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I plan to retire around 62 although I may go a few years longer. If medical coverage at work changes to drastically I could even go before 62. I have 36 years in the pension already.
I love my job right now so if that does not change I will most likely keep working.
I also have elderly relatives that might need my help and since I have accumulated sick leave and can use Family Medical leave I might just work until I exhaust my time or they have all passed away. Hopefully that is at least 10 years from now. I have over 300 days I can use.
I worked in the medical field and can tell you that straight MC with a good Medigap plan is the way to go. Plan F is a very good one. It pays the yearly MC deductible and the full 20% after MC pays their 80%. And most drs accept it. The replacement plans might seem like a great deal, and they can be, but I've seen many a senior charged thousands when they needed treatment. Sort of penny wise, pound foolish. But, they were healthier when they took out the plans. It's a very personal decision.
we went for the high deductible f plan . here in nyc it is 1100 a year with a 2k out of pocket. the regular f is 3200 a year each. i much prefer the locked in costs of an f plan to rolling the dice with an advantage plan , especially the out patient drug stuff. .
Do you have millions in the bank or something? That's awfully young to be retiring for good unless you have at least $2 million stashed away.
As I was reading this thread I wished the OP would have also asked the amount of money they had and how they were getting cash flow. It's still a good thread.
I'm about four months away from age 60 and am now eligible to retire (government job) but have decided to work until age 62 as it will increase my pension significantly. While I could afford to retire today, some unexpected expenses in 2014 gave me a scare and convinced me to wait and further build up my pension and 401K. Also I want to relocate after retirement but have an old sick cat who was supposed to be dead by now (cancer) but is plugging along. I don't want to put her through the stress of a move.
Unfortunately my work group has been merged with a larger organization and none of us are very impressed with the new management. My immediate group has a new manager starting in two weeks who is new to supervision and is not much of a people person so we are all wary of him and morale is at an all time low. Almost 20% of my organization will have retired by the end of this year and positions are not being backfilled which is increasing everyone's workload. But I have a good job and will just have to see how it goes. Being in a position where I can retire at any time should make it easier psychologically to deal with the new management.
The other issue is that most of my loved ones that I want to spend time with are older than me and several have died within the last ten years. So I feel a little guilty waiting two more years to retire but I may have 25-35 years to live and have to do what is financially best for me.
I plan to retire in July the day after I hit the 30 year mark with my company. I will be 54. The only significance of that date is personal satisfaction of reaching 30 years.
I'm a single parent of 3 school age children. We will be moving south, where I hope to start the second career that I've always wanted.
I'll be supported by the SSI for my kids, my investments, and my new career. I've worked since I was 16.
Life is short. I've outlived 2 husbands. It's time to do what I want while I still can.
I plan to retire in July the day after I hit the 30 year mark with my company. I will be 54. The only significance of that date is personal satisfaction of reaching 30 years.
I'm a single parent of 3 school age children. We will be moving south, where I hope to start the second career that I've always wanted.
I'll be supported by the SSI for my kids, my investments, and my new career. I've worked since I was 16.
Life is short. I've outlived 2 husbands. It's time to do what I want while I still can.
Just a note: I think you were referring to Social Security, not SSI. SSI is a tax payer funded needs based program. Very different than Social Security. I assume your children are already receiving survivor benefits based on one of their dads who passed away.
SSI does pay children who are blind or disabled, but because it is needs based, it counts the income and assets of the parent(s) until the child is age 18.
And speaking of Social Security, don't forget to inquire about widow's benefits. If you were widowed twice, beginning at age 60 you could collect widow's benefits- picking which husband will pay you the most. Then you can switch to either the other husband at your widow's FRA (which is slightly younger than your own full retirement age) or you can also switch to your own at FRA or let your own grow until age 70 with delayed retirement credits and just stay on widow's until then.
If upon moving to the south, if your child or children are still under 16, you could draw Mother's benefits from Social Security if you wind up unemployed for a time. Keep that in mind as well.
Just a note: I think you were referring to Social Security, not SSI. SSI is a tax payer funded needs based program. Very different than Social Security. I assume your children are already receiving survivor benefits based on one of their dads who passed away.
SSI does pay children who are blind or disabled, but because it is needs based, it counts the income and assets of the parent(s) until the child is age 18.
And speaking of Social Security, don't forget to inquire about widow's benefits. If you were widowed twice, beginning at age 60 you could collect widow's benefits- picking which husband will pay you the most. Then you can switch to either the other husband at your widow's FRA (which is slightly younger than your own full retirement age) or you can also switch to your own at FRA or let your own grow until age 70 with delayed retirement credits and just stay on widow's until then.
If upon moving to the south, if your child or children are still under 16, you could draw Mother's benefits from Social Security if you wind up unemployed for a time. Keep that in mind as well.
Ilovemycat - thank you for the above information. Yes, I was referring to survivor benefits. I always thought that was SSI.
I am aware of the Mother benefits - it would be all of about $600 per month. I earn too much to collect on that even only working part of the year, but it's a fallback if I can't make a go in my new career in 2016. And I do know about the widow benefits at age 60. The Social Security office was truly helpful to me when I initially applied. I figure I've got a pretty decent safety net at this point in my life, for which I am thankful. My youngest 2 are about to turn 11. In 5 years, when they are 16, I am almost 60.
I appreciate your comments. Thank you.
BTW - I love my 3 cats.
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