I am planning on a 2012 retirement. Here are some numbers that maybe someone else here can give some advise on.
I am age 64, my wife 63. I will be 65 in a few months. My take home pay now is $24,000 per year. I have retirement, taxes and several other things taken from my paycheck. My base pay is $42,000 per year. My wife has not worked in 20 years. We have no debt. If I retired this May my SS would be almost $18,000 per year and from what I have read no tax on this because $32,000 for married couples filing jointly is what you can make without paying tax. .
My wife only makes about $7,200.00 per year because she never worked much. I also will make a small pension from the state where I have worked for the past 15 years and that will be about $9000.00 per year. I also have to drive 20 miles per day at least 6 days a week and I use my vehicle and gas. We have lived good on this salary for the last 10 years because we have no debt. I have about Cd's yielding 4.5% for 14 more months.
I go on Medicare soon and I can purchase my wife's insurance until she reaches 65, or I can keep Cobra until then at $900 per month. I have researched this and from what I can tell I am working for almost nothing being I could make almost that much staying home. I have plenty to keep me busy as I still own a 70ftx50ft metal building on a four lane highway thats in need of repair. I also work on PC's as a hobby and have been doing this for 15 years. I also like to play golf and my membership will cost nothing because of the years I worked at the course. I guess I need a little shove. Any thoughts on my math? Thanks . oldtrig
I am age 64, my wife 63. I will be 65 in a few months. My take home pay now is $24,000 per year. I have retirement, taxes and several other things taken from my paycheck. My base pay is $42,000 per year. My wife has not worked in 20 years. We have no debt. If I retired this May my SS would be almost $18,000 per year and from what I have read no tax on this because $32,000 for married couples filing jointly is what you can make without paying tax. .
My wife only makes about $7,200.00 per year because she never worked much. I also will make a small pension from the state where I have worked for the past 15 years and that will be about $9000.00 per year. I also have to drive 20 miles per day at least 6 days a week and I use my vehicle and gas. We have lived good on this salary for the last 10 years because we have no debt. I have about Cd's yielding 4.5% for 14 more months.
I go on Medicare soon and I can purchase my wife's insurance until she reaches 65, or I can keep Cobra until then at $900 per month. I have researched this and from what I can tell I am working for almost nothing being I could make almost that much staying home. I have plenty to keep me busy as I still own a 70ftx50ft metal building on a four lane highway thats in need of repair. I also work on PC's as a hobby and have been doing this for 15 years. I also like to play golf and my membership will cost nothing because of the years I worked at the course. I guess I need a little shove. Any thoughts on my math? Thanks . oldtrig