auburnin
Confused about dryer sheets
Hi! I'm 54 in November, a freelance location scout /mgr in Hollywood (commercials) and planning my retirement strategies. I need help making som decisions: I have a pension that will be worth 215k lump sum at age 60 or 227k at age 65. If I take the lump, I'll make $77/mo or $90 / mo after that at those 2 ages. If I don't, I'll get $1364 / mo at age 60 or $1605 at age 65.
I have a supplemental plan pension with that one that has a lump of $99,000. If I take it at any age it's the same. If I don't, I get $520 / mo at Age 60 and $578 at age 65. I have another pension that is still being contributed to until I retire. At present it has a lump sumworth $36k. If don't take the lump, I'll get $555 / mo at ate 62 or $700 / mo at age 65. Social Security will be on top of those pensions,and at present is worth $1569 at age 62, $2156 at age 66 and $2760 at age 70. My house is paid for and is worth about $500k, and I have about $960k in savings. At present about $500k of that is in long term muni bonds (individual bonds w/ 20+ year maturities) at suggestion of my broker, about $70k in stocks and the rest in a mix of preferreds, cash, cds. (My Roth IRA is in that total and is at about $104 k at present).
Do I take the early retirement pensions or wait? Do I take the early Soc Security or wait until age 70? Do I take the lump sums or not? My monthly nut is $4k which allows for no real extravagances but budgets for car replacement and house maintenance and eating out some. I am single w/ no kids and no prospects for having any, alas, but such is life. I'm interested in world travel (hostels, low cost style) and am scratching my head if a strategy for early retirement is realistic. Travel would add to my budget, naturally. Also, I'm interested in knowing if anybody likes the Ray Luccia "buckets of money " strategy and would that be good for me to consider?
Thanks. I'm new and haven't read anything in the forums but am about to start!
I have a supplemental plan pension with that one that has a lump of $99,000. If I take it at any age it's the same. If I don't, I get $520 / mo at Age 60 and $578 at age 65. I have another pension that is still being contributed to until I retire. At present it has a lump sumworth $36k. If don't take the lump, I'll get $555 / mo at ate 62 or $700 / mo at age 65. Social Security will be on top of those pensions,and at present is worth $1569 at age 62, $2156 at age 66 and $2760 at age 70. My house is paid for and is worth about $500k, and I have about $960k in savings. At present about $500k of that is in long term muni bonds (individual bonds w/ 20+ year maturities) at suggestion of my broker, about $70k in stocks and the rest in a mix of preferreds, cash, cds. (My Roth IRA is in that total and is at about $104 k at present).
Do I take the early retirement pensions or wait? Do I take the early Soc Security or wait until age 70? Do I take the lump sums or not? My monthly nut is $4k which allows for no real extravagances but budgets for car replacement and house maintenance and eating out some. I am single w/ no kids and no prospects for having any, alas, but such is life. I'm interested in world travel (hostels, low cost style) and am scratching my head if a strategy for early retirement is realistic. Travel would add to my budget, naturally. Also, I'm interested in knowing if anybody likes the Ray Luccia "buckets of money " strategy and would that be good for me to consider?
Thanks. I'm new and haven't read anything in the forums but am about to start!