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I go to bed tired every night looking forward to all the things on the list for the next day. Still haven't been to the donut shop or coffee shop and bs'd with the other retirees.In my long life span I've seen too many work that extra few years for more money, then end up not enjoying it.Take the offer,Tex
Couple of thoughts;Take the buy out. It might not be there in 2 years. If so, your opportunity cost is not work get paid or work to get paid.When you take medicare. There is a look back period of two years. If your income exceeds 185K joint filing then the part B approximately doubles in cost until you file an update that your income dropped in retirement in a couple of years. You didn't indicate if you had a pension. If you can afford to not take Social Security until 70 the payment will increase by 32%. Good luck on retirement. Stay busy
More good advice. I'll add to that ... Do the calculation as to when you might start taking Social Security. The longer you wait, the higher the monthly payment, but the fewer years you will collect from them.I did that, and found that if I started taking SS at 62 instead of 67, it would take me until I was almost 80 for the total amount I would collect by starting early would be topped by the total amount if I waited. Bird in the hand, for me. Your mileage may vary.
One aspect of this calculation that people seem to miss is that if you take the money now, you can invest it... The total amount you get then grows because the money grows while you have it invested. The issue here for some is that if they collect SS that means they can't work, and they don't have sufficient other sources of income. However if you do have other sources of income and might consider defering SS to just increase the monthly payment, it might be worth calculating the monthly return from several years of invested SS that you otherwise wouldn't have.
I have a modest 401k AND a pension that will pay $xxx/mo for life.. or I can roll over a lump sum to 401k.. both are taxable so not sure if I should go for lump sum or payments, think I would have to live 15 years to collect equal to the lump sum. I might, Dad and mom are both strong at 94.
My thought on that is... How is the pension guaranteed? Ive seen many companies up here in the north east go belly up, or sell out, and the pensions are gone.... at least with a lump, you can deal with it YOUR way.
Well, it may be touching the 3rd rail, but yes, the old style guaranteed pension is actually not nearly as good as having a healthy investment.I'll be curious to see the outcome of so many unfunded pension obligations in many states.And Social Security-hmm.
I took redundancy from my company in 2003 after 20 years. 3 weeks pay for every year so I got 60 weeks pay. Worked 3 days a week freelance ever since. That same company today is offering 16 weeks total no matter how long you have worked there. Some of the guys been there 40 years (spewin). So take it while it's offered you never now what might change in a year or 2.
My take on retirement is simply. If you won't have the funds to do the thing you want to, don't retire! There's little enjoyment in life sitting at home because you can't afford to do anything else. If that's the case keep working and enjoy your days off.
There is wisdom in what Dan and JJ are saying, however I would add another consideration: If there has been a pattern of practice to R.A.P.E. (Retire Aged Persons Early) employees and you suspect that a delay on your part may compromise possible compensation, you must consider what your best option would be. My company spent a lot of time over the last several years pushing people out one way or another. If the writing is on the wall, you might do well to heed it.You need to do what is best for YOU in the long run.
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