Posted by WA-Hal on February 26, 2010 at 17:06:35 from (208.81.157.90):
In Reply to: OT Retire at 62? posted by Plumcrazy on February 26, 2010 at 04:22:02:
Do you have another pension that you can draw on in addition to social security? If not, you probably will find that you can't afford to retire at 62. As others wrote, insurance costs before you and your wife are eligible for medicare will eat you alive.
No one knows how long they will live. But some family's genetics usually allow for longer lives than the genetics from other families. But you could get run over crossing the street to get the mail tomorrow.
My wife had a formula that computed how long it would take to receive the same amount of money from social security waiting until 65 as opposed to retiring at 62. If I remember right, the formula said she would be almost 75 years old before waiting to retire until 65 started to pay off. However I don't think that the costs of health insurance were considered.
Other things to consider are how much you owe right now, if where you are living will continue to work out well for you in retirement, if you know that you will have large expenses, and probably hundreds of other things. Good luck.
If you can afford it, retirement is great! While I have seen people just sit back and die after retirement, most people I know are about as busy retired as they were when they worked. I wonder how I ever found the time to go to work every day!
I also know guys that retired young from GOOD jobs that find that they cannot make it on what they receive in various retirements that are now working at much poorer jobs, because they HAVE TO.
I hope you make the best decision for you and your family. Good luck!
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