janeinbama
Pearl Clutcher
Posts: 3,176
Location: Alabama
Jan 29, 2015 16:24:49 GMT
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Post by janeinbama on Jul 10, 2021 17:13:51 GMT
DH and I both have defined pension plans along with addition deferred compensation. We have very focused the last 15 years. According to our Financial Planner we are good to our 90's. 7 months and 21 days until I am retired - DH retired 4 years ago.
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Deleted
Posts: 0
Jun 1, 2024 8:33:08 GMT
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Post by Deleted on Jul 10, 2021 20:17:59 GMT
We are in our 50's. And we have been investing and saving for years. However, we also want to help our kids with tuition so we are doing both. Our home is paid for. I really don't know how much is "enough". And honestly, I do not have a target number. We are proactive in planning but in reality I just think we will have to make do on whatever we have when the time comes. I do not have any retirement age or date in mind either. I think at some point it will become apparent that I need to retire due to physical reasons, downsizing or one day I will just have had "enough". DH carries the health insurance so I think he is most likely going to be working longer for that reason.
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Post by 950nancy on Jul 10, 2021 20:49:18 GMT
DH and I both have defined pension plans along with addition deferred compensation. We have very focused the last 15 years. According to our Financial Planner we are good to our 90's. 7 months and 21 days until I am retired - DH retired 4 years ago. Not much more time to go! I hope it flies. My husband retired 2 years prior to me and he got bored and painted the house inside and out and put in wood floors. It was nice to retire into a relatively update house right before I retired.
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Post by myboysnme on Jul 10, 2021 21:37:56 GMT
I retired 2 years ago. I had saved $600K. I take $2000 a month from that savings. Then in retirement checks I get $1700 in Social security a month, $1800 in retirement and $1700 in disability.
My husband is still working. He brings in about $4K a month. His retirement will probably provide half of that amount.
I wanted to save $1 million but I lost a lot in 2 stock market dips. It was hard to get it back.
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Post by crimsoncat05 on Jul 11, 2021 4:18:54 GMT
My mom went through an illness that lasted five years until her death at age 68. We had three caregivers who did live in care. No insurance to cover this. It wasn't cheap. medical issues and the cost of medical care is the wild card, isn't it? I'm kind of hoping that by the time this comes around for us, that this country will have come to its senses and allow medically assisted suicide. (that's kind of cold... I guess I'm thinking about it in an existential sort of way... I'm not sure I'd actually do it. But it would be nice to have the option.)
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Post by papersilly on Jul 11, 2021 5:09:42 GMT
My mom went through an illness that lasted five years until her death at age 68. We had three caregivers who did live in care. No insurance to cover this. It wasn't cheap. medical issues and the cost of medical care is the wild card, isn't it? I'm kind of hoping that by the time this comes around for us, that this country will have come to its senses and allow medically assisted suicide. (that's kind of cold... I guess I'm thinking about it in an existential sort of way... I'm not sure I'd actually do it. But it would be nice to have the option.) I think more states will but they really need to expand the eligibility too. I think right now it's too narrow. Not as many people qualify as they think. The lady who does my mammograms husband went through it. It was quite a process but at least he qualified. My mom would not have because she would not have been able to administer it to herself. Very unfair. That's why the guidelines need to be changed.
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seaexplore
Prolific Pea
Posts: 8,466
Apr 25, 2015 23:57:30 GMT
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Post by seaexplore on Jul 11, 2021 15:15:39 GMT
I'm a teacher with 23 years of service, a 9 year old and a 5 year old. Our house will be paid off in 13 years. I plan to teach 17 more years to hit 40 years of service. At that point I'll be 64 and barely eligible for medicare (isn't it like 65 or 67?). DH is self employed. We live off my salary (and have for the last 10 years since he's been a SAHD) so I know we can do so without kids and the house paid off. The problem is, that even if I work 40 years, I won't have my full salary in retirement. It's something like 90%. Not bad considering I won't be paying union dues, INTO my retirement, disability, etc. BUT I will have to shoulder the full medical insurance cost. Right now, my share is $1200/mo ON TOP of the $758 the district pays. So... yeah.... I chose over $2Million. Obviously I need to meet with a financial person to hash all this out but for us to live comfortably, it's not going to be cheap! eta: I cannot collect much SS when I retire because teachers get screwed in this aspect even if we worked a job that paid into it. DH will collect a small amount probably. We do not plan to pay for the kids college fully but will help. They will be responsible for the majority of their college expenses (grandparents will most likely help them).
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Post by shanniebananie on Jul 11, 2021 16:03:35 GMT
Because I was a teacher, I will not be receiving SS. My husband makes a very good salary, but we have sent our kids to private schools since preschool and now we are fully funding their college. We are early 50s now and don't have an age in sight to retire. However our goal is $4 million for retirement. Got a ways to go for sure.
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Deleted
Posts: 0
Jun 1, 2024 8:33:08 GMT
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Post by Deleted on Jul 13, 2021 1:23:12 GMT
Teachers cannot collect Social Security? I have knew that. Is that based on the State you live in?
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moodyblue
Drama Llama
Posts: 6,183
Location: Western Illinois
Site Supporter
Jun 26, 2014 21:07:23 GMT
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Post by moodyblue on Jul 13, 2021 1:47:14 GMT
Teachers cannot collect Social Security? I have knew that. Is that based on the State you live in? Yes, it varies by state. I am in Illinois and there is a pension offset in place that effectively wipes out any Social Security benefit you might get. Across the river in Iowa, teachers can draw Social Security but the amount they get in pension is quite a bit less than Illinois teachers get.
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seaexplore
Prolific Pea
Posts: 8,466
Apr 25, 2015 23:57:30 GMT
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Post by seaexplore on Jul 13, 2021 2:32:07 GMT
Teachers cannot collect Social Security? I have knew that. Is that based on the State you live in? Windfall Elimination Provision.... www.ssa.gov/pubs/EN-05-10045.pdf
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garcia5050
Pearl Clutcher
Posts: 2,734
Location: So. Calif.
Jun 25, 2014 23:22:29 GMT
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Post by garcia5050 on Jul 13, 2021 2:58:46 GMT
When we met with a financial advisor (back in our late 20s), they recommended some ridiculous amount like $6 to $8 million. The idea was that we didn’t ever have to touch the funds, but live off the interest. We are both 51 and he will be retiring at the end of next year because of his health issues. His goal was to reach 20 years on the job to qualify for full health insurance, so that’s the date he’ll retire. We have no debts (including house), we don’t live large, and have a decent amount saved up. Our plan is not to touch our savings. We have 2 teenagers, but my mom has set them up with a nice college fund.
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Post by Really Red on Jul 13, 2021 3:21:53 GMT
My mom went through an illness that lasted five years until her death at age 68. We had three caregivers who did live in care. No insurance to cover this. It wasn't cheap. medical issues and the cost of medical care is the wild card, isn't it? I'm kind of hoping that by the time this comes around for us, that this country will have come to its senses and allow medically assisted suicide. (that's kind of cold... I guess I'm thinking about it in an existential sort of way... I'm not sure I'd actually do it. But it would be nice to have the option.) I have taken critical care insurance out for my kids and me (well, they're part of the package). I will eventually drop this - maybe - but for now it costs me about $300 annually and it is WAY worth it. It is only in case of serious serious illnesses, but it covers a lot of stuff, like caregivers. My kids are young adults (like barely out of the nest for a couple) and their dad is on LTD. I cannot count on anyone.
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SweetieBsMom
Pearl Clutcher
Posts: 4,618
Jun 25, 2014 19:55:12 GMT
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Post by SweetieBsMom on Jul 13, 2021 13:59:55 GMT
I'm 50 and widowed. My house is paid off and I have 1 son with Autism who I will probably be caring for for the rest of my life. I fully fund my 401(k) each year, I also fully fund a Roth. I just got a promotion so I'm looking into some other strategies but it may just go into a brokerage account invested in an index fund. I don't plan to take social security until 70. I'm eligible to retire at 67 however I'm planning on working until 70, maybe I'll do something part time from 67-70. Like everyone else one of my biggest concerns is healthcare. My company has a retiree health reimbursement plan which they put $3k into every year. I think I have around $45k in it now, and will get $3k/year as long as I'm with the company. I plan on using that to offset medical premiums in retirement, granted it won't go far but it's something.
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janeinbama
Pearl Clutcher
Posts: 3,176
Location: Alabama
Jan 29, 2015 16:24:49 GMT
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Post by janeinbama on Jul 13, 2021 19:25:03 GMT
DH and I both have defined pension plans along with addition deferred compensation. We have very focused the last 15 years. According to our Financial Planner we are good to our 90's. 7 months and 21 days until I am retired - DH retired 4 years ago. Not much more time to go! I hope it flies. My husband retired 2 years prior to me and he got bored and painted the house inside and out and put in wood floors. It was nice to retire into a relatively update house right before I retired. It is going fast! I'm excited - DH not so much I plan to stay busy and am starting my to-do list.
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Post by 950nancy on Jul 13, 2021 19:37:35 GMT
Not much more time to go! I hope it flies. My husband retired 2 years prior to me and he got bored and painted the house inside and out and put in wood floors. It was nice to retire into a relatively update house right before I retired. It is going fast! I'm excited - DH not so much I plan to stay busy and am starting my to-do list. Is he worried about being bored himself or not excited about you retiring?
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Post by auntkelly on Jul 13, 2021 20:54:21 GMT
My husband and I retired six years' ago when he was 60 and I was 55. We've always been savers so I felt we were financially prepared for retirement. We were able to purchase health insurance through his company's retirement plan. We purchased long term care insurance (elder care) through the Knights of Columbus (a men's Catholic fraternal organization). The long term care insurance we purchased was quite a bit cheaper than other plans we considered. They will pay benefits if we ever need someone to come in and help care for us or if we have to go to a nursing home. We meet regularly w/ the people who handle our money and try to stay on top of things. You never know what will happen in the future but I feel like we have done just about everything we can to prepare for retirement, so we should be okay. (My grandmother used to always add "Lord willin' and the creek don't rise." So far, I've thoroughly enjoyed my retirement. If I start to get bored, I tell myself I should do a load of laundry. It's amazing how many things I can think of to do when I'm staring at a dirty load of laundry.
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Post by sabrinae on Jul 13, 2021 21:42:53 GMT
Teachers cannot collect Social Security? I have knew that. Is that based on the State you live in? It not just teachers. In many states it’s anyone who pays into a sate retirement system - so anyone who works for a school, university, county, or other public sector employee. I don’t teach but my husband and I both have public sector jobs and won’t be able to collect our SS
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Post by librarylady on Jul 14, 2021 3:05:48 GMT
I did not respond to the poll because there are so many variables.
My advice is to save as much as possible. Have your housing paid off as this will eliminate your largest expense each month. Be debt free when you retire.
We live modestly and so far have not had to withdraw from savings except for a kitchen remodel. We can travel when we want. We eat out often and enjoy other things as suit our mood.
We have not had a huge health expense. DH has been retired 17 years and I have been retired 11 years.
He has SS and I have teacher retirement, SS and a small pension from my years in the business world.
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janeinbama
Pearl Clutcher
Posts: 3,176
Location: Alabama
Jan 29, 2015 16:24:49 GMT
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Post by janeinbama on Jul 14, 2021 13:45:06 GMT
Teachers cannot collect Social Security? I have knew that. Is that based on the State you live in? It not just teachers. In many states it’s anyone who pays into a sate retirement system - so anyone who works for a school, university, county, or other public sector employee. I don’t teach but my husband and I both have public sector jobs and won’t be able to collect our SS Firefighter and Policemen don't pay in here.
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Post by librarylady on Jul 14, 2021 19:19:14 GMT
Regarding teachers and SS...(This applies to states with a retirement fund for the teachers/public employees.)
*IF* one worked in the business world and paid into SS for x number of years (quarters) then that person can collect on the SS money. However, there is a formula by which the amount one gets from SS is compared to the retirement fund money and adjustments made. The logic is to prevent teachers (and other public employees) from getting wealthy from 2 retirement funds. In my particular case, I get my teacher's retirement money but only $400 per month SS.
However, I will never be able to collect widow's benefits through SS (unless I am mistaken).
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pancakes
Pearl Clutcher
Posts: 4,993
Feb 4, 2015 6:49:53 GMT
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Post by pancakes on Jul 15, 2021 4:52:17 GMT
I’m only 33 but my husband and I plan to retire early (one of us plans to in the next 10 years). I voted more than $2M.
That said, by retire, we mean carry on with passion-oriented jobs where we are still making some sort of an income, just that it doesn’t matter how much we are making.
Other factors: - We won’t have pensions because few companies do them anymore - We are not counting on Social Security to be around when we are 62 - We don’t want to cut back dramatically on our current lifestyle
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Post by Fidget on Jul 15, 2021 12:59:08 GMT
I voted other. I honestly believe this has a lot to do with where you live and your lifestyle. I would think a person living in CA where the cost of housing / living is much higher than here in MI would need to have a lot more saved to retire comfortably. I also think it depends on whether or not you have a mortgage or other outstanding debt.
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artbabe
Pearl Clutcher
Posts: 3,050
Jun 26, 2014 1:59:10 GMT
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Post by artbabe on Jul 15, 2021 13:16:46 GMT
I don't know how much I'll need. I'm a teacher and when I retire in 7 years I will get about $75,000 a year pension. I live alone, have no debt, and when dad dies my condo will be paid off, so I'll only have condo fees to pay. I will have to pay for my insurances. I saw that another teacher already pays $1200 a month in insurance. Wow! I never knew how lucky I am- I pay $120 a month. Buying insurance will certainly be an eye opener.
I do have a 403B (like a 401k, but for teachers). I have a fair bit in there, but not nearly enough. I should have put a lot more into it earlier. I'm going to adjust that this year so at least I'm putting more in the last 7 years.
I'll probably get a part time job or sub occasionally. I don't want a full time job but I can see working a couple of days a week for a bit of spending money.
I'm really lucky.
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Post by guzismom on Jul 15, 2021 13:33:05 GMT
I don't know 'the figure'; but our FA at Merrill Lynch assures us that with what we already have saved, our pensions, etc. that we will be fine.
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Post by sawwhet on Jul 18, 2021 18:57:27 GMT
My husband is retiring at the end of the year at 62 years. I only work 15 hours a week so I consider myself semi-retired. I'm off for the summer and not even sure if my contract will be renewed next month. Our business has changed significantly due to covid. We're in Canada so we do have healthcare coverage. Dh has a full pension with healthcare supplements, prescription, hearing aid, dental etc. He started to receive CPP (Canada Pension Plan) at the age of 60 with a reduction. That was his choice. His parents didn't live past mid 70s so he thought he'd start early. Our mortgage is paid off and we only have 1 debt which is dh's car. He has enough in his account to pay the remaining loan but it's at 0% interest so no rush. We will receive Old age Security at 65. We also have $ in RRSPs. Do we have enough? I always worry that we don't. We are both healthy and have decided to take the leap. No chance of boredom, we have a million hobbies each
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