I'm already eligible for Medicare, my wife will be so at least we will have some idea about health insurance. I think I can make up most but not all of our current income by SS, 401 K/savings/investment withdrawals and possibly either some PT work or farm income. By then, we will have no significant debt and pulling the trigger is looking better and better the longer I work.

I'll miss work. I'll miss the people and the challenge. I'll really miss the paycheck and won't be comfortable watching savings dwindling rather than growing but neither do I want to work until I fall over and they kick dirt over me.

I'll probably work almost full time on the farm but won't have night meetings and weekend conferences to deal with on top of work during the day. I'll actually be able to plan some of the farm work rather than catching it in partial days away from my regular job. It will be a bit weird to have almost control of my schedule except for my better half's input. She's already pretty much told me that I won't sit around the house, which was fine- I'm not planning on that anyway. I'm used to working way over 40 hours a week plus any farm time I can manage so to be working only daylight hours will be a new adventure.

Treefarmer
Once you retire, you will find that your expenses will be lower and you will not need as much income. You also need to stop and think about what you are spending money on and determine whether you really need to do that. I turned my 401K into a lifetime annuity and combined with my SS, i am doing just fine. I am already into their pocket on the annuity.

Dave

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Hopefully true

Once you retire, you will find that your expenses will be lower and you will not need as much income. You also need to stop and think about what you are spending money on and determine whether you really need to do that. I turned my 401K into a lifetime annuity and combined with my SS, i am doing just fine. I am already into their pocket on the annuity.

Dave

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I hope you are correct about not needing as much income. In our case, I'm not convinced that will be true as we really don't spend money on many extravagances just as a matter of how we live. I'm sure we can cut expenses, that's almost always possible but we don't eat our frequently except for when I"m on the road and that's usually McDonalds or something similar. Gas expense will be about the same or higher as I drive a company vehicle and can stop at the grocery store on the way home if I'm not too late for the stores. Insurance won't really change, health insurance may drop a little but not a whole lot if we get a Medicare supplement. I don't spend a lot on clothes- that won't change.

One advantage of not earning a lot of money for my working career is that we live fairly frugally. If I went for lattes every day or ate at restaurants 3-4 times a week our bought new clothes every month, it would be easy to cut expenses. It's not so easy to trim the fat from a skinny piece of meat, lol.

Treefarmer
 

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Once you retire, you will find that your expenses will be lower and you will not need as much income. You also need to stop and think about what you are spending money on and determine whether you really need to do that. I turned my 401K into a lifetime annuity and combined with my SS, i am doing just fine. I am already into their pocket on the annuity.

Dave

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How long did that take? Getting ahead on the annuity.
 

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How long did that take? Getting ahead on the annuity.

It will vary with each person. Take the amount you are putting into the annuity and divide by the amount of the monthly income. For example, take $100,000 with a monthly income of $500. That equals 200 months or 16 years and 8 months, not allowing any credit for interest they have built into it. They have charts to figure out your expected longevity and that is how they construct the monthly income. They are going to be sorry they ever heard of me as I plan to break the bank.

Dave
 

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When I retired, I rolled my 401K into an existing, qualifying IRA. I only draw(monthly) a portion of the Interest it make. The Principle, along with the remainder of the Interest stays in the account and contentious to grow. :thumbup1gif:
 

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This is a timely discussion for me, I really appreciate all the comments you guys have made. In fact I was just running my pension calculator again this morning looking at different options. I just turned 61 this year and so far my earliest retirement date looks like April 1 2021 from a financial perspective. I struggle with "money vs. time". If I work to 65 it has a huge financial benefit, but at 62 it is still respectable. But knowing me, I'll always be in the middle of something major at work and not want to leave it to someone else to screw up, let me do that, :laugh: Seriously though, I just want to disconnect from the corporate/government BS that I am buried in every day and feel like myself.
 

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This is a timely discussion for me, I really appreciate all the comments you guys have made. In fact I was just running my pension calculator again this morning looking at different options. I just turned 61 this year and so far my earliest retirement date looks like April 1 2021 from a financial perspective. I struggle with "money vs. time". If I work to 65 it has a huge financial benefit, but at 62 it is still respectable. But knowing me, I'll always be in the middle of something major at work and not want to leave it to someone else to screw up, let me do that, :laugh: Seriously though, I just want to disconnect from the corporate/government BS that I am buried in every day and feel like myself.
When they changed the age for full retirement I made up my mind. Instead of full benefits at age 65 I would have to be 66 years and 7 months old. That pushed me over the edge to retire at 62.
 

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When they changed the age for full retirement I made up my mind. Instead of full benefits at age 65 I would have to be 66 years and 7 months old. That pushed me over the edge to retire at 62.
coaltrain-i thought we was the same age:dunno:
 

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When they changed the age for full retirement I made up my mind. Instead of full benefits at age 65 I would have to be 66 years and 7 months old. That pushed me over the edge to retire at 62.
coaltrain-i thought we was the same age:dunno:
I think so......
so ur saying ur gonna give up ur disability check for SS then at 62?
do they push u to go to SS at age 62 instead of waiting till 65-or as u said 66 and 7 months which would be the same for me

wonder if then SS will be a less of income at that time?

just wondering cause we are the same age bracket-born in 58. u are the only person i know that is getting medical disability the same as i am.

my cousin's husband was drawing the same thing as us--we had talked about this a few times, then he passed away before he turned 62:dunno:
 

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so ur saying ur gonna give up ur disability check for SS then at 62?
do they push u to go to SS at age 62 instead of waiting till 65-or as u said 66 and 7 months which would be the same for me

wonder if then SS will be a less of income at that time?

just wondering cause we are the same age bracket-born in 58. u are the only person i know that is getting medical disability the same as i am.

my cousin's husband was drawing the same thing as us--we had talked about this a few times, then he passed away before he turned 62:dunno:
Heck no - not touching anything. Probably can’t anyway.

I was just talking about before all this - our regular retirement age was 66 and 7 months. Had this not all happened to me I would have taken it at 62 for sure.
 

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Just my opinion here, but I'm going to retire in 6 months and just went to a seminar about retiring and when to take social security.

Hold off as long as possible. The reason to take it early is if you have a family history of a short life. If you need the income at age 62 to retire at that age, you should probably wait.

They also said if you are near retirement age, don't worry about SS going away, its going to be there. Younger people will see the full retirement age keep getting higher.

Another point they made is there are cost of living increases for SS. If you retire at 62 you get about 75% of full benefits. If you take benefits at 70, you get 125%. Do the math on the cost of living increases and you are getting a lot bigger bump if you hold off.

You can retire when ever, its just an advantage to wait longer to take SS if you plan on living a while. You can find some info that will calculate how long you have to live to make up for waiting to retire.
 

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Just my opinion here, but I'm going to retire in 6 months and just went to a seminar about retiring and when to take social security.

Hold off as long as possible. The reason to take it early is if you have a family history of a short life. If you need the income at age 62 to retire at that age, you should probably wait.

They also said if you are near retirement age, don't worry about SS going away, its going to be there. Younger people will see the full retirement age keep getting higher.

Another point they made is there are cost of living increases for SS. If you retire at 62 you get about 75% of full benefits. If you take benefits at 70, you get 125%. Do the math on the cost of living increases and you are getting a lot bigger bump if you hold off.

You can retire when ever, its just an advantage to wait longer to take SS if you plan on living a while. You can find some info that will calculate how long you have to live to make up for waiting to retire.
So who has that elusive crystal ball?
 

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ddinham - prioritizing is important, as is pacing. Me? Many days, I start slowly, and then taper off from there.

Brian

Aaaahhh, you learned the secret. Priortize. Do the most important things first, then if something doesn't get done, it is not as important.

Dave

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so ur saying ur gonna give up ur disability check for SS then at 62?
do they push u to go to SS at age 62 instead of waiting till 65-or as u said 66 and 7 months which would be the same for me

wonder if then SS will be a less of income at that time?

just wondering cause we are the same age bracket-born in 58. u are the only person i know that is getting medical disability the same as i am.

my cousin's husband was drawing the same thing as us--we had talked about this a few times, then he passed away before he turned 62:dunno:
I am disabled thru the state of Washington and it started at 59 years of age for me. Now 68 years old nothing changed as far as my amount just it rolled over to regular SS at 67 years of age. Normaly state disability pays a little more and you keep that on the roll over at least I did. Since I am also a 100% Disabled Veteran I get that also added on and use my VA Choice for medical reasons and don't pay for the SS Plan/Plans!
 

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I have looked at numbers. My med is covered. SS will pay approx 1200 at 62. My Army check is 1100 give or take. That covers rent and power. I can make 17g and change without penalty. My 401 is there if I need it. Im outta here at 62. Hell.. Why not!

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I wouldn't retire at 62. A Former Sergeant Major Of Mine Did that and He Has regretted it every day since even with his 30 year Military Pension I have a 22 Year Military Pension as a Master Sergeant & I have a further 7 years as a GS-15 I'll wait until full retirement. May even work Beyond My retirement age and I even Have Plenty of Investments. And Keep In Mind the Cost of Living Usually goes UP Not down:bigthumb:
 
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