Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am going to retire at 56. I have a small pension, but will not take it until 65. If you can wait on your pension, that may help increase it.
I have rental income that should support me in my 9 years between now and pension, SS and investment draws, or I may sell some properties.
It doesn't make sense to leave a FT job, and go work FT somewhere else, unless the work is that much more enjoyable. Some people retire and then volunteer at a FT job, which pays nothing...
Seems one of the only "Sure" things are government retirements...
A lot of my friends and that of my family worked for the government in various areas...
Of my good friends... 12 went into law enforcement and all have done unbelievably well... some of the plans that were offered are almost beyond belief and yet true.
My city had a retirement system for Law Enforcement and last I checked... there was still one current worker under the old plan... what makes is unbelievable is the pension is tied to what the position currently pays... so even if you retired 25 years ago as a Sargent... your retirement pay is what a Sargent earns today... from some... their retirement is several times more than their best year working plus lifetime medical...
It is not just life safety... but extends to others such as various directors for things like water boards and such... a brief stint and lifetime medical...
I come from a family where we work until we can't... and I imagine this is how things are on small family farms...
Actually, our state pension plan is one of the worst-funded in the nation. We're all pretty worried... I'm taking early. I'd take a lump sum, except that I'd lose my hard-earned health insurance in the bargain and don't have a spouse's insurance to fall back on.
OP, have you sat down with an investment advisor/insurance agent/financial planner? Somebody who can give you straight and unbiased answers?
There is no doubt in my opinion that you need to leave your teaching position. You don't want to have a colostomy bag and Crohn's disease later in life. IMO this is a no brainer. Do it.
And get out of CT. My dad bailed eight years ago. He LOVES paying his property taxes now. 5500 in CT in 2007, 600 now in SC.
How many people have opted to take early retirement at 55 and forgo a more beneficial pension? I am contemplating retiring at 55 and have saved well and have a part-time job that I plan to make full-time when I retire from my current job. However, almost everyone I know thinks that it would be unwise and that I should play it safe and stick it out for another 5 years since my pension will be almost double. For those of you who have voluntarily taken the leap, would you do it again if you were given a do-over?
I am 57 and my pension will go up about 15% per year till I get to 60. So for me continuing to work (at a job I rather like) is sort of a no-brainer. I have seen a few guys around here bail right after their 55th birthday, usually single guys who have enough money in the bank, paid for house, etc. that they figure they are OK to "go for it". How this has worked out for them I don't know.
Does you pension have a COLA? Mine does not, so what I take when I retire is what I will get to the end of my days.
Anymore a pension is a rare benefit, IMHO you ought to optimize it by staying on board till age 60.
Just IMHO though. If your pension is already a fair % of your salary, if you want to retire, if you want to do something different as the part-time job you want to go full time on, retiring now may be right for you.
I've tried to warm up to Florida, since it doesn't tax pensions or SS, but I just can't; Florida is too terrible!
You can compare up to 5 states and the results are pretty detailed.
Georgia has an exclusion for retirement income which covers pensions, annuities, etc. for age 62 and older.
You can compare up to 5 states and the results are pretty detailed.
Georgia has an exclusion for retirement income which covers pensions, annuities, etc. for age 62 and older.
otterhere, dad's wife takes a hit b/c her pension income is taxable, but the taxes in CT were a nobrainer for moving there to SC. Sun City Hilton Head. They love it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
