[shakespeare47]

I was a sheet metal worker for 10 years back in the early 90's- and I'll be 55 next December. That means I can start drawing my pension. I could wait until I'm 60 and get more money every month, but I'll be able to draw from this pension for the rest of my life, so it's not like I'll get less money overall if I draw from it sooner rather than later. The monthly payments wont be enough to completely retire on - but it's more than enough to pay the mortgage.


I'm thinking about buying a 2 year old car and then just saving the rest- maybe travel more often - it will be nice to have the extra cushion in finances.

[Travelinglady]

I say "go for it!" I get my pension, and it's lovely.

[shakespeare47]

17 months to go!

[*Beth*]

How exciting! The car and some traveling sounds fabulous. Enjoy!

[shakespeare47]

14 months to go!

That's awesome. I'm excited for you!

[AzureBlueSky]

Take your pension now so that you have extra money in case you need it. If you don't need the money save it for a rainy day. When you retire you'll have a nice stockpile.

[shakespeare47]

10 months to go!

[*Beth*]

Great!

[shakespeare47]

5 more months....

[poshgirl]

I've just reached qualifying age for state pension here in the UK so did my application yesterday. Already draw on a company pension (have done since 60).

There's only me so what I do with the money is solely my decision.

Also want to avoid this Government changing the rules again or reneging on election promises to make the state one a decent amount.

[Mr Muckle]

My financial guy told me that it depends how long you expect to live. I've taken my pension and Social Security early and I haven't regretted it one bit.

[downandlonely]

I'll be 39 in a few days. I'm not counting on social security even still being around when I get old enough. Plus it won't be enough to live on. Most companies don't do pensions anymore. I have a 401(k) plus other retirement accounts. I doubt I'll get social security before 70 at this rate. I think it's 67 now.

[sarahsweets]

Were/ are you in a union? My husband is. He is a teledata/fiber opt/ inside wireman. Unfortunately in 08 everything took a dump and just when he was supposed to reap the benefits ( High hourly rate) he was laid off for a year and a half. He took a 6 week job call at a university and was hired full time. He pays his dues every month still so he can keep his pension. He was in the union roughly 10 years so his pension will only be about 500$ A month.

Originally Posted by shakespeare47

I was a sheet metal worker for 10 years back in the early 90's- and I'll be 55 next December. That means I can start drawing my pension. I could wait until I'm 60 and get more money every month, but I'll be able to draw from this pension for the rest of my life, so it's not like I'll get less money overall if I draw from it sooner rather than later. The monthly payments wont be enough to completely retire on - but it's more than enough to pay the mortgage.


I'm thinking about buying a 2 year old car and then just saving the rest- maybe travel more often - it will be nice to have the extra cushion in finances.

[shakespeare47]

Originally Posted by sarahsweets

Were/ are you in a union? My husband is. He is a teledata/fiber opt/ inside wireman. Unfortunately in 08 everything took a dump and just when he was supposed to reap the benefits ( High hourly rate) he was laid off for a year and a half. He took a 6 week job call at a university and was hired full time. He pays his dues every month still so he can keep his pension. He was in the union roughly 10 years so his pension will only be about 500$ A month.

I was (actually still am) in a union. Back when I started this thread, I had already gotten an estimate of benefits from our benefits office and was pleased at the numbers I saw. I just (last week) put in another "request of benefits estimate" and also requested my application papers so I can start the retirement process, and am awaiting their reply. It will be interesting to see if the numbers changed much. If I wanted, I could always delay my retirement.

Only 2 months to go! ( I think - I can't remember if I'll get my first check at the beginning or end of January).

[shakespeare47]

I just got my application forms and new estimate in the mail. The estimate is exactly the same as the estimate I got back in 2020.

[downandlonely]

That's great news!

[shakespeare47]

Okay! I turned in all my paperwork - so I should get my first pension payment in less than 30 days.

[shakespeare47]

Originally Posted by downandlonely

I'll be 39 in a few days. I'm not counting on social security even still being around when I get old enough. Plus it won't be enough to live on. Most companies don't do pensions anymore. I have a 401(k) plus other retirement accounts. I doubt I'll get social security before 70 at this rate. I think it's 67 now.

I believe that you can apply for social security benefits as early as age 62 - it's just that if you elect to retire early and start getting payments before the full retirement age of 70, you'll get less money.

It's similar to my sheetmetal workers pension. The minimum retirement age is 55, but I could wait until the full retirement age of 60 and get the full amount. I elected to retire early, so I don't get the full amount.

Something to look into?

And perhaps your 401(k) and other retirement accounts will be able to provide you with a comfortable retirement?

My wife and I also have other retirement accounts. I've been saving money for retirement since I was in my late 20's and my wife's employer contributes to her retirement account. I think we'll be able to retire completely when I am 65 and be able to draw an amount equal to our current income from our retirement accounts - but I am assuming we'll both be getting social security checks as well (knock on wood).

[downandlonely]

Yes, I'm saving in my 401(k) and should be ok in retirement. I just can't count on government social security alone. Full retirement age is now 67, so if I retire early I will get less. I hope to be able to work until 67. My job is not physical, so if my mind is ok I can continue to work.

[shakespeare47]

Originally Posted by downandlonely

Yes, I'm saving in my 401(k) and should be ok in retirement. I just can't count on government social security alone. Full retirement age is now 67, so if I retire early I will get less. I hope to be able to work until 67. My job is not physical, so if my mind is ok I can continue to work.

It appears you are correct. Full retirement age is 67. I don't know where I got 70 from, lol.

[downandlonely]

well it used to be 65 and went up. So now I'm wondering if it will go up again.

[shakespeare47]

Originally Posted by downandlonely

well it used to be 65 and went up. So now I'm wondering if it will go up again.

I hear you. It's probably not going to go down.

[shakespeare47]

It's down to a matter of days. I should get my first payment before January 10th

Edited- I just walked out to my mailbox and found my first check! and they took out less for taxes than I thought they would.