To retire or not

by Ron Wheadon
(Bothell Wa)

I am planning on retiring sometime this year, it depends on what day you ask me, sometimes it will that day and then I think why?

I have two adult children doing well and fun to be with, but no grandchildren.

Someday's I feel very excited about retiring and other days I do not want to retire at all. I will be turning 68 in January and one plan is to retire on my birthday. So I experience anxiety, excitement, fear and sometime wonder what is the matter with me not wanting to retire.

I worked in Post Secondary educations for years, loved it, the students, the faculty and watching the student succeed is wonderful. I an administrator and taught for a number of years.

I have thought of employment at retirement on a part-time basis and been asked to do some projects, but cannot seem to get the energy to do them, therefore declined.

My wife is 7 years younger and plans on working for a number of years.

As far as financial planning, we have been working with an excellent planner, he says financially I am ready but I move from wanting to go to not on a daily basis.

My work has been wonderful and are willing to let me decrease my hours per week, and I have not taken advantage of that option.

I used to have hobbies, but I loved what I did at work that most of them have been dropped, maybe I can bring them back.

So I go from day to day, looking at what I might do with extra time. I have talked to a number of retired educators and the are so happy it is encouraging. They say they are so busy doing what they want.

I guess that is something to look forward to at retirement.

Oh well one day at a time.

Ron

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Retirement Stories Teach You a Lot ....
by: Retd. Prof. Durgesh Kumar Srivastava, New Delhi, India

No two retirement situations are exactly similar. There are minor differences from case to case. A dear student came to me and said: My Papa wants to meet you someday soon. His friend and colleague will also come with him.They want to consult you regarding a VRS scheme (Voluntary Retirement Scheme) that their employer is offering them.

A couple of days later, the two men (A & B)visited me. They were in the early 50s. I asked each of them to tell me about the VRS scheme and details of their individual family and other circumstances.

The employer would pay them a lump sum amount on VRS, out of which INR 500,000 would be tax free. The money accumulated in their Provident Funds woul be paid to them, along with gratuity due plus encashment of their accumulated leave. Their salaries will stop, but they will get pensions as per rules.But VRS would bring to end their health benefits.

A was in poor health and his two moderately educated sons were looking for work. B was in good health, and his son (my student) ran a small home business. He had a young daughter, studying in college. Both A and B had built their homes and were free from debt.

I advised A to go for VRS and use the INR 500,000 payout to help establish his sons in business, which will also give him something to do. When their business was well established, they could consider getting married.He was in poor health and needed rest at home.

I advised B not to accept VRS, since he was in good health, could work for a number of years, getting good pay raises since the revision of pay was due. He also needed the status of a working executive for successful negotiation of his daughter's marriage when the time came.

A and b both accepted my advice. A used the lump sum money to buy a luxury car. His sons continued t be out of work. A fell seriously ill and died after about an year of VRS.

B continued working, got a hefty pay raise and successfuly settled the marriage of his daughter. Wen he retired from service at the regulation age, he got all the benefits, excluding the VRS lump sum payment which A had received.B also became eligible fo rpost retirement health scheme. About 18 months after his regular retirement, B was struck with complete paralysis. His health benefit came to his aid and all expenses on his treatment were re-imbursed. His decision not to opt for VRS proved to be wise.

DKS, 22 Sept., 2014

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