Wednesday, March 14, 2012

THE PROBLEM

Stanley Sherry, 63, would like to retire from driving a truck forthe City of Chicago. And it seems the city wouldn't mind, havingoffered him and a number of older workers an early retirementincentive program. They must decide by May 31.

Sherry is tempted by the offer.

He and his wife, Marge, 55, have three kids, age 12, 14 and 16.If he retired, he still would get medical coverage, but he'd losedental and optical insurance.

The most important consideration would be getting enough moneyfrom his pension, annuities and retirement savings to livecomfortably without dipping into savings principal. Originally, theSherrys defined living comfortably as getting …

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