I am new to this forum and there seems to be a varitey of good information here. I am 62 y/o married and still working my wife is retired. No debt, $1.1M in IRA and 401K, my wife currently receives $760 a month of SS and my estimated benefit at 63 will be $2,100. I would like to retire at the end of this year but am a little hesitant. One of my concerns is health insurance for myself, my wife's will be covered under Medicare. I've looked at the affordable care act and shopped online for a policy. One of my questions is what amount do I report as income? If I put my income for 2014 (approx $80,000) the premiums will be too high. My projected taxable income for 2015 will be about $32,000 which will make my health care costs much more affordable. Other than that I should be OK. Our "needs budget" is around $45,000 per year.
The plan is to use our combined SS at about $33,000 and add $33,000 per year for three years from my savings ($100,000) and not touch our IRA and 401K ($1,000,000) for those three years and then go from there. I am still a bit nervous though. Thoughts or comments on the health insurance issue or comments inn general.