Retirement questions....
 

I'm seriously wanting to retire. My DH is retired and draws SS monthly and works part time, although he wants to go full-time. I don't want him to go full-time unless he knows he's going to be working steadily with no layoff, and if not, then I'm definitely going to retire. I've been supporting him since we married - 10 yrs ago. I'm tired and I need to de-stress.

I've got a substantial 401K and a pension plan with my employer, and I save each payday to my 401K, and my medical coverage will come with retirement plan. DH also has a pension and 401K but cannot draw on it until he is 65. He's 63 now.

Just wondering if there is a way to predetermine if retirement is feasible? What questions to ask, how do you know you can live on whats coming in? I won't be able to start drawing SS for 2 more years, but I just don't think I can hang in there for another 9 yrs until I'm 70. Ugh!

People my age at work are retiring left and right. Everyone asks me when I'm going to retire and I always say ' when they pay me to leave.'

How do you know: #1 it is something you can afford to do, #2 when do you 'know' it's the right time?

well I knew my company was closing and I'd be laid off. took over 3 years. My husband retired in 1988! I ended up taking early SS and continued to work through a temp agency for same company until they finally closed the doors. Big mistake. I had earned too much to take any SS the first quarter of that year. Didn't know that! I ended up paying SS back for several years. That is finally over. So ck that and dont' collect if you have already earned too much. trust me!!! We are now living on SS, both our checks. it isn't easy. hubby is 20 years older and I'm worried how I will live in future. my IRA won't last 20 years. Barely 10. so I must find a job again one day but worry I can't. I've been taking care of my husband for the last few years and cannot work. Ask all sorts of questions and good luck.

I highly recommend making an appointment with your local Social Security office. Both of you go in. That way you can find out about *all* the options available to you. I wish we had done it sooner. We didn't have to make any decisions that day, but we left with a much better understanding of the advantages and disadvantages of retiring at specific ages.

You mentioned age 70. I had thought we would both wait until 70 to start drawing SS but, once we saw how long it would take us to break even with retiring at our earliest age, it didn't make sense for us to do that. There are so many variations depending on number of quarters worked, income during those quarters, etc. that it really is important to make an appointment with SS so you understand all of the options that apply to your particular situation.

Incidentally, if you are actual retirement age and decide to take SS, you are not penalized even if you work full-time. My dh works full-time and still gets his full SS benefit. (The SS benefit is taxable as income.) In our case, retirement age was 65. It depends on the year you were born, though, so again it makes sense to sit down at the SS office and find out exactly what your situation is.

My biggest wish is that we lived in a paid-for house. I think that makes living on retirement income easier. It's also a good idea to develop some extra sources of income. Examples would be moving to a house that has an apartment or lower level you can rent out, developing an eBay or Etsy store, etc. My dh has met retired men in their 80's who are drivers part-time for a local car dealership. We have also seen retired business workers working at Fleet Farm.

Basically you have to figure out all your expenses and balance that against the income you will have. You need a comfortable excess of income over expenses to survive inflation over time.

I think mine was 66 which I'm well over now. I can earn a million dollars a year and no longer have to worry about paying SS back. Isn't that sweet? now to find that job.

Keep in mind, if you haven't got medical insurance one big thing can wipe your savings out, you can even end up losing your home. My cancer bill is approaching 1/4 of a million dollars ...

you get medical insurance though your job and medicare though social security , if I was you I look at my health than I ask God I then 'n want to retired my health show me difference

Make that appointment with SS but also get some references for a good financial planner. They will be able to give you more info, I think, with respect to your and DH's 401/pension/medical, etc. than SS might. It will be well worth the $$ spent to find out all of your options.

I'm curious about your comment: "I don't want him to go full-time unless he knows he's going to be working steadily with no layoff, and if not, then I'm definitely going to retire." If your concern is financial, I suggest that you figure out what your total income might be with your retirement income, the SS payment and you husband working part time as he is now...then..live on that income - banking any extra. You'll soon see whether you can, or even want to, live on that amount of money. At the very worst, you'll end up with money in the bank to splurge on. at the very best, you'll know for sure what you can do on that amount of money...and feel more confident in retiring.

Be sure and consider cost of living increases, medical insurance deductibles, rising medical prices, increase in property taxes, dental work and the list goes on and on. The financial adviser we spoke with told us to retire at 62 as you really don't lose enough in social security benefits to make it worth working longer.

SS told me also retiring at 65 would not make that much difference in amount of full retirement age. I retired for one year and then after turning 66 - full retirement age I went back to full time work. My Husband retired at his proper age 65 and works full time. I decided retirement wasn't for me and he never plans to retire. We own our own business.