What is your Target Retirement Income

[smarty]

Bob,
Sounds like you are in a similar spot as me. For each additional year I work it increases by annual retirement by about $5k/yr. I will be 60 in 48 months and my annual retirement income at that point will be $55k. At 62 I pick up $20k in social security. I feel like I should retire at 60 instead of chasing more $. The key for me is my family's health history, most men in my family fail to make it to 65 (heart disease). So for me I am counting down the 48 months!!!

Scott

[Bullitt]

Originally Posted by Randyman1

For those of you that retired in their 50's, what is your health insurance costs like? That is one of the biggies that is keeping us working is the low cost HI benefits we get at work. Figured that would cost so much it would be a deal breaker to retire before 64 and could be on Medicare.

I have Anthem Blue Cross Prudent Buyer PPO. Retired after 33 years on the job right after turning 56 (younger DW still working for a couple of years).

Medical for the two of us is $1,610 monthly. Blue Cross Dental is $98 monthly.

Fortunately, my former California employer provides me with a $1344 monthly medical subsidy and a $43 monthly dental subsidy. So, out of pocket cost taken from my retirement check is approximately $322.

I am 59 right now and we hope to begin our Full Time adventure in a couple of years so I cannot speak to the cost of full-timing...yet.
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[fvstringpicker]

Originally Posted by flaggship1

In 2 years I when I'm 62 I will take my SS. That will be a nice raise. But I'm not waiting on 62 or 66 to get it. It's the same decision you face really. More money - retire later. I recently read and suspect it is ture or close to true - that the overall payout of SS taken at 62 and 66 is essentially the same.
Steve and Annie

I took my SS at 62. I calculated the difference tween drawing at 62 and drawing at 66 and discovered I'd have to be approximately 83 to break even.

[flaggship1]

Originally Posted by fvstringpicker

I took my SS at 62. I calculated the difference tween drawing at 62 and drawing at 66 and discovered I'd have to be approximately 83 to break even.

Not sure if that's a banjo or fancy 5 string bass yer picking - but by retiring at 62 and picking - you'll make it long past 83 and done plenty more good living and a lot less hard working. How can that be considered anything but a triple win? Lived longer - picked more - worked less.

Steve and Annie

[Dogpatch]

I'm on the "Freedom 95" plan. LOL

[flaggship1]

Originally Posted by dogpatch

I'm on the "Freedom 95" plan. LOL

That's just cause you're flipping motorhomes for fun and profit. Get the keeper and retire!

[beamisl]

I will be 62 in February. Husband lost his job 10 yrs ago and I work mostly for insurance. (his company moved overseas) He will be 65 in April. I am seriously thinking about calling it quits summer of 2015. Work is to stressful, have to fight myself to go in, and just want to hit the road.

So what is stopping me, insurance. It will cost me $899 a month just for me. This is the best price I can find. I want that money for fuel so guess I will be working until summer of 2017. Dang, but that is a hard one to take.

[Dogpatch]

Originally Posted by flaggship1

That's just cause you're flipping motorhomes for fun and profit. Get the keeper and retire!

My wife decided I'm keeping the Beaver for at least another year.

[Flanz]

Originally Posted by beamisl

I will be 62 in February. Husband lost his job 10 yrs ago and I work mostly for insurance. (his company moved overseas) He will be 65 in April. I am seriously thinking about calling it quits summer of 2015. Work is to stressful, have to fight myself to go in, and just want to hit the road.

So what is stopping me, insurance. It will cost me $899 a month just for me. This is the best price I can find. I want that money for fuel so guess I will be working until summer of 2017. Dang, but that is a hard one to take.

Not too sure about that. We plan on retiring in about 2yrs, or less, and we got PPO prices of ~$7000 a year. That's less than $600 a month. You should REALLY look around more.

-paul

[Bumps]

Target Retirement Date? I will be 59 1/2 in 48 more Mondays. I should be retired about 30 minutes later.

Health Insurance? Don't have the Health Insurance thing figgered out yet (that's my wife's department); have budgeted $1000/month for us -- am hoping that will be enough.

Social Security? I'm taking the age 62 election. Not sure that I or the SSA program will live much past me turning age 65.

\ken

[bulldog2]

well Iam going to try to go in 3-4yrs ,raising grandkids now there 15-and 16 ,had them since they where 2 , iam 65 ,may be cold hearted but told them I have raised mine ,hers ,and now theres that's enough ,

[saydiver]

DH retired at 49. I was 55. That was seven years ago.

I find it quite interesting that over 50% of full-timers responding to the poll have expenses over 50K a year, not counting their MH or 10K in diesel, yet several here say their full-timer friends and themselves live on 30-40k a year. I guess most of the higher income full-timers lurk, instead of posting.

Someone asked about health insurance for the under 65 crowd. Neither one of us is covered by an employer plan, so we both have a TX PPO high deductible Bronze plan and currently pay $800+ a month for both of us.

[JRPA]

Thanks for all the great responses, although it hasn't helped us make a decision even a little bit as it seems to be fairly evenly distributed on what it takes to go full time. We will probably fall right in the middle of the $50 to $75 range (assuming SS doesn't dry up or get adjusted somehow) and while I think that is probably a fairly sweet spot to be in retirement I am having a hard time walking away from that last years elevated compensation package.

If only we had a crystal ball to see how our health holds up, at 65 years old, I am for the first time in my life starting to actually feel like I am aging. We exercise regularly and are not overweight and for our age are really in pretty good shape but things are changing with energy levels and aches and pains, what I guess is the start of old age.

We probably wont know until we know but the last thing I want to do is to retire and not have the cash to go and do what and when we want. I know everyone says that they have never heard someone say "I wish I had just worked a little longer" but I bet lots of people retire before they are financially ready and actually do wish they could work another year or two at the same rate of compensation they were at before quitting work. It might make that Alaskan Highway a little more well traveled...

If there were any active travel groups around the Southern Nevada area, we would join up and I think it would make it an easier choice if we actually met and traveled with some of the Full Timers and saw how great it really is. So far I just haven't met any actual full timers when we are our RVing on our own.

We are planning on going to Quartzsite this January to try and find out a little more on just how much everyone really enjoys this free spirited lifestyle. Hopefully we will find some real insight in that week or two and help with our decision on timing our retirement.

[flaggship1]

Money can take ya places - your mind can take places - but without a healthy body and mind - money is nothing.