I need some retirement advice please

[PHUCKITMAN]

Ok here is my situation, I am 65 and will be 66 in August. My full retirement age is 67. I was just laid off from my job because Nissan might be going under and things got really really slow and I was one of the ones with very little time in there. This means I can collect Unemployment Benefits for about 6 months at about 65% of what I was making by working. I am old enough for Medicare already. I can try to find a job with health Insurance and wait until I am 67 or I can ride out my Unemployment and buy medical coverage through the State and when that ends I can either Retire and get Medicare and my SS benefit will be about 7% less for life then if I hold out until I turn 67. With the 3 previous Heart Attacks I am not sure just how long I have left to enjoy some free time. I have heard some people retire at my age and take their SS benefits that I have paid in to since I was 14 years old and get Medicare then pick up a part time job to keep me from getting bored being at home all the time and this would keep my wife from killing me for being under foot all the time. I am so close to retirement age I am also afraid that it will be hard to find someone to hire me full time. If anyone has gone through this situation and has some sound advice I would appreciate any advice you can give me. We have money saved and investments for retirement but the longer we wait to access it the bigger that fund will get. Thanks in advance for any help you can provide a OLD MAN

[major-mark63]

23 minutes ago, PHUCKITMAN said:

Ok here is my situation, I am 65 and will be 66 in August. My full retirement age is 67. I was just laid off from my job because Nissan might be going under and things got really really slow and I was one of the ones with very little time in there. This means I can collect Unemployment Benefits for about 6 months at about 65% of what I was making by working. I am old enough for Medicare already. I can try to find a job with health Insurance and wait until I am 67 or I can ride out my Unemployment and buy medical coverage through the State and when that ends I can either Retire and get Medicare and my SS benefit will be about 7% less for life then if I hold out until I turn 67. With the 3 previous Heart Attacks I am not sure just how long I have left to enjoy some free time. I have heard some people retire at my age and take their SS benefits that I have paid in to since I was 14 years old and get Medicare then pick up a part time job to keep me from getting bored being at home all the time and this would keep my wife from killing me for being under foot all the time. I am so close to retirement age I am also afraid that it will be hard to find someone to hire me full time. If anyone has gone through this situation and has some sound advice I would appreciate any advice you can give me. We have money saved and investments for retirement but the longer we wait to access it the bigger that fund will get. Thanks in advance for any help you can provide a OLD MAN

Only one advice i can give you from my own experience: life is short dont waste it working.... 

i retired at 56 yrs never regretted it , with your health conditions you should enjoy life now and spend your money now .....

We dont live to hundred yrs ...

[tsw 8.5]

get what you got coming i did it at 65 and now i just do side stuff that is cash and im going to start enjoying what years i have left .work my ass off for 50 years .now it time for me and some fishing the flats here in FLA enjoy it we will not be here forever 

[BUDMAN]

If you retire befoore your legitimate age you will have to pay taxes on the money ...  

could depend on where you live ...

 

[PHUCKITMAN]

2 hours ago, BUDMAN said:

If you retire befoore your legitimate age you will have to pay taxes on the money ...  

could depend on where you live ...

 

I live in Washington state and we don't have a State income tax so I will only have to pay the IRS? My wife is disabled and so we won't be bringing in a ton of money. I am 65.33 years old right now and my full benefit age is 67 so I am only 20 months away from "Full Retirement Age". I know we will have to pay taxes on income we take out of our investment account as we use it but we don't plan on taking out any large amounts just a little here and there to supplement our income and we plan to cut down on our discretional spending like most do when they retire. I can also work a part time job as long as I don't make more then about $2,000.00 per month and around here that means 20 hours a week.

[Duffy]

make the money last till you retire ,I'm 57 and I'm board as fuck but got some jobs with friends and I'm not suppose ta retire till 68 .

[major-mark63]

Dont forget life expectancy for male in Us is 75 , this is expectancy not actual average age of death that is lower.

So remember life is short..... 

[Slackernet]

just my 2 cents

alive and broke is better than rich and dead.....if you can do it now....take it and enjoy life

[WldPenguin]

On 12/20/2025 at 4:20 PM, BUDMAN said:

If you retire befoore your legitimate age you will have to pay taxes on the money ...  

could depend on where you live ...

 

Possibly, but not necessarily.  Depends on  the total of your other sources of income in addition to the social security income.

[scatpak]

All taxable even SS don’t retire boring sometimes 

[LtLaszlo]

I retired just a year and a half ago and, aside from my wife being ill/cancer and passing, so far I love it. We were planning to do some travel, but obviously, that's changed. As a couple have mentioned here, and most people I've spoken to, say if you can do it. Especially if there are health issues involved. And this is the two main things to consider. 1. Are you mentally ready? Some get bored and go back to work, some financially required it. And 2. Are you financially able to retire? A lot to consider here, since you'll likely have less income, but also you can reduce everyday cost - for me, that alone was $200.00/month in fuel to/from work. But I worked at the same company for 46 years, and I was clearly ready, as I don't miss that routine at all any more. The people and the technology, yes, but not that "rat-race" lifestyle.

Anyway, first, my wife, who was four years younger, was able to apply for and receive Social Security Income, but was put on a review/wait period for the medical (she was 61 at the time). She received full SS Income within a few months (including backpay from when her cancer was diagnosed), but took about nine months for the medical part. Once she started getting the medical part, there is a small deduction for Medicare from your SS Income. Same for me, since I retired 22 months early, at 65.

As I approached retirement, I met a insurance consultant, who was great. She helps navigate the Heath Market Place, a list of many available plans here in Michigan (I assume you have the same). There are so many plans, she was good on helping decide which was best. Thank God, I no real health concerns at 66 yrs., but my wife did at the time. So, the way Medicare works, basically, it's like this (at least was for me in Mich.):

1. I contacted our local SS office in our county do get my application going. They say do 3 months prior. I also set up a SS account online - this is very helpful. They need to know the date of retirement to know exact payout for the plus/minus of your actual date of 67 yrs. (mine is 66 and 10 months). 67 for those born 1960 and later.

2. They'll want to know that you are planning Medicare, since there is a small deduction for your Medicare Part A and Part B. For me it was like $235 last year and reduces to $185 for four months of 2026 (so, they do deduct medical prior to FULL age,I guess). I didn't know this. In May I'll be full retirement age and I believe they don't deduct for the Medicare when you reach that (not 100% sure, but I think?).

3. It is HIGHLY recommended to get a Medicare supplements. Like the Health Marketplace, there are many plan, which is just crazy. As stated, I've been blessed with good health, most issues being dental. So I got basically the same plan I have always had when I was employed, a BlueCrossBlueShield of Mich. PPO. When employed, this plan was like $1,100.00/month, two-thirds by my employer, rest from my pay. I pay $21.80 for this supplement to cover what Medicare doesn't, and that's for the dental extras I need. My wife got full SSI, and no Medicare deduct until she started getting Medicare (the same month she passed away). But when I retired, I had to purchased insurance for her, So her SSI basically paid for the $1,200 insurance my employer no longer paid. But, the BENEFIT of this supplement that the insurance agency you choose, BCBS, HAP, etc., they will handle all of your insurance transactions - which I think is why the government wants it (they don't have to deal with the doctors and hospitals). This year, my plan is $35, but less is deducted from my SSI and the coverage is better (if I need it, of course). My wife had a different plan, which we added a third party "underwriter" called Wellebe (included but required approval, which she got). They helped with any hospice. Then she got a better drug plan, since she was on many. But her premium was only $35.00/month and also included the $100.00 to spend over three months. IT was a Hery Ford (hospital) HAP plan. Again, she only used it for a month, since she passed right after approval of it all.

4. You mentioned taxes. The way that works is you add your annual SSI to any other income (you can still make a certain max) or income can be pension, IRA or 401k. I collect SSI and from a 401k. So taxes are fairly clear. Just like when you worked, you add these together. If married, I think you claim, or are taxed 50% of the SSI from like $22k - $34k total per year. But for $35k - $44k, it's taxed 80%! That might be single, and married, filing joint is a bit higher. I'm speaking Federal here, your state  taxes are likely different. Tough are fixed amount by the  fed, not based on my personal situation.

In summary, I can only tell you my experience. I was hoping my retirement would be traveling with my wife, which we did a lot of during our marriage. I was blessed with a good career and planned and was poised to just that, but wasn't meant to be. Aside from that, I still am very happy with retirement. As others mentioned, you need to know your ready. Do you have hobbies (fishing)? Your health/spouse health?. Life is short and one thing I have learned, I thought would be different, is time STILL FLIES BY!  I thought it would slow down, with no 2 hour commute to work everyday, the stresses to get things done every day. Ugh! Now, I can get up and do whatever I want to after 50 plus years of working for the MAN! Except for a dog, LOL!

Good luck on your decision and hit me up if you have any questions. I'm sure I missed a couple things.

Laz

  

Edited December 22, 2025 by LtLaszlo

[rexbowan]

Retire now and enjoy life while you can. Tomorrow is guaranteed to no one especially someone who has had 3 heart attacks. Don't spend time looking for another job. No one hires people after 55 at the money you were probably making. 7% more SS is not worth dying for when you have already crossed the finish line. This is my advice without knowing your financial position. Try talking with Human Resources at Nissan or a financial planner to gain more confidence in your decision. Good luck.

[spinpuppy]

[MikeB]

I deal with this situation quite a bit.  Clients asking about retiring early at 62 vs 67.   Insurance is the main reason more do not retire at 62.  But if you do the math (62 vs 67), you would not lose any money till around age 78-81 (average).   With you being at Medicare age, IMHO its a no brainer, start drawing.  But as mentioned above there are other factors involved (other income, filing status, etc.).  PM me PMan if you have any questions.  

[GhostfaceJim]

Cut spending!  I've been taking tons of vacation at work and have just been living life.  I'm 50 and have a bunch of time to go, but with all the time off I am ready!