retire or what

[rbig1]

ive worked for the state over 33 years. reached the age of 55 can retire full benifits. dont have any savings. divorce and stupid took care of that. just so you know im stupid. dont want to be there any more. but would have to find a job where i could make 1500 a month with out working all the time. would you retire or keep working and paying into retirement fund not gaining anything except interest. im having a tough time deciding what to do.

[dacheedah]

Find a job doing something u want to do, then retire.

 

I retired from job 1 on friday, went to job 2 on monday. Working on second pension.

[leo3wheel]

We continued to work, putting the max into our retirement accounts until we were SS eligible. Then, I took the first buyout offered. Life is good, but those last few years were tough.

[RandyR]

ive worked for the state over 33 years. reached the age of 55 can retire full benifits. dont have any savings. divorce and stupid took care of that. just so you know im stupid. dont want to be there any more. but would have to find a job where i could make 1500 a month with out working all the time. would you retire or keep working and paying into retirement fund not gaining anything except interest. im having a tough time deciding what to do.

 

If your future monthly retirement check isn't going to get bigger by delaying retirement, then I think you might be better off taking the retirement now, putting the retirement money into savings or some investment now, and then going to work elsewhere and living off that, and potentially getting a 2nd retirement check. Also consider that your eventual Soc Sec payment is based on your highest (3 I think) years income. If you will get raises staying where you're at, and can't find a new job with either benefits (like health insurance) or retirement, or significantly better salary, then maybe stay.

[djh3]

At this point if going to put money away I think the Roth IRA is probably best if I remember right. My military retirement dont pay squat either. So when I got out I had to find something else. Happy with what I got but we lost the other halfs income several years back and its very hard to stay ahead of the curve.

[steamer]

At this point if going to put money away I think the Roth IRA is probably best if I remember right. My military retirement dont pay squat either. So when I got out I had to find something else. Happy with what I got but we lost the other halfs income several years back and its very hard to stay ahead of the curve.

on the military retirement. Been working my butt off ever since I retired from the Navy. We have 4 more years to SS, even then we will probably work part time.

[Atoolnut]

I retired from Canada Post Dec 2006 at 53...35 years in....worked part time for 2 years driving ..then found 'dream' gig..I work at a Yamaha dealer picking up and delivering bikes...3 days a week ..Mon,Tue,Thurs...get huge discounts...meet great people..no stress...still paying into govt pension...old age..started drawing Canada pension July 1..... advice....take the money and run..you never know what govt will do to your pension plans..find a job doing whatYOU want...you don't think you can get by ..but..you will.. just my 2 cents

[Big Lou]

MOST FOLKS ALLREADY HAVE IN MIND WHAT THEY WANT TO DO BEFORE THEY ASK A QUESTION

 

me opinion is you only live once , a divorce means you allready seen the pain.

 

get a check and get another job so you can ride ,,

 

wind in you hair allways helps the thinking juices flow.. keeps the heat down from all the thinking...

[CaptainJoe]

Think long and hard on this one...

Health care - will you still you have it, if, you retire at 55... probably not...

I'm 55 in excellent health and pay $700 a month with $5000 deductable...

and it goes up every year.

 

Obama care kicks in Jan 1st,2014 ... who know where the rates are headed?

[MasterGuns]

I retired from my last job the last day of last month (June 2013). This was my second retirement; the first being from the Marine Corps after 30 years continuous active duty. So now I have to find a way to live on my military retirement, VA disability and Social Security. Wow, what a life !!! Just got all my and my families health, dental and vision insurance started. Tricare; my retired military health coverage, cost me only $44 a month for all of us. Now all I got to figure out is "WHAT TO DO".

[Barrycuda]

Easy rider has a point. How is your health? Not just visually but internally? Are you healthy enough to continue to work and not compromise your health? Are the benefits good? Maybe stay a bit longer, work on your health( if ya need to) and use the benefits for all sorts of diagnostic check ups, if possible. This may give you an understanding from a non financial aspect, what may be part of your answer. Good luck and keep us posted.

Barry

[Squidley]

Now all I got to figure out is "WHAT TO DO".

 

Ride Herb.....A LOT!!!

[ragtop69gs]

I left my last job after 32 with them (age 55). I'm drawing a pension from them along with pretty good medical coverage.

 

After a 1 year break I found a part time job that I like doing, pays ok and also gives me health care & dental coverage plus I'm vested in their pension plan after 5 years of service. I've been there 2 1/2 years now and enjoy my 4 day/ 28 hour work schedule.

 

I don't regret leaving the first job AT ALL. Like you, it had become harder and harder to drag myself into that Hell hole.

 

Like others have said, It's never too late to start saving for the future. Even a little each week adds up.

 

Good Luck with whatever you decide.

[rbig1]

thanks everyone for your input. i can keep my insurance but then need a job to compensate for cost of. other wise would not have to worry. need to keep insurance on wife of present. my shoulder will not make it till the 60 year mark where im at. time to go talk to retirement board and get better numbers. before pulling plug. here i go

[Power Trippin]

[quote=rbig1 my shoulder will not make it till the 60 year mark where im at.

 

It sounds like your situation is similar to mine. I am also in the maint industry. If you are familar with "flat rate" pay, you know what I mean. I don't mind doing the work....its just the way I get paid. I bust my ass while parts people sit on the arses and make more than I do because in our union, parts people out number techs. So every contract we get another crappy contract shoved down our throats. I'm in the process of updating my resume and hopefully finding a job that will not destroy my body, maybe make some money, hopefully doing something I like a little better. My dream job......motorcycle evaluator! Anyone looking for someone to fill that position? Give me a call! LOL Everyone on this site wants that job right?

[CaptainJoe]

thanks everyone for your input. i can keep my insurance but then need a job to compensate for cost of. other wise would not have to worry. need to keep insurance on wife of present. my shoulder will not make it till the 60 year mark where im at. time to go talk to retirement board and get better numbers. before pulling plug. here i go

 

I also had a state job, but when i checked into keeping my medical benefits they quoted me something like $1200 a month ....

 

Get all numbers "in writing" for you both, for healthcare before you pull the trigger.

[bongobobny]

The answer is going to depend on your personality, whether or not you like working for a living, how important is money to you, etc. Also, your health is a huge factor! I was the type to keep working long past retirement but my health went downhill so I quit at 65. Health care costs are horrible enough when you are healthy but if you need drugs and doctor's visits it really gets expensive...