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03-11-2012, 06:31 PM
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#1
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Confused about dryer sheets
Join Date: Mar 2012
Location: minneapolis
Posts: 1
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retirement
I am 59 years old.I have 1.3 million dollars in blue chip dividend stocks currently paying $3000 a month in dividends.I make $70,000 a year but with no benefits.I would like to retire in a couple of years,but I am afraid I may run out of money if I live much past 70.Healthcare costs have cost me $60.000 the last 3 years with premiums ,deductibles and costs insurance does not cover.I have had 3 surgerys the last 3 years,but I will not need anymore in the foreseeable future.I am in o.k. health.With high inflation,higher healthcare costs because of my age I just do not think I could start spending down. I am single with no property or kids.In retirement I would still like a halfway decent quality of life.Should I just wait till I am 65 ? By then it should not be a problem.Any suggestions?
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03-11-2012, 06:44 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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 Quote:
Originally Posted by denny1952
I am 59 years old.I have 1.3 million dollars in blue chip dividend stocks currently paying $3000 a month in dividends.I make $70,000 a year but with no benefits.I would like to retire in a couple of years,but I am afraid I may run out of money if I live much past 70.Healthcare costs have cost me $60.000 the last 3 years with premiums ,deductibles and costs insurance does not cover.I have had 3 surgerys the last 3 years,but I will not need anymore in the foreseeable future.I am in o.k. health.With high inflation,higher healthcare costs because of my age I just do not think I could start spending down. I am single with no property or kids.In retirement I would still like a halfway decent quality of life.Should I just wait till I am 65 ? By then it should not be a problem.Any suggestions?
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Hi denny1952, and welcome to the Early Retirement Forum.
A lot depends on how much you think you will need to live on. I notice that you live in Minneapolis, which I understand is a very low cost area (compared with places like New York City or Los Angeles). So while your health certainly is a concern, at least your low cost location might be helpful.
Pretty soon I suppose you will be eligible for social security too, so that could help.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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03-11-2012, 06:44 PM
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#3
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Moderator
Join Date: Oct 2010
Posts: 10,725
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Welcome. Hard to say, really. Have you done the firecalc on the site? It might lend some insight. Can you get health insurance? That might be a significant factor. I was thinking that the pre existing condition thing might be a problem for you.
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03-11-2012, 06:51 PM
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#4
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Recycles dryer sheets
Join Date: Sep 2011
Location: Saint Cloud
Posts: 55
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Welcome Denny! I would retire, spend like a drunken sailor, and worry about 70 and up when I am 69.
But seriously, I see where you are at. The healthcare problem aside, you are in very good shape. So, the strategy must revolve around reasonable health care coverage, and with a crappy policy, that means you are shouldering much of the load yourself. But not all of it. With some reasonable luck in the next 2-5 years (healthwise) and adding social security, you might be able to make a go of it at 62. 
Good luck.
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03-11-2012, 06:55 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,304
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Welcome. I second the suggestion that you start with FIRECalc: A different kind of retirement calculator. Without knowing your total expected expenses (as W2R mentioned), we can't really predict your odds of success. Knowing what your healthcare expenses would be based on actual past history in the past 3 years is a leg up though. And planning on living to age 70 is much less than most people use for planning. Best of luck...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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03-12-2012, 01:58 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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Welcome, denny1952. Have you tried this free online calculator :
Merrill Edge| See Where You Stand
Quote:
Originally Posted by denny1952
Should I just wait till I am 65 ? By then it should not be a problem.Any suggestions?
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__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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03-12-2012, 06:12 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Jan 2011
Location: Fair Lawn
Posts: 2,963
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Your recent surgery issues point out the need to financially secure your medical future. That being said, if you just had a bad streak of needing some physical surgeries (i.e., not due to systemic problems where additional surgery/treatment is likely) you should not presume you will face those same expenses going forward.
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03-17-2012, 06:03 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Mar 2007
Posts: 1,860
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Welcome Denny, I agree with everyone below... find out what you spend!
IMO don't trust any one calculator...run a few and get a consensus. Fidelty has one, the Principal group has one, there are many out there.
Here's one I like
Monte Carlo Retirement Calculator
__________________
"Live every day as if it were your last, and one day you'll be right" - unknown
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