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Hi from Dublin, Ohio can't quite decide on a date
Old 09-09-2015, 01:22 PM   #1
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Hi from Dublin, Ohio can't quite decide on a date

Hello everyone I just found this site and am excited to be here. I am 54 years old and I really want to retire but just can't put a finger on the date. I have worked in the public sector for the past 31 years. 6 years ago I entered the deferred retirement option plan (DROP) and must leave no later that July of 2017. The thought of staying until 2017 is unbearable.

My wife is 48 years old and a nurse for the local school district and earns $82,000. she plans on working until 55. she has a state pension and her own 403b plan.

if I retire my pension is $60,000 with a 3%COLA. I have a 457 (ICMA-RC) plan with $410,000.00 and is in a managed portfolio
Stable Value/Cash Management 20.5%
Bond 46.0%
Balanced/Asset Allocation 5.9%
U.S. Stock 18.2%
International/Global Stock 6.5%
Guaranteed Lifetime Income 2.9

My DROP account is approximately $446,000.00 and each month approximately $6,750.00 is added to the DROP account, that includes interest. The interest is based upon the 10 year treasury note. Upon retirement I will roll the DROP money into the 457 plan to get a better return. All money is available at retirement regardless of my age.

my payout when i retire will be approximately $60,000 which I will roll $36,000 into my 457 plan.

I have 2 kids one a senior in high school with no plans for college and the other a senior in college. we have no debt except for a mortgage of $196,000 at 3.875%

we have $80,000 in cash for emergencies or whatever.

I have analyzed it to death i am caught in that trap where I keep saying if I just stay one more month I will get more money.

can't wait to read all of the forums and tap into the wealth of knowledge that is on this site. thanks.
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Old 09-09-2015, 01:41 PM   #2
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You don't mention your expenses but living in Ohio I can't imagine you need to work another day. Just your pension and savings alone should be plenty. Throw in your wifes pension and savings and you'll be living large even if you retire tomorrow. Working now, IMO, is optional.
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Old 09-09-2015, 01:45 PM   #3
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Chief, welcome aboard. It looks like you have the things in real good shape. What about the expense side of things? Have you been using Quicken or piece of software to track your expenses?
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Old 09-09-2015, 02:02 PM   #4
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Agree with the other suggestions that you know your budget and expenses, but I would think with your's and your wife's pensions that you can meet all your expenses without needing much withdrawal from savings.

So it is basically an emotional decision vs a financial decision. There are many financial calculators, such as FIRECalc here, or others that can show you the numbers and help ease your fears.

welcome to the forum, you should spend a lot of time reading and don't be afraid to ask questions.
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Old 09-09-2015, 02:03 PM   #5
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Thanks for responding, I have tracked my expenses for over a year and we downsized last November. According to my calculations, between my wife's salary and my pension, it will cover our expenses and there will be money left over each month to travel.

I am also curious if people continue to fund savings during their retirement years or just spend it all.
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Old 09-09-2015, 03:14 PM   #6
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Welcome to the forum and I agree with the others that financially you can go whenever you feel like it.

Re saving after retirement right now we're spending it all but when I start SS next spring we might save some of it. Whatever for, I couldn't tell you but old habits can be hard to break.
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Old 09-09-2015, 03:29 PM   #7
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Welcome Chief! I would agree with the other posts that you are good to go. But if you haven't seen them yet, there are two excellent resources here that might help you set that date sooner rather than later:

Some Important Questions to Answer Before Asking - Can I Retire?

and

Early Retirement FAQs - Early Retirement & Financial Independence Community

Come on back with specific questions anytime!
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Old 09-09-2015, 07:07 PM   #8
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Quote:
Originally Posted by Chief322 View Post
Thanks for responding, I have tracked my expenses for over a year and we downsized last November. According to my calculations, between my wife's salary and my pension, it will cover our expenses and there will be money left over each month to travel.

I am also curious if people continue to fund savings during their retirement years or just spend it all.
We RE earlier this year @ 53 and SS is a ways away, no pensions. So not sure how to "continue to fund savings" at least not until SS. I'm sure that I'm not the only one here in this situation. Now someone may have a different definition on what add to savings is.
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Old 09-09-2015, 08:16 PM   #9
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Originally Posted by Chief322 View Post
Thanks for responding, I have tracked my expenses for over a year and we downsized last November. According to my calculations, between my wife's salary and my pension, it will cover our expenses and there will be money left over each month to travel.

I am also curious if people continue to fund savings during their retirement years or just spend it all.
Welcome to the forum.

We are also in Ohio, just north of Akron. My husband is retired from a county social service agency and is receiving a pension from OPERS.

Yes, we are able to still save about 15% of the monthly pension. No mortgage and no other debt, so our cost of living here in Ohio is very reasonable. Travel is just not our thing, we are currently saving for a new kitchen.
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Old 09-09-2015, 08:57 PM   #10
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Welcome Chief! This is amazing - lots of 'smart' people you can relate to. Great info to give you the financial advice and emotional support. Crunch the numbers and if it makes sense, weigh your options and select the date.

The pivotal point for me, personally, was reading a quote from this board: 'You can always make more money, but you can not make more time'.

Good luck!


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Old 09-09-2015, 09:05 PM   #11
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Chief,

Have you thought about what you'll do once retired. I'm not retired, so I can't speak from experience, but I think it's important to have some clear plans as to what you'll do once retired.

Your pension, spouse's work plans/pension, along with your savings look like a strong foundation to me.

All the best,
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Old 09-09-2015, 09:46 PM   #12
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For me, we got to a point where I was confident that we had plenty to live on and could retire. From that point forward, I wasn't working for me because it was unlikely that we would ever spend the money I was adding to the kitty.... I was working for Uncle Sam and my kids. I decided that I would rather have free time than continue to work to benefit Uncle Sam and my kids perhaps a bit selfish of me... but ces't la vie.
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Old 09-10-2015, 06:01 AM   #13
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I have a list of things I want to make time for, motorcycle touring, learning a second language, learn to play the guitar and continue my volunteer work with a local food pantry.
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