It’s never too early to start planning for retirement. Which is why I went to a virtual retirement workshop today. For the sole purpose of finding out whether it was worth it to use my sick days or save them up for retirement. Sadly, my question was not really answered. However, the rest of the workshop was insightful, letting me know that the age I retire (the age factor), and the amount of years of service credit will have a tremendous impact on my eventual pension benefit.
Based on the numbers, the most ideal time to retire would be between 62-65 to get 2-2.4 as the age factor. I’ll still have to determine whether to retire in June of 2053 or June of 2056. We will have to see how I feel by then, with what I imagine, old people pain, and how much I can continue to educate kids after 37-40 years of teaching.
The other decision to make when I reach 55 is whether to have Katherine receive the pension if I die. Which would also lower the amount being given. I imagine those conversations will happen in the future based on my health in the future.
Still, it’s nice to have a projected date of retirement in mind: 2053 – 2056. We’ll see what the future holds.
