Are you serious, 1.2 mil in savings. I'd stay long enough to annoy and tick off the folks I don't like, and color me gone!!!
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I don't really hate my job, but I don't love it either. I just completed 21 years with the company. I have to complete 25 years to get benefits. I just don't think I can work another 4 years with this company. It's not the "same" company I hired on to in 1986. Too many bean counters now.
I really want to quit after the new year. That will earn me another 4 weeks vacation pay.
Everything we have is paid for. No debts what-so-ever. Have 1.23 million in savings, 401K etc. I am 58.5 years old and in good health.
Let's hear your opinions.
Are you serious, 1.2 mil in savings. I'd stay long enough to annoy and tick off the folks I don't like, and color me gone!!!
1 More Year And The 401k Starts
When you pull your 401k you'll have to invest it into another account until full retirement age. If you just stuff it into your mattress.. er...a bank account where you have access to it, HOLY CRAP! the IRS will be camped on your doorstep asking for at least 35% of it. We had to make a decision on those matters last year after 26 years of work and reaching age 60. Believe me, you aren't offered anything where you can make much money on interest. The stock market will eat it faster than a hound dog can eat a fresh porkchop. Most IRA accounts pay from 4.5% to about 5.25% at the present time.
I don't blame you for taking a hike while you are still young and healthy enough to enjoy your life. In July my spouse had light chest pains during the night; went in to have it checked out; and was so close to having a massive heart attack that doctors wouldn't even allow to raise head off the pillow. Then came emergency surgery and six months of recovery. Now that "old ticker" must always be considered before making a major decision.
A bunch of slackers have come into the job market and every one of them think they should hire in making the same salary as people who have worked 25 years or more. They can be a real pain in the rear end.
I will not touch the 401k or IRAs until legal and penalty free to do so. I have enough invested in other accounts to not withdraw funds from the 401k and IRAs till I'm over 62.
Medical coverage is such a huge benefit, I would hang in for the last 4 years.
Other factors for you advisors to consider.
I work 3rd shift, 7 nights on and 7 nights off. I work 10, 11, and 12 hour shifts. I am having real problems physically handling these shifts.
Our youngest son just left the nest and now the wife is all alone at night when I work. We live in the country . She's also alone in the day because I'm sleeping.
I can get health insurance for around $450/month.
My job is one of the most stressful jobs in the health field. When I say I'm on duty for 12 hours, that's with no lunch or dinner break. No breaks whats-so-ever. 12 hours means 12 hours work.
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Is there any chance of transfering to another part of the hospital, possibly take a pay cut for a less stressful job with better hours? You definitely have the seniority...
Tyme,
I say go for it! I was in a similar situation last year at age 57 and decided to retire. It was the best decision I ever made. I didn't have quite the savings you have, but my wife is still enjoying her job and is still working. Health insurance was a big worry, but I have a fund that will pay it until I am almost 65 (I hope). We went to a paid financial advisor and he was able to lay everything out for us on what we would need for the next few years. You might get better advise from some one like that than from us folks on a fishing board. It cost us around $500, but it was worth it for the peace of mind in knowing that it was possible for me to retire without worrying about where our next meal was coming from.
Retirement benefits from company.
1.Company paid Life insurance dropped
2. Dental coverage dropped
3. Health insurance like now, I'll pay group rate coverage till age 65 when Medicare takes over which would only be 3 years of coverage at retirement at age 62.
4.Prescription coverage like now with copay
5. No pension,we have profit sharing as a 401k plan.
I have a Certified Financial Planner that I'll meet with in 2 weeks. Last year, he said I could retire financially.
Heck man, my net worth is pretty much equal to yours, and I'm retired, and much younger.
In the end it matters not what we say, it is what works best for you.
Your replies indicate that your are looking for someone to give you permission to do what you want to do, and what you have pretty much made up your mind to do, so RETIRE already!!!
Danny
PS, what many fail to realize is that net worth and actual liquid capital are two different things. If yo can do it, quit rubbing it in to those who can't and just do what you want to do.
Last edited by Danny; 09-27-2007 at 04:15 AM. Reason: Add a PS
Your replies indicate that your are looking for someone to give you permission to do what you want to do, and what you have pretty much made up your mind to do, so RETIRE already!!!
Yep,that's exactly what I'm wanting to hear.!!!! My appointment with my financial advisor is on 10/10/2007. I'll know more then.