Home Forums Hunting & Shooting Hunter's Campfire Waiting too long to retire?

Everyone I've ever worked with or known has done just that. Either them or their spouse seriously ill or dying within months. Most was needlessly... kids all grown, homes paid for, no real bills. Just waited too long.

Phil

My state pension will cause my SS to take a 468.00 a month hit because of the WEP. I’ll still get 1200.00 SS. That’s better than nothing. I would much rather have the state pension even if it is going to cause me to be subject to the WEP penalty. My pension will me more than twice max SS at age 66.

The WEP penalty is 468.00 or no more than half of your SS, so they won’t take it all.

OrangeOakie: I retired at age 50 and only wish I had retired when I first could have (age 46!).
I have been on warp speed (enjoying retirement to the max!) for almost 23 years now and still gettin after it.
My advice to anyone who can retire - DO SO, as soon as possible!
Hold into the wind
VarmintGuy

I retired at 50 to manage and liquidate my fathers estate , took three years to go through all his holdings . I have work as a consultant as much as I want to , but don't miss it at all .

I retired in 96 at age 46. Never regretted it. I taught college for a few years but gave that up once the excitement faded. For 20 years I've hunted, crappie fished, traveled, and played with grandkids. Would've changed a thing. For me, retiring young was my best decision. However, that may not work for some. Ymmv.

Wife retired at 51 I quit working full time at 50. After 31 years of working on heavy equipment the old body was telling me to get out or be a cripple. Now I contract as a pilot/ escort car for big loads and am enjoying that, have driven all the highways in the state from end to end several times but the scenery here never gets old. 63 now and enjoying life.

It doesn't take "age" to retire. It just takes "money."

It reads: "For roughly the first $10,000 in average annual earnings, the WEP reduces the replacement rate from 90 percent to as low as 40 percent, depending on years of coverage under Social Security; however, the reduction cannot exceed 50 percent of the amount of the pension received from noncovered employment."

50% of my state pension will far exceed my social security.

Why, it's like being on vacation every day. Its wonderful.

I’ll not argue that time off while employed takes more deliberation and effort than when retired, but I will argue that many, if not most, people will not take significant unpaid time off. Either because they are ensnared by a mountain off debt, or by some personal or cultural belief that there’s something wrong with taking time off. In most jobs and businesses, there’s a slack time where you wouldn’t be missed for a week here or there.

So, where have you been catching those crappie?,

If I formally retired - I figure ""The Warden" would plant a 38 wadcutter in my forehead after about a week. (I can be a pest, I've been told)
I thoroughly enjoy what I do, however - especially at the ranch.

Retired at 73. I loved my work. At 80 I no longer consider going back. Living on SS and a modest retirement income. 80, no meds, 55 years married, big grin.

Force medical retirement @60 and broke. Not too bad though.

My wife thought she would work until 70 years old and live to be 100.
Wrong! She died of breast cancer in 2011. Age 55.
I was able to get Social Security at age 60.
Luckily my house was paid for and no debt.
Not quite what we had when she was working but you adapt. Neither of us had life insurance or a pension. I may never make it to Alaska to a Brown
Bear hunt but I did shoot barren ground
caribou.
Maybe I could hunt some feral pigs?
whelennut

No meds at 80? A marriage of 55 years? Loved your work?

You are a blessed man.

My father in law is 87, on no meds. Married 70 years in Sept.

Four more winters and I’m done. Hoping I can physically do four more. I measure years by winters, brutal 4 months doing what I do. Will put me right at 58. Should be fine financially using what we’ve saved in 401’s, 457’s, Roth’s, and IRA’s.

My plan was to be gone at 55. Ambitious plan with 3 kids. College and weddings and the unexpected expenses they bring going to cost me a couple more years.

No plans after though I know I’ll be into something. Not working will take awhile getting use to.

Rob

I was gonna be retired 6 weeks before my 48th birthday. Was............

Then the fuggin gangster's union went and bankrupted our region's retirement plan amidst the best economy in anyone's memory........... So, retirement ?? Never. Burn in hell, Teamster pension managers..............

That is sorry