I thought I was fairly financially savvy. Then I started reading several of your articles and answers today. I don't feel so savvy now! I am 61, married with dependent children. I am a military veteran with pension and a current federal civil servant (FERS). I want to "retire" and do other things with my life. I am thinking since I will be a dreaded but grateful "Triple Dipper" with lifetime COLA protected annuities it would be OK for me to retire "early" at age 62 and begin enjoying life more. Any thoughts? My wife is much younger, a full-time homemaker and so far has not attained enough credits for SS. Thanks for all you do to help so many!

Hi,

I assume that by retiring at age 62 you mean taking your Social Security benefits then as well. That would certainly be something to consider, particularly if you have minor or disabled children who could qualify for benefits on your record (https://www.ssa.gov/planners/retire/yourchildren.html). Starting benefits at age 62 would come at the cost of a significantly lower monthly benefit rate for the rest of your life, though. And, most of that reduction would carry over to the potential widow's rate that your wife could receive if you die before her.

You may want to strongly consider running the maximization software available on this website. That way, you can compare all of your options and determine which is best based on your individual circumstances.

Best, Jerry