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My dh will have to retire on disability. This is 10 years before he had planned on retiring, so our retirement funds are going to take a big hit. Our retirement will now consist of disability, social security, 401k funds (reduced) and royalty income. I'm curious as to how others are funding their retirements. We had planned on paying off our house before retirement, but this will not happen now. I may take up vegetable gardening to help with the food bill.
Our retirement income consists of two pensions, one full and one reduced (because I was forced into retirement earlier than I had planned.) We also have my husband's Social Security. This isn't enough income to support us, so we replenish our checking account periodically from our savings. We haven't touched our retirement accounts yet. When I become eligible for Social Security and Medicare, our income will increase and (hopefully) our expenses will go down. We also have some private investments that we can draw an income from if we need to, but we'd rather let them grow as long as possible.
I expect to have income from a fixed immediate annuity bought with my job pension (a hospital corporation, a big one). Social Security at age 66. I am not counting on my 403b but it should have something.
I can work part-time or on-call as long as I want to or can. I have retired co-workers doing both. I think I might do that earlier rather than later and take the hit on taking my pension out earlier (like age 62) to go part-time. My mortgage will not be paid off by then but the pension should easily cover it.
For me, part-time work (meaning two eight-hour shifts every weekend, get paid for three and have pro-rated benefits) likely would work best for a period of time- I have no plans of big travel or anything. Of course, if I am able and wanting to spend chunks of time out West, I'd have to be per-diem (and that includes a need for health insurance. I might move to COBRA at 63 1/2 or something, as others have done. A lot will depend on how Soc. Security and Medicare shake out. I am currently 57.
Your husband is retiring on disability. Are you still working?
Yes, I am an author and get book advances and royalties. I also worked for years as a corporate employee and will get social security. My husband will get both social security and disability.
My wife and I are both federal retirees under the old system (Civil Service Retirement System). Our retirement income at this point is composed solely of our pensions. Neither of us have worked a sufficient amount of time in jobs covered by Social Security to be eligible for Social Security - our retirement planning was based in part on the assumption that neither of us would never receive SS benefits, although we will both be eligible for Medicare at age 65.
We both have some money in the Thrift Savings Plan, and at some point (perhaps not until age 70 1/2) we will begin to withdraw money from TSP. Other than minor investments and equity in the house, that's it.
2 federal pensions ( 1 CSRS & 1 FERS)
2 401(k) accounts
2 Traditional IRAs
2 Roth IRAs
1 joint brokerage account
Poker
Have not as yet needed to access anything other than pensions. Additional expenses for travel this year (Italy, France, Ghana, Grand Cayman) being paid for from lump-sum payment for accrued unused vacation time at time of retirement two months ago.
Wife will receive a Social Security Supplement (based on 20 years of federal employment) beginning in two years at age 56. She will receive this monthly supplement until she turns 62 and is eligible for Social Security itself.
I have a pension with health insurance and I work part time. I also have some savings, a 401K, and an inheritance(not huge). My house is paid for.
I have enough to get by and if things get bad, I can look for a 'real' job if necessary. When I get old enough for SS, I will have that too.
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