As I enter
retirement it is hard for me to imagine no more income coming in. I've had a job of some sort since the age of
nine so to have no income probably wouldn't set well with me. I've always managed to have multiple income
streams throughout my life and although I won't be working full time at a
regular job I do plan to continue with my other income streams. I love to make things to sell in my Etsy shop
and I've got a lot of fun things planned for that. I enjoy thrifting and reselling items on eBay
and I'm considering doing some of that on Facebook Marketplace as well, primarily
with refinished furniture pieces. I love
to rehab and refinish furniture.
A part time
"fun" job may be in my future too.
I wouldn't mind working part time simply for the social aspect of it,
but it will need to be low stress and really enjoyable for me to even consider
it. I'm sure I'll be able to find
something that meets my criteria if I choose to do that.
Once I turn
62 (right now I am almost 57 1/2) I do plan to file for Social Security
benefits and that will be a nice bonus to receive each month. Until then I'll be working off of the allotted
funds I will have already set aside for early retirement and at age 59 1/2 I'll
be able to access my retirement accounts.
I'm not really worried about money, but it would be nice to have that
little bit of extra income coming in from time to time as well. The nicest thing for me is that a job won't
be a necessity and knowing that gives me great peace of mind. I will thoroughly enjoy doing things at my
leisure and if it brings in a little extra cash then I'll be very happy about
that. After all, isn't that what retirement
is supposed to be all about? Fun and
leisure? I think so.
I think there is something called "the rule of 55" which allows you to access your work retirement accounts without penalty if you leave work in the year you turn 55 or later.
ReplyDeleteSounds like you won't need to do that anyway because of your amazing savings and planning. But thought I'd mention it just in case.
Best wishes and thank you so much for your positive blogs. I get so much perspective from reading your blogs!
Yes, that is a rule and had I needed to retire last year it would have saved my bacon. ;) Glad you enjoy the blog. :o)
DeleteDo check the rules on those retirement accounts. I called on my pension when I turned 59 assuming it would take 6 months to work out the details to start drawing. (This is a BIG employer in Idaho). Their rules are expensive. 20% penalty for drawing before full retirement age of 67 for my birth year. An additional 5% penalty for each year prior to age 67 so that's another 35% penalty.
ReplyDeleteI sure hope for your sake, this is not the case with yours but I know you're in healthcare so it well might be.
Fortunately no. I don't have an account like that. Mine are all the regular types.
DeleteLucky you!
DeleteTheir premise is "work hard & retire early". OK! :o)
DeleteFun and leisure! Sounds awesome! Great planning and I know you are going to enjoy retirement!
ReplyDeleteWhat are your plans for health insurance? That expense is the biggest concern for us when considering early retirement.
I spoke with my insurance broker and I can get low cost/no cost insurance through the exchange. Get with a broker and look at all your options for insurance - auto, health & home. She has helped me save a bundle this year. :)
Delete