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Age 55
Net worth: Negative 20k (Owe 160K to the mortgage. 60k in IRA, 80k in cash)
Income- 60k a year- job lasts 5 yrs then it's back to a minimum wage job
Location: California
Status: Married
Retirement:
Utilities & Mortgage-$1500
Groceries/Food- $615
Donation-$175
Tech- $125
Transportation-$250
Unexpected- $100
Healthcare- $0. I'm covered thru my retiree health insurance, he'll be covered thru medicare/medicaid
-------------------------------------------------
Expenses $2775 Per Month.
Social Security will only be $2265 per mo. combined. Not enough to cover our expenses. Not feasible to delay SS beyond FRA.
It takes 1.5 yrs we loose... as that $ just goes towards his Part B fee. Yes we can gain the other 1.5 years delaying BUT we've lost all of those checks in between that 3 year time frame. He is not overly healthy so won't live exceptionally long. Not feasible.
I'll work from ages 67-72- one day a week for cash as a Care-provider to make enough for us to live well enough.
After that, I'll start taking a 1x a year withdraw from the IRA which has hopefully grown to 175K-$200k by then.
That one month, he will not be eligible for Medicaid which is fine.
Medicaid covers EVERYTHING, NO DENIALS. Hubby has issues breathing so income must low enough to keep him eligible for Medicaid. He's 62 now and has worked only half the year for the last decade. He's hanging on working better than we expected at this age of 62. He was pretty bad off for a while but the BPAP machine at night really helps. Hopefully he can work half the year, p/t until age 71. It's a somewhat physical job involving ladders so beyond that would be pretty dangerous. It keeps him in good enough shape
Last edited by Pip-Squeak; 11-08-2023 at 11:20 AM..
Age 55
Net worth: Negative 20k (Owe 160K to the mortgage. 60k in IRA, 80k in cash)
Income- 60k a year- job lasts 5 yrs then it's back to a minimum wage job
Location: California
Status: Married
Retirement:
Utilities & Mortgage-$1500
Groceries/Food- $615
Donation-$175
Tech- $125
Transportation-$250
Unexpected- $100
Healthcare- $0. I'm covered thru my retiree health insurance, he'll be covered thru medicare/medicaid
-------------------------------------------------
Expenses $2775 Per Month.
Social Security will only be $2265 per mo. combined. Not enough to cover our expenses. Not feasible to delay SS beyond FRA.
It takes 1.5 yrs we loose... as that $ just goes towards his Part B fee. Yes we can gain the other 1.5 years delaying BUT we've lost all of those checks in between that 3 year time frame. He is not overly healthy so won't live exceptionally long. Not feasible.
I'll work from ages 67-72- one day a week for cash as a Care-provider to make enough for us to live well enough.
After that, I'll start taking a 1x a year withdraw from the IRA which has hopefully grown to 175K-$200k by then.
That one month, he will not be eligible for Medicaid which is fine.
Medicaid covers EVERYTHING, NO DENIALS. Hubby has issues breathing so income must low enough to keep him eligible for Medicaid. He's 62 now and has worked only half the year for the last decade. He's hanging on working better than we expected at this age of 62. He was pretty bad off for a while but the BPAP machine at night really helps. Hopefully he can work half the year, p/t until age 71. It's a somewhat physical job involving ladders so beyond that would be pretty dangerous. It keeps him in good enough shape
Net worth = Assets - liabilities
Why would you list a mortgage without listing the associated asset?
Kill the monthly donation. You can’t meet your monthly expenses but are still donating 175?
Why would you list a mortgage without listing the associated asset?
Kill the monthly donation. You can’t meet your monthly expenses but are still donating 175?
Our house is worth about $300k. We owe 160k. Sorry I forgot to say that.
I didn't figure that into our retirement though probably should. We are looking for property with a fixer upper home. He can fix it up so we can eventually get out from under this mortgage.
Our house is worth about $300k. We owe 160k. Sorry I forgot to say that.
I didn't figure that into our retirement though probably should. We are looking for property with a fixer upper home. He can fix it up so we can eventually get out from under this mortgage.
Retirement planning figures are entirely different than net worth. If your house is worth 300k and you owe 160k that is 140k net, or 140k to net worth. It doesn’t mean it helps for retirement but that’s two different measurements
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,352 posts, read 8,578,998 times
Reputation: 16698
This is an old thread and I don’t even remember if I ever posted
Single no kids. Last I looked I think I was about 3.5 million at age 66.
Retired but thinking of starting a small business part time.
I look at the amount and think wow that’s a lot, but in a way it’s not when I see some friends and their trajectory.
Still I’m am very fortunate and grateful.
Retirement planning figures are entirely different than net worth. If your house is worth 300k and you owe 160k that is 140k net, or 140k to net worth. It doesn’t mean it helps for retirement but that’s two different measurements
Then I guess it's 60k in IRA, 80k in cash & $110k Equity = $250k Net Worth
I currently earn 60k a year for the next 5 years until age 60.
Saving $600 a mo. from this job (which I didn't mention)
At my age of 60-67, I'll work 24-30 hrs per week + grow much of our food. Probably in the form of one shift per week.
Age 67-72, Work one day a week- 24 hrs or so. I might continue to work one day a week until I drop but should. be able to withdraw from the IRA at age 72, if needed.
Dang nearly 7x nw in 8 years is amazing. Great job!
Thanks. I am in HCOL though. and lucky to be in big tech.
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