Might have to delay retirement to build up my pension income

Should I be a slave to my job and work as many years as I can?

I like my job and it is not too stressful…

I had dreams of retiring at 50, but might have to reconsider to 57-58.

What do you think? Can you put a price on freedom from age 50-57?

The trade offs are obvious. Work longer = more financial security. Retire early = Living on a midsized but not lavish budget…

I don’t get paid as much in base salary as the private sector, but the guaranteed health insurance and pension (years of service x 2.5 = % of annual income) should provide me with some comfort until the market recovers…

Hi @darrellquock,

I am not a “lavish” person, but I will pay more to have quality.

Initially, I wanted to go out at 50 but as I looked at the numbers, I did not want to be caught short. The thought of trying to find a job and work after being retired for 17 years is mind-numbing.

So we went the extra 5 years to 55. At that point, various models in various retirement calculators kept us “positive” through thick-and-thin.

And it has served us very well in retirement.

Example: We have been paying cash for building this house. Close to the end now and we have spent nearly double the value of our portfolio on the day we retired.

By retiring at 55, I locked-in a small pension, about 10% of what it would have been at 65. But even with no pension, our plan still worked.

We both get SS and DW has a small pension.

Does that help you?

Gene
All holdings and some statistics on my Fool profile page
https://community.fool.com/u/gdett2/activity (Click Expand)

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Personally i would suggest an aggresive savings investing program. Max you 401k. Max your Roth ira. Save and invest more if you can.

This gives you more options. Offered an early retirement package you can take it. You may love your job but compamies can decide they don’t need you. Or someone else can do your job cheaper.

Investments give you many choices. Retire early. Start your own company. Consulting. Teaching. Be creative. Volunteer. Take up a hobby. Work on your bucket list. Spend time with the grand kids.

Those investment resources give you many choices. Enjoy!!!

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