How do I decide whether or not to work?
After working for 27 years for the same organization, I found out in late April that my job was being eliminated as of July 1st (a story for another post) I am 64, divorced with two grown children.
My plan had been to move to NC (I’m in NY now) when I retire to be with my daughter and grandchildren. This pushed me to do it now.
I put my house in the market and about to go into contract. I will have enough to buy a home there outright, and property taxes are a fraction of what mine had been.
I’m getting severance pay through March and health insurance until my 65th birthday, so I’m ok for now.
My question is, how can I best determine if I should start collecting ss and drawing from my retirement accounts (I think I can make a 6% withdrawal safely and live on the combination).
It’s hard to know what my budget will realistically be, because the cost of living is lower down there and I won’t be helping out my kids as much as I have the past several years. I thought I’d part time work, but am worried about making over the cap as it relates to SS since I’m not at FRA. I’ve only got $800k in investments. Is it too soon for me to truly retire?