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Old 08-02-2017, 09:02 AM
 
Location: Grove City, Ohio
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The short and easy answer is $42,000 per year (after tax) plus the cost of medical insurance.
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Old 08-02-2017, 09:19 AM
 
Location: Columbia SC
8,954 posts, read 7,733,997 times
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Quote:
Originally Posted by hurricane harry View Post
A $200,000 annuity will produce $1000 a month for life at 58
And if you die before age 78, you lost your shirt of that deal.
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Old 08-02-2017, 12:10 PM
 
Location: Florida
4,359 posts, read 3,696,311 times
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Quote:
Originally Posted by eliza61nyc View Post
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,
Only reason to keep working when you are financially secure is because you enjoy work more than time off. If you do not enjoy work then retire.
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Old 08-02-2017, 12:20 PM
 
Location: Seattle/Dahlonega
547 posts, read 388,214 times
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Originally Posted by johngolf View Post
And if you die before age 78, you lost your shirt of that deal.
You'll be dead. What does it matter. By the way it's 17 years for break even, you suck at math. You'd be 40,000 ahead at 78.
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Old 08-02-2017, 12:31 PM
 
Location: Forests of Maine
30,679 posts, read 49,437,227 times
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Quote:
Originally Posted by eliza61nyc View Post
How much would you want saved to retire early?
I wanted to own our house [no mortgage] and enough cash flow to support my family.

When I first qualified for my pension, I owned an apartment complex that was paying for itself, and my pension was enough to support our family.

We eventually sold the apartments and used the cash to buy a farm. Today 12 years later we are still on that farm and my pension is still plenty.

We live in an extremely low COL area [New England].



Quote:
... LOL, feeling the Monday morning blues on a Tuesday...

So I'm seriously considering retiring when I hit 58. If your living expense were $6,000 a month, what would be your comfort zone. the 6K includes everything, soup to nutz. mortgage, insurance, healthcare, kids college tuition and vacation fund.

Would not really want to move so for the foreseeable future, I'm stuck in a High cost of living area (Northeast)

Will have a pension of 2K

throw some numbers at me.....I may pass out but reach for the stars!!
At 58 you will have a pension of 2K/month, and living expenses of $6k/month. It sounds to me like you will be in the hole for $4k every month.
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Old 08-02-2017, 01:00 PM
 
Location: Northern panhandle WV
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Depends on where in New England but it is not a low cost of living area by any means!
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Old 08-02-2017, 01:39 PM
 
2,952 posts, read 1,637,153 times
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Originally Posted by NW4me View Post
What sort of business, Foundapeanut?
Entertainment industry.
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Old 08-02-2017, 05:03 PM
 
Location: Philadelphia/South Jersey area
2,871 posts, read 1,402,350 times
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Quote:
Originally Posted by Submariner View Post
I wanted to own our house [no mortgage] and enough cash flow to support my family.

When I first qualified for my pension, I owned an apartment complex that was paying for itself, and my pension was enough to support our family.

We eventually sold the apartments and used the cash to buy a farm. Today 12 years later we are still on that farm and my pension is still plenty.

We live in an extremely low COL area [New England].





At 58 you will have a pension of 2K/month, and living expenses of $6k/month. It sounds to me like you will be in the hole for $4k every month.

LOL no I do have a taxable vanguard account. My goal in asking the question was twofold. 1) get some opinions on things I may have forgotten in my thinking (for example some one mentioned to plan for large emergencies such as house repairs) and 2) just get some real live information from folks who have retired.
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Old 08-02-2017, 05:42 PM
 
Location: Forests of Maine
30,679 posts, read 49,437,227 times
Reputation: 19129
Quote:
Originally Posted by eliza61nyc View Post
LOL no I do have a taxable vanguard account. My goal in asking the question was twofold. 1) get some opinions on things I may have forgotten in my thinking (for example some one mentioned to plan for large emergencies such as house repairs) and 2) just get some real live information from folks who have retired.
My pension is less than what you are saying your pension will be.

I do not make enough to pay income taxes. But it is plenty.

Thankfully some parts of New England are very low cost.
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Old 08-02-2017, 06:56 PM
 
15,157 posts, read 4,011,322 times
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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?
I live in MA. We retired long ago....and are 63 now. Health Insurance costs us about $1200 per month. For that premium, I am entitled to go to the best hospitals in the USA (Mass General, for example) and have the finest surgeons work on me.

Believe me - Steve Jobs would be alive if a billion dollars bought better health care than what we get in MA for just about everyone.

It sounds to me like you are keeping yourself chained to the iron ball for a situation which is very unlikely - or impossible (with the right insurance) to happen.

I enjoyed my work - always worked in my own businesses. But there comes a time when it's nice to NOT have to spend beautiful days in the office, but instead go sailing or take a walk in the nature preserve.

If you want to work until you drop....as many people do....be my guest. Or, if you really love your work so much that you wake up every day and want to do nothing except go there - you are a lucky gal.
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