bigcedargrandma
Confused about dryer sheets
- Joined
- Mar 19, 2008
- Messages
- 5
My husband and I are both teachers, wanting to retire this year if possible. We are both 59 (my husband will be 60 in July). At this time we each will get approximately $2200 a month in pension and we have $600,000 in annuities, IRA accounts, etc. At age 62, we are planning to take our social security and we should each get about $1400 a month. (all of these numbers are before taxes, of course). We each have a health insurance account which has about $25,000 each in it. This will pay for the cost of our health insurance for approximately 42 months...at which time, we will be using social security money to pay for health insurance until Medicare kicks in.
Our question..If we retire this year, we would have to take about 6% out of our annuity accounts for two years, until we began taking our social security. After that, we would probably need between 3 and 4% a year. (We are planning on a budget of $6000 a month for right now). Is that much going to affect the long-term of our annuity??
We have a mortgage of $175,000. (We built our retirement home on a lake 5 years ago). We have one car payment and a boat payment and no credit card debt at this time.
We don't plan to do lots of traveling (we have NEVER flown anywhere). Our plans are to spend time with grandkids, do some volunteer work, and take a couple small trips within the U.S. a year.
With the uncertainty of gas, food expenses, etc...should we wait another year to see what happens??
Our question..If we retire this year, we would have to take about 6% out of our annuity accounts for two years, until we began taking our social security. After that, we would probably need between 3 and 4% a year. (We are planning on a budget of $6000 a month for right now). Is that much going to affect the long-term of our annuity??
We have a mortgage of $175,000. (We built our retirement home on a lake 5 years ago). We have one car payment and a boat payment and no credit card debt at this time.
We don't plan to do lots of traveling (we have NEVER flown anywhere). Our plans are to spend time with grandkids, do some volunteer work, and take a couple small trips within the U.S. a year.
With the uncertainty of gas, food expenses, etc...should we wait another year to see what happens??