Next year I’m turning 50 & also become eligible for retirement. Retirement age in my country for the general population (men) is 65, but the judiciary has separate rules. I’m seriously considering retirement but I have older colleagues who are still working because they say with the life expectancy rising who knows how much that great pension in the present will be worth in the future, so why not keep it going for an additional source of income?
I will be retiring next November and I plan to keep working in another organization.
My logic has always been that once you are eligible for that pension you are in essence taking a pay cut by staying in yoru current job.
If your pension is 65,000 a year and you make 180,000. Once you can collect that pension you are working full time for 115,000.
There is a couple of people who work with me who have 40+ years time in service. They would get 80% of their pay just by waking up. They are basically working for 20% of their pay.
The crazy part is they work in IT. They could easily make 75% of their pay working a part time job and collect their 80% pension.
Your pension doesn’t have a COLA increase?