jriemerm
Dryer sheet wannabe
Hello, all! I hope to have some good conversations here!
I'm lucky enough to have started in a state government job 30 years ago, with a decent pension plan that had a "rule of 90" option I wouldn't have had if I'd started six months later, because the rule of 90 option was ended the year I began employment. Rule of 90 meaning, full pension for those whose combined age and years of service add up to 90. I'll hit that mark in February 2018. I feel very fortunate and excited!
I also will be eligible for a Social Security survivor's benefit, allowing me to draw a modest benefit from my dear late wife's SS account beginning at age 60, allowing me to postpone drawing my own, larger SS benefits until I reach full SS eligibility at age 66 1/2.
So, that means I should receive $3,750/month combined pension/SS benefits beginning in February, with a bump to $4,857/month when I turn 66 1/2 (adjusted for inflation.)
I also have about $170K saved up and my house is paid off. Plus I'm getting re-married shortly after I retire, which will bring our expenses down.
I'll have to pay almost $700/month in health insurance premiums to continue with the job-based health insurance I have now. That's a lot of money but with my savings I ought to be able to keep up with it. That premium will drop to about $300/month once I hit 65 and become Medicare-eligible.
I'm lucky enough to have started in a state government job 30 years ago, with a decent pension plan that had a "rule of 90" option I wouldn't have had if I'd started six months later, because the rule of 90 option was ended the year I began employment. Rule of 90 meaning, full pension for those whose combined age and years of service add up to 90. I'll hit that mark in February 2018. I feel very fortunate and excited!
I also will be eligible for a Social Security survivor's benefit, allowing me to draw a modest benefit from my dear late wife's SS account beginning at age 60, allowing me to postpone drawing my own, larger SS benefits until I reach full SS eligibility at age 66 1/2.
So, that means I should receive $3,750/month combined pension/SS benefits beginning in February, with a bump to $4,857/month when I turn 66 1/2 (adjusted for inflation.)
I also have about $170K saved up and my house is paid off. Plus I'm getting re-married shortly after I retire, which will bring our expenses down.
I'll have to pay almost $700/month in health insurance premiums to continue with the job-based health insurance I have now. That's a lot of money but with my savings I ought to be able to keep up with it. That premium will drop to about $300/month once I hit 65 and become Medicare-eligible.