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Old 07-21-2011, 08:26 PM
 
1,594 posts, read 590,513 times
Reputation: 3407

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Hi - Not all government retirement plans are feasible financially . For my state, pre-Medicare retirees have to pay about $596 a month for health insurance, plus more for dental insurance. This is for one person. It will probably go up again shortly, for the new fiscal year. In addition, there is NO sliding scale for health insurance premiums. So, the person with the $1,000 a month pension pays the same monthly cost as someone with what I would describe as a more generous pension, say $25K+ a year.

Unfortunately, when the new healthcare provisions for early retirement assistance for employers was enacted, they failed to write a requirement for sliding scale costs for the lower income retirees.

If you are able to pay the health insurance premiums, or are lucky enough to have a spouse who can pick up the insurance, than go for it! If you are in good health, and you are not needed for family caregiver duties, you may even find a retirement job you enjoy!

Good luck!
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Old 07-22-2011, 06:07 AM
 
147 posts, read 206,687 times
Reputation: 138
Can't say a post retirement job appeals to me, but I would like to do a volunteer job at say an animal shelter. I have no debts. The double wide is paid for. The DH wants to stay working for the federal government 4 more years so he gets vested and will earn a "generous" $300 a month pension!!! Says if he stays for 9 more years the pension would increase to a "generous" $6oo a month with 10 years of service! And I'm suppose to give away 9 years of my life waiting for this small change? He inherited money from his mother: that is your pension, I say. I've never set retirement goals, but have always been security minded. I've got deferred compensation money saved, savings and I believe will retire with health insurance. My feeling now is I want to move where there is no snow, a 55+ community,and lots of activies. A place to make friends and have hobbies. I think what I need in my life isfun. Where to get it? All these years gone, and what traveling did I do? Never stepped outside the country. Traveling mostly consisted of "visiting relatives far away." That's not vacationing now is it?
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Old 07-22-2011, 06:12 AM
 
5,825 posts, read 13,335,810 times
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Definitely travel and see the world! Train a Therapy Dog and do Tail Waggin Tails or raise a seeing eye puppy. Both very rewarding.
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Old 07-22-2011, 06:39 AM
 
Location: Baltimore, MD
3,746 posts, read 4,226,506 times
Reputation: 6866
Quote:
Originally Posted by Janeace View Post
can't decide if I'mjust depressed, or if it is time to GO.
It could be both. I agree with ShouldIMove. BTDT, have the tee shirt. I suggest that you talk to a therapist before making any irrevocable decisions. Even if you are not clinically depressed, a therapist can help you sort out your thoughts.
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Old 07-22-2011, 06:48 AM
 
10,395 posts, read 9,408,792 times
Reputation: 16024
You'll have to decide what to do that is best for you and your particular situation. No one can make the decision for you.

I retired last year after working for 47 years, never liked working outside of my home, and I've loved every minute of my 'new life'.
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Old 07-22-2011, 07:12 AM
 
Location: Los Angeles area
14,018 posts, read 17,769,401 times
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Quote:
Originally Posted by HollyhockGarden View Post
....In addition, there is NO sliding scale for health insurance premiums. So, the person with the $1,000 a month pension pays the same monthly cost as someone with what I would describe as a more generous pension, say $25K+ a year.

Unfortunately, when the new healthcare provisions for early retirement assistance for employers was enacted, they failed to write a requirement for sliding scale costs for the lower income retirees.
Why would they write a requirement for a sliding scale? The cost of your health insurance is the same at a given age regardless of what your retirement income is. So you are saying that you want someone to subsidize yours, either the employer or the taxpayer. That is the whole trouble with the current mentality in this country; we have forgotten that there is no such thing as a free lunch. If folks cannot afford their health insurance premiums, they can wait until age 65 to retire, at which point they are eligible for Medicare. Or, alternatively, they can wait longer to retire in order to have a larger pension. The example you gave of a person with a $1000 a month pension is the example of a person who has not been in that job for very long. I toughed it out and remained with my employer for 34 years in order to have a pension I can live on.
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Old 07-22-2011, 08:19 AM
 
Location: Central Fl
2,903 posts, read 10,962,199 times
Reputation: 2861
The reason I plan on retiring is that our current contract includes healthcare until Medicare kicks in......a benefit I think will no longer be there next contract. We bought in a 55+ community a few years ago which we love so for us it will work.

I like that advice to retire to, not from.....

Frank
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Old 07-22-2011, 08:44 AM
ifa
 
294 posts, read 370,118 times
Reputation: 371
Quote:
Originally Posted by Janeace View Post
I've had the same county government job for 25 years. It used to be fun. Now, I'm the oldest person there, and with the fun people having retired, budget cuts, more work, less workers, kids running the place (into the ground), stupid rules, bosses fixing things that aren't broke...I just don't want to be there. I've hit 60 and feel like hitting the road. Can't decide if I'm just depressed, or if it is time to GO.

I have a somewhat similar feeling. As I get older, the group I work in gets younger. There are older people in the department and in the office, but not in the group I am in. I was originally hired by a middle-aged manager, but he was promoted 5 years ago, and the manager I have since then is only 30. Everyone he hires is a young guy. I have nothing against all these young guys and they do a great job, but I am always afraid they will think I'm stupid because I'm old (I am 59). I am the only one in the group who was not hired by the 30-year-old manager.

My job is ok but I do not feel that I belong. I am always afraid they will look for an excuse to fire me. I like the work and the pay and benefits are good. But I think I would be much happier somewhere else.

My goal is to retire as soon as I can get SS, in 3 years. At that time, I will also be qualified for lifetime inexpensive health insurance from my employer -- as soon as I found out about that, I realized I probably can retire early.

I would be very happy if I didn't have to work at all, since I keep very busy with hobbies, etc. But if I needed more money than what I will get from SS and pension, then I think I could get some kind of part time or temp work, since I have lots of technology skills.

I am counting the Mondays until I can leave. I think when we feel this way, and if it seems we can afford it, then it's the right decision. I have really no doubt that I need to leave here asap.

If I get to be 62 and things here have changed for the better somehow, I could always change my mind and stay a while longer. But knowing I could leave any time will make is so much more tolerable.
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Old 07-22-2011, 09:02 AM
 
23 posts, read 45,971 times
Reputation: 72
Can't give you any advice but I know how you feel. I've been at the same job 36 years and am sick of it. I have to wait until 62, though, when I can draw SS. It will be spartan but I think I can be comfortable on the income I will have then. You don't live forever! I'm gone shortly after age 62 and hitting the road.
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Old 07-22-2011, 09:23 AM
 
977 posts, read 1,557,303 times
Reputation: 1906
If you can afford to, retire. Life is too short to continue to work if you don't enjoy it and can afford to quit.
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