Just_Steve
Thinks s/he gets paid by the post
Hi all, been lurking for a few months so figure its time to introduce myself.
I’m Steve and retired from NY state government service 12/02/15. Age 55.
Been reading ton’s of threads on ER, lots of good info, but kind of glad I didn’t find this site prior to pulling the plug or I might have been scared off from doing so.
A little background: Didn’t start being serious about life and work until I was 30 years old and didn’t start contributing to deferred comp plan until I was 40.
So this is where I am, I was earning very low six figures gross and netting about 60% after all deductions. I now get payments from a defined benefit plan no cola until I’m 62 and a small draw on my 457 plan. All monthly bills paid for i.e.: Mortgage, taxes, electric, etc, ect. and I am able to start building an emergency fund, also still have some fun money. Mortgage is the only outstanding debt, no CC’s and such.
Income replacement is at 89.5% net. So only took a haircut of 11% between working and not working. By not commuting and lunch money I save more than 11%. No out of pocket for medical except $20 co pay until Medicare eligible then must sign up for part A and B, part B cost will be reimbursed by state and state will pick up what Medicare does not pay like a supplement plan I guess. If I kick the bucket the DW will keep the same medical and she gets 75% of my DB plan for life.
457 will last until I’m 60 then I have a small 401K to last until I’m 62, I plan to take SS at 62 because I had cancer at 52 and who knows if it will ever come back.
I guess the big question is using the income replacement method valid?
So far 6 months in it seems to work.
I’m Steve and retired from NY state government service 12/02/15. Age 55.
Been reading ton’s of threads on ER, lots of good info, but kind of glad I didn’t find this site prior to pulling the plug or I might have been scared off from doing so.
A little background: Didn’t start being serious about life and work until I was 30 years old and didn’t start contributing to deferred comp plan until I was 40.
So this is where I am, I was earning very low six figures gross and netting about 60% after all deductions. I now get payments from a defined benefit plan no cola until I’m 62 and a small draw on my 457 plan. All monthly bills paid for i.e.: Mortgage, taxes, electric, etc, ect. and I am able to start building an emergency fund, also still have some fun money. Mortgage is the only outstanding debt, no CC’s and such.
Income replacement is at 89.5% net. So only took a haircut of 11% between working and not working. By not commuting and lunch money I save more than 11%. No out of pocket for medical except $20 co pay until Medicare eligible then must sign up for part A and B, part B cost will be reimbursed by state and state will pick up what Medicare does not pay like a supplement plan I guess. If I kick the bucket the DW will keep the same medical and she gets 75% of my DB plan for life.
457 will last until I’m 60 then I have a small 401K to last until I’m 62, I plan to take SS at 62 because I had cancer at 52 and who knows if it will ever come back.
I guess the big question is using the income replacement method valid?
So far 6 months in it seems to work.
