QUESTION:

Early retirement possibilities

I have been working since 1971 and I need to know what the possibilities of me retiring are. I have not been able to find employment at my age and it seems to be getting worse with the economy like it is.
asked by age53nowork, 10/3/2008
Categories: Home Jobs, Pre Retirement, Early Retirement
ANSWERS:
Answered by: Editorial, 10/06/08
Overall Rating:

You seem to be asking two competing questions:

1) You want to know how to find work
and
2) You want to know if you can retire early.

In order to retire, you must have worked long enough to save adequately for the rest of your life. If you are 53 years old with a spotty work history, then you probably can not yet retire.

I urge you to read all of the information in NewRetirement's Retirement Planning 101:
http://www.newretirement.com/Services/Retirement_Planning.aspx

This information should give you a broad overview of what retirement means. You should also understand that the absolute earliest you can start Social Security is age 62 and the earliest you can start Medicare is age 65. It is also important to understand that Social security benefits are based on your top 35 earning years. (Your benefits are determined on the 35 years in which you earned the most money.)

You mention the economy. Yes, things are very difficult right now and financial uncertainty will likely be the norm in the foreseeable future. It is because of this that you should probably:
-- Find ANY employment available to you
-- Live as frugally as possible
-- Save as much money as you can
-- Plan on working as long as you can physically do so

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