Assuming one can afford it. Maybe get a little part time job.
2007-06-23 07:23:19 · 6 answers · asked by Bill Spry 4 in Business & Finance ➔ Personal Finance
If you retire at 62, you'll get less money. But if less money is enough, then of course it is better! Unless you love your job! (I assume from your question though, that this is negatory, and you have wasted 40+ years of your life working a job you don't love...
That's a shame...
2007-06-23 07:28:45 · answer #1 · answered by Anonymous · 0⤊ 1⤋
62 and 66 are no longer numbers as we get older. If you look around you at those people in their late 50s and early 60s at work places, they may not tell you, but they are so many of them wish they can retire but they couldn't afford it, if anybody says they love their job, they are lying, they are there for the paycheck, without a paycheck, they would not be around and nobody wants to work anymore after working 35 or 40 years, o.k., maybe there is 1 person who has no life outside his job, his job is his life, then he will die on the job. At the place where I work, I witness over the years 100% of the people retire at 62 and prior, not one after 62. I also withness that as people age, the get up and go is getting harder to do and old age illnesses and disease slowly kicking in, etc. So 62 is better if you can afford it. If you can retire even earlier, do it. After all, we are born to live and enjoy life, not to work to death.
2007-06-23 07:34:47 · answer #2 · answered by Anonymous · 2⤊ 0⤋
At age 62 you will receive smaller social security checks than you would at your normal retirement age. You should also consider that you are not eligible to receive medicare health insurance at age 62. If your job had provided health insurance, you may be able to continue the company health insurance plan by paying the total premiums for a period of 18 months. That would get you to 63 1/2...still short of medicare eligibility.
You can calculate the lifetime social security benefit dollar amounts (based on your life expectancy) for early retirement and normal retirement. The Social Security web site will explain how much your monthly benefits will be decreased for each month you retired early.
2007-06-23 08:37:43 · answer #3 · answered by skipper 7 · 0⤊ 0⤋
If you can afford to retire at 62, and get a part time job to boot, more power to you. Of course any retirement benefits would only partially be paid to you until your 66th or 67th birthday. So, depending on your financial situation, cost of living, etc - it CAN be better to retire at 62.
2007-06-23 07:37:32 · answer #4 · answered by Paul L 7 · 2⤊ 0⤋
it depends where you live and how much you spend on job related expenses. if you drive to work and eat outside then figure in how much gas you use, how much you spend on eating out, wear n tear on the car , etc.etc. do this w/everything you could think of related to work. then figure how much you'll get at 62 or 66. if at 62 you're going to make less but spend less also and it almost cancels out then you make your decision. rule of thumb get it as soon as you can. it's your $$$ and we don't know how long we have left on this planet. ok. enjoy yourself.
2007-06-23 07:44:27 · answer #5 · answered by ton.y.c. 2 · 0⤊ 0⤋
I am 61 years old and I have heart disease and degenerative disc deasease. Do I qualify for disability.
2015-05-12 05:46:04 · answer #6 · answered by Pat 1 · 0⤊ 0⤋