PandaBear
Recycles dryer sheets
- Joined
- Mar 11, 2014
- Messages
- 313
My dh and I have been thinking about our retirement budget for a few years and now it seems to be getting a lot closer. Dh will retire in a year (May 2019). I will need to work an additional 4 years (to June 2023).
I have the opportunity to work part time those years (2019-2023). Dh feels I should work full time, for at least the first year, to ensure we are doing okay financially. I'd like to reduce to a 60% contract, so we have a little more time for long weekends to travel.
I have tried to figure our budget. I took his pension amount and my salary, and tried to estimate taxes/medicare/union dues/medical benefits. I am estimating we want $117,816 in at least the beginning years of our retirement. (That's our current take home cash, but without college tuition and mortgage, which will be gone after February).
Dh's pension is 75K per year. My salary at 60% would be 78K. I am estimating we'd take home $109,885, which is quite close to our my estimate. I thought we could take a little out of our retirement accounts (basically about 10K). Then we could either begin to have him take SS at 62, which would cover that withdrawal or let SS accumulate and still pull out 10K.
We have (in my mind) two types of money. One is retirement accounts to supplement our income (wanting a conservative withdrawal) and the other (smaller) accounts are for "extras" like travel.
Does this seem reasonable? Am I missing something? Is there something else I should be considering?
I have the opportunity to work part time those years (2019-2023). Dh feels I should work full time, for at least the first year, to ensure we are doing okay financially. I'd like to reduce to a 60% contract, so we have a little more time for long weekends to travel.
I have tried to figure our budget. I took his pension amount and my salary, and tried to estimate taxes/medicare/union dues/medical benefits. I am estimating we want $117,816 in at least the beginning years of our retirement. (That's our current take home cash, but without college tuition and mortgage, which will be gone after February).
Dh's pension is 75K per year. My salary at 60% would be 78K. I am estimating we'd take home $109,885, which is quite close to our my estimate. I thought we could take a little out of our retirement accounts (basically about 10K). Then we could either begin to have him take SS at 62, which would cover that withdrawal or let SS accumulate and still pull out 10K.
We have (in my mind) two types of money. One is retirement accounts to supplement our income (wanting a conservative withdrawal) and the other (smaller) accounts are for "extras" like travel.
Does this seem reasonable? Am I missing something? Is there something else I should be considering?