Me, Myself and I have been holding a discussion, should I say argument? Retire - don't retire - retire - don't retire. The discussion has gone from one extreme to another. I think we have reached a decision (at least for now). The question has gone from "if" to "when". It has to be no later than December 31st. If I wait until January 1st, it severely impacts the number of vacation days that I would get a pay-out for. The discussion now is, do I want the pay-out in 2008 or 2009? I am starting to lean toward a 2008 pay-out. That way, I can pay my taxes and have it over with and it will not impact the amount I can earn in 2009 without losing part of the Social Security. Either way, they take taxes out of it, but it is a nice chunk of change!
Can't retire before November 1st, since I have to wait until the first month after my birthday so the cut in Social Security is not as bad (13 1/2% vs. 20%). I plan to live long enough to more than make up for the cut. There is risk involved. I will be without insurance for several months until Medicare kicks in and COBRA is too darned expensive. I will have to explore a private insurance for catastrophic illness, even though I have been very healthy for the last 11 years or so and take very only two prescriptions and one of them is $4.00 at Kroger's and the other one I can live without until it goes generic.
I will also be looking for part-time employment (something easy and with little or no stress). I can make it on Social Security and pension, but I like to "play" now and then!
Seven months! The countdown is on!