• Question
  • I work at a HighSchool Dist in CA.. So I will get CALPERS retirement pension. I am 56 so I can

    Asked by someone from Bakersfield, CA on 1/28/2013

    I work at a HighSchool Dist in CA.. So I will get CALPERS retirement pension. I am 56 so I can retire now, but will not get alot of Money at the moment... Only around $1200 month : if I werer to retire now. If I wait until Im 62, I will get $2500/month.. So I am paning on thast senerio, that is retireing at 62, then taking my SS early. I have no Savings, and am upside down in my Home... does this make sense if I can minimize my debits yb then?

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  • Categories: Public Employee Retirement System - PERS, When to Retire, When to Start?, Mortgage Refinancing, Delaying Retirement, Social Security, Pensions and Retirement Benefits

Answers

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  • Of course I can't see the future any better than anyone else, but I believe that Social Security is still likely to be the best investment there is. If I were you, I''d work till I was 66 or try to build up enough savings until you retire so that you will be able to wait at least till 66 to start taking Social Security. I have no idea what you think you can live on or whether you are married, both of which can make a huge difference. I think that the best thing you can do is to pay for a one-time consultation with a CFP. You can find some good ones in your area on www.napfa.org that will do something like this for a reasonable fee. Make sure you know what to bring to the meeting by asking. Bud

  • Login to rate this answer:   Answered on 1/28/2013
  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • The good news is that you have time to really figure out your financial future and you can improve your preparations for financial security in retirement!

    I think that you are making a good decision to delay your retirement. Retiring at 62 means that you will probably still have 15-20 years or more of retirement -- a long time to fund without a monthly income!

    I would urge you to use the NewRetirement Calculator.
    --> https://www.newretirement.com/retirement-calculator/default.aspx

    The calculator will help you assess whether or not your plan is reasonable and rational. It may also give you some additional ideas about how to best make your retirement financially stable.

    Additionally, you might explore ways you can save something for retirement throughout your remaining working years and yes, you should absolutely work on minimizing your debts... and hope the housing market continues to improve and improve your mortgage situation!

    We wish you all the best!
    http://www.NewRetirement.com

  • Login to rate this answer:   Answered on 1/29/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.