Hi Folk's ,
First time poster, long time reader of the forum which I have found to be most helpful. My Wife retired at 60 (2 years ago) and she is due to receive her first SS check this month. I turn 57 in a few weeks, FT employee and there have been significant changes in my workplace to the extent that I no longer enjoy or want to continue. I do so only because I seem to have a mental block and a profound fear of not having a job, a fear I will run out of money in our old age, all of this goes back to when I was very young and experienced a harsh life.
I was for the most part, homeless between 14 - 16 years of age, made a decision to leave HS and join the Military in the hopes that I could learn how to make a better life for myself and to that end, it worked out great. After my service, I put myself through an Allied Health School via the GI Bill, worked hard and was never unemployed. Like most of us, I made many sacrifices in my personal life working long hours in the hopes that at some point down the road I could retire and move to where I have always wanted to live, Hawaii.
I have Family on two of the Islands who have been there for a long period of time and we visit annually so we are familiar with the reality of living in a high expense State but we aren't getting any younger and it's decision time. My Wife has no fear, she is confident that we can afford to do this. Me, the fear is holding me back but as much for myself, I want to do this for my Wife who has been my rock for all these years.
Wife has a pension of $58, 969 + SS starting this month of 20, 856 annual. Her pension does not have an automatic COLA provision but my understanding is every few years there are small increases. She is 62. 100% joint survivor option.
I turn 57 this year, no pension. We have no children, zero debt, our home is paid in full and worth approx. $240K. I plan to delay SS until 70, that will give us an additional $2832 a month, and I anticipate taking the spousal benefit when I can. Until then, we live off our investments and her pension + SS.
We have a combined net worth of 2.1M, 50% of which is in her roll over IRA, the rest is in taxable MF's, bonds, and a large amount of cash which I have been holding in reserve to pay for a home in Hawaii, we figure $400K for the home so 2.1M minus 150K and our house. We use Vanguard and Fidelity, 50% of our equities are in index funds, our AA is approx. 50/50.
Health care is provided by her former employer for both and the most we can be out of pocket is approx. $5K a year, I don't anticipate the spouse benefit being dropped in the future but, that is always a possibility I suppose.
I have run the numbers through FIRECALC, Fidelity, and Vanguard Financial Engines, numerous others, and everything says "you are good to go" so I am here looking for some encouragement, words of wisdom, advice, opinions ?
Thank's in advance !
roninop
First time poster, long time reader of the forum which I have found to be most helpful. My Wife retired at 60 (2 years ago) and she is due to receive her first SS check this month. I turn 57 in a few weeks, FT employee and there have been significant changes in my workplace to the extent that I no longer enjoy or want to continue. I do so only because I seem to have a mental block and a profound fear of not having a job, a fear I will run out of money in our old age, all of this goes back to when I was very young and experienced a harsh life.
I was for the most part, homeless between 14 - 16 years of age, made a decision to leave HS and join the Military in the hopes that I could learn how to make a better life for myself and to that end, it worked out great. After my service, I put myself through an Allied Health School via the GI Bill, worked hard and was never unemployed. Like most of us, I made many sacrifices in my personal life working long hours in the hopes that at some point down the road I could retire and move to where I have always wanted to live, Hawaii.
I have Family on two of the Islands who have been there for a long period of time and we visit annually so we are familiar with the reality of living in a high expense State but we aren't getting any younger and it's decision time. My Wife has no fear, she is confident that we can afford to do this. Me, the fear is holding me back but as much for myself, I want to do this for my Wife who has been my rock for all these years.
Wife has a pension of $58, 969 + SS starting this month of 20, 856 annual. Her pension does not have an automatic COLA provision but my understanding is every few years there are small increases. She is 62. 100% joint survivor option.
I turn 57 this year, no pension. We have no children, zero debt, our home is paid in full and worth approx. $240K. I plan to delay SS until 70, that will give us an additional $2832 a month, and I anticipate taking the spousal benefit when I can. Until then, we live off our investments and her pension + SS.
We have a combined net worth of 2.1M, 50% of which is in her roll over IRA, the rest is in taxable MF's, bonds, and a large amount of cash which I have been holding in reserve to pay for a home in Hawaii, we figure $400K for the home so 2.1M minus 150K and our house. We use Vanguard and Fidelity, 50% of our equities are in index funds, our AA is approx. 50/50.
Health care is provided by her former employer for both and the most we can be out of pocket is approx. $5K a year, I don't anticipate the spouse benefit being dropped in the future but, that is always a possibility I suppose.
I have run the numbers through FIRECALC, Fidelity, and Vanguard Financial Engines, numerous others, and everything says "you are good to go" so I am here looking for some encouragement, words of wisdom, advice, opinions ?
Thank's in advance !
roninop