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Old 12-06-2018, 02:56 PM
 
21 posts, read 36,802 times
Reputation: 24

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So, I am 68.



I currently still work and due to 2019 salary adjustment, I will be earning $125K/yr starting 2019.
I am considering working one more year before I fully retire. The $ is hard to turn down. And BTW, I work
from home.



I started to collect SS at my FRA of 67 and combined, me and the wife will be getting
$49K/yr after the increase that starts in Jan 2019.



We currently have $625K in a 401K and $50K cash on hand. (Should I convert the 401K to a ROTH and take the tax hit now?)



We owe $80K on our condo that we currently live in.


We own another home that we bought in 2005...yep...right at the peak of the real estate boom.
Needless to say, we are underwater on that property as we took an 80/20 loan (We've come a long way since 2005!). We rent it out but are still negative cash flow on the monthly income by over $300/mo. Monthly 1st mort is $1050/mo. 2nd is $350/mo. Hey...its a nice tax deduction... (I am considering just walking from this home as it is in a non-recourse state. How bad a hit would I take on my 830 credit score?)


Anyway I am wondering....should I stick it out until I am forced to withdraw from my 401K (RMD at 70 1/2)? Or should I continue working till I die? What would you do in my shoes?
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Old 12-06-2018, 03:52 PM
 
Location: Denver area
157 posts, read 48,448 times
Reputation: 253
So everyone's economics are different obviously and we have no idea what your expenses are or your personal financial situation beyond these few points you list. Only you can decide it you HAVE to keep working. But...


...my opinion if you can afford to retire then do it. We work long and hard in this country (my first job was at 13 and going full time+ since 18), and I believe we should at least try to enjoy our sunset years hopefully with some health remaining. Based on these few numbers you gave, it seems like you will make enough to live comfortably and travel some...again I don't know your expenses though. "Work till I die" is a very depressing thought to me. My goal is to punch out at age 57 and right now I am on track. Good luck!
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Old 12-06-2018, 06:38 PM
 
2,102 posts, read 717,805 times
Reputation: 5377
Quit, already! Life has no guarantees and your health won't last forever. I left at 61 and haven't looked back. That was 4.5 years ago.
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Old 12-06-2018, 06:43 PM
 
Location: sumter
8,571 posts, read 5,384,219 times
Reputation: 6603
Retire, tomorrow isn't promised. I don't even want to be working at 60, let alone 68 or 70.
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Old 12-06-2018, 07:02 PM
 
234 posts, read 131,926 times
Reputation: 642
I have heard people say they wished they retired earlier.
I have NEVER heard anyone say they wished they stayed at work longer.

...Just sayin.
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Old 12-06-2018, 07:10 PM
 
Location: Upstate, NY
607 posts, read 261,560 times
Reputation: 753
If you no longer enjoy your job, quit. Sell the condo, move into the house, and collect 4% per year from your 401k. That will put your income close to 75k with less mortgage. Good luck.
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Old 12-06-2018, 07:12 PM
 
Location: sumter
8,571 posts, read 5,384,219 times
Reputation: 6603
Enjoy the rest of life on earth, don't work until you die. You deserve to sit back and take it easy now, retire and enjoy.
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Old 12-06-2018, 08:00 PM
Status: "Loving life, wife and job!" (set 10 days ago)
 
Location: USA
999 posts, read 386,414 times
Reputation: 2715
Do you like or even love your job? Any significant stress?
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Old 12-07-2018, 01:54 AM
 
71,595 posts, read 71,751,865 times
Reputation: 49209
Quote:
Originally Posted by ElDiabloJoe View Post
I have heard people say they wished they retired earlier.
I have NEVER heard anyone say they wished they stayed at work longer.

...Just sayin.
oooh i sure do .

so many retirees end up working terrible low end jobs at older ages to get by because they stopped working and had very underfunded retirements. or like our friends ended up being forced to leave their home area and move to cheapsville away from family and friends .

the problem is what you said is used way out of context from reality
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Old 12-07-2018, 02:29 AM
 
Location: R.I.
979 posts, read 606,070 times
Reputation: 4242
Quote:
Originally Posted by rayj00 View Post
Or should I continue working till I die?
I think you may want to change your ^ question to if I should die tomorrow what financial situation would I leave my wife in ?

While you are still working with a very good income along with already getting additional income from Social Security you might want to drop some of that income on seeing a lawyer to help you decide the best course of action you should take regarding the home you own with the upside down mortgage, because if you should die tomorrow you do not want to leave your wife the burden and repercussions of that situation.
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