I am going to retire when??

When I changed jobs in 1968 I received a notice from my new employer indicating I would qualify for social security upon my 65th birthday, the date would be July 1, 2008. In 1968, 2008 was 40 years away and I remember thinking it would take forever. Forever went by too fast. I am now one month short of 64 years old.

Over the years, I have received confirmation of the July 1, 2008 retirement date which basically I ignored since there was nothing to do but wait. When I turned 62, I received an "official" letter from Social Security indicating I was now legally qualified to apply. The letter gave me 3 different dollar amounts for certain ages. A smaller amount for 62, a middle amount for 65 and the top amount for 70. I decided to wait until I was 65 years old to retire for the middle amount (this montly allotment is fixed for life unless the Government gives the senior a living increase).

Over the past 2 years I have been receiving notices from Social Security every 6 months. Each notice not only reduces the dollar amount I will be eligible to receive but more important increases the time I must qualify. It's gone from age 65 to 65 and 3 months, to 65 and 6 months. This week I received another notice. Not only has the dollar amount I am eligible to receive decreased a little more but most important, my age of retirement has now gone up to 66. Instead of qualifying for the middle dollar amount in July 2008, I must now wait until July 2009.

I am not an accounting whiz but looking ahead based on all the notices I have received the past 2 years, I can envision the dollar amount continuing to decrease as the age of retirement increases. I am thinking my retirement age could be 70 by the time I officially reach 65 in July of 2008. This is very frustrating to me having worked all these years only to realize that the social security carrot the Government has been promising me keeps moving farther and farther away. I have also begun to worry about there being enough money in the pot to even last my lifetime.

Is this what I have worked all these years for? It's very frustrating to have had a goal all these years only to watch my plans move further and further out. I am ready to retire now. I have been ready for retirement for 20 years at least and I really resent the Government taunting me with a new retirement date every 6 months.

So I am back to my first question. I am going to retire when????