retirement, good or sucks

[Kentucky Windage]

I would hate to see when you get worked up over something.

Haha. I’m passionate about my position on this issue because of my career and who I work with/for.

 

[db-2]

Itemb
If i take what i feel i need for a basic annual income less what my income from SS and one other source times 25 i do have that amount in savings. Yes i do a budget and know what i need.
And if the interest rate is at least 3% on the savings and there would not be any of those other things that come up it will be close in keeping those funds in savings.

However i also know this will not work out that way and decided not to retire just to get by but do other things that are not in the normal budget. Have people ask me to work partime and will need to think about that but not at the top of my list.

I need to take a guess as to how long the wife and i will live, any health issues and just what those other things will cost me.
Hoping to have a decent and quality life for at least 10 more years. But life a risk and at our age it is a big risk with the health and that may all change tomorrow.
In the end we got what we have, i work longer than most, quit working and now it is a day at a time, take it as it comes with a postive attitude about tomorrow.
So the way we go in the next charter of our life and hope it was as good as the last chapter with a few less heartaches and the monies last. db

 

[ItemB]

I am on track I hope to retire someday but no where close yet still in the 30s. That annual budget times 25 is a calculation based off some reading, research. If I remember right it's relies on your nest egg invested in a 60/40 stock bond ratio. Supposed to average 7% return draw out 4% and be able to give yourself 3% raise every year. I believe it's been ran and back tested different way/times and usually works out well especially if you are willing to penny pinch or get a part time job in the down years. I always said once I am able to retire I may still do some sort of work to keep active/busy but it's going to be on my terms.

 

[Davey Crockett]

We overlooked the fact that insurance premiums and property tax could ever get this expensive. I could almost retire on what it costs to wake up every morning.

 

[db-2]

Davey:
Supplement went up $30 with total health insurance of close to $800/month (but it seems to cover everything) along with property taxes of $2,600 per year and i am sure both will go up going forward. Then vehicle and house insurance of $350/month, one has $16,000 going out.
Major cost that we need to work on getting down (sell and buy cheaper home, no, VA for health, bigger deductible ect)

Bright spot with only SS income, interest income (half of savings are in IRA so no interest to claim on that) and what i am require to take out of IRA my federal tax appears to be around $1,500 for a year and I assume state will be very little. Hope I got that number right. db

 

[Davey Crockett]

At some point we will start gifting real estate to our kids and maybe even dropping health insurance and utilizing medicare . Question is , How does medicare pay compared to decent health insurance ? I should read up on that stuff some day but it's easy to put off .

 

[LBrandt]

You will need to get the extra insurance to pay the 20% that medicare doesn't pay and drug insurance. If you make a call to one of those FREE information sites you will get a gazzilion help full calls from people selling insurance. Make that call when our feeling lonely and your phone will not stop ringing for the next two months, make sure your blocking works on your phone. Your welcome. LB