Retiring

[dennishoddy]

Whats a good number $ for a person that wants out at 58? I'm talking net after tax.

Your health insurance will eat up a large amount of your money unless you have retired military or company retirement pension benefits.
My wife has 2 years to reach Medicare age. Her cost for a $5000 deductible policy under obamacare is right at $1000 a month.
We knew that before she retired and set money back to cover it but not everyone can do that.

 

[dennishoddy]

A week ago today while at our yearly vacation pick meeting at work a friend ask me if I had looked at my retire fund lately ? I said no I hardly ever look at that stuff. He said you should ,the one rate that affects our retirement fund was way down which means you get more if you retire when it is low. So I got on the computer and ran a retirement estimation. It looked really good, so I set up a meeting with a finance person uptown. She looked at all our debt (which is very little) and our assets. She said you can retire anytime you like, you are in good shape. I said I guess I'd better go now while that one rate was low. A week ago I had no idea I was retiring. I had planned on working about another three or four years or at least to April 7th which would give me 40 years in the refinery. I like the work I do and most of the people I work with. The one thing I'm ( and many others ) tired is the chickenshit management we have now. I had always heard that P66 was a bad company to work for and I believe it now. This is going to be a big life changing event for me . I've only been out of work for a couple of months one since I was 15 years old. It's really going to take some getting used to. At least I'll have time to get to the range more often. Jan. 1 I'm unemployed.

Several retired Conoco and Phillips refinery guys meet on Tuesdays and sometimes Wednesdays to have lunch and solve all the issues in the world within one hour or so every week. You know most of them. Your welcome to join us.

 

[Profreedomokie]

Thanks everybody . I won't have a problem staying busy. I help out the Ponca PD when I can. I have a fleet of 3 cars and 2 trucks to keep running. One of them I will be restoring. I will get back in shooting and be on the range more. I plan on going back to Va. to see my parents more often. I want to add on to my garage to have more room for the car work. It will take a while to get used to it. It will be nice to trash my razor. I had a beard for 7 years before I took that job.

 

[Snattlerake]

Here ya go buddy!

 

[AKguy1985]

Congrats! I'll be there in 30 years or so.

 

[TheDoubleD]

Congrats! I'll be there in 30 years or so.

Here you are hanging around a bunch of old farts spouting their BS. In 30 years you will walk into the room, look around and realize you are the Senior most expert there.

 

[xring33]

I retired at 62. That was 8 years ago. I figured the key to a happy retirement was......the last job you had needs to be so bad that anything afterwards has to be better. My last job was at an alcohol and drug treatment center. Perhaps just a step above being a prison guard.


Sent from my iPad using Tapatalk

 

[CHenry]

I'm not sure that can be answered without info about your lifestyle, obligations, how much you need per month to live on, etc.

Articles I read said you need 10 times your annual income in savings, but I think they were based on a little higher retirement age. But at 58 I'd think that would be a minimum, and probably a little more than 10x. Unless of course you have some other source(s) of income.

If that's what we'd had though, I would have waited to retire.

I think Edward Jones, Fidelity, and probably other investment firms will talk to you about your personal situation, and give you some advice. Our 401K has always been with Fidelity, but we talked to an EJ guy a couple of years before we retired, too.

I dont reccomend retiring on your savings hoping it will last as long as you do. You should retire on the Interest earned from savings. Mine will be a 7 number figure (thats my target and its happening) a million dollars in a good growth stock mutual S&P fund earning an "average" of 12%, compounded annually (easy to find) is earning an average of $120,000 annually. I'll be able to pull "100k out if I wish, and leave $20k each year which continues to feed the golden goose so it never dies. Then it goes to my wife or grandkids when I die. And those grandkids will be taught to manage that money so it lives on to see their grand kids, etc. I can live nicely on $100k plus my state pension of about $40k. My insurance will cost $400 out of my pocket so that isn't too bad at all.
And DO NOT go without health insurance. Had I not had it the last 2 years I'd be bankrupt. Easily close to a million dollars I've racked up in hospitals.

 

[Aries]

I think that's probably the idea behind 10x annual salary, but I'm not certain that would generate enough interest to live on for most people... and why I say I probably wouldn't have been comfortable enough to retire on that.

I've also heard you should plan to live on to a certain age, but I don't remember the age... maybe like 90 or something? It's fairly high, whatever it is, pretty sure at least in the 80's.

My first answer probably should have been "Depends on how long you plan to live." LOL!

 

[CHenry]

If I cant live on $140k annually then I'm doing something wrong. I make half that now so retiring will double my income.
And it'll never run out so doesnt matter if I live to be 80 or 120