Early retired in western NY
9 1/2 months ago at 59 1/2 I was early retired not by choice. I am single no dependents. Got one years worth of severance pay. My retiree medical/dental plan will be $55/month out of pocket (hi deductable plan). I have $350,000 in 401K plan $230,000 in after tax savings and a $33,000/year no COLA pension starting at 62, pension also be taken as a $420,000 lump sum. SS will be $20,000 at 62.
Was planning to retire at 62 or 63. But I am thinking why not retire now instead of trying to find a job for the next two or three years. Firecalc using the pension, SS and 401K/savings gives me a $63,000 income using a 30 year 3.0% inflation plan with the default portfolio or $59,000 income if I took the lump sum. Doing a retirement tax return shows me to have about $11,000 more in after tax income than when working.
9 1/2 months ago at 59 1/2 I was early retired not by choice. I am single no dependents. Got one years worth of severance pay. My retiree medical/dental plan will be $55/month out of pocket (hi deductable plan). I have $350,000 in 401K plan $230,000 in after tax savings and a $33,000/year no COLA pension starting at 62, pension also be taken as a $420,000 lump sum. SS will be $20,000 at 62.
Was planning to retire at 62 or 63. But I am thinking why not retire now instead of trying to find a job for the next two or three years. Firecalc using the pension, SS and 401K/savings gives me a $63,000 income using a 30 year 3.0% inflation plan with the default portfolio or $59,000 income if I took the lump sum. Doing a retirement tax return shows me to have about $11,000 more in after tax income than when working.
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