Looking to Retire

R

rluetgenau

Confused about dryer sheets
Joined
May 31, 2005
Messages
9
Hi, I have been lurking here for the last couple of months and have finally developed the nerve to ask a couple of questions.  I am 57 years old and work for the US Government.  I have 32 years and three months an eligable to retire.  My wife retired 1 April this year.  My main question is should I follow her and go ahead and retire.  I really want to, but as a lot of you know there is always second thoughts, but you guys got me really thinking about it.  We dont have a lot saved away maybe around 160K in different IRAs, TSP, stock and mutual funds.  Our main source of income would come from my retirement and my wife's retirement (County Government).  With both her and my retirement we should net around $4,100 to $4,200 a month that is after taxes, health and life insurance, and survivors benefit for my wife.  I still owe about 22K on the house mortage which ends up costing about $412.00 per month and should be paid off in about three to four years.  No other loans or CC debit.  Cost of living is fairly low in this area.   Your thoughts would be greatly appreciated.  THanks
 
rluetgenau said:
Hi, I have been lurking here for the last couple of months and have finally developed the nerve to ask a couple of questions.  I am 57 years old and work for the US Government.  I have 32 years and three months an eligable to retire.  My wife retired 1 April this year.  My main question is should I follow her and go ahead and retire.  I really want to, but as a lot of you know there is always second thoughts, but you guys got me really thinking about it.  We dont have a lot saved away maybe around 160K in different IRAs, TSP, stock and mutual funds.  Our main source of income would come from my retirement and my wife's retirement (County Government).  With both her and my retirement we should net around $4,100 to $4,200 a month that is after taxes, health and life insurance, and survivors benefit for my wife.  I still owe about 22K on the house mortage which ends up costing about $412.00 per month and should be paid off in about three to four years.  No other loans or CC debit.  Cost of living is fairly low in this area.   Your thoughts would be greatly appreciated.  THanks
Click to expand...

The key in your post is "I really want to" Dump the job I made my move at age
49. Wish I'd gone sooner.

JG
 
..$4,200 a month that is after taxes, health and life insurance, and survivors benefit for my wife.
Click to expand...

What are you waiting for? We can easily live on that.
 
4200 per month guaranteed? Go for it quickly before you get sick or die.
 
WARNING: Humor.

TromboneAl said:
4200 per month guaranteed? Go for it quickly before you get sick or die.
Click to expand...

But you have to take inflation into account! [This is the part with Humor.]

After all, the CSRS retirement annuity includes adjustments for inflation. [Increases only, no reductions in the unlikely event of deflation.] It includes federal Health Benefits at the same prices that Government Employees pay.

Have fun.

John Russell
 
Which 'inflation' is that JWR? Yours, mine or the version the federal government puts out?
 
Two questions ?

rluetgenau, haven't you got a means to negotiate a "goodbye" package of at least 22k to pay back the mortgage and start clear of debt ? Would they get convinced with a short explaination that it will cost them less to give you the 22k than to keep paying someone with limited motivation...

JG, you said you made your move @ 49 and regret not to have made it before. Could you elaborate a bit on that ?

Finally TromboneAl made it right <<4200 per month guaranteed? Go for it quickly before you get sick or die.>> I like that one !
 
rluetgenau said:
Hi, I have been lurking here for the last couple of months and have finally developed the nerve to ask a couple of questions. I am 57 years old and work for the US Government. I have 32 years and three months an eligable to retire. My wife retired 1 April this year. My main question is should I follow her and go ahead and retire. I really want to, but as a lot of you know there is always second thoughts, but you guys got me really thinking about it. We dont have a lot saved away maybe around 160K in different IRAs, TSP, stock and mutual funds. Our main source of income would come from my retirement and my wife's retirement (County Government). With both her and my retirement we should net around $4,100 to $4,200 a month that is after taxes, health and life insurance, and survivors benefit for my wife. I still owe about 22K on the house mortage which ends up costing about $412.00 per month and should be paid off in about three to four years. No other loans or CC debit. Cost of living is fairly low in this area. Your thoughts would be greatly appreciated. THanks
Click to expand...

Rlue,

Whats up with the wife? Retired in april and you are still working :eek:

3 things....
Cash out
Grab DW (if she hasn't already left the building)
Start living
 
Poyet/Bum, Thanks. No Goodbye package in the cards I am and air traffic controller and have passed the mandatory retirement age due to a snafu. Should have retired at 56 but am waiting on a waiver. I want to go under my terms. So you see the government will certalnly not pay 25K under those circumstances. Bum one good thing about it my wife was so excited to retire she promised to wait on me hand and foot until I retire. It's nice getting up and having breakfast ready and your lunch prepared, etc, etc. Not a bad deal at all. All that being said I will most retire in Sept 05 or Jan 06.
 
poyet said:
Two questions ?

rluetgenau, haven't you got a means to negotiate a "goodbye" package of at least 22k to pay back the mortgage and start clear of debt ? Would they get convinced with a short explaination that it will cost them less to give you the 22k than to keep paying someone with limited motivation...

JG, you said you made your move @ 49 and regret not to have made it before. Could you elaborate a bit on that ?

Finally TromboneAl made it right <<4200 per month guaranteed?  Go for it quickly before you get sick or die.>> I like that one !
Click to expand...

Elaborate? With pleasure :)

The ER bug bit in 1992. Previously there was no planning and precious little saving. Thus, if I had begun prep for ER at oh, say 40.......well, I would have had quite a pile at age 49. Or, I could have quit much earlier than that with the same lifestyle I enjoy now. If I had even taken full advantage of the 4 years
I worked in ER (short term/PT) it would have made a big difference.
I am no longer able to do a lot of the work I once did. Now, I don't want to work even PT. It's nice to have the option though. Summary: I ERed with almost no serious prep. I'm not saying it was a big struggle, but just a little more foresight would have expanded my options a lot. No complaints, just a little
hindsight musing.

JG
 
Thanks John for your contribution. Sorry for rluetgenau not to have a means to get some sort of bonus package.

Good reading you anyway. I'm 45, pulling the plug before end of August, I've struggled two years to led them understand that without a good severance package (which will be just 2% of my assets but they fortunately have no knowledge of that !) they might have some problems..., have 100x my annual budget in investments / assets / estate and still feel not at ease as having been an IT man when you turn the page, there's no way to be back to business. Gone ! You're ER => end of it. Nobody will hire you, never ever again, professional death. 2 daughters and a wife to support, so I'd better not make a mistake.

But, I'm looking for it now
Can't stand it any longer. Enough is enough :)
I like skiing, funboarding, diving, roller scating, modelling, astronomy, etc.

Furthermore, I've developed a trading expert system which should lead to a new life and I cannot stand any longer the idea to have a boss. Fu.. the boss !

Good luck to rluetgenau.
 
John usually forgets to mention that his wife still works and pays the bills, so take the advice that you can quit without any plans or signficant resources and make a go of it with a grain of salt.
 
OK, th, JG has a bit of help, probably much welcome !

Nevertheless, JG is right at some point letting things run 2/3 years more shift significantly the situation. This is what I have experienced these last 3 years, though I'm kind of psychologically exhausted now and need to break free.

Patrice.
 
Poyet,

Where do you do your astronomy? My husband has been into it for about a year. We live in Baltimore City, so not much good viewing around here! We're taking the scope with us on vacation in Vermont.
 
poyet said:
I like roller scating etc.

Furthermore, I've developed a trading expert system which should lead to a new life and I cannot stand any longer the idea to have a boss. Fu.. the boss !

Good luck to rluetgenau.
Click to expand...


Hobbies and sports are important, but roller scating!?! :eek:

Congrats on your committment to ER. Tough for IT guys but there are enough of them around here that will attest to the benefits. Stay the course!
 
Must be skating :) ?

Yes , must be plenty of young IT men / women ready to work...
Time for them !
 
Thats the spirit! Move on! My psych buddy likes to say, "One door closes, another opens." Be open to the changes.
 
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