schroedersmomanddad
Confused about dryer sheets
My husband is retiring on July 31st, 2012, 1 day after his 61st birthday. I am pretty nervous about it. I would like to lay everything out there and get some feedback and suggestions.
He is 61 and I'm almost 45. I am a cancer survivor so the biggest issue is healthcare coverage. Cobra is $880 per month and will run out in 18 months so that's only a temporary fix. His company offers retiree/spouse health insurance for $1280/per month and that will only last until he turns 65. Once again, a temporary and expensive fix. Our solution was to get our CDLs and obtain school bus routes in our little town. We will make about $550 per month each driving buses but our insurance is only $38.00 each.
He has $470,000 in his 401k and we do not want to touch that money until he is 70. I have $130,000 in an investment account (scottrade) and another $130,000 in another account with Wells Fargo. I also have a SEP with $23,000 and a roth with $18,000. His pension with a 50% survivor benefit will be $4500 per month.
Our kids are grown and out of the house, the house is paid for, we have no car or bank loans and no credit card debt. Our land taxes are $1100 per year and our home insurance is $800 per year. When he turns 62 he'll received about $1500 in SS. I work from home and make about $2,000-$3,000 per month.
When he retires, he will get a Cash termination Indemnity of about $60,000 after taxes which will be split; 1/2 in one of our accounts and the other half will go toward his 1938 BMW 320 Convertible restoration fund. Hopefully this will complete the project that he's been working on for the past year.
We would like to take 3 trips per year, 1 to New York to see our son, 1 to seattle to see our daughter and maybe 1 to Europe to see his family. The local trips usually cost us about $2k and the trips to europe about $3500. We don't have to stay in 5 star hotels but we do like to splurge on nice wine and meals from time to time.
Do you guys think we'll be okay financially? I really do but I need some reassurance I guess.
We have a financial advisor who charges A 1% fee. Should we keep him? Our son in New York is an accountant and is willing to help.
Any comments and suggestions are welcome and appreciated.
Thanks Penny
He is 61 and I'm almost 45. I am a cancer survivor so the biggest issue is healthcare coverage. Cobra is $880 per month and will run out in 18 months so that's only a temporary fix. His company offers retiree/spouse health insurance for $1280/per month and that will only last until he turns 65. Once again, a temporary and expensive fix. Our solution was to get our CDLs and obtain school bus routes in our little town. We will make about $550 per month each driving buses but our insurance is only $38.00 each.
He has $470,000 in his 401k and we do not want to touch that money until he is 70. I have $130,000 in an investment account (scottrade) and another $130,000 in another account with Wells Fargo. I also have a SEP with $23,000 and a roth with $18,000. His pension with a 50% survivor benefit will be $4500 per month.
Our kids are grown and out of the house, the house is paid for, we have no car or bank loans and no credit card debt. Our land taxes are $1100 per year and our home insurance is $800 per year. When he turns 62 he'll received about $1500 in SS. I work from home and make about $2,000-$3,000 per month.
When he retires, he will get a Cash termination Indemnity of about $60,000 after taxes which will be split; 1/2 in one of our accounts and the other half will go toward his 1938 BMW 320 Convertible restoration fund. Hopefully this will complete the project that he's been working on for the past year.
We would like to take 3 trips per year, 1 to New York to see our son, 1 to seattle to see our daughter and maybe 1 to Europe to see his family. The local trips usually cost us about $2k and the trips to europe about $3500. We don't have to stay in 5 star hotels but we do like to splurge on nice wine and meals from time to time.
Do you guys think we'll be okay financially? I really do but I need some reassurance I guess.
We have a financial advisor who charges A 1% fee. Should we keep him? Our son in New York is an accountant and is willing to help.
Any comments and suggestions are welcome and appreciated.
Thanks Penny
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