Blue Skies
Dryer sheet wannabe
- Joined
- Oct 11, 2007
- Messages
- 18
I have seen the Retirement Calculator on MSN and other sites, but they don't apply to me, and ask about adding a Social Security Benefit.
What I am trying to figure out is this:
If I quit my job in June of 2008, with $525,000 in cash, all of which will be in CD's, and have no debts, can I live off that money until i am 60, at which time I would probably start withdrawls from a SEP-IRA that currently has $371,000.
I am VERY limited in my knowledge of finances, but I am assuming that the SEP will double about every 8 to 9 years, so I would hope to have about $1,200,000 when I am 60...of course who knows what that will actually be worth by then.
I have lived way below my means for the past 12 years. I have no debt of any kind, and most of my cash came from the sale of my home. I do own another home free and clear in the midwest that I want to move to, but it is only worth about $25,000 (seriously..small town). I have estimated that my health insurance, car and home owner insurance, property taxes, phone, cable, propane, water and electric will be about $850 per month and I assume that it will increase by about 5% a year (is that too low or too high) I have a classic old car I will keep forever, and another 1980 model car.
I won't 'retire' like my Dad did, totally quit working. I would like to work 10 to 15 hours per week, and do a lot of volunteering, mostly in AA and at two senior centers that I like back there.
If walk away from my life in So. Cal it will be very hard to re-enter, but I can say that right now I am miserable about 90% of the time.
I do not think my future thinking will change; I went through my "I want more and better and flashier" phase years ago and am very content with what I have.
Right now my SSI Estimate of Benefits Statement says that if I take SS at age 67 I would have about $1,760 per month; if I wait until 70 it would just over $2,100 per month. Again, that may be worth nothing compared to todays dollars, and my parents told me along time ago to never count on Social Security being around when I retire.
I am single so have no hiers to worry about (other than 3 cats and a dog)
I am 50% terrified and 50% excited.
Any links to some way of figuring out some of these things?
Thanks for your patience.
Blue Skies
What I am trying to figure out is this:
If I quit my job in June of 2008, with $525,000 in cash, all of which will be in CD's, and have no debts, can I live off that money until i am 60, at which time I would probably start withdrawls from a SEP-IRA that currently has $371,000.
I am VERY limited in my knowledge of finances, but I am assuming that the SEP will double about every 8 to 9 years, so I would hope to have about $1,200,000 when I am 60...of course who knows what that will actually be worth by then.
I have lived way below my means for the past 12 years. I have no debt of any kind, and most of my cash came from the sale of my home. I do own another home free and clear in the midwest that I want to move to, but it is only worth about $25,000 (seriously..small town). I have estimated that my health insurance, car and home owner insurance, property taxes, phone, cable, propane, water and electric will be about $850 per month and I assume that it will increase by about 5% a year (is that too low or too high) I have a classic old car I will keep forever, and another 1980 model car.
I won't 'retire' like my Dad did, totally quit working. I would like to work 10 to 15 hours per week, and do a lot of volunteering, mostly in AA and at two senior centers that I like back there.
If walk away from my life in So. Cal it will be very hard to re-enter, but I can say that right now I am miserable about 90% of the time.
I do not think my future thinking will change; I went through my "I want more and better and flashier" phase years ago and am very content with what I have.
Right now my SSI Estimate of Benefits Statement says that if I take SS at age 67 I would have about $1,760 per month; if I wait until 70 it would just over $2,100 per month. Again, that may be worth nothing compared to todays dollars, and my parents told me along time ago to never count on Social Security being around when I retire.
I am single so have no hiers to worry about (other than 3 cats and a dog)
I am 50% terrified and 50% excited.
Any links to some way of figuring out some of these things?
Thanks for your patience.
Blue Skies