Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Like to go at 55
Old 09-21-2009, 08:51 PM   #1
Confused about dryer sheets
 
Join Date: Sep 2009
Location: Burbank
Posts: 6
Like to go at 55

Hi everyone. I`m 52 and I like Bandit would like to retire at 55.I have crunched the numbers and it looks good,but looks can be deceiving.I have never heard of this fire cal.I will definitely try it.I have used the CNNmoney and Quicken calculators.I believe the real obstacle will be health care.I can buy my wife and my care through my Company`s cobra plan until medicare or Obama`s new plan kicks in.

I have approx. 1m in savings( all in CD`s @ 4to6%) now paying about 50k a year this will go down as CD rates drop, Pension at 55 now at 27k a year,SS at 62 now at 19k a year. no mortgage payment. I will have two kids in collage at the same time as id like to retire costing a total of 30 to 40 k a year.I don't know if I`ll be able to swing all this but I`m glad I found this forum to get some ideas and support.

Thanks, Plow
__________________

__________________
plowking 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 09-21-2009, 09:18 PM   #2
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Quote:
Originally Posted by plowking View Post
I believe the real obstacle will be health care.I can buy my wife and my care through my Company`s cobra plan until medicare or Obama`s new plan kicks in.

Welcome to the board. You've done a nice job of building a sizable nest egg.

Typically COBRA coverage is available for 18 months after termination, occasionally longer. I'd be surprised if you can take COBRA from age 55 to Medicare, and believe you will need to find yourself alternative health insurance for some time after your COBRA coverage runs out. More than a few people have had to continue working just to maintain coverage, so you may want to start looking early for private health coverage after you FIRE. Policies running $14,000 per year or more are pretty common. Just a suggestion to have something long-term nailed down before you jump.

FIRECalc will be valuable to you. Your portfolio is not typical of what you will hear around here, as you hold no equities. That pension is nice though, especially if it's adjusted for cost of living.

Good luck and keep us posted.

P.S. Let me save our thankless moderators the trouble of suggesting you use a smaller font size (e.g. 3) to make your posts more readable and consistent.

__________________

__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Old 09-21-2009, 10:08 PM   #3
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
Yes, welcome, Plowking. Your assets sound like you're in pretty good shape to meet your goal in three years--some people suggest you track all your expenses and see if your projected income will cover them. I found FireCalc incredibly useful the two years before DH and I retired, to keep reassuring us that we had enough.

(P.S. So we could focus on what you posted instead of the font, I did edit your post's font to be consistent with the Early Retirement board's standards:

Posting standards:
....The standard font size is 2. The use of bold, large or colored fonts should be used sparingly. Posts containing inappropriate formatting will be removed or modified at our discretion; e.g. all caps or excessive color....)
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 09-22-2009, 01:07 PM   #4
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 53
welcome from another Newbie, slightly older but also planning. We have two in college right now which is costing us about $45,000 a year. One year down, three to go. When the last tuition payment is made, I'm turning in the paperwork. ;-)
__________________
NeverBored is offline   Reply With Quote
Old 09-26-2009, 01:40 PM   #5
Confused about dryer sheets
 
Join Date: Sep 2009
Location: Burbank
Posts: 6
Thank You to all.
I don't know how my font got so big,I will be more careful.
I mistakenly referred to Extended medical benefit's as cobra.This will cost me about $550.00 per month for both my wife and me, and $60.00 more if we opt for vision and dental.
I tried fire cal and WOW its very cool, all my projections are looking good.I don't see a place for certificates of deposit or T-bills however.
__________________
plowking is offline   Reply With Quote
Old 09-28-2009, 12:41 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 1,012
Quote:
Originally Posted by plowking View Post
I tried fire cal and WOW its very cool, all my projections are looking good.I don't see a place for certificates of deposit or T-bills however.
click on the "Your Portfolio" tab at the top of the page and you can select treasuries 2 different ways. for example select "mixed portfolio" and zero out all choices except "1 month treasuries"
__________________
jdw_fire is offline   Reply With Quote
Houston we have a problem
Old 09-15-2012, 07:44 AM   #7
Confused about dryer sheets
 
Join Date: Sep 2009
Location: Burbank
Posts: 6
Houston we have a problem

Well here it is, I'm 55 and with the best laid plans I cant quite retire yet.Boy Prices of Food ,gas and medical care sure have gone way up in the last few years.I`m now looking at about $1500.00 a month to keep my extended medical coverage,but now with Obama care it will encompass my two kids.Leaving me with about 1k a month I'm spending more on food,gas,water,electric,gasoline,cable,collage.I will have to delay retirement for perhaps another year,I`m thinking of moving to where housing prices cost less.Sell my city home and move to a more rural(cheaper)place.I could realize a 300k gain,this would improve my situation.Not is all lost just delayed a bit.
__________________
plowking is offline   Reply With Quote
Old 09-15-2012, 10:42 AM   #8
Recycles dryer sheets
 
Join Date: Jun 2011
Posts: 182
Thanks for the update. Age 56 still sounds like a good age to retire to me. Good luck.
__________________
This is no social crisis, just another tricky day for you...
BigE is offline   Reply With Quote
Old 09-15-2012, 11:16 AM   #9
Thinks s/he gets paid by the post
Live And Learn's Avatar
 
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,689
Hi. That jump in healthcare costs is scary ! Its one of the things most talked about here and one of the reasons so many people have to keep working.

I sincerely thank you for the update on your situation. Its nice to hear back from people and see their "real life experience".'

Wishing you all the best and retirement at 56 !
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11

ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
Live And Learn is offline   Reply With Quote
Old 09-20-2012, 11:11 PM   #10
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Welcome, plow.
__________________
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.
obgyn65 is offline   Reply With Quote
Old 09-17-2013, 08:15 PM   #11
Confused about dryer sheets
 
Join Date: Sep 2009
Location: Burbank
Posts: 6
Wow Four years since first post ,I'm now 56 and the plan is coming together,Bought rural home a year ago(before prices took off)for 300K,just sold city home for 750K (prices have taken off).Extended medical will now cost about 1700 a month but because of Obama it will cover my wife and kids till there 26.Total now about 1.4 M.One kid out of collage other one in community collage.Its working!Lucky I locked in some 10 year Cd`s @ 5.75%.
__________________
plowking is offline   Reply With Quote
Old 09-18-2013, 12:10 AM   #12
Recycles dryer sheets
Cooked's Avatar
 
Join Date: Jul 2013
Posts: 67
Just further proof that panning and patience do work.
__________________
Don't sweat the petty stuff.
Cooked is offline   Reply With Quote
Old 09-18-2013, 01:41 AM   #13
Dryer sheet wannabe
 
Join Date: Sep 2013
Location: Houston
Posts: 12
I'm 56, recently "retired" by my company after 21 years of service, and my biggest worry isn't about going back to work for income, but going back to work to keep me occupied! Of course the money will be nice, but seriously, after 3 weeks, I'm ready to jump back into something to keep me engaged and energized.
__________________
Jsore13194 is offline   Reply With Quote
Old 09-18-2013, 07:07 AM   #14
Full time employment: Posting here.
 
Join Date: Oct 2006
Posts: 525
I'd be interested to know where I could find these 10 year 5.75% CDs. Care to share some details?
__________________
***********
My motto is.... "a dollar saved is better than a dollar earned. I don't pay tax on the dollar I saved."
Tom52 is offline   Reply With Quote
Old 09-18-2013, 08:21 AM   #15
Thinks s/he gets paid by the post
 
Join Date: Apr 2006
Location: North Bay
Posts: 1,026
I'm 55 today. I guess I have 365 days to "go."
__________________
scrinch is offline   Reply With Quote
Old 09-18-2013, 08:22 AM   #16
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,464
Quote:
Originally Posted by scrinch View Post
I'm 55 today. I guess I have 365 days to "go."
Happy birthday! Hopefully you'll live a lot longer than another 365 days...
__________________
MichaelB is online now   Reply With Quote
Old 09-18-2013, 10:21 AM   #17
Thinks s/he gets paid by the post
 
Join Date: Apr 2006
Location: North Bay
Posts: 1,026
Thanks. I am hoping that the "go" refers to my retirement, not my demise.
__________________
scrinch is offline   Reply With Quote
Old 09-23-2013, 01:28 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2013
Posts: 5,584
Quote:
Originally Posted by scrinch View Post
Thanks. I am hoping that the "go" refers to my retirement, not my demise.
Words are funny. Such a simple statement, my sick mind could have spun it another still another way.

No wonder we misunderstand each other.

MRG
__________________
MRG is online now   Reply With Quote
Old 09-23-2013, 03:01 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,610
Quote:
Originally Posted by Cooked View Post
Just further proof that panning and patience do work.
That's what the gold prospectors said back in 1849.
__________________
braumeister is online now   Reply With Quote
2 more weeks
Old 12-16-2013, 10:58 PM   #20
Confused about dryer sheets
 
Join Date: Sep 2009
Location: Burbank
Posts: 6
2 more weeks

gave notice today!
two weeks notice!
12-31-13 last day!
Just locked in CD @ penfed 3.04%apy.
I have mixed feeling excited and a little scared...
hope my math is correct,i have run every calculator on the net!
No turning back now.Full speed ahead!!
__________________

__________________
plowking 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


 

 
All times are GMT -6. The time now is 04:09 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.