There have been a slew of retirements at work announced. My HR consultant retires after today and her colleague in December. Our Building Supervisor retires on October 5th. I can't help myself imagining the future and when I will be my own boss in life. I've flip flopped many times on when that date will be. Technically, I will have access to many of our retirements funds by age 59 and 1/2, seven short years from now. Health insurance for the two of us, and a safety net for DD2 being able to be on our insurance until she's 26 pushes me out at least until January of 2027, eight and 1/2 years. I've settled on retiring the summer I'm 62, after July 1 when potentially a raise would increase, giving me a few pennies and dollars more per month in my pension, making a leap of faith it will still be there.
This article got me thinking though if I am being smart to retire relatively young. How women who-retire with their-husbands often lose out raises a few points about why a women would want to stay in the work force longer. I'm a big fan of economist/writer Liz Weston. She tells it like it is in terms of the earning power women in their 50' and 60's earn, and the opportunity to make some gains from periods of low earnings when out of the workforce or at lower paid, but perhaps more conducive to raising kids jobs in their younger years. Add to this statistical factors like women living longer typically than men and needing to stretch their retirement earnings out over a longer period of time and retiring at 59 1/2 seems like a poor financial idea.
My goal still is to retire after July 1, 2028. I'll be 62 and DH just a month shy of
67. With COBRA extending my benefits to see him to medicate, our savings need to be enough to stretch my not tapping into my pension or if still present social security until I too am 67, which would be another four years and five months. that's my plan, but of course, flexibility to meet reality will be key. I accrue over five weeks vacation plus have a flex day a pay period, so I'm not too worried that I won't get adequate time to spend travelling and DH certainly does not need me to keep him amused.
For those of you contemplating retirement, what is your target age? What factors are driving that target. If you are already retired, what advice for planning might you give me, or others in my age group? If you were a stay at home worker, not eligible for your own pension, social security, or retirement, or it is very low, what ideas might you throw in the mix for people t consider exiting the paid work force earlier? I'm sure there is no one right way to retire, but I bet some of you know ways people have gotten it decidedly wrong.