Should DW go down to 11 month contract?

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fortfun
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Should DW go down to 11 month contract?

Post by fortfun » Tue Nov 12, 2019 7:10 pm

I'm a teacher with 1.5 months off in the summer, 2 weeks at xmas, 1 week spring break, plus the usual holidays. DW has a regular job with 24 days of vacation. We may be able to arrange an 11 month contract for her. This would allow her to enjoy most of the days off that the rest of us have (me and 2 kids). Kids will finish HS in 4 and 6 years, so we are approaching the end of our regular time with them. It would be nice if DW could enjoy the time off that the rest of us have. We plan to retire in 4.5 years at 51 and 52. I will have a >70k/yr pension, with full spousal benefits, and 1.5% COLA at age 50. This will cover our living expenses. We should have 1.5M in savings by then for pleasure spending. DW will have the lowest SS payment possible whenever she takes it. I will get no SS. Going down to 11 months would only mean about a 30k (total) loss of income over the next 4.5 years. There would be no change in health insurance and her vacation time would go down to 22 days (with an extra month off). Of course, we can always work longer if necessary.

Leaning towards, "Yes" but wanted to see what others think.

Complete situation here: viewtopic.php?f=1&t=293620
Last edited by fortfun on Tue Nov 12, 2019 7:31 pm, edited 1 time in total.

Silk McCue
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Re: Should DW go down to 11 month contract?

Post by Silk McCue » Tue Nov 12, 2019 7:21 pm

Seems like a great life decision you will never regret. Go for it.

Not certain from this or your other post how you will cover healthcare insurance when you retire so that is an open question to be addressed.

Cheers

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fortfun
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Re: Should DW go down to 11 month contract?

Post by fortfun » Tue Nov 12, 2019 7:31 pm

Silk McCue wrote:
Tue Nov 12, 2019 7:21 pm
Seems like a great life decision you will never regret. Go for it.

Not certain from this or your other post how you will cover healthcare insurance when you retire so that is an open question to be addressed.

Cheers
Thanks for the input Silk McCue.

The state's pension system offers a good plan but it will be a little costly (1-2k/month) depending on the level of coverage we select. Who knows what that could rise to before it is over. Our home will be paid off shortly after we retire and we can put that 1.2k/month toward health insurance. Kids' college is a bit of a wild card too but we should be able to swing instate tuition with our 529s.

Colorado13
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Re: Should DW go down to 11 month contract?

Post by Colorado13 » Wed Nov 13, 2019 10:05 am

Yes. You can afford it (kudos for the good work to get to this point) and the time spent with family is time you can't get back. Go for it!

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fortfun
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Re: Should DW go down to 11 month contract?

Post by fortfun » Wed Nov 13, 2019 3:17 pm

Colorado13 wrote:
Wed Nov 13, 2019 10:05 am
Yes. You can afford it (kudos for the good work to get to this point) and the time spent with family is time you can't get back. Go for it!
Thanks Colorado13! Also, I like your state too :)

DVMResident
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Re: Should DW go down to 11 month contract?

Post by DVMResident » Wed Nov 13, 2019 6:29 pm

fortfun wrote:
Tue Nov 12, 2019 7:10 pm
We plan to retire in 4.5 years at 51 and 52. I will have a >70k/yr pension, with full spousal benefits, and 1.5% COLA at age 50. This will cover our living expenses. We should have 1.5M in savings by then for pleasure spending.
This is the dream! The portfolio is doing the heavy lifting now :beer

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fortfun
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Re: Should DW go down to 11 month contract?

Post by fortfun » Thu Nov 14, 2019 10:26 am

DVMResident wrote:
Wed Nov 13, 2019 6:29 pm
fortfun wrote:
Tue Nov 12, 2019 7:10 pm
We plan to retire in 4.5 years at 51 and 52. I will have a >70k/yr pension, with full spousal benefits, and 1.5% COLA at age 50. This will cover our living expenses. We should have 1.5M in savings by then for pleasure spending.
This is the dream! The portfolio is doing the heavy lifting now :beer
Thanks DVM!

Ron Ronnerson
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Re: Should DW go down to 11 month contract?

Post by Ron Ronnerson » Thu Nov 14, 2019 10:59 am

I would not hesitate to do this. Time is important.

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fortfun
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Re: Should DW go down to 11 month contract?

Post by fortfun » Thu Nov 14, 2019 3:05 pm

Ron Ronnerson wrote:
Thu Nov 14, 2019 10:59 am
I would not hesitate to do this. Time is important.
Thank RR!

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