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I have already posted here that I had planned on retiring in March of next year. Well...it looks like I'm stuck for another year. I attended an online retirement seminar yesterday and got some clarification. I had attended this same seminar about 5 years ago but thought it would be a good refreshed now that I was so close. The presenter was the same and even a lot of the slides were the same as well. He, himself, said that it's worthwhile to hear about retirement planning several times so that you better understand all of the intricacies. That was certainly true in my case. Where I got tripped up was in the eligibility requirements.
I had been assuming something like 56 years of age OR 30 years of service. It's actually 56 AND 30 years of service. But that's OK. My pay statement says I have 30 years. Yes and no. There is a year in there that was temporary service. So even if I get the nice plaque that says "Congratulations for 30 years of service," it's not the same when figuring out retirement. I also thought that there might be a 1% penalty if I went out a year early. Nope. It's a 5% penalty (plus the 1% penalty). Nope. That's leaving too much on the table.
So I'll tough it out for another year. It gives me another year to put money into my retirement account and another year to plan for the future. It gives me another year to answer the Twisted Sister question, "What are you gonna do with your life?!?"
I had been assuming something like 56 years of age OR 30 years of service. It's actually 56 AND 30 years of service. But that's OK. My pay statement says I have 30 years. Yes and no. There is a year in there that was temporary service. So even if I get the nice plaque that says "Congratulations for 30 years of service," it's not the same when figuring out retirement. I also thought that there might be a 1% penalty if I went out a year early. Nope. It's a 5% penalty (plus the 1% penalty). Nope. That's leaving too much on the table.
So I'll tough it out for another year. It gives me another year to put money into my retirement account and another year to plan for the future. It gives me another year to answer the Twisted Sister question, "What are you gonna do with your life?!?"
