Wednesday, September 14, 2011

Why I retired at 64

I worked until June 21, 2011,earning more than I would normally be able too and not have my SS reduced but with what I earned from working plus what I received in Social Security, I earned only $5,000.00 less for the year but if one considers take home pay rather than gross the difference was only $2,000. But I spend about $2,000 less in gas and travel expenses plus I don't have to work at all. The bottom line is I will break even monetarily if one does not count the wear and tear on my car. If you do, then I will come out ahead plus I get to spend about 55 hours a week doing things I would rather be doing besides working. Now in 2012, I will take myself a part-time job locally and will actually take home more than I did last year. After 2012, I can work all that I want and not have it affect my social Security. One thing I did luck out on is my 401K which I had invested at high risk trying to earn money for retirement. I did very well, almost tripling my money in two years. When I retired, I changed my savings to a much more protected arrangement and then the bottom fell out of the stock market again but I was safe. My wife being out of work really hurt us financially what with the decreased income and increased bills, but there isn't anything to be done about that. Yea, I miss my allowance but I'd rather have my wife well.

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