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.
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