Greetings New Member from Texas

[Dave56]

All:

I am 56 married for 37 years with three grown sons. I have a city pension worth 4K a month with cola. My wife has about 400.00 a month with no cola. She will qualify for SS in 7 years and I will only recieve half of mine as I am a government employee (I will be punished for sticking it out as a cop)!

We currently have 700k in personal investments, growing that at about 70k a year (interest and contribution). We have no debt other than 100k mortage on 220k home.

So, here we are looking for ideas and comments about retiring in 2-3 years as I approach 60. Our biggest concerns are along the lines of increased medical insurance premiums before I am 64 and just deciding to take the plunge.

thanks in advance,

Dave

 

[Walt34]

Welcome to the forum from another retired cop.

 

[Htown Harry]

Welcome Dave.

 

[Packman]

Dave, you will need to make sure you have a good handle on your amount of spending, both now and after retirement. Only then will you be able to determne if you can retire comfortably.

 

[obgyn65]

Welcome aboard.

 

[GolfingDuo]

Thank you for your service. I know it sounds corny here but honestly from me a soldier I thank you for everything you do.

My best to you and your wife in your golden years. Live them as lively as you can.

I think you have a nice set up inspite of what you might think.

All:

I am 56 married for 37 years with three grown sons. I have a city pension worth 4K a month with cola. My wife has about 400.00 a month with no cola. She will qualify for SS in 7 years and I will only recieve half of mine as I am a government employee (I will be punished for sticking it out as a cop)!

We currently have 700k in personal investments, growing that at about 70k a year (interest and contribution). We have no debt other than 100k mortage on 220k home.

So, here we are looking for ideas and comments about retiring in 2-3 years as I approach 60. Our biggest concerns are along the lines of increased medical insurance premiums before I am 64 and just deciding to take the plunge.

thanks in advance,

Dave

 

[GolfingDuo]

Welcome to the forum from another retired cop.

Also not to leave out another. Thank you for your service as well. I have never ever been pulled over for speeding or anything like that .

 

[NanoSour]

Welcome Dave. I'll echo the sentiments and thank you for your public service.

Looks like your assets and income part of the equation are in pretty good shape. Now as mentioned, you have to reconcile that with your monthly expenses. Seems like you've done well during the accumulation phase. Wish you well in the next phase.

 

[Dave56]

Thanks for all the kind words! I am glad to have found this site where I can learn from others. I look forward to making friends here just as I have at the sister site IRV2 which is one of our passions ...Rving.

 

[HighRoller]

Welcome from another Texan.

 

[Midpack]

So, here we are looking for ideas and comments about retiring in 2-3 years as I approach 60. Our biggest concerns are along the lines of increased medical insurance premiums before I am 64 and just deciding to take the plunge.

Welcome aboard.

It sounds like you're in very good shape with pensions & Soc Sec, congrats. But as others have mentioned, no one can give you a meaningful reply without knowing what your projected annual spending in retirement might be. So I entered what I could from your post #1 into FIRECalc: A different kind of retirement calculator without knowing/including Soc Sec, assumed retirement in 2016, and solved for spending at a 95% success rate.

Looking for a spending level that will result in 95% success rate . . . . . . . . . . . . . . . [done]

A spending level of $89,236 provided a success rate of 95.3% (106 total cycles, of which 5 failed). This spending level is 12.75% of your starting portfolio. (Your spending is assumed to come from any [-]Social Security and[/-] pensions you entered, as well as from the portfolio.)

 

[mickeyd]

Welcome to the pool Dave. Jump in at any time, but beware of the sharks...