7 Signs That Now's Not the Right Time to Retire

[RebelOne]

3. I started collecting Social Security when I turned 65.

I continued working until I was 71 and then was laid off. If I had not been laid off, I would still be working. But because I knew I could not find another job at my age, I decided to retire. I wanted to work longer to get more money into my 401K. My company was generous with severance pay. I got $10,000 over a 6-month period. When that was depleted, I started to collect unemployment. When I could not collect any longer, I had to depend solely on my Social Security.

I have money in my savings from my 401K, but I am trying not to go into it. Fortunately, my expenses are low. I own my mobile home and my car is paid. I have no credit cards. So I just have the usual monthly expense of utilities, car and home insurance, plus cable, Internet and phone. Fortunately, I only have to fill up car once a month, so I am saving money there as compared to filling it up weekly when I was working. I do not spend a lot on food as I am a vegetarian.

My monthly income from Social Security is over $14,000, minus Medicare payments of $100. I am not doing too badly. I just had to learn to scale back my spending on stuff I didn't need.