Considering Returning to the Work Force (conversation, retired, engaged, friends)
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Since the new job would also be federal, see if you can get the same amount of vacation time you had before you retired -- rather than starting with 2 weeks off like a newbie. That would give you some extra time to play, even if working. Just another item to consider when making your decision.
There's nothing for him to check on; that is automatic. His annual leave accrual rate will be exactly the same rate he had before he retired. Reemployed annuitants do not go back to "starting with 2 weeks (actually 13 days) like a newbie."
I was recently recruited for a position with a government agency with an excellent salary. While I don't ever miss getting up and going to work accepting this position and working for a few more years is tempting. If I accept the position I'd be working strictly days and it's a fifteen minute commute from my home. Returning to work would give me an opportunity to build my TSP, possibly get my house paid off and defer collecting social security until I'm 65 or later. I don't have a wife or kids and my only debt is my modest mortgage.
Keep in mind that unless you've received a waiver, that excellent salary will be offset by the amount of your annuity. IOW, if your annuity is now $4,000/month and the new position normally pays $7,000/month, you're only going to receive a salary of $3,000/month in addition to your annuity.
as posted above:
"...your 60's will be your best retirement years, when you not so decrepit you can't do anything."
we have seen this too many times. husband works until 65, then cannot comfortably travel at 70.
wife works until 62, then waits and waits to travel together. two terrific trips and dreams are done.
I retired last year at age 60 with a total of 42 years of military and federal service. I had originally planned on remaining on the job until I was at least 62 but management began playing games with my shift. I had no desire to return to working nights so I retired two years earlier than planned without regrets. During the year I've been retired I've traveled, engaged in many creative pursuits, worked around my house, read good books, enjoyed the company of friends, reduced the stress in my life dramatically and remained fit with long hikes with my dog and yoga. I can never recall a day that I've been bored or missed going to work. I wouldn't say that money is tight but I also don't have the disposable income that I had when I was working. To date I've been able to subsist primarily off of my military and government pensions without dipping too much into my savings and I haven't touched my TSP .
I was recently recruited for a position with a government agency with an excellent salary. While I don't ever miss getting up and going to work accepting this position and working for a few more years is tempting. If I accept the position I'd be working strictly days and it's a fifteen minute commute from my home. Returning to work would give me an opportunity to build my TSP, possibly get my house paid off and defer collecting social security until I'm 65 or later. I don't have a wife or kids and my only debt is my modest mortgage.
I'm meeting with my financial advisor this week to see if returning to work for 3-4 years is a good financial option for me. If I decide to accept their offer and return to work I always have the option of resigning and re-retiring if it's not to my liking. My primary reluctance in returning to work is losing the freedom that I've learned to appreciate now that I'm not tied down to a job. I'd like to be able to continue to travel while I'm still young and healthy enough enjoy being on the trail and out in the woods. To those of you that have re-entered the workforce after retiring did you have any regrets? Any insight or positive feedback would be appreciated. Thanks!
I've retired twice and have gone back to work full time both times. I still work 40 per.
I guess some people find retirement fulfilling, I didn't. I was turning into a vegetable, both physically and mentally. Now, I solve problems all day, interact with fellow co workers and customers, and keep my mind and body sharper via exercise and thinking.
Try it, you can always change your mind if you do not like it after a while. And, the extra $$$$$ ain't all bad, either.
That is what I am trying to determine. I think that I have enough money to remain comfortable the rest of my life. However I don't want to sell myself short and discover in twenty-five years that I've outlived my money.
There are NO guarantees of this. Also, your money could "outlive" you...........ie early passing.
It sounds to me in your OP that you are enjoying life comfortably, and don't really want to go back to having to live by a clock/job when you have been used to living your life freely, doing what you want, when you want. I myself would pass and just make sure I was not spending money frivolously if outliving it was too concerning for you. It can be done. You know how to determine this.......
I've retired twice and have gone back to work full time both times. I still work 40 per.
I guess some people find retirement fulfilling, I didn't. I was turning into a vegetable, both physically and mentally. Now, I solve problems all day, interact with fellow co workers and customers, and keep my mind and body sharper via exercise and thinking.
Try it, you can always change your mind if you do not like it after a while. And, the extra $$$$$ ain't all bad, either.
I'm with Don. I'm still working at 66 because the money is good and the job is easy.
Give it a shot. The job is just a few minutes from your house and if you enjoy it, great. If it turns out to be crap in 6 months then walk away.
At least then you've given it a shot. Just tak advantage of the time off and plenty of vacation time to play.
OP I suggest you tell them you are available only part time. Max 20 hrs a week/2-3 days a week.
You are pretty set with your medical care and have a pension.
I bet you could postpone your SS beyond 65 even without this job if you wanted.
If not, I'd forget it. These might be your only healthy years so don't waste them working your life away.
With both Mil & Govt pension, they grow with inflation so you do not need to worry too much about outliving the amount. You have TCFL and FEHB so Medical is essentially taken care of. You are currently taking nothing out of TSP so SS would just add to the total. A paid off house would reduce expenses further but are already being covered. You would be essentially working for probably less than half pay but your expenses are already being covered without the extra - so what would going back to work do? Sounds like you are set.
BTW - I have a Military pension, 401K and TSP and my DW has both Military & Federal pensions with TSPs - we both retired at 60 (my DWs last day is this week). I expect we will not need the money in TSP or 401K - RMDs will probably go back into investments unless needed for something unexpected. Working more would just add to investments.
Having retired at 61 and now 11-years into retirement, I've noticed a physical deterioration that is not yet 'aged me out of the game,' BUT, at the same pace, I can see that my 'vital' years will be largely behind me in the next 5-years, so I pretty much better do 'what I want to do in retirement life' - while I still can.
Now, no longer in my early/mid 60's... I'm certain that spending those middle years in retirement (traveling, golfing, writing, teaching, etc.), beat the alternative of working hands-down. It's funny, but, as one ages through their 60's/70's, the issue becomes almost as much what one is still capable of doing; as what one hasn't yet, lost interest in doing.
As you point out, you can go back to work, make a great deal of money - and get-out at any time you choose. However, you will never get or 'buy back' the retirement years you relinquished to work again. Things would be different if you were in your 50's, but, at 61, you aren't getting any younger. Since it isn't necessary for you to 'work to live', why put yourself back in a position where you are 'living to work?'
Last edited by jghorton; 07-22-2019 at 08:12 PM..
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