Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Hi am new to forum and three months away until retirement at 50
Old 04-10-2016, 07:13 PM   #1
Confused about dryer sheets
 
Join Date: Apr 2016
Location: Harrington Park
Posts: 4
Hi am new to forum and three months away until retirement at 50

I am spreading my separation pay of $116000 over three years when i leave, in addition to $14000.00 in a 457b plan. Do i withdraw money from 457b or leave it alone and pay off debt with other money over the coarse of three years? Poor decision with credit cards totaling a little over 57000.00.
__________________

__________________
dippers 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 04-10-2016, 07:22 PM   #2
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,494
Welcome to the forum!

I do hope you have a pension to go with the separation pay and 457b. $57k in cc debt is pretty steep so you'll want to pay that down as soon as you can because the interest charges will continue to accumulate.

Here are some other thoughts to consider before retiring:

Some Important Questions to Answer Before Asking - Can I Retire?
__________________

__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
have a pension as well
Old 04-10-2016, 07:27 PM   #3
Confused about dryer sheets
 
Join Date: Apr 2016
Location: Harrington Park
Posts: 4
have a pension as well

I have 8800 dollar a month pension, plus my wife works, I will be paying 25% for Medical benefits. Mortgage, utilities, car and insurance all covered.
__________________
dippers is offline   Reply With Quote
Old 04-11-2016, 01:48 AM   #4
Recycles dryer sheets
robertf57's Avatar
 
Join Date: Jun 2014
Posts: 329
Pay off those cards immediately and take the credit cards out of you wallets! You have a fabulous pension benefit, but as others on this board repeatedly note, the deciding factor will be your expenses


Sent from my iPhone using Early Retirement Forum
__________________
robertf57 is offline   Reply With Quote
Old 04-11-2016, 10:16 AM   #5
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 1,713
Your funds after paying the CC are $73K. Pretty modest. For comfort and to allow for inflation, I would check to see that your total expenses are well below your pension, unless the pension has COLA or your wife never retires. Your spending need is the potential deal breaker here. You will have to get that reliably determined.
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 04-11-2016, 11:39 AM   #6
Confused about dryer sheets
 
Join Date: Apr 2016
Location: Harrington Park
Posts: 4
I was unsure I was doing right thing, I was working 12 hour shifts rotating between days and nights. Weekends, Holidays and missing family functions for 29+ years ( I did three years working part time.) My youngest son congratulated me and gave me a hug saying "now you can work our shifts!"
__________________
dippers is offline   Reply With Quote
Old 04-11-2016, 02:32 PM   #7
gone traveling
 
Join Date: Oct 2007
Posts: 1,135
Congrats. Yes. Missing family time sucks. Great they can have you back.

Note that the 457 and separation pay are taxes as ordinary income. So is the pension income usually. Make sure you account for taxes - probably around 25% or so in federal and state at the levels you're talking.

Does the 457 require you to take payouts at a prescribed interval or can you defer it ?
__________________
papadad111 is offline   Reply With Quote
Old 04-11-2016, 02:54 PM   #8
Confused about dryer sheets
 
Join Date: Apr 2016
Location: Harrington Park
Posts: 4
Not sure yet, I think I can defer until 701/2
__________________

__________________
dippers 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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Hello, 49 and Four months until retirement AlbaCrush Hi, I am... 12 08-25-2016 11:45 PM
Three Months from My Retirement and...... erkevin FIRE and Money 23 03-31-2016 11:24 PM
Three months to go and finally shifting stuff around nun Life after FIRE 4 10-31-2013 12:59 PM
ER in 4 months...or 11 months...or 24 months... BarbWire Hi, I am... 3 01-05-2012 06:50 AM
2 1/2 months until I get my KMA Degree jaybones Hi, I am... 15 10-13-2009 03:56 PM

 

 
All times are GMT -6. The time now is 01:59 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.