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  1. #1
    Join Date
    Mar. 26, 2005
    Location
    Back to Normal.. or as close as I'll ever get
    Posts
    9,647

    Default Retire or Hang in there?

    Thanks to a generous inheritance from an Aunt I have a choice I otherwise would not be able to make:
    Do I work 2.5 more years until my full retirement (thanks, SSI )
    OR
    Do I take my Widows Benefit now and supplement that from the inherited funds to equal my full SSI until I reach full retirement and then switch over to my own SSI and leave the inheritance alone.

    It would deplete less than 20% of the inheritance to do so.
    I have worked since I was 14yo & frankly, I am TIRED.
    My health is excellent - aside from normal wear & tear - so hopefully that will hold until I reach Medicare age.

    Retired COTHers' chime in!
    *friend of bar.ka*RIP all my lovely boys, gone too soon:
    Steppin' Out 1988-2004
    Hey Vern! 1982-2009
    Cash's Bay Threat 1994-2009


    1 members found this post helpful.

  2. #2
    Join Date
    Jun. 14, 2006
    Location
    VA
    Posts
    11,372

    Default

    What feels good to YOU?

    What do you want to do with it all?
    A good horseman doesn't have to tell anyone...the horse already knows.

    Might be a reason, never an excuse...



  3. #3
    Join Date
    Aug. 6, 2002
    Location
    NJ, USA
    Posts
    2,306

    Default

    Unless there is a certain lifestyle you want to have after retirement, and need more cash $ to be sure that can happen - retire now!!! life is unpredictable, what if you get sick etc.

    Unless you really like your job or have meaning from your current work.

    You can look at it like I'm planning to - not so much retiring, but "recareering" - after I don't have earn as much as I do now, I still want to "work" but at things I want to do that don't earn as much - art, writing, etc! Maybe even an easy part time job as a clerk or something, no pressure, just to get out of the house & earn a small bit.

    I'd take the $ & run if I were you !


    3 members found this post helpful.

  4. #4
    Join Date
    Mar. 26, 2005
    Location
    Back to Normal.. or as close as I'll ever get
    Posts
    9,647

    Default

    BuddyRoo : "All" is not so much that I can buy an island, but it does give me the choice to adios the workplace 2.5 years early.
    And I'll be able to supplement my pitiful "retirement funds" so they may actually help me out in an emergency.

    To be honest, my regular job is not godawful, but when I find myself cursing coworkers under my breath on a regular basis, it is time to think of cutting loose.

    Half of me wonders what it would be like to NOT have to go to work 4 days/week.

    The other Half says WHOOPEE!
    *friend of bar.ka*RIP all my lovely boys, gone too soon:
    Steppin' Out 1988-2004
    Hey Vern! 1982-2009
    Cash's Bay Threat 1994-2009


    3 members found this post helpful.

  5. #5
    Join Date
    Jun. 14, 2006
    Location
    VA
    Posts
    11,372

    Default

    Me? I'd probably continue to work. I liked working. (I'm not now)

    But you do what makes you HAPPY . YOu can be happy eating Ramen if you have to. More importantly, what''s your PLAN?

    You need a plan.

    What is it? What's your dream?

    For me, if I had a dream plan, I'd have a retirement farm for horses with foster kids who did the work and rode a little and learned how to love something. That's MY dream. I know it's silly and unlikely especially now for me. But what is YOUR dream. How can you us all of this to fund your DREAMS?
    A good horseman doesn't have to tell anyone...the horse already knows.

    Might be a reason, never an excuse...


    2 members found this post helpful.

  6. #6
    Join Date
    Mar. 26, 2005
    Location
    Back to Normal.. or as close as I'll ever get
    Posts
    9,647

    Default

    BuddyRoo: I dream small
    Sleeping in past 5A for a start.
    Riding when I still have the energy - not after I get home from work, change clothes, feed critters and then collapse.
    I volunteer now on my day off, and if I felt the need to "do something" and did not need to find part-time paying work, I'd do more of that.
    I have friends all over the country and would love to do more travleing - on the cheap.
    See?
    No huge dreams, just a need to have all of my time to myself - not on the $#%&! Corporate Clock.
    *friend of bar.ka*RIP all my lovely boys, gone too soon:
    Steppin' Out 1988-2004
    Hey Vern! 1982-2009
    Cash's Bay Threat 1994-2009


    1 members found this post helpful.

  7. #7
    Join Date
    Jun. 14, 2006
    Location
    VA
    Posts
    11,372

    Default

    Do it then.

    Run the numbers, see where you're at and DO IT damnit. DO IT.
    A good horseman doesn't have to tell anyone...the horse already knows.

    Might be a reason, never an excuse...


    3 members found this post helpful.

  8. #8
    Join Date
    Jun. 24, 2005
    Location
    Alabama
    Posts
    9,040

    Default

    Suzy Orman says to work until you get full SSI, because you never know how much difference that extra money will make. I would keep working, because you don't know how much change there will be in the next two to three years in pension amounts, and how much more we'll have to pay for things like Medicare.
    You can't fix stupid-Ron White


    3 members found this post helpful.

  9. #9
    Join Date
    Feb. 6, 2003
    Location
    NorthEast
    Posts
    24,593

    Default

    Make an appointment with a financial planner. They can give you the best plan for this in financial terms. The few bucks the appointment costs is usually well worth it.

    Too hard to tell from the posts if retiring 2.5 years early is the best financial option for you.

    But...retiring a little early, in terms of mental health, is never a bad idea.

    And you can always get a part time job doing something you enjoy more for supplemental income if it's needed.
    You jump in the saddle,
    Hold onto the bridle!
    Jump in the line!
    ...Belefonte


    11 members found this post helpful.

  10. #10
    Join Date
    Oct. 16, 2008
    Location
    Central Oklahoma
    Posts
    3,220

    Default

    If I have worked so many years, and am only 2.5 years from retirement, I'd just hang in there and use these 2.5 years to plan all the fun things I'm going to do when I do retire, like building a indoor arena, a bigger barn, exotic travel plan, or at least, darn, find a good barn help to do all the chores. I will use the inheritance for these fun things, not to live. 2.5 years is only a blink of eyes, you know. But of course, if it will make you so much happier, by all means, retire now.



  11. #11
    Join Date
    Jul. 4, 2000
    Location
    Maryland
    Posts
    1,844

    Default

    I'm with Buddy and Jan on this one: you need to look at the numbers very carefully and run through several possible scenarios before deciding.

    I retired 5 years early and it was a good decision for me. BUT: Husband Person and I studied the numbers extensively before committing to this course. The key question for us was not to focus on How Much Money You Will Lose if you retire early, but Can You Live The Life You Want on the money you will have post-early retirement. For us, the answer was yes, over the course of my lifetime, I will lose many thousands of dollars by retiring early. But the amount I do get is more than sufficient to fund the life I want.

    *star*
    "Avoid loud and aggressive persons, they are vexations to the spirit."
    - Desiderata, (c) Max Ehrman, 1926



  12. #12
    Join Date
    Mar. 23, 2005
    Location
    SF Bay Area
    Posts
    2,870

    Default

    If you do decide to retire before Medicare eligibility, make sure to have coverage from some source until then. And look into what type of supplemental insurance even after that point. Does your current job offer any post-retirement group health insurance benefits?

    Aside from that, I second the advice to sit down with a (fee-only - not commission) financial adviser to work the figures for you.

    You may also find that if you do decide to continue working, just knowing you could walk away will lessen the need to curse under your breath while at work.


    1 members found this post helpful.

  13. #13
    Join Date
    Jun. 24, 2005
    Location
    Alabama
    Posts
    9,040

    Default

    Also, if you are going to buy anything, change houses, or anything else requiring a big financial commitment, then do it between now and when you retire. Getting financing, or a mortgage after may not be possible for you on a pension.
    You can't fix stupid-Ron White


    1 members found this post helpful.

  14. #14
    Join Date
    Jan. 4, 2007
    Location
    TX
    Posts
    42,252

    Default

    If coworkers or not, you like your work, you are good at it, it pays good and has decent benefits and it is 4 days a week only and you will retire in 2 1/5 years, I question, do you know how FAST that time will pass?

    Now, if your work was killing you, mentally or physically and not paying much and you were barely living, it took all you have to get your work done, never mind, retire and get some early reprieve from such a rat race grind.

    A consultation with some financial planner or good accountant sure would help you at least run some figures without missing something or making mistakes that can trip you later.


    1 members found this post helpful.

  15. #15
    Join Date
    Mar. 26, 2005
    Location
    Back to Normal.. or as close as I'll ever get
    Posts
    9,647

    Default

    I actually have a sort-of friend who is a FP.
    I'd planned to ask him to dinner (my treat) when the $$$ hit the bank to pick his brain as to how to invest the windfall.

    I have also calculated that my full SSI is only about $200-300/mo less than my current take-home (I do not earn the Big Bucks) and plan to use that 2.5 years to see if I can continue to live as I like on my full SSI.
    If it makes me too desperate I will look for something part-time.
    If that happens, I will not need a career, I will need a paycheck.

    As for Health Ins - another friend just found a part-time that will pay for insurance after 20h/week.
    I could do that standing on my head.

    I have also polled my already-retired friends and the vote seems to be leaning heavily in favor of me quitting work.

    C'mon COTHers - enable me.
    *friend of bar.ka*RIP all my lovely boys, gone too soon:
    Steppin' Out 1988-2004
    Hey Vern! 1982-2009
    Cash's Bay Threat 1994-2009



  16. #16
    Join Date
    Jun. 25, 2004
    Location
    Carolinas
    Posts
    4,967

    Default

    Oh to be faced with such a decision

    Talk to a financial planner, find out the little details of your companies' retirement plan, check out medical coverage along with any possible lapses until you go onto SSI. I have done the COBRA thing and it is very expensive.

    Like you I have worked since 14 and am ready to stop working for someone else. But beyond having time to ride when I want and some travel - I haven't figured out exactly what I would do. Plus after all of those years of working, it is a habit and after some point I would have to have something to do.

    At our age nothing is guaranteed so one is inclined to retire early. However being so close to retirement, one is inclined to suck it up for another 2.5 years.

    Another thought - our company has/had a 'rule' that if you age plus years worked equal to a specific age, you can retire with full benefits. Check the current options with your company and any options for early retirement with full benefits.
    "Never do anything that you have to explain twice to the paramedics."
    Courtesy my cousin Tim


    1 members found this post helpful.

  17. #17
    Join Date
    Mar. 4, 2010
    Posts
    1,813

    Default

    When you get to be our age (cough cough! ), 2.5 years is a lot of missed living. If you can live on what you have, and you can arrange health insurance so that you are never without it, and you have funds on hand for emergencies etc., I say go for it. Do what you want NOW - you have your health, you have the $$, you have a plan for the future. I have seen so many of our contemporaries postpone things they would like to do, only to have their entire retirement upended by medical issues that came on unexpectedly, or family issues, or other unpleasant realities.

    We went to FL last year for 2 months - I spent some of my retirement $$ to do it. I figured that window of opportunity may never open up again and I decided to seize the moment. I am so so glad I did - we had a great time and we weren't able to do it this year. If I hadn't gone, I would be kicking myself.

    Things get a lot more unpredictable when you get older and I would be madder than hell if I waited 2.5 years only to find out that I couldn't do *any* of the things that I would have been able to do 2.5 years earlier.

    Get sound financial advice, be sensible, and go for it. Time's a'wastin'!!!


    2 members found this post helpful.

  18. #18
    Join Date
    Jan. 18, 2002
    Location
    canada
    Posts
    385

    Default

    Look, you have no way of knowing what the future brings. Take the retirement
    and run. Use your time to do anything you want to do, because in the end
    no one knows what will happen in the future.
    The biggest hate I have is never being able to quit and just be me.
    Life is way to short and when opportunity knocks answer the door.
    I am so happy for you that the opportunity has been given to you. Good luck.
    www.tayvalleyfarm.com
    My other home.


    2 members found this post helpful.

  19. #19
    Join Date
    Sep. 29, 2009
    Posts
    2,576

    Default

    I do not know (or want to none of my beeswax) your numbers.

    Run your numbers and decide. You want to ultimately be TOTALLY debt free, everything. You have to decide your own future based on your own numbers.

    We are 51 and want to retire in 5 years. We have paid everything off, and are saving $$. We have downsized everything, except for the house. Market isn't good for us here in our type house (big, with acreage, barn, etc) so we are ok to wait and sell it. We have decided recently to buy a new retirement place, then sell our house. We will pay in cash for our next house.

    We want to retire early, so we are minding our dollars to do so.


    1 members found this post helpful.

  20. #20
    Join Date
    Apr. 16, 2002
    Location
    ontario, canada
    Posts
    2,432

    Default

    Given that you seem pretty sure that you can live on your full SSI and have a plan to have the equivalent of the full SSI until it actually kicks in, my vote was on the side of retiring...until you addressed the health care plan. The reality is that the chances of something expensive happening health-wise does increase as you age, and if your plan depends on finding a PT job with benefits, I'm not sure I'd be overly comfortable with that. That said, maybe you can use some of that inheritance to mitigate that risk, if necessary.



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