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I would say stick it out. However, it is easier said than done. What would you do if you left?
Teaching English overseas, its something I love doing, I love other cultures, and it would be a much welcome change. I could always find another job like mine (would have to be somewhere other than here, and that's fine, I've long wanted to move anyway) if that gig didn't work out for me. It's worth the cut in pay, the adventure would more than make up for it. But I feel like it's stupid to walk away when I'm this close to being done. I'm going to call the benefits center to insure I have to get those 75 points to be eligible.
you been there 23 years, you've pretty much maxed out your retirement calculations, taking a lower paying job the last few won't change the math
Honestly though. At my job the pension has a maximum peak of wage replacement at 32 years of service, but long before then would I get full retirement benefits. Few people stay at a job for 32 consecutive years.
I am not sure what OP's pension is like, but I can leave after 5 (?) maybe years and still be able to withdraw from the pension but it would be a microscopic amount. 401(a)s are essentially 401(k)s in function, that's why they have the same classification, different subparagraph.
The only reason I would stay is if I wouldn't get the medical insurance if I left.
Consider that those $1300/mo payments over life expectancy from age 65 is almost $300k and if those payments start at age 56 it's almost $440k. Either of those numbers add considerably to your retirement income. I have no idea about your retirement income projections but a $300k cushion would not be a bad thing for most people.
look for a demotion, not a promotion if you want to ride it out 5 years
less responsibilities would let you not go home a zombie
you been there 23 years, you've pretty much maxed out your retirement calculations, taking a lower paying job the last few won't change the math
this
yes yes yes
take a downgrade into a tolerable less draining position.
don't take a promotion not worth the aggravation.
coast instead.
unless you are wildly independently wealthy i would not walk away. health benefits are important. a catastrophic illness can wipe out huge amounts of wealth.
You know, those are good questions. I am embarrassed to admit that I'm not sure if I get the pension if I leave before I have those magical 75 points that make me eligible to draw the monthly stipend.
I do know that I am not adding to the pension right now, they changed the math on all these pensions (after reducing the monthly pay to 1/3 of what it used to be) and it no longer matters how much you work, the amount is fixed. Anyone hired after me gets no pension. It perhaps is possible I could draw that pension if I left this job tomorrow. Knowing that might at least provide me some relief in my day to day job, it's nice to have options. Thanks for your reply.
Actually, you vest in your pension on a year-by-year basis. You are likely 100% vested in it now. How much you get though depends on your final pay (usually an average of 3-5 years high pay) times your vested %.
And that amount can be considerably reduced (on a year-by-year basis) if you take it before your pension plan normal retirement age (usually 65, sometimes 62). Thats where those points come in. Obviously, the earlier you leave (age wise) the less you will likely get.
There are all kinds of options in plans though, best to check with HR.
Most people will never get a pension besides Socialist Security. Yes, it would be regrettably stupid to walk away from that unless your health, sanity, marriage, etc. are in danger.
i would stick it out if i were you. can you make some modifications like work from home once a week or work 4/10 weeks? that might help you last longer in the job.
Just curious as to what people think. I've been in the same job for 23 years and can barely go to work anymore. It feels like prison, and when I get off work I feel like a zombie. I only have 5 years left until I can retire but would like to go in an entirely different direction with a new job, one that I know I would love, but would offer few benefits and no pension. I would have to work an extra 7 years past my projected retirement date to draw Social Security. Its worth mentioning that the pension is small ($1300.00 a month) but I would be entitled to a good medical insurance plan in addition to the monthly stipend.
So I would walk away from the $1300.00 a month and good medical plan, but I am a very healthy and young feeling 51 years old. And I should also mention I have saved a fair amount of money and will have at least half a million in my 401K by the time I'm able to draw on it at 59 1/2.
I've gutted it out for 23 years, I really don't hate the job or the people, but I'm not terribly fond of either of those options either, and if I walked away tomorrow, the only thing I would miss is the pay and benefits. Should I stick it out for 5 more years? I'm pretty much topped out, pay wise, and a career move with my company (promotion) would mean even more hours, and more stress, and I'm not sure I can handle that scenario.
Anyone else ever find themselves in this position, so close to retirement? I can't be the only one who feels this way about their job.
Dang, that hurts to read!
No, I've never been in that situation, exactly, but I have felt that way.
5 years. What, 260 Mondays?
Make yourself a calendar. Mark off each Monday as it comes. Or each Friday, or whatever.
Read about and prepare yourself for your next adventure or occupation. Get excited about it, and recognize that it is only a matter of time. You can do it, and you'll be glad you did.
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