I am really looking for some advise from people living "The Dream" now.
A little background, I'm 50, my wife is 44, Ive spent 28yrs fighting bad people, and have numerous broken parts on me as a result, one being a neck surgery that did not heal right, and because of it has accelerated my retirement plans by 5 years. My org plan had been to retire at 55, buy a used 39-42ft krogen, and finally live a life surrounded by like minded people, but the krogen part is unattainable now. As of now, other than constant pain that is better or worse on certain days I'm in good health, I'm active, dive, swim, hunt, fish, etc, but am told will probably need extensive surgery in next 15 yrs.and no telling how I will be then. I will get no disability type payments, just what I have earned in my 28 years of working for the dept. I am being urged to retire due to my accumulative injuries, and feel I may have 1 year, before I'm forced out and am wondering if putting up with what I have to, is worth the extra money I would get in retirement benefits. My question is I read people saying go now, if you wait till you can afford it, it will be to late, and thats my biggest concern. If I go now, I would be looking at 81k in a 401k and 4750 monthly, if I stick it out 1 more year, 133k and 4750 monthly, thats compared to 350k and 5500 a month, had I been able to follow my original plan of 5 more years. Should I go now with what I will receive, can I buy and live on a trawler with what I have now, would the extra money for another year be worth it, or is not even attainable with what I will be making? I'm sorry for such a lengthy post, but any advise would be very helpful to me....thank you
A little background, I'm 50, my wife is 44, Ive spent 28yrs fighting bad people, and have numerous broken parts on me as a result, one being a neck surgery that did not heal right, and because of it has accelerated my retirement plans by 5 years. My org plan had been to retire at 55, buy a used 39-42ft krogen, and finally live a life surrounded by like minded people, but the krogen part is unattainable now. As of now, other than constant pain that is better or worse on certain days I'm in good health, I'm active, dive, swim, hunt, fish, etc, but am told will probably need extensive surgery in next 15 yrs.and no telling how I will be then. I will get no disability type payments, just what I have earned in my 28 years of working for the dept. I am being urged to retire due to my accumulative injuries, and feel I may have 1 year, before I'm forced out and am wondering if putting up with what I have to, is worth the extra money I would get in retirement benefits. My question is I read people saying go now, if you wait till you can afford it, it will be to late, and thats my biggest concern. If I go now, I would be looking at 81k in a 401k and 4750 monthly, if I stick it out 1 more year, 133k and 4750 monthly, thats compared to 350k and 5500 a month, had I been able to follow my original plan of 5 more years. Should I go now with what I will receive, can I buy and live on a trawler with what I have now, would the extra money for another year be worth it, or is not even attainable with what I will be making? I'm sorry for such a lengthy post, but any advise would be very helpful to me....thank you