Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Greetings New Member from Texas
Old 02-22-2013, 01:39 PM   #1
Confused about dryer sheets
 
Join Date: Feb 2013
Location: Houston
Posts: 2
Greetings New Member from Texas

All:

I am 56 married for 37 years with three grown sons. I have a city pension worth 4K a month with cola. My wife has about 400.00 a month with no cola. She will qualify for SS in 7 years and I will only recieve half of mine as I am a government employee (I will be punished for sticking it out as a cop)!

We currently have 700k in personal investments, growing that at about 70k a year (interest and contribution). We have no debt other than 100k mortage on 220k home.

So, here we are looking for ideas and comments about retiring in 2-3 years as I approach 60. Our biggest concerns are along the lines of increased medical insurance premiums before I am 64 and just deciding to take the plunge.

thanks in advance,

Dave
__________________

__________________
Dave56 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-22-2013, 04:21 PM   #2
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,579
Welcome to the forum from another retired cop.
__________________

__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 02-22-2013, 05:24 PM   #3
Thinks s/he gets paid by the post
Htown Harry's Avatar
 
Join Date: May 2007
Posts: 1,516
Welcome Dave.
__________________
Htown Harry is offline   Reply With Quote
Old 02-22-2013, 05:30 PM   #4
Recycles dryer sheets
Packman's Avatar
 
Join Date: Jan 2011
Location: Phoenix
Posts: 303
Dave, you will need to make sure you have a good handle on your amount of spending, both now and after retirement. Only then will you be able to determne if you can retire comfortably.
__________________
Retired on 5/31/2011 at 54
Packman is offline   Reply With Quote
Old 02-22-2013, 05:30 PM   #5
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Welcome aboard.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 02-24-2013, 06:31 AM   #6
gone traveling
 
Join Date: Feb 2013
Location: Leominster
Posts: 137
Thank you for your service. I know it sounds corny here but honestly from me a soldier I thank you for everything you do.

My best to you and your wife in your golden years. Live them as lively as you can.

I think you have a nice set up inspite of what you might think.

Quote:
Originally Posted by Dave56 View Post
All:

I am 56 married for 37 years with three grown sons. I have a city pension worth 4K a month with cola. My wife has about 400.00 a month with no cola. She will qualify for SS in 7 years and I will only recieve half of mine as I am a government employee (I will be punished for sticking it out as a cop)!

We currently have 700k in personal investments, growing that at about 70k a year (interest and contribution). We have no debt other than 100k mortage on 220k home.

So, here we are looking for ideas and comments about retiring in 2-3 years as I approach 60. Our biggest concerns are along the lines of increased medical insurance premiums before I am 64 and just deciding to take the plunge.

thanks in advance,

Dave
__________________
GolfingDuo is offline   Reply With Quote
Old 02-24-2013, 06:34 AM   #7
gone traveling
 
Join Date: Feb 2013
Location: Leominster
Posts: 137
Quote:
Originally Posted by Walt34 View Post
Welcome to the forum from another retired cop.

Also not to leave out another. Thank you for your service as well. I have never ever been pulled over for speeding or anything like that .
__________________
GolfingDuo is offline   Reply With Quote
Old 02-24-2013, 07:53 AM   #8
Full time employment: Posting here.
 
Join Date: Jan 2008
Posts: 610
Welcome Dave. I'll echo the sentiments and thank you for your public service.

Looks like your assets and income part of the equation are in pretty good shape. Now as mentioned, you have to reconcile that with your monthly expenses. Seems like you've done well during the accumulation phase. Wish you well in the next phase.
__________________
NanoSour is offline   Reply With Quote
Old 02-24-2013, 06:07 PM   #9
Confused about dryer sheets
 
Join Date: Feb 2013
Location: Houston
Posts: 2
Thanks for all the kind words! I am glad to have found this site where I can learn from others. I look forward to making friends here just as I have at the sister site IRV2 which is one of our passions ...Rving.
__________________
Dave56 is offline   Reply With Quote
Old 02-25-2013, 09:27 AM   #10
gone traveling
 
Join Date: Jul 2007
Posts: 333
Welcome from another Texan.
__________________
HighRoller is offline   Reply With Quote
Old 02-25-2013, 10:27 AM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,983
Quote:
Originally Posted by Dave56 View Post
So, here we are looking for ideas and comments about retiring in 2-3 years as I approach 60. Our biggest concerns are along the lines of increased medical insurance premiums before I am 64 and just deciding to take the plunge.
Welcome aboard.

It sounds like you're in very good shape with pensions & Soc Sec, congrats. But as others have mentioned, no one can give you a meaningful reply without knowing what your projected annual spending in retirement might be. So I entered what I could from your post #1 into FIRECalc: A different kind of retirement calculator without knowing/including Soc Sec, assumed retirement in 2016, and solved for spending at a 95% success rate.

Quote:
Looking for a spending level that will result in 95% success rate . . . . . . . . . . . . . . . [done]

A spending level of $89,236 provided a success rate of 95.3% (106 total cycles, of which 5 failed). This spending level is 12.75% of your starting portfolio. (Your spending is assumed to come from any Social Security and pensions you entered, as well as from the portfolio.)
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 02-27-2013, 02:28 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,884
Welcome to the pool Dave. Jump in at any time, but beware of the sharks...
__________________

__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 01:23 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.