Originally Posted by AndyS
Hope you don't mind ... I kind of took some of the "noise" out of your OP & just broke it down to the pertinent facts.
Current retirement monies:
Simple IRA 58k
Pension fund balance: 26k
Current Income: 140k
Years to desired retirement: 11
Expected SS income: 31k
Desired retirement income: 75k (-31k SS = 44k needed)
Well, you don't mention some other important factors such as:
- current mortgage debt,
- other debt
- current living expenses (how much are you spending now)
- anticipated large future medical expenses (you say your wife is "disabled"?)
- possible future college or other expenses you'd like to pay for any kids
- income security for the next 11 years on that 140k a year you currently earn
What's your plan to pay for health care after age 62 though?
Point being, it kind of depends some of the other factors I mentioned above.
(Also ... any way you can get that 26k out of that defunct union pension fund and put it in some other retirement tax-advantaged vehicle that you control? How much interest are you earning on that where it is?
My mortgage has been paid off for 6 years now
no car loans no credit card debt or any other debts
living expenses and utilities run around 4 to 4.5k a month, and are expected to lower some in retirement.
job is a secure as it can be unless something goes south
I'm not sure yet about medical insurance for me between the ages of 62/65 but my wife is on medicare already so she is covered.
I have not looked into moving the money from my IBEW IO pension, not sure I can, but it's currently making 15.6% return between its allocations.
I would expect our medical expense to be our biggest hurdle in retirement, I have been calculating our future expenses at 500 a month for medical, but that might be to low.
I have the possibility of leasing my Master Electrical license after retirement for a possible 500 to 1k a month, but that's still an unknown at this point and is not being calculated into my retirement scenarios.