Quote:
Originally Posted by Chuck1674
My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.
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Unless you're working at a profession you really love, I would retire at 55 and take the money.
Why? At age 60 you would have already accumulated $325,000 in benefits.
You would have to live to 104 for the additional $7,000/Yr to equal the accumulated benefits of retiring at 55.
You could work a part time job doing something you really like or perhaps monetize a hobby you enjoy until your SS kicks in.
Best wishes in your retirement.