Dimitri wrote:

> > DO THE MATH HERE!!!!. You qualify at age 60. You will be a lot better off
> > starting the pension as early as possible. Note that all pension funds will
> > be clawed back by the tax system if you make over 53K/year.
> >
> > Farmer John
>
> There is a slight problem with the math and the logic.
>
> Lets say the difference is 51 months (age 66 years & 3 months vs age 62) and the
> difference is $1,000.00 per month. Conventional wisdom is that one will lose
> $51,000 if they wait. Correct so far? The break even point is 51 months past
> their full retirement age or in this example 70 and 6 months old.
>
> The problem is that no one saves the extra $1,000 per month and once the full
> retirement is reached the income only changes with the cost of living.
> Additionally the older one becomes the less one has the ability to augment their
> income.
>
> For me the best seems to be to work as long as possible and to hold off claiming
> as long as possible until full retirement.

You can always make adjustments to your lifestyle to compensate for the change in
income. Before I retired I was losing 8% right off the top for pension contribution.
I was paying union dues. I was paying for gas and wear and tear on the car to go to
work, paying for coffee and lunches in restaurants, and I was paying a higher rate
of income tax on the extra income. My monthly pension cheque is about $40 less than
a double (2 week paycheque). What I am not getting any more is that extra paycheque
every few months when there were three pay days in a month instead of two.

The big advantage to an early retirement, if you can swing it without taking a big
penalty, is that you get to enjoy it. I saw too many guys work until they were 65
and then drop dead within a year or two. I saw too many people get seriously ill and
have to to the long term sick leave or a disability pension, neither of which give
you much to live on.

It is important to keep active and take care of yourself. I had had a YMCA
membership for years but it was a 30+ minute drive and I didn't get there as often
as I should. When they opened up a new facility a few miles from me my wife and I
signed up to that one. We go 5-4 days per week, weight routines 3 days a week and a
1,000 meter swim every day. I have lost 20 pounds since I joined up and am feeling
great. I started taking equestrian jumping lessons a few years ago. The Y routines
and weight loss have been a big help. I have less weight for the horse to carry and
more strength and flexibility to keep myself stable.

I also try to keep my mind active. I read at least one newspaper each day and a book
or two every week. I do online crosswords and other games and puzzles to keep myself
alert.