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When is it time to give up?
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 923386" data-attributes="member: 12570"><p>DS, I have a great deal of respect for you but I am going to use your words to illustrate a point to our younger (and not so young) drivers---"I can't afford it". Toronto is a very expensive city. I watch the TV show "Property Virgins" and am floored at the price of homes in the Toronto area. With that in mind, have you thought about relocating or downsizing? Are there any restrictions in your pension plan as far as working while drawing your pension? In my plan we are allowed to work up to 40 hours per month within the same industry with no restrictions on working elsewhere.</p><p></p><p>To our younger drivers---budget based on 40 hours and consider any OT to be gravy. Retirement may seem a lifetime away but will be here before you know it and, as in DS's case, lack of preparation severely limits your options. Do not rely upon your pension as your sole source of retirement income. Fund your 401k. Yes, I know it can be hard to do, especially if you have children. I have only recently begun focusing on mine (Jan 2012) which had been dormant since I lost 1/2 of it when I got divorced in 1998. Pay down your debt and get rid of some of the "toys". Downsize and save.</p><p></p><p>DS, if I were in your shoes I would look in to relocating to a less expensive area. I seem to recall that you enjoy music and photography so perhaps you should look for a job in either of those two areas. Read your pension plan information to see if there are any restrictions on working.</p><p></p><p>This is a great example of why it is best to be in charge of your finances as opposed to your finances being in charge of you.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 923386, member: 12570"] DS, I have a great deal of respect for you but I am going to use your words to illustrate a point to our younger (and not so young) drivers---"I can't afford it". Toronto is a very expensive city. I watch the TV show "Property Virgins" and am floored at the price of homes in the Toronto area. With that in mind, have you thought about relocating or downsizing? Are there any restrictions in your pension plan as far as working while drawing your pension? In my plan we are allowed to work up to 40 hours per month within the same industry with no restrictions on working elsewhere. To our younger drivers---budget based on 40 hours and consider any OT to be gravy. Retirement may seem a lifetime away but will be here before you know it and, as in DS's case, lack of preparation severely limits your options. Do not rely upon your pension as your sole source of retirement income. Fund your 401k. Yes, I know it can be hard to do, especially if you have children. I have only recently begun focusing on mine (Jan 2012) which had been dormant since I lost 1/2 of it when I got divorced in 1998. Pay down your debt and get rid of some of the "toys". Downsize and save. DS, if I were in your shoes I would look in to relocating to a less expensive area. I seem to recall that you enjoy music and photography so perhaps you should look for a job in either of those two areas. Read your pension plan information to see if there are any restrictions on working. This is a great example of why it is best to be in charge of your finances as opposed to your finances being in charge of you. [/QUOTE]
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