Retired Once.....

**forHISglory** · 07-05-2010, 03:33 PM

I retired once from teaching, in 2007. But then I kept on teaching part time. I enjoy it, but now am considering retiring again, this time completely. I'm considering stopping teaching after the fall term.

Looking for advice and comments!

Here's the facts:
1. I can take early Social Security starting next spring. It actually will be more than I make now in my adjunct teaching.
2. I can continue with adjunct teaching and continue to build up my Social Security, and then take it later, at a higher rate.
3. My husband is retired on a pension. He also teaches as an adjunct, and will be stopping this fall and taking Social Security early.
4. We have savings, but really don't want to dip into it if we don't have to. Savings go up and down as they are market based.
5. Health insurance takes 1/3 of our pension.
6. We have no debt and own our home.
7. We are in fairly good health.
8. The pension meets most of our needs, but when real estate taxes come up, we have to dip into savings, and if we have any large projects or repairs, we have to dip into savings.

What else would you consider if you were in my place?

**Josephhgoins** · 07-05-2010, 03:45 PM

I was sort of in the same situation. My home is paid for and I have almost no debt. At 32 I decided to retire for a while and enjoy life. I was working anywhere from 50 to 80 hours a week.

Luckily for me, my boss offered me a part time work from home position. without it I would have went CRAZY!

What I didn't take into account was the fact that I had started working mowing yards at 12, and in a factory at 14. I worked most weekends and rarely took time off.

The problem in my early retirement was not finances, we can always find a dollar somewhere, but rather ways to fill my day. I still struggle with this.

I also struggle with the feeling that I am no longer a contributing member of society.

I think these two are far more pressing issues to resolve over the finances issue.

**TheRootedNomad** · 07-06-2010, 08:10 AM

Possible consideration....If neither one of you are spending time working anymore at all will your leisure or travel expenses go up? You will have more time on your hands. Will what you plan on doing with it raise your expenses?

**forHISglory** · 07-06-2010, 10:01 AM

Nomad, you raise a very valid question. We do want to travel, and we have looked at our savings in light of that. Most of our travel plans consist of jumping into the truck with a cooler of food and drink and exploring the US. We're not big into expensive resorts or amusement places. We stay at moderate motels (or with friends and family), and find the free or inexpensive activities, usually historical or scientific in nature. Those trips will not be a financial problem. One trip will, however, cause us to dip into savings, if we choose to to it, and that is an European tour. Here we'll have to some planning ahead of time on how we can sacrifice to save the money for this.

Other leisure time activities are not a problem. We enjoy the library, the free concerts, a movie now and then, the live drama which is free, local festivals and fairs. We do volunteer work, and plan to increase our time with that. Both us like to write, and we hope to have more time to do that. Hubby is an artist, and he looks forward to more time painting and doing his small sculptures. Of course, materials for that cost money!

Thank you so much, Nomad, for bringing up this aspect of retirement. We think that we have thought through our plans, but now I know that we need to continue to tweak things before we actually take the plunge.

**shoiji** · 07-06-2010, 05:24 PM

I would think it really depends on if YOU are truly ready to retire completely. Personally I would probably wait until later to start receiving ssn benefits if it will help you receive more especially if your husband is starting early. Why? Well I really do not think anyone could predict what is currently happening and you never know what will happen in the future. I would think if you are asking the questions you may not be ready to retire. If you do decide to retire what will you do with your time? How many more years would you need to work until you would receive a larger amount? Would you still be active in your community? If so what would you be doing? If you decide to volunteer would that you do? Would the volunteer position be the same as a paying job?

Personally I think it is important to stay as active as possible both mentally and physically to really be able to enjoy your "golden" years!

**Brat** · 07-07-2010, 08:30 AM

I know for us Health insurance was an issue..We thought that we had a lot of saveings but as it turned out it still wasn't enough due to health issues...Will you be able to keep yourself busy and enjoy your time...Can you go back part time if you want to..Is both of you going to retire at once..Can you take a cut back in hours and still make it with out retireing. The amount that you loose to take it early isn't all that much of a difference.

**IntlMom** · 07-07-2010, 09:57 AM

D~
This is exactly the issue that my parents faced. My dad retired from the work for about 15 years ago (earlier than most do to the fact that my brother bought the family business from him). My mom and dad enjoyed a few years of retirement, and then my dad went on staff at their church. (I had to wait till I was 30 to become a PK "preachers kid" LOL) Anyway, just a few months ago, my dad did the same calucalations as you have done and retired "for real" this past March. Although he went from being paid on staff to an adult sunday school teacher/fill in pastor for their very large church.......

As far as being productive goes, my mom is VERY involved in their city homeless population, that is something that you could consider as well too.

**StanleyJohnson** · 07-07-2010, 10:13 AM

If you don't think you'll need the money, I would wait and let the SS benefit increase. On the other hand, if you need the money, I'd draw off the SS and try not to tap in to your personal savings.
There really is no magic formula for SS. If you take it early, your check will be less but you are drawing more years.

**shoiji** · 07-07-2010, 10:37 AM

Oh yea, I just thought of another idea. If you have an extra bedroom you can always rent out a room for added income. Remember reading an article where it is becoming more of the norm for people living on ssn since it helps to really stretch their income.

**mauimagic** · 07-11-2010, 12:12 AM

Interesting discussion - seems to evolve into what will work best for you in the short and long runs - you have such a strong base to build from.

**forHISglory** · 07-11-2010, 04:17 AM

You are right, MM; this is an interesting discussion. Do we need the money from our part time jobs right now? Yes and no. We could draw from savings and allow SS to start later, for a larger sum. But will have to calculate what we might be able to make on savings if we wait vs. what we would bring in with SS. Our part time jobs allow us to pay health insurance and taxes without straining the pension or drawing it out of savings. While we think we have enough savings to last us, who knows what will happen: So bottom line is that I am still pondering.

As far as keeping busy, no problem there! We are the type that always keeps busy. Volunteer work would include things that are both similar to what we now do and things that are vastly different. We already do some volunteering, and hope to step it up.

Thanks, everyone!

**Ilovesewing** · 07-11-2010, 06:29 PM

DH and I are on an '8 year plan' to get to the exact point you are in right now. He will get his pension, as will I, SS kicks in for him, and everything will be paid off including the house. We, also, will only have to pay for our health ins. which we will get through his union.

He thinks he will probably work one more year to get the difference - I guess it's a bigger one. I, however, am 7 years younger than him so no SS for me for a while. But we will be fine financially - at least that's the plan!

We have a camping trailer and will spend our time cruising around the country. That can be done fairly cheap, we will return home to our paid-off home when we need a break from that.

Eight years.....and counting! Good luck in your decision!