I've been lurking for awhile, but I thought I would ask for an opinion.
I'm 52 1/2. The earliest I can retire from my company is 55. I don't get full retirement benefits until 57 1/2. My retirement at 55 is around $2k/month, my retirement at 57 1/2 is $3k/month. Minimal additional gains after 57 1/2. With vacations, holidays, etc, I would have to work an additional 430 days to get from 55 to 57 1/2. I have ~$1.1MM at present. I need about $4k/month to maintain my present standard of living.
I think I could retire at 55 comfortably, but I ran a quick lifetime income calc on retiring at 57 1/2 and (if I live to age 88) the difference in lifetime income between 55 and 57 1/2 is $563,000. This means that each day I work from 55 to 57 1/2 is worth around $1300/day.
Should I work the extra 2 1/2 years (430 working days) to make the additional retirement dollars or retire at 55 and figure my life is worth more than $1300/day. (I have a pretty good family history, so living to age 88 is statisically probable).
I'm 52 1/2. The earliest I can retire from my company is 55. I don't get full retirement benefits until 57 1/2. My retirement at 55 is around $2k/month, my retirement at 57 1/2 is $3k/month. Minimal additional gains after 57 1/2. With vacations, holidays, etc, I would have to work an additional 430 days to get from 55 to 57 1/2. I have ~$1.1MM at present. I need about $4k/month to maintain my present standard of living.
I think I could retire at 55 comfortably, but I ran a quick lifetime income calc on retiring at 57 1/2 and (if I live to age 88) the difference in lifetime income between 55 and 57 1/2 is $563,000. This means that each day I work from 55 to 57 1/2 is worth around $1300/day.
Should I work the extra 2 1/2 years (430 working days) to make the additional retirement dollars or retire at 55 and figure my life is worth more than $1300/day. (I have a pretty good family history, so living to age 88 is statisically probable).