Thanks for the love yesterday....I appreciate it. I am sorry I wasn't able to address every comment individually. But please know that I am glad you find something that you like here, whatever that is.
One of the girls at the office was talking about "second careers." Her husband just turned 40 and will be "retiring" from his first career in about 4 years. He will have met his time minimum to qualify for his pension and then he will move on to something else. He isn't ready to retire fully, but is looking into what he would like to do in the future.
So this spun off into a general discussion about retirement.
G-man and I have talked in the past (like years ago) about leaving the government and
finding a second career. He has no interest. He really LIKES what he
does. But probably the issue with leaving would be his marketability in
the private sector. He has very specific skills, so he may or may not
be a good candidate in the "real world." He isn't interested, so it is a
moot point. He is happy doing what he is doing. He is in a division that is highly coveted within the agency. His management staff is so different from what he has had for the past 15 years. All staff are treated with respect. This is so different from what he has experienced for the majority of his career.
G-man is technically eligible to retire from the government in 2 years. We are no where near full retirement but he will have 25 years in. The fact that he has been there for 23 years is wild. He started out on a different pay scale (which I am not even sure still exists), and while we were engaged, he got a job that put him on the current scale (which is the one that most people think of when talking about government salaries).
His pension is based on his top 3 years of earnings. If we pretended he was retiring today, that would be his past 3 years here in CT. But he is still far from where his "top" earning will be as he progresses, so even if he wanted to, retiring from the government wouldn't be a smart move unless he was leaving for some mega bucks. My thought was collect his pension, start a career in the private
sector where salaries are higher, and retire (as in not working anymore)
way down the line. He wasn't interested in this option.
You work for the government for the benefits....not for the salary. Right now he would collect less than what he makes monthly from his second job. So this isn't really an option.
We have his TSP (govt 401k) as well. As of 2 weeks ago, it had roughly 127k in it. Even though we withdrew 38k in 2012, we are well above where it was pre-withdrawl (thank you dividends!). As of this week, we rolled down into the 10's....so we have about 28.7% of the original loan left to pay back.
We are so far from retirement that none of this really matters at the moment. But it is nice to know that it is all there for the future. Next in our retirement talk will be working on my retirement vehicles, but that will go along with my new job after the move. ( My current job doesn't offer a 401k or 403b, so we would be looking at a Roth if we did anything right now.....which we aren't!).
Is anyone else looking to retire and start a second career? If so, what did you do, and what are you doing now?