Hi All,
I am 58 years old, and have worked for the past 41 years. I just celebrated 36 years years of service with a megacorp and is eligible for 48K annually of pension if I leave end of March. My SS will be 1800 at 62 and 2600 monthly at 66 and 4 mths. I'm leaning towards taking my SS at age 66/4 mts. My DH is retired and will be 62 soon. He has a current pension of 22k annually, with 9k of a OPM supplement until he reaches age 62 and then 17k annually in Social Security. We have 550k in 401k, 100k in stock, 50k in cash, 50k of deferred income to be distributed in 2014 & 2015 equally, and 75k of stock options to be paid over the next 3 years equal distribution depending on corp performance and market. Both of us have subsidized Heath care with my husband paying 150.00 per mt, and there is no cost to me except for a 1200 annual deductible with 20% co payment. Both are veterans as a health care fall back, just in case this is required. We have a mortgage of 230k with maybe 75k in equity ( market hasn't rebound in my area) with a monthly payment of 2300, a car note of 569.00 and other miscellaneous consumer bills of about 400.00 per mt which should be paid off in 2 years. My job has become extremely politically unproductive and I am so ready to retire on one hand and the other is I'm not so sure if I can financially sustain myself long term. I have been consulting with a FP, but in reading your post, I think I will forgo moving any money or pursuing this relationship any further due to the drain on my finances. I think I can learn how to do this myself with a tad bit if time to educate myself. Any suggestions out there on whether I should retire end of March 2014 and advice on what funds to roll the 401k to upon retirement.
I am 58 years old, and have worked for the past 41 years. I just celebrated 36 years years of service with a megacorp and is eligible for 48K annually of pension if I leave end of March. My SS will be 1800 at 62 and 2600 monthly at 66 and 4 mths. I'm leaning towards taking my SS at age 66/4 mts. My DH is retired and will be 62 soon. He has a current pension of 22k annually, with 9k of a OPM supplement until he reaches age 62 and then 17k annually in Social Security. We have 550k in 401k, 100k in stock, 50k in cash, 50k of deferred income to be distributed in 2014 & 2015 equally, and 75k of stock options to be paid over the next 3 years equal distribution depending on corp performance and market. Both of us have subsidized Heath care with my husband paying 150.00 per mt, and there is no cost to me except for a 1200 annual deductible with 20% co payment. Both are veterans as a health care fall back, just in case this is required. We have a mortgage of 230k with maybe 75k in equity ( market hasn't rebound in my area) with a monthly payment of 2300, a car note of 569.00 and other miscellaneous consumer bills of about 400.00 per mt which should be paid off in 2 years. My job has become extremely politically unproductive and I am so ready to retire on one hand and the other is I'm not so sure if I can financially sustain myself long term. I have been consulting with a FP, but in reading your post, I think I will forgo moving any money or pursuing this relationship any further due to the drain on my finances. I think I can learn how to do this myself with a tad bit if time to educate myself. Any suggestions out there on whether I should retire end of March 2014 and advice on what funds to roll the 401k to upon retirement.
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