How old were you when you started taking Social Security?

[Ingomike]

I remember working at the 1 bop shop in US Steel and seeing this older gentleman running one of the engines that take the ladles between shops. I told my buddy " man that guy looks rough, what is he like 80 yrs old.?" Turned out he was 87. Mr. Washington was working on his 68th year at US Steel. Few yrs. later i retired.....Mr Washington was still there. Could you imagine? I believe he put 72 yrs in and was tied with a secretary for having the longest career at US Steel.

It may be hard for us to imagine but many in previous generations found meaning and life in their work. A trait that society has completely lost…

 

[SkullDaddy.45]

It may be hard for us to imagine but many in previous generations found meaning and life in their work. A trait that society has completely lost…

Very true. Especially in the mill industry. For 30 yrs i spent every Christmas, New Years and Thanksgiving with my coworkers. 80% of my birthdays and 75% of my anniversaries i spent at the mill. Hell, i spent my Honeymoon at the 1 bop at US Steel. Got married at 5:00 pm and was working midnights by 10:00pm. They become family. Almost all my closest friends are people i worked with.

 

[gregkl]

Some thoughts reading the last several posts. I plan on being debt free when I retire with at least one solid car. The second car may be a Jeep Cherokee I'm currently fixing up while I still have an income stream. If some windfall comes my way, I'll buy something new(er) and sell the Jeep. If not, by the time I retire I'll have a basically fully rebuilt XJ that I can meet the other old guys at the coffee shop.

Though I have put money into 401K's since my late 20's, my portfolio has not grown like "they" said it would. I will need to do some calculations in the not too distant future on how long I can live on a 4-5% withdrawal plus SS. But I suspect that I will need a side gig or some part time employment for a long time. I'm really doing some mindful searching on what I could do to earn some extra money. I'm good at "handyman" type stuff and I'm confident I could be covered up with business but I'm not sure how well my body can take the physical work as I age. Something more passive would be better.

I talked to a retiree that works at our local YMCA. He loves doing that I thought with my exercise background, that could be a cool part time gig. If I could workout for free, make a couple hundred per week part time, that could work.

I am also looking at hobbies that don't come with a lot of consumables. I am really thinking that it might be time to learn how to play a musical instrument. I would have the time to practice, I enjoy music greatly and unless I am taking lessons, it won't cost much of anything once I have the "tool". Which I would purchase while I am still working.

Along with reading this and online, I get more scared than encouraged, lol. If I can hang in the workforce for another 5 years I should have about $500K in my portfolio. If I extend to 70, that number may grow to $600K if I save diligently. According to the "experts", I am nowhere close to what I need.

Though I saved over the years, apparently it wasn't enough.

The one thing that may save us is that neither my wife or I are big spenders. No lavish vacations, we don't dine out, we don't buy "stuff" and we are homebodies. So our outflow of money will be for necessities for the most part.

Edit: sorry folks. It appears I already said most of this upthread. Oops!

 

[SkullDaddy.45]

Some thoughts reading the last several posts. I plan on being debt free when I retire with at least one solid car. The second car may be a Jeep Cherokee I'm currently fixing up while I still have an income stream. If some windfall comes my way, I'll buy something new(er) and sell the Jeep. If not, by the time I retire I'll have a basically fully rebuilt XJ that I can meet the other old guys at the coffee shop.

Though I have put money into 401K's since my late 20's, my portfolio has not grown like "they" said it would. I will need to do some calculations in the not too distant future on how long I can live on a 4-5% withdrawal plus SS. But I suspect that I will need a side gig or some part time employment for a long time. I'm really doing some mindful searching on what I could do to earn some extra money. I'm good at "handyman" type stuff and I'm confident I could be covered up with business but I'm not sure how well my body can take the physical work as I age. Something more passive would be better.

I talked to a retiree that works at our local YMCA. He loves doing that I thought with my exercise background, that could be a cool part time gig. If I could workout for free, make a couple hundred per week part time, that could work.

I am also looking at hobbies that don't come with a lot of consumables. I am really thinking that it might be time to learn how to play a musical instrument. I would have the time to practice, I enjoy music greatly and unless I am taking lessons, it won't cost much of anything once I have the "tool". Which I would purchase while I am still working.

Along with reading this and online, I get more scared than encouraged, lol. If I can hang in the workforce for another 5 years I should have about $500K in my portfolio. If I extend to 70, that number may grow to $600K if I save diligently. According to the "experts", I am nowhere close to what I need.

Though I saved over the years, apparently it wasn't enough.

The one thing that may save us is that neither my wife or I are big spenders. No lavish vacations, we don't dine out, we don't buy "stuff" and we are homebodies. So our outflow of money will be for necessities for the most part.

The most important thing is to have a plan. Sounds like you're developing one. I believe as we get older quality will be more important then quantity. We don't have much control over how long we have. But we do have control over how happy will be. Always remember it doesn't take millions of dollars to be happy. Thank god that part of our lives have always been free.

 

[GodFearinGunTotin]

As long as you like your job, keep working...especially if you don't have something to occupy your mind and your time. An older guy once told me "you'll know when it's time (to retire)". That never made much sense until it happened to me.

 

[SkullDaddy.45]

As long as you like your job, keep working...especially if you don't have something to occupy your mind and your time. An older guy once told me "you'll know when it's time (to retire)". That never made much sense until it happened to me.

I hated the mill. 30 yrs. of going to hell. After i retired it took about 2 months and would've gave my right nut to go back and work. We moved to downtown Cleveland and i got hire as the right field security supervisor for the Cleveland Indians. LOVED that job. Could've worked it for another 30 yrs. Stayed there 6 yrs. Like you said. My body one day just said it was done. Now i play with the pups and my parrot. Take care of the house when it needs it. My 50s and 60s are really the best times of my life.

 

[GodFearinGunTotin]

I hated the mill. 30 yrs. of going to hell. After i retired it took about 2 months and would've gave my right nut to go back and work. We moved to downtown Cleveland and i got hire as the right field security supervisor for the Cleveland Indians. LOVED that job. Could've worked it for another 30 yrs. Stayed there 6 yrs. Like you said. My body one day just said it was done. Now i play with the pups and my parrot. Take care of the house when it needs it. My 50s and 60s are really the best times of my life.

I know what you mean. For a long time I had "the best job in the plant". Then...it changed. I hated it. It was like being a glorified Wendy's manager. That's when I knew it was time. I'm now working back at that plant part time and it's much better.

 

[gregkl]

As long as you like your job, keep working...especially if you don't have something to occupy your mind and your time. An older guy once told me "you'll know when it's time (to retire)". That never made much sense until it happened to me.

I'm looking at another job now. If they offer me a position and the "package" is acceptable, at 62 I'm going to embark on a new position with a new company. My thinking is that it will re-energize me for another 6-8 years.

I don't see myself staying at my current job for that long. I've been here 8 years now and the company is a shell of what it was when I hired in. I'm not even doing much of a sales job like I was hired to do. I mostly sit in a cubicle answering emails and working on spreadsheets.

Most of my career was as a "traveling" salesman. I'd like to finish out my life of work on the road calling on customers, solving problems, implementing solutions, doing trade shows and meeting people in a wide geographic area.

 

[GodFearinGunTotin]

I'm looking at another job now. If they offer me a position and the "package" is acceptable, at 62 I'm going to embark on a new position with a new company. My thinking is that it will re-energize me for another 6-8 years.

I don't see myself staying at my current job for that long. I've been here 8 years now and the company is a shell of what it was when I hired in. I'm not even doing much of a sales job like I was hired to do. I mostly sit in a cubicle answering emails and working on spreadsheets.

Most of my career was as a "traveling" salesman. I'd like to finish out my life of work on the road calling on customers, solving problems, implementing solutions, doing trade shows and meeting people in a wide geographic area.

I would think you'd have lots of options doing that.

 

[OurDee]

Correct - You WIN the Prize IMO. Enjoy LIFE while You Can. Pension Retired at 55, SS at 62, NO REGRETS

When the foundry was closed in 2005 I had to move to keep my insurance. I was on schedule to have all debt paid and retire in 2013 at 53 with pension. The move meant I'd retire in 2017 with pension age 57 with debt. I started collecting SS at 62 this year. Get out of the game as soon as possible. I have no regrets either. I've had a 5 year paid vacation so far with my health!

 

[DragonGunner]

Also as important is income going out. Doesn't matter how much you saved if your bills are 3× what you bring in. Pay off your stuff!!!!
I've seen guys work well into their mid to late 70s because wifey wanted a new house at 55 or hubby just had to buy that new Ford Raptor when he retired. Do not acquire any new huge debt after 55. Pay off the house, cars, boat, plane or what ever you have. Income is very important....but so is your debt.

I know bonehead guys over 50 getting a girlfriend pregnant, divorced and in debt starting all over again. Some guys just got no sense, they will never retire just work and die early...all because they thought with the wrong head all their life. Like you said live within your means, get debt free early in life.

 

[SkullDaddy.45]

I know bonehead guys over 50 getting a girlfriend pregnant, divorced and in debt starting all over again. Some guys just got no sense, they will never retire just work and die early...all because they thought with the wrong head all their life. Like you said live within your means, get debt free early in life.

Had a guy i worked with who was planning to retire in a few yrs. Suddenly he changed his mind. Decided to work till he was 70. Found out he knocked up his girlfriend. Couldn't imagine being 65 with a baby. Needless to say his wife was none to happy.

 

[Ingomike]

Keeping it in your pants except at home is a big problem for some guys, and likely the biggest financial mistake one can make…

 

[Colt556]

65 for me. I wanted to wait a few more years but with my cardiac issues it’s a roll of the dice. I won’t outlive the $$$ that’s for sure.

 

[Frosty]

Couldn't imagine being 65 with a baby.

Being 44 with a hyperactive two year old sucks bad enough, I feel pretty energetic most days but no keeping up with her!

 

[OurDee]

I wouldn't mind having kids again. It is just too much commitment at this age. Besides, I can't afford it. That's a young man's game. Popped my last one out late in my 30s.

 

[jmills]

Wife might retire next summer after 44 years at the same job.

 

[chipbennett]

Some good info to add to this thread.

4 Tricks to Maximize Your Social Security Benefits

A family with two high-earners can receive benefits totaling as much as $100,000 a year combined if both defer collecting until age 70. Here's how.

www.barrons.com

I've already based my retirement calculations on 2 things:

1. SS retirement at age 70
2. The assumption that there will be no SS when I retire, because the system will have already gone under

 

[Patched]

That's basically what I did. I'm retired already and won't be taking my SS benefits until age 70. I watch the politicos to make sure that no changes are coming that would necessitate a change to my plans. Current thinking is that SSA will have trouble starting in about 2033 unless they do something to keep it solvent.

 

[chipbennett]

That's basically what I did. I'm retired already and won't be taking my SS benefits until age 70. I watch the politicos to make sure that no changes are coming that would necessitate a change to my plans. Current thinking is that SSA will have trouble starting in about 2033 unless they do something to keep it solvent.

...which is well-before my SS eligibility, much less, age 70 (which I won't reach until 2047).