Planning your retirement a must

As a Boomer you must plan for your retirement.

The last half of my career I was planning to retire early but did not know if financially I could make it. The job was fun and enjoyable but the office politics were brutal. That part I did not enjoy. Well I finally retired early at 59 1/2 but it was more due to a stroke of luck. I worked in the entertainment industry which is heavily unionized. While talking to a fellow engineer who was the type to know the union contract better than a lawyer, he mentioned he was retiring early at 60.

That prick up my ears and so I asked how was that possible. He then told me if you have 30 years in the business and 60,000 hours you can take your full pension at 60. I was close to both years and hours, but then the anxiety began to set in I was so close but not close enough, and business was beginning to slow down. Cutting a long story short I finally got the hours and years and took voluntary layoff to save a fellow engineers job (who died of a heat attack recently, just goes to show) and took my full pension with medical at 60.

Now although I planned to retire early I now know I was not prepared. The first 6 months was the worst. Not having the camaraderie or back up took its toll, but eventually everything worked out and retirement is wonderful.

Taking your  Social Security early at 62.

 Really plan this as it makes a lot of difference.  Consider if you die, your spouses’ benefits could be lower, how is your health etc. There are many sites with this type of information which I will not duplicate here.

Due to my open heart surgery I decide to take my Social Secutirty early just in case. Later I realized I was living well without it, but by that time it was to late the change my mind and now have the reduce amount for life. But who knows if it will be around later or not?  At least I have the benefit of today’s dollar — not the future deflated value.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s