Hello.
I found this board yesterday while trying to figure out what to do with $30,000 sitting in just a passbook savings acct. (that's something I'd like to discuss - will post that topic in a more appropriate section). I've noticed all the Iowa references in different posts. I work for a nationwide company so I meet "co-workers" everytime I go on vacation. While in Honolulu two yrs ago I met another employee (who lives in Honolulu) at the hotel I was staying at and he said to me, "How can you afford to stay at this hotel?" And my answer was "Because, I live in Iowa!"
For me early retirement is not a choice. My job is blue collar and very laborious. I have Lupus which makes a physically demanding job extra hard AND I want to retire early just in case I die early. I am 37 and have a 13 yr. old son. My company provides a pension, offers a non-matching 401K, and an employee stock purchase plan at a 10% discount of the lowest quarterly stock price.
So hedging my bets so to speak, I decided to retire at 52. Although a 25 yr. pension ($1250/mo.) is a pittance of the full pension at 62 ($3,350/mo) I can retain my present full-coverage insurance (which includes free prescriptions) for $50/mo. until I reach age 65 and Medicare kicks in. Even if the price of this goes up it's a good deal imo and in my plan I've ear-marked my pension pymts to cover anything medical.
I contribute 22% to my 401K about $12,500/yr and have just started to recover from the beating it took the last few years. The balance now is $66,000. I have paid off my mortgage and have no other debt. I just started the employee stock purchase plan at $50/week. I also save another $10,000/yr and I seem paralyzed about investing that money. I have college to pay for in 5 yrs and will need to provide myself an income from 52-59 1/2.
That's the financial me in a nutshell. Liz
I found this board yesterday while trying to figure out what to do with $30,000 sitting in just a passbook savings acct. (that's something I'd like to discuss - will post that topic in a more appropriate section). I've noticed all the Iowa references in different posts. I work for a nationwide company so I meet "co-workers" everytime I go on vacation. While in Honolulu two yrs ago I met another employee (who lives in Honolulu) at the hotel I was staying at and he said to me, "How can you afford to stay at this hotel?" And my answer was "Because, I live in Iowa!"
For me early retirement is not a choice. My job is blue collar and very laborious. I have Lupus which makes a physically demanding job extra hard AND I want to retire early just in case I die early. I am 37 and have a 13 yr. old son. My company provides a pension, offers a non-matching 401K, and an employee stock purchase plan at a 10% discount of the lowest quarterly stock price.
So hedging my bets so to speak, I decided to retire at 52. Although a 25 yr. pension ($1250/mo.) is a pittance of the full pension at 62 ($3,350/mo) I can retain my present full-coverage insurance (which includes free prescriptions) for $50/mo. until I reach age 65 and Medicare kicks in. Even if the price of this goes up it's a good deal imo and in my plan I've ear-marked my pension pymts to cover anything medical.
I contribute 22% to my 401K about $12,500/yr and have just started to recover from the beating it took the last few years. The balance now is $66,000. I have paid off my mortgage and have no other debt. I just started the employee stock purchase plan at $50/week. I also save another $10,000/yr and I seem paralyzed about investing that money. I have college to pay for in 5 yrs and will need to provide myself an income from 52-59 1/2.
That's the financial me in a nutshell. Liz
I am really happy to be here and only wish I could retire earlier. I hate my job like a lot of people posting on here and 3 yrs ago when I found out I could keep my medical benefits after age 50 w/ 20 yrs of service I had a new lease on life and my job was a means to an end.
