Don't forget to add in all you taxes!

I figured if you wait it takes around 18 years to get that first extra dollar is that worth it?

$10 for the first load here not sure if it went up or I had over the minimum the last time, either way it saves me over $300 a year for them to pick it up when the dump is a few miles away.

At 65 Medicare payments come out also plus you need to pay for a supplement for that 20% gap about $300-$350 for insurance is not bad in today’s world.

Retire while you still have hobbies and the energy to pursue them and you won't have any problem staying as busy as you want.

At any point in our lives we have a given amount of energy to split between work and home life (family and hobbies). As we age our energy level declines but the amount of energy that work requires stays the same. That leaves less for family and hobbies with each passing year.
Family takes precedence over hobbies so your hobbies tend to fall by the wayside. If you wait too long to retire your hobbies will be gone, all you will have left in life that provides a challenge is work, and you will be lost once you leave work. Don't wait that long.

I retired at 55, bailed out of NY in 08, had some rough spots like selling a house building another one watching our retirement savings, investments shrink. The biggest thing to do is be debt free, stay away from insurance salesman, don't lose control of your money. We don't lack for anything all this crap with the china flu hasn't changed our lifestyle, we have lived pretty simple even when we were "working", the West is a pretty nice place, even with the challenges we face.

I am probably the word one to answer that question.

Sit down and come up with your total expenses monthly and your yearly expenses. After you have that number, what is costs you to live for a year add another 10%.
From there is it simple math of what you have in portfolio/savings/pensions/SS/other income etc.. Being debt free is a plus and living on what you have, instead of living on what you don't have.

You may have done all that and finances aren't an issue but are concerned about retirement in general. My thing when people asked me, why I retired so early, is because "you can't buy back time" and your career is only a career there is more to life then giving all your time to one place. IMO if people are bored in retirement they never had a life but only in their job. Retirement is what you make it don't wait for someone else to help you find your way.

I retired 3 years ago. Wife and I met with a financial adviser before we retired, He advised to start drawing SS at 62 because what you loose in monthly SS pay at 62 vs 66 the break even would be 78 years old.

Insurance is a big factor, I was able to carry over my insurance at a fairly low cost until 65 and medicare then my insurance is reduced and the cost stays the same (suplimental at that point)

We bought some rentals for some extra income and so far we have very good renters, and I am able to do most repairs myself. One thing we got a hard lesson on last year was if you are on SS be carefull
Of any income or you will have to pay part of your SS back.

I get bored easy if I don't have a project to do so I trap fall and winter and fish a little in the spring and summer, Help a local rancher drag meadows and hay which I trade for beef, so far has worked out good for both of us, Like he says "I got way more beef than money"

And yes don't go into retirement with a lot of debt

I hear that from so many of my retired friends.
I may wait until I'm dead to retire. But, I could find a lot to do if I did retire.

Like cub, I too have purchased a couple rentals with short term mortgages to supplement later income. The first I used entirely home equity loan as my home has been paid off for some years. The 2nd was a super deal on a fixer up which we were able to do most of the work on ourselves. To me, once having the burden of a huge mortgage, it was like a nose around my neck with 30 years of no end in sight. I finally came to realize that I was in a stupid situation considering I could build my own for half the price. I've flipped a few properties and have done very well with those ventures. I've done my best to keep debt at a minimum and am pretty much debt free at the moment. However, I don't take it for granted and know that anything can happen at any given time to flush that all down the drain. I feel fortunate where I stand right now with just 4 more years until I'm eligible to retire.

I truly don't understand the thing about having/needing something to do with time after you retire. I tell people all the time that I'm too flipping busy with everything to have this "job" thing getting in my way every day. I won't have any trouble finding stuff to get into!

I can retire in a couple of months and I have been mulling the pros and cons of doing so. I’ve not heard too many people say that they wished they had worked five more years but a lot that say they wish they’d done it sooner. I see so many that work until they have no desire or energy to do anything like someone above mentioned. I’m thinking if I get five or ten years of feeling like trapping and hunting and playing with grandkids it’s worth a lot. If I give them to my job they will be lost. I have felt myself getting older in the last year. I think with all the materialistic mindset we’re constantly assailed with we’ve forgotten how enjoyable simple pleasures, time and less work stress is worth. I had a friend tell me today he spends more since he retired. I think I can be happy living pretty cheap on the twilight of my life.

7 digit nest egg??? A million plus bucks!!!!

Who has that much saved?

If you do, congratulations on being a very good money manager or a lucky heir.

You can do well on a pension and SS if you don’t have any debt out there it’s a steady income and you even get raises now and then.

X2

Life insurance for spouse=settin up the next guy!!
If she can't make it on her ss and ira's and half yr ss and ira's and no debt she don't need incentive to have her boyfriend knock u off!

7 figures- whos butt u blowin that smoke up? Ur a (This word is unacceptable on Trapperman) poor money mgr or live like pelosi !

Diff for me was $80,000 break even at 80yrs old. So do i take it at 62 and enjoy/invest it or wait till I'm 80 and can't?

If you are thinking about drawing SS at regular 65 or waiting until 70, check into this. I was told that when you reach your full social security age,you can start getting your money at that rate. If you don't need that money and you can save the funds you get from SS, You can let the funds accumulate until 70 or older, then give it all back to SS and refile at the 70 rate. You have the security of getting the money and if you still have it at older age, you can give yourself a raise. Talk to someone at SS to see if this is still available.

My wife will retire in one year medicare next summer. I will retire in 2 years due to health care plan change at work. Love my job. I will buy a single health care plan and will have majority of that covered by retirement plan. We will both have social security and each a retirement pensions very well funded.
I wanted to work a couple more years but not a choice when you could lose $100,000.00 in benefits. I plans to still work some but not as much. House paid off in 2 years. One small vehicle loan after that.

Things change, however I don’t see myself fully retiring until I get to an age where I cannot physically function at a level that is productive/profitable.
Been rumors for years that social security will be bankrupt or insignificant by the time I reach legal age.

For those in retiring and in retirement, what is a reasonable nest egg that is ok? now i know that fluctuates by amount of spending one does but is 1 million really neccessary? is $250,000...$500,000 able to provide for you comfortable? Lord willing id like to find something to do part time but of course it all depends on health. Looking back would you say now, no i wished i woulda had this amount instead or whatever? im interested since pensions are long gone and supposingly i wont be able to retire until im 70 for full benefits...