Well, it's finally come. What times that you ask? Last week, my employer sent out letters to all the County employee's that eligible for retirement. This is something that they do periodically. They offer an incentive. This year I fall into the criteria set up, 10 years employment and age 55. The other is 30 years employment and any age.

In a couple of weeks, I am to receive another letter showing what my monthly pension would be. It will be calculated to 16 years plus and additional 4 years giving me 20 years.

The way I see it, I've got different choices I could make.

1. Take early retirement, move back closer to family where the cost if living is cheaper than where I currently am. Get a part time job until I reach full retirement age to collect Social Security. I'd take a big hit if I claimed it now. I could claim that at 66, or even wait until I turn 70 for the maximum. Then there's the pension from my former employer where the pension won't be much, somewhere in the neighborhood of $418 a month. If I take it at age 55, that amount get cuts in half.

Or

2. I could tough it out and wait until full retirement age.

There's no guarantee that an incentive would be offered again, and if so, when. It just depends on the investing the county does with the retirement funds. When the investments make money they tend to make these offers.

I've got some figuring to do in the meantime so that I'll have something to compare.

What ever I decide to do, I have until December 31, 2007, to decide. If I do decide to retire, I'll until June 30, 2008 to retire.