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No, the Annuity is through AXA called "The Accumulator. Had to put down 500k and annuity "Guarantees" %6.5% appreciation every year no matter what the market does. I opened it up in 2008 and market has been pretty good and value is around $800k now.
Pretty good product.
Thanks for your reply.
So putting down 500k is going to guarantee how much income to you a year and how long from now? Basically at 800k my calculation off the top of my head is about 5k per month. probably a little more.
Well we are debating on Brunswick County, Wilmington, or Charlott areas. We are avid beach people so living near the beach sounds like a good plan for first 10 years. All i know is I want out of New Jersey asap even though it is where i am from.
Quote:
Originally Posted by TuborgP
I thought that to until I got here and opportunities and life abounded. You may find some once in a lifetime opportunities once you get here and at some point you will kick back and say what's it all about Alfie? Take your incomes and add on top of it SS at either 66 or 70 for both of you and or individually? Compare that to a quality nursing/assisted living in Raleigh/Charlotte or Wilmington and you may be able to pay for one out of pocket and perhaps for both but certainly for a surviving spouse. That will cover some of life's end of road activities. Have you decided on a general area in NC?
I just looked at my last statement.
i took out the annuity in 2008 and if i start collecting at the 10 year mark i get $ 66,079 per year
If i wait 15 years the total is $98,059 a year.
I will probably start withdrawing at the 10 year mark which is 2018. Actually i can start withdrawing sooner if i wanted to so i will probably start 2017 when i hit 63.
At least thats my plan for now, things can change as we all know:
Quote:
Originally Posted by golfingduo
So putting down 500k is going to guarantee how much income to you a year and how long from now? Basically at 800k my calculation off the top of my head is about 5k per month. probably a little more.
Well we are debating on Brunswick County, Wilmington, or Charlott areas. We are avid beach people so living near the beach sounds like a good plan for first 10 years. All i know is I want out of New Jersey asap even though it is where i am from.
And there in will be the first challenge. To buy at the beach or to buy elsewhere and visit the beach? Hmmm say you decide to live elsewhere and visit the beach and have no mortgage on your house. You visit the beach a couple of times start looking at properties and realize the market has bottomed and is slowly ticking up light bulbs go off and you start crunching numbers and realize why not? Hey sounds great for at least the first ten years and at that point you can sell the beach place or wait a few more and still be in place at your main place. Raleigh puts you 2-2 1/2 hours from the beach.
Yep, makes sense. Actually the Real Estate market has kind of bottomed out already down there and prices are starting to tick up. My first "Gorilla" to deal with is selling my home up here in Tinton Falls NJ. They say Real Estate on rebound but don't see it yet.......
I know i will never get back what i paid for it, as well as the new roof, new Air conditioner and heater, new deck, 5 new doors, crown molding, etc. The list goes on and on.
Not going to sweat it because theres noting i can do about it. We will deal with the loss when we put it up for sale.
Life too short to sweat things you can't control...
Quote:
Originally Posted by TuborgP
And there in will be the first challenge. To buy at the beach or to buy elsewhere and visit the beach? Hmmm say you decide to live elsewhere and visit the beach and have no mortgage on your house. You visit the beach a couple of times start looking at properties and realize the market has bottomed and is slowly ticking up light bulbs go off and you start crunching numbers and realize why not? Hey sounds great for at least the first ten years and at that point you can sell the beach place or wait a few more and still be in place at your main place. Raleigh puts you 2-2 1/2 hours from the beach.
I just looked at my last statement.
i took out the annuity in 2008 and if i start collecting at the 10 year mark i get $ 66,079 per year
If i wait 15 years the total is $98,059 a year.
I will probably start withdrawing at the 10 year mark which is 2018. Actually i can start withdrawing sooner if i wanted to so i will probably start 2017 when i hit 63.
At least thats my plan for now, things can change as we all know:
at 10 years for that 66k a year you are looking at 5.5k plus a month. That is a pretty nice chunk of change. I am hoping for another 200k between now and 6 years. If I do that and my wife get's 100k on hers we will be set for almost every contingency. I get two pensions that will net me 4.5k with COLA. Then we talk SSA and we now are making my daughter very happy!
Sounds like you have the bases covered as well my man....Those 6 years will be here before you know it and you and your wife are in fat city. Life is good and will be even better when i stop this 2 hr commute each way every day and ludicruous 655.00 a month Seastreak Ferry to downtyown NYC.
Still play the lottery tickets too.
someones gotta win, right??
Have a good evening my man....
Quote:
Originally Posted by golfingduo
at 10 years for that 66k a year you are looking at 5.5k plus a month. That is a pretty nice chunk of change. I am hoping for another 200k between now and 6 years. If I do that and my wife get's 100k on hers we will be set for almost every contingency. I get two pensions that will net me 4.5k with COLA. Then we talk SSA and we now are making my daughter very happy!
wow, most of you folks are way better off than alot of us. Seems retirees today either have alot of money or very modest retirement income. But, hey, good for you!
I started thinking about retirement about 15 years ago, right after divorce, insofar as I knew I had to start putting away more money and living on less. I've done the best I could but I will still have a pretty modest retirement. I travelled a bit to check out places starting about 10 years ago, and at that time I was under the impression I could afford to live in any of those in retirement, but things have really changed. The company I worked for went out of business which put a kink in my pension. Rents way up, COL in general way up. So it is really hard to plan too far in advance because we don't know what things are going to be like 15-10 years from now...but I can bet things won't be cheaper, unless the economy totally crashes (which could happen). We do know that one day we will be retiring so IMO it's best to start some serious financial planning, and it's never too early!
Sounds like you have the bases covered as well my man....Those 6 years will be here before you know it and you and your wife are in fat city. Life is good and will be even better when i stop this 2 hr commute each way every day and ludicruous 655.00 a month Seastreak Ferry to downtyown NYC.
Still play the lottery tickets too.
someones gotta win, right??
Have a good evening my man....
Absolutely play Power Ball both nights for 8 bucks a week. You can't win if you don't play.
loveautumn do the best you can. That is all anyone can do. Keep at it. There are many who will say this fund or that but do what you feel most comfortable. It is about how much risk you can tolerate. With 15 years you have some wiggle room and should be in growth funds. I recommend indexed funds and if possible and if offered 401k with whatever matching you can get.
Good luck.
Last edited by oldsoldier1976; 04-23-2013 at 03:18 PM..
MsAutmn,
Sorry to hear about your divorce, thats always a detour. You used the term "We" so i am assuming you have remarried. Thats good, i never had 2 incomes so having that extra income definitely helps. Saving for retirement in my opinion is like running a business, your own personal business.
I acted like the Comptroller and CFO of our business because I grew up with very little and never tried to "keep up with the Jones" when it came to the homes we lived in as well as the cars we drove. You can probably save quite a bit in your next 15 years if you and your significant other have the willpower to save religiously and never touch those savings unless its a "REAL emergency". Lets start with "free money"!! If you and your husband have a 401k Plan than i would fund the max. if you are over 50 you can add a extra 5000 as well. I would invest in growth mutual funds and equities. Too early for Bonds but you may want a mix of Stocks and Bonds. If you qualify for a Roth IRA, contribute the max as well if you can swing it. 401k takes presedence if you can only swing one though. If you and your husband are making due with your present income and all bills are being paid and you can take a week or 2 vacation a year I would than suggest every time you 2 get a raise at work take the net money and invest it. Remember you need strong "Willpower".
I am sure you have heard the term of "Compounding interest"? Well if you start socking that money away and even if you get only 8% return you will see your nest egg grow pretty good as you have the 15 year window.
I am not trying to be a know it all but if you guys really want a comfortable retirement than these strategies will get you closer. I have no idea what your income is but whatever it is you can have a nice little nest egg when you retire.
If you live in NJ let me know. Actually send me a email and i have a little suprise for you if you are serious.
Quote:
Originally Posted by loveautumn
wow, most of you folks are way better off than alot of us. Seems retirees today either have alot of money or very modest retirement income. But, hey, good for you!
I started thinking about retirement about 15 years ago, right after divorce, insofar as I knew I had to start putting away more money and living on less. I've done the best I could but I will still have a pretty modest retirement. I travelled a bit to check out places starting about 10 years ago, and at that time I was under the impression I could afford to live in any of those in retirement, but things have really changed. The company I worked for went out of business which put a kink in my pension. Rents way up, COL in general way up. So it is really hard to plan too far in advance because we don't know what things are going to be like 15-10 years from now...but I can bet things won't be cheaper, unless the economy totally crashes (which could happen). We do know that one day we will be retiring so IMO it's best to start some serious financial planning, and it's never too early!
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