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Thread: Thinking I might retire on 12/1!

  1. #1
    Senior Member rosarugosa's Avatar
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    Thinking I might retire on 12/1!

    My goal was to retire at 62, but I just might pull the trigger now, suddenly and unexpectedly. There are two major factors at work here. First of all, I used to enjoy my job, but this past year has really sucked and I am not having a good time in the least. I'm working 10 -11 hours a day, and still don't feel like I am ever getting ahead. I like the people I work with, but I'm not enjoying my work anymore, and it just feels like an endless purgatory of meetings and relentless e-mails. Secondly, our health plan is changing very much for the worse on 1/1/18 for both active employees and retirees, but those who retire by 12/1/17 can keep the 2017 PPO plan. If I retire now, my pension will be less, but if I work until 62, my pension gains will be more than offset by increased OOP medical expenses. My company has a tradition of letting retirees stay with the plan they have at the time of retirement (although naturally the price tag keeps going up, just like for active employees). There is never a guarantee of this, but that is how it has always worked in the past.
    I am 59.5, so I can start taking distributions from my 401k without penalty.
    Looking at our current net income and expenses, we can replace all but $600./month with a combination of the following:
    • 4% 401k distribution
    • DH's part-time job pay
    • DH can take early pension from former FT job
    • My pension
    • A couple of very minor tweaks to our spending


    I figure I can get a part-time job closer to home, very possibly at the hospital where DH works. They have lots of positions posted. I want to do something simple and straight-forward that feels productive. I don't want to go to meetings anymore!
    Once I hit 62, I will have my CD ladder maturing and that would be more than enough to plug that $600/month gap from age 62 to 65, and once I'm 65 my health care costs should decrease due to medicare eligibility. I'm hoping to wait until 67+ to start SS and collect the full benefit.
    I"m not a risk-taker by nature, and I've always had steady employment with this same employer (I've been there for 39 years). My DH is supportive of the move. Any thoughts or input? I kind of feel like I'm not quite ready, but realize I might always feel like I'm not quite ready. And in other regards, I am more than ready!

  2. #2
    Senior Member JaneV2.0's Avatar
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    I can't imagine a scenario wherein you'll regret bailing out now.
    Retirement is a sweet, sweet event--the sooner, the better, IMO.

  3. #3
    Senior Member catherine's Avatar
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    If there is ONLY a $600 gap that you can easily plug with a part time job if you want to, I say go for it! Why wait??
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

  4. #4
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    JUMP You've identified that work/life balance is gone! You've demonstrated here a great deal of thought and analysis. You've shown yourself what you can financially accomplish.

    Take some time off for a really good break to reflect and replenish your soul. Getting a part time gig after 3-6 months away, will give you that outlet for the joy of working. Think of it as a sabbatical!

  5. #5
    Senior Member herbgeek's Avatar
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    That is just darn awesome Rosa! Time to do what you love, while you are still healthy and can enjoy it, is priceless.

  6. #6
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    I think you would be crazy not to do it) So happy that you have this opportunity. It won't take much to earn 600/month plus working p.t. will be great.

  7. #7
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    Yes, do it! You've planned, thought it through and are capable of living simply. You will be SO happy.

  8. #8
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    If you've already given up supervising the admin staff but are still having so much work dumped on you then you are making the right choice.

  9. #9
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    It sounds wonderful, Rosa-- December 1--that is so soon! Well done in the planning department!

  10. #10
    Senior Member JaneV2.0's Avatar
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    I don't need to say this, if I'm reading your post correctly, but follow your instincts on this. They're rarely (if ever) wrong.

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