Gen X worker shares plans on retiring at 62: “Buckle down and crunch the numbers folks! You will be surprised”

As Americans approach retirement age they begin to look more seriously at their options. Much of the decision is based around when they can retire and still live comfortably off savings, retirement accounts and Social Security.

Nearly half non-retirees currently plan to rely on their 401k plans as their primary source of income while only 36% say the same about Social Security according to a recent Gallup survey. In contrast, 62% of those who are already retired say Social Security is a major source of income and only 37% say that 401k and similar accounts are.

The earliest that you can begin claiming Social Security retirement benefits is age 62, but it comes at the price of locked-in lower monthly payments throughout your retirement. While that may not work for some, others say they are “firm” on their decision to start collecting Social Security at the first opportunity.

“Buckle down and crunch the numbers folks! You will be surprised”

On a Reddit thread for Gen Xers, Express Project 8226 shared that she has been “crunching the numbers” and will collect Social Security at 62, “this is firm,” she states. The single 59-year-old explained that she will then work up to the $24,000 limit allowed by the Social Security Administration doing her job part-time and still be able to live comfortably.

When she turns 64, more or less, Express Project 8226 says that her work pension will mature and between that and Social Security benefits she’ll be able to cover her expenses. “I can pay all my bills, plus I do have the option of working and risking lower SS payments if I should want to go on a big trip or something,” she says.

“I don’t have a fancy portfolio, just an emergency fund. I thought I was truly hopeless,” she states. “But buckle down and crunch the numbers folks! YOU WILL BE SURPRISED.”

While some shared that they are also planning on retiring at 62, or already have with “no regrets,” others explained that this option just wasn’t feasible for them. One said that while she would love to have her husband retire at 62 due to health issues, his job is also the source of their health insurance.

Other comments on the thread warned about the risks of locking in lower payments. They recommended that people hold off claiming Social Security retirement benefits until they reach full retirement age at least, 67 for those born in 1960 and later. Even better if they can wait until they are 70 to get the maximum monthly benefit possible.

There is no one size fits all when it comes to what each person will need during retirement nor when to begin claiming Social Security benefits. You can get a general idea how much you can expect to receive in Social Security benefits using the agency’s online quick calculator, or do more a detailed calculation with other benefits calculators available on the page.

However, it would be advisable to check with a financial advisor with expertise in retirement to parse out all your available options before you decide to retire.

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