Hi,
I have been lingering around here for the past two years-- some of you may have read my posts.
"The question is....
is 3.5%, or about $6000 a year, enough to retire a year early?
I know, you will ask, what does it mean to you. Valid question. I am just asking opinions.
Here is the situation. Currently I make about 143,000 a year, local safety government job.
Its been a tough 30 years. I am ready to go.
I can go now at about 120,000 pension, roughly 85 %. Or, I can do another year and get an 88.5% pension, roughly 126,000. $6000 between the two, but it lasts for the rest of my life (I'm almost 53).
2 % cola every year.
Married. Wife makes about 200,000 a year. She will retire in 2016 and won't collect a pension until 2021, then 6000 a month. SS will increase it by 2000 in 2028. She probably will work other jobs between 2016 and 2021- at a healthy rate of pay.
The house is worth 1 million. 200,000 left on a loan with a rate of 2.8%.
Mutual funds= $855,000
Ira= 20,000
401k= 350,000
We live in an area of the country that is very expensive. We dont have extavagant tastes, but the outflow is steady.
Other than the house mortgage, there is one major expense...
a 11 year old child.
We are also saving for college (529). We expect HEAVY college tuition.
Not only that, we want our child to see the world. Expensive traveling.
That's my story.
It seems like I have enough to get by. Or do, I?
What would you recommend?
Get out in 2013 with my sanity intact?
Or get out in 2014 with a few more bucks? "
This forum has been absolutely great regarding feedback. This is a great place.
So, I finally retired in June. (Retirement feels really weird, not sure if I like it).
My projects above have been pretty accurate. In retirement I will pull down 120,000 plus 2 percent cola a year. Already hit the first cola in July.
My previous estimates were conservative. The house itself is now in the 1.6 million range.
I just want to thank all of you. Especially the ones who said, hell if it were me I would walk down to the retirement board today and sign my papers. That was the right answer.
Thanks.
I have been lingering around here for the past two years-- some of you may have read my posts.
"The question is....
is 3.5%, or about $6000 a year, enough to retire a year early?
I know, you will ask, what does it mean to you. Valid question. I am just asking opinions.
Here is the situation. Currently I make about 143,000 a year, local safety government job.
Its been a tough 30 years. I am ready to go.
I can go now at about 120,000 pension, roughly 85 %. Or, I can do another year and get an 88.5% pension, roughly 126,000. $6000 between the two, but it lasts for the rest of my life (I'm almost 53).
2 % cola every year.
Married. Wife makes about 200,000 a year. She will retire in 2016 and won't collect a pension until 2021, then 6000 a month. SS will increase it by 2000 in 2028. She probably will work other jobs between 2016 and 2021- at a healthy rate of pay.
The house is worth 1 million. 200,000 left on a loan with a rate of 2.8%.
Mutual funds= $855,000
Ira= 20,000
401k= 350,000
We live in an area of the country that is very expensive. We dont have extavagant tastes, but the outflow is steady.
Other than the house mortgage, there is one major expense...
a 11 year old child.
We are also saving for college (529). We expect HEAVY college tuition.
Not only that, we want our child to see the world. Expensive traveling.
That's my story.
It seems like I have enough to get by. Or do, I?
What would you recommend?
Get out in 2013 with my sanity intact?
Or get out in 2014 with a few more bucks? "
This forum has been absolutely great regarding feedback. This is a great place.
So, I finally retired in June. (Retirement feels really weird, not sure if I like it).
My projects above have been pretty accurate. In retirement I will pull down 120,000 plus 2 percent cola a year. Already hit the first cola in July.
My previous estimates were conservative. The house itself is now in the 1.6 million range.
I just want to thank all of you. Especially the ones who said, hell if it were me I would walk down to the retirement board today and sign my papers. That was the right answer.
Thanks.
