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Old 03-11-2012, 07:31 PM   #1
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I am 59 years old.I have 1.3 million dollars in blue chip dividend stocks currently paying $3000 a month in dividends.I make $70,000 a year but with no benefits.I would like to retire in a couple of years,but I am afraid I may run out of money if I live much past 70.Healthcare costs have cost me $60.000 the last 3 years with premiums ,deductibles and costs insurance does not cover.I have had 3 surgerys the last 3 years,but I will not need anymore in the foreseeable future.I am in o.k. health.With high inflation,higher healthcare costs because of my age I just do not think I could start spending down. I am single with no property or kids.In retirement I would still like a halfway decent quality of life.Should I just wait till I am 65 ? By then it should not be a problem.Any suggestions?
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Old 03-11-2012, 07:44 PM   #2
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I am 59 years old.I have 1.3 million dollars in blue chip dividend stocks currently paying $3000 a month in dividends.I make $70,000 a year but with no benefits.I would like to retire in a couple of years,but I am afraid I may run out of money if I live much past 70.Healthcare costs have cost me $60.000 the last 3 years with premiums ,deductibles and costs insurance does not cover.I have had 3 surgerys the last 3 years,but I will not need anymore in the foreseeable future.I am in o.k. health.With high inflation,higher healthcare costs because of my age I just do not think I could start spending down. I am single with no property or kids.In retirement I would still like a halfway decent quality of life.Should I just wait till I am 65 ? By then it should not be a problem.Any suggestions?
Hi denny1952, and welcome to the Early Retirement Forum.

A lot depends on how much you think you will need to live on. I notice that you live in Minneapolis, which I understand is a very low cost area (compared with places like New York City or Los Angeles). So while your health certainly is a concern, at least your low cost location might be helpful.

Pretty soon I suppose you will be eligible for social security too, so that could help.
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Old 03-11-2012, 07:44 PM   #3
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Welcome. Hard to say, really. Have you done the firecalc on the site? It might lend some insight. Can you get health insurance? That might be a significant factor. I was thinking that the pre existing condition thing might be a problem for you.
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Old 03-11-2012, 07:51 PM   #4
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Welcome Denny! I would retire, spend like a drunken sailor, and worry about 70 and up when I am 69.

But seriously, I see where you are at. The healthcare problem aside, you are in very good shape. So, the strategy must revolve around reasonable health care coverage, and with a crappy policy, that means you are shouldering much of the load yourself. But not all of it. With some reasonable luck in the next 2-5 years (healthwise) and adding social security, you might be able to make a go of it at 62.

Good luck.
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Old 03-11-2012, 07:55 PM   #5
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Welcome. I second the suggestion that you start with FIRECalc: A different kind of retirement calculator. Without knowing your total expected expenses (as W2R mentioned), we can't really predict your odds of success. Knowing what your healthcare expenses would be based on actual past history in the past 3 years is a leg up though. And planning on living to age 70 is much less than most people use for planning. Best of luck...
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Old 03-12-2012, 02:58 AM   #6
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Welcome, denny1952. Have you tried this free online calculator :

Merrill Edge| See Where You Stand

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Should I just wait till I am 65 ? By then it should not be a problem.Any suggestions?
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Old 03-12-2012, 07:12 AM   #7
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Your recent surgery issues point out the need to financially secure your medical future. That being said, if you just had a bad streak of needing some physical surgeries (i.e., not due to systemic problems where additional surgery/treatment is likely) you should not presume you will face those same expenses going forward.
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Old 03-17-2012, 07:03 AM   #8
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Welcome Denny, I agree with everyone below... find out what you spend!

IMO don't trust any one calculator...run a few and get a consensus. Fidelty has one, the Principal group has one, there are many out there.

Here's one I like
Monte Carlo Retirement Calculator
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