Next year I’m turning 50 & also become eligible for retirement. Retirement age in my country for the general population (men) is 65, but the judiciary has separate rules. I’m seriously considering retirement but I have older colleagues who are still working because they say with the life expectancy rising who knows how much that great pension in the present will be worth in the future, so why not keep it going for an additional source of income?
I would also consider just choosing the middle ground and take the pension, retire half time. If that’s doable within your country’s framework.
Less work, and you can potentially choose the work depending on how you do this, which can make it even more enjoyable in addition to having less hours. You’ll get to supplement the pension with a bit of income, you can perhaps even choose to live more frugally for a few years to get some extra investments going that you only touch on emergencies, but otherwise will hopefully get large enough to fight back on the inflation.
But if it was me, I’d just retire. No telling what the world will look like in a few years, nevermind 20. Even if you kept working, there’s no guarantees things’ll get better, maybe entire economy collapses and all that work has been for nothing. Or maybe the humanity collapses, you know.
I’d take all the free time I could muster and spend it as much as practical, on nice enjoyable things and family and friends.
I’ve already accepted that I’m going to rent and work until I die. It’s the sacrifice I’ve chosen to live where I want to live (Bay Area). A friend moved to New Mexico to be able to afford to buy a house. Not me. Accepting the grim reality of our terrible world is sort of liberating.
Sounds like you also have a choice. I genuinely wish you the best and hope whatever you choose makes you happy. Best of luck!
If the numbers make sense, do it.
I don’t know why anybody would keep working if they have the option not to.
Greater level of comfort in retirement. This isn’t necessarily selfish. It might mean the difference between living a frugal life choosing to forgo a lot of fun outings, hobbies, etc vs getting to do most or all of them.
I have a strong pension, but I love what I’m doing and as such, haven’t “worked” a day in my career. no reason to stop.
I don’t believe I’ll make it to 50 and retirement is a joke now.
They want you working until you’re dead anymore.
Turned 50 yesterday, and I’m nowhere near retirement.
Good luck, my tots and pears go out to you…
No pensions, just an RRSP, and these assholes who did away with pensions keep manipulating the market in their favour.
Took me 30 years to barely get into a house before interest rates skyrocketed, and now the ai crash will likely take that from me.
Ill be working till I die, and at this point Ill likely be dead before retirement from stress, war, or both.
And the fun all started when I graduated directly into the dotcom crash.
Run the numbers, project the life expectancy. It will be pretty personal whether it’s sufficient or not.
I’m not 50 until 2040 if I make it that far, and I have no idea how bad the future will get. I’d retire ASAP I hate working.
Doubt I’ll ever get to, but I’d choose free time with minimal reasonable savings over more money easily.
I would retire if the math makes sense. A great pension in the future doesn’t help if you’re too old to enjoy life.
I will be retiring next November and I plan to keep working in another organization.
My logic has always been that once you are eligible for that pension you are in essence taking a pay cut by staying in yoru current job.
If your pension is 65,000 a year and you make 180,000. Once you can collect that pension you are working full time for 115,000.
There is a couple of people who work with me who have 40+ years time in service. They would get 80% of their pay just by waking up. They are basically working for 20% of their pay.
The crazy part is they work in IT. They could easily make 75% of their pay working a part time job and collect their 80% pension.
Your pension doesn’t have a COLA increase?
A **great ** pension would be index linked…
I’d look to see if there is anything you could do with your experience which would take up less of your time. A side job with retirement income could be better than sticking with your current job.
Also, it depends on what your plan is when you retire. If you don’t have an idea about what you’d do with your time, you might want to keep working.
If you want to work to death you can do another 20 years at a government office and get 2 pensions.
The world is burning down and humans were not built to toil in an office.
Get the fuck out
I retired at 35, am now 60…
My only regret not “retiring” earlier.
How?
Step 1: be rich
Step 2: have lots of money
