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I am seriously thinking about packing it in as I hit age 60 on St Patricks Day but i am a little nervous and would like input. Positive or Negative. Here are the metrics.
Home in NJ is mortage free and worth around $515,000, Real Estate taxes $11k per year
401k-$270k
Fidelity Mutual funds- $370,000
AXA Annuity- $900k, can start drawing in 2 years around 56k per year till I pass
AXA Mutual fund- $500k
BOA Savings account-$90k
Pension from Old job- Net $3500.00 per month
Will draw Social Security at 62 for 1900.00 per month, wife will get around 500.00 per month at 62, she is 58 now
Plan on moving to North Carolina and purchasing a home around 450k, Real Estate Taxes $3000 per year
Will have to get my own Health Insurance for me and wife around $1000.00 per month
Will Have Life Insurance of 250,000 for my death.
Even though I am 2 years away from Social Security I think i can swing it. We are not Travelers and will probably be spending around $7,000 or less a month in retirement.
Can I do it?
What haven't i taken into consideration.
Please say yes.....
My question is do you have any idea what $450k buys you in NC?
Sounds like you are in good shape to "pull the plug". I am assuming the pension and the annuity will not adjust with inflation. You might want to defer the SS until as late as you can so you will get more and that larger amount will adjust for inflation. I think I know where you will be headed in NC (it was 74 there today) and I am 2 years behind you headed in the same direction.
Sounds like you are in good shape to "pull the plug". I am assuming the pension and the annuity will not adjust with inflation. You might want to defer the SS until as late as you can so you will get more and that larger amount will adjust for inflation. I think I know where you will be headed in NC (it was 74 there today) and I am 2 years behind you headed in the same direction.
Was 74 in a number of places and about time. Where are you headed?
North Carolina is a great place to retire and the Raleigh area is awesome. With time and money your budget can easily go up as you transition in. Lots to do and if you have the money you have the time.
I am seriously thinking about packing it in as I hit age 60 on St Patricks Day but i am a little nervous and would like input. Positive or Negative. Here are the metrics.
Home in NJ is mortage free and worth around $515,000, Real Estate taxes $11k per year
401k-$270k
Fidelity Mutual funds- $370,000
AXA Annuity- $900k, can start drawing in 2 years around 56k per year till I pass
AXA Mutual fund- $500k
BOA Savings account-$90k
Pension from Old job- Net $3500.00 per month
Will draw Social Security at 62 for 1900.00 per month, wife will get around 500.00 per month at 62, she is 58 now
Plan on moving to North Carolina and purchasing a home around 450k, Real Estate Taxes $3000 per year
Will have to get my own Health Insurance for me and wife around $1000.00 per month
Will Have Life Insurance of 250,000 for my death.
Even though I am 2 years away from Social Security I think i can swing it. We are not Travelers and will probably be spending around $7,000 or less a month in retirement.
Can I do it?
What haven't i taken into consideration.
If you think you will pay only 3k in taxes on a 450k house I can assure you that you wont live in any city but far out in the sticks. My 200k house is taxed at 2300 here in charlotte. Dont forget that NC state income tax will suck up more than you may think.If it were me I would liquidate everything so the government can not count it .Why do you have to purchase a home anyway. It will just suck up money with upkeep and high insurance rates etc. NC has had a major problem with insurance companies dumping long term customers or raising rates by 300% and not even give a reason. check it out
If you think you will pay only 3k in taxes on a 450k house I can assure you that you wont live in any city but far out in the sticks. My 200k house is taxed at 2300 here in charlotte. Dont forget that NC state income tax will suck up more than you may think.
I was kind of thinking the same thing.
Plus, real estate taxes in most places go down significantly when you turn 65.
We pay 900/year on a 200K house. But we're in Mississippi.
You will be comfortable in a house much less than $450.000 in North Carolina. Check out real estate in the areas of your interest. Raleigh is great.
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That was my initial thought when I got down to it. The post started with such genuine panic.