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01-21-2019, 07:31 PM
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#41
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Full time employment: Posting here.
Join Date: Nov 2012
Location: Dogpatch
Posts: 561
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65 is commonly thought of as retirement age, but according to this, the average retirement age in the United States among currently living retirees was 59.88 years old. The median living retiree left work at 62 years old, and the most common age to retire was 62 years old. 18.7% of retirees retired at age 62, and a whopping 63.1% retired between the ages of 57 and 66. So if you retire before 65, you're in the majority. "Early" means "happening or done before the usual or expected time". Most people think they will work until 66 (according to this), but the majority retire before then.
I retired earlier than the majority, but was on schedule for my plans.
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01-21-2019, 07:34 PM
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#42
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Thinks s/he gets paid by the post
Join Date: Aug 2015
Posts: 1,890
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I'm going to be a lemming and go with SS FRA (for me). Anything before 67 is early. I'm more concerned about getting to FI than defining RE.
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01-21-2019, 07:35 PM
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#43
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,129
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Since I retired at 60, I defined early retirement as 60. Simple.
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
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01-21-2019, 11:31 PM
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#44
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Recycles dryer sheets
Join Date: Aug 2017
Posts: 394
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Before age 60.
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01-22-2019, 03:21 AM
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#45
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Recycles dryer sheets
Join Date: Jul 2011
Location: Citrus Hills
Posts: 235
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Quote:
Originally Posted by Dtail
I retired at 57, but do consider anything under 65 to be early. Reading on this site, can skew thoughts on the typical age for retirement. Even on this site, the average retirement is probably 56/57.
I live in a gated non retirement community in FLA (but has some retirees) and don't know anyone else under 60 who is retired.
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I also live in a Florida non retirement community as you. Been here 4 years. Several new neighbors have moved in during that time. They seem amazed that my DW is 57 and I am 58 particularly when we tell them we moved here in 2015. I worked PT until December when I called it quits. From September on, each time I saw neighbors at the pool or on the street they would ask are you REALLY going to retire?? Some were like, "we don't understand, who is paying you". The concept of paying for yourself using dividends and interest was inconceivable to my neighbors on a pension and or living on SS.
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01-22-2019, 04:11 AM
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#46
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,200
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Quote:
Originally Posted by corn18
I'm going to be a lemming and go with SS FRA (for me). Anything before 67 is early. I'm more concerned about getting to FI than defining RE.
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I was going to say 65, but I agree FRA is a good reference. But I don’t know what difference it makes to pin down an age. You retire sometime/anytime after you reach FI and have better things to do than a conventional job, who cares what someone else calls it?
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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01-22-2019, 07:22 AM
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#47
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gone traveling
Join Date: Jan 2019
Location: NW Ohio
Posts: 1,156
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Being able to access your 401K without a penalty is at 59.5 years old, and early SS at 62, so anything before these dates I consider early.
Good planning makes a good ending !
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01-22-2019, 07:41 AM
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#48
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,414
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Quote:
Originally Posted by ckelly78z
Being able to access your 401K without a penalty is at 59.5 years old, and early SS at 62, so anything before these dates I consider early.
Good planning makes a good ending !
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If I would have to pick a date (ER) means it would this ^.
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01-22-2019, 08:06 AM
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#49
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Posts: 5,176
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Quote:
Originally Posted by ckelly78z
Being able to access your 401K without a penalty is at 59.5 years old, and early SS at 62, so anything before these dates I consider early.
Good planning makes a good ending !
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But most 401K plans allow you to take a distribution at Age 55 without penalty if your employment is terminated past your 55th birthday.
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01-22-2019, 08:22 AM
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#50
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,689
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ER, Retired while you're healthy, active and can enjoy life. If someone is RE because of health issues, I don't consider that FIRE because there was another layer to the decision to ER. If you're ER because laid off and had no other choice, mmm, not sure I"d consider that ER. IMHO, if you have the resources, desire and choice to be ER and can at least, enjoy ER, that's the age I define as ER.
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
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01-22-2019, 08:36 AM
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#51
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: The Beautiful Blue Ridge Mountains
Posts: 2,781
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I retired a few days after my 57th birthday. Since peoples' reactions were nearly universally, "Whaaaa? You're too young to retire!" I considered it "early."
Not that it matters.
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01-22-2019, 10:15 AM
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#52
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Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 4,661
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I retired shortly after my 56th birthday, and DH retired at 57. We consider ourselves to have retired early, realizing that there are many who retired younger. The people we worked with were all shocked that we were retiring and since retiring, we often get questions or surprised looks when we tell people we’re retired.
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01-22-2019, 10:48 AM
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#53
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Full time employment: Posting here.
Join Date: Dec 2015
Location: Vancouver
Posts: 915
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Quote:
Originally Posted by braumeister
I learned from my grandfather that "retirement age" was 65, because that was when you got Social Security and also when you got Medicare. That was considered normal and expected.
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That's my thinking too. I think standard retirement is around 60-65 when a lot of government retirement-related benefits kick in.
Anything in your 50's to me is standard early retirement as I feel a lot of pensions have magic numbers that support a mid 50's retirement. At my megacorp, a lot of people with the old DB pension that started with the company fairly young either hit their numbers around 55 or have been pushed out in their early 50's with enough severance to tie them over to when their DB pension can kick in around 55.
Anything below 50 is very early retirement IMO.
I don't think the labeling in itself is important but I view earliness from a financial challenge perspective. The earlier you retire, you won't necessarily be able to initially tap into government benefits and/or possibly a work pension while being more dependent on personal savings.
__________________
Good Riddance. April 2022
"Yes, there's some shady stuff going down but it's fuelled by stupidity."
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01-22-2019, 11:21 AM
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#54
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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25 years education (Masters)
35 years productive
25 years retired
so far so good....
__________________
For the fun of it...Keith
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01-22-2019, 11:32 AM
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#55
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Full time employment: Posting here.
Join Date: May 2011
Posts: 873
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I retired at 50 and DH retired at 57. We didn't consider it early till everyone we talked to said we retired early. So be it. Living life on our terms.
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01-22-2019, 03:06 PM
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#56
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Recycles dryer sheets
Join Date: Nov 2017
Location: Green Bay
Posts: 226
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The only time the "early retirement" label mattered to me was when I told HR I was thinking of retiring at 54 with 30 years of service. HR informed me that Mega Corp considered leaving before age 55 as quitting not retiring and I would not be eligible for any Mega Corp retiree benefits. I opted to stay and retired at 55 and 2 days.
Haven't taken advantage of any Mega Corp retiree benefits so probably didn't matter in the end. However, I like the ability to use the IRS Rule of 55 if I would need to access my 401k funds prior to 59.5.
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01-22-2019, 05:08 PM
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#57
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Full time employment: Posting here.
Join Date: Feb 2018
Location: An Un-Organized Township of Maine
Posts: 801
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I retired at 42. I think that any age below 60 is fairly early.
__________________
Retired at 42 and I have been enjoying retirement for 18 years [so far].
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01-22-2019, 06:13 PM
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#58
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Recycles dryer sheets
Join Date: Jan 2010
Posts: 243
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As we were working, we defined early retirement as age 55 because that was the first year that DH could receive a pension. He retired at age 56 so not as early as planned.
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01-22-2019, 06:15 PM
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#59
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,263
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FWIW, I have always thought ot 65 as normal retirement age and early retirement as 55 or younger. I planned for 55 but ended up retiring just after my 56th birthday.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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01-23-2019, 05:39 PM
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#60
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Thinks s/he gets paid by the post
Join Date: Jul 2015
Posts: 1,103
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When people still say "you look too young to be retired"! Guess DW and I are still ER's!
__________________
Living the dream...
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