Hello, long time reader, brand new member. I've enjoyed reading the posts on the forums here at FIRE.
I have a bunch of questions!
I'm thinking of retiring next year...I think I can make it even though I won't be able to access my pension (about $30,000 a year) until I'm 65, in three years, and will not take SS until I'm 66 (about $24,000 a year.) I'm working on the budget so I will know my exact expenses for a year. I am hoping to be able to live on $48,000/year here in California, and I think I can live on less (anyone have experience or an opinion on that)
I have about $500,000 in a 403b and about $100,000 in savings/checking for emergencies. My rent is about $1000 a month, my health plan until I reach Medicare age will also be about $1000 (I'm estimating high.) No other major debt/expenses/assets.
I want to do this, but I'm frankly afraid to take the leap. What if I have an unexpected health problem that wipes me out and I not longer have or can get a job to earn more money to help out the budget? (hiring isn't good for older folks right now...sigh...) I like my work, and could work one to three more years, but I've been doing it for 39 years now, and I'm tired and ready for a change.
Firecalc gives me about an 87%, though I do not know if the amount I should enter under "Spending" should be just what I need to spend (groceries rent, health, food, vacations, etc.) or should it include my tax budget (i.e., add about 20% to the $48,000 I think I need to live on)? I've been entering $60,000 to include the 20% tax rate I expect. If the amount I should be entering is only what I spend (not including taxes) it gives me 100%.
I am also hoping for some information about ESP Planner. I have no problem entering data, but I don't understand how to read the results, and can't find any information. Is there a page that explains the results?
I have a bunch of questions!
I'm thinking of retiring next year...I think I can make it even though I won't be able to access my pension (about $30,000 a year) until I'm 65, in three years, and will not take SS until I'm 66 (about $24,000 a year.) I'm working on the budget so I will know my exact expenses for a year. I am hoping to be able to live on $48,000/year here in California, and I think I can live on less (anyone have experience or an opinion on that)
I have about $500,000 in a 403b and about $100,000 in savings/checking for emergencies. My rent is about $1000 a month, my health plan until I reach Medicare age will also be about $1000 (I'm estimating high.) No other major debt/expenses/assets.
I want to do this, but I'm frankly afraid to take the leap. What if I have an unexpected health problem that wipes me out and I not longer have or can get a job to earn more money to help out the budget? (hiring isn't good for older folks right now...sigh...) I like my work, and could work one to three more years, but I've been doing it for 39 years now, and I'm tired and ready for a change.
Firecalc gives me about an 87%, though I do not know if the amount I should enter under "Spending" should be just what I need to spend (groceries rent, health, food, vacations, etc.) or should it include my tax budget (i.e., add about 20% to the $48,000 I think I need to live on)? I've been entering $60,000 to include the 20% tax rate I expect. If the amount I should be entering is only what I spend (not including taxes) it gives me 100%.
I am also hoping for some information about ESP Planner. I have no problem entering data, but I don't understand how to read the results, and can't find any information. Is there a page that explains the results?
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