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William

Retiring at 65

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Hello Mr. Carroll,

My FRA is 66 and I am planning on retiring at 65 (next year) because I don't feel I can handle anymore of my stressful job and my wife is wanting me to retire early.  My wife if 62 and is collecting a small pension. I am retired military reserve and have been receiving a pension since 60 yrs of age. When I retire at 65, I will be receiving two additional pensions.  With the money I have saved combined with the pensions, I am planning to wait to file for my full retirement at 66.  Do you feel this would be a good idea? What are your thoughts? 

Thank you so much for sharing your knowledge with all of us.

William

 

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The choice of when to file for benefits is deceptively complex. There are multiple additional factors which are not listed here that must be considered. 

For example:

  • What is both of your health statuses?
  • How much do you have saved? 
  • How much total income do you need? 
  • Do you have any minor children at home?
  • Are any of the pensions from jobs where you did not pay SS taxes? 

From a very broad view, delaying your filing is always better. You simply cannot beat the return that you or your surviving spouse will receive. However, the unique details of your individual situation is where the differences come in. 

Check out these resources I've put together for making this decision.

 

 

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