Cantwaitanylonger
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The number one thing is a financial concern....Can I really afford this.
Maybe just need a push?
- Thread starter Cantwaitanylonger
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The number one thing is a financial concern....Can I really afford this.
Cantwaitanylonger
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Thanks for that thread link...I can't believe I missed that one. It really hits home as I have an 80% blockage in one of my arteries.
pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
You have plenty... 100% on FIRECalc and are at 100% success at over 150% of your target spending... so you can afford this. We spend about the same as you and retired earlier with less.
You are a cancer survivor, have 80% blockage in one of your arteries and hate the work environment and job politics.
WADR, I think you are totally foolish if you don't retire. Submit your retirement papers today.
Cantwaitanylonger
Recycles dryer sheets
I really love to hear from others like yourself that have done fine with less, and at a younger age. Thank you for your input...and no offence taken.....I am being foolish, and very wishy washy.
I have a friend that retired 8 years ago and now has substantially more $$ than when he started, but I think that his market timing turned out to be somewhat fortunate. I am not convinced that I will be as fortunate with the current market situation.....and that is part of my concern.
I know I keep asking for a push, and a push is given, and then I push back. Trust me...Your input helps and I am getting closer to a decision because of it.
pacergal
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
My vote is to retire now!
Firecalc gives you 100% success. The Stock Market Will go down, it will go back up. That history is built into Firecalc, I believe.
Stress is a big indicator of future health. You are a cancer survivor, and admit to blockage in your arteries. Sorry to be blunt, but Time may not be on your side.
Retire and spend time with your Grandbabies! Give them memories to last their lifetime.
Firecalc gives you 100% success. The Stock Market Will go down, it will go back up. That history is built into Firecalc, I believe.
Stress is a big indicator of future health. You are a cancer survivor, and admit to blockage in your arteries. Sorry to be blunt, but Time may not be on your side.
Retire and spend time with your Grandbabies! Give them memories to last their lifetime.
EastWest Gal
Thinks s/he gets paid by the post
You can retire now, and I think you should.
Regarding health insurance: Research info about the ACA. Healthsherpa.com has a lot of information. You can also go to healthcare.gov or your state’s exchange and browse health plans to see what is available for you and to see if your doctor’s and hospital systems take the insurance plans. Most do.
Part of the ACA is that pre-existing conditions are now irrelevant, except for short term plans that are not through the ACA. Insurance on the ACA is substantially like insurance through work. To qualify for a (substantial) subsidy, you need to keep your MAGI under about $69K for two people, for the years 2023-2025, then you will be enrolled in Medicare and the ACA becomes irrelevant. To qualify for cost sharing reductions, your MAGI needs to be below about $41K for two people. This is important if you have or anticipate substantial out of pocket expenses, which you should. You also need to keep your MAGI high enough to avoid Medicaid.
Your asset situation makes all this easy for you to do. You have rental income. You have a large 401K, from which you can draw a small amount each year to keep you away from Medicaid. Then, you can live off of your cash for the rest of it. Delay SS until full retirement age.
Last, get out of 100% equities in your 401K. It’s been a nice ride but that is probably ending.
Regarding health insurance: Research info about the ACA. Healthsherpa.com has a lot of information. You can also go to healthcare.gov or your state’s exchange and browse health plans to see what is available for you and to see if your doctor’s and hospital systems take the insurance plans. Most do.
Part of the ACA is that pre-existing conditions are now irrelevant, except for short term plans that are not through the ACA. Insurance on the ACA is substantially like insurance through work. To qualify for a (substantial) subsidy, you need to keep your MAGI under about $69K for two people, for the years 2023-2025, then you will be enrolled in Medicare and the ACA becomes irrelevant. To qualify for cost sharing reductions, your MAGI needs to be below about $41K for two people. This is important if you have or anticipate substantial out of pocket expenses, which you should. You also need to keep your MAGI high enough to avoid Medicaid.
Your asset situation makes all this easy for you to do. You have rental income. You have a large 401K, from which you can draw a small amount each year to keep you away from Medicaid. Then, you can live off of your cash for the rest of it. Delay SS until full retirement age.
Last, get out of 100% equities in your 401K. It’s been a nice ride but that is probably ending.
street
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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If you can't retire no one can. I don't see an issue financially at all but continuing to work is not a bad thing either.
The richest people in America from billions to upper millions worth most work every day and continue to get more. There is nothing wrong with that and that is their thing that makes them happy and are after high goals.
One just has to go and do what your heart says. Good luck and in whatever you do be as happy as you can going forward.
Cantwaitanylonger
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Street, Thank you for this. I have to say that I really appreciate your sweet and positive posts for me and others. You continue to be a uplifting source of encouragement.
Cantwaitanylonger
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Agree with this except I am wondering why you suggest that I should delay social security. I have been thinking that it may be a good idea to take it early, given my compromised health situation. With my job income this year, I was looking forward to starting it next year, one year delayed.
After one of you passes, only the larger SS benefit continues, so the planning for your SS claim date should be based on the life expectancy of the two of you combined, not just yours.
Put differently, if your health issues do come back, you want your wife protected as much as possible and waiting to claim your SS benefit can help with that. However, since your wife did not work, she has only a spousal benefit. Spousal benefits do not increase past FRA (age 67 here) and she cannot claim until you claim yours. So the situation is not as clear cut as we sometimes see here.
If you haven't already done it, go to opensocialsecurity.com and run some cases. if you scroll over the graph at the bottom of the page and hold the mouse over any spot, it will show you the result for that combination of ages. I quickly looked at your case using the program defaults and age 70 was best for you, but the present value only increases very slowly after your wife turns 67 because of the spousal benefit situation. So you may only gain a couple percent of the present value by waiting after that (up to she turns 67, waiting increases the present value much more quickly).
After you run the default case, then you can select the check box at the top where it says "Click here to select situation(s) that may apply to you" and play with discount rates and life expectancies.
PandaBear
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- Mar 11, 2014
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I just submitted my retirement to do so June 1. It was a very difficult decision. Like you, I worry about money and want to leave money for my kids. My FIRECalc ranges from 90-100%, depending on our spend and how I consider our assets. I also liked my job, but was getting tired of the “other” stuff.
I’m still a but nervous (retiring with the market falling) but really believe it’s the right decision. Since submitting my retirement, a colleagues husband died (on the way to work!!) and a high school acquaintance died last week. That’s not to mention the 2 young 20 something’s who died in early 2022 (friends of our kids-especially devastating). Makes you really realize we don’t know the time we have.
Obviously, it’s ultimately you who are making the decision, but everything you are saying says you should go now.
What’s helped me is thinking about my next steps…..I’ve become a travel agent! Only to help friends and family, but it will help reduce the costs of travel for dh and I and it is what I really enjoy doing (planning travel). What do you want to do?
Cantwaitanylonger
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Appreciate the responses. I would really like to take the summer off to enjoy the grandkids and catch up on some things. I haven't had more than a week off at a time for the last 40 years. A part time job in something new (different from my past 40 years of employment) sounds interesting to me right now. I'm not sure how it will sound in 5 months.
mrf0rd
Confused about dryer sheets
I have been stalking on this forum for awhile and reading your post pushed me to create an account so I could reply.
So here's my first post.
Retirement is not a one way street. If you make the decision and life happens, you can always take a turn and go a different direction or even turn around and "go back". But you won't know unless you give it a chance.
Good luck Sir! We are all on your side!
So here's my first post.
Retirement is not a one way street. If you make the decision and life happens, you can always take a turn and go a different direction or even turn around and "go back". But you won't know unless you give it a chance.
Good luck Sir! We are all on your side!
Cantwaitanylonger
Recycles dryer sheets
mrf...Thanks for joining and I appreciate your input. After another very frustrating week at work, I plan to give my one month notice next week. I do appreciate the thought that there are still options as I am still very nervous about this decision. At the very minimum, i do want to take the summer and fall off. When the weather turns bad, I will probably look for something new....or not.
brett
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Cannot comment on your financial situation or your potential health costs.
Our decision was time over money. We had enough money. Not concerned about increasing our children's inheritance. We have prepared them well for life.
Bottom line...we have had just over 10 years of great retirement. Healthy years with lots of change, lots of travel. We would not trade these for any amount of money. We have seen too many colleagues, friends, relatives pass away prior to, or shortly after retirement.
From our perspective life is about living. We spent enough time working.
You cannot buy time or time with good health.
And the odd thing...our investment portfolio is double what it was when we retired early.
Only you can decide. No one on this forum can make the decision for you.
Our decision was time over money. We had enough money. Not concerned about increasing our children's inheritance. We have prepared them well for life.
Bottom line...we have had just over 10 years of great retirement. Healthy years with lots of change, lots of travel. We would not trade these for any amount of money. We have seen too many colleagues, friends, relatives pass away prior to, or shortly after retirement.
From our perspective life is about living. We spent enough time working.
You cannot buy time or time with good health.
And the odd thing...our investment portfolio is double what it was when we retired early.
Only you can decide. No one on this forum can make the decision for you.
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Really feel for you! I too am surprised at the same feelings as you about adjusting to spending your whole life saving and then just spending. I am retiri g this September and have seesawed between enjoying work and hating it for over a year. I went to 30 hrs + benefits 10 months ago. Really helped! Is that a possibility for you?
Cantwaitanylonger
Recycles dryer sheets
Thank you for your input. First of all, congratulations on your decision and I wish you a happy retirement!
I do appreciate hearing from others that understand the situation. PT with benefits is an option that has been recently offered. I initially decided against it but am now reconsidering, given the current market situation. The saga continues...
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... perhaps remove something from your list...
I am not a parent... but always find it 'strange' that people concern themselves with LEAVING $$ to their kids. Most of my friends' Adult children make more than their parents. They live much more luxurious lifestyles (big city apts; world travel; expensive cars/clothes/hobbies; etc.) than their parents do.. yet seem to be 'waiting' for their inheritance. I would guess that your kids will be fine when you are no longer around and giving them a chunk of cash to blow on a Tesla or a vacation in Tahiti isn't worth your worries.
If you did a good job raising them... they'll be fine. Impress 'their' friends by leaving behind some $$ to a worthwhile charity or institution.
Raise the bar.
And then throw caution to the wind and enjoy your retirement... maybe live abroad where you can stretch the cash Much Much further than in the US... and at the same time provide a cool vacation destination for your kids when they come to visit. You'll enjoy that because you'll be alive to see it. ??
t
I am not a parent... but always find it 'strange' that people concern themselves with LEAVING $$ to their kids. Most of my friends' Adult children make more than their parents. They live much more luxurious lifestyles (big city apts; world travel; expensive cars/clothes/hobbies; etc.) than their parents do.. yet seem to be 'waiting' for their inheritance. I would guess that your kids will be fine when you are no longer around and giving them a chunk of cash to blow on a Tesla or a vacation in Tahiti isn't worth your worries.
If you did a good job raising them... they'll be fine. Impress 'their' friends by leaving behind some $$ to a worthwhile charity or institution.
Raise the bar.
And then throw caution to the wind and enjoy your retirement... maybe live abroad where you can stretch the cash Much Much further than in the US... and at the same time provide a cool vacation destination for your kids when they come to visit. You'll enjoy that because you'll be alive to see it. ??
t
Dash man
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Every kid is different and all parents make their own choices. Every situation is different and not every kid makes more than their parents. Things like homes and colleges have increased in price faster than the wages kids are paid. Travel, clothes and expensive cars are not signs of wealth, but of wanting to look wealthy. Even if a kid is doing great, there may be another kid at home in a wheelchair or with Down’s Syndrome.
Don’t be telling parents their kids will be fine and blow that dough, even if you think you know them well. You may not know everything.
pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
We've told our kids that any inheritance is simply estimating error on our part.
Seriously, leaving $$$ to our kids isn't a high priority for us even though it is very likely given how overfunded our retirement is and how naturally frugal we are. We pretty much spend what we want and are comfortable spending and whatever is ultimately left over, it is what it is.
Souschef
Thinks s/he gets paid by the post
We've told our kids that any inheritance is simply estimating error on our part.
Seriously, leaving $$$ to our kids isn't a high priority for us even though it is very likely given how overfunded our retirement is and how naturally frugal we are. We pretty much spend what we want and are comfortable spending and whatever is ultimately left over, it is what it is.
You hit the nail on the head! Our SS and Pensions cover about 80 to 90 percent of our expenses. Our retirement is also overfunded. I am 84 and DW is 78 right now. How much will we need in the future?
Cantwaitanylonger
Recycles dryer sheets
Good timing on your question. I decided to stop bothering everyone here and have been in a state of indecision all spring and summer and was waiting for a "defining" moment. Well it came...Close friend went to work Monday, diagnosed Wednesday, dead the following week. I just put in my 1 month notice. It is official, the cat is out of the bag....everyone knows, no turning back.
I appreciate all of the input from this wonderful community.
I appreciate all of the input from this wonderful community.
