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I decided that I would take an early retirement as soon as I became eligible and began living on my projected pension and maximizing my savings a few years ago. I determined that the lure of a higher pension and working another 5 years is just not worth the money to me. I have a part-time job that I enjoy doing that more than makes up the difference and it gives me much more flexibility and less stress. Additionally, the political pressures to make changes to our pensions have been strong and we already realized contribution increases. It is likely that significant changes for future retirees will be taking place before I reached regular retirement age. I filed my papers and know what my pension benefit will be and it works with my budget. We downsized to a smaller home in a walkable area nearby. This significantly reduced our living expenses without having to relocate to another state. Another benefit is that we are much closer to everything and do a lot more walking and less driving! In the spring my wife plans to start taking the bus to work as well.
We have many plans as my job has always precluded us from taking trips during the times we wanted to travel. A trip to Ireland and the Florida Keys are high on the list!
Congratulations on your decision. Retirement is the best!
I myself, was in a similar position. At age 46, I already had my 25 years of service required to draw a pension. I could have waited until age 55 to retire, and upped my pension by another 16%, but to me it was not worth it. Other than the fact that I'd be devoting nearly another decade of my life to that career, it would have taken decades of that extra percentage to make up for 9 years of free money I'd be passing up. I took the money and ran, and haven't had one regret in the past 26 months.
I decided that I would take an early retirement as soon as I became eligible and began living on my projected pension and maximizing my savings a few years ago. I determined that the lure of a higher pension and working another 5 years is just not worth the money to me. I have a part-time job that I enjoy doing that more than makes up the difference and it gives me much more flexibility and less stress. Additionally, the political pressures to make changes to our pensions have been strong and we already realized contribution increases. It is likely that significant changes for future retirees will be taking place before I reached regular retirement age. I filed my papers and know what my pension benefit will be and it works with my budget. We downsized to a smaller home in a walkable area nearby. This significantly reduced our living expenses without having to relocate to another state. Another benefit is that we are much closer to everything and do a lot more walking and less driving! In the spring my wife plans to start taking the bus to work as well.
We have many plans as my job has always precluded us from taking trips during the times we wanted to travel. A trip to Ireland and the Florida Keys are high on the list!
No doubt you already know this, but, you could cut your expenses more by leaving CT, for sure. I mean if you like it there, and have the money, OK, fine. But it is a high-tax state. If you are OK with a smaller house out in the country, NH can have a similar climate with better tax treatment.
Not to be a Richard Cranium, as tou said “I’m sure you know this”, but why make the suggestion when his response included that his wife is still working and he has a part time job he enjoys, not mentioning family close by, etc. He recently moved to the location he chose and downsized to cover his costs for specific reasons. Why on earth would you suggest he would put himself through that again to save a few bucks in a colder location he can visit anytime, just to save a few dollars? Inwould definitely say, after being on CD for years, he would have seen the bazillion threads on cheaper places to live and made his decision with that in mind!
I am assuming from his resonse, that his answer to “why this date” is that it was the best compromise of secure income vs less unejoyable working time, and the relocation/downsize enabled him to make the math work better.
Congrats! Just wondering about health ins. for people that retire at your age. Hubby wants to retire at 64 and private pay ins for a year
I'm fortunate in that I'll receive both a decent pension and continued health insurance until Medicare kicks in at age 65. When it does, my employer insurance will convert to the supplemental insurance, including Silver Sneakers. I had to work a job that wasn't my ideal for nearly 30 years, but not a bad retirement package...
Congrats! Just wondering about health ins. for people that retire at your age. Hubby wants to retire at 64 and private pay ins for a year
That's the math for most of us unless it's a union public sector job. I'm 59. There's no way I can take the risk that ACA will be there. 63 1/2 and 18 months of COBRA until I'm Medicare-eligible is the earliest thing on my radar screen.
That's the math for most of us unless it's a union public sector job. I'm 59. There's no way I can take the risk that ACA will be there. 63 1/2 and 18 months of COBRA until I'm Medicare-eligible is the earliest thing on my radar screen.
One reason I tolerated my less-than-thrilling job all these years. Gap insurance, even when you retire as early as age 45 (I didn't, alas) which then turns into supplemental once you're on Medicare. That's huge.
One reason I tolerated my less-than-thrilling job all these years. Gap insurance, even when you retire as early as age 45 (I didn't, alas) which then turns into supplemental once you're on Medicare. That's huge.
Couldn't agree more, as I found myself in nearly that exact situation, with my primary set to eventually become secondary to Medicare. As a result of contract negotiations, I only had to contribute a small percentage toward health care during the last few years of my career, with the stipulation that the contributions would end upon retirement. Now, I enjoy the same level of coverage that I did while working, without any cost. Huge.
I'm fortunate in that I'll receive both a decent pension and continued health insurance until Medicare kicks in at age 65. When it does, my employer insurance will convert to the supplemental insurance, including Silver Sneakers. I had to work a job that wasn't my ideal for nearly 30 years, but not a bad retirement package...
Just a word of caution. Public sector health care benefits are under increasing financial stress. They usually don’t have the guarantees that pension benefits do. Current workers belong to and have their interest represented by the negotiators they pay dues to. Who in your situation will be representing retirees to try to protect their benefits.
Of course I don’t know your situation and my comments are general in nature.
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