us271934
Confused about dryer sheets
Nice to join the group. Found it while looking for reviews of ESPlanner.
Turning 55 this next month and become eligible for reduced benefit retirement with health plan/pension. I now work for a stressed out member of the DOW that is doing the outsource thing, right-sizing, no raises, etc. My boss had a mild stroke (TIA) a couple of weeks ago and I had a mild NSTEMI heart attack on the 1st day of vacation in July. Not to worry, it's just the latest corporate employee attrition initiative.
For some reason my motivation to retire has been stimulated.
My spouse has given me the thumbs up on this decision and I'm trying to figure out the financials. A recent inheritance of $200K taxable stocks/funds/cash and $100K IRA (mutual funds) adds to our $360K 401k's and $25K taxable stock. The missus wants to stay working full time for about 3 years ($75K salary) and then shift to part time for a couple of years.
My current pension will be worth $1100/month and the health insurance will be $235. Spouse's pension will be around the same when she turns 60 in 4 years. The house is paid off in 4 yrs ($550/mon) and the pool in 9 yrs ($300/mon). No car payments now but they are both +10 years old. If we take SocSec as soon as possible (age 62) we'll each get $1500/mon.
We plan on staying in the house until they come looking for us but it needs about $30K in remodeling to bring it into the 21st century. The kitchen was designed by one of Satan's relatives as a prototype torture device for fallen 3-star chefs. After that's done I could see getting a part time job or occasional contract work for a few years. Or not.
It feels like enough savings and income to keep us going but most retirement calculators have left me feeling a bit apprehensive. If you put in mildly pessimistic returns and throw in an unexpected big expense or two then cat food becomes a meal option as we leave our 70's. My own spreadsheet calculations aren't any different.
Your thoughts?
Turning 55 this next month and become eligible for reduced benefit retirement with health plan/pension. I now work for a stressed out member of the DOW that is doing the outsource thing, right-sizing, no raises, etc. My boss had a mild stroke (TIA) a couple of weeks ago and I had a mild NSTEMI heart attack on the 1st day of vacation in July. Not to worry, it's just the latest corporate employee attrition initiative.
For some reason my motivation to retire has been stimulated.
My spouse has given me the thumbs up on this decision and I'm trying to figure out the financials. A recent inheritance of $200K taxable stocks/funds/cash and $100K IRA (mutual funds) adds to our $360K 401k's and $25K taxable stock. The missus wants to stay working full time for about 3 years ($75K salary) and then shift to part time for a couple of years.
My current pension will be worth $1100/month and the health insurance will be $235. Spouse's pension will be around the same when she turns 60 in 4 years. The house is paid off in 4 yrs ($550/mon) and the pool in 9 yrs ($300/mon). No car payments now but they are both +10 years old. If we take SocSec as soon as possible (age 62) we'll each get $1500/mon.
We plan on staying in the house until they come looking for us but it needs about $30K in remodeling to bring it into the 21st century. The kitchen was designed by one of Satan's relatives as a prototype torture device for fallen 3-star chefs. After that's done I could see getting a part time job or occasional contract work for a few years. Or not.
It feels like enough savings and income to keep us going but most retirement calculators have left me feeling a bit apprehensive. If you put in mildly pessimistic returns and throw in an unexpected big expense or two then cat food becomes a meal option as we leave our 70's. My own spreadsheet calculations aren't any different.
Your thoughts?