First off, every individual's situation is different. I'm 66.5, wife is going to turn 65 June 30th this year when she'll go on Medicare. About 5-10 yrs ago, we started planning our retirement in earnest. Before that, we were busy working careers, raising kids, putting them through college. I never looked at the "break-even" point. Life is a "throw the dice" kind of thing and there's no guarantee how long you'll live, so I'm not going to try and out-smart SS.
I've got a very detailed spreadsheet with our SS income, IRA, 401ks and wife's small pension figured in for the next 25 years (until I'm 92). I've used various rates of return (1-3%) on our investments and find that we can live comfortably at 90% of our present-day income for those 25 years without draining our retirement savings. Under any scenario, there will still be some money to leave to our kids when we're in our 90's. And that is not something I'm worrying about too much. :wink: The biggest variable is what happens when one of us dies to the other person's income. It will be reduced and there will most likely be some lifestyle changes, sale of some assets.
The big reason we didn't start drawing earlier is that we didn't need it and by delaying our retirement until now, we have been able to build our nest egg further so that we will be able to maintain our current lifestyle (financially) with more leisure time to do the things we want to do without worrying about paying the heating bill, health insurance, food, etc.
I do know of people who retired early and counted on their pensions and SS to carry them through. But inflation has eaten into it and what they retired on 25-30 years ago doesn't cut it today.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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