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Old 08-01-2017, 01:58 PM
 
2,952 posts, read 1,637,878 times
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Quote:
Originally Posted by brava4 View Post
easy 3-4 mil
Retire before medicare kicks in - 10 million.

You know how most don't 'plan for the worst" thinking bad stuff will never happen to them. I'm not that way, but that is what happens when your mom dies and you are a kid.

If I am healthy otherwise and there is a treatments for some disease, I want it. That is why the 10 million. I would never leave my husband in a position where he can't live the lifestyle he is accustom to. If that is too much, so be it.

Gotta say, many on here that are retired, scare the heck out of me. Its as if retiring was the end all. Did you spend your whole life not living and counting the days to retirement?

What about if something bad happens, wouldn't you rather be prepared?
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Old 08-01-2017, 02:06 PM
 
Location: Albuquerque NM
1,659 posts, read 1,525,009 times
Reputation: 3640
So I take it that brava4 and foundapeanut never plan to retire???
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Old 08-01-2017, 02:11 PM
 
Location: SoCal
13,226 posts, read 6,326,744 times
Reputation: 9844
Rough estimate, about $1M to $1.5M.
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Old 08-01-2017, 02:41 PM
 
13,903 posts, read 7,405,593 times
Reputation: 25389
Some assumptions:
The $24K/year pension isn't from a public sector job in a Social Security opt-out state
The $24K/year pension isn't inflation protected
The OP has 35 "good" earnings years for Social Security scoring and they don't have years of near zero income in that 35.
The $72K burn rate is net (after taxes are paid)

I think $1.25 million in tax deferred retirement savings would do it.
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Old 08-01-2017, 05:16 PM
 
656 posts, read 309,979 times
Reputation: 1225
Quote:
Originally Posted by ABQ2015 View Post
So I take it that brava4 and foundapeanut never plan to retire???
And plan to die in the office some day? What fun.
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Old 08-01-2017, 05:43 PM
 
148 posts, read 73,482 times
Reputation: 574
You live in a High COL and at that point won't have a paid off your house, will have kids in college and your expenses will be only $6,000/mo? Doesn't sound right.

If It helps, I also plan to retire at 58 (with my wife also retiring at the same time at 54), house will be paid off, but will have kid in college and another in private high school. My target is $2.5MM (plus ~$2,800/mo in pensions)
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Old 08-01-2017, 06:35 PM
 
Location: Philadelphia/South Jersey area
2,875 posts, read 1,403,268 times
Reputation: 10088
Quote:
Originally Posted by Vision67 View Post
OP: If you retire at 58, your health insurance plan is???

If you need to buy an individual policy, there is no way to accurately predict the cost. Medicare starts at 65.

Keep running that hamster wheel.
I have retiree health care that I can start at 60 so I would only have a 2year gap to self insure
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Old 08-01-2017, 06:39 PM
 
Location: Philadelphia/South Jersey area
2,875 posts, read 1,403,268 times
Reputation: 10088
Quote:
Originally Posted by xxEHxx View Post
You live in a High COL and at that point won't have a paid off your house, will have kids in college and your expenses will be only $6,000/mo? Doesn't sound right.

If It helps, I also plan to retire at 58 (with my wife also retiring at the same time at 54), house will be paid off, but will have kid in college and another in private high school. My target is $2.5MM (plus ~$2,800/mo in pensions)
my sons tuition is paid for. he's in his last year now and between what we saved and an inheritance its covered.
i have 200k left on mortgage but tons of equity (house appraised at 700k). so I can sell, downsize and pay cash for the next spot
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Old 08-01-2017, 06:45 PM
 
Location: Philadelphia/South Jersey area
2,875 posts, read 1,403,268 times
Reputation: 10088
Quote:
Originally Posted by foundapeanut View Post
Retire before medicare kicks in - 10 million.

You know how most don't 'plan for the worst" thinking bad stuff will never happen to them. I'm not that way, but that is what happens when your mom dies and you are a kid.

If I am healthy otherwise and there is a treatments for some disease, I want it. That is why the 10 million. I would never leave my husband in a position where he can't live the lifestyle he is accustom to. If that is too much, so be it.

Gotta say, many on here that are retired, scare the heck out of me. Its as if retiring was the end all. Did you spend your whole life not living and counting the days to retirement?

What about if something bad happens, wouldn't you rather be prepared?
It's a balancing act. I'm a widow, my husband died at 50!! from Leukemia. I think of all the things we didn't do because we were so busy "saving" for the "worst". Sorry been there done that. that's why I'm seriously considering retiring early. I gotta tell you I was in grief support for a year and not one person said "I wish he'd left me more money". Not one

no way am I working until 65,
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Old 08-01-2017, 06:47 PM
 
Location: Philadelphia/South Jersey area
2,875 posts, read 1,403,268 times
Reputation: 10088
Thanks everyone, I'm trying to think off all the issues that might come up.
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