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07-27-2020, 09:32 AM
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#1
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Confused about dryer sheets
Join Date: Mar 2019
Posts: 1
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Would love comments
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 don’t 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, haven’t 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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07-27-2020, 09:55 AM
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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 2018
Location: Tampa
Posts: 10,910
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It sounds like you will be good to go.
Are the pensions Cola'd?
__________________
TGIM
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07-27-2020, 10:29 AM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 9,991
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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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07-27-2020, 10:49 AM
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#4
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Moderator
Join Date: Jul 2010
Posts: 7,832
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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
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
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ER'd Oct. 2010 at 53. Life is good.
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07-27-2020, 11:36 AM
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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: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 35,378
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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?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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07-27-2020, 11:41 AM
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#6
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe
Posts: 18,080
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 Quote:
Originally Posted by pb4uski
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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Yeah, usually it just jumps right out at you! 
__________________
*********Go Texans!*********
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07-27-2020, 11:42 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,641
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What will your expenses in retirement be?
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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07-27-2020, 12:25 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,576
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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.
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
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07-27-2020, 12:51 PM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 9,991
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Quote:
Originally Posted by Rianne
... trust but verify the pension ...
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FTFY
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07-27-2020, 12:58 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,576
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Quote:
Originally Posted by OldShooter
FTFY
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Right!
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
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07-27-2020, 01:40 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Oct 2019
Posts: 3,486
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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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07-27-2020, 01:51 PM
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#12
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,332
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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.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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07-27-2020, 02:24 PM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 35,378
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Quote:
Originally Posted by Time2
Can you get insurance on a pension?
I suspect the more it costs the more it is needed!
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Most pensions are already insured by the PBGC.... but to answer your question, not to my knowledge.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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07-28-2020, 12:04 AM
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#14
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Recycles dryer sheets
Join Date: Apr 2020
Posts: 68
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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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