I Got a Letter Today Saying If I Wanted to Retire Before April I'd Get Money
By Marsha
@MarshaMusselman (38865)
Midland, Michigan
January 18, 2019 6:42pm CST
It used to be that every few years or so my employer would make an incentive to retire available. Generally they'll allow an x amount per year worked if a person that has either enough years in the company or is a certain age wants to retire earlier than they planned. Over the past five years or so, they've made that or a similar incentive available almost every year. While it's looked promising, I've held off as my goal is to work until I'm seventy, another four years.
The main reason for me waiting is debt and that my husband isn't making much these days and even with social security I wouldn't have enough coming in to keep up. Now, it could be that we might break even since I'd be able to do the business more hours of the day. But, the other problem is insurance. I could get medicare, but my husband is still too young for that. So, even though I could get a bit under ten thousand dollars from work, it would be gone in a flash paying for some type of health insurance for him.
We are considering him applying for disability benefits as he does have a prosthetic and can't work jobs he could when young. He is still working and would love to work more hours, but his position keeps downsizing. If he can get that, then and only then might it be feasible for me to retire before the four years are up.
It's tempting, but I can make more right now with working than I can with retiring, so.. I'm going to pass on the incentive once again. Hopefully, when I'm closer to being ready they will make it available once again.
About six to eight years ago some employee said they don't do this often and they may never do it again, but maybe they are because there are a lot more of us that are nearing or over that age than there was years back.
5 people like this
5 responses
@MarshaMusselman (38865)
• Midland, Michigan
19 Jan 19
Four years is what I'm hoping I can manage working until. I figured it out that if things go according to plan and I'm already behind in that, I could use the extra I'm now getting with social security to pay off the little bills first and then work on some of the mortgage payment.
We're taking a class on getting out of debt starting this Thursday, so maybe it will happen faster than I've got planned, but our income fluctuates not like most where they can plan on what will come in for the year at a time.
2 people like this
@LadyDuck (503038)
• Italy
19 Jan 19
@MarshaMusselman I hope that the class will help you to better manage your debt, so you can retire and finally relax.
1 person likes this
@MarshaMusselman (38865)
• Midland, Michigan
19 Jan 19
@LadyDuck I don't plan on relaxing when I retire. I have work to do. I just have so many ideas I'm not sure what will be done first.
1 person likes this
@MarshaMusselman (38865)
• Midland, Michigan
19 Jan 19
Well, my hope is that we can more out of debt and then at least we won't owe as much. I doubt if we'll be all that 'comfortable', but I also may not mind still running the business after retiring from cashiering. At least that way we'd have money coming in for an extra year or so.
The main thing is that I'm not as concerned about whether they will continue to offer any kind of incentive at a later date or not. They've done it longer than anyone else thought they would. And if I'm more out of debt, then at least I will owe less even if I don't get cash in my pocket when leaving.
2 people like this
@MarshaMusselman (38865)
• Midland, Michigan
19 Jan 19
@DianneN That's what I'm hoping. And if not, what I won't have to pay out when more debt free will more than make up for what I might miss out on if I don't wait for the next incentive.
2 people like this
@DianneN (254948)
• United States
19 Jan 19
@MarshaMusselman I'm sure you will feel much better knowing you can retire with little or no debt. I lucked out by being offered a retirement package just when I was considering early retirement. Perhaps they will offer a package again when you are ready.
2 people like this
@MarshaMusselman (38865)
• Midland, Michigan
19 Jan 19
It's not that golden. Right now if I took it and retired it wouldn't even last me two months. It wouldn't be enough to invest or do much with other than hang onto in case of an emergency. Better than nothing, yes, but it's better to wait even if the money isn't available at a later date, I should be able to do more with less.
1 person likes this
@MarshaMusselman (38865)
• Midland, Michigan
19 Jan 19
Not at this time. I'm still planning on waiting the four years or close to it. I can't even consider retiring until we figure out something for my husband's health insurance as currently he's covered under mine via my job.
@responsiveme (22923)
• India
20 Jan 19
I do hope that whatever you decide you are good with it. We too have considered this type of a possibility but in the end have continued with our respective jobs.
Money coming in is a big factor
1 person likes this
@MarshaMusselman (38865)
• Midland, Michigan
25 Jan 19
That is the main factor to consider. We are taking a class on how to get out of debt and while I know a lot of it already, I can't say that I have followed their ideas to a T. This will get my husband and I on the same page which would be a great start in our communicating better too.
We have some other possibilities we're looking at too and if that pans out, then we can work toward our emergency fund of six months worth of expenses sitting in savings and then consider whether retirement is a good thing or not.
1 person likes this
@responsiveme (22923)
• India
25 Jan 19
@MarshaMusselman that is an important class. Maybe you could share a few ideas as a post. It will be helpful for a lot of people.
I really wish you both fulfillment in your plans.
1 person likes this
