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Old 07-15-2018, 04:20 PM   #1
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Hey Group, thank you for letting me join this forum. I have been reading articles for about six years. I just turned 59 yrs. old two days ago. My DW is 56 yrs. old. Let me tell you about our situation. I retired(medical) from company number 1 at 48 yrs. of age. I started drawing my pension at 55. It is $1415.00 per month. I just rolled it over to a savings account. I try to never touch it. We have $43,000.00 in that account as of today. I hope to not touch it until August 1st 2021. That is the day i get out of so much stress. For job number 2 (present). When 08/01/2021 comes i will start a monthly annuity of $1700.00. My wife will have a small retirement of $650.00 per month when she turns 60 yrs. old. So our monthly income without SS will be somewhere around $3700.00. With company 2, they match up to 5% of my savings. I put$1450.00 a month into my 401k. It goes into a roth. The total in the Roth is appx. $150,000.00. The rest(($350,000) is in high risk mutual funds. We also have a IRA with a outside investment firm. It total is about $76,000. I hope to have around $600.000.00 in companys 2 when i retire. Well now the big question. Do you think we can retire and not touch SS until 65 yrs. old? BTW we will have to buy our on insurance. We have not monthly payments except for the basic.
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Old 07-15-2018, 04:42 PM   #2
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Originally Posted by Razor Hog View Post
Hey Group, thank you for letting me join this forum. I have been reading articles for about six years. I just turned 59 yrs. old two days ago. My DW is 56 yrs. old. Let me tell you about our situation. I retired(medical) from company number 1 at 48 yrs. of age. I started drawing my pension at 55. It is $1415.00 per month. I just rolled it over to a savings account. I try to never touch it. We have $43,000.00 in that account as of today. I hope to not touch it until August 1st 2021. That is the day i get out of so much stress. For job number 2 (present). When 08/01/2021 comes i will start a monthly annuity of $1700.00. My wife will have a small retirement of $650.00 per month when she turns 60 yrs. old. So our monthly income without SS will be somewhere around $3700.00. With company 2, they match up to 5% of my savings. I put$1450.00 a month into my 401k. It goes into a roth. The total in the Roth is appx. $150,000.00. The rest(($350,000) is in high risk mutual funds. We also have a IRA with a outside investment firm. It total is about $76,000. I hope to have around $600.000.00 in companys 2 when i retire. Well now the big question. Do you think we can retire and not touch SS until 65 yrs. old? BTW we will have to buy our on insurance. We have not monthly payments except for the basic.
Welcome Razor Hog to our wonderful forum.
What are your monthly expenses?
Have you looked into Healthsherpa.com for potential insurance costs?
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Old 07-15-2018, 05:08 PM   #3
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Do you think we can retire and not touch SS until 65 yrs. old?
The only way to answer is to compare your expenses to your income.

Have you created a detailed budget for your retirement years yet?
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Old 07-15-2018, 05:37 PM   #4
Confused about dryer sheets
 
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Thanks so much for your replies. I would say our expenses are around $2000.00 per month. As for as a detailed budget. I have not.
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Old 07-15-2018, 05:46 PM   #5
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Thanks so much for your replies. I would say our expenses are around $2000.00 per month. As for as a detailed budget. I have not.
Quote:
So our monthly income without SS will be somewhere around $3700.00.
You should really dig in and determine the details of your expenses to make sure you have included everything. What you quoted seems very, very low for most folks. Taxes? Healthcare? Travel? Big-ticket expenses like new cars, new roofs, etc?

But if you have, and if your expenses are actually just $2000/month, then $3700/month of income will obviously mean you can retire without any worries.

I wish you well.
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Old 07-15-2018, 05:50 PM   #6
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You need to estimate the cost of healthcare before you can plan. For DW and I, both age 62 as of next month, we spend $2404/mo on retiree health insurance. The cost depends a lot on the area you live. We are fortunate my former Megacorp has retiree health since there arenít any less expensive plans available to us.
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Old 07-16-2018, 02:48 PM   #7
Confused about dryer sheets
 
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Originally Posted by Razor Hog View Post
Hey Group, thank you for letting me join this forum. I have been reading articles for about six years. I just turned 59 yrs. old two days ago. My DW is 56 yrs. old. Let me tell you about our situation. I retired(medical) from company number 1 at 48 yrs. of age. I started drawing my pension at 55. It is $1415.00 per month. I just rolled it over to a savings account. I try to never touch it. We have $43,000.00 in that account as of today. I hope to not touch it until August 1st 2021. That is the day i get out of so much stress. For job number 2 (present). When 08/01/2021 comes i will start a monthly annuity of $1700.00. My wife will have a small retirement of $650.00 per month when she turns 60 yrs. old. So our monthly income without SS will be somewhere around $3700.00. With company 2, they match up to 5% of my savings. I put$1450.00 a month into my 401k. It goes into a roth. The total in the Roth is appx. $150,000.00. The rest(($350,000) is in high risk mutual funds. We also have a IRA with a outside investment firm. It total is about $76,000. I hope to have around $600.000.00 in companys 2 when i retire. Well now the big question. Do you think we can retire and not touch SS until 65 yrs. old? BTW we will have to buy our on insurance. We have not monthly payments except for the basic.


I think you can even retire now with that kind of money. Have you considered living somewhere in Southeast Asia? I moved to Bali in 2012 and never looked back. Only back to the States to visit family and reunion.
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Old 07-16-2018, 05:04 PM   #8
Confused about dryer sheets
 
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I sure thank everyone for the post. I don't think i explained my situation very well. I know we will need health insurance for 6 years. Both of us together will need insurance for 3 years. After 3 years we will only need insurance for DW only. The day i retire i should have right around $100,000 in a savings account. I will use that for health insurance. Also I plan to take SS at 65. That amount will be $2400 a month. DW will take hers at 62.Hers will be $1200 per month. When both retire and have Medicare we should have near $6500 per month. I figured my expenses for a month and it is 2700 per month. Remember the $600,000 will only be used if needed. Well that is the skinny. Now what is your thoughts?
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Old 07-16-2018, 05:29 PM   #9
Confused about dryer sheets
 
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I reiterate, I retired in 2012 and moved to Bali (#1 best destination of Trip Advisor, in the world) health insurance around $100 per month. Western hospitals. above that, a couple can live comfortably on $800 a month. With the income you have now, this is easy. Get your full time apartment for $130K Travel S E Asia for $150 r/t on Air Asia. Wait until you are 70 to take your SS and get top dollar. Sell your Bali apartment at anytime with a 1% annual increase in equity. That is like getting all your rent back when you move out plus 1%


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Old 07-16-2018, 07:07 PM   #10
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Hi Razor - you might want to try putting your expenses and income into FIREcalc. It’s really important to investigate what the various health insurance options will cost each of you, how much you wil spend in Medicare and supplemental insurance costs, and look at your expenses adjusted for inflation. When you have hard numbers to input into a good retirement calculator, you’ll get the most accurate results. Much better than asking opinions online with somewhat limited input (despite the wealth of expertise on this board!).

Keep reading here and elsewhere, and spend time with the numbers. It willl get clearer!
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