I've been a lurker here and I have appreciated all the insight and information made available from everyone here. I really respect those here who have saved to retire on your own investments. I have worked for county government for just over 25 years and have a defined benefit pension in which I have paid 50%, as well as my own investments.
I will be 57 1/2 in June, next month, and I am considering retiring from my job. I thought I would stay until I was 59, but I want to leave for reasons delineated below. I have no debt; house and cars are paid for. I have no wife or children. I can retire at this age with just my pension of $71,000, or 83% of my net income. The net deducts the cost of health insurance and taxes. Based on my own person goal, I can augment that to $75,000, or 89% with a small draw down from my investments that will take me to my SS FRA. I have lived at LBYM. The SS calculator says I will receive another $24,000 at my FBA, so at 66.8 I will have a gross income well above what I receive now. According to Quicken, my expenses this last year, including painting my house, have been $29,573; so I have saved nearly 50% of my net income.
I used to like my job as a county assistant department head. But, five and a half years ago, a new department head was elected who, in my experience, is a paranoid, arrogant, narcissistic, idiot, who has learned nothing about what we do. I'm not a doctor, so I cannot diagnose, but I would put money that his narcissism rises to the level of Narcissistic Personality Disorder (NPD). He has created such a toxic environment, that all of our other managers have left, and lesser staff want to. Of course, that is why I want to retire, too!! My BS bucket is overflowing!!
FireCalc says I have a 100% probability of success to meet my goals.
I will be 57 1/2 in June, next month, and I am considering retiring from my job. I thought I would stay until I was 59, but I want to leave for reasons delineated below. I have no debt; house and cars are paid for. I have no wife or children. I can retire at this age with just my pension of $71,000, or 83% of my net income. The net deducts the cost of health insurance and taxes. Based on my own person goal, I can augment that to $75,000, or 89% with a small draw down from my investments that will take me to my SS FRA. I have lived at LBYM. The SS calculator says I will receive another $24,000 at my FBA, so at 66.8 I will have a gross income well above what I receive now. According to Quicken, my expenses this last year, including painting my house, have been $29,573; so I have saved nearly 50% of my net income.
I used to like my job as a county assistant department head. But, five and a half years ago, a new department head was elected who, in my experience, is a paranoid, arrogant, narcissistic, idiot, who has learned nothing about what we do. I'm not a doctor, so I cannot diagnose, but I would put money that his narcissism rises to the level of Narcissistic Personality Disorder (NPD). He has created such a toxic environment, that all of our other managers have left, and lesser staff want to. Of course, that is why I want to retire, too!! My BS bucket is overflowing!!
FireCalc says I have a 100% probability of success to meet my goals.