Basic retirement advice.

[RammerJammer]

She had asked me if I could go another year , I just can't.not another winter here in the north east. My body can't do it . Ive been in this office since 1994. 12 years as an RCA but 2 and a half was full time . As the regular I subbed for had health issues. I need to go , yesterday , lol

I understand, just wanted you to know what you gain at 62 & 20.

 

[DB.Cooper]

She had asked me if I could go another year , I just can't.not another winter here in the north east. My body can't do it . Ive been in this office since 1994. 12 years as an RCA but 2 and a half was full time . As the regular I subbed for had health issues. I need to go , yesterday , lol

Too bad the PO won't return the favor you did them with that 2 and a half years filling on for the Reg way back when... they should let you ride out that last year on SL or whatever to make it until 62... I guess that isn't in the cards either...

 

[RammerJammer]

Too bad the PO won't return the favor you did them with that 2 and a half years filling on for the Reg way back when... they should let you ride out that last year on SL or whatever to make it until 62... I guess that isn't in the cards either...

I bet if you said pretty please with a cherry on top they’d at least give you a year credit in exchange for working for 12 years non career & not costing them a dime in benefits.

 

[DB.Cooper]

I bet if you said pretty please with a cherry on top they’d at least give you a year credit in exchange for working for 12 years non career & not costing them a dime in benefits.

They would if they had any sense of fairness... which of course, they don't...

 

[stillfirstclass]

If you’re 61 you’re only going to draw the supplement for 1 year. You could work just 1 more year and boost your annuity by 10% for the rest of your life. But don’t let me stop you. If you paid that lady $500 and she didn’t advise same thing, I’d ask for my money back.

for peeps watching this... supplement could be ?$? .. 10% of a 20 year carreer vs. 10% of a 28 year carreer $?$.....
get out of p.o. could be worth $?$ after my deductions, my net po retirement is $385... if staying for the extra 10%, you're probably part of the 10% that still loves this job.... j.s. each person has to make the decision that works for them and family

 

[DB.Cooper]

for peeps watching this... supplement could be ?$? .. 10% of a 20 year carreer vs. 10% of a 28 year carreer $?$.....
get out of p.o. could be worth $?$ after my deductions, my net po retirement is $385... if staying for the extra 10%, you're probably part of the 10% that still loves this job.... j.s. each person has to make the decision that works for them and family

How much are your deductions????

 

[stillfirstclass]

How much are your deductions????

life ins, just basic, taxes about 15%, bcbs the killer, combined about 800 $$

 

[Herma]

I’d get an official estimate and build a monthly budget before setting a retirement date. The extra year can improve the annuity, but health, insurance costs, debt, and whether you actually want another winter on the job matter just as much. I’d also ask for estimates at several ages and have someone independent check the numbers.

I’ve found that reading about firms such as Yorkton Securities is a useful reminder that financial careers and markets change, so I wouldn’t rely on old advice or informal estimates. A fee based retirement counselor may be worth it if they explain the assumptions clearly.