# Early retirement question



## chicken steve (Mar 22, 2011)

assuming you retire @ 65, it'll be 2048 when you do Musc

i'm going to go out on a limb and say the world's gonna turn quite a bit until then

and most of the crummegeons you're asking advice of _(including yours truly)_ will be dust....

but hey, welcome to the forum that puts the fun in dysfunctional

~CS~


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## Roger. (Dec 18, 2011)

If you can really retire why would you ever work in any district again?


Roger


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## icefalkon (Dec 16, 2007)

Welcome Musc! CS brings up a good point...

Most of us will be gone by then...

Are you sure your Local allows that though? Not that you'd do it...but I'd ask to see it in writing first...for example...LU3 does not allow you to work in the electrical industry after you retire if you want to maintain your benefits. 

Hence many old timers simply become "consultants" or work for international GC's as "construction supers"...

Then again...as Roger says...if you could retire...why the heck would you want to continue somewhere else? LOL

I'm 46 with 14 to go...when I retire I'll have 40yrs in the industry...and I KNOW I won't want anything to do with electrical work then! LOL

Sheesh...kids today...  lol

Steve from NYC


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## Muscovite (Sep 12, 2012)

Thanks for the welcome, guys!

I really don't want to retire. Because of my family's current financial situation and the fact that work is really slow in my area, originally I wanted to see if I could take out some of the $ from my pension fund without retiring at all. 

The office in charge of my union's pension fund told me that members weren't allowed to take money out due to a hardship before they reach their retirement age. The other alternative was to send letters saying that I was going to terminate my employment within the district completely, and only then I could rollover my funds to an IRA. I have the option to do this right now and retire now *or* stay in the union and save enough money to travel to where the work is.


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## s.kelly (Mar 20, 2009)

Not that Texas is not big, but I thought there were locals in TX working travelers? You near any of them?


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## icefalkon (Dec 16, 2007)

s.kelly said:


> Not that Texas is not big, but I thought there were locals in TX working travelers? You near any of them?


Exactly Musc...many of us went through really tough times over the years. If your local does not have a hardship fund and there's low employment...the last thing you should be doing is leaving the industry. Keep your medical up and keep money coming into the funds by traveling. Go to your employment office and tell them you want to travel. You leave...to take your funds out...and you're gone for good bro. End of story. 

Find out who's allowing travelers and start making calls. 

Steve from NYC


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## John Valdes (May 17, 2007)

29 is still bed wetting age as far as I am concerned. There is no such thing as retirement at 29.
Now you might be able to roll over funds, but you still have many years of work ahead of you.


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## brian john (Mar 11, 2007)

I recently read concerning Social Security, that waiting until you are 65 in lieu of 62 earns you close to 8% a year more in benefits. NO ONE IS PAYING 8% on money these days, worth the wait, if your health allows it.


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## wildleg (Apr 12, 2009)

"if your health allows it" is definitely the key to the truth in that statement.

you need to prorate the 4 years difference (66 - 62) to see what the actual difference in dollars is after, say 72. if you don't think you will make it past 72, then taking it at 62 might be the better option. it's a crap shoot.


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## John Valdes (May 17, 2007)

brian john said:


> I recently read concerning Social Security, that waiting until you are 65 in lieu of 62 earns you close to 8% a year more in benefits. NO ONE IS PAYING 8% on money these days, worth the wait, if your health allows it.


8% is not chump change, but my advice is a bit different.
Get out as early as possible. But, save all you can in retirement funds to enable you to do it.
You can retire and withhold SS payments until you are 62 or 66. You can see what you will get on your annual SS statement.
Keep in mind. The statement reflects only the income you have claimed and does not make room for higher income.
You will hopefully make better wages as you get older and this will affect the amount shown as your monthly retirement payment.




wildleg said:


> "if your health allows it" is definitely the key to the truth in that statement.
> you need to prorate the 4 years difference (66 - 62) to see what the actual difference in dollars is after, say 72. if you don't think you will make it past 72, then taking it at 62 might be the better option. it's a crap shoot.


I have seen to many people drop dead shortly after retirement. That is why I would encourage others to save, save and save in retirement funds.
Get out while you still are healthy and can enjoy retirement.
They could be the best years of your life. Or the worst.
I am advocating personal retirement savings to supplement and even start your retirement.
Relying on SS alone is a mistake.


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## s.kelly (Mar 20, 2009)

brian john said:


> I recently read concerning Social Security, that waiting until you are 65 in lieu of 62 earns you close to 8% a year more in benefits. NO ONE IS PAYING 8% on money these days, worth the wait, if your health allows it.


On the converse, I saw something a few years ago, that you live a little longer due to the reduced stress by retiring early, and that if you add the extra time on the front end and the back you actually get more total dollars by retiring early. Certainly means you have to plan and save. But I like live a little longer much better than bring home more each month.


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## bobelectric (Feb 24, 2007)

At 29, I was just learning how to use a 555 bender.


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## icefalkon (Dec 16, 2007)

bobelectric said:


> At 29, I was just learning how to use a 555 bender.


Hmm at 29 I was back from traveling around the country and started my own shop. Those were the good old days...lol...ahh...not true..those days sucked balls...lol. 

As some on here with their own shops will attest...owning your own business is very rewarding...but at the same time...it was the hardest thing I've ever done. 

I've found that I prefer to be the guy a few owners know and have relied on in the past to run their big work. Well...that's before becoming a PM...lol. Now...not so sure...LOL

Steve from NYC


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## manchestersparky (Mar 25, 2007)

Muscovite said:


> Thanks for the welcome, guys!
> 
> I really don't want to retire. Because of my family's current financial situation and the fact that work is really slow in my area, originally* I wanted to see if I could take out some of the $ from my pension fund *without retiring at all.
> .


This the absolute worse place to take money from !!
You will have to pay major taxes on the money taken.


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## RIVETER (Sep 26, 2009)

Muscovite said:


> I found out that I can rollover my pension to a traditional IRA outside of the District's pension plan. If I do this the District wants me to retire early (I'm 29) and promise to never work in the district again. How common does this happen? And is it possible to work in the electrical industry again if I move to another district (such as any state within district 9)?


Is it your pension, or a 401K?


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## big2bird (Oct 1, 2012)

I'll take my chances and retire at 62. Of all the funerals I have attended, I have never seen an armoured car in the procession. You just can't take it with you.


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## icefalkon (Dec 16, 2007)

big2bird said:


> I'll take my chances and retire at 62. Of all the funerals I have attended, I have never seen an armoured car in the procession. You just can't take it with you.


Ha! I'm using that!

Steve from NYC


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