“My middle son is a CFP and he, like you, doesn’t want me to take Social Security until I’m 67.” (Photo subjects are models.) – Getty Images/iStockphoto
I’m 61 and my wife is 57. We are happily married. We have zero debt outside of her leased vehicle. We own our house outright and we pay property taxes and homeowners insurance ($5,500 and $4,500 per year, respectively).
My wife has a pension as a retired teacher, but we aren’t going to draw on that for some time. She spent half her 28-year career in private schools. After 14 years in public schools, her pension won’t be more than $1,000 to $1,500 a month when we decide to take it.
We have $1.65 million in retirement funds. I’ve added $16,900 to these retirement funds in the first six months of 2025. I don’t hate working, but I am tired of corporate America. My annual income is $108,000, and I earn $40,000 to $60,000 in commissions.
Life doesn’t suck, but it’s a constant drain to sign more sales when the product is problematic and the market is mature. My annual Social Security income is projected to be about $28,000 annually. I’ve not figured out my wife’s Social Security income.
My middle son is a CFP and he, like you, doesn’t believe people should take Social Security until they’re full retirement age (my FRA is 67). He says that if I wait until 65 to retire, I can get $100,000 with pensions and Social Security.
I’d retire at 62 just to get out of the grind, but healthcare costs prevent that. We’re in pretty good health. My wife is a crossfit trail runner, and I just had a knee replaced because of my past running. Can I retire at 62 and live a comfortable life?
Waiting at least until you have Medicare is a good plan; otherwise, you could be spending upwards of $15,000 a year on health insurance. – MarketWatch illustration
We’re all salespeople, in a way.
If we’re not selling a product, we’re selling ourselves. Especially as workers get older, it’s important to keep innovating and improving and generating ideas. With experience comes great responsibility to make that lifetime of work, well, work. You’ve sold me: The answer is yes.
But I don’t envy you having to sell a product to clients, especially if you don’t really believe in it. Whether it’s a timeshare or the latest kitchen appliance, it’s an uphill struggle. With tariffs expected to drive up the cost of automobiles, used-car salesmen are having an easier time.
Having nothing to do versus having a lot on your plate won’t necessarily release you of all stress and anxiety. I’m one of those oddballs who actually likes it when Mondays roll around again — there’s a time on Sunday, around 6 p.m., when I am anxious to get back to work.
Your combined Social Security, when you choose to collect it, and your 401(k), coupled with your wife’s pension and the fact that you don’t have any mortgage payments to worry about, set you up comfortably for retirement. I did some back-of-the-envelope calculations.
Let’s say your wife earned $50,000 a year over the course of her career and you earned close to your current salary, and you both had $4,500 collectively in benefits ($3,000 for you and $1,500 for your wife). That’s worth waiting for if you expect to live long lives.
Your Social Security estimates are based on the fact that your wife will be entitled to collect up to 50% of the amount of your Social Security benefits, given that they are greater than hers. To qualify, you must be married for at least 10 years.
The rules are different for survivor benefits, which you get after the person whose record is being used dies. Surviving spouses, at full retirement age or older, generally get 100% of the worker’s basic benefit amount, the IRS says.
People 65 and older choose their Medicare coverage every year during open enrollment season, which runs from mid-October until December. You will be able to switch between traditional Medicare to a Medicare Advantage plan during that period, enroll in or change Part D prescription drug plans and also add Medigap, a type of supplemental insurance.
Medicare Advantage’s open enrollment period, meanwhile, runs from Jan. 1 to March 31 every year. During that time, beneficiaries aged 65 or above can switch to another Medicare Advantage plan or ditch their Medicare Advantage plan and return to original Medicare. There are proposals to auto-enroll people in Medicare Advantage. You can read about that here.
The standard monthly premium for Medicare Part B — the part of Medicare that covers doctor’s visits, routine cancer screenings, home healthcare and other outpatient services — costs $185 for 2025, according to AARP, formerly the American Association of Retired Persons.
There are costs associated with basic Medicare (Parts A and B). Beneficiaries are not generally required to pay a premium for Part A because they have worked for 10 or more years and had their Social Security taxes withheld.
“Part B beneficiaries with annual individual incomes greater than $106,000 will pay more than the standard premium, though how much more depends on their income,” AARP adds. “Income-related monthly adjustments affect roughly 8% of people with Part B insurance.”
The annual deductible for all Medicare Part B beneficiaries is $257 in 2025, up from $240 in 2024. “Medicare beneficiaries typically pay 20% of the cost for each Medicare-covered service or item after they’ve met their deductible,” AARP adds.
That’s a long way of saying that waiting at least until you have Medicare is a good plan; otherwise, you could be spending upwards of $15,000 a year on health insurance, and that’s $15,000 that could be making money in your 401(k).
If you gave up work now, you’d be losing $200,000 or thereabouts in commissions over the next four years; that’s more than millions of Americans make from their regular salaries. Your job may be trying, but all those sales you make add up to a nice lifestyle and solid retirement.
Every little helps. Case in point: Your recent $16,900 contribution to your retirement fund will grow to roughly $33,200 in 10 years at a 7% annual return, while your $1.65 million will grow to a more impressive $3.1 million in 10 years at a similar return, also compounded monthly.
I’m estimating your annual expenses at $75,000, if you retired at 62, taking into account your Social Security benefits and your wife’s modest but very helpful pension, your $1.65 million 401(k) would last you until you’re both 100 years of age. So, on paper your retirement dreams are possible.
