vcponsardin
Dryer sheet wannabe
I'm facing an interesting choice in the next few years and I can't decide which way to go. The short of it is that by 2014 or 2015, I should be able to take early retirement (at age 60/61) and make about 25% more than I currently make. How? I have two pensions from two different states. The first is one from a job I had in the early 80s and I let it sit there gathering dust and considerable interest over the decades. The second is from my current employer. Combined, the two pensions would be equal to about 125% of my current salary. Should I retire? Would you? Are there any pitfalls to retiring at 60 or 61? Adding to the issue is that after 35+ years, I still enjoy what I do. But if I don't retire early, then the difference between my current salary and what I would have earned in retirement expands (I'm essentially maxxed out at the top of my salary line at work--not much more upside to my salary over the next few years apart from annual cost of living increases). I roughly calculated that if I were to remain on the job until I'm 70, I would be losing well over $350,000 from the difference between what I now make and what I would have made in retirement. I think the answer may be a "no-brainer"--so I guess what I'm really asking is if there are any downsides I haven't considered? Thanks.