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@vcponsardin avatar
UTC

Hooked
2009 GTS 250ie
Joined: UTC
Posts: 273
Location: Urbana-Champaign, IL, USA
 
Hooked
@vcponsardin avatar
2009 GTS 250ie
Joined: UTC
Posts: 273
Location: Urbana-Champaign, IL, USA
UTC quote
What would you do? I know this may sound a bit like a "poor little rich kid" story, but it really isn't. It's a tough choice and I'm looking for insight from all avenues.

In short, after years of ignoring my retirement, I unexpectedly discovered this last week that I now qualify for full benefits from pension systems in two different states. (I worked for the state of Oregon in the 1980s and, fortunately, left my retirement account with them after I moved out of state. I now work for the state of Illinois--have for the last 20+ years-and have accumulated a nice lifetime annuity package with them as well.) Each pension is not enough for me to retire on individually, but if I combine them (which I can), I'd be making about 105% of what I currently earn. Simply put-I can retire tomorrow and be making more in retirement than I do actually working at my job.

Sounds like a slam-dunk, right? But consider, I feel too young and healthy to retire. It just never occurred to me until this week when all this information suddenly hit me. Secondly, unlike many people, I actually enjoy what I do for a living. Really. And third, the longer I put off retiring, the more those pensions grow. Of course, if I were to retire, I'd be stepping off the treadmill-no more promotions, no more merit raises-not that there have been many of those lately, given the state of the economy. I'd be stuck earning a simple cost of living adjustment for the rest of my life that works out to about 1-3% annually.

On the other hand, at 58, I'm young enough and healthy enough to start a second career, I suppose-both pensions don't care if I choose to go back to work as long as it's not with a state agency. I could open my own scooter shop, for instance. But I can't go to work for another State of Illinois department-no big deal. So there's the dilemma-should I retire? I'm single and my kids are grown, so I don't have a spouse or children to worry about. What would you do? Or, more importantly, for those of you who are already retired, what did you do and why? What do I need to watch out for? What surprises do I need to consider? If any? Thanks.
@ifixjets avatar
UTC

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01 ET2 - 01 ET4 -- 05 GT200L / 05 PX150 / 1986 Honda CH150 Deluxe.
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@ifixjets avatar
01 ET2 - 01 ET4 -- 05 GT200L / 05 PX150 / 1986 Honda CH150 Deluxe.
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Location: SoCal PS area
UTC quote
I will be 58 in 10 years, and I am planning on retiring then also. I have been with the airlines for 24+ years and the stress is starting to get to me. I will qualify for full benifits when I turn 55. If you can comfortably say yes, I can retire, then do it. Your well being is more important then working for just a few dollars more for a later retirement. Good luck. Happy retirement too. You'll find something esle to occupy your time, wether it be a hobby or a new job.
UTC

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GTS 300ie
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Posts: 2009
Location: Austin, TX, USA
 
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GTS 300ie
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Location: Austin, TX, USA
UTC quote
If you enjoy your job, is there a way to work less hours or fewer months out of the year? I think that will be my first step toward retirement. I want to become a contract employee, so that I can choose my own job, work a certain amount of time per year, and not give a hooey about the company politics.

Also, is there something else that you would really enjoy doing more than your current job? Like a hobby that may pay some of the bills or at least break even.

Also, do you have much debt, i.e. house, car? I would be more comfortable retiring if I had little or no debt.

You said that you would make 5% more per year. Do you feel comfortable with your current salary? It seems to me that when you have more time, you spend more money.

Edit: Also, will you have access to health insurance, other than medicare/medicaid? That's going to be the tough one for me. If you have enough savings to potentially pay for health care, then that might work too.

Also, will you be relying upon Social Security? Do you feel confident it will still be available much further into your retirement?
⚠️ Last edited by soniam on UTC; edited 2 times
@nightwing avatar
UTC

Contributor
2007 LX 150 (memories)
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Posts: 8577
Location: New Hampshire
 
Contributor
@nightwing avatar
2007 LX 150 (memories)
Joined: UTC
Posts: 8577
Location: New Hampshire
UTC quote
I have a modest pension from a company I was with for 18 years. At 62, I took early retirement with somewhat reduced benefit. At the same time, I took early SS, also with a slightly reduced benefit. Between the two, it is comfortable. I also work part time. I had to be careful with that because for the first 3 years on SS, I had to give back some of my benefit because of the wages earned by my PT job. There is a limit. However, now at 66, I have reached full retirement age and SS will not be reduced by any outside income.

Many people say "Oh, I can't afford to live on SS alone. They fail to realize that the SS of say $15,000 a year is normally not taxed, so the equivalent of that amount in actual take home dollars equals a much higher gross in earnings.

In my case, I work anywhere from 8 to 13 shifts a month and am modestly comfortable. I don't deny myself too much.
@aviator47 avatar
UTC

Moderator
2006 PX 150 & Malossi Kitted Malaguti Yesterday (Wife's)
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Posts: 12955
Location: Paros Island, Greece
 
Moderator
@aviator47 avatar
2006 PX 150 & Malossi Kitted Malaguti Yesterday (Wife's)
Joined: UTC
Posts: 12955
Location: Paros Island, Greece
UTC quote
If you have good enough pension benefits, get off the treadmill and enjoy life. There are places to go, people to see and a lot to experience in this world. Enjoy it while you can, rather than looking back and wishing you had. Life can be truly enjoyable without acquiring things!

A&A
@dannyh avatar
UTC

Resident Gentleman
--------2008 LX150-------- Sold
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Posts: 5045
Location: Brady, TX
 
Resident Gentleman
@dannyh avatar
--------2008 LX150-------- Sold
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Posts: 5045
Location: Brady, TX
UTC quote
I'm 61 and I'd take the money and run, myself.
Unfortunately, I won't be able to do anything close to it, though. I'm pretty healthy, not on any medications or anything like that. But, I'd be afraid to do without insurance and my employer has a pretty decent insurance plan. I can keep my insurance if I go part-time, but if I do that when I turn 62 a year from now, I'll already have made well over the $14,160 you can earn without having to pay Social Security back $1 for every $2 I make. We couldn't live comfortably on that. So, I hope I can go part-time in January 2012 and not make enough to have to pay much, if anything, back.
I'm convinced that I'd have plenty to keep myself occupied if I went part-time or retired completely. If you feel the same, maybe you should go for it. If not, maybe you should keep working. In my job I see a lot of retired people who don't find anything to do except sit in front of the TV and vegetate. I wouldn't want to fall into that trap.
OP
@vcponsardin avatar
UTC

Hooked
2009 GTS 250ie
Joined: UTC
Posts: 273
Location: Urbana-Champaign, IL, USA
 
Hooked
@vcponsardin avatar
2009 GTS 250ie
Joined: UTC
Posts: 273
Location: Urbana-Champaign, IL, USA
UTC quote
danny*h wrote:
I'm 61 and I'd take the money and run, myself.
Unfortunately, I won't be able to do anything close to it, though. I'm pretty healthy, not on any medications or anything like that. But, I'd be afraid to do without insurance and my employer has a pretty decent insurance plan. I can keep my insurance if I go part-time, but if I do that when I turn 62 a year from now, I'll already have made well over the $14,160 you can earn without having to pay Social Security back $1 for every $2 I make. We couldn't live comfortably on that. So, I hope I can go part-time in January 2012 and not make enough to have to pay much, if anything, back.
I'm convinced that I'd have plenty to keep myself occupied if I went part-time or retired completely. If you feel the same, maybe you should go for it. If not, maybe you should keep working. In my job I see a lot of retired people who don't find anything to do except sit in front of the TV and vegetate. I wouldn't want to fall into that trap.
Huh. I didn't even factor in Social Security into all of this. Guess when I hit 66, I'll get another "bump" in my monthly income--assuming SS is still around by then... Not bad. Hadn't thought of that. Thanks. (Illinois has a nation-wide health insurance package for those of us too young yet for Medicare--so I can maintain my health coverage no matter where I decide to move.)
UTC

Hooked
1980 P200E, 2012 SYM HD200 Evo
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Location: Atlanta
 
Hooked
1980 P200E, 2012 SYM HD200 Evo
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Location: Atlanta
UTC quote
Couple of thoughts.

a) You apparently are one of the few truly blessed people that enjoys their job

b) You have not been obsessed with thoughts of retiring, but rather came to this dilemma by stumbling across the math of what your pensions are worth.

c) Very few of us have retirement plans that still accumulate value (I've worked for 31 years through buyouts with several employers- my pension froze around 2003). This means working continues to make your pension grow

d) The economy sucks. Highly qualified educated people have been out of work for months and years. This is not the time to begin starting a second career, unless you are chomping at the bit to do that.

If it was me (i'm 54) I'd pay off all my remaining debt (I've actually done this), and bank every nickel that I could towards ensuring self sufficiency until you can't stand working anymore, or the economy picks up to the point that a second career is feasible and something you really want to do. Now if you're thinking instead about giving back by volunteering at a church, hospital or other good cause, then it's a different consideration. You live in a great place near U of I, with access to lots of cool events, so I'm guessing your life isn't too bad now! Best of luck with your decision
@t5bitza69 avatar
UTC

Veni, Vidi, Posti
T5s
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Location: The West Of Yorkshire ... Gods Country
 
Veni, Vidi, Posti
@t5bitza69 avatar
T5s
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Posts: 17005
Location: The West Of Yorkshire ... Gods Country
UTC quote
hate work
me randad dies at 68 me dad at 65 ........ i would like a good retirement so yes id be off at the drop of a hat but itll never happen

ohh im not being down n morbid there
@scutrbrau avatar
UTC

The Beer Guy
2010 GTS 300 Super and 2015 Kawasaki Versys 650 LT
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Posts: 4744
Location: Nelson County, VA
 
The Beer Guy
@scutrbrau avatar
2010 GTS 300 Super and 2015 Kawasaki Versys 650 LT
Joined: UTC
Posts: 4744
Location: Nelson County, VA
UTC quote
If it was my choice I'd do it in a heartbeat. Although I like what I do, I'm kind of tired of doing it full time. I think I'd gladly retire and do a bit of freelancing on the side. I'd also probably do well to take on some volunteer work to force myself into a routine of staying busy.
@tomjasz avatar
UTC

Grievance Farmer
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UTC quote
vcponsardin wrote:
(Illinois has a nation-wide health insurance package for those of us too young yet for Medicare--so I can maintain my health coverage no matter where I decide to move.)
There's a potential problem with moving and maintaining health care coverage. The providers play a game known as "out of area". Moving CAN significantly change coverage terms. AND remember that many pensions are not providing increases in the current economy. That being said we can't imagine not having the time we have to pursue our interests and hobbies full time. $10 wine rather than $25.....the glow is just as good, maybe even better given the lack of stress. I collected restaurant quality cooking gear and lessons from The Mirage chefs before retiring and am having a great time cooking and entertaining.
@erich51 avatar
UTC

Banned
GTS 250ie - SHINY YELLOW
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Posts: 3101
Location: Sunny Southern California
 
Banned
@erich51 avatar
GTS 250ie - SHINY YELLOW
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UTC quote
Of course
I retired in 1997, the only thing is, is that you can't pull $$ out of your
retirement account without having to pay penalty taxes. The secret to long
life is no stress and keep busy. Also for myself I add in Cigars, coffee and
reading a good book. The girl with the Dragon Tattoo is my current read. Laughing emoticon
@mark3eric avatar
UTC

Enthusiast
VESPA GTS250,
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Posts: 74
Location: fareham, Hants
 
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@mark3eric avatar
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UTC quote
My uncle spent most of his later working years saving for a once in a lifetime retirement trip to Italy. Unfortunately he didn't get to see Italy, or retirement.

Obviously its your choice at the end of the day but I cant help but think that this helps concentrate ones mind.

I certainly learned to live for the now but respect for the 'morrow.
@steve avatar
UTC

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'06 Vespa LX150, '07 Suzuki Burgman 400, '05 Honda Metropolitan
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@steve avatar
'06 Vespa LX150, '07 Suzuki Burgman 400, '05 Honda Metropolitan
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UTC quote
Abso-freaking-lutely!

I just did the end of May at age 56 and can highly recommend it. I have said for years that I'm laid back and nothing bothers me, which is true. But I didn't realize that there's a whole 'nother level of relaxation when it finally sinks in that you'll never have to go to work again!

Like you, I had a job that I enjoyed. But I had been stashing away money for years, planning to retire at 55. A couple of things came along and set me back 18 months, but left this spring.

Unlike you, I have a pension that is only 14% of what my salary was, and is less that what my medical insurance costs will be for the next nine years until Medicare kicks in. My wife quit working as well, and has no pension. So 100% of our normal expenses will come from our savings until I can start dipping into the 401K, IRA, and Roth IRA (at 59 1/2), Social Security (at 62) and her social security two years later.

Still like Tom says, you continue to enjoy life, albeit watching the costs a little closer. Having zero debt is key. Two new cars, enough scooters for a bit, a new roof and windows, and a reasonably new furnace. So major expenses shouldn't happen for a few years.

It took me three weeks before I finally stopped doing the "Crap, It's Sunday and I have to go to work tomorrow!" The other day when filling out a form, I not only had to ask the date, but when they told me "25th", I asked, "What month?"

Sit down, go over EVERY expense you have, figure what you can do without, if anything, and then use the helpful retirement calculators on many financial company's web sites. I figure, based on expected average growth of my investments and increase in normal expenses that I can live on what I have today until I'm 93. After that, I'll live off the kids!

I don't have a single moment of regret, and wish I'd done it earlier.

[EDIT] The above post adds another point to my decision. All of my grandparents and most of my great grandparents lived into their mid-late '80s. When my Dad died two years ago at 77, suddenly that 24 years age difference between us didn't seem very damned long! I expect to live at least another 30 years, but I'm guessing Dad did, too.

I figure I could have worked another 10 years and saved more and hopefully enjoy it. Or be a bit more frugal today and know I'll get teh opportunity to do what I want!
⚠️ Last edited by Steve on UTC; edited 1 time
@chukstr avatar
UTC

Molto Verboso
Dragon Rosso LX 150
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Posts: 1364
Location: Pismo Beach, CA
 
Molto Verboso
@chukstr avatar
Dragon Rosso LX 150
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Posts: 1364
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UTC quote
I got the chance to retire at 57, and have never looked back.

This is a great time to buy property, if you would like to live somewhere else when commuting to the 8-5 is no longer an issue.

I don't know how I ever had time to go to work.
@mrscience2008 avatar
UTC

Enthusiast
2009 BV 250
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Location: Pittsburgh, PA 15201
 
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@mrscience2008 avatar
2009 BV 250
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Posts: 75
Location: Pittsburgh, PA 15201
UTC quote
I retired in 2008 after 35 years of teaching. Pennsylvania teacher's pension is good and the Pittsburgh teachers contract allows me to keep my health care until age 65. I've seen too many people work well into their 60's and develop health problems (or worse) after retirement. Retire while you still have your health and are able to enjoy it. Most of my retired teacher friends take social security at 62--get it while you can, you have to live to a ripe old age before you can come out ahead by taking a later social security retirement. I thought I might work part time, but I'm too busy doing "nothing" and enjoying it.
@eight avatar
UTC

Hooked
2009 Dragon Red LX 150 "Lucia"
Joined: UTC
Posts: 317
Location: Seattle
 
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@eight avatar
2009 Dragon Red LX 150 "Lucia"
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Location: Seattle
UTC quote
If you love what you do, keep doing it unless you think you can spend your time doing something you love more by retiring.

Loving your work is a benefit that very many people don't have, and knowing you can hang it up whenever you finally feel like it should be a luxury.
@peterc avatar
UTC

Ossessionato
2009 Vespa GTS 250, TBA
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Posts: 2272
Location: Green Valley, AZ
 
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@peterc avatar
2009 Vespa GTS 250, TBA
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Posts: 2272
Location: Green Valley, AZ
UTC quote
My wife says, "You can't retire; you've never worked!" Writers get no respect.
@old_as_dirt avatar
UTC

Veni, Vidi, Posti
2007 GTS
Joined: UTC
Posts: 22815
Location: Harriman, Tennessee, Tn
 
Veni, Vidi, Posti
@old_as_dirt avatar
2007 GTS
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Posts: 22815
Location: Harriman, Tennessee, Tn
UTC quote
this is a no brainer to me . take the money and retire. If you want to work then do so in something that really really you'll enjoy. Take the retirements money as you don't know what tommorrow will bring and enjoy enjoy enjoy.
@scott_nelli avatar
UTC

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ET4 2003, GTS Super 2013
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Location: Albany, NY
 
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@scott_nelli avatar
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UTC quote
This is a difficult choice, but seems a win-win for you either way. At 60, I don't wish to retire, and probably won't for several more years even though I could. Not only do I enjoy my job, I also love being part of an institution that values what I do, I enjoy the camaraderie of colleagues, and I like the work itself. I could be the exception, but you might look at what you're giving up along with the tedium of daily responsibilities. You may find that the ties to a community, relations with colleagues, or the quality of your work of real value. Not to turn this thread into a back and forth about the worth of work vs retirement, just suggesting that looking carefully at what you value about your working life is important. Nerd emoticon
@sentrydriver avatar
UTC

Hooked
2007 LX 150 Midnight Blue
Joined: UTC
Posts: 149
Location: Frankfurt, Germany
 
Hooked
@sentrydriver avatar
2007 LX 150 Midnight Blue
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Posts: 149
Location: Frankfurt, Germany
UTC quote
I would definitely retire. Our plan was to retire at 55 but we have since modified that to 57. The mortgage is the biggest barrier to retirement. If we can satisfy the mortgage or downsize in the next 8 years, we will be easily able to take early retirement. My brother and father died young. I will not delay our lifelong dreams of travel a day longer than I have to.
@irishtim avatar
UTC

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2005 Genuine Stella 150, 2008 Genuine Buddy, 2013 Piaggio BV 350, 2014 Piaggio Fly 150 3v
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Location: Cleveland, Ohio US of A
 
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@irishtim avatar
2005 Genuine Stella 150, 2008 Genuine Buddy, 2013 Piaggio BV 350, 2014 Piaggio Fly 150 3v
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Location: Cleveland, Ohio US of A
UTC quote
Every retiree I meet says "You gotta keep your hand in something or you'll go nuts!" So, maybe part-time, volunteering, etc. is a good idea it seems.

I'm planning on 85 as retirement age for me. I like what I do and the people too much, it's not taxing and is quite fun (risk-mgt). An acquaintance in the same field recently announced that he was retired. His wife's response was "What's different now?" Laughing emoticon
@moondancer avatar
UTC

Hooked
GTS-250
Joined: UTC
Posts: 336
Location: South Carolina
 
Hooked
@moondancer avatar
GTS-250
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Posts: 336
Location: South Carolina
UTC quote
I retired at 63 after scaling down to part time two years earlier. Going part time was a big help in getting adjusted to the change in life style. If you can, I recommend spending some time in a part time status before pulling the plug entirely.
@judy avatar
UTC

World Traveler
2007 LX150 Daring Plum Leonardo Da Vespa
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World Traveler
@judy avatar
2007 LX150 Daring Plum Leonardo Da Vespa
Joined: UTC
Posts: 29303
UTC quote
I say go for it. You'll have a short period of adjustment to not having to be someplace but then it's all "go where the day takes you" You never know how much time you have on this planet so if you can retire and do all those things you wanted to do when you retire go for it. Then when you get to retirement age think up some new ones. Both of my parents died at 45. Never take anything for granted. Good luck and have fun 8)
@1drunkparrot avatar
UTC

Molto Verboso
2007 LX150 Dragon Red & 2009 H-D FLHRC
Joined: UTC
Posts: 1773
Location: Tampa Bay, FL
 
Molto Verboso
@1drunkparrot avatar
2007 LX150 Dragon Red & 2009 H-D FLHRC
Joined: UTC
Posts: 1773
Location: Tampa Bay, FL
UTC quote
I've got a long way off, but if I could retire and do some volunteer work with the environment I would in a heartbeat.
@bob_cowley avatar
UTC

Addicted
GTS250, P200E
Joined: UTC
Posts: 777
Location: Oshawa, Ontario, Canada
 
Addicted
@bob_cowley avatar
GTS250, P200E
Joined: UTC
Posts: 777
Location: Oshawa, Ontario, Canada
UTC quote
Check the mortality tables
I too am in the very fortunate position of being able to retire with a bit more income than I now have, if I factor in all expenses and if the stock market doesn't fail again. We are lucky to have the Canada Pension Plan and Old Age Security up here. I was able to get the decent job that I have now during the recession, but I had to promise to stay for two years.

Several of my lifelong friends have died due to cancer in the last few years (universal health care doesn't solve everything). I advise you to do the math, determine what you want, check the online mortality tables, and go for it. You don't want any regrets when your turn to check out comes.

Cheers and good luck,
Bob
UTC

The Host with the Toast
Joined: UTC
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Location: SoCal
 
The Host with the Toast
Joined: UTC
Posts: 7199
Location: SoCal
UTC quote
Take a leave and try it or see if you can work part time if your not sure. If you have a boat load of cash retire and enjoy life.
@menhir avatar
UTC

Moderator
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Posts: 5145
Location: Pittsburgh, Pa.
 
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@menhir avatar
Joined: UTC
Posts: 5145
Location: Pittsburgh, Pa.
UTC quote
I'd retire in a flash...and I like my work.

My former hobby is now my job. When it's no longer my job, it will be my hobby again. Win-win.

And there are many roads I haven't ridden yet. If I'm bored, it will be my own fault.
@gogogordy avatar
UTC

Veni, Vidi, Posti
Reprehensible Misinformant
Joined: UTC
Posts: 7575
Location: Winchester, California
 
Veni, Vidi, Posti
@gogogordy avatar
Reprehensible Misinformant
Joined: UTC
Posts: 7575
Location: Winchester, California
UTC quote
Youre crazy if you don't cash out.

Can always work p/t, or volunteer and Id recommend doing" something"....but at least you'll call the shots.

Check with your accountant regarding any potential tax consequences.
@copper_dolphin avatar
UTC

Molto Verboso
LX150 Darling Plum; GTS 250 Dragon Red; Honda Big Ruckus Demented Bastard
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Posts: 1387
Location: Sacramento, Ca.
 
Molto Verboso
@copper_dolphin avatar
LX150 Darling Plum; GTS 250 Dragon Red; Honda Big Ruckus Demented Bastard
Joined: UTC
Posts: 1387
Location: Sacramento, Ca.
UTC quote
Do it do it now!!! Retire now, and start up someting else. When I can retire, I have all kinds of things I want to do. Fabricate things for my scoots, wood working projects, try my hand at welding, I would love to get a computerized waterjet cutter. All kinds of things.
All in all if you figure your going have about another 30 years or so (hopefully more) you will end up pulling more out of your retirements, if you do so now, than if you wait another 10 years.
If I could I would retire right now, and I am about 10 years behind you. Good luck and best of wishes for you no matter what you decide!!

Just think of all the scooter riding you could do if you did not have to go to work everyday 8)
@mstevens avatar
UTC

Addicted
'05 LX 150 "Rosso Dragon"
Joined: UTC
Posts: 526
Location: New Hampshire
 
Addicted
@mstevens avatar
'05 LX 150 "Rosso Dragon"
Joined: UTC
Posts: 526
Location: New Hampshire
UTC quote
I would not personally retire. I worked really hard to get into my job and it's fun (almost) every day. I'll pack it in when it stops being fun.
UTC

Hooked
2011 GTS 300 Super Sport
Joined: UTC
Posts: 104
Location: NY
 
Hooked
2011 GTS 300 Super Sport
Joined: UTC
Posts: 104
Location: NY
UTC quote
Pensions are a baby-boomer thing What about the next generation?

Social security will be dried up
Pension = my tax dollars at work
Broken Healthcare
Huge Debt with taxes
Empty McMansion on every corner

... and yes I am jaded
@bjmedd avatar
UTC

Addicted
LX150
Joined: UTC
Posts: 927
Location: Ann Arbor, Michigan
 
Addicted
@bjmedd avatar
LX150
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Posts: 927
Location: Ann Arbor, Michigan
UTC quote
PeterC wrote:
My wife says, "You can't retire; you've never worked!" Writers get no respect.
I think I like your wife. She's a pretty funny girl!
UTC

Ossessionato
GTS 300ie
Joined: UTC
Posts: 2009
Location: Austin, TX, USA
 
Ossessionato
GTS 300ie
Joined: UTC
Posts: 2009
Location: Austin, TX, USA
UTC quote
snowtires wrote:
Pensions are a baby-boomer thing What about the next generation?

Social security will be dried up
Pension = my tax dollars at work
Broken Healthcare
Huge Debt with taxes
Empty McMansion on every corner

... and yes I am jaded
You think you're jaded. During 10th grade in high school, I was in debate. The NFL (National Forensic League 8) ) debate topic was about Social Security. I learned then that I would never get it, and that I would be paying for 3 times more people than there are now. Maybe that's why we have a lot in savings. I just try not to think about it and keep taking my Fukitol pill Clown emoticon
@george_r avatar
UTC

Hooked
LXV 150
Joined: UTC
Posts: 214
Location: Middletown, NJ
 
Hooked
@george_r avatar
LXV 150
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Posts: 214
Location: Middletown, NJ
UTC quote
On the other hand...
This may not apply to you...

But my dad retired from Bethelem Steel in 1977 as a union steelworker. Our family income rose something like 15% when he did. Dad was much older than Mom and we were all born late in his life.

It was great for a while, but inflation (especially in the 70s) took its toll and as I was going though jr high school and high school and college, I noticed spending getting tighter and tighter.

Dad died in 1990, so he had 12 years of decent (but lesser and lesser) retirement. Mom then (in her 50s) had to immediately find employment, and the benefits, etc, continued to drop.

Then BS went bankrupt and that pension is now worth something like $50/month.

Things can change...
@dr_zoidberg avatar
UTC

Ossessionato
Ducati Scrambler 800 Nightshift
Joined: UTC
Posts: 3423
Location: Bromsgrove, UK
 
Ossessionato
@dr_zoidberg avatar
Ducati Scrambler 800 Nightshift
Joined: UTC
Posts: 3423
Location: Bromsgrove, UK
UTC quote
I think I'd go for the "carry on working" option.

Your pension fund will continue to grow and while you may think that you have enough now, over the next thirty years you could easily find that costs rise significantly.

It sounds like your job is pretty good and as long as your health is fine I'd carry on as you are.
UTC

Hooked
2011 GTS 300 Super Sport
Joined: UTC
Posts: 104
Location: NY
 
Hooked
2011 GTS 300 Super Sport
Joined: UTC
Posts: 104
Location: NY
UTC quote
I vote retire. At least give the next generation a shot @ one of the few remaining jobs in america, so that they can carry the baby-boomer burden of Social Security payments and state funded pensions through unions that will bankrupt this country, into your sweet sunsetting retirement

Sincerely,
Generation X
@volosong avatar
UTC

Molto Verboso
2010 GTS 300, 2008 MP3 500
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Posts: 1284
Location: Rathdrum, ID
 
Molto Verboso
@volosong avatar
2010 GTS 300, 2008 MP3 500
Joined: UTC
Posts: 1284
Location: Rathdrum, ID
UTC quote
I often tell people when the situation arises that I don't have a job ... I get paid for a hobby. Having just turned 59, I frequently think about retirement. You do know, don't you, that the #1 killer of men is "retirement".

This is a generality, but to "destroy" a woman ... remove her from her relationships. Without her family, friends, acquaintances, etc., she would become totally miserable. To "destroy" a man ... have him lose his job. Women, for the most part, gain a majority of their self-esteem from their relationships ... men from their jobs. How many men do you know are "gone" three or four years after retirement. They have lost their reason for being. Not saying this is the case with you, or anybody here who loves riding scooters.

For me ... I don't want to retire totally. I would love to continue working part-time doing what I do now. That is in the space program. And I also teach at the local community college in the evenings. I can see myself "working" about 20-hours a week (which will maintain benefits) and teaching one or two classes a semester. The rest of the time ... I'll be riding either the scooter or my bicycle. Or, maybe kayaking ... or doing a little geocaching ... some camping and exploring ... or some creative photography ... or ... who knows?

Have you considered teaching, as a retirement activity? Not for everybody, but extremely rewarding.

To directly answer your question ... if you have "something" to do ... go ahead and retire and enjoy life's other opportunities.
@dr_zoidberg avatar
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Ossessionato
Ducati Scrambler 800 Nightshift
Joined: UTC
Posts: 3423
Location: Bromsgrove, UK
 
Ossessionato
@dr_zoidberg avatar
Ducati Scrambler 800 Nightshift
Joined: UTC
Posts: 3423
Location: Bromsgrove, UK
UTC quote
Sounds about right.
My dad has just turned 71 and is still working part time doing something he still enjoys.
He's gradually drifting towards retirement and has been for about ten years, but it seems to suit him well.
@genie avatar
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Gobshite Shiva
Kymco Downtown 300i the 'Dolphin Noise'
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Location: London UK
 
Gobshite Shiva
@genie avatar
Kymco Downtown 300i the 'Dolphin Noise'
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Posts: 14960
Location: London UK
UTC quote
mstevens wrote:
I would not personally retire. I worked really hard to get into my job and it's fun (almost) every day. I'll pack it in when it stops being fun.
same here .... except for the part about packing it in when it stops being fun. I'm banking on the retirement age going up, because there's no way I want to stop doing what I do at 65 (and no way I can afford to Crying or Very sad emoticon). My uncle went into semi-retirement at 80 and continued working half-days until he was 85 - I'm shooting for something like that If you like your job and are good at it, why leave?
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