Hello fellow friends and Hivians. Its been a crazy past few months filled with uncertainty and despair. I not talk about just life in general but the many happenings that affect my work life. Now a great deal of it stems from well above me. It seems it may be like this at least for another 3 years. One thing that has been on mind heavily a lot lately is retirement. I don't know, maybe its something everyone goes through when you enter single digits in terms of years to go until retirement.
I'm kind of in a unique sitution as I'm a federal civilian employee within the newly named Department of War. It's much different from being a worker in the corporate world. I'm 52, and if I did a few things I could be eligible for retirement now. But how is this possible?
Well in order to retire now I would have to buy my military time so it can be credited to my federal service time. I served a little over 7 years in the military so the price tag is approximately $6500 right now. I know this because I inquired about it recently. Only would it give me more time it would also add extra to the pension payment in years to come if I decide to retire later. Well the cons and pros.
If I chose this route I would defintely need to get another job. One that would need to be a full-time one. I would also lose out on a awesome paid time off benefit. I earn a vacation day off and a half a day for sick leave every two weeks. Also taking time off for things is fairly good and I don't need to necessarily give a lot of notice. Very unlikely getting sonething similiar in the corporate sector or at least right away.
Maybe I could get a job that is a lot less physical. The career field I'm in is prone to injuries. I have had some issues over the years to include: shoulder issues, knee issues, hearnia surgury and some flexability issues. I lot of lifting, pulling and pushing doing what I do. I consider myself fairly lucky to this point compared to others.
Another date in my mind is the age of 55. It would still require much of the same as above. It would be another 3 years to increase the pension some. It would just lesson the gab a little where I could collect on other sources of income. Next up is the age of 57.
Here I could retire without doing anything in addition as it is what I'm currently eligible for. Looking at numbers and income I could get by just working another job around the part-time hour range. It would also be just 2 1/2 years before I can use my thrift savings plan (like a 401K). Next up is the age of 59 1/2.
On paper this looks like the best option but it's 7 and half years away for me. Damn near would mean little to no working a job on the side. This is in part to having two sources of income at this point. I feel it will be tough because I'm really growing old with the way things have become. Again a lot of this stems from those appointed above me. Government shutdowns are beginning to become a constant thing. I know there's only been one major one recently but I almost guarantee the start of the next one will be tomorrow. Much more, in my opinion, on the political agenda this time. Who knows how long this one will last if not resolved by the deadline. It may affect a lot more this time as its tax season here now. Just tired of being used as a pawn and hearing absolute nonsense coming from the mouths of some. The last age I would consider to retire is 62.
At this age I would receive the third source of income, social security. Obviously the most income potential here and additional working would not be required. Sounds all great and joyful but its an option I just don't see myself choosing. I value life and we simply don't know how long we have left to live. I would rather enjoy my maybe mid or later 50s than working still.
Timing is critical to so many things in life. Retirement is something that one has to look at carefully especially if your planning to do earlier instead of later. In my situition I look at some of the other benefits not just the substaining income. I already touched on the physical aspects of the job. Other things that will be nice not having to face are: irregular hours, inclement weather and work stress. Last Friday was the coldest day of the year here and I had to work a good 5 hours outside. It felt like negative 40° with the stiff wind. Maybe colder than that when I was working out on the tarmac loading an aircraft. Days like that I will not miss and hopefully theres not many more like it. Ever since the recent Venezuela sitution I have been crazy busy. World events very much control the work pace at my job. Sometimes when you feel a break is coming something new as festered up out of no where. Now add the poltical backlash its hard sometimes to keep a bearing! Everyone has a breaking point and fornately for me I can deal with it through retirement planning.
So what age am I leaning towards to retire? Well I'm stuck between two. I dont think it's wise for me to go right now and I sure don't want to wait until I'm 62. So either retiring at 55 or 57 years old is where I want to be.
Do any of you have have a date or age in mind for retirement? Oh the golden years and what to do with them, maybe another post. Well that's all I have for you today. Take care, stay safe and let's hope this year can be better than the last. Until next time!