Do we have enough; does it make financial sense to retire now? Teacher here, worn down by Covid. I would really like to call it quits at the end of this year, but do we have enough to do so?
I (64) and my wife (65) have no debt, the house is paid off, and the kids successfully launched. We have about 2.2M in various retirement accounts after saving 20% of our incomes all these years. She want's to work until at least full retirement age as she loves her job. I lost that lovin' feeling this year.
If I leave this year I will receive a 1100/month pension (after deductions for healthcare for both of us, this will jump to 1400/month when I become Medicare eligible). When I hit 65 I add another 1800/mo pension from a previous employer. Pensions are set so she receives 100% and 75%, respectively, should I die first. The plan is for my wife to take her SS upon retirement (2200/mo) and for me to wait until 70 (3500/mo). This gives us about 100k annual income when we hit 70. It seems we have more than enough to tide us over until all the retirement income streams kick in at 70.
Together we're currently making about 200k/year, and saving 40k of that pretax. We donate/gift another 20-30k, so we've targeted a post retirement income of around 10k/month based on current spending. It seem like all of our planning has come to fruition and we have enough to retire now Are there any holes that we haven't thought of or should I go off to a well deserved beer?
Submitted May 07, 2021 at 10:17PM by Y-a-me https://ift.tt/3f06Xh7
