Getting close to Retirement, Hello from a New Member

[SD-455]

Hello, first post here as I just found these forums, though I've used the FireCalc site for years and really like it. I'm 59, wife is 58, both working in sales full time most our adult lives. My goal is to retire by the end of 2022 as my position is one that requires a lot hours per week and minimal ability to disconnect. Her's is the opposite and she can work minimal hours and disconnect pretty easily so she would stay on and we would have medical benefits until 2027. Neither of us have pensions so we would begin drawing on our retirement/start SSI at 65/64 in 2027. Firecalc makes it look like our plan is sound with no spaghetti lines going underground assuming the market doesn't go into an extended downturn, etc. Looking forward to learning as much as possible from the folks here and all the good searchable info already in past posts. Thanks for the membership!

 

[2017ish]

Welcome! Sounds like you've done a good deal of planning and thought things through. Do you jointly have a decent idea of what you are retiring to?

Also, regarding social security, have you used https://opensocialsecurity.com/ ? We also have no pensions, but to the extent social is there for us, we both plan to take it at 70. (Unlikely to ever have a need for it, but nice to enhance the longevity/dementia insurance....). Other forum members in our position, however, would go the other way.

 

[SD-455]

Thanks, we have a grown kids nearby so we will stay here in our home we bought about 6 years ago and will pay it off in the next couple of years. On the SSI, I used those calculators recently and figured out at the 65/64 point for us combined we would get about $5500 a month on the SSI. We should be able to safely draw another $14k a month to cover living, travel, taxes and adjust a bit for inflation yearly.

 

[omni550]

Welcome aboard, SD-455! You've found a great forum filled with helpful, knowledgeable people.

omni

 

[SD-455]

thanks Omni!

 

[Murf2]

Welcome from one Pontiac lover to another!

Murf

 

[SD-455]

Thanks Murf, not many people will likely catch that as a Pontiac reference! I have been hooked since I was 15 and bought a '70 GTO

 

[ImThinkin2019]

Welcome SD-455!

I think you will like these forums. I found them by looking for retirement calculators, finding firecalc, and then ended up here.

We look forward to your posts in the future.

Funny image you made re spaghetti lines. Never thought of that before. Certainly thin spaghetti- maybe even angel hair!

Since you are a car lover, and a sales guy, be sure to enjoy the funny joke threads. Especially the posts by Car Guy who has been prolific lately.

 

[SD-455]

thanks Im Thinkin, I'll check out the jokes section and it does seem there are a lot of old car guys here which is nice

 

[MBAustin]

Welcome! If you haven't found them already, we have a helpful list of things to think about before you make the leap:

Some Important Questions to Answer

We look forward to you being an active member here with us!

 

[BobMW]

Thanks Murf, not many people will likely catch that as a Pontiac reference! I have been hooked since I was 15 and bought a '70 GTO

Unrelated, but we just visited the Pontiac/Oakland car museum in Pontiac IL while on our short Rt 66 trip. Highly recommend, & welcome aboard

 

[Ronstar]

Welcome sd-455!

The reason I started dating DW - she had a 77 TA with a 455. Great car. Should have kept it.

 

[SD-455]

Thanks Bob and Ronstar! I'll have to get up to the museum one day. I had several friends with '77-'78 T/A's, very fun cars to drive!

 

[Romer]

thanks Im Thinkin, I'll check out the jokes section and it does seem there are a lot of old car guys here which is nice

Welcome from another new member and another car guy. My Avatar is a 1973 Toyota Land Cruiser that I restored

I have found this site to be a great resource and very welcoming

 

[SD-455]

thanks Romer, always nice to meet another car guy! Love the Land Cruisers and they are getting lots of respect at auctions lately that I've seen!

 

[Maize22]

Welcome! I just joined as well. Hoping to retire by 2024. We restored '68 convertible mustang, loved it! looking forward to meeting nice folks and getting helpful info. Hello All

 

[Bee4]

Nice plan. My rule of thumb is to put 5 yrs of what you want annually for income into cash to weather any market downturn without having to withdraw when it is low.