Work an Extra Year for $136 More A Month in Retirement Income?
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- เผยแพร่เมื่อ 9 ก.พ. 2025
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Time is priceless.
I too got stuck in the thinking of 200 more a month for life by staying. I finally woke up and realized just increase my withdrawal rate to cover it. Life’s way too short!
Just came to same conclusion, pulling the plug this Jul at 62
I always pick my financial advisors that wear a old white undershirt
Maybe he’s going to take that last year of salary and payoff some student loans for his kids. Maybe he’s gonna help his daughter with a down payment on a house in San Diego. And by working an extra year he doesn’t have to dip into his retirement savings. Sometimes it’s not about you. You never stop being a father. And as a father we want our children to succeed in life. And we’re willing to do whatever it takes to make that happen. Even, dare I say, work?
❤
Man… with that said how dare he only work one more year. He should stay for many more
@@HeritageWealthPlanning I think it depends on how he feels. Some people actually like working. Like the HR manager at the company I work for. I don't think she will ever leave lol.
Excellent comment and mostly why I keep working.
@@HeritageWealthPlanning 🤣🤣🤣
A way to look at it, especially for people who hate their jobs is how much money would you pay to reduce your prison sentence by one or two years?
Give away ANOTHER year of your life you will never get back for 136 A month? No. I swear. Everybody goes through life in some type of stupor where they think they will live forever. If you retired today 33% of your life will be spent asleep. Nobody does much of anything past 80. That is if you live that long.
Like the Dr. said..."if you've met one 80 yr. old, you've met one 80 yr. old".
Pablo definitely doesn’t want to deal with the pawlitics at work anymore. He chose not to work the extra year.
The flip side to that is he’s also making an extra year’s salary. One less year worrying about retirement. The longer someone works, the less time being concerned about your numbers.
Plus he gets to avoid the wife for another year! 🤣
0:02 says sacrifice a year to lose lose $136/mo , title says $136/mo more. This one is hard to follow.
I worked 1 extra year, retired at 62, and was able to save an additional $60K that year to add to my retirement savings. It was worth it for me. That was worth much more than the extra amount of SS earned for the extra year. Now I am enjoying retirement to the max!
The most powerful move to bolster a retirement plan is to delay retiring. The added pension benefit is just icing on the cake. The extra year's wages and the reduction of a year of retirement to fund is what does the heavy lifting. Don't work longer than you need to for money you'll never spend. But yeah, working another year has a profound effect on retirement numbers.
You can always make more money….but you can’t buy more time
But many retirees figure out they could have retired a year or two early than they did. Too many people save too much for retirement and end up wasting years working that they could be enjoying.
I guess you didn’t listen to the video
@@jeffvaliquette75 I'm pretty sure I did. But more importantly, I understood it in the context of some bigger factors. I guess you didn't read and understand what I wrote and were triggered by something not there.
Never delay retirement.
If you don’t need social security in retirement take it as soon as you can,but if you need it,delayed it as long as you can
I’m the guy Josh is talking about. We have zero debt. Zero. Have plenty of retirement investments and we just don’t spend much.
JOSH... I've always highly admired your financial knowledge... But your Super Bowl predictions.... Hmm... 😆🤣😂
I think it depends on if he needs a new roof, car, AC, etc. Kids and grandkids always need something. He could also put the years salary in a HYSA and it will be twice as much or more for working an extra year. Unless he is just done.
Well he wouldn’t asking the question if he was loving the job
I'm FERS as well. I'm 57 with 27 years of service. I want to retire now. But not only would I get a 25% reduction in pension, I also would not be eligible for the special retirement supplement.
The supplement I think is in jeopardy
@Clewis2023 I hope not. But if they take the supplement away then I have no reason to stay. So I hope they come to that decision sooner rather than later.
@Mymindsgoingblanknow you only get the supplement at 57 with 30 years of service or 60 and 20. I'm in the same position I had to wait until 60
@@357fairmont the supplement is the only thing keeping me. It's a lot of money to leave on the table.
@Mymindsgoingblanknow I get it. Now I'm a few months away from 60 I'm considering going to 62. That gets me 30 years of service and an extra 10% on my pension. However, by going to 62 I won't get the supplement.
He will also have another year of pay. Im looking at working another 2 Years. It will net me $360 a month more.
Then think how much more pay he will have if he worked 5 more years
I will predict eagles over chiefs 24-21.
Wrong!
24-0 eagles as I type this
Another year of work is not worth $136 a month extra. This is one the same reasons I took my Social Security @62. I retired the day I turned 60, I could have waited to take my SS and got a bigger check for the rest of my life, but SS is not my main means of retirement income so it makes sense for me to take it early and enjoy it now or invest it.