Learn about the difference between a service pension and an accrued pension to determine the monetary benefit of staying till 64. I've got my 30 years and can go now but I want to continue to work so for the moment I'm staying with the thought in mind that I will get more but if I happen to hit milestone age of 62 and then 65, the economic benefits of an accrued pension verses a service pension are worth considering. In my case, here's a brief breakdown of what I discovered in my case.
If I leave now:
$3000 per month, minus survivor benefit for wife, minus insurance premium, minus state and federal income tax. Somewhere around $2k takehome
Leave at 62:
$4400 per month, minus survivor benefit for wife, minus taxes. Somewhere between $3500 and $4k take home and closer to $3500 I would think
Leave at 65:
Right at $4900 per month, minus taxes
Each person would have to look at their situation, how they feel both mentally and physically and then go from there. For the moment, I want to continue working so why not stay where I am with all the vacation, seniority, benefits but I have been talking to some folks about doing my dream job so you never know. My dream job in retirement? Driving one of these
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And yes, I'm dead serious!