Advice: 9 Year Age Difference and Retirement

[rathgar]

Hi,
My husband is 65, was let go from his job at age 62 - and is now officially retired.
I am still working, age 56.
I am eligible for retirement from my school job next June. We will have pension, SS, 401K and 403B. We have cranked the numbers and it looks like we will be fine.

Given our age difference, would you recommend I go in June ( I will just turn 57)?

 

[RobbieB]

I think you better get his opinion first. Or have you?

 

[rathgar]

yes- he would like me to retire. I plan to work part time - but I'm ready to be done with full time teaching.

 

[rk911]

then go.

 

[catii]

I'm 7 years older than my wife, & although she planned to work until age 70, I had her run the numbers (we're both engineers), & she was shocked to see how little different our long-term incomes would be for those extra 4 years of her life! So, she retired this June, & we're having a wonderful time! I agree - just go!

 

[Focus]

It's your choice, of course. Are you ready? Not just financially, but mentally.

Based on personal experience (we're seven years apart and my spouse hasn't retired), I think it's best when both retire around the same time. Makes it much easier to be on the same page.

 

[chris2008]

DH is 6 years older and we have always agreed to leave our jobs at the same time.
As DH has some health challenges we wanted to make sure not to sacrifice our "best" years for more money.
At 61 he took his pension.
We have no regrets and love every single day of our time together.

 

[Dtail]

I would retire. Eventually, there could be some resentment on DH's part on not being able to enjoy more time together.
Time is more important.

 

[Red Badger]

If you are ready, go. Life after work is so much better.

 

[Philliefan33]

If the numbers work and you are tired of full-time teaching, why would you stay?

DH is 11 years older than me, and had mandatory retirement at 57. From the time we got married, our plan was that I would retire at 50. The plan worked and that’s what I did.

 

[Aerides]

Your age difference has no impact on your question. Even less so now than when you were married, given the ratio of the gap has shortened. Like in your other threads, if you are ready financially, and your husband is in alignment, of course, pick whatever date feels best.

 

[donheff]

I don't understand what difference the age difference makes. You will have a pension and the numbers add up. You are in position to make the decision based on what is most appealing to you - working full or part time or pulling the plug completely. Am I missing something?

 

[ShokWaveRider]

Age does make a difference if healthcare is an issue. In our case DW is 5 years younger, we manage our MAGI accordingly. Some may not be able to do this, so retiring could cost an extra $1k - $1.5k a month. Some may have to budget extra for that.

 

[Gumby]

Your husband is a fortunate man. I retired two weeks before the young wife. The only way I was able to avert her crankiness during those two weeks was to work like a beaver on speed during the day and make sure that the house was as neat as a pin and dinner was on the table when she got home. If things had gone on any longer with me at home and her at work, I don't know that I would have survived it.

 

[brett]

Do not understand your question. Your husband would like you to retire. You do not like your full time job. You can afford to retire. You will have the opportunity to do some part time teaching which is something you want to do.

What makes you ask if you should retire? Seems fairly obvious to me. Follow your gut. What are you waiting for

As the slogan goes...just do it.

 

[rathgar]

just wondering what others with similar gaps in age did - and if I'm missing anything important.

 

[ShokWaveRider]

just wondering what others with similar gaps in age did - and if I'm missing anything important.

We have a 5 year difference, we manage MAGI to get the Max Subsidies for DW's healthcare. EVERYTHING else is insignificant and I simply do not worry about it.

 

[Chapter 3]

10 year difference here. I RE about a year ago. DW is in prime of career and loves her work. No issues since we both have independent activities/interests. The only issue I could think of for us was if I ever get the desire for long-term travel, but fortunately I haven't so far. As others have said, in your situation I would be out the door.

 

[Sunset]

OP - your husband will have Medicare. What will you do for heath insurance ?

That is the only age issue I can see, since you worked and will get SS on your own numbers, no survivor issue regarding SS.

 

[rathgar]

I will have health insurance through state retired teachers plan - affordable

 

[Dean56]

I will have health insurance through state retired teachers plan - affordable

Bingo!! You just answered one of the most important questions.

Retirement is just around the corner for you.

 

[Sojourner]

I will have health insurance through state retired teachers plan - affordable

In that case, I totally agree with the others who've asked what your age difference has to do with this decision. Nine years isn't that much, and even if were 12 or 15 or some other number, I still don't see why that matters. As long as you're financially ready and want to try out the FIRE lifestyle, you should do it regardless of any age difference, especially given that you're creeping up on 60 years old.

 

[jimnjana]

10 yr age difference for us. SS maximize for us was DW take at 70, I take at 63. DW is older and SS about 80% of mine. Wondering if your SS optimization calculation was similar. We are doing what DW wants so she is drawing next year at 66. I will likely wait until FRA for mine .