HI Bill
Thinks s/he gets paid by the post
- Joined
- Dec 26, 2017
- Messages
- 2,573
I am in no way an expert on this, but is there any way you'd qualify for a medical disability?
Hello all.
32 years in construction this year. Body parts not working like they should any longer. I am ready to get out.
So I'm 50 and cant access retirement till I'm 55.
Plan is to be debt free by 55. Currently on track. Every thing is paid for except 5 years left on mortgage.
Not sure will have enough retirement funds to retire at 55. Currently there is right at 800k between a money market and a pension.
At 60 I will get a 800$ month union pension.
Then of course ss.
Is 1m enough? How many have retired on 1m and are comfortable??
I am in no way an expert on this, but is there any way you'd qualify for a medical disability?
Time to start educating myself.
I concur with others, that you could find good paying pick up work.
I've hired a few two person handyman teams, one experienced, and the other learning and doing the physical stuff. I'm in Washington state, greater Seattle area, and for instance my nextdoor.com web site always has posts for people looking for electricians etc.
It is scary to give up a regular wage job with benefits. Maybe you could talk to your current employer and say you just can't do the physical part of the job anymore - offer to go for reduced wages and/or part time work and still keep a regular pay check.
I think you'll feel better about retiring when your house is paid off - that helped me make the decision to retire.
Hello all.
32 years in construction this year. Body parts not working like they should any longer. I am ready to get out.
So I'm 50 and cant access retirement till I'm 55.
Plan is to be debt free by 55. Currently on track. Every thing is paid for except 5 years left on mortgage.
Not sure will have enough retirement funds to retire at 55. Currently there is right at 800k between a money market and a pension.
At 60 I will get a 800$ month union pension.
Then of course ss.
Is 1m enough? How many have retired on 1m and are comfortable??
+1 need more info... if your expenses are $40k a year then $1m is plenty when combined with SS but if your expenses are $100k a year then no way. (Ferminion beat me to the punch).
Ya I hear ya. Just scary to leave current job.
I get asked about every 6 months to leave my current job and go to another employer. So ya not hurting in that area. But knee surgery, back surgeries, now hips are going. Just tired of hurting non stop. Permanent limp, numb hands. Just trying to hold out till house is paid. I do sit behind a desk alot these days but I not always. I am an ibew member.
You have received good advice above. I too am/was an electrician. I remember being recruited by IBEW business agents and their promises of an outstanding retirement package. I did spend just a short time in the IBEW, it wasn’t for me. Looking at your numbers it doesn’t resemble anything like what the BA’s were promising. Have you only been a member for a short time or is the retirement plan not what it looked like?
I can offer a little insight on things after retirement. I retired at 49 from doing full time electrical work. I too have some back, neck and knee issues from overworking and having all physical hobbies. While working I was seeing a chiropractor twice a week most weeks and doing lots of stretching and strengthening exercises to minimize the pain levels and to keep working. After retiring my pain levels are much less than they were and I don’t go to nearly as many appointments as I used to. Once you remove the stress and physical work your body will inevitably heal up some.
You absolutely need to know your expenses before you can begin to calculate your retirement plan going forward. I will put it into terms that you and I can relate to. It would be like trying to calculate an electrical service size without knowing how much load will be demanded from it... Make it the first step you do going forward.
Thought I would update this. So after feeling sorry for myself for at least 2 years ended in the ER for what they thought was septic knee. Turns out I had the gout pretty bad. Got on gout medication and now feel great. Ready for another 30 years in construction. I cannot believe the difference the gout made me mentally and physically .
All my joint pain is gone. Feel like I'm 30 again, well 40 anyway. No more thinking how to retire everyday.