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Old 01-11-2018, 09:31 PM
 
8,080 posts, read 13,468,155 times
Reputation: 10322

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Considering all the life curve balls I have had thrown at me I am pleased to be where I am financially.
I have been divorced, single parented 2 boys , and widowed.
It has taken a lot of work to get to 60 and be in decent shape financially. My kids are all grown and independent and making me proud.

My financial planner thinks I need to work PT and bring in 2-3K / month until 67, but I am not convinced.
I haven't worked the last few years but could easily find PT work in my field if I need to.


Here are the #'s

60 year old single
Own 230K Home with no Mortgage.
500 K in investments
2000/month budget is enough to include taxes, vacations and extras.
Will draw 1700 SS at 67 (option to draw less earlier)
I may move but that would be same price house & cost of living.
Realistic life expectancy 85 based on family history

All advice welcome.
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Old 01-11-2018, 10:07 PM
 
Location: NE Mississippi
13,686 posts, read 8,589,783 times
Reputation: 19907
Since you asked.....

Wait. Slug it out and make a living and put off drawing Social Security until you are Medicare eligible. When you become Medicare eligible buy a supplement and your yearly cost of healthcare will be under control.

That's what we did. We saw people who retired too early and they paid a terrible price.
Be sure to look at worst case scenario. It might happen!
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Old 01-12-2018, 12:10 AM
 
Location: NNV
1,521 posts, read 978,321 times
Reputation: 3096
Where is the allowance for healthcare between 60 and 65? Is that in the $2k per month budget? Depending upon benefits I'd expect $600-$1000 a month which will increase every year (10% on average).

In your position I'd be working at least until 65, when Medicare kicks in.
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Old 01-12-2018, 12:39 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,622 posts, read 39,986,663 times
Reputation: 23775
Congrats, you did very well!!!


only a 'suggestion'... (To help preserve the assets)
PT work that includes HC... (and is VERY flexible with Time off!) and... most importantly you enjoy / is a benefit to you!



options:
1) in USA... If in excellent health (foreseeable future) can participate in HC cost sharing network ~$150 / month solo. A comparison of the Major HealthCare Sharing Ministries - MedicalCostShare.com

2) join the 15m doing Medivacations.. https://patientsbeyondborders.com/

3)Move overseas till medicare eligible (Unfortunately that age will likely change before we get there!)

sad... but HC is the potential torpedo (I hope not), has happened to many, has NOT happened to MORE.

Another option... Work hard and PLAY hard! (do 'special projects' / tasked based high pay gigs, then have long times OFF!) That works well for me (especially when paid to travel). Checks of (multiple) objectives... Free travel, paid meals, and adventures galore.
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Old 01-12-2018, 02:39 AM
 
Location: Tampa, FL
27,798 posts, read 26,227,061 times
Reputation: 14611
Quote:
Originally Posted by kelly237 View Post
Considering all the life curve balls I have had thrown at me I am pleased to be where I am financially.
I have been divorced, single parented 2 boys , and widowed.
It has taken a lot of work to get to 60 and be in decent shape financially. My kids are all grown and independent and making me proud.

My financial planner thinks I need to work PT and bring in 2-3K / month until 67, but I am not convinced.
I haven't worked the last few years but could easily find PT work in my field if I need to.


Here are the #'s

60 year old single
Own 230K Home with no Mortgage.
500 K in investments
2000/month budget is enough to include taxes, vacations and extras.
Will draw 1700 SS at 67 (option to draw less earlier)
I may move but that would be same price house & cost of living.
Realistic life expectancy 85 based on family history

All advice welcome.


That $500K could be worth 40% of that with a bear market recession. It seemed like just yesterday that people were complaining here about their portfolio sinking. Would be concerned that it's enough there.

Retirees tell me they have lost over 50% of their 401K Balance in the last year!
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Old 01-12-2018, 02:56 AM
 
1,137 posts, read 570,860 times
Reputation: 4370
That wasn't yesterday...it was 2008!
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Old 01-12-2018, 03:10 AM
 
Location: Tampa, FL
27,798 posts, read 26,227,061 times
Reputation: 14611
Would be interested to know the investment class, mix, etc....where are you invested? SP Index? Bond funds?
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Old 01-12-2018, 03:27 AM
 
Location: Tampa, FL
27,798 posts, read 26,227,061 times
Reputation: 14611
Quote:
Originally Posted by MichiganGreg View Post
That wasn't yesterday...it was 2008!
yes, but it could be tomorrow.
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Old 01-12-2018, 04:13 AM
 
71,697 posts, read 71,801,099 times
Reputation: 49262
in the mean time if they did not exhibit poor investor behavior and bail out , 2008 was irrelevant and just a speed bump in their retirement as all of the major downturns ended up being .

markets never lost a penny of their money-they did ,.


if you were so unlucky as to retire in 2008 ,a retiree with a 60/40 mix or so is no different than any other group was 8 years in .

that is what a safe withdrawal rate is about . it provides the safe ,secure ,consistent income in the worst of times . anything better than worst case gets you a raise .
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Old 01-12-2018, 04:28 AM
 
Location: Tampa, FL
27,798 posts, read 26,227,061 times
Reputation: 14611
Quote:
Originally Posted by mathjak107 View Post
in the mean time if they did not exhibit poor investor behavior and bail out , 2008 was irrelevant and just a speed bump in their retirement as all of the major downturns ended up being .

markets never lost a penny of their money-they did ,.


if you were so unlucky as to retire in 2008 ,a retiree with a 60/40 mix or so is no different than any other group was 8 years in .

that is what a safe withdrawal rate is about . it provides the safe ,secure ,consistent income in the worst of times . anything better than worst case gets you a raise .
that's my point - that $500k looks nice right now but without knowing the mix, it could be much less in a year or two with a major correction, recession and may take a decade or more to recover.
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