I have the opportunity to retire in December of 2022. For the last two
years, I have been working full-time, taking classes full-time, plus co-
parenting my grandchildren. i I am getting a bit burned out in my high
stress job and it has been tempting to call it quits. But, can I afford to do
it?
I will be finished with school in less than a year most likely and have
some prospects for working from home in the accounting field. It
sounds like a plan. However, I’ve never really been one to make
decisions on the fly so it seemed prudent to do some research on this
important decision before I make my final determination.
First of all, I make very good money with the state. i I have paid vacation,
sick leave, and other benefits like health insurance that are above
average. My first consideration was to determine how much
retirement compensation I would get monthly. I would get just a little
over half my current monthly salary and would have to have some type
of health insurance coverage. I don’t qualify for Medicare at this time.
Health insurance is a major concern for me. Overall, I am healthy now,
but have had some problems in the past and have expensive
prescriptions so I need good coverage.
Other considerations: I work at a high stress job requiring me to work
rotating shifts. I am getting burned out on the shifts. We are also short-
handed (like everyone else) and overtime has become mandatory. I like
the money I can make working overtime but I tend to forget when
enough is enough. I always say I will take a trip with my overtime but
never seem to work it into my schedule. The current economy is a
concern. I worry that my dollar won’t stretch far enough to cover what
has to be paid.
The viable alternatives are: i 1. retire and find a job to supplement my
income while I finish school. 2. Continue working and re-evaluate when
I finish school ad determine my options. 3. Find another job with the
state that has better hours and transfer my retirement. (I will definitely
take a cut in pay.)
Both qualitative and quantitative factors were involved in considering
this decision. Quantitative factors include the difference in pay and the
additional cost of insurance. Qualitative factors include how the
mental, emotional, and quality of life issues would be affected.
I will most likely ride it out a while longer, knowing the option to retire is
there. I have followed the five-step decision making process without
really knowing I was doing it. It makes sense to follow the steps for a
rational decision. Step five is yet to come.
