This falls into the category of “life happens while you’re busy making plans”. I just got a firm Meniere’s Disease diagnosis. For those not familiar with Meniere’s, the symptoms are vertigo, fluctuating hearing loss eventually leading to permanent loss, ear pressure, and tinnitus. The latter three are in full force, but the vertigo is on hiatus. It’s most likely that the vertigo will rear its ugly head again and turn my life upside down (almost literally).
I’ve been ER’d since January 2011. While I’m eligible to collect a non-cola’d pension right now of $31K a year (at age 55), I planned to wait until closer to age 65 when it doubles to about $62K. In the meantime, that makes money a little tight as I draw down my savings to pay my expenses. I don't like watching my saving go down and I'm becoming quite the tightwad!
With my diagnosis, I’m starting to think that I should take the pension now and cross off some bucket list items before my health deteriorates further (Meniere's won't kill me, but it sure could make life miserable). The $31K pension doesn’t cover all of my bills, but once my 401K and SS kick in, along with my savings, I should be financially secure according to FireCalc and my own spreadsheets.
My biggest concern about taking the pension now is that I’ll be afraid to spend it since it’s only half the amount I’d get if I waited to age 65. On the other hand, what good is the money going to do if I can’t get out of bed? Can you tell that I’m a worrier by nature? J
Here are my financials (although my expenses are now $45K per year thanks to an ugly surprise regarding Cal-Cobra).
So if anyone has advice, or has been through something similar, I’d love to hear about it (in my good ear, please). J
Thanks!
Zan
I’ve been ER’d since January 2011. While I’m eligible to collect a non-cola’d pension right now of $31K a year (at age 55), I planned to wait until closer to age 65 when it doubles to about $62K. In the meantime, that makes money a little tight as I draw down my savings to pay my expenses. I don't like watching my saving go down and I'm becoming quite the tightwad!
With my diagnosis, I’m starting to think that I should take the pension now and cross off some bucket list items before my health deteriorates further (Meniere's won't kill me, but it sure could make life miserable). The $31K pension doesn’t cover all of my bills, but once my 401K and SS kick in, along with my savings, I should be financially secure according to FireCalc and my own spreadsheets.
My biggest concern about taking the pension now is that I’ll be afraid to spend it since it’s only half the amount I’d get if I waited to age 65. On the other hand, what good is the money going to do if I can’t get out of bed? Can you tell that I’m a worrier by nature? J
Here are my financials (although my expenses are now $45K per year thanks to an ugly surprise regarding Cal-Cobra).
So if anyone has advice, or has been through something similar, I’d love to hear about it (in my good ear, please). J
Thanks!
Zan