Upon receipt of my annual pension statement today, i found some information that prompted me to get the benefit explanation book out...

i started in this line of work 10 years ago last october and although i have been aware of my pension contributions, i always thought that starting this late in the game would put me into my 60s before i was actually eligible for a pension...

my pension has been fully vested since 2006, and i just this year achieved the required "pension points" which combined with my age would actually allow me to retire, one year from now, at the minimum age of 55, if i choose to...

the pension points that i have accrued, to date, put me at the minimum for pension eligibility, and the combination of points and age would dictate a substantially reduced pension...
each additional year that i work, and each pension point that i accrue will lessen the impact of early retirement penalties...
for example, simply waiting 3 more years until age 58 would increase my yearly benefit amount by over 30%, even if i do not accumulate any more pension points...

is there a method, or formula for figuring retirement income needs???

you might want to consider a financial planner

Yes

all right then. thanks...

Figure out all you mite be able to save between now an 3 years. Retired now an what you would save between then an 58 could take you working past 70 just to break even

One word: "plastics".

You never said you love your job, so do what I did and leave it.

The formula for retirement is Enjoyment = Employment - stress.

Money really isn't where it is at anyway.

Yeah, just don't spend more than you have coming in.

Must be government or the phone company to retire at 55.

neither, but it involved some years working 25-2600 hours in 9 months... and almost all of it away from home...

Yep, don't spend more than you have coming in. I'm retiring this coming October, I'll not be rich but I'll not want for anything with all the needs covered and a bit left over.

Just bought a house and the mortgage is almost 1/2 of what I am currently paying for rent, not including what I'm paying for water and trash, which I'll not be paying. I also factored in the money needed for gas driving 60 miles a day for work. When I put it all on paper I will be making $1200 less a month if I retired. I couldn't justify working 60+ hours a week and 32 hours in the vehicle for $1200 a month.


I worked with a guy for the past 2 1/2 years that was doing the same work schedule, only to be at work one day and dead the next. Also a friend's father-in-law dropped dead at his desk the last day of work before his retirement.

Tomorrow is a promise to no one and it's time play!

Sounds like an Operating Engineer?

I took an early retirement at 53 (20 yrs. ago) and have never regretted it. I told my boss at the time, if I get enough for "beer & worms, I'm outa here". Best decision I ever made; if I would have stayed, I'd be dead due to the job stress. Hell, I don't even drink anymore so saving there!!! Life is too short, if you can make ends meet, GO.

Steelie no truer wordes can be spoken as over the years I've seen to many who have put in for their retirement and have looked forward to it only to die days before retirement kicked in or days or weeks after retirement.

Just putting in my retirement letter and having it approved made things so nice but now it's torture waiting till the end of June. Now my life feels like it's on hold, but less than 6 months and I'll be done.

SS statistic people that retire at age 60 live an average of seven years longer than people that retire at 65.

The standards of living are flat now. Stop working asap. Should never have let it get started in the first place.

Boilermaker...

Flat meaning that everyone is equal, no matter about income. Income just means how much you owe others. No income no debt.

talk to a financial planner -at least two of them.

the only thing i regret about going out early---is not going sooner.

if i had only known retirement was so fun i would have never started to work in the first place.

was hopin VA Nimrod would chime in, the guy is pretty well versed in this stuff as far as I can tell from the short conversation I had with him.


I'll change jobs but never retire, I'll always be doing something to make some coin, I have to, won't be any check coming in, just what I've saved and invested in. Plus I think the big surprise coming for a lot of folks is figuring out how much they'll make in retirement and how much they spend NOW.

if inflation kicks in like I think is possible, what used to be a comfortable retirement might mean barely scraping by.

I'm bettin that politicians decide to inflate their way out of our debt rather than deflate where cash is king. If deflation, seemed likely I'd say pull the plug now.

and too many other unanswered questions for anyone to give you good advice,

things such as

are you completely out of debt?

do you have new enough toys and vehicles to last you for 10-15 years?

do you have a hobby or something you want to do with your time that will provide additional income or do you just want to hunt, fish and play?

do you have other retirement besides your pension?

I'm not asking you to answer those things here, they're fairly private matters but all things I think should be considered before making your decision.

probably the best advice you've received is to talk to a financial planner or even better two, with this caveat, not an insurance salesman that's qualified as a fp, preferably a fp that charges a flat fee and makes no commission selling a product like annuities or insurance.

that's my thoughts on the matter, good problem to be dealing with, congrats on your success!

Decide when you have enough, and you've had enough, then it's time to retire.

Will be 60 this year, Wife will be 62 and can start her social security.

Worked 38 years on my last job and can draw a reduced pension.

Also have enough in a "spill over" account from my pension to pay for health insurance untill medicare kickes in.

Had 3 uncles die in there mid 50's

Also have some acrege for sale. When it sells My home will be paid for, and I'll be debt free.

Am thinking retirement at the end of THIS YEAR sounds GREAT!

Virgil B.

I'm glad for the work for ever boys, them illegals and welfare folks need the money.

The first thing you need to do is figure out how much you are actually spending per year now. Most people end up wanting to spend as least as much per year after they retire. Also try to project any future costs you can think of.

Here is a link to some retirement planning calculators. Start playing around with them and you'll get an idea of how you are doing and what concepts you might want to learn more about. You might want to start with the "How Long Will My Savings Last".

Financial Calculators

I'll be 60 in May. I can pretty much retire at any time but my work related stress level is nil, the money is good, and it's fun just hanging around being a pain in their ass. There are some advantages to getting old.

If at all possible, keep working somewhere. I am 70 and still working. I just filed for Social Security; you get an 8% increase in SS for each year over your full retirement age.

Fortunately, I enjoy my job, but will probably retire in 13-24 months.

Retirement is great; it's the gettin old that I don't like.

Truer words were never spoken/written.

I "retired" from working for someone else 6 1/2 years ago at age 53 1/2. Picked up some "consulting" work I can do from home. Very little travel or stress. I still have to get something done, but I work when and if I want to and on my schedule. I have a fortunate situation in that I really like doing what I do and, apparently, I'm pretty good at it (good enough that they keep coming back to me).

I will start drawing SS (assuming there's money left) in two years at age 62 rather than waiting until 66 1/2 to gain "full benefits". That's 4 1/2 years at a lower per month check. If the difference is $400 per month (say $1800 vs $1400) and I live to age 80, that's a total of $291,600 (13.5 yrs @ $1800) vs $302,400 (18 yrs @ $1400). I come out ahead retiring early. You can kind of do the same comparison with a pension. The problem with SS is that the numbers are fluid and I'm not confident of their validity over time. (The numbers I used are purely fictitious . . . I made them up to use in my example.)

Nick..Probably helps pay for your BPCR addiction yes?

Set my goal to retire at 55. Made it at 51. (Govt)

Still young enough to walk the mountains all day.
Need new boots.

http://firecalc.com/

ouch - from all operating engineers- or is the ouch from endless hrs next to a 600 horsepowerengine screaming at you for 10 hrs a day

Now that's one long retirement!

Not much could be improved upon about that statement.

Thats also one old guy, I make him 103 by his numbers.

Not a jab... its what I do. Used to travel a bunch chasin hours like the op, but found a good foreman job close to home. Avg 16-1800hrs a year with a co truck and gas card is better than buyin gas, being away from home, and working 2500hrs a year. Pension will suffer, but being home with the fam now is worth it.

Retirement isn't all roses. My mother worked hard as a professor at a university and was paid well for her services. After 35 years +or- she retired in the mid 1980's with a decent pension. Today, however, she isn't enjoying all the benefits of life, that some of these misguided posters here think will be available to them a few years after retirement.

Inflation and continued costs for just the basic necessities of life, still allow her to not live in poverty, but those of you that think all you need is enough money for worms, beer and saving a few dollars by not driving as much as you used to to get to work, may hit the wall someday and wish like hell you had kept your nose to the grindstone a few years longer...

Phone company guy here, they were good to me,and I was good to them. Got my 30 in at age 48, and literally left on the same date as I was hired. After retirement, I was amazed how I ever got anything done around the place while working. Im literally busier than I ever was working. Get out as soon as you can, lifes to short.

cool tool, but does not allow for a defined benefit pension plan...
if i relied on my personal portfolio, i'd have to go back to work three days after i retired...

and that is bad scary, as poorly as Def. Ben. pension funds are doing these days...

I have only a meager personal savings... i do have a retirement annuity which has about 3/4 as much in it as my pension does... i figure that it will fund our health insurance and put my youngest through college...

i do have a pension from the steel mill i used to work at... their pension is now administered by the feds, and i do not put much hope in it... i can tap into that fund upon turning 60, if it's still there... once again, i will take a hit for early retirement...

my trump card is that i am essentially debt free... i do not have cars and trucks which will last me 15 years, but they are reliable, for now, and easily replaceable at low cost... i do not entertain the thought of buying new autos...

there is no doubt in my mind that i will do the early retirement... just how early i go, remains to be seen...

i did not, and kinda still don't understand the pension point thing... a call to my pension office affirmed that i will be eligible at 55...
the drastic nature of the penalty will probably keep me from that... 58 sounds entirely doable, and the extra 3 years should be easy to do as well...

Sounds like pipe lining.

Fixed it!!! I guess I'm entitled to make a typing mistake even at 73! Will never make 103!

Yes, it does, Woody. Bad disease - get ready to succumb to the affliction. Got ahold of a "new to me" Lyman 457132 mould (535 gr Postell) and have been casting for a couple days now.

It does allow for a pension just use the tabs on top. Very good tool

I put 20 years in with the Army and I'll have 20 years in at my second career with the FD when I turn 60 and I'm retiring right then.

Hopefully, My health will hold out and allow me a few good years hunting some of the places I've wanted to for years. I'd retire today if I hadn't gotten so spoiled over the years with the habit of eatin' every day.

Life's too dang short to work until you're so old and worn out that all you can do is sit and look out the window and wish. We only get one shot at life, You gotta' make it count.

Someone in the firm should be able to furnish one with the exact equation. There are typically some postive aspects to postponing retirement or collecting Social Security, but you are the only one that can answer all the relevant questions.

Some points that have been previously mentioned are certainly important.

Debt free now?
Anticipated large purchases?
Health and life insurance needs if one is caring for spouse or dependent?
Toss up of life insurance versus a reduced annuity with survivor benefits.
Value/growth of your investments?
Will the spouse also have a retirement?
Your expected/desired standard of living?

I retired a couple of years early and could have made about another $300 a month by waiting a couple more years. I was burning out though, and would not have enjoyed a stay. I was able to take my health insurance programs with me, I expanded my annuity by dropping the wife as a survivor, and picking up a million in insurance for less than the difference. A continued annuity for the spouse is taxable, while a life insurance pay out is not.

Although eligible, I can increase my Social Security check by waiting until I'm 66 to file.

My dream is to be retired for more years than I worked. Good luck,

Perhaps, but then again some of us are probably a bit brighter (an assumption based on her son's posts) and have a little nest egg stuck away.

Of course if she had a son worth a [bleep] it wouldn't be a problem for her.

But then there is Dickhead who made an omelet out of his nest egg...

johnw,

If you have to stay for a year to attain the minimum, figure out how much you will earn as a pension and try living on that for the next year. It'll give you a fair indication if it will be enough.

I retired at 51 with a little over 30 years in my field. I had a young family (13 and 14 year olds) and a stay at home wife. I also got a part-time job that I was qualified for that paid pretty good money for a minimum investment of time. It's been just past 10 years now, and I recommend as early a retirement as you can afford. You'll be a long time dead, might as well enjoy what's left of your life.