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  #1  
Old 01-03-2011, 04:59 PM
Roblou Roblou is offline
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Retirement at age 44

I am a 44 yr old woman and I have always been under the impression that a person has to wait until they are at least 62 yrs old to retire. I have been thinking about retiring at my current age if possible. My question is: Can a person retire at age 44 if they want to?
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  #2  
Old 01-03-2011, 05:03 PM
gazpacho gazpacho is offline
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You can stop working when every you like. You can only start drawing social security at 62.
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  #3  
Old 01-03-2011, 05:04 PM
bonitahi bonitahi is offline
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If they want to, duh, yes.
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  #4  
Old 01-03-2011, 05:04 PM
running coach running coach is online now
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You can retire at any age you want if you can afford it.

I'm pretty sure you won't qualify for Social Security but you need to check with them. your benefit(if) will be far less than if you wait until your senior years.
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  #5  
Old 01-03-2011, 05:05 PM
Llama Llogophile Llama Llogophile is offline
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Sure, you just need enough money to get by until you die.

I'm 40 and own my house outright. I've quit my job, but will need some sort of income to pay bills and eat. I consider myself semi-retired. Of course, all of this goes to hell if I get sick.
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  #6  
Old 01-03-2011, 05:05 PM
dolphinboy dolphinboy is offline
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Do you have enough money to stop working for the rest of your life (e.g. are you independently wealthy)? If you do, you can retire. If you can't... join the rest of us.
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  #7  
Old 01-03-2011, 05:06 PM
DrDeth DrDeth is offline
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You can retire at age 21 if you like. However, in most cases, pensions, retirement benefits and Soc Sec do not cut in until you are at least 50. For example, many Gov't Law Enforcement offciers can retire at 50 with 20 years of duty.

At your age, I think Soc Sec doesn't start until age 67 .
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  #8  
Old 01-03-2011, 05:25 PM
Chefguy Chefguy is offline
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NO! You must stay at your dead-end job, working with people you hate, until you are old, shriveled and bitter. Then - and only then - can you walk out the door with your pitiful retirement and inadequate healthcare to face each day with a hearty bowl of catfood.
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  #9  
Old 01-03-2011, 05:38 PM
Void1967 Void1967 is offline
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Hey there! I love the idea of retiring at 43 (my age) and I know some people who have done this with varying degrees of success. Generally the people I know have found ways to generate their own consulting business, for example, where they work part time and make excellent money for the hours they put in. Other people can generate passive income from investing, being a landlord, for two examples. Good luck!
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  #10  
Old 01-03-2011, 06:35 PM
barbitu8 barbitu8 is offline
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Quote:
Originally Posted by DrDeth View Post
You can retire at age 21 if you like. However, in most cases, pensions, retirement benefits and Soc Sec do not cut in until you are at least 50. For example, many Gov't Law Enforcement offciers can retire at 50 with 20 years of duty.

At your age, I think Soc Sec doesn't start until age 67 .
You can always take Soc Sec benefits at age 62 (early retirement). Full retirement benefits will be 67 for someone her age, but you can also wait until 70 and get increased benefits. If you retire early, SS benefits are reduced 5/9% a month. If you wait until after full retirement age, they are increased a like amount.

If, however, you are "disabled," as that term is defined in the SSA, you can get benefits at any age, but the benefits will not be the same for the full retirement benefits.
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  #11  
Old 01-03-2011, 07:41 PM
Keeve Keeve is offline
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Originally Posted by Void1967 View Post
... I know some people who have done this with varying degrees of success. Generally the people I know have found ways to generate their own consulting business, for example, where they work part time and make excellent money for the hours they put in. ...
I would refer to that as not retired. (Or, perhaps, partially retired.)
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  #12  
Old 01-03-2011, 07:49 PM
Giles Giles is online now
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Well, if you were Mark Zuckerberg, you could cash in your stock, put it into Treasury bonds, and retire at the age of 26 on a measly tens of million of dollars per annum. However, most of us are not in that position.
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  #13  
Old 01-03-2011, 07:56 PM
jasg jasg is offline
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If you want to ask the same question to a lot of people who think and do just what you propose, go over to the Early Retirement and Financial Independence forum.
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  #14  
Old 01-03-2011, 08:57 PM
Duckster Duckster is offline
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Originally Posted by DrDeth View Post
For example, many Gov't Law Enforcement offciers can retire at 50 with 20 years of duty.
And many federal government Law Enforcement officers are not Federal Law Enforcement Officers (LEOs), nor eligible for increased pay and benefits while working, nor increased retirement benefits upon retirement.

Last edited by Duckster; 01-03-2011 at 08:58 PM..
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  #15  
Old 01-03-2011, 08:58 PM
Rand Rover Rand Rover is offline
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Quote:
Originally Posted by Roblou View Post
I am a 44 yr old woman and I have always been under the impression that a person has to wait until they are at least 62 yrs old to retire. I have been thinking about retiring at my current age if possible. My question is: Can a person retire at age 44 if they want to?
This is a very puzzling question. What do you mean by "retire" exactly?
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  #16  
Old 01-03-2011, 09:25 PM
Colibri Colibri is offline
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The military and many civil service positions offer early retirement after 20 years of service (often at half pay). My brother has just retired at 49 after 23 years working in sanitation.

A friend of mine retired in his mid-forties after working in IT for some time in rather well paid positions. He has good investments and doesn't spend much; he lives in Switzerland and spends his time writing and hang-gliding.

However, if the OP doesn't know the details of her retirement plan, it's very unlikely that she has one that will permit her to retire early. People eligible for early retirement plans are usually well aware of them.
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  #17  
Old 01-03-2011, 10:14 PM
toofs toofs is offline
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I've served with people who retired at 38 from the Navy. All of them quickly got bored and have since moved on to other careers or jobs.
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  #18  
Old 01-03-2011, 10:21 PM
Tom Tildrum Tom Tildrum is offline
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The question is, when do you intend to die?
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  #19  
Old 01-04-2011, 09:39 AM
bonitahi bonitahi is offline
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"If, however, you are "disabled," as that term is defined in the SSA, you can get benefits at any age, but the benefits will not be the same for the full retirement benefits."

Presently, there are 50 million Americans collecting SSD!
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  #20  
Old 01-04-2011, 09:53 AM
Little Nemo Little Nemo is offline
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I retired last year at the age of 48. I collect my full pension, which kicks in once I'd worked 25 years. I don't collect social security (yet).

Last edited by Little Nemo; 01-04-2011 at 09:54 AM..
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  #21  
Old 01-04-2011, 09:57 AM
Mama Zappa Mama Zappa is offline
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Quote:
Originally Posted by bonitahi View Post
"If, however, you are "disabled," as that term is defined in the SSA, you can get benefits at any age, but the benefits will not be the same for the full retirement benefits."

Presently, there are 50 million Americans collecting SSD!
Cite?

That is roughly one in 6 Americans.
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  #22  
Old 01-04-2011, 10:21 AM
jasg jasg is offline
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Quote:
Originally Posted by bonitahi View Post
"If, however, you are "disabled," as that term is defined in the SSA, you can get benefits at any age, but the benefits will not be the same for the full retirement benefits."

Presently, there are 50 million Americans collecting SSD!
That figure is over 5 times higher than the 8.9 million listed by the 2009 annual report. I doubt that 2010 will take it to 50 million....

http://www.ssa.gov/policy/docs/statc...tml#highlights

Last edited by jasg; 01-04-2011 at 10:22 AM.. Reason: eta 2009
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  #23  
Old 01-05-2011, 02:47 PM
bonitahi bonitahi is offline
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Quote:
Originally Posted by Mama Zappa View Post
Cite?

That is roughly one in 6 Americans.
That should have read 5 million, not 50.

Thanks!
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  #24  
Old 01-05-2011, 04:46 PM
LouisB LouisB is offline
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Out of curiosity, I asked a retired Army officer about military retirement. According to him, if you are a member of the regular army and you retire with twenty years in, you begin to collect your pension the month after retiring. If you are a member of the Army reserves, you have to wait until you are sixty before drawing your pension. I didn't ask and he didn't say but I would guess if you have thirty years in before retiring, your benefits would be higher but that's a WAG on my part.
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  #25  
Old 01-05-2011, 05:04 PM
Chessic Sense Chessic Sense is offline
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Originally Posted by LouisB View Post
Out of curiosity, I asked a retired Army officer about military retirement. According to him, if you are a member of the regular army and you retire with twenty years in, you begin to collect your pension the month after retiring. If you are a member of the Army reserves, you have to wait until you are sixty before drawing your pension. I didn't ask and he didn't say but I would guess if you have thirty years in before retiring, your benefits would be higher but that's a WAG on my part.
Yes, all of that is correct. If you're in the reserve or national guard, you can retire at 20 years. We call it "getting your letter", due to the "Congratulations. On behalf of the US Army and Secretary..." letter you get upon completion. In practice, most soldiers go 21 years, just to be sure. It's easy to forget, over 20 years, that one time you were late and that weekend didn't count, so you got a "bad year" on your record. Most sign up to prevent that. And after 20, hey, what's one more? You can start collecting when you're 60.

You get retirement points as you go along. It's one point per day, I believe, and then you run it through a formula to see what percentage you get. So if you went 30 years, you'll have many more points than someone with only 20 years.

Last edited by Chessic Sense; 01-05-2011 at 05:05 PM..
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  #26  
Old 01-05-2011, 06:49 PM
pkbites pkbites is offline
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I retired at 47 from a law enforcement career. When I got on in the early 80's they had a "25 and out" program. My pension is based on an average of my 3 highest paid years. But if I want the health insurance I have to use unused sick days (we got 12 per year) which is why many cops either do not call in sick or take a personal or vacation day when they do.

Weird thing is, I never took the health insurance during the 25 years. I was on a group plan for another job I had, and I got a bonus from the PD for not being on their health plan. The group plan from the other employer cost me more, but I made a profit after the bonus I got with the PD every year.
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  #27  
Old 01-07-2011, 07:26 AM
Hari Seldon Hari Seldon is offline
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My son, a Microsoft millionaire, retired 11 years ago at age 33. He wrote two books (one on his experiences at MS, self-published, and one on debugging techniques, published commercially) but after about three years, he went back to work and is still working there. But his oldest friend (from first grade, here in Montreal), also an MS millionaire, retired at 27. Since then he has acquired a wife, a daughter, a house in North Seattle, and seems to spend much of his life traveling and going to film festivals. As far as I know, he does no consulting or other useful work. It wouldn't be my life, but he obviously enjoys it. His wife makes and sells handicrafts. She obviously enjoys it but probably doesn't earn very much from it.
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  #28  
Old 01-07-2011, 07:43 PM
LouisB LouisB is offline
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Re my post 24 above, my source, the retired Army colonel also mentioned something about the Coast Guard retirement system which is apparently pretty much off the wall, or at least I didn't understand it and didn't ask for clarification. I was left with the vague idea that no matter how many years a coastguard person had in on active duty, he/she was still required to wait until age 60(?) to begin receiving retirement pay. If this is so, why? It would seem rather discriminatory but what do I know.
My source spent some part of his active duty in a slot where he was required to know the ins and outs of this kind of things and if he says so, I believe him.
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