AlbaCrush
Recycles dryer sheets
Hi, I'm John and after 26 years in Law Enforcement, I plan on retiring in August 2016. I will be age 50 at that time.
Pension is $55,000 a year
Health Insurance-Work pays majority, but my out of pocket cost is $3,000 a year so that would put me at $52,000 which also has a 50% pension pay out for my wife if I died.
My 457- $300,000
Spouse 401- $100,000
I owe $16,000 on my townhouse. I plan on selling back all my leave and paying that balance off so I'll be mortgage free. I also have no outstanding debt. No kids at home and already paid for my only daughter's wedding.
I have $50,000 in my savings and plan on using some of that for house repairs.
My wife is older than me and plans on working another 7 years. After her 401 contributions, she brings home $35,000 a year. She has no pension, but will be eligible to draw SS.
At 62, I'll be eligible to draw $1,969 in monthly SS.
HR has already prepared my retirement numbers. My job offers a SSLI option which I have to accept or decline. If I accept the SSLI option, I will get $65,000 as a pension. However, once I turn 62, the pension goes down because the SS kicks in so you don't get an increase,you just stay steady at $65,000 (the pension is less - like a see saw of who pays). Once I past age 72, I would lose out. I was leaning towards declining this option. I like getting the $24,000 increase at age 62 with SS. Others at my work, say take the money now because you're young and can enjoy it while you're healthy or just take that money and invest it. Any suggestions on this?
I look forward to retirement and many years on this forum.
Thanks
John
Pension is $55,000 a year
Health Insurance-Work pays majority, but my out of pocket cost is $3,000 a year so that would put me at $52,000 which also has a 50% pension pay out for my wife if I died.
My 457- $300,000
Spouse 401- $100,000
I owe $16,000 on my townhouse. I plan on selling back all my leave and paying that balance off so I'll be mortgage free. I also have no outstanding debt. No kids at home and already paid for my only daughter's wedding.
I have $50,000 in my savings and plan on using some of that for house repairs.
My wife is older than me and plans on working another 7 years. After her 401 contributions, she brings home $35,000 a year. She has no pension, but will be eligible to draw SS.
At 62, I'll be eligible to draw $1,969 in monthly SS.
HR has already prepared my retirement numbers. My job offers a SSLI option which I have to accept or decline. If I accept the SSLI option, I will get $65,000 as a pension. However, once I turn 62, the pension goes down because the SS kicks in so you don't get an increase,you just stay steady at $65,000 (the pension is less - like a see saw of who pays). Once I past age 72, I would lose out. I was leaning towards declining this option. I like getting the $24,000 increase at age 62 with SS. Others at my work, say take the money now because you're young and can enjoy it while you're healthy or just take that money and invest it. Any suggestions on this?
I look forward to retirement and many years on this forum.
Thanks
John
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