$6,000 a month pension check, own home outright, opinions on retirement? (supplement, acquaintance)
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Anyway, I humbly apologize for any wrong doing here, or making anyone feel bad. Over the years in life I have heard horror stories of people losing millions on health care in particular, but you just never know and I thought it wouldn't hurt to ask. So again apologies to those I offended and thank you to the rest of the replies.
Don’t apologize, you’ve done nothing wrong. Just understand that any serious planning will have to wait until you’re much closer to 60. Right now we have no idea what the health insurance situation will be eight years from now, and that is a crucial piece of information for any intelligent planning. You also need to check and see if your state taxes pensions and/or Social Security, as that’s also something that varies widely depending on where you choose to live in retirement.
One thing is certain: you don’t want to quit a good job prematurely in the belief that you can always get another one, not in this era of age discrimination. That can be an unfixable mistake.
Don’t apologize, you’ve done nothing wrong. Just understand that any serious planning will have to wait until you’re much closer to 60. Right now we have no idea what the health insurance situation will be eight years from now, and that is a crucial piece of information for any intelligent planning. You also need to check and see if your state taxes pensions and/or Social Security, as that’s also something that varies widely depending on where you choose to live in retirement.
One thing is certain: you don’t want to quit a good job prematurely in the belief that you can always get another one, not in this era of age discrimination. That can be an unfixable mistake.
That is a good point. Really, much past 40, it can be damn hard to get another "full scale" job if you quit one. This is partly "age-ism" and partly just practicality - why hire a 50 year old who will work probably a maximum of 15 more years, who probably has what an employer might think of as "bad habits", when you can hire a kid, and train them up the way you want them?
Another related comment - it's much easier to get from 1M to 2M on your 401K, than it is to scrape up the first M.
The OP hasn't mentioned property taxes, average utilities, if there even is a car note, whether he lives in a high COL area. Various insurances could add to that as well.
And no mention of federal and state income taxes, which may total 25% at the margin. On edit--I see that some posters have raised this.
Pensions also can be reduced or COLAs reduced or eliminated in many cases, these days. So it would be important to try to factor in a cushion.
I really don't get the whole "if you have money you can't ask questions" attitude.
They way you make, keep and maximize is to learn all you can.
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Anyway, I humbly apologize for any wrong doing here, or making anyone feel bad. Over the years in life I have heard horror stories of people losing millions on health care in particular, but you just never know and I thought it wouldn't hurt to ask. So again apologies to those I offended and thank you to the rest of the replies.
Don't apologize. People here are from all walks of life that's all. That is a very generous pension!
Anyway, I humbly apologize for any wrong doing here, or making anyone feel bad. Over the years in life I have heard horror stories of people losing millions on health care in particular, but you just never know and I thought it wouldn't hurt to ask. So again apologies to those I offended and thank you to the rest of the replies.
You've got nothing to apologize for.
According to some of your older posts, you work 6-7 days a week and 80+ hours. You should be well compensated for that.
69k still qualifies you for a low income nyc housing project like the one i was raised in . no way would we have retired here on 70k pre tax .we would have had to leave our kids and grand kids if that was the case and that is something we swore we would only do as a last resort ..
No one smart enjoy to earn a $72,000 pension at 60 (per the OP) is dumb enough to retire in NYC
Quote:
Originally Posted by Aredhel
And millions of those people (those who are under age 65) are one medical crisis away from bankruptcy. You can’t ignore the insurance issue! One bad incident between age 60 and age 65 could wipe the OP out if we go back to the way things were prior to passage of the Affordable Care Act. (And as another poster has mentioned, there’s always a chance that Congress could raise the eligibility age for Medicare, making the situation worse.)
This is the case for ANYONE. Should everyone just work until they’re dead? No.
The OP has more than met his threshold for a sufficient retirement. If one can’t live off $72,000 with no debt for the rest of their life, they’ll never be able to retire.
You might be bad at money but I can easily live off $6K a month. I don’t know what type of Ferrari lifestyle you think you need in retirement. And cheap sufficient healthcare can be found in any number of countries that cater to ex-pay retirees.
Even inflation won’t screw the OP as he will live below his means and take the disposable income and invest it for interest or even rent out his house. It’s fool proof, not even a medical emergency could mess up a retirement like that.
No one smart enjoy to earn a $72,000 pension at 60 (per the OP) is dumb enough to retire in NYC
This is the case for ANYONE. Should everyone just work until they’re dead? No.
The OP has more than met his threshold for a sufficient retirement. If one can’t live off $72,000 with no debt for the rest of their life, they’re an idiot and don’t deserve such a pension.
The average American doesn’t even make that working full time, let a lone in retirement.
You might be bad at money but I can easily live off $6K a month. I don’t know what type of Ferrari lifestyle you think you need in retirement.
No one smart enjoy to earn a $72,000 pension at 60 (per the OP) is dumb enough to retire in NYC
[mod cut -personal attack]
Quote:
This is the case for ANYONE. Should everyone just work until they’re dead? No.
Maybe. It might be required to exist in NYC to be around family. What's it to you?
T
Last edited by VTsnowbird; 06-13-2018 at 04:31 AM..
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