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Hello,
New to Fire but have been loosely planning / living as such for a while. I may pull the plug on a civil service career and my pension will be around 92k a year. I still owe 180k on my house in NY. No other debt for over a decade. Wife and I have about 900k in retirement savings. 2 kids 10 and 8. 92k in 529 plan.
I'm possibly being offered 95% paid medical insurance if I leave which would be about 2K a year. If I stay and leave later I'll pay 15% a year instead of the 5% being offered.
Is the medical "buyout" worth leaving my current salary that is being put towards my retirement and kids college savings? Medical costs pretty much double every ten years.
I feel like it's do able but it's kind of sudden to think about being "retired" within a year. I will still work at another job, whatever that may be so can keep contributing to college saving and another IRA.
So I did this at 40. At the time my pension was 85K I don't know how old you are, and I don't know if your pension is taxable or not. I also don't know what your mortgages and your monthly expenses. What I do know is that when you go the first few years of great, but unless you have a significant CO LA built into your pension, it doesn't take long before inflation significantly, and I mean, significantly reduces the value of your pension. I will tell you that between my pension and my Social Security I make 10 grand a month and I feel broke.
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- 11 months ago
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And does your pension grow if you stay longer?