TexasGal
Recycles dryer sheets
- Joined
- Jul 23, 2007
- Messages
- 229
I was 60 yrs old in June and retired rather abruptly on 8/3/07 because I am taking care of a very ill parent. Between the b/s at work and the agony of dealing with eldercare, I just couldn't take it any longer. Had to retire to save my sanity! Can "un-retire" and return to work any time according to my former employer but I don't want to .
I retired from a low six-figure salary and I am going to attempt to live on my reduced non-Cola'd pension of $26K (first check 9/1). I will be paying $300/mo COBRA for 18 mos and then insurance will jump up to $500/mo. I'll get s/s of about $17K at age 62. My energy-efficient house is paid for, there is no debt of any kind, and I am single. The housing expenses, including phone/cell, internet, cable TV, utilities, house insurance and taxes will be $600/mo.
I only started reducing my expenditures just 2-3 months ago and that is why I am not comfortable yet on what I can and can't do, but I think I can live ok on $24K after taxes. When working I lived within my means, not below my means. Didn't realize I was going to retire before age 66. Never even thought of it.
I KNOW there are things that will come up that I haven't budgeted. If you were my financial advisor looking at these numbers, who of course is not selling a financial product . . . what would you tell me? Can I feel any sense of security or not? What am I missing?
$24,000+ after taxes needed for lifestyle (I am not married)
No state income tax in Texas
$26,000 non-cola'd pension begin 9/1/07
$17,000 s/s begin 6/1/09
$300/mo COBRA for 18 mos starting 9/1/07
$500/mo Aetna health ins until age 65 starting 3/1/08
Aetna is an expensive "retiree benefit", pays 100% of most things, no deductible
No debt of any kind, need to buy car in 2 yrs
Mortage free house built 1995
$327,000 401k plan (conservative investments)
$33,000 Roth IRA (conservative)
$45,000 non tax-deferred Emigrant/HSBC at 5.05%
Not trying to leave any estate when I'm gone
Both my parents lived to 90+. I have long term care insurance.
I know this is small potatoes to so many of you, but do these numbers look sufficient for my modest lifestyle? FIREcalc says ok, so does ORP, but I'd sure feel better if some of you chimed in (a couple of you did in the "Hello I am" thread so thanks).
One day I'm saying to myself "it feels great & I'm glad I retired" and the next day I'm saying "YIKES!".
Please tell this ole' Texas gal if my $$$ health looks ok or it is likely that I am going to have to either cut expenses or go to work at Wal-mart!
Tex
I retired from a low six-figure salary and I am going to attempt to live on my reduced non-Cola'd pension of $26K (first check 9/1). I will be paying $300/mo COBRA for 18 mos and then insurance will jump up to $500/mo. I'll get s/s of about $17K at age 62. My energy-efficient house is paid for, there is no debt of any kind, and I am single. The housing expenses, including phone/cell, internet, cable TV, utilities, house insurance and taxes will be $600/mo.
I only started reducing my expenditures just 2-3 months ago and that is why I am not comfortable yet on what I can and can't do, but I think I can live ok on $24K after taxes. When working I lived within my means, not below my means. Didn't realize I was going to retire before age 66. Never even thought of it.
I KNOW there are things that will come up that I haven't budgeted. If you were my financial advisor looking at these numbers, who of course is not selling a financial product . . . what would you tell me? Can I feel any sense of security or not? What am I missing?
$24,000+ after taxes needed for lifestyle (I am not married)
No state income tax in Texas
$26,000 non-cola'd pension begin 9/1/07
$17,000 s/s begin 6/1/09
$300/mo COBRA for 18 mos starting 9/1/07
$500/mo Aetna health ins until age 65 starting 3/1/08
Aetna is an expensive "retiree benefit", pays 100% of most things, no deductible
No debt of any kind, need to buy car in 2 yrs
Mortage free house built 1995
$327,000 401k plan (conservative investments)
$33,000 Roth IRA (conservative)
$45,000 non tax-deferred Emigrant/HSBC at 5.05%
Not trying to leave any estate when I'm gone
Both my parents lived to 90+. I have long term care insurance.
I know this is small potatoes to so many of you, but do these numbers look sufficient for my modest lifestyle? FIREcalc says ok, so does ORP, but I'd sure feel better if some of you chimed in (a couple of you did in the "Hello I am" thread so thanks).
One day I'm saying to myself "it feels great & I'm glad I retired" and the next day I'm saying "YIKES!".
Please tell this ole' Texas gal if my $$$ health looks ok or it is likely that I am going to have to either cut expenses or go to work at Wal-mart!
Tex