Pension

[Keithh1632]

I will be taking my pension next year but it will only be about half of what my salary is per year. I still am in chapter 13. Not sure what to do. I am 55 yrs old so I have a ways to go before I can collect social security

Option 1. Relocate to another city to work in the same field for the same
amount of money or above plus my monthly pension.

Option 2. Stay in same city and work for half of my salary in another field
plus my monthly pension.

Just would like some other ideas that anyone else can think of.

Thanks

[BNKRPTinNC]

Just a thought as I also can retire but would take a pay cut if I chose to. I felt that if I had to work even after I retire why not stay put? For me, every extra year worked would add another 2% to my retirement which would max out at 80% of my high 3 after 42yrs of employment. To reach this goal I would have to work until I am 61 and about 1.5 years after the end of my 13. I also concluded that I could not make the kind of money I currently earn (not to mention benefits) by finding another job at entry level and at my age. Unless you are in a specialized field that darn age factor will have them looking at you as worn out and not seeing the potential of decades of accumulated knowledge, wisdom and not to mention work ethic.

[MSbklawyer]

I will be taking my pension next year but it will only be about half of what my salary is per year. I still am in chapter 13. Not sure what to do. I am 55 yrs old so I have a ways to go before I can collect social security

Option 1. Relocate to another city to work in the same field for the same
amount of money or above plus my monthly pension.

Option 2. Stay in same city and work for half of my salary in another field
plus my monthly pension.

Just would like some other ideas that anyone else can think of.

Thanks

First, consider yourself extremely fortunate that you have a pension. That whole concept is going the way of the dinosaurs.

Me? If I could sit on my butt and still earn half what I make -- I'd be in Latin America somewhere, probably Costa Rica, fishing. Maybe selling T-shirts and Cuban cigars to tourists when I needed some extra cash.

[Flamingo]

If you are still physically able to work it would be to your financial benefit to continue working and to save as much as you can when you are out of your Chapter 13. You will be in for a shock if you do otherwise cause you have not yet lived on half your salary. What about medical coverage, dental benefits, etc. Many former employers have cut or reduced those items from pensioners. You need to fully investigate what your former employer may have cut from your pension and whether or not you could make it on half your salary without other income. You can start receiving SS at age 62 but at the reduced rate. Now you know why so many folks in retirement are going back to work. It's almost impossible for the middle bracket folks to actually retire.