Hello,
I've been lurking and reading the board for a while and just now worked up the nerve to post. I’m 60 and would like to retire in June or July 2008.
My current expenses and lifestyle choices are $68k/year and I do want to spend that much in retirement. Those dollars do include my mortgage/insurance/taxes ($740/mo) on home that will be paid off in 12 years. They also include my health insurance: My medical insurance through my company will cost me $107/mo, but supplement will be $52/mo at age 65 when I start medicare $93.50/mo Part B.
My dental insurance will be $23/mo and Vision will be $5.46/mo.
I can select a monthly annuity or a lump sum retirement from my company. The monthly annuity amount varies on the type I select.
I am considering selecting the 50% option which means I will get $4,250 for life; and since I am single, my daughter will get 50% of that amount for life when I die.
The basic annuity if I chose no beneficiary would be $4,718/mo.
If I chose a lump sum annuity payment it would be $797,611.
I will also get a $765 preSS monthly payment from my company until I am 62.
My SS at age 62 will be $1550/mo.
I owe $4k on my car—2001 Crown Vic, 123k miles.
No credit card debt at retirement, still owe one year of $360/mo on daughter's car.
Additionally I have $600k in a 401K (60% company stock and 40% cash).
Over the past 10 years, the company stock has performed at 14.3% and cash has performed at 5.08%.
In the past 5 years the stock has performed at 24%.
I currently also get $800/mo royalty interest payment from 4 gas wells in my hometown.
How does my retirement financial future look to you guys?
I've been lurking and reading the board for a while and just now worked up the nerve to post. I’m 60 and would like to retire in June or July 2008.
My current expenses and lifestyle choices are $68k/year and I do want to spend that much in retirement. Those dollars do include my mortgage/insurance/taxes ($740/mo) on home that will be paid off in 12 years. They also include my health insurance: My medical insurance through my company will cost me $107/mo, but supplement will be $52/mo at age 65 when I start medicare $93.50/mo Part B.
My dental insurance will be $23/mo and Vision will be $5.46/mo.
I can select a monthly annuity or a lump sum retirement from my company. The monthly annuity amount varies on the type I select.
I am considering selecting the 50% option which means I will get $4,250 for life; and since I am single, my daughter will get 50% of that amount for life when I die.
The basic annuity if I chose no beneficiary would be $4,718/mo.
If I chose a lump sum annuity payment it would be $797,611.
I will also get a $765 preSS monthly payment from my company until I am 62.
My SS at age 62 will be $1550/mo.
I owe $4k on my car—2001 Crown Vic, 123k miles.
No credit card debt at retirement, still owe one year of $360/mo on daughter's car.
Additionally I have $600k in a 401K (60% company stock and 40% cash).
Over the past 10 years, the company stock has performed at 14.3% and cash has performed at 5.08%.
In the past 5 years the stock has performed at 24%.
I currently also get $800/mo royalty interest payment from 4 gas wells in my hometown.
How does my retirement financial future look to you guys?