Ok, I've been looking at this board for a while and am impressed by the posts here. A lot of folks here have done a lot of planning for retirement. I haven't. Anyway, I am 57, my wife is 55. We currently make about $140,000 a year. We have zero debt other than the house we are in now. We have a house in Oklahoma valued at $125,000 that is paid for.
We have a combined savings of $750,000. I think we could live ok on about $3,500 a month. My Mother is 85 and in another state...Oklahoma...where my house is. She is in a nursing home and my brother lives there and is taking care of her. My daughter, her husband and 18 month old grandson also live there. (I'm in Kentucky now, had to take a transfer to keep my retirement.)
Other than the $750,000 I don't have anything else to retire on. (We have medical insurance that will cost us about $150 a month ... part of my retirement benefit) If I work two more years, I have a retirement clause where my total retirement will be worth about $900,000. So what I'm debating is...if I quit now..I may get to be around my Mother for a year or two, and my grandson. If I work longer, I will be in a better financial situation. My heart says quit, my brain says work another two years. I've thought about this so much that it's pretty merky to me. Anyone else been though this? Comments appreciated.
Oh, one other thing. I will get $1,350 SS at 62, my wife will get $1,000 a month then. I really don't include her numbers in planning because if one of use dies, you only get to pick one benefit. My dad died at 58, his 6 brothers all died before 80. My wifes grandmother made it to 101 so she will most likely outlive me so I want to make sure she will have an income. We had our 38th anniversary this weekend. Sort of a rambling post but this is what is on my mind.
Thanks,
Garry
We have a combined savings of $750,000. I think we could live ok on about $3,500 a month. My Mother is 85 and in another state...Oklahoma...where my house is. She is in a nursing home and my brother lives there and is taking care of her. My daughter, her husband and 18 month old grandson also live there. (I'm in Kentucky now, had to take a transfer to keep my retirement.)
Other than the $750,000 I don't have anything else to retire on. (We have medical insurance that will cost us about $150 a month ... part of my retirement benefit) If I work two more years, I have a retirement clause where my total retirement will be worth about $900,000. So what I'm debating is...if I quit now..I may get to be around my Mother for a year or two, and my grandson. If I work longer, I will be in a better financial situation. My heart says quit, my brain says work another two years. I've thought about this so much that it's pretty merky to me. Anyone else been though this? Comments appreciated.
Oh, one other thing. I will get $1,350 SS at 62, my wife will get $1,000 a month then. I really don't include her numbers in planning because if one of use dies, you only get to pick one benefit. My dad died at 58, his 6 brothers all died before 80. My wifes grandmother made it to 101 so she will most likely outlive me so I want to make sure she will have an income. We had our 38th anniversary this weekend. Sort of a rambling post but this is what is on my mind.
Thanks,
Garry