ERPRECY
Dryer sheet aficionado
- Joined
- Aug 9, 2013
- Messages
- 29
When I retired in April 2011 at 56, I rolled part of my 401K into a Variable Annuity which guarantees an 8% return for 10 years and will pay me 5% of the value for life. So basically, here's a table of the value and payout amounts by year of when I start payout.
2011 - $600K - $30K per year
2012 - $648K - $32.4K
2013 - $699K - $34.9K
2014 - $755K - $37.8K
2015 - $816K - $40.8K
2016 - $881K - $44.1K
2017 - $952K - $47.6K
2018 - $1.028M - $51.4K
2019 - $1.1M - $55.5K
2020 - $1.2M - $55.9K
My husband still works and initially we had planned that he'll retire in 2017 when we'll both turn 62 and we can both get early S.S. (about $40,800 for both). With S.S. and $47.6K from the annuity above and my current non-COLA pension of $22,800 we should be fine. Our bare minimum needs are $72,000 per year.
Now, he wants to retire at 60 instead of 62, so I'm thinking of starting my annuity next April ($37,800) set it aside so we can have funds between 60 and 62. We can also sell a rental and get $100K and leave the annuity alone.
We have $150K in cash and currently have $1.2M in our combined IRAs. I am paranoid and don't want to use our cash.
I value the minds of the retirees in this forum. What do you guys think?
Thanks in advance.
2011 - $600K - $30K per year
2012 - $648K - $32.4K
2013 - $699K - $34.9K
2014 - $755K - $37.8K
2015 - $816K - $40.8K
2016 - $881K - $44.1K
2017 - $952K - $47.6K
2018 - $1.028M - $51.4K
2019 - $1.1M - $55.5K
2020 - $1.2M - $55.9K
My husband still works and initially we had planned that he'll retire in 2017 when we'll both turn 62 and we can both get early S.S. (about $40,800 for both). With S.S. and $47.6K from the annuity above and my current non-COLA pension of $22,800 we should be fine. Our bare minimum needs are $72,000 per year.
Now, he wants to retire at 60 instead of 62, so I'm thinking of starting my annuity next April ($37,800) set it aside so we can have funds between 60 and 62. We can also sell a rental and get $100K and leave the annuity alone.
We have $150K in cash and currently have $1.2M in our combined IRAs. I am paranoid and don't want to use our cash.
I value the minds of the retirees in this forum. What do you guys think?
Thanks in advance.