KevininIowa
Confused about dryer sheets
In May of 2011 I retired from teaching after 32 years with a monthly take-home pension of $3581 a month. My wife continues to teach full-time but will receive a take-home pension of approximately $3,000 soon. I am working part-time at a community college bringing home $2,200 a month. My wife plans to work part-time after retirement and should bring home about $1,000 to $1,500 a month.
Our take-home income when working full-time together was $7,800 a month. We are only in our mid-50s. We do have Roth's currently worth $56,000. Retirement 403B's around $200,000, non-retirement stocks worth $200,000 and a home which is paid for and worth around $250,000. Other liquid accounts with around $75,000 available.
Do we need more in retirement savings as we work part-time, or because of our vested pensions are we doing ok? We do have to pay our health insurance premium costs in full as retirees which will start at about $1,200 a month but will continue to escalate over the next 8-9 years until we reach medicare age. We are currently very close to debt free. We have a little left to pay on one car and a kitchen remodel ($25,000), we will be debt free by the time my wife retires.
Our take-home income when working full-time together was $7,800 a month. We are only in our mid-50s. We do have Roth's currently worth $56,000. Retirement 403B's around $200,000, non-retirement stocks worth $200,000 and a home which is paid for and worth around $250,000. Other liquid accounts with around $75,000 available.
Do we need more in retirement savings as we work part-time, or because of our vested pensions are we doing ok? We do have to pay our health insurance premium costs in full as retirees which will start at about $1,200 a month but will continue to escalate over the next 8-9 years until we reach medicare age. We are currently very close to debt free. We have a little left to pay on one car and a kitchen remodel ($25,000), we will be debt free by the time my wife retires.