mhansen265
Dryer sheet wannabe
Hello from Wisconsin!
I’m looking for confirmation that we are on track from the experienced retirees on this site.
I'm currently 61, my DW is also 61 and already retired! DW worked for about 20 years as a school secretary (part time). Before that she worked mostly full time as an office manager. She is able to draw a small pension with an accelerated benefit (an amount to reflect her approximate SS benefit @ 62). We decided to have her retire because she is able to make nearly the same income retired as when she was working (90%). There are other reason for her to retire that are not financial.
I have 25 years with a manufacturing company. I am going to pull the plug March 1st, 2019. I will be able draw a pension that includes an annuity portion (from a 3.5% contribution for many years) that more than doubles the regular pension. I also have a company sponsored 401K. My Fidelity portfolio will be in the $300,000 range at retirement. I know that may not seem like a large amount to most of you, but it is what it is. I have not always been able to contribute what I would have like to in my younger years. My employer provides $4000 per year of service that can be ONLY used for Heath Insurance premiums. I will have at least $106,000 in that account at retirement.
One of the factors helping me decide my retirement is the expiration of our Union contract April of 2019. In all likelihood, that $4000 per year Heath Insurance benefit will be decreased or eliminated entirely with the new contract. Another factor is that I’ve been working in a factory most of my life, and while there is little stress involved in my job, my job includes a lot of daily OT. I sometimes work 6 days a week. I’m just getting plain tired and worn out!
I am going to draw SS early at 62yrs 7mos. With my Pension + SS along with my DW’s Pension + SS, we will be at over 80% of our working income without touching the retirement savings.
I have used several Retirement Calculators (notably Fidelity’s) and all have determined that we will not outlive our money. I have greatly overstated our monthly expenses and included what I believe sufficient funds for travel and snowbird expenses (see Wisconsin)!
We have always loved to travel and plan to even more in retirement.
Looking forward to your comments.
I’m looking for confirmation that we are on track from the experienced retirees on this site.
I'm currently 61, my DW is also 61 and already retired! DW worked for about 20 years as a school secretary (part time). Before that she worked mostly full time as an office manager. She is able to draw a small pension with an accelerated benefit (an amount to reflect her approximate SS benefit @ 62). We decided to have her retire because she is able to make nearly the same income retired as when she was working (90%). There are other reason for her to retire that are not financial.
I have 25 years with a manufacturing company. I am going to pull the plug March 1st, 2019. I will be able draw a pension that includes an annuity portion (from a 3.5% contribution for many years) that more than doubles the regular pension. I also have a company sponsored 401K. My Fidelity portfolio will be in the $300,000 range at retirement. I know that may not seem like a large amount to most of you, but it is what it is. I have not always been able to contribute what I would have like to in my younger years. My employer provides $4000 per year of service that can be ONLY used for Heath Insurance premiums. I will have at least $106,000 in that account at retirement.
One of the factors helping me decide my retirement is the expiration of our Union contract April of 2019. In all likelihood, that $4000 per year Heath Insurance benefit will be decreased or eliminated entirely with the new contract. Another factor is that I’ve been working in a factory most of my life, and while there is little stress involved in my job, my job includes a lot of daily OT. I sometimes work 6 days a week. I’m just getting plain tired and worn out!
I am going to draw SS early at 62yrs 7mos. With my Pension + SS along with my DW’s Pension + SS, we will be at over 80% of our working income without touching the retirement savings.
I have used several Retirement Calculators (notably Fidelity’s) and all have determined that we will not outlive our money. I have greatly overstated our monthly expenses and included what I believe sufficient funds for travel and snowbird expenses (see Wisconsin)!
We have always loved to travel and plan to even more in retirement.
Looking forward to your comments.
