jaysmith2323
Confused about dryer sheets
- Joined
- Apr 15, 2011
- Messages
- 2
I'll try to be short to summarize my situation. I am 36 years old, married with 2 kids. I have worked for the same employer for 15 years and the current retirement structure will allow me to retire at 20 years and age 45. You can retire anytime after 10 years of service but it effects the annual payout. The annual payment (at 20 years) would be 50% of my salary for the rest of my life and a health insurance plan for myself and spouse (although it costs $$ per month). My wife and I are strongly considering relocating which would require me to break service early and find a new job. Doing so would leave me two options: lock in the retirement with only 15 years in which would pay me roughly 37.5% of my salary (about $27,000 per year) for the rest of my life but I would not begin collecting until age 45 (9 years). The other option is to take a lump sum payout (about $100,000 minus taxes, fees). This option would allow me to pay off my house and eliminate $1,500 a month in a mortgage payment (most of which is interest).
One thiing that has caused me a great deal of concern is that I am a state employee and the legislation is trying hard to change our retirement structure. These changes range from changing the years needed to retirement, lowering the annual payouts, and numerous other things. They have also begun to add 'fees' to current state retirees so I guess no one is safe. The writing on the wall is not good - changes are coming and I don't get warm and fuzzies over it.
I am struggling with this and would love some advice!
Thanks
Jason
One thiing that has caused me a great deal of concern is that I am a state employee and the legislation is trying hard to change our retirement structure. These changes range from changing the years needed to retirement, lowering the annual payouts, and numerous other things. They have also begun to add 'fees' to current state retirees so I guess no one is safe. The writing on the wall is not good - changes are coming and I don't get warm and fuzzies over it.
I am struggling with this and would love some advice!
Thanks
Jason