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new to the game .retiriing in one year

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Money Talk > Retirement Planning

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edgal1
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Cash: $ 0.45

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Joined: 27 Dec 2015
Location: ohio
new to the game .retiriing in one year  Reply with quote  

Hi, new to the retirement forum. Have the opportunity to retire from a defined benefit plan collecting approx $6k/month pre deducts.Have the opportunity to work a new job earning $6k/month.
age 55
Mortgage $0
House value $80.000
House taxes $3000/yr
investments $0

Looking to work 3 to 5 yrs. Need to know tax and investment ideas .
Post Sun Dec 27, 2015 6:33 pm
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oldguy
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Joined: 21 May 2006
Location: arizona
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quote:
investments $0


Wow, you sure waited to start your savings/investing programs?

In addition to the $72,000 pension, will you get a SS pension? (If you were a civil servant, the double-dip rule might come into effect).

To clarify - do you have mandatory retirement in the next year? Or can you stay where you are? Is the new $6000/m offer more than your current income?

Single? Kids? Does spouse work?
Post Sun Dec 27, 2015 7:21 pm
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edgal1
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Cash: $ 0.45

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Joined: 27 Dec 2015
Location: ohio
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Thank you. It is mandatory retirement, age 55, 30 yrs, union construction trade.Will work with the same company under contract. Divorced. 4 Adult children, one with $50000 college debt. I have 10k in credit card debt ( college help). I also have k100 union annuity which I can not control and will have to await age 59.5.
Post Sun Dec 27, 2015 9:08 pm
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TerryB
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Investments. Plenty of them keep in mind to decide if you have a personal interest in a certain niche. How about stocks, silver or real estate? Many boomers also decide to set up a business which have been planned for so many years but weren’t made possible due to the demands of an 8-5 office job. But make sure to plan ahead and educate yourself on whatever industry you choose.
Post Mon Feb 08, 2016 10:04 pm
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