timjet
Guru
- Joined
- Apr 9, 2009
- Messages
- 1,920
I know this is a little off topic, but probably a question many of you have or will be asking yourselves. I have been in my chosen career 30 years and have the ability financially to retire ---- I think.*
Soon to be 61 and I feel I'm a little young to retire, but just a few years ago the govt would have made me retire at 60.*
I have lost 75% of my defined benefit retirement plan, but with SS, wife's SS, and the remaining company retirement, *I will be able to bring in about 50% of my current income if I wait til 62.5 to draw from these. *
I do not want to go to age 65 the new mandatory retirement age. My biggest concern is medical insurance, which is partially paid for by my company. At age 65 medicare kicks in, but a supplemental plan will still have to be budgeted for.*
So here's the plan. Work til 62.5 and live on savings until 67. Allow SS and my pension to grow which will then combined be about 65% of current income. Until I attain 65, a larger amount will be budgeted for medical insurance. This will of course draw down my savings considerably. And of course Obama and the Dems will take care of me if some catastrophic medical event occures, right??
Anyway, would like to hear some of your thoughts.
BTW, some of you may think you can save enough for retirement. Impossible. You can not save enough to quit work in your 60's and live til your 90's. At some point my savings will run out and hopefully my SS and company retirement will still allow a comfortable life.*
-- Edited by timjet on Tuesday 2nd of August 2011 10:54:37 AM
Soon to be 61 and I feel I'm a little young to retire, but just a few years ago the govt would have made me retire at 60.*
I have lost 75% of my defined benefit retirement plan, but with SS, wife's SS, and the remaining company retirement, *I will be able to bring in about 50% of my current income if I wait til 62.5 to draw from these. *
I do not want to go to age 65 the new mandatory retirement age. My biggest concern is medical insurance, which is partially paid for by my company. At age 65 medicare kicks in, but a supplemental plan will still have to be budgeted for.*
So here's the plan. Work til 62.5 and live on savings until 67. Allow SS and my pension to grow which will then combined be about 65% of current income. Until I attain 65, a larger amount will be budgeted for medical insurance. This will of course draw down my savings considerably. And of course Obama and the Dems will take care of me if some catastrophic medical event occures, right??
Anyway, would like to hear some of your thoughts.
BTW, some of you may think you can save enough for retirement. Impossible. You can not save enough to quit work in your 60's and live til your 90's. At some point my savings will run out and hopefully my SS and company retirement will still allow a comfortable life.*
-- Edited by timjet on Tuesday 2nd of August 2011 10:54:37 AM