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Goal met and so confused

April 18th, 2016 at 03:10 pm

DS#1 gave me a check last night for money he owed me. I deposited the check and added $200 from our checking to make a deposit that brought us up to nearly 51% of the savings goal. Adding the extra $200 is a way of pushing myself to save more. I will have to be extra careful with spending until next paycheck. So 49.2% more to go!

My husband called the state pension system to figure out how much longer he will have to work to get his full pension and be eligible for full benefits. As it turns out, he is able to do that in November of 2019. We were contemplating a move to warmer pastures as soon as he retired but quite honestly, I'm confused as to what to do. By then, I'll have 12 more years left to retire with a pension and benefits as well. Is it a wise move for me to let my job go and move to a warmer state or tough it out? If I leave, I'll have 13 years into the pension. Keep in mind, that my husband is 11 years my senior and I started working later in life because I was a stay-at-home Mom. I also think that I can live with SAD during the winter months as long as I become proactive rather than reacted prior and during the onset of the winter months. I also don't know if Central Florida is the ideal retirement home for me. It is much too busy for my liking. I would not even know what areas to consider. What do you think?

8 Responses to “Goal met and so confused”

  1. nhgirl1970 Says:

    I lived in SW Florida and hated it. I swore I would never, ever again live in Florida. Long story short, ended up in the Panhandle last year. I really like this area. It is so different than the rest of the state (in a positive way) and not super hot year round.

  2. creditcardfree Says:

    There are so many places to live! You have several years to be considering things. I'd go on some vacations and see what interests you. That will tell you quite a lot. Drive so you can see what is along the way if possible too.

  3. snafu Says:

    What interesting choices in your future. Does DH know his pension formula like 85% of top four earning years? What rules are attached to your 13 years of pension contributions? Is your pension transferable to another plan? Are you longing to retire or would you consider working part time after DH retires? If you were to move to Florida for example, would you want to move to a community like your sister's? What is the ideal population size? Do you want to be on the coast or inland? What lifestyle do you desire as a retiree? Would you be happy in a condo or do you see yourselves in a house? How do property taxes compare in Fl compared to NJ? If you were to totally retire, how do you imagine your daily activities? Do you have friends and relatives to include you in their social circle? Would you find it helpful to be in an active community with a lot of events to choose?

    Your health, daily activities and lifestyle will determine how much income you will need. There are lot of retirement programs to try on-line to see future probabilities.

  4. Jenn Says:

    It's such a personal choice, but if it were me, 12 more years would be a heck of a long time to 'tough it out' if I could make it happen.

  5. Carol Says:

    Thinking about your very long term future, be careful about the terms of his pension(if you have a choice) and how it may provide for you. Does it have survivor benefits and if yes, are they 90 percent or fifty percent.That could make a difference in your choices.
    Good luck. You have some time to figure it all out.

  6. Ima saver Says:

    Having lived in central Florida for almost 40 years, I think it is a terrible place to live and I hated it! I won't go back, even for vacation!!

  7. debtfreeme Says:

    I would have discussions with the pension office regarding survivor benefits now. This usually happens when someone applies for retirement but for planning purposes it would be nice to know the options.

    And I would begin discovering new places for retirement in Florida or other states that don't tax pension money. Vacations to new places to scope out possibilities is a great idea.

    I also plan to leave the state I work for when I retire probably moving to one state over to avoid being taxed on my pension or social security.

  8. livingalmostlarge Says:

    What happens after 13 years to your "pension?" Do you get anything back? Do you roll over money?

    What is your retirement plan? Do you have enough without your pension? How old will you be and DH be?

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