Author Topic: Seeking ER w/ pension & little savings...advice?  (Read 2428 times)

pocketdrumz

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Seeking ER w/ pension & little savings...advice?
« on: January 24, 2017, 11:41:37 AM »
I am new to this forum and after reading some of the older posts, I believe this site is just what I need!

Been working almost 20 yrs in a soul-sucking gov't job. I want out! I will have a pension (reduced to 75% of my income plus another % for years I am under 60- I'm 57 in February) and I have little savings. I will have retirement health insurance. I have a mortgage that I have refinanced to lower my payment. No other debt besides. If I retire soon, after monthly expenses, I will have approx $400 left each month, plus whatever I make at my part-time post retirement jobs. I want to keep my house. I have accepted a part-time position doing some data entry from home (approx 8-12 hrs each week at $20 per hr.) I also play drums professionally and work with two local bands. Work is sometimes good, sometimes not, but I could hustle more if retired from the day job. Some (including my nosy supervisor) are saying re; my early retirement "it can't be done!" or "you'll end up homeless."  Most of my colleagues have big nest eggs and spouses to help. I spent my money these past years traveling on vacation. Good stuff, but I didn't save much money. Traveling has been been my "cure" for the depression the job causes. I drive a 13 year old truck in good condition and my house is in good repair as well (so far!) it is true, I am NOT very prepared for  financial emergencies.

I am miserable at this job, and it prevents me from doing the things I DO enjoy. I have to fight to get time off to play a music gig, for instance. It's a 45 hr work week. My boss hates me and shows it. I have a knack for getting the bad supervisors. I've transferred 3 times already. (I have an excellent work record, mind you!)  My health and well-being suffer immensely, but I am SCARED to go. I have sweet visions of hiking at dawn w/ my dogs and playing music whenever I like...I am remodeling my house (slowly) with my own two hands.My idea of a great post-retirement vacation is tent camping at the Nat'l parks. *sigh* I have given my notice. July 1st 2017. I could stay longer, hoping I don't have to. It feels a bit precarious. Any advice is welcome! Thank you.
« Last Edit: January 24, 2017, 12:05:44 PM by pocketdrumz »

Lagom

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Re: Seeking ER w/ pension & little savings...advice?
« Reply #1 on: January 24, 2017, 11:48:38 AM »
I think it's doable though the risk-assessment various posters here have on pensions seems to vary. If it's a federal govt job you should be pretty safe, imo. That said, just follow MMM principles when retired. Live beneath your means and save a healthy amount of your retirement income just in case. This will help address emergencies, and if you save enough, could also mitigate the risk of a cut in pension benefits. If you are looking for other suggestions on frugality, there are tons of people here more qualified than me to answer specific questions. Good luck!

pocketdrumz

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Re: Seeking ER w/ pension & little savings...advice?
« Reply #2 on: January 24, 2017, 11:59:58 AM »
Thank you! I will be reading this post as much as I can. I believe my pension is pretty safe. I work in a library (County) and have a PERS retirement account. Most wait to get 30 years for a fully funded retirement. I know I cannot wait that long! If "Frugal" be the plan, than I am on board! I am hoping to gain courage to pull this off! Have an awesome day!

Sibley

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Re: Seeking ER w/ pension & little savings...advice?
« Reply #3 on: January 24, 2017, 12:50:58 PM »
So OP, before you quit your job, come up with a frugal budget and try it out for a few months. Lets make sure you can live on it before you commit!

pocketdrumz

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Re: Seeking ER w/ pension & little savings...advice?
« Reply #4 on: January 24, 2017, 04:46:55 PM »
Have already started... I'm pretty motivated for this!

Cassie

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Re: Seeking ER w/ pension & little savings...advice?
« Reply #5 on: January 24, 2017, 04:56:22 PM »
It will be interesting to see what advice you get on this forum versus the other one. People on MM live on less $ then on the other forum.

MDM

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Re: Seeking ER w/ pension & little savings...advice?
« Reply #6 on: January 24, 2017, 07:15:13 PM »
Have already started... I'm pretty motivated for this!
See How To: Write a "Case Study" Topic if you would like more specific advice.

MommyCake

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Re: Seeking ER w/ pension & little savings...advice?
« Reply #7 on: January 25, 2017, 02:33:26 AM »
I am jealous that you've already given notice.  I too am working at a gov't job that I hate more and more as time passes.  I don't have any advice but I wish you well. 

Drifterrider

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Re: Seeking ER w/ pension & little savings...advice?
« Reply #8 on: January 25, 2017, 06:00:32 AM »
So you will have 72% of your salary in retirement?  That is GREAT.  Much more than most have.

Life is too short to be miserable: or drink bad beer.

If you can live within your means at 72%, go for it.  Especially if you have good medical insurance.

I don't know your salary but couldn't you make 28% of it if you had to?

pocketdrumz

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Re: Seeking ER w/ pension & little savings...advice?
« Reply #9 on: January 25, 2017, 09:07:51 AM »
I believe I could recover the 28%, especially with my part-time work. It does cause some stress to think of though!
I've spent more of my life (prior to this job) with a strict budget, and I believe I can do this. Save every extra penny, what not. I'm no stranger to the concept.
I may secure a HELOC for home repair emergencies but will only touch it if I REALLY need it. Everything's good now.House/car in good repair. I'm healthy and ambitious. I have TWO part-time jobs that I enjoy, so it's a career switch, you know? I'm trying to see this as an adventure. I can't emphasize enough how toxic this place of employment is. I need to GO! Wish me luck, and thank you for the vote of confidence!

skinnyindy

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Re: Seeking ER w/ pension & little savings...advice?
« Reply #10 on: February 08, 2017, 06:34:57 PM »
I'm curious, what do you do?  I hope you are able to achieve everything you are hoping for.