500 days until retirement
- Thread starter ChuckO
- Start date
RichPB (richlife)
TVWBB Wizard
With very minor changes, Grant, I could have written that myself. I had 20 really good years with IBM. The last 2 turned into a real nightmare and with some detailed calculation, I decided to take the risk and retire on a shoestring in 2003 at 55 instead of our planned 58. The same situation happened with my wife at Lockheed and we retired at the same time. Things fortunately have worked out as we carefully managed our budget and spending. We're in a much better place today -- balance. Now repeat your final paragragh.
ChuckO
TVWBB 1-Star Olympian
Amen! I believe that's Tulum Beach (north of Playa del Carmen beach) and if it weren't for the sargassum seaweed that's ruining the area, I might have retired there. It was breathtaking beautiful until that seaweed started showing up (almost 10 years ago)@ChuckO If you live at that first photo, i suggest walking now!
Colin
TVWBB All-Star
I retired April 1st, 2020 after 40 yrs with the gas company. I got out of there in the nick of time.April 1st 2020, I'm doing the days since retiring.
Ed P
TVWBB Honor Circle
It's funny how some of us are early birds and others are night owls! And curiouser still is why those terms are for the birds!
I hate to go to bed, always have. Life is too short for sleeping. I like the coolness and quiet and solitude of the late evening and early morning hours, when the hum of life is at a slow ebb.
RichPB (richlife)
TVWBB Wizard
I just saw an item yesterday that said the average person spends 26 years of their life sleeping. May seem a lot, but 8 hours is 1/3 of a day. 26 years is 1/3 of a 78 year life.
Me, I need more and relish my sleep time. I have almost no recollection of my 2 year period as a manager for IBM when I only got 5-6 hours a night. Sleep time isn't lost -- it gives life to the other 16 hours.
Me, I need more and relish my sleep time. I have almost no recollection of my 2 year period as a manager for IBM when I only got 5-6 hours a night. Sleep time isn't lost -- it gives life to the other 16 hours.
ChuckO
TVWBB 1-Star Olympian
You should own cats, LOL
I say that because I used to be the guy who got up at 3AM, was at work at 4AM, worked to 4PM and then drove home in 2-hours of traffic. I was lucky to get 5 hours of sleep, and it was usually less. Several years back I took a job at a trucking company, and now I don't have to be in the office before 6AM (but often do come in earlier) and I'm out of there at 4PM (I'm never late) I have virtually no commute so I'm home before 5PM, it's wonderful. About the same time I took this job, we started rescuing cats. Cats don't sleep, at least not at night and they're pretty insistent that you don't sleep past 3AM
Like you, I'm a morning person. I love sitting outside drinking coffee taking in the early morning air. I don't stay up late much, I used to but the old been there done that kicks in and going to bed early doesn't seem all that bad
ChuckO
TVWBB 1-Star Olympian
I used to work / travel to/from work on average of 15 hours a day (3AM to 6PM) I hate to think how much of my life was lost to that
Ed P
TVWBB Honor Circle
Thinking about this...I was the kid that parents had trouble putting to bed and then keeping in bed. I would usually "need" to go to the bathroom several times before my mother would get fed up with me and tell me not to get out of bed. She used to listen outside the bathroom door to make sure I was doing what I said I needed to do. I used to have a little mental chant that I still remember: "If I only had to go wee-wee I could stay up. If I only had to go wee-wee I could stay up..."
We are who we are. I guess.
We are who we are. I guess.
RichPB (richlife)
TVWBB Wizard
MikeCantell
TVWBB Pro
I plan to pull the plug on November 17, been working for over 47 1/2 years, I'm tired and worn out, too many hours and miles. Deer gun season opens the 18th, my birthday is the 22, was going to work till the 21st but thought why ruin a great week lol. probably should work a few more years but we will get by ok. I have skills to work a little on the side doing ac or fridge work. I won't ever have a full time job again.
Ed P
TVWBB Honor Circle
Unless you're collecting already, SS doesn't kick in until the month after your 70th B'day. Apologies if you already knew that!
EDIT: BE SURE to talk to SS before you retire, of course.
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MikeCantell
TVWBB Pro
Ed P not sure where you are from but in the USA the early retirement age is 62, full retirement depends on when you were born, that would be 67 for me, I will take the early for less $$. I am very aWARE of the rules.
MikeCantell
TVWBB Pro
| Social Security Benefits |
| Office of the Chief Actuary |  Early or Late Retirement? |
| When To Start Receiving Retirement Benefits Benefit calculators How we calculate benefits | Workers planning for their retirement should be aware that retirement benefits depend on age at retirement. If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit. A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits. With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70. |
| Early retirement reduces benefits | In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month. For example, if the number of reduction months is 60 (the maximum number for retirement at 62 when normal retirement age is 67), then the benefit is reduced by 30 percent. This maximum reduction is calculated as 36 months times 5/9 of 1 percent plus 24 months times 5/12 of 1 percent. |
| Delayed retirement increases benefits | Delayed retire |
ChuckO
TVWBB 1-Star Olympian
Here's a chart that assumes the retired person makes $20K in social security if he/she waits until age 67 compared to retiring at age 62 at 70% of $20K. As you can see, you're golden until age77 at at age 78, that's when you start losing out. I can't attached the excel file, if you want it DM me with an email addy and I'll send it to you
| Age | Annual | Running | Annual | Running | Difference | |
| 62 | 14,000 | 14,000 | 0 | 0 | 14,000 | |
| 63 | 14,000 | 28,000 | 0 | 0 | 28,000 | |
| 64 | 14,000 | 42,000 | 0 | 0 | 42,000 | |
| 65 | 14,000 | 56,000 | 0 | 0 | 56,000 | |
| 66 | 14,000 | 70,000 | 0 | 0 | 70,000 | |
| 67 | 14,000 | 84,000 | 20,000 | 20,000 | 64,000 | |
| 68 | 14,000 | 98,000 | 20,000 | 40,000 | 58,000 | |
| 69 | 14,000 | 112,000 | 20,000 | 60,000 | 52,000 | |
| 70 | 14,000 | 126,000 | 20,000 | 80,000 | 46,000 | |
| 71 | 14,000 | 140,000 | 20,000 | 100,000 | 40,000 | |
| 72 | 14,000 | 154,000 | 20,000 | 120,000 | 34,000 | |
| 73 | 14,000 | 168,000 | 20,000 | 140,000 | 28,000 | |
| 74 | 14,000 | 182,000 | 20,000 | 160,000 | 22,000 | |
| 75 | 14,000 | 196,000 | 20,000 | 180,000 | 16,000 | |
| 76 | 14,000 | 210,000 | 20,000 | 200,000 | 10,000 | |
| 77 | 14,000 | 224,000 | 20,000 | 220,000 | 4,000 | |
| 78 | 14,000 | 238,000 | 20,000 | 240,000 | (2,000) | |
| 79 | 14,000 | 252,000 | 20,000 | 260,000 | (8,000) | |
| 80 | 14,000 | 266,000 | 20,000 | 280,000 | (14,000) |
RichPB (richlife)
TVWBB Wizard
Only a relative few will make 20K in SocSec. I certainly don't despite having very good income for 10+ before retiring at 55. (BTW, that was one of the best decisions i ever made.) IBM helped bridge my income until I reached 62 though it reduced my pension by an annual 6K permamently. I ran a spreadsheet on 62 vs 70 (still have it) and my SocSec crossover is not until 83. And the 4-5 years before and after are negligably different. So my 20 years of SocSec payments (so far) have been worthwhile and we have managed our other assets to be able to overcome that change.
For anyone dependent on SocSec as their only retirement income, the decision on when to start may well be critical. But with other assets, it becomes very unique to every individual and must include health and lif expectancy. Each of us needs to assess our own situation.
Edit: Oops, I missed the 20K at 67, so yes, the chart become relevant for a SocSec only retirement.
For anyone dependent on SocSec as their only retirement income, the decision on when to start may well be critical. But with other assets, it becomes very unique to every individual and must include health and lif expectancy. Each of us needs to assess our own situation.
Edit: Oops, I missed the 20K at 67, so yes, the chart become relevant for a SocSec only retirement.
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ChuckO
TVWBB 1-Star Olympian
There is one thing good about california, and that's salaries. It doesn't equate to anything because california has big cost of living so salarywise, it's just push comes to shove when comparing to salaries outside of california. However, the one difference is that the high salaries result in good social security, as social security is based on your 35 years of highest wages.
Actually $20K is considerably low Social Security if based on a california wage. I plan to take my social security wages and move to TN or KY, or even FL but probably TN. Between my Social Security and my T-Bills in my IRA currently making 5.5% and federally insured, my retirement years will be my best years
RichPB (richlife)
TVWBB Wizard
I assume you mean your best years financially and that would be great. But as you've seen here and likely elsewhere, retirement will likely just be "your best years".
Chuck, if you're not already familiar with it, look up TopRetirements. At first, years back, I was a bit put off by the "retirement community" approach, but found that it is so much more and the commenting community can be much like ours here.