hello everone, I am new to the Early Retirement. Org. I did answer on another thread. I am currently employed with the State of Ohio. I have 30 years in. I have bought 6 months of previouse state time. I would like to think about retiring August 2011. I would have 31 years and 3 months.
With the estimate I received from the State Retirment system I would have approx $3000.00 to live on with a (50%) for my wife. which would equate to $1500.00 a month if something was to happen to me.
I have contacted a Financial Planner, Who I have worked with before. Withe the estimate I received, I have sat down with him to look at options. He said take the PLOP which would be approx$111,000.00 he wanted to me to pay off the $22,000.00 in unsecured debt and it would leave approx funds of 89000.00, I would roll it over to an account with American Funds, from there he would have 80,000.00 go to a Prudential Variable Annunity. I would pay around 6%. He is stating not to touch it for around 9 year until age of 65. My only concern is I would not be able to touch it for along time
With taking that PLOP I would jeopardize receiving a 3% Cola. I was wondering if it would make more sense to take approx 80,000.00 and pay off the $22,000.00 in unsecured debt an roll over 25,000.00 into emergency and the other $25,000.00 into a variable annunity without the Financial Planner and avoid the substanical fee he would receive from the annunity.
Monthly amount without Plop would be approx $3000.00
With Plop it would be approx $2500.00( out of that would come $200.00 for Health Insurance which includes dental and vision. ( Good deal ) as I see it.
With my option of a Plop of $80,000. I could pay off the debt and still have approx an emergency fund of 25,000.00 and the rest into a Variable annunity. This would leave an approx amount a month of $2700.00 for me and at my death approx 1600.00 which is not including my spouses SS.
not mentioned was an amount of $20,000.00 from accumulated vacation. Can anyone tell me if that can be rolled over to a 403 plan to reduce taxes or will I have to pay taxes on it.
as to question on the vacation I was in a 457 plan but took the money out around 22 years ago and I can not get back into it due to an IRS ruling. I was just wondeing if anybody might suggest somethings.
I have a meeting with the Financial Advisor with the Retirement board on May 16, 2011.
As to working after possible retirement I am thinking I would. as to possibilities , I would like to go into Financial Planning. Current education is MBA along with a Master Certificate in Emergency and Disaster Mangement and two classes taken for the Undergraduate In Financial Planning. I would just take the necessary classes for sitting for th exam which is the CFP ( Certified Fiancial Planner)
While a long post, i would like any suggestions.
Thanks
Jpoucher
With the estimate I received from the State Retirment system I would have approx $3000.00 to live on with a (50%) for my wife. which would equate to $1500.00 a month if something was to happen to me.
I have contacted a Financial Planner, Who I have worked with before. Withe the estimate I received, I have sat down with him to look at options. He said take the PLOP which would be approx$111,000.00 he wanted to me to pay off the $22,000.00 in unsecured debt and it would leave approx funds of 89000.00, I would roll it over to an account with American Funds, from there he would have 80,000.00 go to a Prudential Variable Annunity. I would pay around 6%. He is stating not to touch it for around 9 year until age of 65. My only concern is I would not be able to touch it for along time
With taking that PLOP I would jeopardize receiving a 3% Cola. I was wondering if it would make more sense to take approx 80,000.00 and pay off the $22,000.00 in unsecured debt an roll over 25,000.00 into emergency and the other $25,000.00 into a variable annunity without the Financial Planner and avoid the substanical fee he would receive from the annunity.
Monthly amount without Plop would be approx $3000.00
With Plop it would be approx $2500.00( out of that would come $200.00 for Health Insurance which includes dental and vision. ( Good deal ) as I see it.
With my option of a Plop of $80,000. I could pay off the debt and still have approx an emergency fund of 25,000.00 and the rest into a Variable annunity. This would leave an approx amount a month of $2700.00 for me and at my death approx 1600.00 which is not including my spouses SS.
not mentioned was an amount of $20,000.00 from accumulated vacation. Can anyone tell me if that can be rolled over to a 403 plan to reduce taxes or will I have to pay taxes on it.
as to question on the vacation I was in a 457 plan but took the money out around 22 years ago and I can not get back into it due to an IRS ruling. I was just wondeing if anybody might suggest somethings.
I have a meeting with the Financial Advisor with the Retirement board on May 16, 2011.
As to working after possible retirement I am thinking I would. as to possibilities , I would like to go into Financial Planning. Current education is MBA along with a Master Certificate in Emergency and Disaster Mangement and two classes taken for the Undergraduate In Financial Planning. I would just take the necessary classes for sitting for th exam which is the CFP ( Certified Fiancial Planner)
While a long post, i would like any suggestions.
Thanks
Jpoucher