Luv 2 Travel
Dryer sheet wannabe
- Joined
- May 25, 2016
- Messages
- 11
So here's my first post. Thank you all for the info I've been reading over the last year which has helped me a lot. I'm turning 57 this year and am eligible in July in for taking a deferred retirement at 60 (3 years away) which will result in a pension of approx 1600 a month plus a SS supplement of 1500 per month starting at 60 until I reach 62 and can apply for SS. Yes, I will be collecting SS at 62, after an episode with cancer 5 years ago, and a family history of heart conditions has me convinced to collect early. Hubby is retired military and is collecting a pension of approx 2300 per month, 80% non taxable due to VA disability. He retired 3 years ago at 59 from a contractor position. Will start collecting SS this year. House is paid off. We have a home equity line of credit of approx 60k. No other debt, besides monthly utilities, children and grandkids b'day presents. About 900k in IRA's and TSP and 100k in bank. We have Tricare Supplement, which costs us approx $480 in premiums per year, and should stay approx the same hopefully. We've both taken the beneficiary claims to have the other take 50% of their pensions. He's got a $200k life insurance and I've got an $650k life insurance which I intend to reduce to $200k upon retirement. We're both anatomically gifting. Please help me to fill in the blanks, so I can make a decision. I'm pretty sure living cheaply for 3 years and a part time job will be in order, but would like some thoughts. Thank you!