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How do you use Pension money in the Fire Calc?
Old 05-31-2006, 09:01 AM   #1
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How do you use Pension money in the Fire Calc?

I get 32,000 a year with a cola after 24 months then every 12 months. Medical bennies are paid for life with small copays. The wife gets a small pension in 2 years of 3000 a year.

I am taking this deal and I am only 51 house payment will be 300 a month and real estate taxes 200 a month for a total of 500 a month to live in my new home.

I will work part time, make another 12 to 20 grand a year and have about anothe 40,000 in cash for emergencies.

I think it works no?
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Re: How do you use Pension money in the Fire Calc?
Old 05-31-2006, 09:24 AM   #2
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Re: How do you use Pension money in the Fire Calc?

Quote:
Originally Posted by newguy88
I get 32,000 a year with a cola after 24 months then every 12 months. Medical bennies are paid for life with small copays. The wife gets a small pension in 2 years of 3000 a year.
I am taking this deal and I am only 51 house payment will be 300 a month and real estate taxes 200 a month for a total of 500 a month to live in my new home.
I will work part time, make another 12 to 20 grand a year and have about anothe 40,000 in cash for emergencies.
I think it works no?
Well, you've solved the health insurance challenge. That's huge.

You've listed roughly $35K/year in pension income, another $12-20K/year in part-time income, but only $6000/year expenses. So your income looks pretty good as long as you're not burning your portfolio. But without knowing your expenses, it's hard to figure out whether it works or not...
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Re: How do you use Pension money in the Fire Calc?
Old 05-31-2006, 09:34 AM   #3
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Re: How do you use Pension money in the Fire Calc?

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Originally Posted by Nords
Well, you've solved the health insurance challenge.* That's huge.

You've listed roughly $35K/year in pension income, another $12-20K/year in part-time income, but only $6000/year expenses.* So your income looks pretty good as long as you're not burning your portfolio.* But without knowing your expenses, it's hard to figure out whether it works or not...
Not much in any portfolio, sent two kids to medical school.

Our expenses are nothing extravigant, we are two healthy 51 and 53 yos moving out of the high stress northeast and moving to the raleigh area.

I figured over the last year we made about 90,000 and took home 60,000 paid 24,000 to pay my mortgage and taxes, another 9,000 in auto expenses which are now done paid the 2004 and 2005 cars off so we lived on about27,000 and saved about 6,000.

We will get SS the wife in 9 years and me in 11 wife worked as a full time RN for over 20 years and we figure about 750 a month at 62, me 1350 at 62.

Nords you guys have been a big help.

My house sold and we will be taking a big windfall and putting most of it down on the new house. We will have a 45,000 dollar mortgage.
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Re: How do you use Pension money in the Fire Calc?
Old 05-31-2006, 10:02 AM   #4
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Re: How do you use Pension money in the Fire Calc?

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Not much in any portfolio, sent two kids to medical school.
See, you really have solved the healthcare challenge. Free lifetime consultations!

It sounds like you're saying that you're keeping your expenses below your pension/part-time/SS income. Historically that portfolio survival rate has been 100%...
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Re: How do you use Pension money in the Fire Calc?
Old 05-31-2006, 10:34 AM   #5
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Re: How do you use Pension money in the Fire Calc?

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Originally Posted by Nords
See, you really have solved the healthcare challenge.* Free lifetime consultations!

It sounds like you're saying that you're keeping your expenses below your pension/part-time/SS income.* Historically that portfolio survival rate has been 100%...
yea pediatrians.

anyway taking the ER step has been a funny experience. I will be giving my notice the end of june, moving in july coming back north from october to xmas then be ERd on Jan 1 2007. Pension checks of about 3000 a month start on feb 1 2007.

Mortgage for the new house and taxes will be paid 18 months ahead of time.

I guess it really is all good.
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