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Old 05-14-2010, 06:47 PM   #15
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HD4Mark

I am sorry to hear of the age issue, but it is not uncommon. My previous employer had a minimum age for early out of 55. Most likely at least part of that is to limit the number of years that the retirement fund will have to pay you. If you also retire with medical coverage, as we did, then that too is a program that can be limited by the cost of caring for people.

In my case I bailed out at 57 but my wife just quit and walked away with only a small IRA and a few bucks from a pension fund. Since she made her first career that of being a mother, she didn't start back to work soon enough to have retired before SS age otherwise.

My advice to you is to look at things very carefully and while you must protect your future, you also need to remember that most people who wait to retire until they have enough money, never get to that point.
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Old 05-14-2010, 07:56 PM   #16
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Sounds great

Hey you guys and gals get back to work!!!! Retirement is for us old farts.
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Old 05-14-2010, 08:39 PM   #17
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Mark and Nancy... go for it. I retired at 50 and quickly found a great opportunity and started a web based business that I love and can do from the road. It's nothing big but just a lil retirement gig that generates a few bucks and keeps the mind active. I will tell you, when you don't have to work to earn money, you tend to see lots of opportunities to make money. Something tells me that at your ages and with tech backgrounds you'll do the same thing.
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Old 05-18-2010, 04:47 PM   #18
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Due to advanced planning I had to wait until I could collect full SS I retired at 65.5 years old. My advice to you is GO FOR IT NOW IF YOU CAN ! As a full time RV'er there are many ways to cut costs if you need to in the future. Do be aware that with this excessive deficit gov't spending inflation is looming in the near future. As for me, I will never go back to work. I can always get my fresh floura and fauna in the fields and woods. There is enough gov't land to park on for free even if I must move each 2 weeks.
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Old 05-18-2010, 07:56 PM   #19
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Hey thanks for all the encouragement everyone. We just got home from an appointment with our financial guy and the difference for DW to wait until 55 and now isn't as bad as we thought. We went over all the figures with him and even though we both need a stiff drink I think we may pull the trigger.

We both stressed to him that we want to live as close to how we do now and the answer was that it will be pretty close with less expenses. Then when SS kicks in the plan will have given us a "raise" so it looks like we are on the down slide. Putting a hammer next to the alarm clock just in case
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Old 06-12-2010, 10:26 PM   #20
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Thumbs up 2 retire or not to retire

Wow that brings back memories of all the figuring I did before making the jump from worker to retired status. I worried about everything kept asking what if and drove myself crazy. Then the boss from hell arrived and I couldn't get out the door fast enough and it was the best decision I ever made. Yes it gets a little nerve wracking sometimes when the bills come in but I've learned to live on my pensions and social security. Now that I am on medicare feel even more secure; not that I'm dancing in the street mind you, but feel better about my ability to handle most health issues.

Changing from a structured life of work to a retired life is a big change and takes a while to adapt, at least it did for me after all I was in the Army for twenty-one years and then civil service for another twenty years so I was regimented. I retired at 60 wish I had retired a lot sooner; have never had so much fun in my life I look foreward to each day not dreading it like I did working for big G. All that toil and trouble paid off.

I hope you have as much fun as I have had......
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Old 06-13-2010, 09:06 AM   #21
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The results of the incentive offer found us in what they are calling "over subscribed" meaning the company got more volunteers than the number they would like to let go. So for now we wait while the company and union discuss how many, if any will be include above the original number. The rumor was that the company will let anyone that wanted to leave go. Somehow I never believed that so now the fear of retirement is still on hold but after getting used to the idea we were excited about it. They agreed to negotiate for 30 days so it will be in a month or we wait until DW gets to 55 in just under 2 years.
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Old 06-13-2010, 09:30 AM   #22
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I am eligible to retire in 5 1/2 years at age 50. I will state this here and now: By age 53 I will retire. Good luck Mark, go for it. Worst case, you'd have to find a part time job if things get rocky.
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Old 06-13-2010, 07:52 PM   #23
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I would like to thank everyone who is taking part in this thread. Many of us are on the fence. I think I have the money to retire at 62 but can I afford the health insurance. Should I sell the house because I will always be worried about it while I'm away. I'm not even sure where I would move to. While I'm not tired of working I am tired of paying very high taxes for those who are not (47%). I'm wondering who has got it right and who has it wrong. Maybe work camping is an answer, I don't know. I still feel the moral obligation to be useful but I don't want to be carried off the job on a stretcher. These are not easy decisions
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Old 09-27-2010, 08:04 PM   #24
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Update:
The first wave of surplus came and went and we did not make it. I missed by about 6 people, DW ended up on the wrong list and should have been the last one in her job title to qualify.

The agreement was that the surplus would be let go and then the union and company would negotiate "oversubscribed".

After three months of talks the new agreement is that all of the oversubscribed will be allowed to leave. I shouldn't say allowed because anyone that put in for it had until the first off payroll date of 6/18 to retract so if you were in, you are gone.

We must be over the initial shock because now we are excited to be making plans to head south and escape almost all of the bad weather here instead of only a month or so.

The money will be a little lean until 59.5 which is over 6 years for me and just under for DW but we will be OK. Our financial guy laughed at me and said I will retire with more at 52 than most of his clients at 65. I guess that was encouraging enough.

So thanks all for the help calming me down and see ya in Florida
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Old 09-27-2010, 08:32 PM   #25
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Dave, once you reach Medicare eligibility, health care isn't free. For a couple, you have to pay $106/month each for hospitalization and Dr. visits. There are a wide variety of supplements. Ours is $311/month total for us both and the Part D is $34/month each. This all adds up to about $600/month which is a long way from free. There are a whole lot of options, but you can spending around $7,000 a year to have a comprehensive health care plan.
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Old 09-28-2010, 11:20 AM   #26
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HD4MARK

I didn't read the entire thread, but...

You may not have to wait to 59 1/2 to access your 401k. There is an 'exception' in the law. I know, because I'm living it.

You may take distributions from the 401k account, at your last employer, without penalty (taxes still apply). In my case, it was my only employer with which I had an account, and I'd been there 30 years. Many so called financial advisors are not aware of this exception, but the administrator of your 401k plan will be.

IRAs do not qualify, which is why I've not considered rolling mine over as then I would be barred to 59 1/2.

Happy trails.
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Old 09-28-2010, 03:08 PM   #27
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Quote:
IRAs do not qualify, which is why I've not considered rolling mine over as then I would be barred to 59 1/2.
IRA's do indeed qualify.

I retired at age 53 and rolled my 401k and lump sum pension into an IRA and immediately started taking distributions without penalty.

I believe it's called Periodic Partial Distribution.

You have to withdraw the same amount each month for 5 years or until you reach age 59 1/2, which ever comes first, before making any changes in your monthly withdrawal amount.

Any financial guy can set it up. It's taxed at ordinary income rates.
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Old 09-28-2010, 03:12 PM   #28
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I should clairify. With no penalty and no pre-conditions. I do not have to take a level distribution. I can take what I want, when I need it. I can change the amount, or the timing, at any time.
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