bows00 Posted March 2, 2012 Posted March 2, 2012 Turning 50, I just completed a required federal retirement class this afternoon, and I am in contemplation...The class covered all the income scenarios based on when you retire, and I just couldn't get over how much our pension (in addition to Social Security) jumps at 62 years of age. Our pension multiplier becomes 1.1% of basic pay for every year in service (vice 1% of basic below 62 years of age). I currently have enough years in service to retire at 56 and start my second life in the philippines, and that is still my current plan. And this plan was solidly planted in my mind, especially while nursing my Post Philippine Depression (PPD) from my 2 week vacation in Olonganpo. And the decision is validated when I see friends (and celebrities) dying in their 50's and early 60's (i.e., Steve Jobs, Davy Jones - which just happened today for example). But the class got me thinking...At 56, I will be comfortable at retirement, but it won't compare to 62. So the question is one of time and money. Keep working and put off my dream till 62? Or give it a shot at 56 while I'm still young(er) to get a faster start at enjoying the PI life style...I also realize you only live once...so maybe I already answered my own question, but I just want to be sure I am not justifying my decision with desire only... any feedback from retired expats will be appreciated. 4 Link to comment Share on other sites More sharing options...
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