Is it reasonable for me to consider retiring at 64 or 65 years of age?
I have $720,000 retirement savings and $35,000 in regular savings. My pension will be $1,175 per month when I reach 65. I'm currently 62. We have a $99,000 mortgage and my wife is 52 with $200,000 saved for retirement. We are both in good health, but my biggest concern is health insurance. Medicare at 65 takes care of that for me. My wife is currently between jobs but will likely be working in a few months in the accounting field. I would wait until my FRA for Social Security, and maybe wait until age 70 to max. The longevity history is good in my family and we have no children or dependents.
Answers | 1
President & CEO, TZG Financial in Charlotte, NC
February 23, 2017
All the best,
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