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One year to go!
Old 02-09-2015, 06:11 AM   #1
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One year to go!

Turned in my notice for early retirement next May! Retiring at 55. 30 years at banking. Working on my financial plan. Have a defined benefit plan that pays $80k per year until death, which is about60% of my salary. I keep the same health ins until 65 - about $50 per month now.I am selling big house and downsizing - considering renting. After house sells I should have about $150k in cash and $700k in retirement funds . Retirement accounts are about 75% stock mutual funds and 25% bonds. No cola on defined benefit plan so I am not planning on making withdrawals on retirement until later- which will be my cola. Social security will also be a cola at 67.

I am single/divorced with no debt. I live in nw florida and love the area.

Planning on spending more time with grand kids in Arkansas and working on my hobbies.

I have always worked so this move is a little scary!


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Old 02-09-2015, 08:31 AM   #2
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Congrats! I presume you've done an analysis of your expenses and that you can live fine on the defined benefit pension. Enjoy your upcoming free time!
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Old 02-09-2015, 09:12 AM   #3
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Man that is a long notice you are giving! You must work for a darn good company.Many companies would "railroad" you into the corner knowing that far ahead.
Anyway, ton's of congrats too you.Sounds like you have a plan
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Old 02-09-2015, 10:26 AM   #4
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Quote:
Originally Posted by scubamonkey View Post
Have a defined benefit plan that pays $80k per year until death, which is about60% of my salary.
80k is very nice. Do you have to wait until 65 for it?
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Old 02-09-2015, 11:30 AM   #5
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Regarding the expenses, I am working on my spending habits to match the reduced income .

I can start the defined benefit at 55

It is a very good company.


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Old 02-09-2015, 02:52 PM   #6
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Very nice pension, and starting at 55 is great. Sounds like you should do fine, just keep the expenses at level you can supplement safely and you are set for nice retirement.

Your 75/25 allocation may have a bit more volatility, if you can live with that it should help offset inflation for the rest of your life.
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Old 02-09-2015, 04:57 PM   #7
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Florida is no income tax state. That should help keep the tax burden of the pension income as low as possible. Florida is also relatively low cost vs many places in the usa. You should be fine. Very generous pension - An equivalent annuity would require about $1.7m so I would say you've done well. The SS and later tapping of retirement accounts should help reduce inflation risk. Just be cautious of income and Required Minimum withdrawal 's to tax deferred accounts so as to avoid paying a lot in taxes on SS later.
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