Good things come to those who wait to retire

By Rachael Seeley Flores with contributions by Kelly E. Lindner
In 2016, when Tricia M. Griffin worked as a Residential Staff Appraiser for Collin Central Appraisal District, she started thinking about retirement. Even though she was only 39, she dreamed of being a stay-at-home mom to her three kids and spending more time with her family, including her aging parents.

So she signed into her account at TCDRS.org and estimated her retirement benefit. That’s when she realized she was only three years away from being eligible to retire with 20 years of service, since she had worked for both Dallas Central and Collin Central appraisal districts, going back to 1999. 

“The estimator showed me when I would be eligible to retire and how much benefit I would get if I waited the three more years,” Tricia says. “I finally saw what we’ve been waiting to see. Collecting retirement benefits would allow me to stay home.”  

So she waited three years for her money to grow, due to the power of compound interest. “I’m glad I waited for the right time to retire,” she says, who added that she resisted the temptation to withdraw her money when she changed jobs, “even when I really, really wanted to,” she says.

In 2019, Tricia retired at age 42. Now she’s a stay-at-home mom to her three children, spends more time with her husband and helps care for her elderly parents. “I’m living the dream of being a stay-at-home Mom,” Tricia says. 

Why you should wait like Tricia

Not everyone has the option of delaying retirement, but if you do, it’s worth considering. Your TCDRS account can increase a great deal by waiting, just like Tricia’s did. Due to the 7% compound interest your account earns each year, your balance can double every 10 years, even if you aren’t making deposits.

Sign into your online account at TCDRS.org today to see your possible future benefit by selecting “Estimate Benefit” in the Plan for Retirement box on your Account Summary. 
These estimates can show you what your monthly retirement benefit could be with different retirement dates. You may be surprised by how much difference a little more time can make.

For questions, please call TCDRS Member Services at 800-823-7782.
 
Sources: Crr.bc.edu, Forbes.com
Other Fall Horizons Articles
Parker County courtrooms are going to the dogs

Online Counseling: Bringing TCDRS and members together

5 emotional stages of retirement

5 Texas parks are an autumn explosion

Feeling confident about your password security?