Hi, my name is Janis... I retired May 28, 2015 as a school teacher of 16 years. My husband is planning to retire Jan. 31 2017. I am already getting nervous about this journey into our next life. Even though I have a small pension1,500 a month, he will not be able to get his pension of 3,800 a month until he turns 65 so we about 22 months of a bridge years to deal with before we get his pension plus ssi...
We are going to have to pull about 40,000 from our IRA each year to live on (IRA savings is 850,000) for retirement.
We have NO Debt, own 2 houses, 450,000 and 200,00 own a sailboat worth 95,000. We pay off our credit cards every month. Today we live on about 100,000 after tax money. When my husband retires in January we will be living on about 50,000 after tax money. In October 2018 he will receive his pension of 45,600 a year and then two years later another 31,200 from ssi........... so the deal is that 22 month window to get us through until the other moneys come in. Our budget a month is around 6,000 and when we retire it should be around 4,500 a month. I know that we can do it but it all makes me very nervous... I use mint.com which helps me stay on a budget but still... the thought of not having his income and being on a tight budget makes me nervous...... Hopefully I can hear from others in there bridge years before there pension kicks in.
....... looking forward to the group.
Janis
We are going to have to pull about 40,000 from our IRA each year to live on (IRA savings is 850,000) for retirement.
We have NO Debt, own 2 houses, 450,000 and 200,00 own a sailboat worth 95,000. We pay off our credit cards every month. Today we live on about 100,000 after tax money. When my husband retires in January we will be living on about 50,000 after tax money. In October 2018 he will receive his pension of 45,600 a year and then two years later another 31,200 from ssi........... so the deal is that 22 month window to get us through until the other moneys come in. Our budget a month is around 6,000 and when we retire it should be around 4,500 a month. I know that we can do it but it all makes me very nervous... I use mint.com which helps me stay on a budget but still... the thought of not having his income and being on a tight budget makes me nervous...... Hopefully I can hear from others in there bridge years before there pension kicks in.
....... looking forward to the group.
Janis
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