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10-23-2015, 11:06 AM
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#21
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Recycles dryer sheets
Join Date: Jun 2014
Posts: 337
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Put in the notice. Retiring on Jan 22nd, 2016.
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10-23-2015, 11:36 AM
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#22
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
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It's easy to bat the income subject around--over analyzing every account. You're in great position to retire, so go ahead and enjoy your retirement.
My only suggestion is don't work too hard in your sideline business. That can quickly turn into a job.
Watching Let's Make a Deal and Price is Right are very positive starts to a great day. It also helps to have good hobbies that you enjoy.
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10-23-2015, 04:14 PM
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#23
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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Congratulations on pulling the trigger!!! Wow!
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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10-25-2015, 09:40 PM
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#24
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Full time employment: Posting here.
Join Date: May 2011
Posts: 873
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Congrats on setting the date! You will enjoy the rest of your life!
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10-27-2015, 06:24 AM
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#25
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Recycles dryer sheets
Join Date: Oct 2015
Location: Fairfield
Posts: 206
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I give you a check mark for yes, you can retire on 100k, probably more like 162k, depending on portfolio yield. I am not a huge fan of non traded rents tho...
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10-27-2015, 08:10 AM
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#26
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Thinks s/he gets paid by the post
Join Date: Jun 2007
Posts: 2,657
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Quote:
400K is in a state defined benefit pension which will pay out $63K/ year
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How is this rate of payout (15%) possible? Does the state make up the difference?
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10-27-2015, 11:21 AM
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#27
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Full time employment: Posting here.
Join Date: Apr 2015
Posts: 903
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Quote:
Originally Posted by growing_older
How is this rate of payout (15%) possible? Does the state make up the difference?
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Typically. It's likely that the $400K is purely employee contributions with a tiny amount of interest based on treasuries. If you just take out the lump sum, you're not eligible to get any of the employer contributions and investment returns from the trust fund so it's always better to take the pension annuity.
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10-27-2015, 11:31 AM
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#28
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Ventura County
Posts: 1,431
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Quote:
Originally Posted by growing_older
How is this rate of payout (15%) possible? Does the state make up the difference?
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If one uses one the usual online annuity calculators the value of the $68K immediate annuity is something around $1M.
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10-28-2015, 07:07 AM
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#29
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Recycles dryer sheets
Join Date: Jun 2014
Posts: 337
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Quote:
Originally Posted by hnzw_rui
Typically. It's likely that the $400K is purely employee contributions with a tiny amount of interest based on treasuries. If you just take out the lump sum, you're not eligible to get any of the employer contributions and investment returns from the trust fund so it's always better to take the pension annuity.
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Exactly. Only able to withdraw your own contributions and a trivial interest accumulation. The pension includes the employees contribution and a more generous interest rate.
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10-28-2015, 09:44 AM
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#30
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gone traveling
Join Date: Sep 2015
Location: NYC
Posts: 52
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Did u factor in taxes?
I live in nyc , my pension is 103,000 ,after taxes it's 84,000. I read somewhere u should factor in 1% of the value of the house in repairs. We went a long stretch with no repairs , but then I spent a whopping 360,000 in upgrades about 2 years into my retirement, not that I'll ever get it back when I sell but I wanted it to be mint condition for my retirement years as I spend lots of time in it now. Since your home is worth well over a million dollars like mine is, you need to factor in maintaining it in pristine condition. Congrats on you retirement
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12-07-2015, 05:08 PM
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#31
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Recycles dryer sheets
Join Date: Jun 2014
Posts: 337
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CEO asked me on Friday if I wouldn't reconsider retiring. I said no, thank you!
;-)
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12-07-2015, 05:13 PM
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#32
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Recycles dryer sheets
Join Date: Nov 2015
Posts: 206
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Good for you!
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12-07-2015, 05:24 PM
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#33
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Posts: 2,509
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Quote:
Originally Posted by robertf57
CEO asked me on Friday if I wouldn't reconsider retiring. I said no, thank you!
;-)
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Should have told him YES! I'll be going a week earlier
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12-07-2015, 09:24 PM
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#34
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Full time employment: Posting here.
Join Date: Jul 2014
Posts: 930
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Congrats!!
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01-09-2016, 07:52 PM
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#35
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Recycles dryer sheets
Join Date: Jun 2014
Posts: 337
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Well, It's two weeks to departure. Trying to wrap up task (particularly unpleasant ones) before the departure. Not too happy with beginning our retirement with the market slumping. Interestingly, being courted by the "dark side" (consulting firm). People can't believe I am just retiring!
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01-10-2016, 05:20 PM
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#36
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 6,984
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YOu will love not setting the alarm anymore. About a year in we decided to do some consulting in our fields but most work can be done on computer at home in our pj's. It's the best of both worlds for us. Congrats!!
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01-14-2016, 01:56 PM
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#37
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Full time employment: Posting here.
Join Date: May 2011
Posts: 873
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Only a few days left!
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01-16-2016, 07:20 PM
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#38
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Moderator
Join Date: Nov 2015
Posts: 13,845
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3m + Pension and 100k expenses, quit today!
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57 YO and thinking it's time
01-16-2016, 10:00 PM
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#39
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Location: Columbus
Posts: 1,118
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57 YO and thinking it's time
Quote:
Originally Posted by Aerides
3m + Pension and 100k expenses, quit today!
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You're overcooked. You should have quit last year!
Sent from my iPad using Early Retirement Forum
__________________
Ohio REFI PE ENG and Investor as of 2016
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01-17-2016, 02:17 AM
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#40
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Recycles dryer sheets
Join Date: Jun 2014
Posts: 337
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Quote:
Originally Posted by Al in Ohio
You're overcooked. You should have quit last year!
Sent from my iPad using Early Retirement Forum
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Friday will be it. (and I am off on Monday!)
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