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CANDC
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Location: Northeast USA New England
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Default Mar 18, 2021 at 10:29 AM
 
@coolibrarian sorry to hear your T is retiring but a lot can happen in a couple years.

If you want to retire now, having some project to work on can really take away the anxiety of not having a focus and direction. Some people find volunteering very satisfying.

In the US, if you qualify for Social Security, another trick to make the cash flow better assuming we live a long time, is to postpone taking benefits until age 70. Every year after 62 the benefits go up 8% which can mean a big difference assuming we get into our 80's or 90's which is not uncommon. What that means is having enough money to form a bridge to pay expenses until age 70, or as long as you can postpone it up to age 70. Benefits max out at age 70. Apply for benefits 4 months before you want to begin taking them. Plan on starting on your birthday of whatever year you retire to max out the benefit for that year.

Is part time work an option where you work? 4 days working and 3 off is a lot better than 5 days working and 2 days off.

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