[CarGuys]

Go to the SS web site and get a estimate of benefits at 62.

More you make now more you recieve later.

[Pturner]

Originally Posted by brostholder

working 3 days a week for 3.5 years means you will work for 546 days until retirement (3 days a week x 52 weeks x 3.5 years). If you work 5 days a week and can retire in 2.5 years, you will work 650 days (5 days a week x 52 weeks x 2.5 years). It doesn't sound like an even trade-off to me. Since you are enjoying your current lifestyle and apparently do not need the extra income that working full time would give you, I would stay part time.

Hi LisaJ,

Happy pre-birthday. In addition to Brostholder's time analysis, it sounds like perhaps you are not planning to increase your total net earnings between now and retirement, but rather planning to use the extra income from full-time work to retire sooner.

If financial benefit is not part of the equation, I'm not sure giving up your flexible lifestyle for the next 2.5 years would be worth retiring one year earlier. The extra year until retirement will be here before you know it; and it sounds like you would enjoy your next 2.5 year much more if you are working part-time.

However, that's just me, based on the assumption from your post that you are not planning to gain financially by changing to full-time employment.

[RichieB]

Originally Posted by CarGuys

Go to the SS web site and get a estimate of benefits at 62.

More you make now more you recieve later.

It is important for you to know that when you ultimately decide to take your SS benefits, they consider 40 years of work, then drop the lowest 5 years. You should consider that in your planning.

[Pturner]

Originally Posted by CarGuys

Go to the SS web site and get a estimate of benefits at 62.

More you make now more you recieve later.

Oh, I missed your post for some reason. If it would significantly change SS benefits for rest of life, that would be an important consideration, at least to me.

[RichieB]

By all means, go to the SS website and get all the info. It's all there, though sometimes not easy to find.

Since you are still working, I believe that they send you an annual statement. You can, and should, request a statement at least annually, and before the date that you decide to stop working.

[asianthree]

Take the full time dump all the money into your 401 and enjoy the extra money when you retire early

[Mama C]

Originally Posted by LisaJ

My husband and I are looking to retire in 3.5 years or 42 months to be exact. I currently work 3 days a week and have been offerred a full time position. If I take the full time position, we could retire in 2.5 years or 30 months. I love working part time and my husband teaches so he has summers off. The flexibility in my position allows us the ability to travel and do the things we enjoy in the summers. This board is a wealth of information and would love some assistance in making this decision. If it were you, would you continue working part time or would you take the full time position (which would allow you to get to TOTV a year sooner)?

If you enjoy your life style now because you have more time with your spouse--my vote is stay part time!, Life is short and you never know what is around the next bend in the road!, good luck--I gave up a full time job making good money so that we could spend more quality time in Paradise--- we call it it our Leap of Faith

[The Great Fumar]

Don't get caught in the trap of trading time for dollars..........

[CarGuys]

Five years ago as 55 and eligible to retire I visited the villages came back and was ready to say take this job and shove it!

The best thing I did was listen to some friends who said go get your reality checks. So Ok I did!

Check one : The NYS Teacher Retirement System Web site that calculated benefits at 30 years, 31 32 etc

Check two : The NYS Retirement system that reminded me a divorce 13 years ago was going to remove 16k a year as soon as I retired.

Check three: The Federal SS retirement and their calculations at 62, 63 64 etc

Step four: Back to work! And every time I think I'm outta here revert back to Step two:-

[graciegirl]

Money in the bank is security. Since you aren't going to retire right now, you might as well save a little more.

[Uptown Girl]

After you do all the investigating and crunch all the numbers... Then you and your hubby should EACH try Dirigo's exercise:

Originally Posted by Dirigo

Have someone else flip a coin. Heads you remain part time. Tails you go full time. The choice is no longer yours.

While the coin is in the air what does your heart hope the result will be?

There's your answer...

Excellent advice, in my opinion!

[brostholder]

Originally Posted by The Great Fumar

Don't get caught in the trap of trading time for dollars..........

Best advice yet! And really, how much difference can working an extra 16 hours a week make in your total retirement savings in the next year. Also, the same for social security. I believe they average your eligible earnings for the last 30 years, so working an extra 16 hours a week for a year will not move your benefits very much at all. Just because you retire does not mean you have to start taking your ss.

[RichieB]

Your SS benefit is derived from the last 40 years of work, then the lowest 5 years of earnings are dropped from that grouping. So, for example, if you decided to retire in 2011, and you are 62, they would consider all earnings between 1971 and 2011, then drop the lowest 5 years.

Retire at age 62, you get 75% of what you would get at full retirement age. Retire at age 63, and it's 80%. I would have to look it up to be certain, but I think the current full benefit retirement age is 66 and is gradually increasing.

Of course, they're always talking about monkeying around with future benefit amounts.

[LisaJ]

Thank you for all of the knowledgeable advice! Hubby and I are seriously considering the advice on TOTV, crunching the numbers and trying to make the best decision for us. I love working part time because it does give us the time to travel, see our friends and spend time together. However, I see so many "little old ladies" standing on their feet at target or walmart in pain. Having suffered many years with Plantar Fasciitis (I don't want to be them). They are working because they have too, not for enjoyment. Sooo, I might like working part time however, is that best in the long run?

[RichieB]

Oh, by the way, Happy Birhday LisaJ.

Hope you have a GREAT day!