B
Bill
Guest
The ER bug is hitting me very hard this week. Partly because the new rates (GATT for Nov.@4.37 vs. Dec.@4.93) for the lump sum came out this past Sunday and December increased, lowering the lump amount by $21K in only one month.
Have a home we just refi'ed @5.25 and a vehicle payment ('03 H2 Hummer, I know, a bit excessive). One vehicle ('99 Lexus) is paid off and in excellent shape. I want to retire early and work in a different field for a couple of years. I would have to start a SEPP right away since the new job would only pay about a third of my current salary.
My issue: I am scared to death to make the leap. I read REHP frequently, lurking in the background. I am only 53 and I know waiting until 55 would provide a larger comfort zone. Several issues concern me. The recent HR 1776 bill which would allow corps. a new rate to minimize their pension obligation eventually would erode the value of the lump sum and may even allow the companies to eliminate the option. I am torn. I want to retire, I want to work elsewhere (believe it or not, drive a truck vs. current tech job), but, I fear the outcome. I guess after thirty years with the same company, it is just a bit un-nerving.
Right now, the current job is secure and normal wisdom tells me to bite the bullet and stay until 55 and take a chance with the lump sum rate and value.
Any suggestions?
Bill
Have a home we just refi'ed @5.25 and a vehicle payment ('03 H2 Hummer, I know, a bit excessive). One vehicle ('99 Lexus) is paid off and in excellent shape. I want to retire early and work in a different field for a couple of years. I would have to start a SEPP right away since the new job would only pay about a third of my current salary.
My issue: I am scared to death to make the leap. I read REHP frequently, lurking in the background. I am only 53 and I know waiting until 55 would provide a larger comfort zone. Several issues concern me. The recent HR 1776 bill which would allow corps. a new rate to minimize their pension obligation eventually would erode the value of the lump sum and may even allow the companies to eliminate the option. I am torn. I want to retire, I want to work elsewhere (believe it or not, drive a truck vs. current tech job), but, I fear the outcome. I guess after thirty years with the same company, it is just a bit un-nerving.
Right now, the current job is secure and normal wisdom tells me to bite the bullet and stay until 55 and take a chance with the lump sum rate and value.
Any suggestions?
Bill