Forced Retirement at 33

H

hugo121175

Dryer sheet wannabe
Joined
Nov 9, 2009
Messages
12
Location
Washingtonville
I was injured at work and will be retired in 6 month to three years (depending on my recovery time). I am married and have two young son's. I am looking for somewhere we can raise our sons, and live a "Country" lifestyle. I do not like living around a lot of people, but we need a good school system as well. My retirement will only be around $65,000 to $70,000 per year.
 
so is it retirement, or permanent disability?
 
RonBoyd said:
My first question would be: How much of that will be going toward medical expenses related to your injury?
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Once I am done with another surgery and the recovery, hopefully none. I'm a firefighter and fell from a ladder, and hurt my neck and back.
 
Probably need a lot more information. There are plenty of places to live a country lifestyle. It depends on your needs and desires. Do you want to live close to relatives?, do you need to live close to any specialized medical care?, what kind of weather do you like? Do you plan to take other work at some point? Etc.

Sorry about your injury.
 
hugo121175 said:
I was injured at work and will be retired in 6 month to three years (depending on my recovery time). I am married and have two young son's. I am looking for somewhere we can raise our sons, and live a "Country" lifestyle. I do not like living around a lot of people, but we need a good school system as well. My retirement will only be around $65,000 to $70,000 per year.
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Maybe further west in NY state? Check out the areas around Binghamton or maybe over by Corning. You may find what you're looking for without going to far from home (i presume you have friends and family where you live now that you'd like to see now and then).

A bit further south into PA is even cheaper.
 
Maurice said:
Maybe further west in NY state? Check out the areas around Binghamton or maybe over by Corning. You may find what you're looking for without going to far from home (i presume you have friends and family where you live now that you'd like to see now and then).

A bit further south into PA is even cheaper.
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My family has all left NY. My parents are in VA, one sibling is in WA, and my other sibling is in ID. My parents are looking at moving into a 60+ place in ID. My wife's family is all in MD. (I brought her up here after I got out of the Navy, she hates NY)
 
Well ID beats the east coast for country and cheap. But I assume your wife's umbilical cord is stronger than yours... so PA could still be an option, as is central/western VA.
 
Hugo-

33 YO Firefighter myself... sorry to hear about your injury.
I'm in Northern Virginia myself, but I got a few coworkers that commute in
from the Emmitsburg, MD area. Don't know where your in-laws are located,
but that area's got a nice rural landscape and has the National Fire
Academy there, so after you recover some you might be able to maintain
some ties to the job and/or do some part-time work if you're so inclined.

Best wishes. Feel free to PM me if I can help.
-LB
 
Maurice said:
Well ID beats the east coast for country and cheap. But I assume your wife's umbilical cord is stronger than yours... so PA could still be an option, as is central/western VA.
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That is funny! You hit my wife right on...... She what's to move back to MD, but they tax your pension, so MD is out. I lived there for four years out western MD. It's nice country, and not too costly.
 
leftbucket said:
Hugo-

33 YO Firefighter myself... sorry to hear about your injury.
I'm in Northern Virginia myself, but I got a few coworkers that commute in
from the Emmitsburg, MD area. Don't know where your in-laws are located,
but that area's got a nice rural landscape and has the National Fire
Academy there, so after you recover some you might be able to maintain
some ties to the job and/or do some part-time work if you're so inclined.

Best wishes. Feel free to PM me if I can help.
-LB
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She's from Western MD, around La Vale. The way the FD pension works could hurt me if I get another job. Say my pension is for $65,000. I can only make up to the next pay grade after being retired. So, if the next pay grade is $20,000 more than my pension, I can only make up to $20,000. If I were to go over they would take it out of my next years pension. Example: If I were to make $25,000, instead of $20,000, it would reduce my next years pension by $5,000 from then on.
 
hugo121175 said:
. The way the FD pension works could hurt me if I get another job. Say my pension is for $65,000. I can only make up to the next pay grade after being retired. So, if the next pay grade is $20,000 more than my pension, I can only make up to $20,000. If I were to go over they would take it out of my next years pension. Example: If I were to make $25,000, instead of $20,000, it would reduce my next years pension by $5,000 from then on.
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Would your pension be reduced if you got a private sector job? $65K is a nice pension, but kids cost money. Is there a way you can earn a good salary in the private sector and then continue on this pension when the kids are grown & you retire from that job?

I can't believe I'm suggesting that someone work! I must be losing it :rolleyes:
 
All sorts of good places to live out there. Up near Harper's Ferry WV. Walt34 could probably give you some specifics. Out around Winchester VA, or down near Woodstock or Mt. Jackson. As long as you get away from Berryville or Middleburg it's a lot cheaper. Both states have pretty decent tax situations, I think. Depending on how far out in the country you want to live. Good luck with your recovery.
 
As harley said, parts of WV are great. We're about 40 minutes from Harper's Ferry (which you want to stay away from because of the weekend summer tourist traffic). One can still buy a habitable single-family home for less than six figures, although it would be what the real estate agents call "cozy".

With a wife and two kids, I'd say figure on at least $150k and up. That will buy a nice home. $350k+ will buy a McMansion, but with utility bills to match. Prices drop the farther north and west you go. But so do employment and shopping opportunities. The Jefferson, Berkeley, and Morgan county school systems are all pretty good to my knowledge, but we don't have kids so we didn't look into that. Taxes are a bit more than half of Maryland's.

There is plenty of country type living in the WV Panhandle, but Jefferson county is rapidly becoming citified, followed by Berkeley county farther north, then Morgan county. It looks like Morgan will remain mostly country for the next two generations. We absolutely love not having to plan our daily lives around traffic.

Sorry to hear of your injury. I'm retired law enforcement and worked a lot with fire/rescue/EMT guys.

But as you will see reading posts here, there is life after retirement.
 
walkinwood said:
Would your pension be reduced if you got a private sector job? $65K is a nice pension, but kids cost money. Is there a way you can earn a good salary in the private sector and then continue on this pension when the kids are grown & you retire from that job?

I can't believe I'm suggesting that someone work! I must be losing it :rolleyes:
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It would only be reduced "If" I go over the cap. The cap can be as little as $15,000 per year to as much as $35,000 per year.
 
Walt34 said:
As harley said, parts of WV are great. We're about 40 minutes from Harper's Ferry (which you want to stay away from because of the weekend summer tourist traffic). One can still buy a habitable single-family home for less than six figures, although it would be what the real estate agents call "cozy".

With a wife and two kids, I'd say figure on at least $150k and up. That will buy a nice home. $350k+ will buy a McMansion, but with utility bills to match. Prices drop the farther north and west you go. But so do employment and shopping opportunities. The Jefferson, Berkeley, and Morgan county school systems are all pretty good to my knowledge, but we don't have kids so we didn't look into that. Taxes are a bit more than half of Maryland's.

There is plenty of country type living in the WV Panhandle, but Jefferson county is rapidly becoming citified, followed by Berkeley county farther north, then Morgan county. It looks like Morgan will remain mostly country for the next two generations. We absolutely love not having to plan our daily lives around traffic.

Sorry to hear of your injury. I'm retired law enforcement and worked a lot with fire/rescue/EMT guys.

But as you will see reading posts here, there is life after retirement.
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Thannks..... I didn't even think of West VA. My in-laws are only 15 to 20 minutes from Ridgeley, WV.
 
Is that a cola'd pension? If not, you are going to be in trouble in about 20 years. Inflation will eat you alive. You will have to get a job, and the probability is that job will pay $120,000 to $200,000 a year in 20 years.
 
Rustic23 said:
Is that a cola'd pension? If not, you are going to be in trouble in about 20 years. Inflation will eat you alive. You will have to get a job, and the probability is that job will pay $120,000 to $200,000 a year in 20 years.
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Nope, no cola for me..... This is why I need to find some where cheap, but nice, to live now. I have to start building a large nest egg with any surplus that I may have now. I have a Roth IRA, but have never put any real money into it. Now I am wondering the same thing that you had said. I try to tell my wife this, but she doesn't listen or know anything about pensions. I'm in a tough spot......
 
4% inflation will double your cost every 18 years. If you currently live on $50,000 it will take $100,000 by the time you are 50 and $200,000 by the time you are 68!
 
Rustic23 said:
4% inflation will double your cost every 18 years. If you currently live on $50,000 it will take $100,000 by the time you are 50 and $200,000 by the time you are 68!
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That is exactly what is scaring the crap out of me..... I have two sons. One is 6 and the other is only 15 months. How are they going to go to college? That is why I have to start working on this now.
 
Perhaps you and your wife could put your heads together and work up a plan so that she could help out financially in say 5 or 6 years. Historically women have helped their husbands without pay. Reverse this so that the income is credited to her. What could work will depend on her skills and interests.

As an example, if she is good with people and finances she could be a Conservator. You need to find out how people are selected by the Courts in the community you move to and, if appropriate, make a plan to get those assignments. You can be her 'assistant', with the extensive first aid training firefighters receive you can help her assess the medical needs of her clients as well as scheduling conferences and preparing reports. If your wife can't balance a checkbook and has little potential of mastering basic bookkeeping, this isn't an appropriate profession.

She needs to understand that the future will require teamwork and that you are happy to help with the household and family.
 
You might want to see an attorney specializing in disabilities, as it sounds like that is where you are heading.

A $65,000 pension, at age 33, with no COLA just is not going to make it for you, unless you have A LOT of savings now or perhaps your wife becomes the main earner.
 
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