ohfrugalone
Recycles dryer sheets
- Joined
- Aug 2, 2008
- Messages
- 71
I am female, 50 and single, and have been thinking about retirement for years but am recently obsessed because of retirement of two people in my office last month.
My plan had always been to retire when I get to a certain $ amt in my pension, invest $15,000 a year from that and get another job to pay my living expenses.
Now from what I read, it sounds like I would have to get two jobs or a variety of part time jobs to cover my living expenses, because workers over 50 just aren't hired.
Before I leave my current job though, I also want to do some fix-ups to my house - refinish floors, paint, re-d0 the kitchen, get some new windows, etc, so paying for that will take me past the point of the minimum amt.
My minimum retirement amount needed is $25,000, I would like to have $30,000. My current net is only about $26,000. I will not get a cost of living increase on my pension until I am almost 66 years old, and can continue my current health insurance. So the taxes and health insurance would only leave me about $19,000 if I left at $25,000. I live on about $19,000/yr now and use the extra $7,000 for extras like some house fix ups, savings account, new computer, etc.
My house is paid for, and worth about $200,000, and I have about $300,000 in cash, equities and retirement accounts. I don't want to touch any of that until i am closer to really retiring.
Any advice, suggestions, etc. You should all feel very flattered, as I don't usually put out my net worth even to those closest to me.
My plan had always been to retire when I get to a certain $ amt in my pension, invest $15,000 a year from that and get another job to pay my living expenses.
Now from what I read, it sounds like I would have to get two jobs or a variety of part time jobs to cover my living expenses, because workers over 50 just aren't hired.
Before I leave my current job though, I also want to do some fix-ups to my house - refinish floors, paint, re-d0 the kitchen, get some new windows, etc, so paying for that will take me past the point of the minimum amt.
My minimum retirement amount needed is $25,000, I would like to have $30,000. My current net is only about $26,000. I will not get a cost of living increase on my pension until I am almost 66 years old, and can continue my current health insurance. So the taxes and health insurance would only leave me about $19,000 if I left at $25,000. I live on about $19,000/yr now and use the extra $7,000 for extras like some house fix ups, savings account, new computer, etc.
My house is paid for, and worth about $200,000, and I have about $300,000 in cash, equities and retirement accounts. I don't want to touch any of that until i am closer to really retiring.
Any advice, suggestions, etc. You should all feel very flattered, as I don't usually put out my net worth even to those closest to me.