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Want to run a scenario past the retirement group to get your thoughts on how it will work. For background, I have the much higher income and work in the corporate world.
My husband has worked in a collegiate environment his entire career and
paid into our state Teacher Retirement System (TRS). Due to the rule of 80 (age plus service years = 80), he will be eligible to retire in a year. He wants to take his pension and retire without any investigation on whether his pension and limited retirement savings will last for the next 35 years. He said he wants to find a part-time job, but I fully expect he will be out surfing most of the time.
I will need to still work for another 15 - 17 years. I want to make sure I have enough money saved for retirement and get the full value from my two pensions at 62 and 65.
Can a marriage endure for 15 years where only one spouse is retired? I have been searching the net on the situation and found two scenarios:
The husband pressures the wife to retire earlier.
If the husband wants to travel, after six months, tells wife she is cramping his lifestyle.
You have a similar situation when one spouse works and one stays at home to raise the kids. Once the kids leave home that spouse has "retired" in terms of your question.
I retired seven years before my wife who was younger and had worked less year when I retired. We had no problem really.It made it easier on my wife because I could do so mnay things relieving her of us having to fit them in the schedule. But she admiited that especailly on sunday nite she became a little jealous that I did not ahave to go to work next day. But it was never a big problem as we always have talked about these type things.That was weven tho she loved her work.
Want to run a scenario past the retirement group to get your thoughts on how it will work. For background, I have the much higher income and work in the corporate world.
My husband has worked in a collegiate environment his entire career and
paid into our state Teacher Retirement System (TRS). Due to the rule of 80 (age plus service years = 80), he will be eligible to retire in a year. He wants to take his pension and retire without any investigation on whether his pension and limited retirement savings will last for the next 35 years. He said he wants to find a part-time job, but I fully expect he will be out surfing most of the time.
I will need to still work for another 15 - 17 years. I want to make sure I have enough money saved for retirement and get the full value from my two pensions at 62 and 65.
Can a marriage endure for 15 years where only one spouse is retired? I have been searching the net on the situation and found two scenarios:
The husband pressures the wife to retire earlier.
If the husband wants to travel, after six months, tells wife she is cramping his lifestyle.
Anyone live through this situation? Does it work?
Thanks
Out surfing where? Isn't Helotes, TX over 3 hours to the ocean? I don't exactly think of surfing in regard to Texas, but then people surf waves made from melting glaciers. I never would have guessed that.
But, to answer your question. I think it depends on the marriage. If it's a good marriage to begin with then you should be able to make it work. My husband had to retire early due to a physical disability. I didn't mind that I was still working. He helped in whatever ways that he could and that made it easier for me. Much better than when we were both too busy working to take care of the every day errands and household stuff.
Yes, surfing in Texas in Port Aransas. It is a 3 hour drive to the coast, that is why he is looking at Volkswagons for better gas mileage. The drive does not phase him whenever he gets the chance to surf.
He found his TRS statement that showed how his pension is calculated.
If he worked until 65, his pension would be $1000 / month higher.
However, I do not know how that will influence him yet.
If he worked until 65, his pension would be $1000 / month higher.
However, I do not know how that will influence him yet.
He still wants to jump ship in a year.
How old is he? IOW, how many more years does he have to work to get that additional $1000 added to his pension? And how much does that increase his pension on a percentage basis? IOW, if it increases it from $1k to $2k, it would be more relevant than if it just increases it from $5k to $6k/month or $7k to $8k/month.
Then, of course, he has to decide if the extra $1k/month is worth another X years of his life. I just faced a similar decision earlier this year. Basically, for every additional year I worked hereafter, my pension would increase approximately $500/month. So, if I worked two more years and retired at 56, it would have been an additional $1000/month. However, I made the decision that I would rather have the extra year(s) enjoying my retirement rather than the extra money.
But in your case, it doesn't sound like it is a money issue at all anyway. Your stated concern is whether your husband will pressure you to retire before you want, but reading between the lines it appears that you're jealous that he will be spending his days at the beach while you're slaving away at the office. I think the latter is more of a concern than the former, and only you can determine how much of a problem (if any) that will be.
If I absolutely LOVED my job and was doing exactly what I wanted to do, maybe it would be OK. Otherwise......I would be totally miserable. He's retired and doing as he pleases while I work. FOR ANOTHER 20 YEARS. No, that wouldn't work for me. Unless he was ill or there was some medical issue.
Especially if I have been the major breadwinner for years..... No, I'm the one who has done more than my share already. Now I'm supposed to keep on supporting him for the first 20 years of his retirement. No, just no.
He chose the job and career field. I'm sorry it's lower paying but he accepted it. He would have to keep on working till we could both retire. Perhaps we could live on my salary and invest/bank his and by doing this for a few years we could split the difference and both be able to retire early.
But it really sounds like two different people with two ideas of when to retire and what they want. If that is the case tehn of course there already is a problem in my view.
Yes, in my mind there is a problem with two vastly different retirement dates. I talked to a counselor after work to help come to terms with my anxiety. I am working on the research to calm my anxiety and will be working on my negotiation plan.
There should be an election for your husband where you continue to receive a pension from the TRS if he passes before you. It would reduce the monthly draw initially, of course.
Why not go to a reputable financial planner to get a plan of what your assets & income would look like in years to come?
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