I have the opportunity to retire in December of 2022. a For the last
two years, I have been working full-time, taking classes full-time, plus
co-parenting my grandchildren. 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. a 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 have paid
vacation, sick leave, and other benefits like health insurance that are
above average. a My first consideration was to determine how much
retirement compensation I would get monthly. a I would get just a little
over half my current monthly salary and would have to have some
type of health insurance coverage. a 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. a We are also
short-handed (like everyone else) and overtime has become
mandatory. a I like the money I can make working overtime but I tend
to forget when enough is enough. a I always say I will take a trip with
my overtime but never seem to work it into my schedule. a 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: 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. a 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. a 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. a It makes sense to follow the
steps for a rational decision. Step five is yet to come.
