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Old 09-25-2019, 04:33 PM
 
94 posts, read 40,905 times
Reputation: 694

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Quote:
Originally Posted by GrandmaChris View Post
Gee - now that I am 1 year away from being eligible to retire with full benefits (age 56 and 30+ years) - I really wish I could retire after my next birthday. It really isn't feasible - as so many years were spent in lower paying positions. After getting out of the USAF in 1992 - I started at 31,000/yr - and it slowly crept up to 44K by the time I had to resign because of following my spouse. With this transfer back in 6/2018 I finally began making just over $50K. If I retired in a year I would only bring an annuity of about 25K. I will get a supplement (a % of what I would get at 62 in SS) - but that won't be more than 11K a year . I promised DH that I would stay until 62 as I have the opportunity to get one more promotion by then - which will help my high 3 salary. I've done the math - at at 56 I would be getting approx $35,440 at 58 approx $39, 220 and at 62 with the 10% added to the calculator it would be about what I was making when I got this promotion. So I guess I can quit wishing to retire next year.

DH has been retired for 6+ years (early retirement with Fed Law Enforcement) - He is spending more time in AZ now then with me in TX - I'm guessing that's why I'm feeling the urge to retire myself. This will get a little better by Christmas I guess - but he won't be here full time until either his mother moves into assisted living or she passes. His plan after this Christimas is 6 weeks with me, 2 with her and back and forth . If that actually happens, I will probably calm down - He was here for most of the month of August - but I miss him.
I don’t know that I would wait another 6 years to retire. I am also a retired fed and after doing the numbers I decided I’d rather have less money and more time. What a difference it’s made. My annual income net doesn’t come to more than $33k a year and DH is about $23k and we live in a high cost of living area. We are really enjoying our home as well as doing whatever we want. We’re doing ok on our income so far.

I’ve had too many friends and co-workers become disabled or die before being able to retire so I took the money and ran. So far so good.
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Old Yesterday, 08:38 PM
 
26,602 posts, read 29,015,766 times
Reputation: 25622
Quote:
Originally Posted by Sand&Salt View Post
Yeah, I 'fess up to this. Never thought about saving---just ran around having adventures (not stuff).

So we had to retire out of the U.S. But it's working out just fine.
Glad to hear it. Unfortunately, for those unwilling or unable to retire to a cheaper country, it often doesn't work out so well.
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Old Yesterday, 08:59 PM
 
26,602 posts, read 29,015,766 times
Reputation: 25622
Quote:
Originally Posted by LauraC View Post
Obviously, the key to having enough money in retirement is to be boring, like me. I have always been like this so I didn't have to work on changing my ways to afford retirement.
LOL, I read your post and we are near clones of each other in terms of lifestyle choices (other than the fact I'm younger, not yet retired, & male). But I'm on a similar trajectory.


--Government job.
--Additional retirement savings.
--Life long renters. I'll probably move to a cheaper area in retirement, as you've done.
--Will probably have more income in retirement than I did working.


"Boring" is under-rated, IMO.


It sounds like you live in a nice area and have a modest, but decent overall lifestyle that you can comfortably afford--so good for you.
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Old Yesterday, 09:02 PM
 
Location: Scottsdale, AZ
8,501 posts, read 5,224,496 times
Reputation: 31342
Quote:
Originally Posted by GeoffD View Post
I did that, too. A couple hundred hours in Skyhawks and Cherokee 180s. I had to pick two between skiing, sailing, and airplanes. Airplanes lost. I just put the sailboat on the market to downsize to a smaller one that doesn’t have the big boatyard bills.
We just sold our 172.

I won't miss the tie-down fees, the annuals, the insurance, the property taxes...
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Old Today, 01:42 AM
 
26,602 posts, read 29,015,766 times
Reputation: 25622
Quote:
Originally Posted by Teacher Terry View Post
Chris, I wouldn’t work 7 more years while your husband is retired. You can never get that time back. I have lost 3 friends between the ages of 59-67. Retire in a year and enjoy.
Agreed.

Probably not too many younger people are reading this, but if you are....put something away in your 401k/403b/457 or an IRA if you don't have a workplace retirement plan. Do it from Day One, even if it's not much. If you're 18, 19, 20, 21...and you just leave even a modest amount of money alone for 30 or 40 years, it's insane how much it compounds into even at a fairly modest rate of return of say, 6%. That way, you won't make yourself dependent on your employer or the government. Yes, you can save something if you really want to.
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Old Today, 01:43 AM
 
26,602 posts, read 29,015,766 times
Reputation: 25622
Quote:
Originally Posted by Petunia 100 View Post
35k per year, plus a supplement of 11k per year, plus your husband's pension. That isn't enough? You really need to work another 7 years?
That's what I was thinking. Sounds pretty good to me.
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Old Today, 04:24 AM
 
Location: R.I.
1,064 posts, read 649,477 times
Reputation: 4631
Quote:
Originally Posted by GrandmaChris View Post
Gee - now that I am 1 year away from being eligible to retire with full benefits (age 56 and 30+ years) - I really wish I could retire after my next birthday. It really isn't feasible - as so many years were spent in lower paying positions. After getting out of the USAF in 1992 - I started at 31,000/yr - and it slowly crept up to 44K by the time I had to resign because of following my spouse. With this transfer back in 6/2018 I finally began making just over $50K. If I retired in a year I would only bring an annuity of about 25K. I will get a supplement (a % of what I would get at 62 in SS) - but that won't be more than 11K a year . I promised DH that I would stay until 62 as I have the opportunity to get one more promotion by then - which will help my high 3 salary. I've done the math - at at 56 I would be getting approx $35,440 at 58 approx $39, 220 and at 62 with the 10% added to the calculator it would be about what I was making when I got this promotion. So I guess I can quit wishing to retire next year.

DH has been retired for 6+ years (early retirement with Fed Law Enforcement) - He is spending more time in AZ now then with me in TX - I'm guessing that's why I'm feeling the urge to retire myself. This will get a little better by Christmas I guess - but he won't be here full time until either his mother moves into assisted living or she passes. His plan after this Christimas is 6 weeks with me, 2 with her and back and forth . If that actually happens, I will probably calm down - He was here for most of the month of August - but I miss him.

By the info you relayed I am assuming you like I do work for the Federal Government. And if you began employment in 1992 then you like I will be under the FERS retirement system. That being said, with the FERS calculation below not sure how you are coming up with the annuity amount of $25K at age 56 unless you have added in what you expect will be your Social Security supplement ?

By my calculations if you were to retire at age 56 + 30 years of service with an average high 3 salary of $50K your annuity would be calculated .01 x $50K x 30 years = an annuity of $15,000.

Age 62 you would have 36 years of service and say by that time your average high 3 salary is $60K your annuity calculation would be .011 x $60K x 36 years = $23,760.
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Old Today, 08:55 PM
 
971 posts, read 264,867 times
Reputation: 2582
Quote:
Originally Posted by City Guy997S View Post
Yeah there are a few drawbacks to Mexico:

1. Lack of services
2. Crime
3. Oh yeah, YOU HAVE TO LIVE THERE!
Totally agree with you.
My comment was to illustrate that it is not important how much money you make, but how much money can buy - that what is important.

If **** hit the fan, I d rather starve in the US than go abroad.

Even if money is not a problem: the different cultural preferences, different language, different traditions- great to experience by visiting, but don’t want to live with it- even in parts of this country it is starting to feel foreign enough already...
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