You should post a much more detailed breakdown of your income, assets, and goals.
It sounds like your income is already pretty low, and getting it 18k lower could qualify you for even more tax goodies, potentially going from a low tax bracket to a negative tax bracket. That's right, the government pays you instead.
Thanks for the reply, a quick rundown of my finances include:
Pension - me - 95k cash out option right now, if I stay in teaching as long as anticipated it will be worth 77% of FAS
Pension - wife - 90K cash out option right now, if stays in the schools as a therapist as long as anticipated it will be worth 77* of FAS
Pension approximate when we retire - 144k annually in 25 years at retirment
Roth - me - 36k (max out each year)
Roth - wife - 31k (max out each year)
457 - wife - 32k (no contributions currently)
HSA - 9K (5750 contribution + 1k employer contribution)
Cash - $71k need to spend this down
House - 300K, own, no mortgage
Debt - none
529's - 20k
Income
95 K
tax deductions
13,300 - pension (14% of income)
5750- hsa
12,600 - standard deduction
16,000 - exemptions
= $47350 in taxable income
and I know we get some other random deductions/credits involving educator credits, child tax credits, and health expenses for a health issue
As for goals, we probably wont retire early, because we enjoy working and we have a pretty decent work schedule to enjoy some down time. I think our retirement finances look pretty good, especially with the pensions. The only thing on the horizon is possibly a different house down the road with possibly a pool. I don't like our lot, it is not private. But outside of that we should get a boost when my wife goes back to work full time in 4 years. Thanks for looking at this