What Are The Advantages Of NOT Retiring When You Can?

[old brown shoe]

I always said the day I could leave would be my last day.Ended up staying for over four more years than I had to. But life can throw you some curve balls. Having the stock market take two large hits and hurting my 401K didn't help. The medical benefits have been the next reason why I stayed extra time as my wife needed some surgery's that would have cost a fortune. Also was able to have my daughter on my medical as she is in college and had to have insurance. Now I'm getting out before some other reason comes up for me to stay. I don't regret staying since it was for my family.

 

[104Feeder]

I don't think the "you could get another job" argument holds much water. Sure, in these times of high unemployment, there are many choice jobs out there that would just welcome you with open arms and treat you much better than UPS ever has (we set the bar pretty low). However, you have a good job now so why change til you are ready? Any situation where retirement, however generous, causes you to have to work a second job instead of could​ work a second job doesn't seem ideal to me.

 

[Catatonic]

I don't think the "you could get another job" argument holds much water. Sure, in these times of high unemployment, there are many choice jobs out there that would just welcome you with open arms and treat you much better than UPS ever has (we set the bar pretty low). However, you have a good job now so why change til you are ready? Any situation where retirement, however generous, causes you to have to work a second job instead of could​ work a second job doesn't seem ideal to me.

Unless that second job is something you have a passion for and you love it.
raceanoncr seems to have found that and some like rod like the part time work and just taking it slower.

I am retiring in February and I will be teaching photography and doing photography ... I would do it for free but the extra money will help.
Might even pay for my work/hobby costs.

 

[rod]

Unless that second job is something you have a passion for and you love it.
raceanoncr seems to have found that and some like rod like the part time work and just taking it slower.

I am retiring in February and I will be teaching photography and doing photography ... I would do it for free but the extra money will help.
Might even pay for my work/hobby costs.

I enjoy my little government job working for my Township as a handyman. Now that winter is approching I get very few hours but even in the summer when I'm a regular Forrest Gump riding the Township mower its a rare week if I put in more than about 10 - 12 hours. Mostly I use it as an excuse to tell the wife I'm going to work at the Townhall and then I disappear for the day. Don't ask me how it works but working for the Township somehow qualifies me for a State pension. The last printout I got from the State Retirement Plan says that if I quit now I have earned a pension of $11.00 a month------------------thats like a free 12 pack of cheap beer or a fifth of cheap wiskey a month for life------what more could a person want. Government jobs rule!

 

[brownmonster]

One big reason is health insurance. Retiree health insurance is exspensive and not as good. Really though with up to 8 weeks off a year plus weekends off I already live like I'm already retired. Just to stop working because I can is a lousy reason to leave.

Ours is $500 a month and it is the exact plan we have now, vision and dental included.

 

[BMWMC]

Ours is $500 a month and it is the exact plan we have now, vision and dental included.

Lucky for you.


Still though, when you add up the survivor rider, healthcare, popup, taxes, I'd go from
$7700 a month to about $1700. That's a big fall and the $1700 is fixed for life.

$92K+ pays for a lot of travel, Euro-rail passes, deep sea fishing in Thailand and ocean cruises.

 

[raceanoncr]

All I'll add to this equation is that 63 worked for me. Was gonna go sooner but had some outside issues, mainly taking exclusive care of my mom before she died and then clearing out estate.

Right now, I'm CLEARING more than when I was working. No, I'm not GROSSING as much, not contributing to 401 anymore, but with early SS and 33 yrs in with pension, am NETTING about 4-500 more a month.

When working, had mileage run (feeders) that grossed about $2-21-22 or more hundred a wk. Take out max 401, SS and all the other doo-dads, I was taking home about $1,000 a wk.

With pension, over 32 yrs, am grossing over $3200, taking home about $2800 a mo.

SS, at age 63, am growwing about $1800-1900 a mo, taking home about $1500 a mo.

That's about $4300, net, about 300-400 more a mo.

Insurance was $200 ea for wife and me. Same exact coverage as when working. I am now forced to be on Medicare and pay more for supplements, etc.

So, for ME, and ME ONLY, it's working just fine. Can golf, play with cars, swim in pool, do whatever I want, as long as health holds out.

 

[downtime8763]

One big reason is health insurance. Retiree health insurance is exspensive and not as good. Really though with up to 8 weeks off a year plus weekends off I already live like I'm already retired. Just to stop working because I can is a lousy reason to leave.

Our is $400. [per mo. for the wife and I including eye and dental through the company(same as ft drivers). There are plenty of farmer here hunting for people who can drive a standard shift truck(I work off and on for two) and have turned a few down. And have been working for the township a little as well all at my pace and time.If more stay in and not retire all the company will pay out is more DEATH benefits and less retirement pay.But to each his own and be happy is what all it's about and retirement can do that to a person.

 

[purplesky]

If you are maxing out your 401k with the over 50 catch up contributions staying a few more years after 60 will be huge for retirement savings. Once you retire from UPS that ability to put away around 22k per year into your 401k goes bye bye.
Also at age 59 and a half you can make 401k withdrawls so you can pay off your debts while still working at UPS. So it gives you the ability to go into retirement debt free.

Powerball and a rich uncle are also options.

 

[anonymous6]

If you are maxing out your 401k with the over 50 catch up contributions staying a few more years after 60 will be huge for retirement savings. Once you retire from UPS that ability to put away around 22k per year into your 401k goes bye bye.
Also at age 59 and a half you can make 401k withdrawls so you can pay off your debts while still working at UPS. So it gives you the ability to go into retirement debt free.

Powerball and a rich uncle are also options.

some good ideas. i'll have the house paid off soon and will be able to work 3-6 years mortgage free. we'll continue maxing out the 401k. i'll also do the big jobs like new roof, all new appliances, fairly new car and maybe a decent motorhome.

this thread was good for me. ideas on getting all ducks in a row and doing some additional homework to be prepared.
thanks.

 

[UpstateNYUPSer(Ret)]

Also at age 59 and a half you can make 401k withdrawls so you can pay off your debts while still working at UPS. So it gives you the ability to go into retirement debt free. /QUOTE]

Wouldn't that be robbing Peter to pay Paul? Why not reduce or even suspend your 401k contributions, pay down or eliminate your debt entirely and downsize to where you can live comfortably on your pension and draw SS at 62 for "fun money"?

 

[Catatonic]

Also at age 59 and a half you can make 401k withdrawls so you can pay off your debts while still working at UPS. So it gives you the ability to go into retirement debt free.

Wouldn't that be robbing Peter to pay Paul? Why not reduce or even suspend your 401k contributions, pay down or eliminate your debt entirely and downsize to where you can live comfortably on your pension and draw SS at 62 for "fun money"?

Maybe he would not be happy if he only had a pot to piss in.

 

[packageguy]

We have guys who don't want to leave. Kids and there college payments. 1 guy don't want to be home with his wife.....

 

[rod]

We have guys who don't want to leave. Kids and there college payments. 1 guy don't want to be home with his wife.....

Where is it written that you have to stay home with your wife when you retire. I must of missed that memo. Most of the time my wife isn't home antway.

 

[bogeyball]

Excuses

There are no good reasons not to retire when its time.
All I hear are excuses....most live beyond their means. That is the reason most stay on.

Like the "crack pipe" analogy.

That being said, its none of my business to look down on these folks. Just hope they live long enough to attain what they feel they have to.

 

[Catatonic]

Re: Excuses

There are no good reasons not to retire when its time.
All I hear are excuses....most live beyond their means. That is the reason most stay on.

Like the "crack pipe" analogy.

That being said, its none of my business to look down on these folks. Just hope they live long enough to attain what they feel they have to.

I am wary of people who consider only the financial side of retirement.
It makes me think they have not thought it through yet.
I am also a huge fan of experience and consequently I have talked to dozens of 2 year plus retirees.
Around half went back to work due to boredom and lack of structure and purpose.
As I enter retirement from UPS in January 2013, I will as busy or more busy than I was when I just worked at UPS.

 

[brownmonster]

Re: Excuses

I am wary of people who consider only the financial side of retirement.
It makes me think they have not thought it through yet.
I am also a huge fan of experience and consequently I have talked to dozens of 2 year plus retirees.
Around half went back to work due to boredom and lack of structure and purpose.
As I enter retirement from UPS in January 2013, I will as busy or more busy than I was when I just worked at UPS.

[/QUOTE

Some would consider that last line another one lobbed up waiting to get hit out of the park.

 

[UpstateNYUPSer(Ret)]

I wonder what impact the possible raising of the minimum age for Medicare to 67 will have on this discussion.

 

[brownmonster]

I wonder what impact the possible raising of the minimum age for Medicare to 67 will have on this discussion.

It's entered my thoughts more then once. Will the pension funds allow us or be able to afford us staying on the health insurance for 2 more years?

 

[Catatonic]

It's entered my thoughts more then once. Will the pension funds allow us or be able to afford us staying on the health insurance for 2 more years?

Not hardly unless you wanted to pay the full cost.