What is your Target Retirement Income

[RickO]

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.

We retired at 55 buy my company continues to offer retiree insurance so it's "only" been about $400/mo for the two of us.

Rick

[cucotx]

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 think to get Medicare you have to be at least 65.

See here:

http://www.socialsecurity.gov/pubs/EN-05-10043.pdf

[Boeing Guy]

The good news about retirement is that it lasts forever.
The bad news is, it doesn't last long enough.
Count your pennies. Decide how many you need and go for it.
You will find that your expenses will match your income. There are many ways to cut back on expenses, without cutting back on fun. And there are many ways to spend excess income.

[tomckeon]

Originally Posted by RickO

We retired at 55 buy my company continues to offer retiree insurance so it's "only" been about $400/mo for the two of us.

Rick

we went at 55 also, company also offered retiree insurance comparable to pre-retirement for just shy of $600/mo. It's a chunk of change but well worth it. Medicare at 65 is still 9 years away!

[jimcumminsw]

I retired at 59 ½ when my employer offered us a buy-out; best decision I ever made.

I also had a chart from an actuary company that hung on my work wall that showed how long statically you would live after retiring. The years of life expectance went down starting at age 55 to 65 years of age. For those that retired at 55 you could live as long as 90+ for those that retired at 65 you may only last until 66. So when the offer came along the only thing in my way was the door. I retired with full pension after 40 years of service had had a great job designing big boy toys.

Jim W.

[chuckinthebus]

At the way y'all are talking, I think I have saved enough to be able to really enjoy retirement for.... maybe 10 - 15 minutes. j/k If I remember right someone much wiser than I said "It is what you make of it". Hope to be there one day sooner than later.

[Air Baron]

There are just way too many variables in everyone's personal spending habits and attitudes toward money to ever come up with how much is needed to full-time in an RV while retired. However, I will throw a figure of $60k out there to see if it sticks on the wall. Oh, did we count the depreciation on a brand new $250,000 diesel pusher? Of course not. If that is your thing, it may end up being more money than fuel and RV parks combined.

That being said, the really big question one needs to answer about how much retirement income one needs is still the same: What is your present net worth, including real estate and all other assets? Do you plan on leaving every single penny, and all the more that you can make on your investments and savings, as an inheritance? Or do you plan on spending it all while you still can and dying broke? Every retirement/financial planning scenario that I have ever seen does not allow for any decrease in net worth whatsoever. Most advice that I have ever read or heard makes the unspoken assumption that one's spending habits will never decrease.

The way I see it, our sons are both doing way better than we ever did...so they don't need our money. The older we get, the less we feel like buying anything. Heck...we have been selling and giving away our stuff. The older we get, the more tired and sick we get. If we don't spend it, then surely some nursing home, pharmaceutical company or the government will get their greedy hands on it. When you are laying on your back, counting the dots in the ceiling tiles, it does not matter if you are broke...or whether or not you have a private room.

[Flanz]

Originally Posted by Air Baron

There are just way too many variables in everyone's personal spending habits and attitudes toward money to ever come up with how much is needed to full-time in an RV while retired. However, I will throw a figure of $60k out there to see if it sticks on the wall. Oh, did we count the depreciation on a brand new $250,000 diesel pusher? Of course not. If that is your thing, it may end up being more money than fuel and RV parks combined.

That being said, the really big question one needs to answer about how much retirement income one needs is still the same: What is your present net worth, including real estate and all other assets? Do you plan on leaving every single penny, and all the more that you can make on your investments and savings, as an inheritance? Or do you plan on spending it all while you still can and dying broke? Every retirement/financial planning scenario that I have ever seen does not allow for any decrease in net worth whatsoever. Most advice that I have ever read or heard makes the unspoken assumption that one's spending habits will never decrease.

The way I see it, our sons are both doing way better than we ever did...so they don't need our money. The older we get, the less we feel like buying anything. Heck...we have been selling and giving away our stuff. The older we get, the more tired and sick we get. If we don't spend it, then surely some nursing home, pharmaceutical company or the government will get their greedy hands on it. When you are laying on your back, counting the dots in the ceiling tiles, it does not matter if you are broke...or whether or not you have a private room.

That about sums it up for us. OUR plan is to spend it all, nothing left behind. Our budget, not set in stone, is between 50K to 60K/yr. We have put a 2% inflation increase in per yr. We are also DEBT FREE and will own our new MH out right. Largest expense's will be fuel and health care since we'll have to buy our own. We'll be 55/56 when we fully retire and don't plan on looking back. If needed, we'll do some work camp or volunteering with the hope of getting free site. Wife wants to experience work camping so that may happen. One thing we'll work on is protecting our investments from the government and nursing facilities, if possible. But, we're going to get out there before either one or both of us are counting those dots on the ceiling.....

-paul

[Gordon Dewald]

Originally Posted by Flanz

That about sums it up for us. OUR plan is to spend it all, nothing left behind. Our budget, not set in stone, is between 50K to 60K/yr. We have put a 2% inflation increase in per yr. We are also DEBT FREE and will own our new MH out right. Largest expense's will be fuel and health care since we'll have to buy our own. We'll be 55/56 when we fully retire and don't plan on looking back. If needed, we'll do some work camp or volunteering with the hope of getting free site. Wife wants to experience work camping so that may happen. One thing we'll work on is protecting our investments from the government and nursing facilities, if possible. But, we're going to get out there before either one or both of us are counting those dots on the ceiling.....

-paul

Our estate lawyer said we should end our will with 5 words.

"Sorry I spent it all."

[Boeing Guy]

I'm trying to figure out how to time it so the last check I write bounces as I am being driven to the cemetery. There will be more crying at the reading of the will than at the funeral. LOL

[tunafish]

Major blindside we had was dental. Once you retire it is very expensive to get ins. and most only have a $1500 max. So you can do basically one major event a year like a $3000 bridge. Get all of your dental work done before you retire while you are hopefully on your employers plan. Then its nothing but cleanings from there.

Keep in mind too that if your income (pensions, etc that are taxable) together goes over about $35 K you will be taxed on your Social Security possibly upto 85%. Talk to your accountant.

If you really want to do something I would retire early, you start falling apart very rapidly after 66.

Best fo Luck

[cucotx]

Lots of great wisdom in this thread. Lots to think about.

[CampDaven]

Originally Posted by tunafish

Major blindside we had was dental. Once you retire it is very expensive to get ins. and most only have a $1500 max. So you can do basically one major event a year like a $3000 bridge. Get all of your dental work done before you retire while you are hopefully on your employers plan. Then its nothing but cleanings from there.



Best fo Luck

Or go to MX.
Got it all done at less than 15% of US pricing, in 3 days, and with higher quality work.
I had previously made enough boat payments for US dentists!

[TLGPE]

We live and travel very nicely on about $30K per year. Our 9 year old coach is paid for, and so is our toad. We don't eat out very often by choice, but we do eat very well.

We do take advantage of discount park rates and all that, but almost never Wallydock or boondock.

In my opinion, doing anything to try to increase a 120K budget is just silly, but that's just me. As always, your mileage may vary.

In other words: HIT THE ROAD, JACK!

Tom