I'm wondering if anyone else faces a dilemma like this one.
I'd really like to be financially independent as soon as possible. This might mean "retirement" around age 50 (currently 33). However, my employer provides me with a pension which I don't have to pay into. Basically free money in retirement. Payout at retirement is based on ending salary, years of service, etc. The earliest I could start collecting is age 55. Here are some estimated projections (age I quit, collect and monthly payment):
Retire 50 collect at 55 $1,300
Retire 55 & begin collecting $2,700
Retire 50, collect at 65 $3,200
Retire 55, collect at 65 $4,300
Retire 65, collect immediately $5,900
It makes retiring earlier look like a bad idea. Also, with health insurance, if I retire at 55, my premiums are covered 100% for life. Retiring earlier leaves me with a significant gap in coverage.
How would you handle a situation when all of these carrots are dangling to keep you working for longer? I'm trying to focus on what I can control and save what I can so I don't need the carrot, but even the logical side of me has a hard time throwing that money away.