New Contract To Be Settled Soon....Retire Or Stay?

[BHC]

If I stay and retire in 2023 I will gain 67% of pension  at the max out new salary which comes out to $5268 more per year or monthly $439 more in each pension check.........We plan on staying in NJ till my youngest graduates High School in 2024. I applied for retirement at the earliest I could so I wouldn't have to make a last minute decision, so I still have plenty of time to pull my paperwork, just getting tired of the BS none sense that we all deal with within our jobs 

[Bucndoe]

There is no price for sanity, only a cost. In this climate that cost is very high. If you did some minimal things with Deferred Compensation or the Supplemental Annuity through the pension system you may end up taking home just as much money as you do now. Go get another job if you need to

Edited April 16, 2021 by Bucndoe

[hunterbob1]

I give you credit! I'd say take this job and shove it can't deal with animals anymore.

[BHC]

6 minutes ago, Bucndoe said:

There is no price for sanity, only a cost. In this climate that cost is very high. Go get another job

so very true......I really don't want to start over with a new job, but I have to do what I have to do.....I have it great where I'm at, top of the senior list so I get the best picks for days off, training days, etc ....just the BS that can come and BS I have seen come an effect others that draws me to retirement 

[Bucndoe]

Do the math, 65 percent to stay home means you are working for 35 percent of your salary.  Minus 10 percent pension payment, another 10 if you have a loan, leaves 15 percent. Take away union dues, life insurance, etc and you are most likely at or near 10 percent. That means you are working for 10 percent or less of your salary while taking time away from the rest of your life. There are only so many grains of sand in the hourglass

[Lunatic]

It all depends on: Can you do it at current rate. Keep in mind if you retire now you will get two extra year of free retired money. How many year at the new 23 rate to make that up? 

[archer36]

No one can answer this question other than you. No one knows what your expenses and net worth is. Is there a retirement account also? Is there Social Security? Does your Wife get a pension or Social Security? Without knowing the whole picture, it's not responsible to answer. 

[BHC]

I can survive if I retire at the end of the year

I was looking at two ways staying another 2 years....more money in my retirement, and we are staying in NJ till 2024

[BHC]

Retirement account I have besides my pension, and SS I will receive, wife get's SS as well when we get to that age

[Bucndoe]

Deferred Comp or SACT ?

Edited April 16, 2021 by Bucndoe

[madeinuk]

6 minutes ago, BHC said:

 getting tired of the BS none sense that we all deal with within our jobs 

You are not alone :-)

[BHC]

2 minutes ago, Bucndoe said:

Did you use Deferred Comp or SACT  ?

Defer Comp , and it's doing well

[Bucndoe]

1 minute ago, BHC said:

Defer Comp , and it's doing well

That will also factor in to what you will be brining home because it no longer will be coming out

Edited April 16, 2021 by Bucndoe

[hunterbob1]

https://www.state.nj.us/treasury/pensions/

[archer36]

21 minutes ago, BHC said:

Retirement account I have besides my pension, and SS I will receive, wife get's SS as well when we get to that age

What about health benefits? Will you have till you reach 65? If not it will cost you.  Also, is your "kid"/kids going to College that you will have to pay for in whole or part?

Once again, I say until someone knows your whole situation, they can't give a proper answer.

Bottom line to me is if you can support your lifestyle on retirement income alone (pensions and SSI) then I would retire sooner than later. But everyone is different and there is no "correct" answer. 

If you can collect two years of pension now and get about $100,000, it would take you almost 20 years to make that up in higher benefits. But that's only one way to look at it, not the whole picture. 

Edited April 16, 2021 by archer36