Posted by JML755 on April 29, 2015 at 05:00:01 from (97.78.165.181):
In Reply to: Social Security posted by True Son on April 28, 2015 at 18:02:01:
I'm getting close (64.5 now) but I've told my wife we've got to wait until she turns 65 so we're both on Medicare which is 2 yrs, 2 months from now. (She'd retire tomorrow, if I let her. She's almost 63) We both make decent money and I'll get close to the max when I retire at full retirement age. Together, we'll pull down around $60k in SS. We've saved "ok" and hope to have around $1 mil in the IRAs & 401ks at that time (fingers crossed). I figure that drawing $25k-30k per year out would last us, not considering any buildup/losses in the accounts.
With little debt at retirement time, we should do ok. We won't be traveling first class around the world but shouldn't be starving either.
That's the plan anyway. Things can change quickly, though, i.e. unexpected health issues, financial setbacks, loss of a job, etc.
Like others on here, we've looked at retiring "today" from a financial perspective. The spreadsheets don't lie and losing six-figure + income for the next couple of years would be significant, mostly due to paying for health insurance and not paying down remaining debt. We also have some expensive interests (skiing trips, horse owners). I don't want to be one of those people who retire and sit and watch TV all day, just being happy to buy food and pay the light bill.
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