Hi-
First- I am really in need of some help and advice. I am 57 years old (soon to be 58) single male, and I and have been a high school teacher for 30 years, mostly in international schools. My first question is this. Are there people out there, teachers or otherwise, that get to a point where even one more year of full time work becomes too much? I am a very effective teacher, but the stress of these long days really bothers me. My reason for wanting to continue is primarily to add to my retirement portfolio. Is that a valid reason?
Second Question- I have my money invested in a teacher retirement plan that is great. I have about $680,000 in this plan in the form of annuities, stocks and bonds. I also have about $70,000 dollars in a bank time deposit. I actually have very little loose cash. If I were to semi-retire even now, I am allowed to live off the interest from my $490,000 in annuities after the age of 55, which would not touch the principal. This would give me an initial retirement of $26,000 per year. I would let the stocks and bonds (about $200,000) grow for another 4 to 5 years, and then I would get full retirement at 62 or even later. Do other people do this? Is it something to consider? I do not own a home, and frankly, I do not mind renting the rest of my life.
You suggestions and advice would be most appreciated.
Sincerely,
Rob
First- I am really in need of some help and advice. I am 57 years old (soon to be 58) single male, and I and have been a high school teacher for 30 years, mostly in international schools. My first question is this. Are there people out there, teachers or otherwise, that get to a point where even one more year of full time work becomes too much? I am a very effective teacher, but the stress of these long days really bothers me. My reason for wanting to continue is primarily to add to my retirement portfolio. Is that a valid reason?
Second Question- I have my money invested in a teacher retirement plan that is great. I have about $680,000 in this plan in the form of annuities, stocks and bonds. I also have about $70,000 dollars in a bank time deposit. I actually have very little loose cash. If I were to semi-retire even now, I am allowed to live off the interest from my $490,000 in annuities after the age of 55, which would not touch the principal. This would give me an initial retirement of $26,000 per year. I would let the stocks and bonds (about $200,000) grow for another 4 to 5 years, and then I would get full retirement at 62 or even later. Do other people do this? Is it something to consider? I do not own a home, and frankly, I do not mind renting the rest of my life.
You suggestions and advice would be most appreciated.
Sincerely,
Rob