PandaBear
Recycles dryer sheets
- Joined
- Mar 11, 2014
- Messages
- 313
I need to make two decisions regarding work by Feb 15.
The first decision is will I retire in June 2020 or continue working?
The second decision is, if I work, what should I do?
I’ve made decision #1. I am going to keep working. My target date is June 2023. Two reasons:
My pension increases approximately 35K between retiring at in 2020 and 2023.
In 2023, dh will be eligible for medi-care and I will get 4 years of my current medical with no premiums (carries me to medi-care)
I can revisit this decision each Dec./Jan., based on how the market is doing (so how our retirement accounts are faring), my health, dh’s health, my moms health and possibly, how I feel about work. It’s definitely a possibility I will decide to retire in 2022 instead of 2023, despite 2023 being the best financial option.
My next decision is if I should change jobs and hours. This is where I’d like some insight into what to do. I’d appreciate any comments as I ponder my decision. If I choose not to reduce my hours, I can revisit it again year (and every year, until I retire).
I work in education. A 100% contract is 188 days, with 2 weeks at Xmas, Presidents week off, a week in April, and 9 weeks off in summer. Dh retired in July 2020.
Option 1: keep my current 90% contract.
Option 2: reduce to a 50-60% contract.
I have the opportunity to make this decision each year as I approach retirement (but once I reduce I likely need to keep the reduction)
Pro’s and Cons:
Job: Keep current job, which I like, is fulfilling, very flexible. Get to work with lots of people (most I like a lot, some less so). Option 2: I can’t pick this job and could be assigned anywhere. Most options would be okay, but probably somewhat boring.. One big concern is being asked to job share my current job. I really DON’T want to work with the person I’d job share with. In fact, I’d decline to do so, which would make me look bad. Other concern is I don’t job share, but when the new person screws up (and they will), I’ll be asked to help out, and again, it would be awkward all the way around.
Job Stability: Current job, there would be no changes. Option 2 would likely be a site change each year until I retire.
Days Worked/Off: Current is 2 days off per month, which I can flex based on when I want them. I can accumulate a couple days, but prefer not to take off more than 3 consecutive days. (I took 6 in a row this fall and that was a bit much). Option 2 would be 2-3 days off per week, but not flexible (pick a schedule and stick to it)
Hours: Current is 8-3/3:30 most days. Option 2 will likely need to be 7:45-4ish
Commute. Current commute is 5-10 minutes. Opton 2 will likely be 20-30 minutes, and at least 15.
Salary: Both jobs pay the same, just the percentage of full time.
IRA’s/401k’s/403b’s: Current job we don’t make any withdrawals. I’m actually planning on restarting putting money in retirement accounts (I stopped because we weren’t sure about money with dh retiring. Option 2 we need to withdraw funds.
Random Thoughts:
I have a big fear of a market downturn and losing a lot of our assets. Working longer rand having a pension that keeps us from needing much from our money helps ease these fears (irrational because we do have retirement money/cash). Not touching our assets yet also seems good to me. But the reality is we can afford for me to reduce my percentage from 90% to 50/60% and it’s a small amount relative to our assets.
I also have a history of terrible insomnia. When those nights happen, I have the flexibility to sleep a little longer, which I wouldn't with a different job. (Although I have recently been using something that has seemed to solve my issues, you never know)
I get significant job and personal satisfaction from my job and know I won’t really in a different position. I mean, I really enjoy my job. If I give it up, there is absolutely no way I’d get it back. So I can’t change my mind later. Which matters more? Extra time each week or the job satisfaction?
Healthwise, dh and I are in good health. We like to travel and typically already travel during Feb and April breaks, plus a 3 week trip in summer, and I do 8-10 long weekends a year (with dh, girlfriends, etc). I also take my mom and sister on a 10-14 day trip each summer. I’m not sure we’d travel more even with a shorter work week. Also, no wedding to plan for the kids and no grandbabies.
I appreciate any thoughts as I finalize my decision.
The first decision is will I retire in June 2020 or continue working?
The second decision is, if I work, what should I do?
I’ve made decision #1. I am going to keep working. My target date is June 2023. Two reasons:
My pension increases approximately 35K between retiring at in 2020 and 2023.
In 2023, dh will be eligible for medi-care and I will get 4 years of my current medical with no premiums (carries me to medi-care)
I can revisit this decision each Dec./Jan., based on how the market is doing (so how our retirement accounts are faring), my health, dh’s health, my moms health and possibly, how I feel about work. It’s definitely a possibility I will decide to retire in 2022 instead of 2023, despite 2023 being the best financial option.
My next decision is if I should change jobs and hours. This is where I’d like some insight into what to do. I’d appreciate any comments as I ponder my decision. If I choose not to reduce my hours, I can revisit it again year (and every year, until I retire).
I work in education. A 100% contract is 188 days, with 2 weeks at Xmas, Presidents week off, a week in April, and 9 weeks off in summer. Dh retired in July 2020.
Option 1: keep my current 90% contract.
Option 2: reduce to a 50-60% contract.
I have the opportunity to make this decision each year as I approach retirement (but once I reduce I likely need to keep the reduction)
Pro’s and Cons:
Job: Keep current job, which I like, is fulfilling, very flexible. Get to work with lots of people (most I like a lot, some less so). Option 2: I can’t pick this job and could be assigned anywhere. Most options would be okay, but probably somewhat boring.. One big concern is being asked to job share my current job. I really DON’T want to work with the person I’d job share with. In fact, I’d decline to do so, which would make me look bad. Other concern is I don’t job share, but when the new person screws up (and they will), I’ll be asked to help out, and again, it would be awkward all the way around.
Job Stability: Current job, there would be no changes. Option 2 would likely be a site change each year until I retire.
Days Worked/Off: Current is 2 days off per month, which I can flex based on when I want them. I can accumulate a couple days, but prefer not to take off more than 3 consecutive days. (I took 6 in a row this fall and that was a bit much). Option 2 would be 2-3 days off per week, but not flexible (pick a schedule and stick to it)
Hours: Current is 8-3/3:30 most days. Option 2 will likely need to be 7:45-4ish
Commute. Current commute is 5-10 minutes. Opton 2 will likely be 20-30 minutes, and at least 15.
Salary: Both jobs pay the same, just the percentage of full time.
IRA’s/401k’s/403b’s: Current job we don’t make any withdrawals. I’m actually planning on restarting putting money in retirement accounts (I stopped because we weren’t sure about money with dh retiring. Option 2 we need to withdraw funds.
Random Thoughts:
I have a big fear of a market downturn and losing a lot of our assets. Working longer rand having a pension that keeps us from needing much from our money helps ease these fears (irrational because we do have retirement money/cash). Not touching our assets yet also seems good to me. But the reality is we can afford for me to reduce my percentage from 90% to 50/60% and it’s a small amount relative to our assets.
I also have a history of terrible insomnia. When those nights happen, I have the flexibility to sleep a little longer, which I wouldn't with a different job. (Although I have recently been using something that has seemed to solve my issues, you never know)
I get significant job and personal satisfaction from my job and know I won’t really in a different position. I mean, I really enjoy my job. If I give it up, there is absolutely no way I’d get it back. So I can’t change my mind later. Which matters more? Extra time each week or the job satisfaction?
Healthwise, dh and I are in good health. We like to travel and typically already travel during Feb and April breaks, plus a 3 week trip in summer, and I do 8-10 long weekends a year (with dh, girlfriends, etc). I also take my mom and sister on a 10-14 day trip each summer. I’m not sure we’d travel more even with a shorter work week. Also, no wedding to plan for the kids and no grandbabies.
I appreciate any thoughts as I finalize my decision.
