Among Friends

[conlt]

I am 66 and I still work FT as a RN. I did scale back last year out of management and now I do education. I get paid a nice salary and for the most part, plan my own schedule. I do not want to leave this job, it is a perfect retirement job for me.

Another consideration that I have is that I lost a high paying job 5 years ago and had to liquidate most of my savings. I ended up paying for my house in full.

I am eligible to receive full Social Security Retirement in February and I am thinking about taking it and keep working. 

I will receive 3/4 of what I take home now, on top of my salary. I figure I can use this money to build wealth again in the 401K, also pay off some bills and fix my house before I retire. As long as I am healthy, this seems like a good idea to me.

I am on Medicare so insurance is not an issue. I don't have a mortgage and my car will be paid off in March. It only has 23,000 on it, because I usually drive my company car.

My big dilemma, is do I collect over $30,000 per year from SS now, keep working, invest again, or do I wait until I am 70 to collect SS and get about $900 per month more, then I can in February? If I do that X 3 years, that is over $90,000. Many friends think I should take the SS in February and keep working. It would take me 7.5 years to make that money if I wait until I am 70 to take SS and probably but then I might not be able to work as much. 

I think my answer it to collect in February and increase my wealth. I am alone, I can live on the SS payment only that I will receive but as long as my health continues to stay good, I am staying at my job or until they kick me out. Even at that, I could probably work as needed for my company because they always need nurses to help with documentation. 

I can put the max amount of my paycheck into the 401 K because I am in the "catch-up years" 

Losing the job at age 61 hit me very hard. I had to take a huge paycut and start all over. 

I can't answer the original question on this post. Everyone is different. I enjoy the social time at work and my new job it a dream as compared to management. I am sure I will get to the point where I will have to quit. As much as I love nursing and keeping my mind busy, I have to come to the reality that I cannot do it forever.

Where does life go? It seems like it just started and I am going into the home stretch. 

[conlt]

@theresa It could be illegal for you to lose your job if you were disabled. It sounds like you were. Did you quit or get fired? Did you sign a severance? 

I have quite a bit of experience in this department, since I ended up suing my previous employer for wrongful termination in an employment at will state. 

We settled the case. I was lucky, I got some of what I lost back but mostly, it was the principal of the thing. I refused to do an illegal act that my boss was forcing me to do. Because I refused to perform an illegal act, I was in what they call a "protected status". You being disabled were probably in a protected status but if you left instead of being fired, or signed a severance agreement, you are probably out of luck in the legal department. 

[ALRATIBA]

I worked until a few months after my 68th birthday.  

I had set $$$ goals for my 401K and savings account.

The advantatage of working beyond your Social Security Retirement Age - you can collect Social Security while you are still working.  That all went into my savings.  Adds up after a couple of years.

When I reached my $$ goals ... I retired.

[conlt]

@ALRATIBA  That is what I am thinking about doing. Continue working, start collecting SS in February and sock the maximum amount in the 401K, which is $30,500 per year. Plus I will have some money to fix up my house some etc. 

I think I answered my own questions by writing it all out. 

[branny]

I was going to wait till 65, then my 62nd birthday came and I knew I was done. Can't explain it but that was it. 

[sandy53]

My advice is to retire before you have to.  And retire when it is your choice, not your employer or your doctor.

I was lucky to be able to retire while I still liked my job.  My employer offered an early retirement plan that I couldn't afford not to take.  All three of us in my department took retirement at the same time.  No one wanted to be the "last woman standing."  After retirement I went on to have two part-time jobs that I have enjoyed because they were very flexible concerning when and how much I wanted to work. 

[TheWanderingOne]

@Luvsmyfam - there is no "one size fits all" answer to this question. Every person's financial situation is different. However; and I say this as gently as I can, given many of the comments that you've posted about small, unexpected expenses being difficult for you, retiring now may not be in your best interest financially. 

You were upset when your grandson went over your data allowance on your Wifi and it cost you more money. You've said that you keep your house cold in the winter to save money. That's just a couple of examples. 

Do you have the ability to easily handle an unexpected $5000 expense? $2500? $1000. No, you don't have to tell us, but you have to be honest with yourself.

You've said that you're 68. Are you eligible for and receiving Medicare benefits? If not, what are you doing for health insurance?  Do you have any retirement savings? Does your current income include Social Security?  If not, will drawing Social Security satisfactorily replace your earned income? Again, I'm not asking you to tell us, but you need to give this serious consideration.

If you're unsure how to detemine the answers to these questions, a financial advisor might be able to help you, but they don't work for free. Your local banker might also be a resource. 

I wish you all the best. 

[AuntG]

My first consideration would be how financially fit I'd be after retiring. Costs are rising considerably. As an example, our homeowner's insurance just rose 34%. I understand that car insurance is going up too. Frankly, I think working three days a week would be perfect. You still get a paycheck, but have lots of free time too. 

[Snowpuppy]

Top on my list is safe, secure housing which you don't have with your scumbag landlord. 

What happens when he sells your rental or jacks up your rent so high you are forced to move?

Many times you've said you don't trust him.

I'm eligible for an early out at work. I've delayed accepting the offer until I find where I want to retire to. 

[theresa]

@conlt I believe there is a 2 year statute of limitations and the 2 years was up this October. I don't regret working for these people they were ruthless and I would rather focus on my health recovery.  I never inquired if I could sue beyond the 2 year period do you know?