QUESTION:

early retirement out-takes

I am able to take full retirement from my work at age 55. If I do retire at 55, must I continue to pay into Social Security and Medicare from my pension? Also, will I still have to pay federal and state (GA) taxes. My wife will still be working a couple more years, and plans to retire at age 62.
asked by sandman, 9/2/2009
Categories: Early Retirement
ANSWERS:
Answered by: Editorial, 09/07/09
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Early retirement is seriously challenging.

Are you sure your finances are ready?

-- Have you planned for adequate income for as long as you live? No matter how long that actually will be?

-- Do you have a plan for Long Term Care costs should you require them?

-- Perhaps most importantly... do you have a plan for Medical Insurance before you are eligible for Medicare? You may not be enrolled in Medicare until you are 65 years old.

I am not sure about Social Security and pensions. You might want to visit your local Social Security office with this particular question. You can locate it here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp

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