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Why work?

by Joe UKnowWho... clever!
(Tennessee)

I'm 63 and in government work. Currently have 37% disposable income. If I retire now, between pension and SS will have 32% disposable income. This includes keeping my current health plan.

Why should I continue to work?

Joe in Tennessee

Wendy's reply: I don't understand what you are saying... and I'm curious. What does 37% disposable income mean? 37% of what?

p.s. Government pensions and health care can allow you to retire with a decent income... I just don't understand your comment. sorry!

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Why work?

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Concerns Addressed
by: Anonymous

To address the concerns:

1. Spending less is a possibility, but probably won't occur unless I have to. Making up the difference through Ebay or, horrors, part time work is more likely. Mortgage will be paid off in about 6 years.

2. My pensions, will have two including military, both have COLA's. Not a lot of savings, just an emergency fund of 4 months or so.

3. Working longer will not significantly increase either pension or SS at this point in life.

And for things to do. I build and fly model airplanes in competition, bowl, need to do some home remodeling, have 5 acres of wood land (yard) to clear (along with my two dogs help), and might even do some substitute teaching at the local school.

Wendy: Sounds like you really DO have it all worked out.. I'm absolutely thrilled for you!

Disposable income
by: Joe

Wendy,

That is the monthly percentage I have left after all expenses and everything is paid.

Joe

Wendy: Good Deal! You have a great retirement ahead of you!!

Possibly, your concerns are:

1)Spending less, if necessary, to accommodate the slightly lesser spendable income. Lots of time this extra money is going to savings accounts or car loans (can be paid off), so you might not even need to do any cutbacks.. yeah!

2) Future cost of living/inflation. My pension has no cost-of-living and Social Security (for the first time ever) is not giving a COLA increase this year. You might get a COLA on your pension. BUT - If "no raise" happens several years in a row, as prices increase and your retired spendable income stays flat -- you might need some savings to help you live. Got savings?

3) Simply working longer to increase both pension and Social Security that you'll live on for the next ?? years. If I retire now, at 54, and live to 83 (moms current age), I have 30 years of living with this relatively flat income... interesting!

Last thought -- what will you do, all day, day after day after day, when you retire -- 24/7? Do you have hobbies and such to keep you busy or will you become depressed like others as you have nothing to do?

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Why work?