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Howdy from Chicagoland
Old 08-24-2011, 09:57 AM   #1
Confused about dryer sheets
Join Date: Aug 2011
Location: Chicagoland
Posts: 1
Howdy from Chicagoland

I'm baraff, 57, and hope to retire in 2013 at the latest. My wife is 55 and would probably retire at the same time.
I did a career change about 10 years ago that financially hasn't worked out quite the way I'd hoped, although I have good benefits and a pension. The problem with the pension is that to reap full benefit I'd need to work another 10 years, which I don't want to do. If I retire in 2013, the monthly benefit should cover our health insurance until Medicare kicks in.
We have no debt, our home is ours free and clear and we have sufficient assets. Our problem is income and how to make that happen after retirement. We have no children.
Many have advised us to consult a financial planner, but around here it is very expensive and I would like to try to figure this out by myself before handing it off to someone else.
Our plan is to relocate to a less congested locale, preferably with a lower cost of living. We intend to travel during the winter months (RV) and leave the summer travel for the families.
I am looking forward to gaining some insight on making the plunge and how to mange income afterwards.

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Old 08-24-2011, 10:01 AM   #2
Full time employment: Posting here.
Join Date: Jan 2011
Posts: 898
There are a lot of very smart people on this site that can help you. For starters, though, you'll need to give some breakdown of your projected income and expenses at retirement.

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Old 08-24-2011, 10:47 AM   #3
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Hi Baraff, welcome to the forum. Lots of insights here on all those topics. Search the archives and ask some questions.
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Old 08-24-2011, 12:06 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
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Join Date: Jan 2008
Location: Chicagoland
Posts: 10,663
Welcome aboard, I see you're literally from the same location as I am.

Figuring it out for yourself is best. Start with FIRECalc: A different kind of retirement calculator, and if you want to really understand more, this is still the best list if books on investing/personal finance that I know of Investment Books. IMO you do want to fully understand, otherwise your choices are gambling or an unnecessarily expensive broker/financial advisor.

Best of luck, this site has been a wonderful resource to me, and many others...
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)
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Old 08-24-2011, 04:55 PM   #5
Thinks s/he gets paid by the post
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Join Date: Sep 2010
Location: midwestern city
Posts: 4,062
Welcome, baraff.
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.
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