Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Retire or work
Old 06-15-2006, 10:46 AM   #21
Full time employment: Posting here.
kaudrey's Avatar
 
Join Date: Feb 2006
Location: Alexandria, Va
Posts: 943
Re: Retire or work

I have a longer time horizon but face complicated financial decisions as well. I'm 37 and want to retire at 52 in 15 years.

I work for the fed. gov't. If I retire at 52, I'll have 30 years in, and can get my full pension (1% x 30 x high 3) at 57 (deferred), BUT I am then not eligible for federal health benefits, because it's a deferred retirement. Can't get health bennies unless I stay until 57. I don't want to do that, but it's NOT an easy thing for me to deal with - having to get my own insurance. It's a huge cost I could avoid by staying longer. Plus, by having a deferred retirement, I have 5 years without any pension at all.

If I retire younger, I get a smaller pension based on the years of service, and can't collect until 60, so that's a consideration too, if I don't feel like staying around another 15 years.

Good luck either way! Sorry I rambled, sometimes a post just makes me think about things a lot.
__________________

__________________
Two roads diverged in a wood, and I - I took the one less travelled by...
kaudrey is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Retire or work
Old 06-15-2006, 12:29 PM   #22
Full time employment: Posting here.
 
Join Date: Feb 2004
Location: Okanagan Valley
Posts: 805
Re: Retire or work

kaudrey, I would suggest that you don't think that far out to 57 as that extra 5 years can cause disproportionate personal distress. You know you have an option at 52 so simply aim for 52. Once you reach that milestone, you can then make additional decisions.

I did a similar thing when about 50 yrs of age and our company getting bought out. I dreaded the thought of the new culture (or lack of it) but aimed for 55..rather than 60 for full pension. Then once I did reach 55, I felt quite a bit better about the situation and ended up staying until I turned 57. Things have a way of looking different when you reach a milestone that gives you flexibility.
__________________

__________________
AltaRed is offline   Reply With Quote
Re: Retire or work
Old 06-15-2006, 12:33 PM   #23
Thinks s/he gets paid by the post
Leonidas's Avatar
 
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
Re: Retire or work

Quote:
Originally Posted by Nords
What are you, some kinda marriage rookie with extra life insurance?!? Are you always teasing her with fantasies like this?
There is no sense in tempting a good women to turn bad. That's why I never told the Princess how much money the city, state and feds would throw her way if I bought it on the job.
__________________
There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
Leonidas is offline   Reply With Quote
Re: Retire or work
Old 06-16-2006, 10:27 AM   #24
Full time employment: Posting here.
kaudrey's Avatar
 
Join Date: Feb 2006
Location: Alexandria, Va
Posts: 943
Re: Retire or work

Thanks AltaRed. My situation may change drastically in the next few years anyway, as my BF and I are thinking about marriage. If that happens, between our 2 incomes, we might jump ship in 10 years instead of 15!

We'll see. But you are right. I'm really NOT expecting to work until 57, I just have to plan around buying my own health insurance instead of getting the gov't bennies.
__________________

__________________
Two roads diverged in a wood, and I - I took the one less travelled by...
kaudrey is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
work attitude after FIRE: how do you approach it? ladelfina Life after FIRE 7 01-29-2006 09:35 PM
Will my plan work? BearlyWorking Hi, I am... 52 01-07-2006 08:02 PM
7 Million Retirees Return to Work REWahoo Life after FIRE 18 12-30-2005 07:04 AM
Are you ready to retire article??? Mountain_Mike Other topics 0 05-10-2005 10:40 AM
To Retire or do Something Else? Rich Life after FIRE 9 01-10-2005 06:02 PM

 

 
All times are GMT -6. The time now is 09:20 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.