quiltmom04

As I understand it, SS was never intended to be the sole means of support in retirement - even when it started years ago. It's a supplement, and should be a part of a retirement plan, not your only means of support. Talking to a CR at SS is a good idea. They can tell you the amount you will get if you retire at 62 or later. Which varies by year - that is if you take SS at 62, you won't get as much as if you take it at 70. So you kind of have to look at your longevity potential, too, in making this decision.

LynnVT

I agree with all those who said talk with SS and a financial planner. Another thing to consider is how you will spend your time once you stop working. I retired at 66 because a change in my job made it just too tedious and stressful to continue. They basically took away all the fun stuff I did and added more tedious stuff. So I gave 3 months notice, trained 3 people to do what I did, and left. I miss the people at work, but have gotten closer to other retired folks, mostly from my church. I didn't commit to a lot of volunteer stuff, but do enough to feel I'm being useful. I miss the money we had when we both worked, and wish I could have had another year or two to set more aside, but we manage. Some people asked, "Won't you be bored?" NOPE! Certainly not as bored as I was at work. I quilt, joined a guild, play Rummicube with friends once a week, and other interesting stuff. Be careful, as some people will want you to join tons of stuff and do all kinds of volunteer stuff that will leave you no time to yourself. Learn to say NO. I waited a year to decide on that kind of thing, and just relaxed. Wish we could travel more, but it is pretty expensive. Happy life - it's all yours!

Judy Lane

When you dread going to work, your house, vehicle and credit cards are paid off, retire. I retired 2 1/2 years ago and am enjoying life. If you work until you are ill, you have lost. Blessings.

quiltstringz

check with the company that your 401k is with, sometimes they have financial advisors who can help you make decisions.

OrangeSherbet

Sounds like Affordable Health Care got here in time to help you.

LITTLEOLDME

I was in the same spot your in in 1995, stress became such a factor my doctor put me out on disability SSI. I took care of my husband until he passed away in 2001, this took almost 1/2 of the income away. it's hard but stay focused on what you can mange with ,just your income. Good luck I'm doing ok on my own..

mommafank

I would think that you should just look at what outgoing expenses you cannot live without and then what amt of money you will have to live on and decide if it is feasible. Worse comes to worse---get a little part time fun job in a gift shop or quilt shop or book store. Retired at 62 and enjoying every single minute. Hubby took an early retirement 1 1/2 years before me. We are healthier, happier and busier than ever before in our lives. Hope you will just go for it!

themachinelady

Don't count on the Affordable Health Care, it isn't what it is cracked up to be and advertised. Higher premiums for health insurance and higher deductibles. A lot of people who thought they could get subsidies are finding out no subsidies for them. Also a lot of people don't factor in the deductible as a cost, but it is. Add that to the health insurance premiums and it is staggering. If a poor person couldn't pay before, they sure won't be able to afford the high deductible either. The gal Obama had up in Washington showing how she benefitted, found out a few days later she wouldn't get any of the benefits and will have to pay out an arm and a leg for premium and deductible. She said on TV she would just have to go without insurance as she couldn't afford it!

Also we have counted on Medicare in the past and it has been pretty good, but if they make cuts to it in the future under the Afford. Health Care, that won't be the case and we will be paying more out of our pockets and some doctors are already saying they won't take medicare. We have one in our small town that won't take medicare or any insurance, you have to do all the filing yourself and that is a nightmare believe me!

So see a person at the Social Security office or a financial planner, they can advise you better, but think over their advice and use your common sense, as they can also lead you astray. List all your expenses, your income, and see what is left if anything and figure inflation will eat on the leftover income.

I retired at 62, and figured I would have to live to at least 84 before I would equal the income if I had waited and figured a lot of people don't even make it to 84 so went early and haven't regretted it, but then we don't have an expensive lifestyle either.

Lots of factors to consider, but don't depend on the government to take care of you as they have indicated, it "ain't" gonna happen except in a few cases and besides I don't feel we should have the government taking care of us as we are the ones that are actually paying ourselves. Who does one think the government is and where do they get their money--TAXPAYERS. When I took care of my aunt and the hospital ordered therapy on her legs because she complained they hurt and a former specialist doctor had said she had permanent nerve damage and no amount of therapy would help her pain, I questioned why they were ordering therapy and their reply was "Why do you care, Medicare will pay for it" Needless to say I came unglued and asked her who she thought was paying for medicare, we the taxpayers, and why if it wouldn't do any good were they ordering it. They hadn't even bothered to read the doctor's report, so you have to watch everything and stay on your toes for all things, medical, social security, investments, pensions etc.

Having said that, I love retirement, I have had a number of health issues, but have good insurance through the company I worked for fortunately. But we did a lot of planning and figuring before hubby and I both retired. Disability income isn't all that great either if one's finances aren't in order to begin with.

Good luck with whatever decision you make and may you have a long and healthy life whichever way you choose.

mjhaess

If your home and automobiles are paid for and you have no credit card bills then you should be able to live comfortable on retirement....I am single and have no problem making ends meet....Talk with a financial advisor...

mimi=17

Ditto,,, we pay as we go, always have .