Ah crap...

[Skytrooper]

Last week corporate decided to let us know that we are going to be closing. The transition team which is redistributing our product line to other subsidiaries, will start in Jan 2020.
I turn 60 next year and will start receiving my Army pension on top of the DoD pension I am currently collecting.

I just wonder if I should try transferring to one of the subsidiaries that is picking up our product line for a couple more years, or if I should just bag it and retire at 60. My wife and I had planned on 62.

I am curious to the input the FBBO can provide.

Thanks,
Matt

 

[snakeyes]

I would check in to it it`s always nice to have extra money in this hobby and being married

 

[Slap Stick]

Remember if you collect ss before full retirement age you draw about 80%. The earliest you can start is 62. And you are limited to about $17k before they start reducing your benefits.
If you continue working, you still pay into ss and your benefits are based on your last full year of employment. If you got a raise between now and when you retire your benefits would be based on the higher amount.
If you pull the D ring now you get nothing until you apply after eligibility. That's two years in your case. Can you do that?

 

[Jerry Hall]

It all depends on your financial stability without the job income. Other things to consider are is how deep your roots are where you are at. Like if you're home is paid for, and your other liabilities. If you're on the edge just remember it may be better to keep the job you have rather than hunt another. With only 2-5 years to go comparable jobs may be hard to find.
I retired at 58, home and cars paid for and a business on the side for the previous 10 years. Going full time into my business actually benefited me, with the plus a monthly retirement income.

 

[Skytrooper]

We planned to retire at 62. We confirmed our ability to do so with 2 separate financial planners that we would be doing pretty good income wise (I have 3 pensions and 2 401K accounts) between the 2 of us. I just wondered if I should stick it out to 62 by following the one product line.
We have no roots here as our kids are all out on their own in other states. NY is an expensive state from which we will be moving away from upon retirement anyway.

 

[Ranger16]

Run the numbers. Compare your and you wife's SS, plus your pensions and see if you can live on that, preferably with a positive cash flow.

 

[slepr1]

We confirmed our ability to do so with 2 separate financial planners that we would be doing pretty good income wise

I suggest rechecking with your financial planners with the new optional date of retirement. Maybe you will still be able to retire.

Another way to look at retirement is 'not having to rely on an income, other than your investments'. Doesn't mean you have to "full stop" working either. I retired at 44 yrs old but kept busy with odd 'fun' jobs and my cars.

 

[Richard Cranium]

I retired at 44 yrs old but kept busy with odd 'fun' jobs and my cars.

Lucky you!

 

[91r/t]

What company you working at? I am in Buffalo NY and was curious which plant you are talking?

 

[Fran Blacker]

You didn't mention medical benefits, DoD or somebody else taking care of that?

 

[Skytrooper]

Run the numbers. Compare your and you wife's SS, plus your pensions and see if you can live on that, preferably with a positive cash flow.

This is what we did with both financial planners, but obviously we should run the new criteria to see if 2 years early will make much of a difference.

Health benefits are DoD

 

[Skytrooper]

The drag is...I really enjoy what I do now. That is why part of me says "go transfer to the division that does what I like the best", and the other half says "why go through all the hassle of moving and such...just retire".

 

[MarPar]

****. Good problem to have. Me? I would just retire. Yer not gettin any younger. And you never know what can happen in the future.

 

[Jerry Hall]

The drag is...I really enjoy what I do now. That is why part of me says "go transfer to the division that does what I like the best", and the other half says "why go through all the hassle of moving and such...just retire".

Liking what you do is a big plus. No roots where you are is great if it's the same for your wife. This is only my opinion, but I would transfer for the other years, and then find my retirement home. Financial planners are good as long as they have your interests in mind.

 

[hanks73340]

I guess it depends on how much you plan on spending versus what's coming in finance wise on a monthly basis. If you really liked the job, I would check into a transfer if feasible. Our hobby is not cheap as you know, plus you may take up traveling more once retired which will cost more monies. My wife retired last year at 62. I plan on retiring next year Sept. at 66. So far we are actually traveling more since she retired than before, when we were both working. Also, you never know when some medical issues pop up, and that will suck up some major funds. I'd go back and talk to your financial advisers to really figure it out. Good luck....

 

[Fran Blacker]

Does your job move to a new state where you might like to retire? Do they pay the move?

 

[slimt]

Must be nice.

 

[zyzzyx]

Same thing happened to me. Good ole G.E called us to a meeting one day and told us
that our plant was closing in one year. I was 59-1/2 at that time. Because of that time frame
I was entitled to healthcare, dental, vision care, and severance pay. I could have transferred
to another division, but I would have lost $150,000.00 in severance pay! I opted to retire at
60-1/2 and wait to take my Social security at F.R.A., which was 66. I started drawing my (one)
pension as soon as I left. Remember, you can't start withdrawing out of a IRA or 401k until
you are at least 59-1/2 or the IRS will ding you. You have to look at all of the marbles! Oh,
and co-incidentally, I loved what I did too. Just a matter of economics. Good luck with your
decision and choose wisely. you only get one turn!

 

[Budnicks]

Sorry to hear that

if you have the means & don't want to relocate
I'd retire
if you don't want to retire
maybe check out what they are offering
& then make a educated decision
you'll know pretty quickly if it's for you

you're the only one that can make that decision

I semi-retired in 1997, at 38
(just didn't go to work everyday anymore)
so I could spend more time with kids, their sports & after school stuff,
go drag racing & rodeo stuff (Lisa),
golfing (lots of time, long story) & my golf business (2nd business)
all stuff I missed while working 60+ - 70 hrs a week,
the 1st 20 years
(facility management/construction, automotive dealership group)
& being on the road almost as much too, living out of a suitcase
missing stuff

I started consulting more (same co.'s) than working physically
seems I worked more after I semi-retired
I use to really like what I did, now doing it just on my schedule instead
it was nice to still have some income & not just depleting
my savings or investments

stock market dive stuff in 2007/2008 & the real-estate crash really hurt

I don't regret one min. of it
even the losses
I do wish I'd have bought more real-estate when the market was **** (low)
2008-2013

I'm not old enough (I'm 60) to collect my pension or S/S "yet"

Good luck

 

[steve from staten island]

Financial planners are mostly whores. There main interest is lining their pockets with the commissions they make off your invested money.
Ive met many, their mostly all the same.
Im sure their are some honest ones somewhere