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 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. b 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. 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: 1. retire and find a job to supplement my
income while I finish school. 2. b 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.
