I just got the nod from our financial advisor, and....

[ProjectBazza]

I can officially retire whenever I feel like it! Or perhaps more correctly, I can afford to retire...

Which is kind of a weird feeling....

But I'm at this weird "transitional period" (my term) where I can pull from my finances (over 59-1/2), but I'm too young to go on Medicare, and since I need health insurance from somewhere....

Lots of things to consider.

But that's not going to stop me from celebrating!

 

[abodyjoe]

awesome.

 

[rowinafour]

I can officially retire whenever I feel like it! Or perhaps more correctly, I can afford to retire...

Which is kind of a weird feeling....

But I'm at this weird "transitional period" (my term) where I can pull from my finances (over 59-1/2), but I'm too young to go on Medicare, and since I need health insurance from somewhere....

Lots of things to consider.

But that's not going to stop me from celebrating!

Hell yeah, celebrate. I was in the same situation, retired anyways as I picked up Cobra for the 18 months needed to get to 65. Work was not the same once you know you can leave, plus I have better things to spend time on. I am on month 3 and time has slowed way down. The first month or so was like being on vacation.

 

[ProjectBazza]

I was in the same situation, retired anyways as I picked up Cobra for the 18 months needed to get to 65.

Yup! That's the quandary I'm struggling with right now- health insurance.

Work was not the same once you know you can leave

Funny you mention that, as my office feels....different...today. Not sure I can describe this feeling yet....

The first month or so was like being on vacation.

I haven't had a "real" vacation in over 6 years, so I think I'm due!

 

[toolmanmike]

I can officially retire whenever I feel like it! Or perhaps more correctly, I can afford to retire...

Which is kind of a weird feeling....

But I'm at this weird "transitional period" (my term) where I can pull from my finances (over 59-1/2), but I'm too young to go on Medicare, and since I need health insurance from somewhere....

Lots of things to consider.

But that's not going to stop me from celebrating!

Good for you. Enjoy your retirement. You've earned it.

 

[ProjectBazza]

Good for you. Enjoy your retirement. You've earned it.

Thanks, Mike! I spent all this time getting here that I haven't taken the time to figure out what to do once I got here.

I do know what Red would say about it, however:

 

[missing linc]

I can officially retire whenever I feel like it! Or perhaps more correctly, I can afford to retire...

Which is kind of a weird feeling....

But I'm at this weird "transitional period" (my term) where I can pull from my finances (over 59-1/2), but I'm too young to go on Medicare, and since I need health insurance from somewhere....

Lots of things to consider.

But that's not going to stop me from celebrating!

I contacted my financial advisor in May to inquire about my retirement possibilities. After the laughter subsided, I was informed that in 4 to 5 years I can probably pull the plug, unless I can reduce my expenses, (mortgage payments). I have been considering selling my house and buying something that I can use my equity, then have no mortgage or a very small one. Haven't found anything yet that my wife and I are in agreement on.

Congratulations Jim.

 

[S'cuder]

Congratulations! I'm very happy for you.
Going to work knowing you don't have to take any crap gives you a whole new perspective.

 

[jeff alder]

Keep working and bank! If you are tired of what you do get a different simple or more rewarding job where someone else pays or helps pay your health insurance. You might live to be a hundred years old and not know what to do with yourself. When social security kicks in or just your government insurance let the big dog eat! My mom got sick and Medicare wasn't all it was cracked up to be. She spent some tall coin on medical but never did have to go back to work. It really just comes down to a roll of the dice. It's nice to be where your are now though! Good luck with whatever you decide and congratulations for sure!

 

[pittsburghracer]

14 years retired for me. I wanted to go at 55 but the hiring practices in our maintenance groups was going to have me choking someone. So at 53 I packed my bags. The 10% penalty hurt a little bit on my 401K withdrawals but I worked with it. I had 4-5 good years daytrading with one mistake. Paying cash for my new 26 foot car trailer. Life is good.

 

[cojohnso]

I can officially retire whenever I feel like it! Or perhaps more correctly, I can afford to retire...

Which is kind of a weird feeling....

But I'm at this weird "transitional period" (my term) where I can pull from my finances (over 59-1/2), but I'm too young to go on Medicare, and since I need health insurance from somewhere....

Lots of things to consider.

But that's not going to stop me from celebrating!

Yes it is. And MANY here in the Mopar car site(s) are at, or approaching that decision time. But one thing we all have in common? Options is a good thing. I call them (Retirement Windows.) And as one works longer, and age creeps forward. That Retirement window gets wider.

I believe the top 3 considerations are

#1. Continued monthly income. (Including any SSA)

#2. Hard and liquid assets accessibility.

#3. Healthcare options.

And yes, they are moving targets. Where #2 and #3 begins closing the gap on priority as we age past Retirement decision.

So in closing? We are all snowflakes. Very different from one another. Even though have same goals and concerns. But my windows?

62 is first realistic window.
64 is a VERY reasonable compromise window.
65 is probably the smartest window to take.

 

[Brooks James]

Yeah, I retired a yr ago. I chose Medicare advantage over traditional Medicare. After lots of research I took Advantage because I'm in pretty good health. Medicare is better if you have health conditions.
I am so pleased, all my meds are $ 0, and I pay the same as others $170 taken fromm my SS check.I went from 1K a month thru my wifes work
To $170 month.
SS beware that you can earn $22,000 before they take $1 for every $2 u make,

Per year only, as much as you like after your full retirement age. I'm doing so

You healthcare options, get on your significant others insurance thru their
work. Or if you qualify for Obamacare, go for that.

Keep in mind that the govt is already saying that SS will be cut 25 percent by 2034. I would grab your SS asap.

 

[cojohnso]

Yeah, I retired a yr ago. I chose Medicare advantage over traditional Medicare. After lots of research I took Advantage because I'm in pretty good health. Medicare is better if you have health conditions.
I am so pleased, all my meds are $ 0, and I pay the same as others $170 taken fromm my SS check.I went from 1K a month thru my wifes work
To $170 month.
SS beware that you can earn $22,000 before they take $1 for every $2 u make,

Per year only, as much as you like after your full retirement age. I'm doing so

You healthcare options, get on your significant others insurance thru their
work. Or if you qualify for Obamacare, go for that.

Keep in mind that the govt is already saying that SS will be cut 25 percent by 2034. I would grab your SS asap.

Solid points. The future of SSA is not only political, but a numbers thing. One metric that has improved SSA is that our average life expectancy had actually dropped. Now pandemic certainly played a role. And I suspect the numbers to begin increasing again in near future. But the future of SSA as a whole is always a concern. (At least it's been all my life. My parents would say it's in trouble all their life. Lol.)

 

[halfafish]

I can officially retire whenever I feel like it! Or perhaps more correctly, I can afford to retire...

Congrats! That's a nice spot to be in. I retired (mostly) at 59 but found a pretty good part-time gig for the next 9 years that was a big help financially, and kept me busy a few days a week. It made a big difference paying for my insurance which was ridiculously expensive till I hit 65. Take a look around, you might be able to find something for a few years that would bridge the gap till Medicare kicks in. Working at a job because you want to beats the hell out of working at a job because you have to.

 

[fishmens67]

I would grab your SS asap

I retired at 52, I turn 62 this year and will start drawing SS at the advise of my advisor, he pointed out it would take 5 years to make up the difference in added benefits I waited until I was 65.

 

[cojohnso]

Congrats! That's a nice spot to be in. I retired (mostly) at 59 but found a pretty good part-time gig for the next 9 years that was a big help financially, and kept me busy a few days a week. It made a big difference paying for my insurance which was ridiculously expensive till I hit 65. Take a look around, you might be able to find something for a few years that would bridge the gap till Medicare kicks in. Working at a job because you want to beats the hell out of working at a job because you have to.

Congrats on the P/T gig. Reading literature on retirement mistakes. One the of higher mistakes is. "I'll just pickup a P/T job?" Its not a easy as one thinks that fits schedules. Not only retiree, but the employer. So if one has a solid P/T option? That is a big consideration.

 

[cojohnso]

I retired at 52, I turn 62 this year and will start drawing SS at the advise of my advisor, he pointed out it would take 5 years to make up the difference in added benefits I waited until I was 65.

Those are the same numbers I'm seeing too. Thus will be pulling SSA when pulling the trigger on any retirement decisions. 52? I'm jealous. Congrats.

 

[ProjectBazza]

Congrats! That's a nice spot to be in. I retired (mostly) at 59 but found a pretty good part-time gig for the next 9 years that was a big help financially, and kept me busy a few days a week. It made a big difference paying for my insurance which was ridiculously expensive till I hit 65. Take a look around, you might be able to find something for a few years that would bridge the gap till Medicare kicks in. Working at a job because you want to beats the hell out of working at a job because you have to.

Thank you! This is what we talked a LOT about today, and the direction I think I'm leaning.

Working at a job because you want to beats the hell out of working at a job because you have to.

EXACTLY! This is the part that I'm the most excited about- finding something that I actually want to do each day!

 

[ProjectBazza]

I contacted my financial advisor in May to inquire about my retirement possibilities. After the laughter subsided, I was informed that in 4 to 5 years I can probably pull the plug, unless I can reduce my expenses, (mortgage payments). I have been considering selling my house and buying something that I can use my equity, then have no mortgage or a very small one. Haven't found anything yet that my wife and I are in agreement on.

Congratulations Jim.

Thanks, Randy!

We've been building up to this for a number of years now, and I actually left the workforce back in '17 (semi-retired) and I dabbled in Contracting out my skills (I did some Factory Training and Certification for two HVAC Manufacturers). Was a pretty good gig, too. But then my wife got fed-up with her old employer after 31 years and told them to pound sand.

So "someone" had to go back to work to get health insurance....

And wouldn't you know it? About 3-4 months after I found this gig, she found another job....

Go figure!

Anyway, hang in there, my friend! Your time is coming!

 

[skep419]

Congratulations! I'm constantly telling people to retire early and pay whatever it costs for health insurance. You're not guaranteed tomorrow.......

















It's not like this hobby is expensive anyway

 

[ProjectBazza]

Keep working and bank! If you are tired of what you do get a different simple or more rewarding job where someone else pays or helps pay your health insurance. You might live to be a hundred years old and not know what to do with yourself. When social security kicks in or just your government insurance let the big dog eat! My mom got sick and Medicare wasn't all it was cracked up to be. She spent some tall coin on medical but never did have to go back to work. It really just comes down to a roll of the dice. It's nice to be where your are now though! Good luck with whatever you decide and congratulations for sure!

Yup! That seems to be where I'm headed. Leave this place, find something I actually enjoy, and even if it's 1/2 the pay, as long as it has health insurance- who cares?

And thank you!

 

[cojohnso]

Is our classic cars considered assets? Not according to my bank. Lol. But we know there is value.

My problem? I HATE SELLING! I just hate it. Buying is so much more rewarding. Lol. Thus my kids will have to decide the fate of my vehicles. They are going nowhere anytime soon as long as I draw breath.

So not a retirement consideration. In fact. I would like to retire with thoughts of some expansion of my illness.

 

[CFD244]

Congrats...I pulled the pin at 51. Best decision I ever made.....Unless of you count 9 14 33 40 41 and 49

 

[cojohnso]

Congrats...I pulled the pin at 51. Best decision I ever made.

I've yet to hear. "I totally regret." I'm sure there are. But certainly one sided on the vote for pro retire.

 

[Divenut]

Congratulations man. Good stuff! I'm done in 13 months and 1 when I turn 62. Not that I'm counting lol!