[JackSprats Mom]

I am a financially anal person but I would say, if the numbers work RETIRE NOW!

Sounds like you hate your job, and I'm in the same boat, it sucks the lfe out of you. 2,5 years of a life sucking can feel like an enternity.

Plus you wanna know how many poeple wait, then retire and get sick and can't enjoy it?

If you can do it, go for it!

[JanM]

Take a good hard look at your expenses, and see what you can consolidate or eliminate. I think a lot of people underestimate how much money they'll spend for everyday things when they retire. Maybe transportation will go way down, or no more expenditures on work clothes, but if you have to get a part time job that might not go down either. Are your vehicles in good repair? Or do you need to replace one, and could do that over the next few years til you retire? The 200-300 a month might make the difference for payments for that. Are you planning on staying put, or downsizing houses? Look into independent health care, like Kaiser, or other plans and see if you can afford good coverage. Make sure doctors and hospitals near you accept it also. Have you budgeted for the deductibles and co-pays for Medicare when you qualify? And for the Medigap insurance that most of us need too? Are there any major house repairs coming up? There are so many variables I hate to even think of them all, but you have to lay out your situation on paper, include as much as you can, and then decide.

[minnie]

E
Make sure you run the numbers. I am already retired. The only pension I have is ss plus my ira, roth and some stocks in a taxable account. I just recently ran the nu,bers for my budbet for the next 5 years. I was appalled at the result. I live rather modestly, seldom go out and can make a grocery budget scream for mercy. Thermostat is set at 78 summer amd 65 winter. Using a conservative inflation rate of 4% and the projected health insurance increases, 5 years from now I will need $8530.00 more per year to equal what I'm living on toda
y. My ss increase this year was $26.00/mo. Needless to say, I'm already going through everything to see where I can cut back. That increase does not include anything catostrophic so far as home repairs,vet bills, vehicle replacement,etc.

[SLW]

If you can make the numbers work then retire now. You could always find something else part time something changed and needed a little bit of cash flow.

My next door neighbor was set to retire next year when she turned 60 because the company is downsizing. She starts her 3rd of 8 chemotherapy treatment this Friday to be followed by 6 radiation treatments. This came out of the blue when she found something late last Nov. She only wishes now she had retired earlier.

[gothedistance]

Retire. You will love it.

[Prime Time Rider]

Don"t assume that you can easily find a part time job with health insurance benefits. Most PT jobs don't offer health insurance benefits, and if you have to purchase health insurance on your own it is very expensive, especially if you are 60 or older.

[ynl063w]

I actually have a sort-of friend who is a FP.
I'd planned to ask him to dinner (my treat) when the $$$ hit the bank to pick his brain as to how to invest the windfall.

I would not involve friends or family (sort of or otherwise) in a huge financial decision such as this one, and I especially would not do it over a dinner invitation. I don't have any advice regarding what you should do, but if I were you I would be entirely professional throughout all the steps required in making the final decision.

[minnie]

Another thing you may want to consider. Having this inheritance could give you the flexibility to look for a job you may injoy more that could carry you through to full retirement. That way you wouldn't have to spemd a small fortune on private health insurance and could invest your inheritance.

[Slewdledo]

I worked with a lady up til the fall who was counting down...two more years...was a few days shy of one more year when she left. Just couldn't deal with it anymore. It was an adjustment for her, but she is now very happy.

I say GO FOR IT!!!

[AKB]

Could you keep your health insurance if you cut down to 20hrs per week at your current job? Unless you can figure out the health insurance, you may be stuck working until Obamacare kicks in and you can buy health insurance through one of the exchanges. Currently, if you buy an individual health insurance plan, they can fail to renew/drop you if you get sick.

[clanter]

and run. Use your time to do anything you want to do, because in the end
no one knows what will happen in the future. .

I peeked at the ending, we all die.

As for me, 65 in April.... making a pretty good wage, five weeks vacation... hate the office staff and they know it; I am the ONLY person in the place that is healthy....

I have been just socking away every cent; drive a twelve year old car-- heck who knows what jerk is going to ram into me going to/from work---

Could walk away without notice; which kind of gives me an upper hand so the management doesn't bother me.

[Snugglerug]

Please sit down with a fee-based certified financial planner and run the numbers. Most people have no idea how much money it takes to fund even a modest retirement. There are so many variables. And certainly don't retire without having health insurance locked down.

And please, please, do NOT ask a sort-of friend (or anyone else, for that matter,) to give you their professional advice in exchange for dinner. This is how they make their living. They've spent years (if you choose wisely) and lots of money to accumulate the knowledge you now need. Why should you expect them to give it away?

[SMF11]

I've hesitated to chime in on this thread as I know I am very risk-averse. But here's my two cents: as much as you could die in two years (so live it up now!) you could also live to be 95 and run out of money.

The other thing that rang my alarm bell is that you are planning on living mostly on your social security payments when you retire. Are you SURE you can make that work? I know we couldn't, but we do live in an expensive part of the country.

Another red flag was thinking you could get a part time job with benefits in (presumably) in your sixties. I'm in my 50's and I think there's age discrimination . . . again, I don't know you or your field of work, so without that knowledge I would not assume it would be a piece of cake to get that kind of job.

Because of these concerns I agree with those saying to make an appointment with a financial planner to run the numbers with/for you.

[2DogsFarm]

OK - unless I'm reading the posts through rose-colored glasses, looks like the Vote says: Retire.

As for the FP "friend" - really he's not a friend, he's the former BF of a former GF of mine.
He's a CPA, does the taxes for the 2nd company my present boss runs and I asked him (boss) if he thought I should ask FP-guy what to do.
His advice: ask, but don't let him invest for you.
I still think it's worth the price of a dinner to pick his brain.

Re: health insurance - I work in Home Health so am pretty familiar with what companies do best for the policyholders & which stiff the providers.
Thanks for the suggestion of looking into company insurance for retirees.
I know they let you keep the Employee Discount & stay with Profit Sharing, so maybe.....

Keep the ideas coming as long as OTD lasts!

[rcloisonne]

and have a plan to have the equivalent of the full SSI until it actually kicks in,...

Just to clatify, full SS payments will never kick in if someone takes early retirement (say, at 62 instead of 65). For example, if your SS benefit would be $1,000/month if you retire at age 62, you will never get the full retirment benefit of say, $1,600/month when you turn 65. It stays at the rate it was when you retired. This is to encourage people to keep working (and paying into the system) for as long as possible. That's over $7,000/year difference for the rest of your life.

I agree with the advice on health insurance. Not sure if the OP has spent much time looking into this other than knowing someone with a part time job with full benefits but the truth is there are very few part time jobs that offer medical benefits. Very few. Health insurance is a huge expense when you're paying as an older individual so don't count that out as an added expense if you retire early. Please don't "hope for the best" that you won't need it until you're old enough for Medicare. If something serious happens you'll have to go through everything you own before you can qualify for assistance.

[andreab]

In my opinion, there is a big difference between a CPA and a financial planner. My CPA does my taxes; my financial planner helps me manage for retirement, grow my money, review my financial standing vs. my goals. I would not go to my CPA for retirement planning. I think you should find a good, experienced financial planner and make an appointment--in an office, paying for the meeting and his/her expert knowledge.

I also agree with SMF11--you can die next year or live to be 95. If you have not invested in long-term care insurance (and maybe you have since you work in home health), the costs of long-term care as you age are very expensive.

I also believe it may be difficult to find a part-time job, particularly one that provides benefits. There seems to be a large number of people looking for work right now, so it may not be easy to find a part-time job if you discover you need one--especially one that provides benefits.

[2DogsFarm]

Just to clatify, full SS payments will never kick in if someone takes early retirement (say, at 62 instead of 65). For example, if your SS benefit would be $1,000/month if you retire at age 62, you will never get the full retirment benefit of say, $1,600/month when you turn 65. It stays at the rate it was when you retired. This is to encourage people to keep working (and paying into the system) for as long as possible.

Sadly, I qualified for the SSI Widows Benefit.
But since I earn over the $14K allowed checks are withheld for most of the year.
If I have no income I get those checks year-round.
I have already confirmed with SS that I can collect this until I reach full retirement age - 66 for me - then switch to my full SSI.
I will supplement the Widows Benefit from my inheritance to equal my full SSI until I turn 66.

[Bluey]

I would keep working until the time you decide you absolutely want to quit, or until retirement comes in 2 1/2 years.

It would not hurt to have someone run numbers for you now anyway, so you know what you are looking forward to, have more to go by to make those important decisions.

As we say around here, you can't manage what you have not measured.
You need to know where you stand to start managing your future.

[carolprudm]

I believe Starbucks offers health insurance for part timers as does Wegman's. there ARE decent companies out there, you do have to look for them however

[Prime Time Rider]

Sadly, I qualified for the SSI Widows Benefit.
But since I earn over the $14K allowed checks are withheld for most of the year.
If I have no income I get those checks year-round.
I have already confirmed with SS that I can collect this until I reach full retirement age - 66 for me - then switch to my full SSI.
I will supplement the Widows Benefit from my inheritance to equal my full SSI until I turn 66.

Yes, but are you planning to live on your SSI alone? It seems more prudent to me to invest the inheritance and retire when you turn 66. That way, you'll have the entire inheritance to fund your retirement. Consult with a financial planner. Costs do go up. A friend of mine who is in his early 70s retired two years ago and continues to work part time on a contractual basis. Prior to retiring in 2010 he accounted for all of his living expenses. Guess what, since 2010 his expenses have gone up by 30%, and NOT due to lifestyle changes. Insurance premiums (auto and home), property taxes, etc. have increased his fixed expenses by 30%. So, even if you think you can make it on your SSI and supplement it with your inheritance based on today's costs, you may be in for a rude awakening in a few years.
Health insurance premiums are high if you're in your 60's and have an individual policy. A friend of mine was paying $750 a month for her health insurance until she turned 65 last year and was Medicare eligible.

Have you thought about approaching your employer about reducing your hours to four days a week and still be able to maintain your health insurance benefits?