Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Withdraw plans, Bernicke, Social Security????
Old 04-10-2007, 11:09 AM   #1
Full time employment: Posting here.
 
Join Date: Mar 2005
Location: Punta Gorda, FL
Posts: 828
Withdraw plans, Bernicke, Social Security????

I'm down to the wire and still planning my July 1st escape. Ive run the various withdraw options through firecalc and I think I'll be ok. Budget wise I think we will be fine on 60k-65k which is about 33% of our current salary.

On a 4% withdrawl I get $69,000
If I add Social Security @ 62 I get $76,500
If I add Bernike plus Social Security I get $82,250.

In reality I'm sure we will withdraw what we need and if things start to get out of balance either splurge alittle or cut back.

To those who are already retired what have you found ?
dm is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Withdraw plans, Bernicke, Social Security????
Old 04-10-2007, 11:22 AM   #2
Full time employment: Posting here.
 
Join Date: Apr 2005
Posts: 577
Re: Withdraw plans, Bernicke, Social Security????


I found I need MUCH less.

Have a good time!

kate
kat is offline   Reply With Quote
Re: Withdraw plans, Bernicke, Social Security????
Old 04-10-2007, 12:07 PM   #3
Thinks s/he gets paid by the post
Bikerdude's Avatar
 
Join Date: Jul 2006
Posts: 1,901
Re: Withdraw plans, Bernicke, Social Security????

Quote:
Originally Posted by dm

In reality I'm sure we will withdraw what we need and if things start to get out of balance either splurge alittle or cut back.
I think that's what most people do over the course of their retirement.

When you say 33% of your current income do you mean take home net pay or gross? Your take home will not change as much as your gross once you retire.
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
Bikerdude is offline   Reply With Quote
Re: Withdraw plans, Bernicke, Social Security????
Old 04-10-2007, 01:28 PM   #4
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 304
Re: Withdraw plans, Bernicke, Social Security????

I'm not sure about that Bernicke deal - when I checked that box, it had my spending decreasing from something like 75k to 20k over a period of some years. Seemed to me like a bit of an extreme reduction, but what do I know.

- John
runchman is offline   Reply With Quote
Re: Withdraw plans, Bernicke, Social Security????
Old 04-10-2007, 02:40 PM   #5
Full time employment: Posting here.
 
Join Date: Mar 2005
Location: Punta Gorda, FL
Posts: 828
Re: Withdraw plans, Bernicke, Social Security????

Quote:
Originally Posted by Bikerdude
I think that's what most people do over the course of their retirement.

When you say 33% of your current income do you mean take home net pay or gross? Your take home will not change as much as your gross once you retire.
Both numbers are gross. I ran turbo tax to get an idea on what the taxes would be at a lower amount. Of coarse taxes can always change, but hopefully I have some cushion. The 33% doesn't seem like much but the kids are finally out of school and we were paying their college cost, and we also paid off the house a few years ago.

My only worry is although we lived below our means we didn't have to worry about money. Now we probably are going to have to be alittle more carefull. No more new Porsche's.

But that golf handicap should come down.
dm is offline   Reply With Quote
Re: Withdraw plans, Bernicke, Social Security????
Old 04-10-2007, 02:54 PM   #6
Recycles dryer sheets
 
Join Date: Mar 2007
Posts: 121
Re: Withdraw plans, Bernicke, Social Security????

I personally don't want to reduce my withdrawals 2-3% starting at 56 and this is what happens when you check the Bernicke box. For me, that's too early to reduce spending. At 75 it may be alright!
hogtied is offline   Reply With Quote
Re: Withdraw plans, Bernicke, Social Security????
Old 04-11-2007, 06:42 PM   #7
Dryer sheet aficionado
 
Join Date: Jun 2005
Posts: 27
Re: Withdraw plans, Bernicke, Social Security????

I'm wondering if there is a Bernicke calculator anywhere that allows you to choose the age at which to start reducing spending. 55 seems too early to me, but maybe at 65. We're 55 now and don't see ourselves reducing spending next year. I think some of the Bernicke (although I've not read much about it) may depend on your average 55 year old having gotten the kids out of college, paid off the house, not feeding and clothing kids anymore, paying for kids cars, etc. That's not us at all. We expect to travel more and have more health care expenses including health insurance. Our work costs will decrease, but that's nothing compared to the health insurance. And our housing costs will go down as we are selling our home and will rent for a few years until we decide where to live. suspect we will eat out less and cook more, but who really knows until we live it.
aggie is offline   Reply With Quote
Reply

Tags
social security


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Former Military Social Security credits - interesting Fireup2020 FIRE and Money 1 04-10-2007 09:24 PM
Maximizing Social Security Benefits eyenitnoy FIRE and Money 20 06-18-2006 08:29 PM
A Solution to Social Security wabmester Other topics 5 02-19-2006 11:34 AM
Social Security News today - 3/2/2005 Cut-Throat Other topics 17 03-04-2005 11:54 AM
Social Security will last longer ...maybe mickeyd FIRE and Money 7 06-28-2004 06:55 AM

» Quick Links

 
All times are GMT -6. The time now is 02:17 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.