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Old 08-24-2014, 11:19 AM
 
Location: Los Angeles area
14,018 posts, read 17,735,102 times
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To the OP: Since you are rich it doesn't really make a damn bit of difference (financially) what you do. Either way you are still rolling in money. Ninety percent of the people in this country would be delighted to have the same decision to make.

I can't resist the impression that your post is simply some thinly disguised bragging.
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Old 08-24-2014, 11:32 AM
 
29,775 posts, read 34,863,854 times
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Quote:
Originally Posted by Escort Rider View Post
To the OP: Since you are rich it doesn't really make a damn bit of difference (financially) what you do. Either way you are still rolling in money. Ninety percent of the people in this country would be delighted to have the same decision to make.

I can't resist the impression that your post is simply some thinly disguised bragging.
Might not be rich by New Jersey standards and still a legitimate financial type question at any income level. I didn't think he was asking if he had enough to retire but more one about maximizing benefits v the trade off of sooner and not later. Even in higher cost of living areas the same questions still exist. I know they did in my neck of the woods and big time wondering of. Remember ER he has two pensions and two SS which is not out of the norm for many dual income/pension families in this forum . I wonder how many single or one worker couples in this forum could double their income and come up with a lot more if they were married to a spouse with their same financial profile.

Last edited by TuborgP; 08-24-2014 at 11:40 AM..
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Old 08-24-2014, 12:17 PM
 
Location: Albuquerque NM
1,659 posts, read 1,523,899 times
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Do you have ample savings to pay for large expenditures or are you living on somewhat less than your current salary? It is a good idea to budget 1% of home value for home repairs and a few thousand a year for a new car every 5-10 years. Dental work can be very expensive and is not fully paid for by most health insurance plans. And as others have stated, is your house in good condition and no plans for remodeling or need for major repairs ? A co-worker was scheduled to retire with a large federal pension but had little savings. She worked for a couple of extra years just to fix up her house and buy a new vehicle.

I'd also look at your expenses, both current expenses and what your expenses might be in retirement (e.g., travel). $88K may not be that much for two people after NJ income taxes and property taxes and the rest of your taxes. Also I think this is a state pension and there was some talk of suspending the COLA. If you have enough savings to pay for unexpected costs and/or are living on less than your current salary, I'd go for it and retire. However, most people do not love their job. If you truly love your job, you might consider working a few extra years (maybe 2 or 3 versus the 5) as the extra money could come in handy. Perhaps there is an opportunity to work part-time? And if you have worked for 40 years and still love your job and will now have a good pension, I don't mind a little bragging as you have probably earned it.
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Old 08-24-2014, 12:22 PM
 
Location: Southwestern, USA
15,375 posts, read 12,129,606 times
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If you are healthy, good family medical history...keep working.
That extra $15k a yr will be swee-eet....at 90 yrs old!
I know you're not bragging...you needed some input, that's all.
And good for you...bec we are all full of opinions!
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Old 08-24-2014, 12:47 PM
 
Location: SoCal desert
8,093 posts, read 13,231,206 times
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Quote:
Originally Posted by TuborgP View Post
I wonder how many single or one worker couples in this forum could double their income and come up with a lot more if they were married to a spouse with their same financial profile.
Eek.
Some things just aren't worth the cost.
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Old 08-24-2014, 12:47 PM
 
2,773 posts, read 993,967 times
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Yes but here is the question? Would you really care to have an extra 15k at 90. Let's face it at that age I doubt he will be doing much traveling, eating out etc. it's also about enjoying your retirement years. So I say if he thinks that he can continue his present lifestyle in retirement then go for it. No guarantee he will be around his 90s to even enjoy that extra 15k
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Old 08-24-2014, 01:50 PM
 
2,394 posts, read 2,062,405 times
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The question was not meant to be bragging. Family history on health is fine-parents are in their 80's grand parents 2 lived into mid 80's 1 died in her late 60's and one died in his 30's from an accident.

Mine was the sole income so social security for my spouse is based on my earnings. It is a NJ pension and the COLA issue is in court. Health care is a concern and I will factor that in at 62. If the health care benefit I have been told I will receive changes that clearly needs to be a consideration.

I doubt I would completely stop all working activity at 62. My other plan is to either get a part time job or start a business based on my work experience. I would only look to make $5-6000 per year. I have done part time work as a merchandiser in the past and liked that even while working full time. So with no other job that is a nice flexible part time job. I have also done tax work in the past so I can go back and do that again when I retire. Those two options give me extra income for a few years but I am not sure they are better than just working longer.

I should add I will have 20 years left on my mortgage but I have accounts available that would allow me to completely payoff my motgage plus the option to downsize to a less expensive home with lower taxes if I want.
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Old 08-24-2014, 03:32 PM
 
29,775 posts, read 34,863,854 times
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^^^^^ for a lot of reasons wait wait. I didn't want to bring up the COLA issue but if Christie wins.
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Old 08-24-2014, 03:42 PM
 
Location: Durham NC
1,189 posts, read 1,296,472 times
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Quote:
Originally Posted by Escort Rider View Post
To the OP: Since you are rich it doesn't really make a damn bit of difference (financially) what you do. Either way you are still rolling in money. Ninety percent of the people in this country would be delighted to have the same decision to make.

I can't resist the impression that your post is simply some thinly disguised bragging.
I have to admit the thought crossed my mind. That isn't rich though he might be but nearly anyone would love those problems.

To work or not is an individual decision but if I didn't love getting up and going to work everyday I would quit tomorrow. If I had the money I would take a few years off and see the world.
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Old 08-24-2014, 04:33 PM
 
2,394 posts, read 2,062,405 times
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Tuborg- I have time before I have to decide. The issues with Christie will have been long decided. I turn 57 in January so I have 5 years to make any real decision. If the COLA goes away on the pension side I will most likely stay at least 1 or 2 extra years. If for some reason the medical goes I would stay to 65.
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