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When I retire, I'll be 46 yo, single, have a portfolio of mutual funds $700,000 (combo Roth/and non-IRA) and will gross $4k/month retirement income. I'll likely retire in SC or GA where retirement income is taxable. I have few hobbies except golfing, attending pro sports events, reading, music. I will either buy a house or rent an apartment. Being single on this retirement check, I'm hoping that I can survive comfortably without having to return to the rat race.
How would you pay the health insurance? you don't get s.s. til 62? Today, stocks are down-700,000 is real great, however, how does it give you 4000
per month. I would think buying, if you enjoy where you are might work best.
You also could work part-time. Then the money at 46 do you need to pay the 10 per cent tax on cashing out. At 46 you may 40 plus years to go. If you get 4000 without cashing in the 700,000 . You are better for than most. Also then if you get s.s. what a deal!
My father retired age 60 from a major communications company w/ pension and promised health coverage.....a few years before retirement they dropped paying for a spouse and then a few years into retirement dropped paying for retirees.....luckily he was eligble for Medicare and only pays for a supplement.....my mom is younger and pays most medical bills out of pocket b/c she has a high deductible...luckily she's quite healthy (FYI-monthly insurance ~ $800/month + out of pocket)
As I plan for retirement myself, I plan to have to cover all medical myself and will not rely on promised benefits (plan to retire as teacher)
Hopefully gov't will do something about healthcare soon!
Well, I've never considered us to be poor, but we definitely don't have as much as many of you do. It's ok though. We've never had a high lifestyle and I think we've saved and budgeted enough that we'll survive. AND one of our expenses now has been travel, which I'm not really interested in as soon as we find that perfect spot for ourselves. I've never really liked traveling, but I need warmth!
I do have to agree with one of the comments here and that was how our health will really affect the outcome of our retirement. I also believe that it will be the number one factor as to whether we'll have to struggle or if we'll be comfy.
As far as ever not working at all, I don't see that in our future. I don't think it would be feasible financially or that we'd enjoy it. We both like to be around people a bit (DH especially) so I can see us out working part time and doing a bit of volunteer work for as long as we're physically capable of it.
Thank God my husband and I are healthy. A lots of posts on here - you will be fine! We take care of my mom - age 87 with Alzheimer's who lives in a condo we own ($1500 per month from us). I have done this for 20 years!
We have children in high school and college so retirement is not a word for us. We are both self employed and I am trying to ramp up my husband's business so if/when we sell, we will get that money.
We are self insured, pay $480 per month for 4 people ($5000 deductible) for health insurance. Other than small annuities and some equity in our homes, that's it.
My husband's parents will need help too! Oh, boy, are we in the middle or what?
Thank God my husband and I are healthy. A lots of posts on here - you will be fine! We take care of my mom - age 87 with Alzheimer's who lives in a condo we own ($1500 per month from us). I have done this for 20 years!
We have children in high school and college so retirement is not a word for us. We are both self employed and I am trying to ramp up my husband's business so if/when we sell, we will get that money.
We are self insured, pay $480 per month for 4 people ($5000 deductible) for health insurance. Other than small annuities and some equity in our homes, that's it.
My husband's parents will need help too! Oh, boy, are we in the middle or what?
I think they call us "sandwiched baby boomers." We have my 92 year old mom and an 18 year old going into college. We are also self employed and pay $500 per mo for basic BC/BS for 3 with a $5K deductable. We will work until we drop.
I just turned 59 & would like to retire in the next couple of years (if not sooner!). I took a lumpsum payout of my retirement because of concern about viability of the company i worked for. This along with my 401k & my wifes & my savings we have about 1.5 -2 Million. We have about $125,000 mortgage left on our house with about 7 years remaining. We have no other large outstanding debt. My intention is when i retire to live off the income from our savings. Assuming i can earn atleast 5% a year on our investments this would mean between $75,000-$100,000 in income without touching the principal. This also doesn't include social security. Since we do not live extravagantly but would just like to live comfortably i'm hoping this will be enough. The one main concern is that i am not in the best of health having had a heart bypass & kidney transplant in the last two years. So medical costs are a big issue & concern. Currently i am being covered thru an old employer but this would or could stop.I have several years before i would be eligible for medicare.
I think they call us "sandwiched baby boomers." We have my 92 year old mom and an 18 year old going into college. We are also self employed and pay $500 per mo for basic BC/BS for 3 with a $5K deductable. We will work until we drop.
Sounds too familar!! What kind of business are you in? How big is your city?
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How much money....?
It's ok though. We've never had a high lifestyle and I think we've saved and budgeted enough that we'll survive. AND one of our expenses now has been travel, which I'm not really interested in as soon as we find that perfect spot for ourselves. I've never really liked traveling, but I need warmth!
Retirement
