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Old 07-27-2020, 08:32 AM   #1
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Hi Everyone,
I am 53, make 75k and wife 48, and make 90k. (State employees)

We both have pensions available at 56 and SS at 67.

My annual Pension will be 40k and my wife annual pension will be 30k, once we turn 56 years old all the way until death. (Urrg)

We have saved 300k in Stock, bonds, and cash
We have saved in Retirement 500k and are fully funding annually.

We donít have any debt and we live comfortably now on 50k a year.

I want to work 2 more years and wife will work 7 more years and we will max out our retirement accounts during this time. We are really depending on the Pensions for future income and until recently, havenít been saving in retirement accounts much.

I would really like to stop working at my primary job, (state employee) but I want to keep a small home base business going, that earns approximately 1500.00 a month after expenses and taxes.

I would really appreciate comments for strategies and or thoughts from everyone so my wife and I can actually see this through.
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Old 07-27-2020, 08:55 AM   #2
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It sounds like you will be good to go.
Are the pensions Cola'd?
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Old 07-27-2020, 09:29 AM   #3
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The thing I always wonder about when the topic swings to public pensions is what the funding status of the pensions is. This varies widely, from bankrupt Chicago and Illinois to marginal California. It looks like you are in great shape as long as the pension promises are kept.
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Old 07-27-2020, 09:49 AM   #4
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Welcome! If you haven't found them already, we have a helpful list of things to think about as you consider when to ER:

Some Important Questions to Answer
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Old 07-27-2020, 10:36 AM   #5
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If you spend $50k and your pension will be $40k and hers will be $30k and you have SS and $800k on top of that isn't the answer pretty obvious?

Have you run your numbers through FIRECalc?
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Old 07-27-2020, 10:41 AM   #6
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Quote:
Originally Posted by pb4uski View Post
If you spend $50k and your pension will be $40k and hers will be $30k and you have SS and $800k on top of that isn't the answer pretty obvious?

Have you run your numbers through FIRECalc?
Yeah, usually it just jumps right out at you!
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Old 07-27-2020, 10:42 AM   #7
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What will your expenses in retirement be?
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Old 07-27-2020, 11:25 AM   #8
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Here's my comment:
You've got to have faith. Trust SS, trust the pension, trust the market. It's all we have. And you have no debt. What else can you ask for?
Edit: Good health comes first.
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Old 07-27-2020, 11:51 AM   #9
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... trust but verify the pension ...
FTFY
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Old 07-27-2020, 11:58 AM   #10
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FTFY
Right!
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Old 07-27-2020, 12:40 PM   #11
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Can you get insurance on a pension?
I suspect the more it costs the more it is needed!
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Old 07-27-2020, 12:51 PM   #12
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Do you actually track your expenses ?

Wondering if you know it's 50K per year with taxes and the lumpy things called: new car, travel, roof, furnace, A/C, etc, which come around every X years but cost a bunch.
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Old 07-27-2020, 01:24 PM   #13
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Can you get insurance on a pension?
I suspect the more it costs the more it is needed!
Most pensions are already insured by the PBGC.... but to answer your question, not to my knowledge.
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Old 07-27-2020, 11:04 PM   #14
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Health insurance expenses taken into account?
I tracked my expenses by pulling all my bank statements for the past ten years and added up all the withdrawals then added a 20% adder, as a just in case. I wouldn't count on the small home business in your decision as it's not stable, unlike the pensions.
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