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Job eliminated Hoping to retire.
Old 05-05-2013, 08:21 AM   #1
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Job eliminated Hoping to retire.

My position was eliminated after 33 years with the same company. I did receive a good severance package that I should be able to live on for 3 years. I’m planning on taking at least a year off but I would really like to retire and work part time if needed.

After my severance runs out I’ll be 62 and I’ll start collecting my $37,000 non cola pension with a 100% survivor rate and my SS will be $20,000 at 62 and $9,500 for my spouse. So my total income at 62 will be $66,500. I may try to delay SS if things go well.

My total investments are $400,000 with about 80% mutual/index funds and 20% bonds and I have $75,000 in cash and CD’s.

I just paid off my mortgage and I currently have no debt. My expenses are $48,000 and could drop to around $41,000 with Obamacare. I get 100% with FIRECalc with expenses up to $62,000 for 30 years. So glad I found ER.org, I really enjoy it.

I think I can do it – do you agree?
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Old 05-05-2013, 08:30 AM   #2
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Hello gbstack. If Firecalc says you are good to go, then you are good to go. Enjoy your retirement.
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Old 05-05-2013, 08:36 AM   #3
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Welcome to the forum! You will be very OK, enjoy your retirement.
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Old 05-05-2013, 10:58 AM   #4
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You are absolutely all set. Sit back and enjoy you new life.
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Old 05-05-2013, 11:37 AM   #5
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Sounds like you are good to go to me. In a few years you may want to thnik through SS claiming strategies at socialsecuritysolutions.com. You may be better delaying SS if you can.
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Old 05-05-2013, 12:03 PM   #6
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I agree with obgyn, if Firecalc says you're OK, then you're good to go.

Isn't it great when a plan comes together?

Welcome to the board - stick around! There's lots to learn and discuss (in great detail!).
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Old 05-05-2013, 12:17 PM   #7
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Quote:
Originally Posted by gbstack View Post
My expenses are $48,000 and could drop to around $41,000 with Obamacare. I get 100% with FIRECalc with expenses up to $62,000 for 30 years.
I love it that he tooth fairy has stepped in and is now financing Obamacare.

If those of us who are taxpayers had to come up with this, it might be difficult.

Ha
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Old 05-05-2013, 01:53 PM   #8
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Thank you all for the positive encouragement. Im just starting to get use to this new life and I like it so far. I think it will take several more months to really feel like I have retired. Thanks again.
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Old 05-05-2013, 02:19 PM   #9
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Thank you all for the positive encouragement. Im just starting to get use to this new life and I like it so far. I think it will take several more months to really feel like I have retired. Thanks again.
Don't be surprised if it takes longer - but enjoy it!
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Old 05-05-2013, 05:02 PM   #10
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Welcome here gbstack.

I found myself in a simular situation about 10 years ago at age 58. After adding up all of my stash and then including DB and SS future income streams, I was elated to just sit back and watch it all produce as I had intended. So far, so good.
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Old 05-06-2013, 02:23 AM   #11
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Blessing in disguise...
Enjoy ER!
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Old 05-06-2013, 07:51 AM   #12
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Welcome to ER! I second the notion to consider delaying SS but it doesn't sound that critical for you so either way will work.
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Old 05-06-2013, 08:40 AM   #13
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Best wishes for a long and happy retirement!
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Old 05-06-2013, 06:09 PM   #14
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I'm going to try my best to delay my SS for a couple of years. My other concern was my total investments of only $400,000. It seems so many post talk about having over 1 million in investments. I guess the $37,000 pension really helps offset my lower investments. I sure wish it was adjusted for inflation but I'm also very thankful I have one.

I sure hope I did not make any mistakes with FIRECalc.
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Old 05-06-2013, 07:02 PM   #15
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A $37K pension is quite significant, considering your expenses are only between $41-$48K. Social security will give you a bit of cushion so that you don't have to rely too much on the $400K savings. However, I might not want to have 80% of my investment in equities if I was in retirement. I'm still working and I can't justify more than 60%. There is too much risk of a correction and you don't want to find yourself down $60-$70K if we have a 20% correction in the markets.

Congratulations on your new retirement! I can't wait to experience it some day!
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Old 05-06-2013, 07:55 PM   #16
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The reason that you don't need a $1m nestegg is because your pension is a significant % of your living expenses and once your SS starts you SS and pension exceed your living expenses.
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Old 05-06-2013, 08:09 PM   #17
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The reason that you don't need a $1m nestegg is because your pension is a significant % of your living expenses and once your SS starts you SS and pension exceed your living expenses.
+1.
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Old 05-06-2013, 09:02 PM   #18
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Welcome aboard. Hope to heck you're able make it, especially since my own situation is very similar.
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Old 05-06-2013, 10:26 PM   #19
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If your income is $66,500 and your expenes are $48,000 that means your expenses are about 72% of your income. I have found that expenses tend to go up more often then they go down. What do you plan to do when you retire? travel, cruse, hobbies etc.. it can add up

I am always cautious about “having no debt” – I don’t have any loans either, but I have property taxes, fire insurance, EQ insurance, medical insurance, utilities, gas, maintenance/repairs etc.. and the expenses only go one way up…
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Old 05-07-2013, 05:59 AM   #20
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A $37K pension is roughly equivalent to a $1 million cash pile
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