jandog
Confused about dryer sheets
Hello,
I'm 50 years old single with no kids and I'm retiring from what used to be known as one of the Big Three automakers. I've had the same job with the same company for 32+ years (I started there on the day after high school graduation).
By early December I have to make the call - either lump sum or pension. I'm scheduled to meet with my financial consultant next month to figure which route to go. My big concern is long term solvency of the pension plan.
My existing health care coverage continues until age 65 at which time (if I select the pension option) I'll receive a $350/month stipend for a Medicare supplement policy. Otherwise the stipend gets cooked into the lump sum.
I have a long term care policy that I've been paying into for years. (Got to review terms to see how much it pays out.)
I owe $82k on my house. Part of the lump some decision will involve deciding whether to pay it off or just refi for 15 years at 2.6%.
My plan is to cover current spending ($3500-$3700 month) plus inflation. Although I'll will probably take a rinky-dink part time job of some sort, I don't want to have to work. Reviews with three different consultants (plus FIRE Calc) have confirmed that this is doable with my assets.
$30k after tax savings
$560k tax deferred savings
$586k Lump sum or $2900/month
Retirement plans are to include low budget travel, more participation in church activities, volunteer work and care for aging but still independent parents.
How's that sound? Comments/concerns/suggestions?
Jandog
I'm 50 years old single with no kids and I'm retiring from what used to be known as one of the Big Three automakers. I've had the same job with the same company for 32+ years (I started there on the day after high school graduation).
By early December I have to make the call - either lump sum or pension. I'm scheduled to meet with my financial consultant next month to figure which route to go. My big concern is long term solvency of the pension plan.
My existing health care coverage continues until age 65 at which time (if I select the pension option) I'll receive a $350/month stipend for a Medicare supplement policy. Otherwise the stipend gets cooked into the lump sum.
I have a long term care policy that I've been paying into for years. (Got to review terms to see how much it pays out.)
I owe $82k on my house. Part of the lump some decision will involve deciding whether to pay it off or just refi for 15 years at 2.6%.
My plan is to cover current spending ($3500-$3700 month) plus inflation. Although I'll will probably take a rinky-dink part time job of some sort, I don't want to have to work. Reviews with three different consultants (plus FIRE Calc) have confirmed that this is doable with my assets.
$30k after tax savings
$560k tax deferred savings
$586k Lump sum or $2900/month
Retirement plans are to include low budget travel, more participation in church activities, volunteer work and care for aging but still independent parents.
How's that sound? Comments/concerns/suggestions?
Jandog