OT: Is it time to retire

[sciencelady]

I did retire at 55 about 3 1/2 years ago - couldn't be happier! I'm currently volunteering at a Wildlife Rehab Center working with animals (and I don't need to adopt any into my home ). I also work at a circus as a secretary a few hours a week, but that has been on hold due to Covid-19.

As far as health insurance I did buy my own coverage, but get some dollars from my old employer's plan to help with the costs - I'm still paying the majority. The employer had a fixed pot of money for health care premiums based on years of service and one can decide how to spend that pot on premiums - I budgeted out till I'm 65.

Financially I'm doing OK - I do get a small pension through my previous job, and then I get dividends from my investments to live off of - it works. When I get to 65 I'll start hitting some retirement funds. I live pretty modestly.

[summer breeze]

Originally Posted by sherry7899

I think Trader Joe's and Starbucks may be among the few that offer insurance for part time workers.

Possibly Costco too.

[sherry7899]

Originally Posted by summer breeze

Possibly Costco too.

Yes, you are right! A friend of my son's works there part time and gets I think she gets benefits. I think Target used to but does not anymore.

[Exercise Diva]

Originally Posted by summer breeze

I know a lot of people (I'm talking about people in my real life) say to wait until full retirement age so you'll get the biggest SS distribution. But there is no guarantee you will live to full retirement age plus that's 5 years of SS checks that you aren't receiving. That could be $60,000, $80,000, $100,000 you didn't collect. I've read where you would have to live into your 80s to make up that lost income. Just something else to consider.

I work for a retirement planning firm, and you are exactly right. For many people it makes sense to wait until you reach FRA but many others it's not that simple. We approach this answer for our clients on a client by client basis. It drives me crazy when I hear advisors on the radio or television putting out a canned answer about delaying until you can get the largest benefit possible. That's not often the right way to approach this decision for many folks.

[suzannaerin]

Well, looks like COVID cases are unticking in some states so some jurisdictions and employers might hold off on bringing folks back to work.

Make sure you employer is following the CDC guidelines about masks, social distancing, and sanitizing. My employer is doing a good job, unfortunately, individual managers and some of the work force aren't as conscientious as required. Plus, some are traveling (vacations, getting on airplanes) and then coming to work. I worry more about that sort of thing than I do being in the office, but then again, I have a private office. If I were in a cube, I would not be as comfortable about being in.

[nyskier]

I really feel bad for people who are being forced back into the workplace with Covid around and actually getting worse in places like Florida (this state is under-reporting numbers). In addition, the OP has a horrible co-worker. This is everyone's nightmare.

As far as retirement goes, most of the big firms like Schwab and Fidelity (and I am sure others) have retirement planners on their websites. You can probably just google the terms and come up with some retirement calculators.

Good luck!

Lori

[Carol K]

Yes, both of those sites have retirement calculators and Vanguard and T. Rowe Price as well. I used those calculators at a much younger age to determine how much I might need and how much I had to save. If you have any type of retirement plan at work, whether it be a 401(k), 403(b) and/or cash balance pension, there should be something on the plan administrator's web site that tells you whether your retirement savings are enough to last through retirement.

[bzar]

retirement calculators - our company has a private one for just employees, and the good thing is that it compiles pension, 401K and SS all in one chart, and allows you to input assumptions like when you plan to draw SS and 401K.

reminder to all to investigate your medical also - some employers pay for you and your spouse after retirement, assuming you've met certain criteria set by the employer.

[FirmDancer]

I'm in the same boat too! I've been tele-working (and much more productive) since March 21. We had a web-meeting today about returning to work sometime in the near future. I spend 3 hrs a day commuting. My work location is a tiny branch of a much larger organization. My supervisor believes the pandemic is a conspiracy theory and does not follow any safety precautions at all, from what I hear from onsite staff. There's no upper management in the area to see this. I will be 64 in July and planning to retire at 65, and collecting full social security at 66 &1/2. But I am seriously reconsidering this.

Like the OP, I'm terrified at the thought of going back to a tiny cubicle with co-workers not following health guidances and policies. Do I really want to risk getting seriously ill and/or dying just one year away from retirement ??? I realize I can use & pay for COBRA to stay on insurance until I qualify for Medicare is 13 months. For my own mental health, I'm considering retiring. I'm trying to get everything in order & will make my decision when the time comes to go back.

[Laura S.]

If I were in a position to retire at this point and over 60 but I wasn't sure I had everything in place, I'd be tempted to talk to HR about my concern at the age discrimination of forcing people, namely me, in a high-risk group to return to the office. Maybe you could buy some time? Can you claim a health issue as a disability for which you need accommodation? Maybe HR would be willing to override an individual manager? If you're at the point where you could retire either way and you are feeling forced out by the office situation, would it be much of a risk?

I DON'T KNOW ABOUT THE LEGALITIES. I'm just thinking how I would negotiate hardball if I were in that situation. I'm married to an ex-HR manager for the government and know that claims like this often took a while to work out and could extend your time until you're ready to retire. Especially with the upticks in infections rates recently.