Cattusbabe
Full time employment: Posting here.
- Joined
- Apr 3, 2006
- Messages
- 816
I found this site just in time and need sound advice please.
By way of background, DH is a 63-year-old involuntary retiree of two years. Health concerns made him unable to continue to working in his profession. However he was told that he was unable to get Social Security Disability because he was not disabled enough and with his level of education was re trainable.
We had a good laugh at that. Retrain for what at the age of 61. Rather that continuing to fight with SS we tightened our belts, lived on my nursing salary ($58000 gross) and he quit work at 61.
As luck would have it he began to get a distribution from a family trust of 1000/month, which helped a lot to get us through. At the time we were $35,000 in debt. (Credit cards, school loans, debts to family, car note) We have a mortgage. That first year was tight but not impossible. At 62 he began to draw SS to the tune of $945/month. I got a small raise. Since we made it through his first year of retirement ok we decided to use the income from his SS to do a rapid debt reduction plan instead of spending it. We cut expenses, refinanced the mortgage to take advantage of the lower rates, and got rid of the second car. We cleared most of that debt in one year.
Where we stand now. My husband, now 63, came into his full inheritance this year. After taxes and fees he will have $1,900,000 in assets. I am 50 and still work making $61,000 with full health care benefits. I have an IRA worth $50,000 and a 403B worth $15,000. There is another $38,000 in a savings account. Our monthly cost of living is small. I run the house/car (utilities, food, fuel, taxes, insurance, maintance fund etc.) on about 2000/month. The mortgage is $449.00/month @ 5.49 percent. We have 14 years on this but are now using the SS money now at $984/month to pay this off fast. We are also building an emergency fund and use the $1,000 per month that we were getting from the trust for that. There is now $10,000 in the Emergency account.
My husband and I knew that the inheritance money was coming, just not this soon or that much so we were getting our own financial house in order in preparation so that I could quit working when the time came. So now it is here but we want to do this right. The only increase in expenses would be health care of course and travel. Dear Husband wants to take two trips per year, has signed up with Elder hostel and we are both drooling over the possibilities.
If we continue our frugal ways I feel that we can do this sooner (like July 2006) rather than later. I am not adverse to working part time. As a Registered Nurse I can do agency shifts easily. I average $30 to $35/hour for a shift. What I would gain is the freedom to work around our travel So what o you say can I bail this July
By way of background, DH is a 63-year-old involuntary retiree of two years. Health concerns made him unable to continue to working in his profession. However he was told that he was unable to get Social Security Disability because he was not disabled enough and with his level of education was re trainable.
We had a good laugh at that. Retrain for what at the age of 61. Rather that continuing to fight with SS we tightened our belts, lived on my nursing salary ($58000 gross) and he quit work at 61.
As luck would have it he began to get a distribution from a family trust of 1000/month, which helped a lot to get us through. At the time we were $35,000 in debt. (Credit cards, school loans, debts to family, car note) We have a mortgage. That first year was tight but not impossible. At 62 he began to draw SS to the tune of $945/month. I got a small raise. Since we made it through his first year of retirement ok we decided to use the income from his SS to do a rapid debt reduction plan instead of spending it. We cut expenses, refinanced the mortgage to take advantage of the lower rates, and got rid of the second car. We cleared most of that debt in one year.
Where we stand now. My husband, now 63, came into his full inheritance this year. After taxes and fees he will have $1,900,000 in assets. I am 50 and still work making $61,000 with full health care benefits. I have an IRA worth $50,000 and a 403B worth $15,000. There is another $38,000 in a savings account. Our monthly cost of living is small. I run the house/car (utilities, food, fuel, taxes, insurance, maintance fund etc.) on about 2000/month. The mortgage is $449.00/month @ 5.49 percent. We have 14 years on this but are now using the SS money now at $984/month to pay this off fast. We are also building an emergency fund and use the $1,000 per month that we were getting from the trust for that. There is now $10,000 in the Emergency account.
My husband and I knew that the inheritance money was coming, just not this soon or that much so we were getting our own financial house in order in preparation so that I could quit working when the time came. So now it is here but we want to do this right. The only increase in expenses would be health care of course and travel. Dear Husband wants to take two trips per year, has signed up with Elder hostel and we are both drooling over the possibilities.
If we continue our frugal ways I feel that we can do this sooner (like July 2006) rather than later. I am not adverse to working part time. As a Registered Nurse I can do agency shifts easily. I average $30 to $35/hour for a shift. What I would gain is the freedom to work around our travel So what o you say can I bail this July
