Steward of the Rock
TB Veteran
- Credits
- 737
I agree, and I too would probably retire ASAP if it were not for my wife’s health. She is type-1 diabetic (34-years) and a cancer survivor (1-year).Brother SOR, when I researched whether to retire early, before 62, my full pension retirement age, I kept doing the math on my guaranteed income vs my net pay from the last 3 years. My net income for this year, 2023, is 56,568. That works out to $4,903 a month. That is in close to my net income for the last 3 years. My wife hasn't worked (at a paying job ) in 8 years and we live well. My pension is $3,000 and my SS will be $2,100 in 2 years, my wife SS (63yrs) will be $1,000. So my guaranteed income will be $6,100 vs $4,900 now. I just couldn't see working 20 months to receive an extra $500 from CSPF. I will have to pay $359 X 2 =$718 for health insurance. But I just can't see not retiring early. I mention this because I see we are about the same age and so our healthiest years are are retiring quickly. Soon we will be in our 70's and not as healthy. Just how I'm looking at life brother.
And, it is my understanding that Central States (TeamCare) caps the insurance at $350,000.00 per calendar year per person once you are retired. As long as I am working, there is no cap to my understanding.
I know $350,000.00 sounds like a lot, but I can assure you that one organ transplant would most likely go above that limit. And diabetes definitely affects the organs.
So, I will most likely be working until at least age 65.
Congratulations on your upcoming retirement my friend!!!
You have certainly earned it brother!!!