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This is by far one of my favorite forums on this site. I always find the insight very helpful and it always gives me something to think about as I ponder retirement.
My biggest question about retirement, which I have to figure out for myself is when will it be time. A little about me.
I turn 45 in a couple weeks and am currently in the Wisconsin Retirement System. If I work in it for 10 more years (retire at 55) I will have been in the system for 30 years. My current income is in the 60k range and increases a couple percent each year. My wife is 10 yrs older, currently making in the 30k range. She doesn't have a pension. If we both retire at the same time she would be 65 and more than likely be using her Social Security and would probably retire full time. For me, I'm thinking I would retire part-time and work somewhere where insurance would be offered for me. A couple things that I need to consider is if I can afford to retire before the maximum benefit age of 62. I think at age 55 this would be about 90% of the maximum, figuring out what this will be at 90%, how much my wife will get for Social Security, how much my insurance will be, and all that other good stuff. We definitely want to get out of Wisconsin and move to a warmer climate, close to the ocean.
I just wanted to chime in here as I'm a long time lurker and thank you all for giving me things to consider.
This is by far one of my favorite forums on this site. I always find the insight very helpful and it always gives me something to think about as I ponder retirement.
My biggest question about retirement, which I have to figure out for myself is when will it be time. A little about me.
I turn 45 in a couple weeks and am currently in the Wisconsin Retirement System. If I work in it for 10 more years (retire at 55) I will have been in the system for 30 years. My current income is in the 60k range and increases a couple percent each year. My wife is 10 yrs older, currently making in the 30k range. She doesn't have a pension. If we both retire at the same time she would be 65 and more than likely be using her Social Security and would probably retire full time. For me, I'm thinking I would retire part-time and work somewhere where insurance would be offered for me. A couple things that I need to consider is if I can afford to retire before the maximum benefit age of 62. I think at age 55 this would be about 90% of the maximum, figuring out what this will be at 90%, how much my wife will get for Social Security, how much my insurance will be, and all that other good stuff. We definitely want to get out of Wisconsin and move to a warmer climate, close to the ocean.
I just wanted to chime in here as I'm a long time lurker and thank you all for giving me things to consider.
Your HR people should be able to you what your percentile target would be at age 55.
And, after getting the Wisconsin Retirement System calculator and the SSA calculator projections, plug the results into the FIRE Calc https://firecalc.com/ . The different tabs at the top of the page will allow you to run different scenarios and assumptions.
This is by far one of my favorite forums on this site. I always find the insight very helpful and it always gives me something to think about as I ponder retirement.
My biggest question about retirement, which I have to figure out for myself is when will it be time. A little about me.
I turn 45 in a couple weeks and am currently in the Wisconsin Retirement System. If I work in it for 10 more years (retire at 55) I will have been in the system for 30 years. My current income is in the 60k range and increases a couple percent each year. My wife is 10 yrs older, currently making in the 30k range. She doesn't have a pension. If we both retire at the same time she would be 65 and more than likely be using her Social Security and would probably retire full time. For me, I'm thinking I would retire part-time and work somewhere where insurance would be offered for me. A couple things that I need to consider is if I can afford to retire before the maximum benefit age of 62. I think at age 55 this would be about 90% of the maximum, figuring out what this will be at 90%, how much my wife will get for Social Security, how much my insurance will be, and all that other good stuff. We definitely want to get out of Wisconsin and move to a warmer climate, close to the ocean.
I just wanted to chime in here as I'm a long time lurker and thank you all for giving me things to consider.
If you retire from the state wouldn't you get insurance as a retiree? Not many part time jobs offer insurance.
If you retire from the state wouldn't you get insurance as a retiree? Not many part time jobs offer insurance.
Are you talking about health insurance? Pension plans don't necessarily offer that as a benefit. Mine certainly does not.
Now, if I retired early (prior to Medicare age) then I could purchase health insurance though my employer until Medicare kicked in.
My wife's pension is part of the Michigan Office of Retirement Services. They offer seminars a few times each year to provide information to employees and spouses of employees regarding future benefits. My recommendation is to seek out if Wisconsin offers similar seminars. If so, plan on attending a few of them!
Even though each of these Michigan ORS seminars are specifically identified as being for either New Employees, Long Range Retirees (i.e. 10 years out), Short Term Retirees (5 years out), or Immediate Retirees (less than 12 months), many attendees apparently cannot read (!) and there is always one or two couples who do not fit the description of the intended focus and insist on commandeering the entire seminar to answer their own specific questions, sharing far too much personal financial info to the group of 60-100 people in the process.
Maddening, but still the best way to start to learn the intricacies of the process and benefits if you attend three or four of them as you are approaching retirement. Scheduling a One-on-One meeting with the system experts is always HIGHLY recommended by the presenters at these seminars.
This is by far one of my favorite forums on this site. I always find the insight very helpful and it always gives me something to think about as I ponder retirement.
My biggest question about retirement, which I have to figure out for myself is when will it be time. A little about me.
I turn 45 in a couple weeks and am currently in the Wisconsin Retirement System. If I work in it for 10 more years (retire at 55) I will have been in the system for 30 years. My current income is in the 60k range and increases a couple percent each year. My wife is 10 yrs older, currently making in the 30k range. She doesn't have a pension. If we both retire at the same time she would be 65 and more than likely be using her Social Security and would probably retire full time. For me, I'm thinking I would retire part-time and work somewhere where insurance would be offered for me. A couple things that I need to consider is if I can afford to retire before the maximum benefit age of 62. I think at age 55 this would be about 90% of the maximum, figuring out what this will be at 90%, how much my wife will get for Social Security, how much my insurance will be, and all that other good stuff. We definitely want to get out of Wisconsin and move to a warmer climate, close to the ocean.
I just wanted to chime in here as I'm a long time lurker and thank you all for giving me things to consider.
If you retire from the state wouldn't you get insurance as a retiree? Not many part time jobs offer insurance.
If I remember correctly I would get insurance if I retired at age 62. From 62-65 I would be covered with health insurance. I don't really want to work until 62 full time though.
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HC you have a few options (at the moment)
1) ACA offers subsdizes and if Married filing joint, you can make up to $65,800 / yr at the moment and qualify for subsidizes. (State specific on available plans) My current income tax free state with coastline offers a subsidized $3.31 monthly premium for (2) for a $15k deductible HMO plan (Kaiser) with HSA.
If I remember correctly I would get insurance if I retired at age 62. From 62-65 I would be covered with health insurance. I don't really want to work until 62 full time though.
In many cases it is a set age OR when you fully vest. If you have 30 years, I doubt they’d make you work until 62 after that point. That said, in many cases you pay the full premium instead of a subsidized premium, so it can still be quite pricy. However, it is usually better coverage than what is in the ACA and you’d presumably just pay for yourself.
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