After 27 tooth-grindingyears working for the State Government of Tennessee, I’m taking my pension, early next year.
But my pension is so small, I’m gonna need a new job.
Frankly, I’m scared.
It’s like jumping off a cliff.
But my Boss has been telling me that I ain’t worth re-training. (hin-hint).
So, it’s time to go.
A pension, with its regularity and assurance is worth more than its dollar value. You are lucky to have one.
Nobody, well few people, completely retire at first. Most take a nice little job that gives them a schedule and a place to be. I am enjoying driving a school bus.
This is a big leap, but it ought to work out after a bit. Be pleased and proud you have done so well for so long.
Aren’t bosses sweet? I had a boss who started steering new work away from me when I was a good five years from retirement (“Oh, you’re so busy, I didn’t want to give you any more to do”) and in the last year I had to struggle to find enough to keep me 50% busy. Nobody was pushing me to retire, I could have stayed longer, but I didn’t see the point. Everyone else was in their 30’s or younger, everyone I knew and liked had left or been laid off (I worked at a newspaper).
Retiring, for me, was like getting out of prison. There have been some downsides, like the ability to put off projects around the house because “I can do it tomorrow or the next day,” which means things don’t get done very fast. I do volunteer work a couple days a week, otherwise my time is my own. I developed a new hobby. I spend time with my husband and we don’t drive each other crazy (we have to work at that). Life is good.
Don’t forget to check and see what your pension’s rules are about how much you can earn after you start drawing the pension. I was limited to I think $700/month earnings before it began to reduce my pension,
Do you live somewhere with a high cost of living? If so, is there the possibility of moving somewhere cheaper? I’m working somewhere with a high cost of living, and my pension would go a lot further elsewhere. We also have a house that has tripled in value and is almost paid off, so we’re pretty lucky. I wish you the best.
My pension is just about half of what I made back in “real life”.
But I noticed that, without even trying, I’ve cut my expenses in half.
I finally had time to just sit on the porch with a dog and a beer and a stack of old books. So my entertainment budget is almost zero. Don’t go out to eat much… hey, I could just have a sandwich on the porch! Going out to lunch with coworkers really totaled up, and I often organized a “field trip” to the local brewpub after work.
Oh, and I’ve been biking almost everywhere (“Hey, hon, I’ll pick up those cabinet pulls you wanted. Yeah, it’ll take me an hour, but I need to get in shape anyhow.”) My poor neglected car… I talked to my insurance agent and there’s a cheaper rate for driving less than 6000 miles a year. With covid and no work commute, I’ll be at half that. And I’m saving a ton on gas.
A huge savings: travel. I had two trips planned post-retirement, but Europe closed up right beforehand. But, that’s okay; as I sit on the porch, looking out at families playing in a park, I think “Why would I need to go anywhere?”
So I guess contentment (and being a cheap SOB) is my key to retirement budgeting.
Middle Tennessee.
Rutherford County is reasonably cheap.
For awhile.
My current income is small.
My pension will be around half that.
So, back to work fore me.
More than that - the old mentality of retirement meaning you do basically nothing is dangerous. Even if you don’t get paid work you need something interesting and preferably useful to do!
Bosda - Frankly, I would make them push you out - you might qualify for a decent severance if they end your employment. How long before you start taking social security? Do you qualify for Medicare? I thought you were roughly my age (60). I’m working now mostly for the insurance.
StG
Omigod, do NOT show this thread to my wife! She doesn’t look like a Puritan, but a husband with his feet up frustrates her “work every moment” ethic.
It’s okay, she’s just stepped out for a while so she won’t see this. I’ll tab out of this screen before she’s back. 
It doesn’t have to be ‘work’ but IMO keeping both mentally and physically active in almost any way is vital for a long and enjoyable ‘retirement’.
Are you talking about SS or a pension? I’ve never heard of a pension that limited earnings except under special circumstances, like someone receiving a disability pension before the normal eligibility age or returning to work for the same employer.
My pension is from the California Public Employees Retirement System (PERS). I am aware of pensions in Illinois and in California that have limits on post-retirement earnings and all of them are some form of government entities; maybe that’s what does it.
Most of the ones know with no general earnings limit are government pensions as well.
A very long time ago i was a pension actuary, and I’ve read a lot of pension plans. I only read private plans, not ones from public entities. I never saw a plan that limited what income you could get from other sources. So i don’t think that’s a common plan provision. Because your pension is part of your earnings, i doubt that ERISA plans allow that sort of reduction.
So check, but i doubt it will be an issue.
Also, @Bosda_Di_Chi_of_Tricor , i second the suggestion that if you are forced out you may get a decent severance package. I’d at least research that before quitting, unless the job is making you miserable.
Lol. Bullshit. Where are you getting that “statistic”? A significant number of people completely retire at first. Nearly all of the retired people I know did. I obviously only know a small slice of the retired people but to say it’s a relative few is asinine.
Back to the OP, this is certainly a scary situation but it’s also an opportunity. Since you only have to earn a smaller amount to go with your pension, the new job can potentially be something fun and will almost certainly be much lower stress. What is a job that you can reasonably get that you think you might enjoy?
My guess is, among all the people he knows or knows about, most of them did not completely retire at first. He has trouble grasping the difference between “all the people I know” and “all the people.” And/or confirmation bias.
Do you still get your social security? If so, do you plan to take it now or wait? I don’t know how old you are, but there is a difference if you take it at 62, 67 or 70. You should check with your financial planner to see what works best for you. I’m going with 67 to start taking mine, FWIW.
A lot of people are in that boat, especially if you don’t have any other investments to supplement your retirement pension. In my state, 27 years would get you something like 65% of your full salary/best 3 years (here you’d be better retiring at 30 as that gives you 70%, IIRC).
Good luck and hope your retirement is a good one! I’m still a few years away from my own, but looking forward to it. Assuming I live that long. 
So true, every retired person I know always took a part time job for various reasons mostly to have little extra pocket jingle and to get out of the house.