Thinking about retirement

I'm eligible for my LEA retirement 27 years and counting. My job is in another state and I drive four hours each way. I did this for seven years until I had my required age for my position. I have a good paying federal job but the driving and putting my life in Texas on hold each week is getting to me. Part of me feels guilty and that I should stay until mandatory at 57. The benefits of staying on are very little other then a salary. Rant over.

 

Find something closer to home, even at lower pay, and just do it. I am sure you will not regret it.

Greg

 

If you can retire then you should. Every time.

You can't buy that time back at any cost.

 

My advice to you is RETIRE,RETIRE, RETIRE if you can. Life is way too short so enjoy everyday as stress free as possible. I've been 7 months retired and their ain't no life like it...............Just sayin'

 

How long to age 57?
Does staying until 57 increase your pension?
I assume LEA means law enforcement agency. Am I correct?
If so do you pay into Social Security?


I'm a firefighter. Where I work to retire you need to work 25 years and be age 50 to retire. Or, work 27 years and retire at any age. I accrue 2% per year toward my pension. I was hired at 21 so when I'm 48 I'll have 27 years and could retire with a pension of 54% of my salary. Now for every year I stay after that I accrue 2% a year up to a maximum of 75%. Due to pension calculation rule in effect I will reach 75% at age 57. So in my case staying an extra 9 years adds 21% towards my pension. And that extra 21% is based on a larger salary figuring I will get pay raises over those extra 9 years.

I'm fortunate to have a 25 minute commute to work so Im not stressing with that. But when I retire I don't plan on working another job. Even with a pension plan my department pays into Social Security and I have investments as well.

Like I said, When I decide to retire, I'm retired. Good luck with your decision.

 

Yes, law enforcement retirement and I pay into SSA. I receive 1.7% for the first 20 twenty years, and 1% each every year after. I'm 51 now so as it sits (27years) I have 41% of my base salary plus 1% for each year longer I stay. Our FERS retirement plan pays me a SSA supplement until I reach 62. Removing the commute, housing, insurance, utilities will save me $4k off the top. TSP savings account with matching funds in the third leg of my retirement stool. I'd transfere my TSP and put into dividend paying stocks and add the monies to my income without touching the principle.

 

Unicorn1, my .02, Retirement is more a function of money than age. What I mean is if you had 5 million in cash would you go to work. First thank you for your service to your community! Know what your bills and what changes with retirement. Set your goal and when you reach them retire and do what you want. I personally get enjoyment listening to older generation. A few "friends" call to ask for help little stuff drop car off to appointments. blow a driveway on heavy snow. one dear lady every few months when her kids visit her garbage is too heavy for her to bring to dump. I stop by and pick it up with mine and try to make sure I have time for coffee with her homemade coffee cake! If I could I would quit my JOB in a minute to do that full time. It's fun but then I would get fatter no doubt!

 

I have the retirement money number for the three dates I'm looking at, yes there will be yearly pay increases etc if I stay. But the money won't outweigh the lost time commuting.

 

Then I would say time is 1 thing money won't buy and nobody knows how much they got left. Good luck with your decision

 

We planned to downsize in retirement, and did that. If you want to maintain lifestyle in retirement, it's a little different.
However, in my mind, it's no longer as much about money. I now have time, even if I don't always have enough money to do everything......goes back to downsizing.
We're MUCH happier. I have destressed so much it's a wonder I even get out of bed......ok, that's an exageration.
Get rid of most unneeded overhead, AKA debt.
I quit working for money when I was 52. Maybe should have worked longer to make more money, but we no longer have most of the stuff we had earlier in life, so what's the point? To get more stuff? Wife has her sewing stuff, and I have my woodworking stuff. Makes us happy, and that's all we need.
As has been mentioned, you cannot make more time.
It's a no-brainer to me.....retire. Works for us.

 

As in the Nike ads............Just do it.

 

Retire and go get a local job that you enjoy.

 

Couldn't of said it better myself. Get rid of all the stress you can and find something you enjoy

 

Well, it took a gooder portion of my life to wrap my head around that thought, but I got there.......sorta.
Hey, you're a Jr. mod now. Very cool!