Are we ready?

[ChuffedBullocks]

Hello!

Having admired this community for many years, decided it was time to join. The wit and wisdom here have provided much entertainment and education for at least ten years. Thought it time to seek some of the latter regarding my situation. My husband and I are now sixty, and thinking of retiring, but an assessment is in order. Perhaps we (I) need reassurance that we have all of our 'ducks in a row'. Below is the current state of affairs -

√We own free and clear a home in Florida.
√We have three pensions between us that provide a total of just a bit over $10,000 per month.
√We have $2,600,000 in a variety of standard and preferred equities that pay about $8,000 per month in dividends.
√My health care premium is payed for by the government, as is vision & dental.
√Husband has two health care plans, one federal, one state government. Both payed for by his employer. His vision & dental are also covered by the government.
√We have no children.
√We are both in good health for our age.
√My life expectancy based on family history is about 82, my husbands would be about 95.
√We have no debt.

√Our monthly bills are about $1,700 per month. This includes HOA, cable, property tax, utilities, various insurances (home, car, umbrella), groceries, car tags, maintenance, gas. We pay nothing for insurance, but I have a co-pays that amount to less than $200 per year. My husband has co-pays that amount to less than $100 per year.

Look forward to your comments and assessment of our situation, and all suggestions are welcome.

[pacergal]

Your income is/will be, at retirement, $18,000 per month and your needed budget is only $1700?
No debt, no beneficiaries you are leaving money too?
Looks like healthcare is taken care of until medicare age.

It looks to me that You are way more than good to go.
Unless I missed something.

[kjpliny]

If the dollar goes to zero, no. Otherwise, yes, you're good to go.

[Morgan22]

Am I reading this correctly? You have more that 10 times your monthly expense in income?

You probably could have/should have retired 5 or 10 years ago.

[disneysteve]

Your income is $18,000/month and your expenses are $1,700/month? And you are coming here to ask if you can afford to retire? Is this a joke?


Your income for one month nearly covers your expenses for an entire year. My only question would be why you've worked this long?

[Dash man]

Financially, you’re obviously set. Have you thought about what you want to do in retirement? Travel, philanthropy, start a business? What are you retiring to?

[disneysteve]

Quote:

Originally Posted by Dash man Have you thought about what you want to do in retirement? Travel, philanthropy, start a business? What are you retiring to?

Great questions. You have over $16,000 per MONTH of surplus income. What do you plan to do with it? And how will you spend your time?

[Franklin]

Quote:

Originally Posted by disneysteve Your income is $18,000/month and your expenses are $1,700/month? And you are coming here to ask if you can afford to retire? Is this a joke? Your income for one month nearly covers your expenses for an entire year. My only question would be why you've worked this long?

If your financial numbers make you ask if you are able.....well then there is more to this equation. Your situation financially is golden! You seem to have all the bases covered so retire with no financial worry. The size of your portfolio don't matter as long as you have built in low expenses and pensions like you have. I would have hit the ejection button years ago with your situation. Run to the exits!!

[ChuffedBullocks]

Thank you for the responses. It seems that we may have overshot what is needed for retirement? 'Dash man', we are planning on leaving our estate to animal welfare and a niece and nephew. We have donated to animal welfare for over twenty years, believing that private entities do a good job of spending money judiciously while providing for the welfare of the dogs & cats in their care. It is our intent to live as frugally as possible, as wealth does not bring us happiness, only security. We are very fortunate to live in a very good community with a great many things to do. 'Franklin' above may have said it best "A persons wealth is measured by what they can afford to do without". Wise words indeed.

[skyking1]

Welcome and welcome to your well earned retirement.

[cxr133]

Quote:

Originally Posted by ChuffedBullocks Hello! Having admired this community for many years, decided it was time to join. The wit and wisdom here have provided much entertainment and education for at least ten years. Thought it time to seek some of the latter regarding my situation. My husband and I are now sixty, and thinking of retiring, but an assessment is in order. Perhaps we (I) need reassurance that we have all of our 'ducks in a row'. Below is the current state of affairs - √We own free and clear a home in Florida. √We have three pensions between us that provide a total of just a bit over $10,000 per month. √We have $2,600,000 in a variety of standard and preferred equities that pay about $8,000 per month in dividends. √My health care premium is payed for by the government, as is vision & dental. √Husband has two health care plans, one federal, one state government. Both payed for by his employer. His vision & dental are also covered by the government. √We have no children. √We are both in good health for our age. √My life expectancy based on family history is about 82, my husbands would be about 95. √We have no debt. √Our monthly bills are about $1,700 per month. This includes HOA, cable, property tax, utilities, various insurances (home, car, umbrella), groceries, car tags, maintenance, gas. We pay nothing for insurance, but I have a co-pays that amount to less than $200 per year. My husband has co-pays that amount to less than $100 per year. Look forward to your comments and assessment of our situation, and all suggestions are welcome.

Mom, DAD is that you ? LOL

based on the other comments here enjoy your retirement

[Out-to-Lunch]

Welcome to E-R.org!

[flyingaway]

You can spend much more money.

[latexman]

Income/mo. = $10k + $8k = $18k
- Expenses/mo. = 1.7k
Blow That Dough! = $16.3k

[CincyDave]

Welcome. Enjoy your retirement!

[427Vette]

Let’s see, you spend $1,700 a month and your income is $18,000 a month. I think I would probably work 5-6 more years just to be sure you don’t run out of money.

[Stormy Kromer]

I live a very modest lifestyle and I have to say, I am very impressed that your monthly expenses are just $1,700.

Be sure to account for expenditures on depreciating assets such as vehicles and home repairs, including appliances. But with so much room between your income and expense you have no worries.

Start legacy planning if you haven't already.

[Exchme]

The $2.6M being invested for income when you don't need income sounds odd. If that's in taxable, I'll bet you could make some moves to reduce taxes on that.

If it's in tax deferred, you are not paying current taxes, but may want to do some Roth conversions to keep it from snowballing in size and should be thinking out a plan for doing QCDs to your charities when you turn 70.5.

A one-time-fee advisor might be worth hiring to help you plan this out (but for heaven's sake, avoid "advisors" that charge a percentage of your account each year, they are rip-off artists whose goal is to perform a wallet-ectomy on you)

[MC Rider]

Quote:

Originally Posted by cxr133 Mom, DAD is that you ? LOL based on the other comments here enjoy your retirement

Beat me to it. If you want another nephew and niece, or whatever.
We might could help........


Enjoy.

[dadu007]

Jiminy, what are you waiting for? Put in your notices tomorrow.