When to retire?

 In September 2019 I will turn 55 in my occupation I am able to retire at 55 years of age and 30 years of service which I will have. I could continue to work and increase my pension by about 1 1/2% every year. I would really like to start the next chapter of my life.  Between my retirement and other investments I will be getting about 80% of my monthly take-home, money should not be an issue. In addition when I turn 62 I will be able to collect Social Security. I guess my question is Is it worth  me to stay another year and collect another five to $600 per month Or should I retire at 55 and start enjoying my life.


I would stay one more year. You're still getting to retire at a much younger age than most people. 

0 Kudos
Regular Contributor

I had to do the math on this Larry, you say an extra 500 to 600 dollars a month with 1.5% increase in your pension by staying another year? That would mean a $34,000 a month pension? If you have that going on quit now, if it is a typo and is per year stay a little longer and get your insurance and investments set up so your safe till full retirement age, then take Social Security.

0 Kudos
Honored Social Butterfly

@Larry........I think it depends on whether you have plans, hobbies, interest to stay busy. I continue to work not only for the money, good insurance, challenge, and self satisfaction. If my good health continues, I will work for a couple more years. I have looked into the prospect of a small business when I leave my current job. I get bored easily.

I will be working for sure for a few extra bucks, movies, dinners etc. I wont need the money just some padding. Do plan to do some traveling by boat and rv but that won't start for another couple of years, wife's retirement. I guess the question comes down to money and can I afford to retire and I can. Another 5-600 a month would be nice but it wont effect my lifestyle.
Showing results for 
Show  only  | Search instead for 
Did you mean: 

Put on your boogie shoes for the Daybreaker Live: Saturday Morning Fever: A Disco Dance with AARP! Shake your groove thing to live performances featuring Sister Sledge and Indigo Girls on June 26, 2021 at 11 a.m. ET. Register Here AARP Daybreaker Live: Saturday Morning Fever

Members Can Earn Cash Back

Earn 3% cash back rewards at gas stations and drug stores with AARP Membership. Join today for just $12 per year with Automatic Renewal.

AARP Membership

AARP Rewards

Activate AARP Rewards to earn points for games, quizzes and videos. Redeem for deals and discounts. Get started with AARP Rewards now!

AARP Rewards Badge

Join Us For a Concert!

Celebrate Black Music Month and learn more about the powerful connections between music and health during an AARP virtual performance featuring R&B singer Raheem DeVaughn on June 28, 2021 at 8:00 p.m. EST. Register Here.

AARP Concert Series