https://www.ssa.gov/oact/cola/bendpoints.htmlSorry in advance bc this is off of the main topic, but what do you mean by first bend point and second bend point in terms of social security?Thank you. You brought up a good point about social security and pension. I updated that information in my main post. I'll have a small pension of $500 per month at age 65. ChatGPT says I'll have around $1,500 per month in SS assuming I stop working today (like you said, past the first bend point but not yet at the second).What random advice!No work till 55 and think again…
OP, you are in a great position to explore options. If it turns out that you like to spend more once you aren't working full time, you can find work later. Basically, yes you are FI, if you decide you want to spend more, you just need enough income (or additional savings) to cover the extra.
As for SS, it takes about 17 years at the SS max to get to the second bend point, so you are very likely shy of that milestone at your age. But again, income over time will be as good a boost as working at your current salary for a few more years.
My partner is only a couple of years older than you and we have retired with an expected 3.5% SWR.
KlangFool
Statistics: Posted by KlangFool — Sat Sep 14, 2024 6:56 pm — Replies 36 — Views 1365