dm
Full time employment: Posting here.
My wife has an opportunity to buy some years toward her retirement. She can buy 3 years for $77,000 and retire next july. There is currently a 25yr early out deal that will be expiring in 2008. If she doesn't take this and retires before she has 30 yrs in, her pension will be cut in halve because of her age, (46). She has 22 yrs now.
Her pension will be about $57,000 a year and we will pay for health insurance at the group rate. There is also cost of living adjustments.
Ive been planning on retireing, but my wife would have had to continue working till she was eligible for her retirement. Now with this deal it makes things much easier.
It will cost us the initial $77,000 and the difference between the 25yr and 30yr pension is about $15,000 a year at her current salary.
We will have approximatly 250K in my 401k and another 100k in taxable after paying the $77,000. My wife currently teaches a class in the evenings at the local college and she will continue to do this. She may even see if she can add a class or two. She makes $7200 a year teaching the class and enjoys it.
Our kids have moved out and we are debt free so I think that this will be plenty for us. I will be 49 and my wife will be 47. We gross about 200K now, but much of that went into paying off our house and the kids college.
Any suggestion's? Things I need to take care of.
Her pension will be about $57,000 a year and we will pay for health insurance at the group rate. There is also cost of living adjustments.
Ive been planning on retireing, but my wife would have had to continue working till she was eligible for her retirement. Now with this deal it makes things much easier.
It will cost us the initial $77,000 and the difference between the 25yr and 30yr pension is about $15,000 a year at her current salary.
We will have approximatly 250K in my 401k and another 100k in taxable after paying the $77,000. My wife currently teaches a class in the evenings at the local college and she will continue to do this. She may even see if she can add a class or two. She makes $7200 a year teaching the class and enjoys it.
Our kids have moved out and we are debt free so I think that this will be plenty for us. I will be 49 and my wife will be 47. We gross about 200K now, but much of that went into paying off our house and the kids college.
Any suggestion's? Things I need to take care of.