I'm a 56 year old male, 23 years with the same company as a project manager, traveling for a living.
The company Management no longer cares about the workers, only the bottom line.
I will have a pension based on a 1.66% x years worked x about 80K. At age 56, it pays 57% of the total.
DW is a 49 year old RN,and wants to work another 20 years. We are living in south Alabama, with a lower cost of living- but it has been "discovered" now and many new residents are putting a strain on the semi-rural infrastructure and driving up the COL.
We have about $310K total in 401K and IRA in mutual funds. $1000/mo mortgage, $500/mo car note, $15000 in credit card and student loan debt.
Should I FIRE and take the reduced pension, planning to do part time contract work, or resign and wait to get the full pension amount (reduced by SS) at 65 years old? I'm definitely changing jobs in September, and need to decide which way to go.
Anyone with a similar circumstance want to give advice? Is there any way that in the worst case the reduced pension and the retirement savings can support a $50k/ year lifestyle? The FIREcalc looks pretty grim.
Any help is appreciated!