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Old 06-25-2021, 07:37 AM   #41
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Why not an inflation adjusted annuity (SPIA) to mitigate longevity risk?
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Old 06-25-2021, 08:06 AM   #42
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There is no one answer that fits for everyone. I don't expect to live to 85 so if I had enough money to live to 85 I would retire. I actually plan to retire when i'm confident I can make it to 75 before living on just SS. If I live past that I expect significant chronic pain and limited mobility so I will either be in a medicaid assisted living or I will end things on my terms. Only you can decide what is best for your situation.
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Old 06-25-2021, 09:13 AM   #43
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Can you retire now and then wait until age 70 to start Social Security? That might be the best thing that you could do to hedge your longevity risk.

-gauss

Oops, I see that this has already been suggested by others.
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Old 06-25-2021, 12:05 PM   #44
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If dying at 85 and living on a bare bones budget is what you are calculating, then NO , I don't believe you can retire yet.
To me, a successful retirement has a flexible spending pattern--adjust up or down depending on how your income/investments are doing.
For me, I personally needed the insurance of 100% in firecalc to age 100. Most of my relatives lived to mid eighties, one lived to 100.
OP--what does firecalc say for you?
You would probably get better answers if you came back to post and gave more details.
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Old 06-25-2021, 02:11 PM   #45
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Vanishingly few folks know when they are going to expire. If I were 67, I would definitely quit that high-stress job and take a breather. And if I reckoned there was over a 20% chance I'd outlast my savings, then I'd also keep my ears open for any enjoyable gigs that would pad the old nest egg.
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Old 06-25-2021, 02:18 PM   #46
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Originally Posted by pacergal View Post
You would probably get better answers if you came back to post and gave more details.
For instance: Do you own your home and cars free and clear?

Have you calculated your potential spend rate in retirement?

How many times your spend rate do you have saved? Hopefully in the 25X range but smaller is probably okay as you are already 67.

What is your Asset Allocation (someplace between 30% stock 70% bonds to 70% stock 30% bonds) Other??

What back up plans do you have? (Move to a low cost of living area? Do a reverse mortgage? Move in with kid(s)? Take in a house mate? etc.?)

What financial calculators have you run and what do they tell you about your chances of meeting your goals?

Do you have a "side hustle" that could tide you over (Part time Walmart Greeter? Hobby that could pay? Mow "old" people's lawns? Handy man? etc.?)
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Old 06-25-2021, 03:45 PM   #47
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There is no one answer that fits for everyone. I don't expect to live to 85 so if I had enough money to live to 85 I would retire. I actually plan to retire when i'm confident I can make it to 75 before living on just SS. If I live past that I expect significant chronic pain and limited mobility so I will either be in a medicaid assisted living or I will end things on my terms. Only you can decide what is best for your situation.
No kidding.

One of my favorite retirement calculators (https://engaging-data.com/will-money-last-retire-early/) is an excellent sanity check for those worried about running out of money.

It notes that as a male in my 50s I have a 1/3 chance (by age 75) & a 2/3 chance (by age 85)...of being DEAD.
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Old 06-25-2021, 04:21 PM   #48
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Since OP has been MIA for 3 days, and has provided no further input, I am done with this thread until he/she shows up.
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Old 06-25-2021, 04:58 PM   #49
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Since OP has been MIA for 3 days, and has provided no further input, I am done with this thread until he/she shows up.
Not the only one unfortunately.
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Old 06-29-2021, 04:06 PM   #50
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Here's the deal; It's hard to plan for retirement without knowing when you're going to die. I'm 67 and still working a high stress job. If I die at 85, I can retire right now. If I live longer, I'll be living on SSI (unless I latch on to a lady with some wherewithal) Sorry, sounds horrible. My brother is an advocate of deciding when you expire. According to him I should retire and just plan to expire when I'm 85 and forget about it. Start Living. Crazy post, isn't it? Should I still work another year or two?
At 62 and 65 my husband and I thought we couldn’t retire. But we hired a fee only financial planner (who Does Not have our money under his management) and he said we could and explained how!

He doesn’t know when we are going to die either. So there’s that.
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Old 06-29-2021, 05:26 PM   #51
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No kidding.

One of my favorite retirement calculators (https://engaging-data.com/will-money-last-retire-early/) is an excellent sanity check for those worried about running out of money.

It notes that as a male in my 50s I have a 1/3 chance (by age 75) & a 2/3 chance (by age 85)...of being DEAD.
That's what I see in real life. I am not planning to 100
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Old 06-29-2021, 05:28 PM   #52
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Me either. Ninety is long enough.
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Old 06-29-2021, 06:02 PM   #53
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Would you Retire if you weren't sure you could afford to?

No freaking way. I like to eat food and stay warm and covered too much. With $91.30/month coming in from SS after paying for Medicare you might conclude I've been pretty self reliant up till now, vs working for the man.
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Old 06-29-2021, 07:03 PM   #54
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Dude.....how much money do you need to sit and watch tv when your 85...seriously 67 is already pushing it. Have a goal and figure a way to make it happen....
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Old 06-29-2021, 07:15 PM   #55
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It's not all or nothing

You seem to believe that your choice is to keep working at a high-stress job or quitting work altogether. There are middle grounds, where you can work less but still have income coming in as long as you can or as you wish.
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Old 06-29-2021, 08:27 PM   #56
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Faced with similar situations I always asked myself “what is the worst that could happen?” If I could figure out how to avoid a worst case scenario or had an acceptable way to cope with it, I would move forward.
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Old 06-30-2021, 03:30 PM   #57
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I lost my Dad a day before his 65th birthday. He lived a fit and healthy life before becoming ill 2yrs earlier.

That focussed my mind on FIRE, im 52 now and am planning to FIRE in the next 12 months.

I dont want to be a mood hoover but I think to myself, if I was on the same timeline I have 10 healthy years ahead, that keeps me focused.

Hope you make the best decision for you ..
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Old 06-30-2021, 08:26 PM   #58
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@Indiana Randy

What do you make of the suggestions so far? What are your annual income, annual living expenses, assets and liabilities?
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Old 06-30-2021, 08:34 PM   #59
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Dude.....how much money do you need to sit and watch tv when your 85...seriously 67 is already pushing it. Have a goal and figure a way to make it happen....
For my mother in memory care, who turns 85 this year, it's about $80K...dude.
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Old 06-30-2021, 08:36 PM   #60
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And that doesn't count the $36K for my 87 yr old father.
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