60 Years Old & 16 Months from Retirement
My first post--no questions at the moment, but there'll doubtless be some down the road. By way of introduction:
I'll be retiring with 34+ years of service & defined-benefits pension that will largely replace current salary [yeah, I know I’m incredibly fortunate there]. Not “early retirement” as such, but earlier by at least a year relative to what I’d been projecting.
Once retired, I’ll be eligible to work 6 months/yr at my current monthly salary for up to 5 years, & am planning to do so. I won't get any additional service credits from these “half-years,” so no additional “bump up” in the pension, but I will be getting the full pension during this period.
Live in the SF Bay Area [Alameda County, to be more precise]. Still have substantial mortgage and outstanding HEOLC balance on our house—planning to retire the latter & reduce the former as much as possible during the upcoming 5 years. No plans to more or sell.
Wife [who’s a couple of years older than me] has already retired with a small pension, but hasn't started Social Security yet.
Goals/ “To-Do” List
Consolidate hodgepodge of smallish 403b/457 pots of money into accounts with 1 or 2 vendors [Vanguard for sure, and Fidelity, most likely], & try to get my wife to do the same—and then figure out what kind of a revenue stream we can/want to try to realize from them, while still preserving as much principle as possible to pass along to our heirs.
Knuckle down & do some serious estate planning.
Contribute as much as possible to 529 accounts for grandchildren [2 here now, a third on the way, and a fourth at least hoped for].
Decide when we want to start taking Social Security. I'll certainly wait until I finish with the half-time employment [which will take me to 67], but not sure if I'll wait any longer after that. And my wife has settled on when she'll start.
Tha's it for now!