I’m ready. Or at least I think I’m ready. I’m 48, my wife is 42. We have a couple of kids entering high school next year. I can retire with a defined benefit pension with basic 3% COLA in 2017. Net from that would be $3100 monthly. I am currently bringing home 4k monthly, working 50 hours weekly. I have a part-time job in place after I retire that would net me $800 monthly, working 20 hours weekly. Before my retirement date my wife and I will pay off her student loans ($100 monthly) and a car payment ($400 monthly). Through work I’ll be eligible for health insurance for $150 monthly. My wife will continue to be employed full-time for 8 more years and carry the kids on her policy as she has done for the past several years.
I'm just thinking my income will pretty much be the same and actually increase because of the COLA kicking in. I have topped out on my salary earnings at my job. Is there any reason why I shouldn’t retire?
I'm just thinking my income will pretty much be the same and actually increase because of the COLA kicking in. I have topped out on my salary earnings at my job. Is there any reason why I shouldn’t retire?