I'd like opions on my situation.
I'm 59 years old and my employer is offering me a buyout that would put my pension at $60k with an increase to $62k after one year. The pension has a COLA of 1/2 of the CPI to a maximum of 3%. At 62 my social security will kick in and it should be about $17k per annum.
My wife is the same age and will work 3 more years. Her pension will be about $22k and social security about $12k.
We have managed to save over $500k in Roth IRA, 403b and 457 plans. Our net worth is about $800k. The house is paid for and we have no debt.
2005 we grossed $114k, but we managed to put $35k into retirement accounts. This year my income took a big jump and we will gross about $160k and we have put about $50k into retirement accounts.
Momentum tells me to keep working, but I've had enough. . .
I am soliciting your expert opinions on our financial health. Do we have enough to make it in retirement? If I keep working for three more years my pension will be about $70k and I'll be able to put another $75k into my retirement plans, but I just don't want to work anymore. I think we'll have enough to last us for 30 years or more and hopefully we won't have to dip into the retirement savings for a number of years.
Our total expenses for 2005 were about $58,000. This does not include social security, medicare, union dues, etc. which of course we won't have to pay in retirement.
We will both be covered by health insurance plans with very little expense to ourselves after we retire for the health insurance. For 2005 we had about $3300 in medical expenses.
I'm 59 years old and my employer is offering me a buyout that would put my pension at $60k with an increase to $62k after one year. The pension has a COLA of 1/2 of the CPI to a maximum of 3%. At 62 my social security will kick in and it should be about $17k per annum.
My wife is the same age and will work 3 more years. Her pension will be about $22k and social security about $12k.
We have managed to save over $500k in Roth IRA, 403b and 457 plans. Our net worth is about $800k. The house is paid for and we have no debt.
2005 we grossed $114k, but we managed to put $35k into retirement accounts. This year my income took a big jump and we will gross about $160k and we have put about $50k into retirement accounts.
Momentum tells me to keep working, but I've had enough. . .
I am soliciting your expert opinions on our financial health. Do we have enough to make it in retirement? If I keep working for three more years my pension will be about $70k and I'll be able to put another $75k into my retirement plans, but I just don't want to work anymore. I think we'll have enough to last us for 30 years or more and hopefully we won't have to dip into the retirement savings for a number of years.
Our total expenses for 2005 were about $58,000. This does not include social security, medicare, union dues, etc. which of course we won't have to pay in retirement.
We will both be covered by health insurance plans with very little expense to ourselves after we retire for the health insurance. For 2005 we had about $3300 in medical expenses.