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Contributor

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.

Contributor

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

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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.

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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.
Contributor

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.
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