Reply to if you were able to retire early (55-62) how did you do it

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Side question....Is age 62 considered "early retirement"?   I always thought early retirement was in the 50s but due to less favorable economics, is early 60s the new "early retirement" zone?  Just curious what others are thinking?  [/quote]

I agree, reading this thread and seeing people say they retired "early" at 62 is kind of depressing. Unless social security is going to be your primary source of income, i would expect retiring at 62 vs 65 isn't really a big financial difference.  LIke, if you're going to be good to retire at 65, you're presumably set up with a good enough cushion to retire at 62 instead. [/quote]

Most people need reasonable health insurance which doesnt come until medicare at 65. Once you wait to 65 might as well wait to 67 to get full SS. [/quote]

Waiting until age 70 is even better, for those who can afford it, unless you have good reason to expect an actuarially reduced lifespan.  SS benefits increase 8% annually up to age 70 for those who defer beyond their Full Retirement Age of 66 or 67; that is effectively a form of longevity insurance.  That is, if you live longer than expected you'll not only collect benefits for a longer period of time but those benefits will be larger than they would have been if you had claimed them earlier than age 70.  https://www.alerus.com/exclusive-content/3-reasons-to-wait-until-70-to-claim-social-security-benefits/[/quote]

For a couple, it can often make sense for one spouse to claim early and the other to wait until 70. DH and I will have similar benefits. He wanted to claim at 62 because he has some health issues and doesn't expect to live long enough to make it worth waiting. I'm younger, in excellent health, with multiple relatives who lived into their 90s. I'll wait until 70 to get the longevity insurance of the maximum benefit. Whoever lives longest will get the larger wait-til-70 benefit for the rest of their life. If DH's benefit were substantially larger than mine, I'd have argued for him to wait to maximize that long-term survivor benefit.[/quote]

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