margaritavillebound
Confused about dryer sheets
- Joined
- Jul 2, 2007
- Messages
- 2
I am 53 yo fed govt worker with 32 years of service. I will be eligible for retirement in August of 08. My husband is also a fed worker, 54 yo, and eligible to retire in November of this year with 36 years of service. We have been making plans for the past five years to retire the first week in January after he becomes eligible, with me taking an "early out" and paying a 2% penalty on my retirement benefits. Our luck, my organization has been offering "early outs" every year except this year so that does not appear to be an option now. Now we are trying to decide if he should retire as planned, or continue to work until I'm able to retire. We've paid off all our debts (with the exception of our mortgage), our kids education has been paid for, and our pension will include health and life insurance. Our work commute is approximately one hour each way (100 miles round trip), which makes for 11-hour work days not to mention the fuel expenses. We are both ready to retire. We have both been saving our leave time in order to "cash it in", sort of like a retirement bonus. If he retires this pay year as previously planned (we're looking at 3 Jan 08 ) he can cash in approximately $17k in leave time and it will be on 08 taxes. We should be in a lower tax bracket in 08 if he retires then. If he waits for me to become eligible, that figure will be approximately $13k for him and $16k for me; however, we will be in a higher tax bracket. If he retires in 08, I'll still be making the commute; however, it might just help ease us into retirement with me still working while he is retired. I guess what we're trying to decide is this...should he retire when he is eligible, or wait for me? I'm not so sure I would wait for him if the tables were turned so I'm looking for some sage advice.