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Jean and Edward Lewis of Texasretired on only Social Security incomeand have some regrets about it heres why.
He had already begun collecting Social Security at age 66 and was working part time.
Initially, I planned to stick it out and work until then.
But my boss and two of my coworkers decided to retire and two others were leaving.
I saw it as a sign that it was time for me to go, too, she said.
Jean regrets that they never thought very far in advance when they were working.
We basically always lived paycheck to paycheck.
We foolishly never sat down and thought out what our retirement would or should look like.
I think we both expected to continue working as long as we could.
Theonly saving gracefor them was a surprise correction from Social Security.
It was literally a lifesaver and has provided us kind of a cushion that has been helpful.
Without any other significant cushion, they find themselves in a precarious place.
Were doing OK, as long as there are no unexpected expenses.
For example, my air conditioner is out in my car.
It needs a new compressor, which we cant afford right now.
That was due to my ignorance.
At the time, I didnt know that was an option, she said.
She also regrets not having downsized to asmaller or less expensive homein a less pricey area sooner.
And maybe to have developed some other source of income, like a side business of some kind.
I think we can do it.
Also, at some point, well be selling our house and relocating and downsizing.
Dont just jump into retirement blindly.
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