Retirement might be a thing of the past by the time I get there.
Current age is 58, I will be 59 in the fall, I plan on working 3 more years, and get out at age 61. Wife is 60, she wants to work one more year, so she will be getting out at 61. I figure between our IPERS, SS and investments we will be drawing right around $10,000 a month before taxes
Like everyone else, I am worried about the gap years from retirement to Medicare, I talked to my employer yesterday about putting my wife on my plan when she retires and it comes to around $700 a month. She can stay on her current plan, but she would have to pay the full balance. Not sure right now what we are going to do.
My biggest headache besides the insurance, is the wife wants to move to Ames to be closer to the grandkids. I keep telling her, why do we want to leave a house we both love and is basically paid off, to purchase another house in Ames? Getting nowhere with my reasoning.
I'm almost 50
My house will be paid off in 5 years. No other debt
I'd like to have 80% of my current income in retirement not counting SS or Pension
4% withdrawal rate
6% average return
I'll hit my magic number when I'm 62
Just curious also are your spouses as into retirement planning and understanding investing, etc as much as you are? I mean beyond understanding the importance of saving as I believe most spouses understand that.. Getting more into full on retirement planning and what you have to do and when.
My wife has 0 interest in finances so she just does as I say in regards to 401 and 529 contibutions.Just curious also are your spouses as into retirement planning and understanding investing, etc as much as you are? I mean beyond understanding the importance of saving as I believe most spouses understand that.. Getting more into full on retirement planning and what you have to do and when.
My wife has 0 interest in finances so she just does as I say in regards to 401 and 529 contibutions.
Ideally I'd like to retire at 55 (I'm late 30s - wow that sucks to write that) but that would require an inheritance that i think might be coming but cannot guarantee. My wife has a pension+ $50k in a roth and I have about $210k in my accounts so we don't have anything close to what we need but my parents have said they'll give my sibling and i about 7 figures so if that happens i would probably think about retiring.
we have two preschoolers and only debt is 105k on the house.
Negative. I'll give her statistical updates every once in a while because I feel like I should. But there's no forward planning desire from her end.
Just curious also are your spouses as into retirement planning and understanding investing, etc as much as you are? I mean beyond understanding the importance of saving as I believe most spouses understand that.. Getting more into full on retirement planning and what you have to do and when.
ha no. I wish. We would be further along now if she really buckled down with me. We are doing well, but would be much further along if she focused.
Now I'm starting to question....
Thanks for posting this.
I have an old soul, too sentimental but too afraid. I worry my youth is gone and the dreams I had when I was young are nothing but the wind now. I've really started to think like you, that spending money now on things I want is better than waiting to have time but no energy.
My father was a hard worker and a diligent saver. To be blunt, he has several million dollars that he does not want to spend. he's worked his whole life to save money and doesn't know how to spend it. Now that he is in his mid-seventies, it's too late for him to take full advantage of all the opportunities that wealth provides.