Retirement at 62

[Hogmauler]

Have any of yall retired at 62 instead of waiting for your full retirement age of 65 or 66? A buddy of mine has and loves it. He says you can retire and still supplement your income. Am I missing something? Why should I retire if I still need to supplement my income?
I realize that there are folks on here that are filthy rich and don't and wont ever have this concern. No offense but this is directed at the blue collar individuals here.
I will have V A insurance and from what I heard Trump signed an executive order stating that vets can use whatever doctor they want. Correct? Wife wants me on her insurance if I decide to go out.
What are the pros and cons of all this? Help me think through this.
Blessings,
Mauler

[DNTRanch]

In for remarks

[rut-ro]

I know many people who have retired and 62 and gone back to work just because they are bored or miss interactions with people. To be honest you can only hunt, fish and travel so much. Unless you are medically retiring or retiring to take care of a loved one I would suggestion finding something to do. The human body is like a car if you park it for long enough it's gonna be hard to start back up and get going. As far as the blue collar comment, life is not about how much money you make, it's about what you do with the money you do make. Saving and investment plays a big role in financial security. Live within your means and enjoy life

[Hogmauler]

Totally agree. What I mean is those of us that don't have a ton of money face different issues than those that do. If I retired I would have plenty to do with house remodel etc.. and yes, a person can only hunt and fish so much and even that can become monotonous at times. Personally I don't do enough of either.
Wife wanted to know if I would invest a portion of my ssi. That's why Im on here asking yalls input on this. If I invest part of the check then obviously there is less to live on. I do have a pension from another job as well. Buddy tells me Im looking at it wrong. He says I shouldn't look at it from a stand point of the income Im losing, but rather the life Im gaining.

[12RingKing]

I will preface this with, I'm about 30 years your junior, so you can take what I have to say as hogwash if you wish.

First, where you are employed do they have you on a pension program? How much hit would you take for retiring early if you do?

Second, are you financially prepared for retirement? Have you been diligent in saving over the length of your career?

Those questions you need to answer for yourself. If you feel like you're in a good place, then go for it. But, my suspicion is that you don't feel prepared which is why you're asking.

Someone who supplements their income isn't unprepared for retirement IMO. They are just trying to maintain a quality of life after retirement. In some instances they are bridging the gap to SS and the ability to draw on their pension/401k fully without penalty. There are many ways to supplement and still be blue collar.

Are you planning on being a couch potatoe in retirement? Because if that's the case you need to obviously make sure you have the savings to carry you through.


Edit: There is a philosophical difference between "rich" people and "poor" people. You need to make whatever money you have work for you and pay yourself first and you will not have to worry.

[marceco]

I believe you will draw a lesser amount , monthly , than if you wait till you are older . I had a cousin who is drawing a Railroad Pension . I know he took a penalty , lesser monthly amount , than if he would have waited till 65 . I do know his health has declined and he is not as happy as when he was working . I am not sure about ALL pensions , but in the case of His Railroad Pension he could only take it or Social Security ; whichever is the most , but not both . He had worked in the other jobs and thought he could draw both , unfortunately he was wrong .

[Hogmauler]

Not a couch potato by any stroke of the imagination, nor will I ever be. I have invested and saved. There is a $500 dollar a month difference between retiring now and waiting until 66 years and two months. Social security told me yesterday that your amount increases by about 5-6 per month for every month you wait.

[Oyea Outdoors]

Sit down with a qualified fiduciary and review your total plan. There are many options on when and how to start getting SS for both of you. Good luck ! I'm 6 yrs behind you !

[Mudslinger]

You can retire at any age, but if you wait to pull Social Security until you are 66, then you will pull your full amount. if you draw it before age 66, it will be less. Our neighbor retired earlier than 66, but is waiting until she turns 66 to pull SS.

[Mertzon Man]

Don't forget about a long term health plan. Heaven forbid you ever need it but going through this with my dad. Nursing home $145-180 a day, eats up savings in a hurry.

[Pineywoods]

No help here...my retirement will involve a wooden box amd a hearse. Hey...it could be at 62 though!

[TKK]

For me retirement has two major considerations. First and foremost will you have enough income to live the lifestyle you and your wife want? Two huge considerations are your life expectancy (what is your family history?). At age 62 you could easily be retired for 25-35 years. That is a lot of years to have to sustain income. The other is inflation which many people overlook. The income you start with in retirement will deteriorate in its buying power over the years - even at just a 2-3% inflation rate.

The other major consideration has already been mentioned. Staying active with various hobbies is critical - some folks I have seen loved retirement and never got bored while others go crazy and either go downhill or go back to work.

Everyone is different so just try to factor in all aspects beforehand - good luck to you

[Hogmauler]

Wife is 14 years my junior and working towards becoming a nurse practioner. I am aware that drawing early will reduce the amount you receive. The difference between going out now and waiting until 66 is roughly $500.00. And yes long term care is a concern but remember, lets say I stroke out, there is V A care. This is not written in stone that Im going out at 62. Just putting my big toe in the water, and, this is food for thought that are in the same position in life that Im in as well.

[forest-hunter]

Don't retire yet the extra 500 a month will come in handy. That is assuming you are in descent health and your job is bearable. good luck.

[Hogmauler]

Good stuff TKK. Daddy lived to be 88 and mom passed four years later at 89