Gonna turn 62 in a few months, and pondering when I should line up the farm equipment, have a sale, and retire. I know I can get full benifits at 66, but will I still be alive? I'm in pretty good health now, and my wife and I would like to see the some of the 47 states we have never been to. What's your opinion?
- Thread starter Plumcrazy
- Start date
larry mills
Member
Insurance Cost!!! 63 and counting
John (C-IL)
Well-known Member
Dad retired at 62 and never looked back. My brother took over the farm and dad could still farm all he wanted to. Retiring let him see the country and go places he had only heard about. Dad is now 79 and in great health. Grandma lived to be 100 years old so you know where we are heading with that.
The only real decision is financial. Social Security is NOT a retirement plan. Healthcare cost are the real killer quite often and a short stay in the hospital or nursing home came drain a lifetime of savings very quickly.
If you have the financial stability I would say it is a no brainer.
The only real decision is financial. Social Security is NOT a retirement plan. Healthcare cost are the real killer quite often and a short stay in the hospital or nursing home came drain a lifetime of savings very quickly.
If you have the financial stability I would say it is a no brainer.
Anonymous-0
Well-known Member
health ins is the ans to retirement.I went early but had company ins thro union which has really helpedbut some people I know have most of income going out in health care costs. they say buy taking it early you are ahead of game untill 67 then it is breakeven. Also you have to consider how much younger your spouse is as you want them to have good income after you are gone. Big decision but enjoy whichever way you go.
Anonymous-0
Well-known Member
Had the insurance thing coverd thru the dealership. Cut out at 65 and there is nothing like it. If you can make it go for it. Travel and enjoy the fruits of labor. I kinda did some figuring on what we would need to continue our quality of life. ( i.e. eat out ect) and
so far it is not taking as much as I thought.
so far it is not taking as much as I thought.
Paul from MI
Well-known Member
Tried to retire at 62, company asked me to stay on part-time & paid insurance. I had a very flexible schedule and it worked great. I finally totally retired at 65. Those were the best years of my career. I'm too busy now to work anyway. There's an awful lot to do when you're not getting paid for it. Insurance cost is the key until you get to 65 & medicare.
Paul
Paul
Goose
Well-known Member
Retirement is what your expectations are and what you make of it.
Right now, I'm 75 years old, still doing insurance inspections on real estate properties, working on special projects for an insurance company, and doing auto body work in my shop on the farm. And enjoying the heck out of all three.
I told someone the other day that if I suddenly declared myself retired, I'd probably keep right on doing what I'm doing now.
Right now, I'm 75 years old, still doing insurance inspections on real estate properties, working on special projects for an insurance company, and doing auto body work in my shop on the farm. And enjoying the heck out of all three.
I told someone the other day that if I suddenly declared myself retired, I'd probably keep right on doing what I'm doing now.
Stephen Atkins
Member
Retired,sold out and moved south to NM not too far from the Rio Grande. I was 64 and had been in a serious auto accident and could not do the work anymore.
Go for it. I know of too many people who were going to retire later and then do the travel thing etc. But one would come down with a cancer of some kind and all they could do was stay home.
steveormary
Go for it. I know of too many people who were going to retire later and then do the travel thing etc. But one would come down with a cancer of some kind and all they could do was stay home.
steveormary
My therory is I'm never gonna be a millionare but if figure if I can afford insuranse I'm gonna do it. You dont have to travel 1st class and get the most expensive accomidations to see the country and travel. I dont know if I would just sell out all at once, maybe talk to a planner or accountant to help with the tax liablities. Had one guy tell me when he retired early that his first 5 years of retirement will be better than the last five years so he went for it.
I have been mulling this over myself lately. I could retire at 55 with 25 years of service at the job I'm at now, or I can wait until I'm 60 with 30 years of service. The pay difference is huge, like 40% more. Even if I did retire at 55, I'd still go out and get another job doing something else...if there are jobs available in 15 years.
Your SS statement shows the payouts at different years- you can do the math to see how long it takes to make up what you lost by retiring at 65 (now 66+). Some say 14 years? I started drawing at 62, was on my wife"s insurance (payroll deduction of over $800 per month) until 65, then on Medicare, although I was already on VA. She"s now retired, but not drawing SS until full retirement age. Teacher"s retirement plan has an early high draw, then lowers at SS time.
That's right where I am. Except I don't have any retirement. I don't have any debt though and with a fair whack of real estate I could sell,my cattle and equipment,I could just pay the auctioneer,realtor and uncle Sam their share and live off the rest. Trouble is,I just don't know how long. Like Red Green said,I could retire at 62....if I die at 63.
Don't burn your bridges behind you by selling out. If you haven't tried traveling, you can get mighty tired of it in a hurry. Try tapering off and doing a little less instead of quiting. Suddenly changing you lifestyle can be quite a shock.
When we retired we sold the farrow to finish hogs,now we are going to sell the cow , feeder calf part but continue to raise some row crops, and bale some large round hay bales. Incidently, I will be 70 in a month or so but don't want to quit farming completely yet.
Joe
When we retired we sold the farrow to finish hogs,now we are going to sell the cow , feeder calf part but continue to raise some row crops, and bale some large round hay bales. Incidently, I will be 70 in a month or so but don't want to quit farming completely yet.
Joe
I think it all depends; if your whole 'life' was your work/job, you may well be miserable, i.e. "I'm SO bored." I've seen it happen. I started cutting back at 58 or 59 and finally sold the last of the cows 4 or 5 years ago. Took me about 4 or 5 years to completely quit.....stopped row-cropping, sell some of the cows, etc. If I had it to do over, I'd probably just quit all at once. I've never been happier; had a 'list' of things I wanted to do and am working my way through them. No way I'll live long enough to get 'em all done; built a pavilion in our pond the first year (or two); enclosed a 14 x 28 ft. storage room in a hay barn the next year (wife and I are both pack rats and were paying rent on 2 storage buildings in town); built a wood-working shop the next year.....have spent 40 years collecting wood-working tools and they were scattered in several buildings on the farm; numerous hobbies......stained glass, wood, metal, volunteer work in the community, etc. No way I'm gonna live long enough to get it all done. Here's the pavilion.......every bolt, screw, post, nail, etc all by myself; there's also a restroom in the woods just beyond it w/hot water, flush toilet etc. Life is good.
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My pappy and granddad, crossed the same bridge you are wanting to cross,and I lived with there mistake,My granddad retired at 62 and pasted away at 78 my pappy retired at 62 and pasted away at 80 My Pappy told me before he past, that he should not have never sold out all the way, because working on the farm and working the land keep'd my mind active,and my hands busy. I will be 62 this Aug,2010 I have cut back enough to keep
me active but not busy,because of medical reason's, my wife will retire in 4 years and I want to be around to enjoy retirement with my wife of 38 years.
JR.Frye
My dad retired in 2004, he turns 70 this October.
He was asked to leave, with a 6month severence check, etc. But, I told him to go work on a contract with competitor of the former employer cause he didnt sign a non-compete agreement. His exact words to me were: "I am all done with that business" He was in industrial sales of pneumatic controls for 40 years. He sits home everyday, plays golf in the winter, reads a lot, no real hobbies other then golf, no wood working, no metal working, lives on a city lot so no farming or anything........he has a BS in Mech. engineeering too. Still lives in Michigan too.
So he only golfs in the summer.
I would hate to see my dad waste away and spend his golden years doing nothing for 15 years.
Dont retire unless you hate what you do. You must stay at least semi-active. Maybe not full time work but stay busy.
He was asked to leave, with a 6month severence check, etc. But, I told him to go work on a contract with competitor of the former employer cause he didnt sign a non-compete agreement. His exact words to me were: "I am all done with that business" He was in industrial sales of pneumatic controls for 40 years. He sits home everyday, plays golf in the winter, reads a lot, no real hobbies other then golf, no wood working, no metal working, lives on a city lot so no farming or anything........he has a BS in Mech. engineeering too. Still lives in Michigan too.
So he only golfs in the summer.
I would hate to see my dad waste away and spend his golden years doing nothing for 15 years.
Dont retire unless you hate what you do. You must stay at least semi-active. Maybe not full time work but stay busy.
Anonymous-0
Well-known Member
Pappy had been healthy as a horse all his life, until age 55 when he had a heart-related "episode." He had t cut back his work schedule to part-time from them forward, and was looking to taking his retirement when he turned 62. He died when he was 61.
So you do what makes YOU happy.
So you do what makes YOU happy.
Anonymous-0
Well-known Member
I retired at 55 and have yet to regret it. Not a good idea to set all day in front of the TV, but it is sure nice to stay inside when the weather is miserable. Selling equipment, depends considerably on much the equipment is worth. If you don't need the income and the equipment is fairly worn and old, I would keep it and entertain myself on a few acres. It is also nice to have something as a backup if the renters attempt to "steal" your property. If the price isn't reasonable tell them you will farm it yourself and have the equipment to reinforce that position. But should also consider the possibility of renting the vacant shed space if the equipment is sold, which might favor selling the equipment.
Anonymous-0
Well-known Member
I lost 48% by retiring at 55 rather than 62. But the goal was to retire early and with some reasonable, timely decisions coupled with good luck, I didn't need the extra 48% and retirement became reality rather than only a dream.
Each to his own I elected to take full retirement at 58 could have at 55. Will be 65 this summer and forced to take medicad B so with both of my health plans I hope O comes in short.
Bean counter pointed out to me that the ones on SSN take it at 62 cause you can never make up what you lose better 62 and 66. He was excellent at numbers.
Latest copy of Iowa Today Farmer has a good article on farmers and retirement. Interesting on the ones who did not get around to planning for the big day.
Bean counter pointed out to me that the ones on SSN take it at 62 cause you can never make up what you lose better 62 and 66. He was excellent at numbers.
Latest copy of Iowa Today Farmer has a good article on farmers and retirement. Interesting on the ones who did not get around to planning for the big day.
I turned 66 November 2009. Still working full time, but really enjoy my work. Working as a County Corrections Officer. Started drawing my Social Security at 66. In another 2 years 5 months I can retire with a 50% pension. Mainly staying with the job for the health insurance, especially for my wife. Only thing I don't link about the job is working 6pm to 6am. On a 2 week schedule, 20 hours one week and 60 the next. Still working circles around most of the younger officers. Wife and I also have a 401k retirement and property. Wife says I will retire when I have my 10 years in, I probably won;t argue with her, plenty of projects I still want to do.
The problem with my dad is he has a hostile attitude towards manufacturing (if he is involved) I told him that I could teach him to be a machinist and he laughed at me....This was right when he retired. I would roll over and die if I did nothing other then wake up everyday and read watch TV then go to bed.
My dad has no real hobbies or interests other then Golf......I personally dont like golf.
If it was me and I was retired and had the money I would like to have woodworking equipment and learn to make cabinets, and such. I dont have furniture making skills. There is an older guy near me that has a wood shop and his rate is $35/hour and he is real busy. Repairs/cabinet maker/specialty stuff. He told me that he has a large wood shop with all the stuff.
My dad has no real hobbies or interests other then Golf......I personally dont like golf.
If it was me and I was retired and had the money I would like to have woodworking equipment and learn to make cabinets, and such. I dont have furniture making skills. There is an older guy near me that has a wood shop and his rate is $35/hour and he is real busy. Repairs/cabinet maker/specialty stuff. He told me that he has a large wood shop with all the stuff.
Anonymous-0
Well-known Member
I took ss at 62 because I would have lost 18 grand. if I waited.I knew a fellow who was in poor health kept working so he could get a larger check.He died the day after the larger check arrived.My health went sour at 65.
Do you have another pension that you can draw on in addition to social security? If not, you probably will find that you can't afford to retire at 62. As others wrote, insurance costs before you and your wife are eligible for medicare will eat you alive.
No one knows how long they will live. But some family's genetics usually allow for longer lives than the genetics from other families. But you could get run over crossing the street to get the mail tomorrow.
My wife had a formula that computed how long it would take to receive the same amount of money from social security waiting until 65 as opposed to retiring at 62. If I remember right, the formula said she would be almost 75 years old before waiting to retire until 65 started to pay off. However I don't think that the costs of health insurance were considered.
Other things to consider are how much you owe right now, if where you are living will continue to work out well for you in retirement, if you know that you will have large expenses, and probably hundreds of other things. Good luck.
If you can afford it, retirement is great! While I have seen people just sit back and die after retirement, most people I know are about as busy retired as they were when they worked. I wonder how I ever found the time to go to work every day!
I also know guys that retired young from GOOD jobs that find that they cannot make it on what they receive in various retirements that are now working at much poorer jobs, because they HAVE TO.
I hope you make the best decision for you and your family. Good luck!
No one knows how long they will live. But some family's genetics usually allow for longer lives than the genetics from other families. But you could get run over crossing the street to get the mail tomorrow.
My wife had a formula that computed how long it would take to receive the same amount of money from social security waiting until 65 as opposed to retiring at 62. If I remember right, the formula said she would be almost 75 years old before waiting to retire until 65 started to pay off. However I don't think that the costs of health insurance were considered.
Other things to consider are how much you owe right now, if where you are living will continue to work out well for you in retirement, if you know that you will have large expenses, and probably hundreds of other things. Good luck.
If you can afford it, retirement is great! While I have seen people just sit back and die after retirement, most people I know are about as busy retired as they were when they worked. I wonder how I ever found the time to go to work every day!
I also know guys that retired young from GOOD jobs that find that they cannot make it on what they receive in various retirements that are now working at much poorer jobs, because they HAVE TO.
I hope you make the best decision for you and your family. Good luck!
My Ganddad retired at 67 in 1962. He lived to 103, but stayed busy the entire time. My Dad retired at 62 in 1992. He is still staying busy, just choosing his projects now. I know that they both enjoyed their retirement time. At 54 with the health challenges I have faced, I hope I make it to 62. I will just have to keep plugging away.
Tim in OR
Tim in OR
Rollie NE PA
Well-known Member
I retired at 55 with full pension. After 34 years I had enough of the BS!
I am lucky because my wife is 8 years younger than me and has a family health plan at work. I did work for the outfit I retired from for 2.5 years through a temp. agency doing various jobs.
I plan on taking my SS at 62 also.
I am lucky because my wife is 8 years younger than me and has a family health plan at work. I did work for the outfit I retired from for 2.5 years through a temp. agency doing various jobs.
I plan on taking my SS at 62 also.
Anonymous-0
Well-known Member
Your number is not there so that would be a YES.
Don't sell your equipment in an economic downturn otherwise it will be sacrificed.if necessary slow down a little but I would not retire until the 66, If you don't see the rest of the states you won't miss it after you have fallen from the limb.
Don't sell your equipment in an economic downturn otherwise it will be sacrificed.if necessary slow down a little but I would not retire until the 66, If you don't see the rest of the states you won't miss it after you have fallen from the limb.
guido
Well-known Member
Hello,
You're Plumcrazy if you don't. I could not resist that!
But seriously: take the money and run!
You said you are in good healt, so..... go skydiving or somethimg, let the young ones work and pay-in, while you take out. We don't know when the system will go broke!
Guido.
You're Plumcrazy if you don't. I could not resist that!
But seriously: take the money and run!
You said you are in good healt, so..... go skydiving or somethimg, let the young ones work and pay-in, while you take out. We don't know when the system will go broke!
Guido.
RandyB(MI)
Well-known Member
If you can't afford to retire at 62 then you won't be any better off at 66. There's plenty to do on the side for the health ins for 4 yrs.DRAW THE CHECK AS SOON AS YOU CAN DRAW IT !!!!
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