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Delurking from Washington State
Old 08-08-2008, 08:25 PM   #1
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Delurking from Washington State

I've been reading the forums for several months and decided I should introduce myself. I'm a 56 year old, semi-retired Washingtonian. I'm working half-time, trying to figure out what I'll do as a full time retiree, and not quite sure I'm ready for it financially. I make $40k a year for my part-time job, and am contributing the max to my 401k and shifting money into an IRA each year.

I have about $600k in taxable accounts, $700k in IRAs/401k. A $180k, paid-off house. A small non-COLA pension from an old job ($9k a year). No debt.

I live pretty frugally, although I do like to travel. I'm single with a semi-dependent, almost-grown daughter. She may go back to school at some point, and I'd like to be able to help her.

Currently I'm looking into high deductible health insurance and an HSA since my expenses for my group medical/dental/vision are relatively high. And I want to be ready to bridge the gap to Medicare when I do decide to cut the cord on the job. My health is good. I'm also about ready to finally buy some LTC insurance.

I've been enjoying reading the forums and have learned a lot from you all. Thanks!
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Old 08-08-2008, 09:33 PM   #2
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Welcome. Hope you find it to your liking here. Are you living entirely within your income from the part-time job?
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Old 08-08-2008, 09:35 PM   #3
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Welcome to the forum!
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Old 08-09-2008, 01:48 PM   #4
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Growing Older, no, I am not living on my part-time income. My strategy is to shift as much into my tax-deferred accounts as I can and get my employer contribution to my 401k. So over half my pre-tax income goes into my 401k.

I do need to work out a detailed post-retirement budget once I know what my insurance costs are likely to be. One thing I've learned from you all is that I should plan generous and frequent increases to the cost of individual health insurance!
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Old 08-09-2008, 01:54 PM   #5
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Originally Posted by Mmm Rrr View Post
One thing I've learned from you all is that I should plan generous and frequent increases to the cost of individual health insurance!
I'm focusing of this issue also. Not sure what difference MediCare will make (I'm 61 now) but am planning as if health expenses will continue to rise.

Welcome, you look well set to RE.
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Old 08-09-2008, 08:59 PM   #6
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Welcome to the site. You probably are all set, but have youcalculated how much do you need to live on now?
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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