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Old 02-22-2019, 05:15 PM   #1
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Long time lurker, first time poster #579

I joined this forum on 01-11-2012 and have intermittently read though the posts since then as I slowly creep towards retirement. After I posted on the Fido 1099 thread, I figured it was time to say hello for post #2.

DH and I finally made (my self imposed) number this year - 3M in savings/investments plus a paid off house, cars, etc. DH is 72 and has been retired for about 8 years (he has a number of medical issues), I'm 62 and still working full time. In Nov I told my management that I would be retiring in the spring, they countered with an offer to work part time. I accepted to keep medical benefits, at least for awhile. That should start soon. I'm still looking forward to retiring in 2019.
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Old 02-22-2019, 06:44 PM   #2
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Congratulations on your impending retirement. May I ask what your yearly expenses are? Youíve certainly done a great job saving and having no debt.
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Old 02-22-2019, 07:16 PM   #3
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Good on ya, Bluelight!
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Old 02-22-2019, 09:56 PM   #4
Confused about dryer sheets
 
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Congratulations on your impending retirement. May I ask what your yearly expenses are? Youíve certainly done a great job saving and having no debt.

We live in a fairly high cost of living area. I've tracked our finances carefully for a few years and we need about 120K (including taxes) per year. Our investments, SS and pensions will cover about 100K of that, so our withdrawal rate should be pretty low. We've always been frugal and made sure to fund our retirement accounts which has paid off.


As much as I would love to walk away from working for good, I'm still a little nervous about medical costs which is why I agreed to keep working. Otherwise I would have retired a couple of years ago.
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Old 02-23-2019, 01:20 AM   #5
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We live in a fairly high cost of living area. I've tracked our finances carefully for a few years and we need about 120K (including taxes) per year. Our investments, SS and pensions will cover about 100K of that, so our withdrawal rate should be pretty low. We've always been frugal and made sure to fund our retirement accounts which has paid off.


As much as I would love to walk away from working for good, I'm still a little nervous about medical costs which is why I agreed to keep working. Otherwise I would have retired a couple of years ago.
Bolded - I assume you mean "SS and Pensions will cover 100k of that" and thus your 3mm investment portfolio will cover the remaining 20k?

In terms of medical expenses coverage, can you manage your MAGI for ACA purposes, although with SS and Pensions, probably not.
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Old 02-23-2019, 06:36 AM   #6
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Congratulations! What an accomplishment
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Old 02-23-2019, 06:47 AM   #7
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You have done well and I guess I wouldn't be so concerned about HCI costs since you will have less then 3 year till you can receive Medicare. I also would look at any way you can cut back on expenses. That is a healthy budget for expenses.
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Old 02-23-2019, 07:11 AM   #8
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As much as I would love to walk away from working for good, I'm still a little nervous about medical costs which is why I agreed to keep working. Otherwise I would have retired a couple of years ago.
You're 62 with a nest egg that will outlive you by any reasonable estimate. Have you looked at your numbers even if HC cost you $25k per year, for 3 years, until MC? If you can swing that, then you shouldn't be nervous. Then try it with $50k (which is crazy overdoing it) if you're still worried. And you can COBRA for 18 months so then you have only another 18 on the open market.

(ETA: I get that HC can be considered this unknown money pit, but with even the gold/platinum plans, you have a good idea of the upper limit on annual costs. So it's not really such a big question mark, especially with a short runway. It not really a black hole.)

At 62, with a spouse 10 years older...to be working for insurance, when you can afford otherwise and clearly want to retire? I'd be out the door with your numbers.
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Old 02-23-2019, 11:50 AM   #9
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Bolded - I assume you mean "SS and Pensions will cover 100k of that" and thus your 3mm investment portfolio will cover the remaining 20k?

In terms of medical expenses coverage, can you manage your MAGI for ACA purposes, although with SS and Pensions, probably not.

We also have some dividend paying stock as well as tax exempt munis to provide monthly income along with the pensions and SS.

I've looked into lowering our MAGI, but even if I don't take my pension or SS right away, we are just over the maximum for ACA.
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Old 02-23-2019, 11:56 AM   #10
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At 62, with a spouse 10 years older...to be working for insurance, when you can afford otherwise and clearly want to retire? I'd be out the door with your numbers.
I know.... it's nuts that I am still working. I just get cold feet and can't quite pull the plug yet. Soon.
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Old 02-23-2019, 01:28 PM   #11
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I know.... it's nuts that I am still working. I just get cold feet and can't quite pull the plug yet. Soon.

You said it.


What are you waiting for? Perhaps it is a good health problem to limit you ability to enjoy all that you have earned?


I don't mean to sound like a wiseguy, but you, me and many of us here are at that time of life where any health issue can come out of nowhere and drastically change our quality of life.
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Old 02-24-2019, 12:37 PM   #12
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At 62, with a 72-year old husband with medical issues, your remaining number of active years are now limited (well, they're always limited, but more so now). Since $100/$120 (83% of your annual expenses are covered without touching your nest egg), retire now, and enjoy time with your husband! Don't wait! Please, give your two week's notice, or less, this week. Seriously. Don't delay.

My only question is, what happens to your income and expenses, should your husband pre-decease you? Would you lose his pension? With your $3MM nest egg, it looks like you'd still be all right, but withdrawing a little more (but still far less than 4%).
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Old 02-24-2019, 06:51 PM   #13
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We live in a fairly high cost of living area. I've tracked our finances carefully for a few years and we need about 120K (including taxes) per year. Our investments, SS and pensions will cover about 100K of that, so our withdrawal rate should be pretty low. We've always been frugal and made sure to fund our retirement accounts which has paid off.


As much as I would love to walk away from working for good, I'm still a little nervous about medical costs which is why I agreed to keep working. Otherwise I would have retired a couple of years ago.


Man, you are good to go in my book
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Old 03-01-2019, 03:52 PM   #14
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Staying on part time didn't work out so I submitted my notice today. March 30th will be the start of my new retired life.
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Old 03-01-2019, 05:38 PM   #15
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Staying on part time didn't work out so I submitted my notice today. March 30th will be the start of my new retired life.
Excellent. You won't regret it.
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Old 03-01-2019, 05:42 PM   #16
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Congratulations!
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Old 03-01-2019, 05:52 PM   #17
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Beautiful!
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