Did anybody retire early?

[She]

I found out today I only need a few credits before I can retire. I worked hard for 8 years on the books and now Im not. I can claim a little bit of what Im earning now to get those few credits. Granted I'll work a few more years to squeeze a few more bucks out. Thats if SS is actually still around. While I live in the Van I can save a few more bucks but hoping its a lot of bucks!! I was just wondering if anybody retired early and what you learned from it? Was it worth it?

 

[Dirty_Jeeper]

I sort of retired early at 52, courtesy of a couple accidents, permanently disabled now. Anyhow, I'm living only on my SS as I sold everything and used up my savings and retirement during the following 3 years waiting on a hearing from SS. It's not much and it's my only income. Luckily In 2003 after my one accident, I decided to get out of debt, took years. These days I have a cell phone bill and Jeep insurance, no bills. I put all my funds into my jeep getting him ready for whatever is next. I continue to build my trailer. If things collapse, I'm prepared, just not as ready as I'd like to be.<div><br></div><div>If you can get those credits go for it. I'd still be working if I could. Part time would be ideal after losing the debts. A little more money down the road may be a good thing.</div>

 

[sl1966]

My uncle and aunt retired early while in their late 40s/early 50s. They saved every penny and live a very frugal lifestyle. My uncle is jewish and aunt chinese. They were both accountants and worked for some very heavy hitters in the finance business, so they made a lot of pennies. A lot. I typed this all out and just realized this is probably of no help. Sorry about that.

 

[akrvbob]

I was a union clerk in a grocery sore for many years and took early retirement. Full retirement was 57 and I retired at 52. It cost me a 25%&nbsp; reduction but it was well worth it to me. I've never regreted it. As soon as I turn 62 I'll take early SS as well. Bob<br>

 

[She]

Wow thanks people. All of you for being so honest. I guess since I can still still work for those credits I should. It would be silly for me not too being so close. Im hoping I still have the gust to work pass it also.&nbsp;<div>Im burned out. Really. hate it. But Im looking for some years of peace. When I move into the van Im giving up a 1day a week and taking off all the days I can get.&nbsp;</div><div>Im writing this at 3 am so excuse anything that doesn't make sense. LOL</div>

 

[Seraphim]

<p style="margin: 0px;">I admire the people here, and have learned a lot about the indomitable human spirit.</p><p style="margin: 0px;">&nbsp;</p><p style="margin: 0px;">We're planning on early retirements - DW in June and myself sometime between next January and June.&nbsp; We'll both be about 57. Listening to advice and experiences here have helped us to feel much better about our decisions.&nbsp; We may decide or need to work part time later, but the people here have made us feel confident of our decisions.</p><p style="margin: 0px;">&nbsp;</p><p style="margin: 0px;">Thanks.</p>

 

[Suanne]

<p style="margin: 0px;">I decided to retire early in 2007, worked part-time for a year, then fully retired in 2008 at age 53.&nbsp; I saved and we live on a combination of my savings and my husband's disability pensions (L&amp;I and SSD).&nbsp; When I'm 62, hopefully Soc Sec will be there for me to access those funds.</p><p style="margin: 0px;">&nbsp;</p><p style="margin: 0px;">Suanne ... enjoying my retirement at the RTR right now <img src="/images/boards/smilies/smile.gif" border="0" align="absmiddle"></p>

 

[sl1966]

<span style="color: rgb(42, 42, 42); line-height: 20px; background-color: rgb(255, 255, 255); ">As one of the youngsters here (relative to the average age) I'm in a bit of a quandary about this. My plan is to hit the road early and live off a combination of minimal work and what I sock away from real estate dealings. I was wondering how doing that would affect my SS when I hit my actual retirement age.&nbsp;</span><div><span style="color: rgb(42, 42, 42); line-height: 20px; background-color: rgb(255, 255, 255); "><br></span></div><div><span style="color: rgb(42, 42, 42); line-height: 20px; background-color: rgb(255, 255, 255); ">What would you recommend doing had you the chance to do it over differently.</span></div><div><span style="color: rgb(42, 42, 42); line-height: 20px; background-color: rgb(255, 255, 255); "><br></span></div>

 

[dragonflyinthesky]

@&nbsp;steve <SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)"><FONT color=#0000ff>What would you recommend doing had you the chance to do it over differently.</FONT></SPAN><br><SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)"><FONT color=#000000>Given my husband the divorce he so badly wanted when I was 40 years old and still somewhat good looking, instead of at the age of 53. I'm not making fun. These are hard questions and the answers are dependent on so much, the present economy being the biggest question. Many people do not really know how fast life can change from good to bad, healthy to poor health.</FONT></SPAN><br><SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)"><FONT color=#000000>How many members here have worked hard all their lives only to suffer financial ruin before the magical age of 65? How many do not live to collect at the age of 65 or 62 1/2?</FONT></SPAN><br><SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)"><FONT color=#000000>What I get from looking at these posts, people here seem to be strong. We are in different stages of finding ourselves and most of us will survive what happens.</FONT></SPAN><br><SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)"><FONT color=#000000>Getting rid of debt is a given. </FONT></SPAN><br><SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)"><FONT color=#000000>Steve, every 6 months I think, the SS dept sends out how much you will get at retirement. What is the maximum you could get doing what you do now for money&nbsp;for the next 25 years?&nbsp;</FONT></SPAN><br><SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)"><FONT color=#000000>&nbsp;Is the percentage worth living a fullfilled, <FONT color=#ff00ff>by your standards only</FONT>,&nbsp;life?</FONT></SPAN><br><SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)"><FONT color=#000000>Steve, this last question comes from my heart, like many people, I have lived much of my life doing for and in accordence with others wishes and needs. Not saying you should walk away from loved ones and responsibilities. </FONT></SPAN><br><SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)"><FONT color=#ff00ff><b>Dragonfly</b></FONT></SPAN><br><SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)"><FONT color=#000000></FONT></SPAN>&nbsp;<br>

 

[judycmomx6]

Steve, yes, if you start working less than a regular 40 hr. week it does affect the amount of S.S. you will get when you retire. And it is a HUGE amount of difference. I was a Mom more than a worker when I was young because I had 6 children and was married most of my life and now that I am on disability and can't work I have a very small amount to live on. My husband worked steady all through his life and his disability is time and a half more than mine. So you need to decide what you want out of your life for yourself, but you can still work and travel, as you know from some on this site, you'll just need to make a choice on how MUCH you want to work. But you CAN still do it and enjoy yourself at the same time. Just remember, if you only work say, 6 months out of a year, you will cut your S.S. about in half or so I would imagine.

 

[Seraphim]

How much you receive depends on the amou t of money you contributed, after you've qualified with 40 quarters of work. The less money you contribute, whether from a lower paying job or because of time taken off, the less money you'll receive when you retire.

 

[ped]

<P>

<SPAN id=post_message_1271780450><SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)">As one of the youngsters here (relative to the average age) I'm in a bit of a quandary about this. My plan is to hit the road early and live off a combination of minimal work and what I sock away from real estate dealings. I was wondering how doing that would affect my SS when I hit my actual retirement age.&nbsp;</SPAN> </P><DIV><SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)"><BR></SPAN></DIV><DIV><SPAN style="LINE-HEIGHT: 20px; BACKGROUND-COLOR: rgb(255,255,255); COLOR: rgb(42,42,42)">What would you recommend doing had you the chance to do it over differently.</SPAN></DIV></SPAN>

<BR><BR>Same boat as you. I already qualify for SS a few years ago but if I retire at 30 and work seasonal while tramping it's not going to be much. <BR><BR>On the other hand, I fully expect them to do away with social security and give it to their wall street friends within 10-15 years. They're already working really hard on it as it is. So I'm not counting on it at all. Those days are over for us younger people.<BR><BR>I figure by the time I'm of retirement age gasoline will be extremely expensive anyway. That's why I'm doing all this now while it lasts. <BR>

 

[She]

Yes that I do know Seraphim. My plan at this moment (because I waited too long to do otherwise)is to keep working as long as I can. Maybe till 62.&nbsp;Gee that sounds so old. LOL&nbsp;I really wanted to wait till around 57 or 58...we will see. I will be living in my van saving lots of money..hopefully. I will be taking vacations along the way to travel. I would like to retire earlier but I don't think thats possible after reading everything and talking to to friends , an accountant and of course reading what you guys wrote, but I can still travel still. heck I don't know what half of NY state looks like. I plan to take 2 week vacations..there is a guy here who goes to&nbsp;Poland&nbsp;for 2 months every year to see family so it is allowable. Feel free to jump in if you see something I missed

 

[sl1966]

thanks guys ... a more thought out and longer reply is to follow.<div><br></div><div>it's past midnight here and I need to get some sleep. not feeling so good and have been having a hard time getting rest.<div><br></div></div>

 

[sl1966]

I started digging a bit after seeing this thread and what everyone's said here. Turns out I completely misunderstood how SS works. I got the basic concept right but the devil was in the details. I had a lengthy convo with my parents (who are retired and collecting) about how it all works and finding the answers to questions they couldn't answer online today.&nbsp;<div><br></div><div>The good news that I've got all the credits needed to qualify. I'll also collect a more than healthy monthly if I keep working until I'm 67.&nbsp;</div><div><br></div><div>The bad news is I have these plans in motion and don't think I can stand being a System Admin until I'm that old. I'm kind of ready to rip my eyes out doing this as is. Earning less in the future will negatively affect (as some of you have already stated) my monthly sum.</div><div><br></div><div>If I've understood everything correctly I think I have two choices now.&nbsp;</div><div><br></div><div>1. keep working in this high paying career until one day I blow my brains out in the parking lot from career and city life burn out.</div><div><br></div><div>or</div><div><br></div><div>2. I hit the road and live on an insanely severely limited income until I either die of old age or become deathly ill from an age related illness and blow my brains out in the desert to avoid a long painful death</div><div><br></div><div>I'm kidding about blowing my brains out on both counts. I love life too much but want to illustrate how helpless the system makes you feel for ever having to participate in it.</div><div><br></div><div>yeah, this is starting to feel something like a greek tragedy here.</div><div><br></div>

 

[Seraphim]

Steve

Find a balance point - work until until you reach a point you think you can retire with a particular lifestyle.

 

[stude53]

<p>Steve, Don't forget that once you reach SS retirement age, you can work and earn to supplement your income without paying taxes on it, too (no limit on earnings).</p>

 

[sl1966]

Thanks guys .. Sorry She. I kind of overtook this thread a little. The topic and some of the initial answers really made me start wondering about SS and how/where I'm to deal with it.<div><br></div>

 

[She]

Don't you worry about it. Thats an order! We are here to help each other out and seems you needed more help than me. Have a good day.

 

[Seraphim]

<P>

</P><P>Steve, Don't forget that once you reach SS retirement age, you can work and earn to supplement your income without paying taxes on it, too (no limit on earnings).</P>&nbsp;

<BR><BR>Do you mean income tax or SSA tax? And is that only at Full Retirement Age?<BR><BR>